2020 Buyers: Mortgage Tips To Start Your Search
The start of 2020 has provided us all with a reminder of how quickly things can change in a short period of time. It is understandable that many people will put home buying on the back burner for now, but at the start of 2020, there was a spike of house hunters looking for a property.
No one knows what is going to happen over the upcoming weeks and months, but hopefully, there will be a return to the buyer behaviour experienced at the start of the year. Industry experts believe the increase in buyer activity at the start of 2020 relates to a release in the pent-up demand for property, and this may be repeated.
The year started with confidence and optimism in the housing market
Mark Hayward is the Chief Executive of NAEA Propertymark, and he said: “It’s positive to see the New Year has brought some much-needed confidence to the market, with a significant increase in demand from house hunters following the general election result. A clear strategy is needed to tackle key issues such as stamp duty costs, which needs to be addressed in its entirety to encourage more frequent moves, improve affordability and relax punitive financial tax on home movers.”
We appreciate you may not want to buy a home or arrange a mortgage today, but if you have more time, you may find it is useful to consider your options and prepare yourself to apply for a mortgage later on this year.
Leading tips to consider when preparing for a mortgage include:
- Review your credit score and take steps to improve this
- Do the sums and make sure you know what you can afford to pay each month
- Try to minimise your debt as much as you can
- Collect information that offers proof of income and your finances
- Start to save as much of a deposit as you can
- Review your mortgage options and consider what is best for you
- Get advice from experts and experienced professionals
Common sense is a crucial component when considering a mortgage
Most of the advice for first-time buyers is based on common sense. Saving for a deposit and ensuring your credit score is as attractive as possible makes sense, as these are the elements which influence the decision made by mortgage lenders. If you make yourself more appealing to mortgage lenders, you will find that you improve your chances of obtaining an affordable mortgage.
You should also be turning to experts for assistance and guidance. There are so many areas of life where you should turn to experts for help rather than rushing ahead yourself, and arranging a mortgage is one of these things. The importance of owning property, and the implications of not paying a mortgage, are not to be taken lightly.
It is imperative you consider the ramifications of arranging a mortgage, but thankfully, there is more than enough support and guidance to choose from. If you are hopeful of owning a property in the next few years, this time may be the ideal opportunity to plan for this.