Some useful tips

 

first_time_buyerSTART SAVING

If you don’t have one already, now is a good time to open a regular savings account.

MAINTAIN A GOOD CREDIT HISTORY

If you have credit cards, student loans, personal loans or car loans and miss a payment, your bank will be able to access this information, which can result in problems getting a mortgage. Make sure you maintain a good credit history always!

FIND OUT HOW MUCH YOU CAN BORROW

Knowing how much you can borrow BEFORE you look for your property is essential. It is called Approval in Principle (AIP) and is mortgage approval subject to finding a property.

SHOP AROUND FOR YOUR MORTGAGE

Talk to an independent mortgage broker that deals with all lenders in the market. This will save you time and hassle.

HOLD OFF ON ADDITIONAL COSTS

Additional loans can affect the total amount of a mortgage you qualify for. It is recommended that you consider the impact of additional borrowings if you are planning to buy a home in the near future.

Warning: If you do not keep up your repayments you may lose your home.