Contact Details

Property

Chadderton Office

509 Middleton Road,
Chadderton, Oldham
Ol9 9SH

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Tel: 0161 626 5688

Fax: 0161 628 0350

Email office

Monday to Friday
9:00 - 17:00
Saturday
10:00 - 15.00

Royton Office

64 Rochdale Road,
Royton, Oldham,
OL2 6QJ

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Tel: 0161 626 9789

Fax: 0161 652 0514

Email office

Monday to Friday
9:00 - 17:00
Saturday
10:00 - 15.00

Shaw Office

33a Market Street,
Shaw, Oldham
OL2 8NR

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Tel: 01706 291383

Fax: 01706 880000

Email office

Monday to Friday
9:00 - 17:00
Saturday
10:00 - 15.00

Uppermill Office

35 High Street,
Uppermill, Saddleworth
OL3 6HS

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Tel: 01457 810076

Fax: 01457 810222

Email office

Monday to Friday
9:00 - 17:00
Saturday
10:00 - 15.00

Extended hours telephone enquiry service 7 days a week
8:30am to 8pm Mon – Thurs | 8:30am to 5pm Fri | 10am to 3pm Sat & Sun...

Extended hours telephone enquiry service 7 days a week
8:30am to 8pm Mon – Thurs | 8:30am to 5pm Fri | 10am to 3pm Sat & Sun...

What To Consider When Getting Your First Mortgage.

 

Stepping onto the property ladder is arguably one of the biggest and most serious commitments you’ll make in your lifetime.

 

At Kirkham, we want all of our customers’ buying processes to be as simple, stress-free, and easy as possible, which is why we’ve compiled this handy mortgage guide to what to expect along the way!

1. Credit Scores.

Yes, credit scores matter, especially when it comes to securing a mortgage on that perfect property! Make sure that you at least know your score, (this can be done through online tools such as Experian, Equifax, and Money Saving Expert) and aim to improve it by cancelling unused credit cards, getting on the electoral register, and not applying for credit until you’ve sorted out any problems on your credit file.

2. Budget, Budget, Budget!

The key to securing the perfect mortgage is to know your budgets! Make a list of your monthly spend including the extra things you’ll be paying for, such as bills and council tax to assess exactly what you have left over for your living costs. This will allow you to easily figure out what you can borrow and what you can pay back each month without having to cut back on the things you need, or those that you’d like to treat yourself to now and again.

3. Proof of Income or Accounts.

Mortgage lenders will always want to see proof of your earnings, which means keeping hold of your P60 forms. Often, applications can be refused if you can’t supply at least three years’ worth of accounts, which makes it extra tricky for those that have recently decided to go it alone, (however, this can sometimes be rectified by getting clued up on your rights and the options available to you).

4. Deposits.

As with most recurring costs, a deposit is required when you first get a mortgage and likewise, the more you put down, the lower your monthly payments will be. However, this is much easier said than done as saving for a 5% deposit can still add up to a lump sum. Try to aim towards a clear objective to make the most of your savings.

5. Questions.

Once you’ve made an appointment with a mortgage advisor, you may find yourself wondering what kind of questions you’ll be asked. It’s important to know your regular budgets and spending habits, so that you can provide an accurate representation of your accounts; this will ultimately allow you to find a mortgage that you won’t struggle to keep up with each month. The kinds of topics to keep in mind are things like shopping, parking, TV and Internet subscriptions, clothing, pets, and childcare spend.

6. Schemes.

The Government’s Help to Buy ISA savings scheme has become increasingly popular with first time buyers, due to its accessibility and results.

The Help to Buy & ISA schemes make it possible to buy your first home with help from the Government, who will boost your savings by 25%. For every £200 you save, you will receive a bonus of £50 up to a maximum of £3,000.

This scheme is available to people who:

  • Are 16 or over
  • Have a valid National Insurance number
  • Are a UK resident
  • Are a first time buyer and don’t already own a property anywhere in the world
  • Don’t have another cash ISA in the same tax year

The property must also meet the following criteria in order for you to receive a bonus towards purchasing it:

  • It must be in the UK
  • The price mustn’t exceed £450,000 in London or £250,000 in the rest of the UK
  • It must not be a second home or a buy-to-let property
  • It can’t be rented out after it’s been bought
  • It must be purchased with a mortgage

You can also take advantage of this scheme through a number of provider banks, including Barclays (branch and telephone only), Santander (telephone only), Halifax, Lloyds, HSBC, NatWest, and Nationwide (branch and online only).

So, now that you’ve got more of a background into what to expect when you apply for your first mortgage, why not contact our experienced mortgage advisors to book your appointment? Call us on 0161 925 3751 or email enquiries@kirkham-financial.co.uk

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