Here at My Mortgage we want to make your journey into your first home easy, and we've put together a brief "pre home loan health check" that we do every day with people like you to make sure they're in the best position they can be to buy.
Like visiting your doctor for a check up, there are a few key things that we need to get right so you're home-loan ready, and whether you're 6 months or three years from buying your first home, we can help guide you along the right path and make a plan together.
1. Income
2. Current Debt
3. Deposit
4. Credit History
5. Account Conduct
This is a description of how you manage your bank accounts. A person or couple who always pays their bills on time and keeps their money in a simple and easy to manage method would be said to have good account conduct. Someone who has unnarranged overdraft fees or missed repayments for loans, or is constantly dipping into savings may be seen to have bad account conduct. Often if this is the case we can make a plan to manage things better. We'll have a chat about some ways you can improve this and after 3 months of consistent good management, we'll be able to show the bank you have made a commitment to buying a home and will manage your mortgage well in future.
Finally, we'll set out a plan together to achieve your goal of purchasing, and we may need to make some changes or tweaks to any or all of the above to make this happen.
Together we'll get you to where you want to be, so contact us today to find out how you can get yourself home-loan ready!
Adam, Claire and the My Mortgage Team