First Time Buyer Mortgage tips

Posted by

Buying a home is stressful especially if you are a first time buyer. You do not know the process, you may have read a million horror stories and estate agents can be piling on the pressure.

We though it would be nice to give you some tips on how to improve your chances of success when applying for a mortgage.

Home buyer mortgage tips

Try to make everything tidy and easy to understand. By that we mean go through your bank statements, are you one of those people with 4 bank accounts and transferring money around? It may make sense to you, but as a broker we have to understand it. We also have to be able to explain it to the underwriter.

That does not mean you have to stop what you are doing or that the outcome will be any different. It may just take a little longer to get your mortgage offered and could result in more questions. This only really works if you are not looking to apply for 3-6 months.

Check your credit report. You would be surprised how many times we speak to people who have unexpected negative markers on their credit report. Again, it is not a problem if you do have credit problems (as you can see from our Success Stories) but it is best to know upfront. Also the sooner you know of any problems, the more time it gives you to fix those issues and get them removed.

Try to plan ahead. Planning ahead ensures we have time to get everything in place, look over your circumstances and discuss any potential issues upfront. Making an offer on a property and then getting everything together at the last minute can make things more stressful. It also means we have less time to discuss your situation with lenders.

Do not apply for credit. In the first instance you should try not to apply for any credit in the 6 months prior to a mortgage application being made. It is not usually a deal breaker but it can affect the outcome.

Likewise, once your mortgage has been offered it is also advisable not to apply for any new credit before you complete. This can include things like Balance Transfer credit cards and loans for mobile phone handsets.

Be open and honest with us. If you decide to use is as your broker or any broker for that matter, be upfront about everything even if we do not specifically ask. It is impossible for us to ask every question. If you think there may be something that could cause a problem you should talk to us about it. We work for you, we want to get your mortgage through as much as you do.

If we know about a potential problem upfront we can cross it off before we make an application. If we do not know about it then we can do that.


Reading back over these mortgage tips, I think the general theme is to start preparing in advance. Ideally a month before gives us chance to check over everything. In addition to ensuring there are no problems, we can also be sure you are looking at properties within your budget. The last thing we want is for you to set your heart on something outside of your budget.

If you would like to discuss your circumstances with us, you are more than welcome to email us or call on 0161 327 2799.