After diligently saving a deposit, you’re finally ready to purchase your first home, but you’ll need to secure a mortgage first – here’s a handy checklist to get you started.
Sort your credit score to access the best mortgage rates – use an online service such as Experian for tailored advice about how to boost your credit factors.
Analyse your income and expenditure to understand how much you can afford to pay each month.
Find out what you can borrow by using a reputable online mortgage calculator that factors in your income, deposit size, interest rates, and the number of years you have to pay off a mortgage.
Decide type and term length – weigh the pros and cons of setting your interest rate for a fixed time (usually two or five years) or choosing a product that varies depending on the Bank of England’s Base Rate. Also, consider the mortgage term that makes the most sense for your monthly repayment budget.
Find a broker who specialises in mortgages to receive independent advice and feedback on the best deals for your unique circumstances.
Make a provisional application , called a Mortgage in Principle, that shows how much a provider would potentially lend you.