Articles > Getting Ready To Purchase Your First Property
(5 Sep 2007)
Put yourself on the credit radar. When you apply for a mortgage, the first thing a lender will do is check your credit record. This means if you have not established a credit history in the UK, you could encounter problems.
Credit cards are not for everyone, but if you feel you are responsible enough for the challenge, it could be a good way to build up a positive credit record. You can make small purchases with it in order to build up your credit rating, and even arange to have your balance cleared automaticclay every month.
The lender will also check to see if you are on the electoral roll to prove your residential history. Even if you are not a UK citizen, you might be able to get on the voter's role, depending on your circumstances adn country of origin.
Check with your local authority for details. Once you are on the role, update your details with the relevant council every time you move.
Desposits and research.
There is no rule cast in stone, but usually 10% will give you access to very good mortgages. Less than 10% is often also possible, but the rates are quite often not as good.
Find out if you are eligible for an affordable mortgage. Independent advisors are often the best option, particularly those who deal with foreign nationals on a regular basis.
If you are feeling bold, however, you can do your own research online using financial search engines, in newspapers and getting on the phone with major lenders.
Regarding visa issues; you are who you are. You may feel that your visa situation or job status puts you out of the running. This may not be true as lenders have widely varying criteria for applicants. If you found this article interesting or useful please share it with others!