Our Exeter mortgage advisors have put together a few tips for first-time buyers.
Dom Beer and Chris Beer - Our Exeter Mortgage Advisors
Turning your first home dreams into a reality
Navigating the process of mortgaging your first home can feel overwhelming. However, you don't have to go through it alone. Our team of mortgage advisors at Beerstone, located in Exeter, are here to guide and support you every step of the way as you secure your first mortgage.
Saving for a Deposit
One of the initial steps you'll want to take is setting aside a deposit. Ideally, you aim to save around 15% of the property's value, but the specific amount may vary. Our mortgage advisors will be available to assist you throughout this process.
Consider Voter Registration
Being on the electoral roll serves two important purposes: it helps lenders verify your identity, and it positively impacts your credit score. Obtaining a mortgage without being on the electoral roll can pose significant challenges.
Improving Your Credit Score
Lenders prefer individuals with a demonstrated history of responsible debt repayment. Therefore, it's crucial to build your credit score before applying for a mortgage. Speak to our Exeter mortgage advisors if you would like to know more about this.
Review Your Credit Score
As an Exeter-based mortgage advisor, we strongly recommend checking your credit file. Identifying errors is essential, as false information can have negative effects on your creditworthiness.
Ensure Timely Payments
Lenders always seek reliable borrowers before granting loans, and they assess whether you have any history of late payments on loans or other bills. Therefore, it is crucial to maintain up-to-date payment agreements to build trust with lenders.
Cash Withdrawals
Repaying your credit card purchases in full each month can significantly boost your credit rating. However, it's important to avoid withdrawing cash from your credit card, as it may be perceived as a sign of financial desperation.
Improving Your Credit Score
Lenders prefer individuals with a demonstrated history of responsible debt repayment. Therefore, it's crucial to build your credit score before applying for a mortgage. Speak to our Exeter mortgage advisors if you would like to know more about this.
Steer Clear of Overdrafts
Consistently relying on an overdraft can signal poor financial planning to lenders. It's essential to consider whether you are truly financially prepared for a mortgage if this is the case.
Steer Clear of Payday Loans
It's crucial to refrain from using payday loans, as they can negatively impact your mortgage application by indicating poor financial management to potential lenders.
Don’t Rush
Securing a mortgage is not a decision to be taken lightly; it demands thoughtful financial planning. As an Exeter-based mortgage advisor, we are here to assist you in planning for your future in your new home.
Speak to our mortgage advisors today
For more than 25 years, we have been providing customers with impartial and honest advice on a wide variety of topics.
Over the years, our mortgage advisors have helped hundreds of people across Devon in areas such as Exeter, Exmouth, Newton Abbot, Sidmouth, Ottery St Mary and Cranbrook to name but a few.
Get in touch with our team to find out how we can help you.
About Beerstone
Beerstone Financial Services was established in 1996 by Chris Beer, our Founding Director, who still plays a key role in the company and ensures we maintain the best service.
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Beerstone Financial Services was established in 1996 by Chris Beer, our Director, who still oversees the company and ensures we maintain the best service.
In total we have over 30 years of experience in financial services working in a range of environments so you can be sure that your situation is in experienced hands.
Speak to our team
Visit our offices: 2 Southernhay West, Exeter, EX1 1JG
Beerstone Financial Services Ltd (542704) is an Appointed Representative of BrokerSync Ltd, which is authorised and regulated by the Financial Conduct Authority (1031981).
There may be a fee for Mortgage Advice. The precise amount will depend upon your circumstances and will be agreed upon following your initial meeting.
Investments, Pensions, Wills, Trusts, PMI and Estate Planning will be referred to our authorised third-party providers. Beerstone Financial Services Ltd and BrokerSync Ltd are not responsible for any advice received from the third-party providers.
Investments, Pensions, Wills, Trusts, PMI and Estate Planning will be referred to our authorised third-party providers. ABC Ltd and BrokerSync Ltd are not responsible for any advice received from the third-party providers.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
Conveyancing, Wills, and some forms of Buy-to-let Mortgages and Commercial Mortgages are not regulated by the Financial Conduct Authority.
Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up repayments on a mortgage or other debt secured against it.'