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How To Get A Mortgage As A First Time Buyer

Your home may be repossessed if you do not keep up repayments on your mortgage.

The thought of taking your first step onto the housing ladder is an exciting one, but it’s vital not to get carried away: applying for a mortgage is one of the most important parts of the house-buying process, and not something to rush into.

It’s often tougher for first-time buyers to get a mortgage – you’re usually seen as higher risk by lenders. These companies want to make sure you’re going to be able to keep up with your monthly repayments, so they don’t accept anyone and everyone. You have to meet their criteria first.

What are the criteria?

Most lenders will consider the same things when assessing your eligibility for a mortgage, though each lender will place a slightly different level of importance on each one. So, just because you get accepted by one company, you won’t necessarily be accepted by others.

The main criteria mortgage lenders will look at are:

  • Your credit rating. Have you managed to keep up with loan and credit card repayments in the past?
  • Your income and employment status. If you’re self-employed or work part-time, you’ll be considered more of a risk (though it is still possible for you to get a mortgage – don’t worry).
  • How much money you spend every month.
  • Whether you have any outstanding debt.

Besides your financial circumstances, the key deciding factors for lenders will be the amount you’ve saved as a deposit and how much you’re looking to borrow. It can be tough to strike a balance here – that’s where mortgage advisors come in.

Find the right deal

Many first-time buyers seek out mortgage advisors to help them find a deal which is right for them. Here at Derngate Wealth Management Northampton, we can do just that; our knowledgeable team of mortgage broker in Northampton are here to answer your questions and offer well-informed advice at every step of the process. And to top it all off, we can find a deal which is right for you and help you complete your application.

Contact us today to book your initial consultation with us.

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