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  • First-time buyers

    October 9, 2015
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  • We get daily enquiries from first-time buyers from all over Shropshire and beyond. Over the next few blog entries, we’ll cover some do’s and don’ts for first-time buyers. Lenders have tightened up criteria(made it more difficult to get a mortgage) drastically since the financial crisis. In all applications, prospective borrowers will be credit checked/scored.The first big DO for first-time buyers is to check and clean up your credit report. Lenders mainly use Experian, Equifax and Call Credit(Noddle) to check the credit of applicants. There are often mistakes on these reports- check them and get any errors removed prior to application. They can take weeks to clear up and lenders will only go by what is on the report. The 2nd DO is to get your score as high as possible. Tips are available on the various credit agencies’ websites on how to raise your score. Registering on the electoral roll, closing down inactive accounts and not over-using overdrafts are all important areas and failure to take care of credit scores sees applications kicked out on a daily basis. Email us today on info.morlandpotter@gmail.com to get some whole-of-market mortgage advice and to let us help you purchase your first home.