22Oct2018

Tips for First Time Home Buyers

It can be difficult to gain a foothold on the property ladder as a young person in the UK these days. High deposit requirements and stricter lending requirements in the last ten years has led to a more pessimistic outlook than in previous generations. At Central Mortgages we believe that everyone deserves a chance to own a property if they are willing to demonstrate a plan for the future. Here are some tips for first time buyers looking for a home to call their own.

Keep Saving – It might sound simple, but it is vital. Come up with a strict saving plan that you can stick to. We have a wide range of mortgage providers as part of our network, and with high loan to value ratio mortgages on the marketplace, if you manage to save a large amount for a deposit, you can lower your monthly repayments in the process and cover legal fees.

Budget Accordingly – Take a good long look at your incomings and outgoings each month, and look at areas where you can cut your spending. This can be as simple as taking lunch into work everyday rather than buying lunch and drinks in the office or on your break, to switching energy provider or car insurance.

Check Your Credit Score – Before applying for a mortgage it is important that you have an awareness of your credit history. We can help those applicants with adverse credit but the better your credit history the better the mortgage you can get. Look at your credit report and analyse for any faults, as incorrect information can make a big difference to your chances of acquiring a first-time mortgage.

To find out more information about finding a mortgage as a first-time buyer, call Central Mortgages on 01277 630 183 or email office@centralmortgages.net.

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