Page 23 - March 2023

EXPERT ADVICE

Why should first-time buyers use a
mortgage adviser?

Shirley Mushet, Independent Mortgage Adviser at ESPC Mortgages, Engaging with an ESPC mortgage adviser can your property and how that will affect your
gives her tips for buyers at the start of their property journey. help you keep on top of the dynamic world mortgage options.
of mortgages and help you get the most
competitive product for your circumstances, Once you have found your successful property,
potentially saving you thousands of pounds. We we apply for the mortgage on your behalf
have access to exclusive lenders and products, taking the worry and stress out of this part
so you might get more choice than you would of the process. ESPC Mortgages are used to
get if you decided to go it alone. dealing with lenders’ underwriter queries and
can tackle this for you, making your application
Engage with us early, even before you have process as efficient as possible.
started your search for a property, as we can
work through affordability, especially how
lenders view different income types. Following
on from this, we can consider what your
monthly mortgage payments might look like.
This helps you understand the price range
of the properties that you want to consider.
We can explain what the different mortgage
products are and explore if they might be
appropriate for you. We are seeing that
discounted and tracker rate products are
s a first-time buyer, the mortgage financial CV – the credit report. You should be prominent with lenders. We can explain how
process becomes smoother if you aware that your credit score doesn’t always these work, their risks and whether or not they
A do some ‘life admin’ prior to thinking reflect what a lender will consider. are the right products for you.
about a mortgage. Lenders need to know who
you are, therefore being able to identify you is Some things to consider: Another factor to consider before securing
very important, so there’s a bit of paperwork • Check your credit report, and flag any errors a mortgage is the type of property you are
involved and evidence required.
with the provider immediately. looking to purchase as this can impact the
amount the lender is willing to give you. For
Make sure your passport is in date, and • Keep payments up to date. example, a lot of lenders limit the percentage
update your driving licence, wage slips, • No credit isn’t necessarily good credit – you can borrow. At ESPC Mortgages, we can
bank statements and credit agreements (for lenders want to know that you can manage help guide you on how a lender will view
example, credit cards, loans or car finance) credit. Getting a credit card, putting a small
with the correct name and address. Making amount onto it and paying this off every
sure you’re on the electoral roll also helps. month is a good idea.
They sound like simple things, but you’d be ESPC Mortgages offer expert independent mortgage advice which, despite our precautions, it may contain. The initial
surprised how many people don’t keep these • Don’t have too much available credit (i.e. in Edinburgh. If you are looking for first-time buyer mortgage consultation with an adviser is free and without obligation.
key details up to date! big credit limits), as this can cause a lender advice, get in touch with the team on 0131 253 2920 or Thereafter, ESPC Mortgages’ charges for mortgage advice are
concern. fsenquiries@espc.com usually £350 (£295 for first time buyers).
Lenders want to know that you can manage • Keep out of your overdraft, as some lenders The information contained in this article is provided in good YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP
your finances before they’ll lend. Credit view this as a lack of financial resilience and faith. Whilst every care has been taken in the preparation of UP REPAYMENTS ON A MORTGAGE OR OTHER LOANS
agencies give them the equivalent of your a risk to their loan. the information, no responsibility is accepted for any errors SECURED AGAINST IT.

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