In a nutshell
- How much you can borrow will depend on an affordability assessment. Being in control of your spending improves your chances of getting approved.
- The bigger your deposit, the more affordable your mortgage will be.
- Shop around and compare offers before you commit to a mortgage.
- Before you apply for a mortgage, it’s worth checking your credit score, and trying to improve it if possible.
Getting a mortgage could be one of the biggest financial decisions that you have to make, so it’s important you do it correctly.
With Bunce, we will help you on to the property ladder using our crowd investors, however there is also other options out there to suit most peoples requirements but consider these the 5 tips to prepare for your property purchase:
- Be in your best financial shape – make sure your credit score is as good as it possible can be.
- Understand the various costs – from survey fees, legal fees, mortgage processing fees, land registry fees, to stamp duty, there is a range of fees you need to consider.
- Know which mortgage or deal is right for you – understand the differences between repayment and interest only mortgages, and fixed vs variable rate mortgages.
- Consider help through a government scheme or Bunce – struggling to save for a deposit? There are various government schemes to help you get on the property ladder or the other simpler option is through Bunce.
- Consider a mortgage broker- working with an independent broker can help ease the uncertainties.