LETTERS
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Please send us your questions, comments and suggestions concerning property, or the articles in First Time Buyer magazine.
lynda@ rsttimebuyermag.co.uk
WHAT NOT TO DO! I am a first time buyer and there’s lots of advice out there about what to do when looking to buy your first home. Do you have any advice for things not to do? Michela James
FTB says: There are most definitely things you should not do when looking to buy your first home. These include making hasty decisions and getting over excited, so you should always keep your options open until you are completely happy. Don’t look above your budget, as this will only lead to disappointment, and don’t end up not saving enough for hidden costs (and there can be quite a few of them). And finally, don’t be afraid to ask lots of questions and try not to go through the process alone, as every bit of support will make it all that little bit easier.
BAD CREDIT I recently applied for a mortgage but was rejected due to a poor credit rating. Do you have any advice on improving my score and how long it might take? I have fairly large credit card debt and have been making minimum payments to save for my deposit. I also had a couple of missed payments three or four years ago, which likely impacted my credit score. Fiona Gray FTB says: Firstly, obtain a copy of your full credit report to identify any issues. There are a number of ways of doing this online. To improve your credit score, reduce your debt utilisation – for example, £4,000 on a £5,000 limit uses 80% of your credit, which can really impact your score. Lowering this percentage, either by increasing your credit limit or paying the balance, can help. Also, ensure all bill payments are made on time. Setting up direct debits can prevent missed payments, which stay on your credit file for six years. If you find errors on your report, you can appeal to have them removed, but always seek professional financial advice before making significant changes. Specialist mortgage lenders work with clients who have imperfect credit scores, and a whole-of-market broker is best suited to find the right lender for your situation.
This issue’s star letter prize wins a copy of Cypriana , the latest recipe book from celebrity chef Theo Michaels, featuring over 80 vibrant recipes inspired by the traditional cooking of Greece and Cyprus. Presenting a feast for the eyes as well as the tastebuds, the delicious recipes are organised into chapters entitled Meze, Sea, Land, Fire and Sundowners, evoking a Greek way of life. Cypriana by Theo Michaels, published by Ryland Peters & Small (£22) Photography by Mowie Kay © Ryland Peters & Small
WHICH MORTGAGE BROKER? I’m a first time buyer seeking help with a mortgage. I’m waiting to see how mortgage rates and house prices change this year, but I’m eager to research my options. Should I speak to a local mortgage broker or find a specialist for first time buyers? How do I choose a broker? Adam Reddison FTB says: Finding a mortgage broker will help you secure the best rate, and we advise first time buyers to talk to an independent mortgage adviser before starting their search.You can get recommendations from family, an estate agent, or look online. Estate agents often refer
VISIT OUR WEBSITE For everything you need to know about buying for the rst time, go to rsttimebuyermag.com sites like Trustpilot to see what previous clients thought. For advice on savings, your bank can guide you on interest rates for savings accounts to determine the best place for your money. clients to in-branch advisers or trusted local companies.You can approach your bank to speak with its mortgage adviser, but keep in mind they only offer the bank’s products. It’s best to choose a whole-of-market broker, who can access rates from high street and specialist lenders. Check reviews on
Turn to page 110 for one of Theo’s delicious recipes for Cypriot Lamb Shanks in a Sticky Sauce!
DECISION IN PRINCIPLE After enquiring about a property I liked and putting an offer in, I was told that I need a Decision in Principle to go any further.What is this and how do I get one? Oliver Ford FTB says: Obtaining a Decision in Principle (DIP) shows all parties that you are a serious buyer. This is the first stage of the mortgage application process. At this point, you
will need to provide basic information to a lender, who gives a preliminary decision on your mortgage application, after conducting a credit check. Getting a DIP is straightforward; you just need to contact a reputable broker who can help you. After the DIP is secured, the broker will provide a certificate from the lender indicating its willingness to move forward with a full application.You should then be good to go.
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