Buying a property is never a quick process but with the right preparation, it is possible to get there and a worth-while investment of your time. Here are our top tips for getting mortgage ready.
- Check out and improve your credit score. There are a few online tools available now. Try www.noddle.co.uk or www.clearscore.com These are free sites without trial period offers. If there is work to do, then let us help you make a start. This is free service*
- Make sure you are on the electoral register. Not registering to vote, being registered to vote at an old address, or adding the wrong details on the electoral roll can all affect your chances of getting credit in the future. If you’ve previously, or are currently, posted abroad, then follow this link to get yourself registered to vote https://www.gov.uk/register-to-vote-armed-forces
- Complete a budget planner of all of your expenses (yes every one!) and look at areas where you can cut back. Please find our complimentary one here. Old insurance policies or utility packages are always a good place to start, to see if you can save £££’s, put this money to away towards your deposit.
- Have you worked out how much all of your fees are likely to be? Do some research on the stamp duty bracket, shop around on solicitors and removal companies/van hire.
- Be realistic and look at how much you can afford to pay for a mortgage, in addition to all of your usual outgoings as well as Council Tax and water rates, if you are currently only paying CILOCT and accommodation charges. Don’t forget to take into account your FHTB payment as well, if you are using this!
- Speak to a qualified whole of market mortgage broker about your borrowing capacity, the amounts you can be offered vary considerably.
- Focus. Decide what you need from your first home and go in search of it. Be open to considering buying a property where you are currently posted with the view that you can still move when postings occur…it gets you on the ladder. One step closer to the final plan!
Evolution Forces Families are qualified, whole of market brokers who specialise in dealing with military personal and their families, that is because we are all from forces families ourselves. We can help you with all of the above, and our initial advice service is free of charge.
Please get in touch on 033 033 22614 or email firstname.lastname@example.org
*This service is not regulated by the FCA.