Buying your first ever home is likely the most pivotal purchase you could make in your life. However, you are always faced with the daunting consequence of carrying debts. After all, it is debt that has gotten many people in trouble. As such, meticulous decision-making must be in order for you to make the wisest choice for your financial health.
That is where we come in; we invite you to seek mortgage advice in Essex to weigh in the pros and cons of each type of mortgage to know which one is most appropriate for your personal circumstances.
The likelihood of getting a mortgage is governed by your overall credit score. This credit score is affected by various factors. One, and perhaps the most important of these factors is how many addresses you have registered to your name.
By far, the most and foremost mortgage advice provided to first-time buyers in Essex is that having fewer addresses on your record means you will most likely have a higher chance of grasping that mortgage, maintaining your credit score at a desirable high rate. This financial advice is revealing itself to more and more people who have kept it in mind while seeking mortgage advice in Essex.
The main demographic this helps is aimed at are those applicants who have recently moved out of their parents’ house to rent somewhere else. Because having a few addresses results is good for your credit score, some may misinterpret this and leave their information, electoral roll, credit card, and bank statements, registered to their parents’ address and not to their new rented accommodation.
While it seems like a sound strategy at first, it is ultimately not the best course of action. Our experience tells us that in nine out of ten cases, applicants will have used their new address(es) for other services like ordering goods online or even surfing insurance companies on the web, effectively leaving a mark on their credit report and making their applicant untrustworthy.
However, there yet lies a financial shelter. If you seek mortgage advice in Essex, one of our advisors will surely recommend that you transfer your electoral roll, credit card accounts, bank statements, and other information to your new address. While it is true that having fewer addresses is better, keeping them consistent is far more vital.
Do not also forget to check the date in and out carefully while updating your address on all your documents such as your application and wage slip. If the dates do not match, your application may get marked out, ruling that you are concurrently living in two different accommodations.
Utilising this strategy ensures that your mortgage application is transparent and credible, and this will later yield favourable outcomes when seeking mortgage advice in Essex.
This will show a more open and honest way of trying to apply for a mortgage which will benefit you greatly in your Mortgage application and when it comes to approaching a Mortgage Advisor in Essex.
We know that being a First-Time Buyer in Essex with no mortgage experience can present itself as quite the challenge. It’s because of this that we are offering you a helping hand. If you still need some Mortgage Advice in Essex or just want some guidance from a professional and dedicated Mortgage Advisor, feel free to call us for a free mortgage consultation, or Get in Touch and we’ll see how we can help you out in your process.