Top Tips For Getting Your First Mortgage

Mortgage Advice in Edinburgh

If you are thinking about buying your first house, it is important to get expert mortgage advice in Edinburgh. If you dive straight in with little thought, you could end up with a mortgage that is not right for you or your application may simply be declined altogether. To make sure this does not happen, we have put together some top tips on securing your first mortgage:

The first thing you should do if you are thinking about taking out a mortgage is get a copy of your credit score. There are a number of online agencies who provide this service. Make sure you choose a reputable credit reference agency. Any financial advisor in Edinburgh will tell you that your credit score matters. If your credit rating isn’t very good, your mortgage application will be declined. If this is the case, you should work on improving your score before making a mortgage application. You can do this by getting on the electoral roll and ensuring your personal information is up-to-date. You should also pay off any outstanding debts you have, and close any credit card accounts that are no longer in use. You also need to sit down and work out what you can afford before seeking professional mortgage advice in Edinburgh. You don’t only need to accumulate enough funds for the deposit itself, but you need to make sure you can afford all of the associated fees and costs. Many experts advise saving 10 per cent of the property’s value for this.

If you are thinking about a career change, now is not the best time. Put it off until you are in your new home. Most lenders will want to see that you have been employed for a decent amount of time before giving you a mortgage. If you are still in the probationary period at a new job, they may decline your application. If you are self-employed, you will need to show that you have received a stable income on a monthly basis for a considerable period of time, typically a few years. Most lenders will ask you to provide your full accounts for the last three years or they will want to view an SA302 form for the last three years from HMRC. Getting a mortgage if you are self-employed can certainly be a lot trickier, which is why it is even more important to use the services of an independent mortgage advisor. It is also advisable to try and save for a bigger deposit if you have time on your hands. The bigger the deposit, the better chances you have of securing a mortgage, and a good one at that. Lenders keep their best rates for buyers with a sizeable deposit. Other first-time mortgage tips that the best financial advisors in Edinburgh will provide include: buy with someone else if you can’t accumulate the funds on your own, don’t chop and change your application, and work on clearing any debts before applying.

So there you have it; some top tips to get you started when it comes to securing your first mortgage. When the time comes, make sure you seek expert mortgage advice in Edinburgh from someone with plenty of experience in the industry. A mortgage is a life-changing decision, and so it is not something that should be considered lightly.

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