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Call us Free on 0800 980 8616 If you are a First Time buyer then it is critical that you get the right advice to suit your circumstances. What are the main issues? Well for first time buyers one of the main issues at the moment is finding enough of a deposit to put down. In recent times the lenders have increased the amount of deposit that a First Time Buyer needs to find. A lot of the Direct Lenders, which Giles Warren Financial can access, are offering the most attractive options for First Time Buyers. That’s why it’s important that you use a broker like us who use a True Whole of Market sourcing system. Affordability Its is also important that you check your whole situation to ensure you would be able to afford the mortgage. We will give you Full Advice with regards to this and get you the best mortgage for your situation. What are you options? There are so many options to choose from? Should you fix your mortgage? Should you have a Capital Repayment or Interest Only mortgage? Will my income be sufficient for me to be able to get a mortgage? I am sure these are questions that you’ve asked yourself already ,and we are here to help. Do remember thought that because you are a First Time Buyer many sellers or vendors will prefer to sell their house to you, because you are not in a chain. Credit Checks & Credit Scoring Nearly all lenders will perform a credit check to see how you are performing with your existing finance (assuming you have some?). They will use agencies such as Experian (www.creditexpert.co.uk), Equifax (www.equifax.co.uk) and Call Credit. Once they have performed a credit check they will input these details along with others into their own Credit Scoring Systems, to see if they feel you are a suitable candidate to lend money too. It is really important that you do not have too many Credit Checks done because this could affect your Credit Score’s with the lenders which would prevent you getting a mortgage. We can talk you through this process and show you how to get a free credit check. My Parents can act as Guarantors Firstly a Guarantor is normally a family relative who will use their income as part of your mortgage application. Because of this they will be called upon to pay the mortgage if for any reason you missed a mortgage payment. They are therefore Guaranteeing the lender that they will pay the mortgage if you do not – hence the name Guarantor. Our Advice is..... Make sure you use a Broker who is able to deal with lenders who do not pay him a commission – ask him directly. This will let you know if he is True Whole of Market. Pay for the initial advice and get an Agreement in Principle before you start looking at property. This way you will know that you can definitely get a mortgage. It will also save you a lot of time as you will only be looking at properties that you know you can afford. Seek Professional advice from a Mortgage Broker who is also an Independent Financial Adviser. They can then look at your whole situation and give you advice about any investments or pensions you have at the same time.
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