Summer is here, the days are at their longest… and your property dreams may be closer than you think! Whether you’re hoping to move up, down or onto the ladder, with a little preparation, you can be mortgage ready before the leaves start falling again.
Here are four quick steps you can take right now:
Understand your credit score...
One of the first things you need to be aware of when applying for a mortgage is how your credit score might affect your chances. Before lenders inspect your score, you can check your own records and find out which areas might need some work.
… and improve it!
You can’t control everything in your mortgage application but there are simple ways to boost your credit score. These include registering to vote, correcting any errors with the credit agency and closing down inactive or old accounts that are out of date. This last one is especially important for joint accounts with people you are no longer financially linked to.
Build your deposit
If you’re a first-time buyer (FTB) who has been saving for what feels like centuries, chances are you’ll be fed up of hearing this one. But it is true that the higher the deposit you can put down, the lower you’ll have to pay back in the long run.
Manage your credit
When borrowing on credit cards, lenders prefer to see spending well below your credit limit. Generally, the advice is to use less than half of your available credit, though some experts advise keeping to 25%. So if you’ve a combined limit of £6,000, aim to use no more than £3,000 of it – and stay below £1,500 if possible.
Here to help
Whatever your property dreams, you don’t have to go it alone. We are here to help you prepare the best possible application for your unique circumstances.
Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up repayments on your mortgage.
Approver Quilter Financial Services Limited & Quilter Mortgage Planning Limited. 16/07/2024
