Tips for First Time Buyers
Buying your first home can be just as daunting as it is exciting. I will help to simplify this process, breaking down all the jargon and guide you from the moment you start thinking about buying, to the moment you have those keys in your hand. Below are just a handful of tips that can help make the process smoother and easier for you. For a full discussion of the process and your options get in touch today!
Make sure all active credit is registered to your current address
This may seem like a simple thing, however the cleaner your accounts look when a lender runs a credit search on you, the more chance of a positive result. Make sure bank accounts, credit cards etc. are all registered to your current address and not old properties or even parent's address.
Close down unused credit accounts
Even if you have cut up your card, it doesn't necessarily mean the credit account is closed. Lenders may take a view that you have a large amount of credit available to you, despite not owing anything at that time, which could impact your borrowing.
Update the Electoral Register with your correct address
Much like updating your credit accounts, it is imperative that you are registered on the Electoral Register at your current address.
Obtain a copy of your full Credit Report from Experian or Equifax.
This makes checking the above points much easier as you will be able to see the status of all accounts registered in your name and the addresses they are registered to. It will also give a month by month breakdown of any payments made towards debts like loans or credit cards, and identify if any have been missed. These monthly indicators are far more important to a lender than your overall score.
Prioritise your property requirements
Garden? Fireplace? Wooden Floors? En-Suite? Close to Transport? Wine Cellar? It is highly unlikely you are going to be able to find a property that ticks off every box of your requirements. Making a list and prioritising which ones are most important, and which could be sacrificed, can help you make a decision when comparing properties that meet different requirements.
