Being a first time buyer actively looking to purchase a home is often a daunting situation, often made worse by the unknown. While some people find it a painless process others have personal circumstances or lifestyle habits which stack the odds against them which they are not even aware of.
That is why we have made a list of eleven tips that first time buyer should be aware of prior to applying for a mortgage, because if you only find out about them after you make your application (and in particular if it results in a credit decline) then it could set you back months at least if not years.
1. Be in a permanent job finished probation and ideally working continuously for 2 years: This is a good rule of thumb, an ability to repay is the key consideration with lenders, and the way they determine this by seeing an income history that has a likelihood of continuing. A loan is only underwritten once, at origination, so the lender knows that taking a chance early on means taking a …