How to Apply for Your First Mortgage in United Kingdom

Applying for a mortgage is not as difficult as some may believe. With the help of a trusted mortgage advisor, finding a lender to suit your needs is fast and easy.

How to Apply for Your First Mortgage in United Kingdom
13 Steps
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1. Figure out the property size and location. This will have a large impact on the price of your mortgage, which is why having an idea of the type of property is incredibly important.

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It is necessary to have a budget in mind when you are ready to purchase your new home to ensure that you can afford the monthly payment.

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2. If you are a first-time buyer, looking into different offers from mortgage lenders to see if any suit your home buying needs.

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Take advantage of all available discounts and price breaks that you can. Research can ultimately save you much money, and the time you put into looking for discounts is minimal.

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3. Start saving for a down payment. A down payment is the money you will put towards your house yourself, and not borrow from the bank.

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This amount is typically 10 – 20% of the total cost of the home. The higher your down payment, the lower the mortgage you need to take.

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4. Decide which mortgage type is correct for your needs. There are different types of mortgages with different terms and repayment options.

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Again, researching before you decide on a mortgage type is vital to get you the best deal possible.

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5. Ensure you can comfortably afford the monthly mortgage payment and any additional monthly fees before you apply for the loan.

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Being unable to pay your mortgage on a regular basis will result in a large drop in your credit score, late fees, and may eventually result in the loss of the property.

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There are many factors that lending companies consider when you apply for a mortgage.

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Credit history and credit score are large considerations,however,even with less than perfect credit, this shouldn’t stop you from applying for a mortgage and owning the home you’ve always dreamed of.

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At 1st UK Mortgages we specialize in bad credit mortgages and welcome you to visit our website www.1stukmortgages.co.uk/ to learn more about how we can assist you to purchase your new home.

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