Owning a house in the UK is pretty big deal: while property market continues to boom, and house prices are sky-high, here are few steps to take towards owning your own house:
1. Income – to be considered for a mortgage application, you will have to disclose your income. You need to earn money in order to keep up with your mortgage payments. Permanent Employment is an ideal employment status but other options are also considered.
2. Reduce Expenses – your income is important when applying for a mortgage but if your expenses are high, mortgage company won’t take you as a serious applicant. For example, if your monthly income are £1000 but you spend £900, that means that you only have £100 left every month. Also, reduced expenses mean you can save more money each month.
TIP: Thoroughly check your bank statement: find ways to reduce expenses by cancelling unwanted subscriptions, memberships, shop only for what you really need etc.
3. Save – Deposit: you will need minimum 5% deposit to secure a mortgage. Saving is a DISCIPLINE so train it like a muscle: start with small amounts, learn to reject unnecessary shopping splurges.
4. Take a good care of your Credit Score – your credit score is a Key that opens doors: your credit score is a radius to banks and lenders on how financially reliable you are.
TIP: I have recently ordered my credit score report from EXPERIAN for only £2. It was eye-opening as you can see what your house lender will see.
Settled accounts are kept on file for six years from the settlement date. The status history in respect of a settled account relates to the period of time prior to the date of settlement.
5. Follow the Property Market News – keep yourself with up-to-date property market news: are prices going up or down?
http://www.zoopla.co.uk – as well as searching fir the properties to buy, you can also check current value for the properties.
http://www.rightmove.co.uk – search to buy properties.
http://www.sharetobuy.com – search for shared ownership properties.
http://www.thisismoney.co.uk – all the latest updates in property market, as well as latest news on mortgages and lending.
Thanks for reading it. I hope you found it useful.
With Love, Gitana