Mortgage Planning for Beginners
Effective Mortgage Planning
When it comes to mortgages, it can be overwhelming to make sense of all the different loans on the market. Especially when you consider how expensive properties can be, how much you may need to borrow and how much you need to pay back. That’s why mortgage planning is essential to ensure you make smart financial decisions when it comes to finding a mortgage.
Here at Financial Foresight we aim to provide valuable guidance on the latest mortgages available to suit your individual needs. Below we have highlighted some top tips to help you with your mortgage planning.
1. Work Out a Budget
When buying a property, you need to consider the overall cost. In addition to the initial cost of the property, you need to consider additional costs such as; surveying fees, legal fees, furnishings, mortgage repayments, utility bills and more. These expenses quickly add up and will ultimately impact on how much of a deposit you can afford.
It will also give you an indication if you need to save for longer, you should think about buying with someone else or looking at more affordable properties.
2. Check your Credit Score
A strong credit score will go in your favour when it comes to getting a mortgage. Lenders will review your financial history in terms of credit cards, utility bills and repayments in order approve you for a mortgage. Which is why lenders will be more willing to let you borrow if they see a positive financial history and you can easily demonstrate how you can afford mortgage repayments with your income.
There are ways to improve your credit score such as, enrolling on the electoral roll and closing unused credit accounts. Speak to our expert financial advisors for further information that could help your mortgage application.
3. Seek Professional Help
If you’re unaware of what you’d be eligible for or how much you can borrow, then speak to a mortgage advisor. Having an expert search the market for you and talk you through the application process will put your mind at ease.
Financial Foresight
If you’re in need of trusted independent advice feel free to book a free, no obligation Mortgage Planning consultation with our financial advisors today. We’d be happy to help!
