If you are in Bristol for past couple of years, you may have noticed the property market is taking a steep northward turn and if taken a look to the data of Hometrack, in 2016 there was a price rise of 14 percent. In such a growing market it becomes a bit tough for first time buyer to find the right property. Below are some of the important tips for such buyers from Bristol mortgage broker Fox Davidson:
– The first and foremost thing to do if you are a first time buyer is to ensure that your credit file is in order. Take note that good credit score is paramount to securing best interest rates. Don’t make any delay payments which are debited through your bank account or which directly affects your credit score. Also, try to remain within your overdraft and credit card limits.
– Don’t forget to register for the electoral roll as this too helps in credit score and even the lender can easily find you electronically. Moreover, the mortgage application process too will take less time.
– Get all your required documents in order as the lenders will need address proof, ID proof, income proof and couple of months bank statements, probably of last three months.
– Lenders ask for at least 5 percent deposit and this can either be from your savings or from your family as gift. However, it is here to note that the more you deposit the less could be rate of interest. Even you will bear less liability each month in your repayments.
– After you have arranged your documents it is time to meet your local Estate Agents. Convey your requirement to them and they will help you in getting such property. They may list you in their mailing list to keep you informed about latest market trend or new properties coming into the market.
– Don’t forget to negotiate as you are a first time buyer and you can do it best to get a good price for the property.
– It is always suggested to use an independent broker as the person can access to the whole of the market and probably you will get the best deal.
These tips are from a mortgage expert and your views may differ. Share those too with us and fellow readers in the below given comment box.
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