Published: 07/08/2019 By WD
Getting on the property ladder, it’s something you’ve been thinking about for a while, but you need to start putting things in place properly to make the dream a reality. There are number of steps that you can take now to make this happen as quickly as possible:1.) Organise Your Finances
Invest some time organising your finances and be honest with where you are at and where you need to be. Plan ahead, this will demonstrate your sensible attitude to money matters as well as make you more eligible for a mortgage.
Remember that when you finally see a mortgage adviser they will want to know everything about your finances. Think about what you pay out each month. How much is your mobile phone contract, gym membership or car insurance? Can these be reduced, and can you cut down on other expenses, such as buying expensive new clothes or other luxury items?
2.) Improve Your Credit Rating
This ties in with the previous point about being aware of your monthly expenditure. Which payments are you financially committed to? ClearScore is a free app that you can download on your phone and will tell you exactly what your credit score is, it even gives you hints and tips on improving this rating. To enhance your credit rating, consider setting up direct debits on any frequent monthly expenses, like utility bills and credit cards. And ensure you’re on the electoral roll, as this will help lenders when carrying out checks such as this.
3.) Save!
It’s expensive. When you buy a property, not only do you have to fork out for a deposit and monthly payments, but you’ll have to think about paying the additional costs of owning a home. So, now’s the time to save as much as you can to account for these expenses. Open a savings account and get started.
4.) Check Your Bank Account Frequently
Make sure you look over your bank account regularly and try and ascertain if there are any unnecessary high costs for items like clothing, food or entertainment and try to make savings where possible.
5.) Book a Mortgage Appointment
Make sure you schedule your mortgage appointment well before you’ve found the perfect property. Getting lender approval for a loan can take several weeks. You might want to think about heading to a company who can provide professional mortgage advice, and one who has access to a variety of mortgage deals. It may be the case that high-street mortgage lenders can offer you more choice than some lenders who have only their own products.
6.) Obtain The Right Documents
Prior to your appointment, make sure you bring all the documentation you need, as you’ll need this to support your mortgage application. You’ll need several papers to hand, including your proof of identity, payslips, employer details, bank statements, to name just a few.
7.) Speak to Friends & Family Their Mortgage Experiences
Get together with your parents, friends or relatives and talk to them about what they did when it came to getting a mortgage. Gauge what’s important to you in terms of your own mortgage. Think about how long you want to live in the home, if you’d be looking to find another mortgage on another property in a few years’ time, or even sell your property quickly for cash in the future.