The Bristol property market has grown up in recent years and in 2016 the growth was about 14 percent, according to Hometrack. This has made first time buyers a bit challenging and below are some of the important tips for them from Bristol mortgage broker Fox Davidson.
The mortgage company says the first thing any first time buyer need to do is to ensure the credit file is in order as to get the best interest rate the good credit is paramount.
The next important tip is to register for electoral roll as this will also help you in credit score and lender will find you electronically and mortgage application process will be reduced.
Get all your documents in order as you need to submit a copy of your ID proof, address proof, income proof and at least three months bank statements.
The lenders seek you must make a deposit of at least five percent. Either you can make the payment from your own savings or as a gift from family. You will get better rate of interest if the deposit is more. Also, your monthly repayment liability too will be less.
Visit office of your local Estate Agent so that they can give information based on your property requirement. They will also keep you in their mailing list to inform when such property come to market.
Don’t forget to negotiate as first time buyer is always in a good position.