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Mortgages – be prepared

by Carol Brown

Plan for a mortgage as you would a holiday, with enthusiasm and precision.

Mortgage lending criteria over the last couple of years has tightened up and this may continue through 2011. We recommend to give yourself the very best chance of securing a mortgage in 2011. Start your preparations now.

1. Credit report/ score

When a mortgage application is placed the lender usually credit searches the applicant.

We recommend that you order a credit report prior to starting the mortgage process, why?

- to ensure that you have not been a victim of identity fraud.
- Find out what your credit score is: 0 low and 1000 high

If the score is low, it might be improved by,
I. Setting up Direct Debits for payments of credit cards/storecards or loans. One late payment can count against you. Show the mortgage lender you can manage your accounts.
II. Register on the Electoral Role at each address resided. Still living at home? make sure that from the age of 18 you are registered.
III. If you are in rented accommodation even just for six months, we recommend you ensure you register on the Electoral Role.

Click here to ask Carol a question or arrange a no-obligation consultation

 

2. Documents – be prepared

Some mortgage lenders have a time limit to get documentation to them to support an application. Having the following documentation to hand, aims to ensure a quick mortgage application process.

I. A current driving licence or passport for personal identity
II. A utility bill or bank statement not older than three months showing your current address and name.
III. Last three payslips/3 years accounts
IV. Latest P60
V. 3 months bank statements

3. Independent mortgage advice

If a mortgage lender credit searches / scores an application, a ‘footprint’ is left on your credit report and your score could potentially be lowered. If you are unsuccessful in obtaining a mortgage and you have to go through the process again, the new lender will see the previous activity. Talk to Your First Mortgage Company who can undertake a Feasibility Study on your behalf. This will let you know potentially, how much you could borrow, what type of interest rates are available and most importantly will help you gain an understanding of your purchasing and monthly payment budget.

There are no guarantees that you can obtain a mortgage but by good preparation, the feasibility of you being accepted is likely to be much greater. Good luck!

Click here to ask Carol a question or arrange a no-obligation consultation

 

The Financial Services Authority does not regulate some forms of mortgages. There may be a fee for mortgage advice. The precise amount will depend upon your circumstances, but we estimate that it will be £275. The overall cost for comparison is 4.6% APR.

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP YOUR REPAYMENTS ON YOUR MORTGAGE
Please note that there may be variations for those living in Scotland and Northern Ireland.

Carol D Brown Cert CII(MP & ER)
Click here to Contact Carol
01635 550179

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First Time Buyers need the right mortgage advice

by Carol Brown

As a First Time Buyer, buying your new home should be one of life’s most exciting experiences, but without careful preparation, research and the right mortgage deal, it can quite easily turn into a nightmare.

First Time Buyers Advice

Your new home will probably be your biggest asset, and your mortgage will probably be your biggest liability, so give them both the respect they deserve, after all this is what you have been working towards.

A few months prior to looking for your new home, arrange an appointment with an Independent Mortgage Broker for a feasibility study.

Feasibility Studies

As the name suggests, this will let you know how feasible your objectives are. As a First Time Buyer, there will be a lot of questions you will want to ask, or understandings clarified. A Feasibility Study will aid you in many ways and most importantly settling on a budget figure for your monthly mortgage payment, and if you feel appropriate, the premiums for mortgage protection plans.

Ask questions and fully discuss mortgage options, including;

1.       How can I repay my mortgage?

2.       What is the difference between the Bank of England Base Rate and the lender’s Standard Variable rate and how can it affect a deal?

3.       Can I overpay on my mortgage without penalty?

4.       What happens if I want to move home within an initial deal period?

5.       What are the options in relation to protecting my mortgage payments?

Credit Report

Lender’s criteria have tightened up considerably, especially where First Time Buyers are concerned and it is very worthwhile having a look at your credit report prior to submitting a mortgage application to ensure that there are no apparent issues which need to be rectified first.  More importantly by checking your credit report regularly, you can be aware of any identify theft attempts, and should you be an unfortunate victim to this, this too can be rectified.

By preparing thoroughly prior to placing a mortgage application, you can ensure that you will result in a mortgage deal which is affordable and appropriate for you.  By good preparation, it will also minimise the chance of declined applications resulting in ‘foot-prints’ being left on your credit report which can lower your score causing potential problems for the future.

Author Biography

Carol Brown has worked in the Financial industry for over 20 years.  Over this period her career has taken a course through banking, running a high street Estate Agency, heading up a conveyancing team and working alongside Financial Advisers in a large National Insurance Company.  As an Independent Mortgage Broker, Carol will ensure that the product recommended is the most suitable for your needs and circumstances.

Carol D Brown Cert CII(MP & ER)

Your first Mortgage Company IFA

http://yourfirstmortgageco.com

Click here to email Carol Brown

01635 550179

The Financial Services Authority does not regulate some forms of mortgages. There may be a fee for mortgage advice. The precise amount will depend upon your circumstances, but we estimate that it will be £250.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP YOUR REPAYMENTS ON YOUR MORTGAGE
Please note that there may be variations for those living in Scotland and Northern Ireland.
Your home may be repossessed if you do not keep up repayments on your mortgage.
The overall cost for comparison is 4.6% APR
The actual rate available will depend upon your circumstances.  Ask for a personalised illustration.
A typical fee for Mortgage Advice is £250.
As we are independent you have the choice whether to pay a fee for the mortgage advice we provide.  Typical .5% of the mortgage amount.
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