Do you dream of purchasing a house someday in your life? Well, you can achieve that. Depending on your financial and personal circumstances, you may have to plan in advance to save enough of a deposit and perhaps to repair your credit rating, but ultimately everybody today can own a home.
If you are a business professional, there’s likely to be a specialist mortgage sector that you fall within. A good mortgage broker will be able to advise you on specialist contractors mortgages, Director’s mortgage and many others besides.
Check your credit score
Before you begin making applications for a mortgage, check your credit score so you can rectify any error and/or make improvements if needed. Credit scoring companies aren’t infallible, and there may be mistakes on your credit report.
In order to have a successful mortgage application, you don’t need to have a completely perfect credit history and score. You just need to show improvements and, particularly for the six months prior to an application, to show that there are no new or unpaid debts on your credit record.
Seek help from professionals
Unless you make mortgage applications for a living you’re not going to know how to do as much as a broker does, which is why you should use a professional mortgage broker to help you out with your application. You’ll also find that brokers have more access to different lenders than you know about and can offer you a wider choice of mortgages than you would be able to find from using the high street names only.
Buy a house you can afford
If you’re buying a house with a mortgage, then it’s almost impossible to buy a house that you can’t afford these days thanks to the stringent checks from the lenders that you’re not exceeding your affordability.
Gone are the days of ‘self-cert’ or ‘self-certification’ mortgages where you didn’t have to prove your income or earnings. Nowadays lenders must perform stringent checks to ensure you’re not borrowing more than you can afford to repay either monthly or over the lifetime of the loan.
However, there’s a lot of housing stock and a lot of choice in the market at the moment. If you’re willing to be flexible on the area you’re living in, it’s not hard to see that there’s a lot of choice at any budget level.
Know your area
Get to know the area you want to live in: where are the parks and playgrounds, which are the best pubs, how far to the nearest bus/tram/underground stop. Familiarity with your local area will make your family’s integration into your new area that bit easier for you to manage and adapt to.
Buying a house is complicated, but you can make it a lot easier on yourself by following the few simple, straightforward, steps that we’ve laid out in this article.