Before you start looking for a house, it is important to find out how much you can afford to borrow and it may help if you get a mortgage Decision in Principle so you know that a mortgage will be available to you. As mortgage advisers we have access to the whole of the market and can tell you how much a lender may be prepared to lend to you.
At this point we would recommend it would also be worth getting all your documentation together – the lender will normally need to see such things as identification, proof of income and proof of residence. If you have any doubts at all about your creditworthiness it would also be worth getting a hold of your credit report
As a first time buyer looking to get on the property ladder, you need reassurance that a mortgage will be available to you.
Whilst 100% mortgages are generally no longer available without additional security such as a charge on a parent’s property, the Government backed Help to Buy scheme has made 95% mortgages more accessible to those with a limited deposit.
We offer you a Free Initial consultation to find out how much you can borrow and approach a lender for you to get a mortgage decision in principle. Again this is at no cost and does not bind you to a particular lender if a better deal is available when you do actually need to make your full mortgage application.