Advice for first-time buyers
To anyone looking to get on the property ladder the process can seem daunting and the options bewildering. The current climate of fast-paced sales and limited properties available on the market may seem overwhelming and you may even wonder whether buying a property is possible financially. Will you be able to save enough for a deposit to be able to access the best deals and will a lender even consider you? The first thing that you need to do is to really take a long hard look at your finances, including all your outgoings, to work out exactly what you can afford each month. This is exactly what any prospective lenders will be doing so it makes sense to get there first! Remember that interest rates can go up as well as down so make sure that whatever mortgage you choose is well within budget. Lenders will want to know about any credit commitments you currently have including credit cards, personal loans and overdrafts.
They may also ask about how much you spend on other things such as gym memberships, phone contracts and socialising as well as everyday expenses like food, childcare and travel. This is all so that they can estimate how much you have coming in every month compared to what is going out – it's essential that you don’t struggle with your repayments as this can put your home at risk of repossession. Using a broker can simplify the whole process - with such a massive choice, and deals that disappear fast, they can save you trawling endlessly to find the cheapest one for your circumstances. A broker can quickly source the right product that will fit your credit history and offer an extra layer of protection if things do go wrong. Over the years we at Straker Financial Services have managed to obtain mortgages even in the most challenging of circumstances. Being self-employed, contracted on a daily rate or on a zero hours’ contract doesn’t have to be an obstacle in the way of getting on the property ladder. We’ve been able to help even in the case of bad credit, CCJs, late payments, DMPs and even bankruptcy. We have over 20 years’ experience in the industry as well as access to over 12000 mortgages and 90 lenders so you can rest assured that we will find the deal that’s best suited to your requirements.