If you are thinking of buying a new home or planning to move into 2020 with a new address then now is a perfect time, with interest rates still at a record low buyers are in the driver’s seat.
Despite the climate for buyers being in an excellent condition, you shouldn’t jump into the housing market without proper preparation, especially when it comes to securing the best possible mortgage.
We’ve prepared a short checklist to help:
Review your income and spending
Before buying a new home you need to consider your income and expenditure, look at your outgoings and see if you can reduce any unnecessary outgoings. Take a look at any investments you may have or maybe it’s time to ask your boss for a raise. Review your household expenses such as insurance policies and find out if these can be reduced.
Down Payment
One of the key things to remember when looking at a new house is your deposit. Find out options available to you to reduce the deposit amount, this could be applying for the Government Help to Buy (Scotland) scheme wherewith the maximum 85/15% shared equity incentive you will only require a 5% deposit. This is available on properties under £200k.
Remember though the more deposit you have the less you will need to pay monthly.
Polish up your credit score
The three key factors that influence your home loan are your income, deposit and credit score.
To find out the most up-to-date information on your credit score ask for a report from companies such as Equifax or Experian, these will be more accurate than the web-based versions. Check through the report to make sure everything is correct and to keep your credit score high avoid any major credit purchases.
Choose an advisor
Finding a reputable Independent Financial Advisor can give you peace of mind as they will guide you through the ins and outs and help you find the right mortgage. They will act on your behalf and see you through the complete process.
With only a few weeks left this year now is the best time to start preparing for buying that new home you’ve always wanted.
New start, New home, New year!
