
Is your goal to purchase a property in Barry and The Vale of Glamorgan in 2023? 🏡🙌
Then check out some great mortgage tips including choosing the right Mortgage Broker, me of course 🙋♀️ supporting local and your community is always the way forward, right?
I have access to over 100 Mortgage lenders, including specialist lending so if you have adverse credit or Bad Credit including low deposits then I can help you achieve your first property and get you onto the property ladder.
Here are some tips on getting yourself prepared for any mortgage application:
1- CREDIT REPORTS
I would say this is one of the most important documents that I will obtain which are your credit report(s). Why???? and I have so many people asking me why I need this!!
A credit report will show you your score and also how each credit account you have is conducted, the financial figures so knowing what we need to take into affordability, which majority of lenders will now look at. This will also give you the opportunity to review, dispute or download your report and make any corrections but most importantly I wont be recommending an incorrect product.
At Creating Mortgage Solutions we have partnered up with checkmyfile, which will give you access to 3 big credit reference agencies. Please contact me to obtain a link for your 30 day free trial, after the 30 day trial fees will apply.
2 - MORTGAGE BUDGET
Finding out your budget! Another important factor when considering purchasing a property and that's having a budget that you think is realistic and that you can comfortably afford on a monthly basis.
It's not about how much you can lend it's about how much you can afford!!
Also, when thinking about your budget make sure you take into consideration your monthly household bills like council tax, gas, electric, water, TV packages etc.... and of course, those luxuries you still want to be able to live.
3 - DEPOSIT
Firstly look at how much deposit you have, or what you need to work towards based on your property value range, which the minimum deposit is 5% but there are family assisted mortgages where no deposit is required. The bank of Mum and Dad is on the rise, especially local to Barry and Cardiff.
There are many of acceptable deposits that can be used but making sure you can evidence the deposit is important. Family gift, savings, equity from another property there are lots of sources this can come from.
4- INCOME
What income do you have and what can be used towards the mortgage, having a knowledge of your annual salary and the different components is very important as this is the most important factor of getting a mortgage, how much you can afford and how much you can lend.
Lots of different types of income are acceptable to mortgage lenders employed, self employed, tax credits, maintenance, pensions the list is huge so make sure you declare or ask any questions to our expert Mortgage Brokers.
5- COMMITMENTS
Commitments are very important to a Mortgage application and determines the amount of borrowing a lender will borrow to you. Some lenders will also still take these commitments into consideration whether they are to be repaid or not but most importantly they will also look at your debt to your income.
This is another reason why the credit file is needed, these will show all commitments that you have and have an expert Mortgage broker is key to the house purchasing process, especially if it is your first home and wanting to get onto the property ladder.
Your home may be repossessed if you do not keep up with your monthly repayment on your mortgage.
If you are based in Barry, Cardiff and South Wales then contact me now to discuss how you can get onto the property ladder and purchase your first home.
Catch you soon <3
07791786265
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