ADVICE
Suzanne Aplin is Group Sales & Marketing Director at award- winning Weston Homes and has been working in the new homes property arena for many years. She has a passionate desire to help first time buyers step on to the property ladder and understands the challenges that many buyers face when purchasing their first home. Weston Homes has helped hundreds of buyers purchase who didn’t think they could. If there is a way, the friendly sales teams at Weston
Suzanne Aplin, Group Sales & Marketing Director, Weston Homes
Homes will help you find it Q I want to buy my first home. How can I make sure I can get a mortgage? A Everyone’s circumstances are different but the one thing that is consistent is that you cannot obtain a mortgage until you have a sound credit rating.At Weston Homes we work closely with a range of independent new home mortgage advisers who have provided the following excellent advice. Before a bank or building society will lend money to you, they will look at how much of a risk you are.What they want to know is simple – will you pay them back? Your credit information shows them how you’ve managed credit in the past, which helps them predict whether you can afford the repayments. Your credit history and score is held by a UK credit reference agency.Two of the top ones are Equifax UK and Experian.The latter rates you out of 999 points. If you haven’t established a credit history, potential lenders can’t see if you are reliable with money.This can lead to your application being refused. Your credit score is based on several factors including how quickly you pay back money you have borrowed, if you have any outstanding debt, and whether you have missed or late payments. Good ways to build your credit rating are to: • Open a bank account and prove you are a reliable UK resident with a good relationship with your bank. • Pay off the balance on your credit card in full each month to create a good credit history. • Get a mobile phone contract.This can help you establish credit and if you pay your bills on time it will show potential lenders that you are reliable. But it is so easy to slip down the credit rating ladder without realising it. In January, after a potentially expensive Christmas, it is tempting to pay your credit card debt late – don’t.This will push you down the credit rating ladder. Your mortgage lender thinks – if you pay your credit card late – that you will probably
yourself on the electoral register as it improves your credit rating. Companies use the electoral roll to check you are giving them the correct name and address. Plus, it is a sign of reliability and stability. At Weston Homes, we are here to help you. Speak to one of our Sales Consultants at your preferred development and they can refer you to an independent financial adviser who can give you specialist advice on how to make your move to homeownership, how much deposit you need to save and how much you will need for a mortgage.
pay your mortgage payments late as well. Renters moving around can find themselves unknowingly holding a bad credit rating because they have not redirected all their bills. For a small payment, with a card registered in your new address, the Post Office will redirect mail for six months. Even an unpaid parking ticket will get you into trouble. If you have defaulted on past payments that are creating a bad credit score, with a reasonable 200-word explanation you can apply to get them removed. When you move into a new area, always put
A sustainable lifestyle, for this generation and the next, is the wish of all young homebuyers. And the new home location that ful ls that wish is Abbey Quay, one of the most exciting regeneration programmes for 2024 that is transforming old industrial
Barking into a sustainable neighbourhood. Weston Homes won the prestigious 2023
WhatHouse? Gold Award for the Best Sustainable Development across the country, for its £350m, six-acre urban village Abbey Quay in Barking. This ne-looking collection of 1,089 apartments of one, two and three bedrooms, sits within a design that will include 22,281 sq ft of commercial and leisure space. Mindful of commuting costs, it is a short walk to transport links and a fast commute into the City, with the town’s new combined heat and power plant providing eco-ef cient hot water and heating for the development. Abbey Quay is an innovative scheme that re ects the core values of family-run Weston Homes and its MD Bob Weston, who builds with a passion for the welfare of his buyers, green energy use and sustainable living. To ensure the high quality of every stage of build, Bob has created two multi-million pound high- tech factories to deliver a low-carbon building solution for Weston Homes’ properties. Every detail of the build is considered, from the walls and photovoltaic roofs to thermally ef cient windows and doors, high-tech low water consumption ttings in luxury bathrooms, heating systems and insulation − so ef cient that even on winter nights little heating is needed. Wide oor-to-ceiling windows create maximum light to lift the mood and open on to spacious balconies for outside living. This is an award that’s well deserved for a company that is building for future generations. Discount Market Sale* homes with a 20% saving start from £261,500. Private sale homes start from £331,000. Save up to £20,000 for a limited period.** Visit www.weston-homes.com/abbey-quay for details.
*Price includes saving. Eligibility criteria apply **Subject to terms & conditions. Speak to a Sales Consultant for details
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February/March 2024
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