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First-Time home buyer

But, before you embark on this path and get your First Time Buyer Mortgage, you need to do some preliminary planning. Doing your research ahead of time will better prepare you for the home buying process, particularly when the property market is hot and competition is severe. The four stages below will assist you in getting your financial and mental houses in order so that you can confidently search for a new home.

Firstly, evaluate your debt. Lenders want to know that you’ll be able to manage your existing debt in addition to your new mortgage payment. Your debt-to-income (DTI) ratio is an important indicator. If your total monthly debt (including your mortgage payment) does not exceed 36 percent of your gross monthly income, this is a good rule of thumb.

Secondly, check your credit. The lower the interest rate on your Bad Credit Remortgage, the better your credit score. Checking your credit score early in advance of starting your property search can allow you to address any problems and enhance your score.

Thirdly, examine your budget. It’s vital to note that when you buy a home, your budget will alter, and you’ll incur new expenses in addition to the mortgage payment. You may notice an increase in your utility costs. You should also ensure that you have adequate money in savings to pay for emergency repairs.

And lastly, get preapproval. After you’ve repaired your credit and paid off your debts, you should apply for a mortgage through the Common Sense Approach.

For more information please visit:- https://imbonline.co.uk/

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Based on our research, the content contained in this article is accurate as of most recent time of writing. Lender criteria and policies change regularly so speak to one of our Independent Mortgage Brokers to confirm the most accurate up to date information. The information on the site is not tailored advice to each individual reader, and as such does not constitute financial advice. All advisers working for or with Independent Mortgage Brokers are fully qualified to provide mortgage advice and authorised and regulated by the Financial Conduct Authority. All our independent Mortgage Brokers will offer advice specific to you and your needs and circumstances. Some types of buy to let mortgages are not regulated by the FCA. Think carefully before securing other debts against your home. As a mortgage is secured against your home, it may be repossessed if you do not keep up with repayments on your mortgage. Equity released from your home will also be secured against it.

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