Having your electoral role registered plays an impact on your credit score and can also be a factor when verifying your identity and current address. So, if you’re not registered, make sure it’s done before going through the process.
Saving up for your deposit can be daunting, but you don’t have to skimp and save all the time, set yourself a monthly budget for spending with some aside for those treats on a weekend or those new shoes you’ve been after! A deposit tends to be anywhere from 5%, 10%, 15% depending on the lender. If you’ve already got a deposit ready, make sure the deposit matches the price of the home you’re going for.
Credit checks are always taken and can impact the amount you’re able to lend, the higher it is, the more you can borrow. This is to demonstrate to the lender that you’re a responsible borrower and you can pay back what you owe. By paying off depts, bills, closing inactive bank accounts, not applying for finance during the process can all play a factor in your credit score.
By having a longer-term job, you also demonstrate a secure, stable income. Lenders tend to feel more comfortable with these applications, however, if you have 3-6 of consistent payslips, these are a good sign.
If you don’t know your credit score, you can take a look on apps such as Clearscore or Experian that give updates and highlights where you can also improve. Again, ensuring you have a good credit score can impact the amount you’re able to borrow.
By having a lot of the already mentioned above in place, ensure you have it to hand. Things like proof of income, bank statements, latest P60, proof of a deposit, your ID, all need to be required for furthering your application process.
If you’ve done all of the above, it’s time for the next time, buying your first home! You can take a look at our handy first-time buyers guide on our website.
First-time buyers guide