Finding the ideal new home in our great range is easy, but with hundreds of mortgage products available, finding the right home loan can be much trickier. A mortgage is a big financial commitment, so it’s important to make sure you get the right product.
To help you find the right mortgage and move into that perfect new home, we’ve compiled some hints and tips to help you find the right mortgage.
1. Save for a Deposit
You will need a deposit for your new home so, if you haven’t already, start saving money now. You can move into a new home with as little as 5% deposit, but saving more money means you can pay a larger deposit. This opens up more mortgage options to you, with potentially better rates and terms.
2. Make yourself more likely to be accepted
Make sure your credit rating is in great shape, as this will make you more likely to be accepted for your desired mortgage. In other words, you need to demonstrate to mortgage lenders that you are not at a high risk of being unable to pay your home loan. Make sure you pay all bills, from utilities and loans, to credit cards and mobile phones, on time. Avoid missing payments or paying less than the minimum amount required each month. It’s also wise to avoid making other applications for credit, such as hire purchase agreements on new furniture or home electricals, until your mortgage offer is in place.
3. Get professional advice
An Independent Financial Advisor can help you navigate the wide selection of products available, and give you advice on the right option for your circumstances. Remember, Independent Financial Advisors are qualified, knowledgeable and regulated, meaning they are the best people to give you trustworthy advice on mortgages.
Get in touch with a New Homes Mortgage Specialist today for independent financial advice, and take the first step on the road to your new home.