Hi, I’m Beth, one of the client managers here at Key Mortgages, and this year I plan on joining thousands of other first-time buyers on the journey to owning my very own home.
I have been planning this for a while now and I’m so excited that the time has finally come to start searching so I thought it might be useful if I passed on some of the advice I have been given.
Those of you who may be just starting on your journey might find the abundance of information out there slightly confusing. I’ve been working in the mortgage industry for the last few years, so I admit I’ve had a little more knowledge than most, but I still needed additional help and information along the way. NEVER be scared to ask questions or speak to an expert!
Some of the important advice I have been given includes:
1. Opening a Help to Buy ISA to save for a deposit as early as I could. These are no longer available but have been replaced by the Lifetime ISA so my first tip if you are still in the planning stages is to get one opened as soon as possible and start saving on a regular basis. The government will add a 25% bonus to your savings, up to a maximum of £1,000 per year.
2. Find a good mortgage broker who will offer a free, no obligation initial consultation and talk you through those preliminary stages. They will be able to give you an indication of what you can borrow, how much deposit will be required and can check your documentation to see if anything will need looking at in more detail before applying for a mortgage. Look at online reviews and ask friends and family for recommendations if you can (we have over 120 five-star Google reviews from happy clients!).
3. Check your credit file and make sure everything is up to date. Ensure all your name and address details are noted correctly, make sure any credit you have available is relevant and up to date. Also don’t apply for any loans or other credit in the months leading up to a mortgage application – lenders sometimes aren’t keen! And of course, if you’re thinking of a joint mortgage, make sure your other half does the same!
Don’t be put off if you have poor credit though – a mortgage broker has access to 1000’s of deals and will know which ones are best for your individual circumstances. Be honest with your broker and they will know which way to advise you.
So these are my top three tips to get you started. I’ll write again as and when anything else happens but, in the meantime, why not have a look through some of our first-time buyer guides to get you started?
Then give us a call or book an appointment if you’d like any help to get you on your way.