It's your Mortgage Day!
7 indispensable tips for first time buyers
Here's all the best advice you need:
You’re probably well aware of how much needs to be done when buying a new house, from getting your mortgage sorted to finding the perfect property. To help you out in your quest, here are seven invaluable tips for first time buyers.
Go forth and purchase.
To make life as easy as possible it helps to have everything ready before heading out mortgage-hunting.
At a bare minimum you need six months of bank statements, proof of address (utility bills dating back three months, for example), a certificate of income from your employer, and three months of pay slips.
It can take a lot longer than you think. And it’s really important to have. It gives your family a lump sum to pay off the mortgage should anything happen to you.
Different things can affect your premiums, for instance smoking literally doubles your life insurance premiums. So there’s another reason to think about quitting.
You absolutely, positively need to have life insurance to get your mortgage so don’t leave it to the last minute and risk missing out on the house of your dreams.
If you have ever had a health condition of any kind, the mortgage underwriters may want independent medical check-ups and all sorts of documentation. It can take months to get it all together, so make a start on it sooner rather than later as it could hold up your mortgage and therefore your ability to buy your house.
Unless it’s absolutely necessary. It’s better to live in the place for a while and find out what exactly you want to do with the place – and more importantly, what needs doing, before jumping into massive renovations and extensions that you may not necessarily need.
Your valuation only lasts two months, so if possible do it at the very last minute in case there are delays with contracts for some reason. Otherwise you’ll end up having to pay for another one.
And nobody wants that.
The articles contained in this First Time Buyers Guide are for reference purposes only and any views expressed in the articles are purely the personal views of the authors. You should not rely on any information relating to specific issues or make decisions without taking separate financial or other advise from appropriately qualified professional advisors.