Thursday, January 21, 2016
Property Mortgage Tips for First-Time Landlords
Buying a commercial property in London can be a nerve-wracking yet thrilling process, particularly for a first-time buyer. It's not easy to know precisely what you can expect. It is even more complex when you must take out a mortgage.
Check your Credit Rating
Among the most vital aspects when it comes to qualifying for a mortgage loan these days is your credit score/rating. Start the process early enough, at least 6 months prior to shopping for a property and ensure you attain a good rating.
Assess your Assets and Liabilities
As a first-time buyer you ought to have a fairly good idea regarding what comes in and what you owe; your monthly cash flow. This will ensure that your liabilities are not too much to be a problem when it comes to timely mortgage payments.
Organise your Documents
Buying a London property could be a lengthy process, but knowing the documents you will need and where to get them saves time. When you apply for a mortgage, you will be required to document your income plus taxes.
First Qualify Yourself
As a first-time buyer, you should already have an idea of what you can afford even before being told how much you can qualify for by the lender. Figure out your maximum down payment early.
Have a specific property in mind and a suitable strategy to achieve it. When starting the process, speak with several mortgage lenders. Consult widely about the process, what it takes and to have an idea of which lenders are good to work.