The COVID Pandemic may have been a financial detriment to many, but there are also families that have been saving due to the lack of activities to participate in. After the lift of quarantine, there is expected to be a rise in the real estate industry. With so many individuals looking to find a mortgage plan, we have comprised a couple of tips on how to use your money more efficiently.
The first major actions to take are opportunities to boost your credit file. If you look online, there are thousands of articles on how to do so. But for an official site, there is none better than the Money Advice Service list. Here are just a couple of ways to improve your credit score:
1: Pay your bills on time. This may sound obvious, but many people overlook this. With being able to pay all your bills on time, there will be no more drops in your credit score, and it can only go up from there.
2: Register yourself on the electoral roll. This is such a quick and easy step, but if your name isn’t on the list you’ll find it much more difficult to get credit.
3: Check your personal information, such as an address, name, or whether you are linked to another person. All these can affect your credit score widely. Especially if you are on a joint account, whereas your personal rating will drop if they have a poor credit score.
The next step is to have proof that you will be able to pay the desired mortgage. For first time buyers, many lenders have doubts about your credibility. But if you can show that with your budget and financial statements you have financial stability and a structured plan to uphold your mortgage, that will put a huge boost in your chances of receiving the mortgage.
Finally, make sure to have done a thorough research of the current market. Consider how far your budget will stretch in emergencies. Which neighborhoods can you afford to live in? Are there any areas you wish to buy in that offer government schemes that assist you? Are you looking to own a detached or a semi-detached property and why that choice? Would it be better to first look at a flat or apartment?
With all these questions answered and your options considered, you should be much more confident in your abilities to find a property that meets your requirements and matches your budget.
Bio: Lucas Zhang was a Finance major at Ohio State University. He writes about finance, mortgages, and technology for Irish Mortgage Brokers.