Buying a home is an exciting time with a new chapter of your life right around the corner. However, we understand that finding a mortgage can seem daunting, especially if you're a first time buyer.
You need not worry as the expert advisers at Embrace Financial Services are easy to talk to and will give you clear personalised advice as they guide you through the mortgage process.
Here are some top tips on how you can prepare for your mortgage appointment.
1. Get your finances in order
You need to understand your finances so that you can properly discuss your mortgage application options with your adviser.
What do your monthly outgoings look like? They could affect your chances of being approved for a mortgage if the lender thinks you are overspending.
Every penny counts, so cutting down on luxury spending is a good place to start.
It could be as simple as cancelling a streaming subscription you rarely use or opting for the cheap and cheerful option in the supermarket.
Did you sign up for a gym membership on New Year's day but haven’t had the time to go? It might be a good idea to cancel and save yourself money in the long run.
2. Build your credit score
Improving your credit rating will go a long way. If you have monthly payments you are committed to, explore what options you have to reduce them.
You can improve your credit score by always making payments on time. Setting up standing orders and direct debits to any regular outgoings, such as utility bills and credit cards, will prevent you from missing payment and negatively impacting your credit rating.
3. Keep track of your savings
While a deposit and monthly mortgage payments will be on your mind, you should be considering the additional costs of owning a property. These expenses could be for renovations, furnishings, home insurance, etc...
Setting up a savings account is a great way to foster a nest egg for yourself. A savings account will prevent you from accessing your funds and make you more aware of what you spend your money on.
Keep track of your spending with online banking apps or go to your local branch and request a bank statement regularly.
This way you can review and monitor any high cost transactions you have, such as clothing or entertainment, and try to keep them to a minimum to make savings where you can.
We have an easy to use online budget planner to help you figure out how much money you'll have left over each month for a mortgage.
4. Book your mortgage appointment in advance
Getting a lender to approve your loan could take several weeks. It is best practice to book your mortgage appointment as soon as you can.
At viewings it will look great to sellers if you already have a mortgage in principle. Embrace Financial Services search over 70 lenders to find you a mortgage in principle in just 30 minutes.
You can rest assured you've truly explored your options thanks to their professional mortgage advice and their access to so many trusted lenders.
5. Get your documents ready
You will need to gather a together a range of documents in preparation for your mortgage appointment.
These documents include a proof of identity via a passport or driving licence, proof of your income such as a payslip from your employer, proof of address for the last three years and more.
Our helpful mortgage appointment checklist highlights what you will need for your mortgage appointment.
6. Take advantage of government schemes
There are government schemes in place to help get you on the property ladder. If you're a first time buyer, you may be able to buy a home for 30% to 50% less than its market value thanks to the First Homes scheme.
You usually need to pay Stamp Duty Land Tax when you buy a residential property. The amount you'll need to pay varies, so you should use our helpful Stamp Duty calculator if you are unsure.
Until April 2025, Stamp Duty is 0% for homes under £250,000. If you're a first time buyer, Stamp Duty is 0% for homes up to the value of £425,000 and just 5% up to £625,000.
7. Think ahead
Looking to the future will inform what kind of mortgage you will need.
Consider how long you intend to live in the property you are mortgaging, or if you are going to need to remortgage on another property in a few years' time.
Think about how you want to budget for your mortgage - Whether you want to pay a fixed amount each month or perhaps opt for a lender that offers variable amounts each month.
Talk to your friends and family to find out about their mortgage experiences or have a look at our online reviews to find out what other customers have to say.
You can get expert guidance and advice with a no-obligation mortgage appointment with our partner Embrace Financial Services.
They will find a mortgage in principle to suit your needs in just 30 minutes. Book your initial mortgage appointment today.
Book your mortgage appointment
YOUR PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
Your initial mortgage appointment is without obligation. Embrace Financial Services normally charge a fee for their services; however, it is payable only on the submission of your mortgage application. The fee will depend on your circumstances but the standard fee is £549. Complex cases usually attract a higher fee. Embrace Financial Services will discuss and agree the fee with you prior to submitting any mortgage application.
Please be aware that the information provided within these archives has been pre-published, as of the date published on each article. The information contained within, including references to taxation, legislation, regulation, or any other issues or concerns may no longer apply.
Your Move E-Marketing Executive
