For most first-time buyers, the most difficult and daunting part of the process is arranging a mortgage. This can be particularly true for those who are also struggling with a poor credit history, or perhaps limited income.

Considering both eligibility and affordability before applying for a mortgage is essential. This means establishing a realistic budget, using an online mortgage calculator to get an idea of what’s on offer and consulting with an independent broker.

There are few instances in which it is advisable to take your case directly to a lender. By applying through an established broker, your requirements can be matched with your ideal mortgage from dozens of competing providers. In addition, a broker can provide all the advice and support you need on the additional one-off costs that accompany mortgage loans.

Key Points to Consider

Prior to submitting or finalising a Right to Buy mortgage application, it’s important to consider the following:

• To what extent will you be required to provide a deposit? Do you have sufficient funds available? Would you be better suited to a deal with a lower deposit?
• Do you fully understand all of the additional borrowing costs and one-off fees attached to the mortgage?
• Are you sure that the broker or lender you are consulting with is giving you 100% honest and impartial information? Could they simply be promoting specific products to make a profit?
• Is there a possibility your credit history or financial status could affect your eligibility?
• Do you have all the documentation you will need to submit your application?
• Have you allowed ample time for your application to be processed, or do you need your application to be fast-tracked?

Consulting with an independent specialist is the most effective way of addressing all of the above considerations and more. Rather than going it alone, it pays to have a professional support behind you, throughout the mortgage application process.

For more information or to discuss your requirements in more detail, contact a member of the team at UK Property Finance today.