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First Time Buyers The first rung of the ladder is the hardest one to reach so here are some tips to help you achieve home ownership.
- Talk to Redwoods Financial Services early for advice on how much you might be able to borrow, what it will cost, other monthly costs, and also of course, fees and deposits.
- Save as much as you can because the bigger your deposit, the better the choice of mortgage deals that are available to you.
- If you want to borrow 100% of the price (or even more from some lenders) all borrowers must be age 21 or more.
- Get your act together! Clear any unauthorised overdrafts and make sure that any credit cards are paid automatically by direct debit (this is important because the lender will check your financial behaviour with a credit reference agency).
- Do not take on any more credit – the amount of credit you have will be reflected in the amount a lender will lend you.
- You will have to prove where you live so make sure you can provide a recent bank statement or utility bill to show your name and address. This is for money laundering purposes.
- You also have to identify yourself so make sure you either have a current passport or a driving licence showing your correct address.
- Keep your payslips and bank statements. Lenders like to see the last three and sometimes the last six. They also want your last P60. Self employed applicants will need to produce alternative evidence of income.
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