Tips for applying for a new build mortgagePosted on March 30th, 2020
We understand that applying for your very first mortgage can be scary and there’s always the fear that you might not be accepted, However, if you follow our tips for applying for a new build mortgage, you will drastically increase your chances of everything going smoothly.
Save a deposit
Saving up for your deposit is a very important part of the home buying process. If you are a first time buyer, we can help you do this with Deposit Builder.
With Help To Buy and other mortgages, it is important to be able to demonstrate that you have been able to afford to save an amount of money over a period of time.
Boost your credit score
One factor that can really help to boost your chances is by increasing your credit score. Your credit score gives lenders an idea of how well you have managed credit in the past, and so the higher your score, the better. There are many ways in which you can improve your score, and we would suggest that you check out this guide from Money Saving Expert for a detailed outline.
We always recommend that you shop around for the best possible mortgage rates. One of our panel Independent Financial Advisors are best placed to do this for you and save all the confusion and leg work.
Fail to prepare, and prepare to fail. Always make sure that you have all the documentation you need when applying for a new build mortgage, such as your proof of identity, proof of income, tax returns, bank statements, and your renting history.
Also, make sure that you have done your research fully so that you don’t have to mess with your application once it has been submitted. Any changes during this stage will basically set you back to square one, which will delay the process.
Did you find these tips for applying for a new build mortgage helpful?
Hopefully this guide has given you some much-needed information on the process of applying for a new build mortgage. And if you’re still on the lookout for your dream home, we have a huge selection of stunning house types available at developments all over the northwest and midlands.
Have a browse of our new home developments and simply call the number listed on your chosen development for more information.Blog page Older Posts Newer Posts