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Are You a First-Time Property Buyer? Major Factors to Consider before Applying for a Mortgage

July 16, 2015 11:10 am by: Category: Mortgage Comments Off on Are You a First-Time Property Buyer? Major Factors to Consider before Applying for a Mortgage A+ / A-

If you have been thinking about purchasing your own home and have concluded that it is the best option for you, you may be overwhelmed with all the different prospects in mortgages that are available in the UK. This is why it’s important to arm yourself with the right knowledge and information before you make your final decision – this way, you can move forward with better peace of mind.


The first factors to consider

Before you apply for a mortgage, however, there are certain factors that you need to think about first. This is particularly true if it is your first time to apply for a mortgage. With this in mind, one of the first things you should ask yourself is whether or not your finances are in order. Another question is how much you can afford when it comes to making a deposit.

Are your finances in order?

If your aim is to get the best mortgage deal possible, you first have to assess whether your finances are in order. If you have a good credit rating, for example, then your chances of getting a good mortgage are significantly increased. Additionally, if you have the financial resources to make a substantial deposit, then you may be able to get a better mortgage deal as well.

What you can do in assessing your finances is conduct a simple credit check. Before setting an appointment with a lender, it would be a good idea to check your own rating yourself first, because lenders will do a thorough check on you – and if you do not have a good credit score, then this may affect your application negatively.

Your present – and future – expenses and financial capacity

You also have to take a closer look at your finances when it comes to expenses. What are your expenses per month? This would include the cost of food, childcare, other loans such as car loans, utility bills, and even gym memberships or mobile phone plans. Mortgage lenders will not only check your financial capability for paying off your mortgage in the present time – they will also check your future expenses and assess your capability for repaying your mortgage even when interest rates rise.

Getting professional advice

Today, almost all property sales in relation to mortgages involve getting professional advice. So it would be in your best interest to speak with a qualified broker and advisor who can provide you with crucial information and recommendations you need before taking that major step. You also have the option to speak with a representative from your prospective bank, or contact the financial advisor of your building society.

But most people would recommend a reliable mortgage advisor since they are the ones dealing with mortgages on a daily basis and would be the most qualified to answer whatever questions you may have. It would also be a good idea to get a mortgage advisor near where you currently live, so you can visit them personally without any hassle. If you live in Chelmsford, for example, you should get a mortgage advisor from Chelmsford who can give you the assistance you need at any time.

Mortgage experts like Flagstone in Essex (you can learn more about their services at also recommend that before applying for a mortgage, get all the relevant documents required – be it a detailed list of your expenses or outgoings, your bank account information, your utility bills, your payslips, and the like. This way, you are fully prepared and can face your prospective lender with more confidence.

About Jeffery A. Brown

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