Tips for first time buyers: building up your credit score
Mortgage lenders are tripping over themselves in offering fantastic deals for first time buyers. Considering mortgage rates have never been so low, this is the perfect time to buy!
How do you prepare for your first mortgage? The most important thing is to build up as high a credit score as possible. To do this the following key points are very important:
A stable and established work profile, employed or self employed.
Try not to move too often in the most recent three years.
Ensure you are on the electoral roll where ever you have lived for at least the last three years.
A well conducted bank account, with no unplanned overdraft or unpaid commitments, you may be asked for three or six months bank statements.
Keep your last three months or last 12 weekly payslips and your most recent P60. For the self employed at least your last two years accounts.
A clear payment history for any credit commitments, even a late payment on a mobile phone can be harmful.
No Pay Day Loans
Sometimes a small credit card, paid off in full each month will help to build a credit score. (do not max out or be late in paying)
Do not build a large amount of debt as this will impact massively on affordability and credit score.
Save your deposit if possible, although family gifted deposits are mainly acceptable.
Deposits as low as 5% are acceptable, although 10% will allow a much better choice of lenders and mortgage deals.
We are pleased to be able to offer a FREEbooklet on mortgages. For your copy please send us your name, phone number, postal address and email address via our Contact page or email us at firstname.lastname@example.org.
We are here to help in a totally independent capacity, no mortgage is too small, too large or too difficult for us to consider. Each of our advisers takes a personal interest and takes personal responsibility for there clients seeing each applicant through from start to finish. With over 36 years of combined experience, we consider ourselves as second to none, so please contact us 24/7 on 01392 216 344, drop us an email at email@example.com or use our contact form to get in touch today!