The key to success when it comes to most issues is a careful and well thought out plan and preparation and the same can be said when you are looking to buy your first home.
Get Mortgage Advice
With such as wealth of mortgage products available on the market it can seem like a minefield for the beginner and even with comparison search engines it could take you a significant amount of time to sort through the products and find one that you think would be most suitable. Getting mortgage advice from a mortgage advisor will save you time and open you up to special discounts and products you may not have access to alone. This advice can be found completely free, though can be considered invaluable!
Avoid Payday Loans
It has been noted by some press sources that you should avoid a payday loan appearing on your credit history if you are looking to take out a mortgage. This does make sense when you think about it, as a payday loan shows you may have trouble managing your finances and cash flow on a regular basis.
Improve your Credit Rating
Although there has been an increase in the number of mortgage applications being approved as of late it is still a tough market and a good credit rating is essential. To an extent you can improve your credit rating in advance of your mortgage application. There are some easy wins available sign up to one of the providers and ensure that the data on file is correct, make all of your payments on time, try and use a lower percentage of your available credit and be registered on the electoral roll.
The affordability of a mortgage will be looked at during your application so whilst preparing for your application look to clear or reduce your monthly debt repayments as much as possible. The less outgoings you have the easier it will be to afford the mortgage repayments. This will also improve your credit score!