BUYING a house can be the biggest decision of your life.
So you probably want to avoid making any major mistakes.
Property expert at MyJobQuote.co.uk, Thomas Goodman has shared what not to do before buying a house.
There’s a lot you need to get right to get a mortgaged from your credit score, your spending history, even the job you do.
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Not checking your credit score
Your credit score is massively important when buying a house.
It’s basically a CV that lenders use to determine how good you will be at repaying them.
If you have a bad score, your application is more likely to be rejected which will lower your score even further.
So, before you apply for a mortgage, make sure you check your credit score.
Then you can always fix it and avoid being rejected.
Whilst in the middle of purchasing a house, you should never change your job role.
Lenders look at your employment history to make sure you are financially stable and will be reliable enough to make all your loan payments.
If you change your job before you secure a loan you make yourself a weaker candidate to the lender, so more likely to be rejected.
The lender would view you as unstable or without a steady income which would make them hesitant to offer you such a large loan.
Saving for a mortgage or even a deposit on a house will make all your finances much tighter.
Which means a budget is essential.
It may be hard, but try to avoid spending more than you’ve budgeted for each month.
You may need a little extra cash to cover closing costs.
It can be exciting to splurge on some gorgeous furniture for your new pad but try to focus on getting the home secured as yours first.
Not being registered to vote
Lenders tend to check you exist by looking at the electoral roll, which means it is pretty important you are registered to vote.
Not being on the roll will delay your mortgage application and may even lower your credit score.
If you are not registered, go on gov.uk where you can get it sorted.
Buying furniture on credit
If you need to buy brand new furniture and high-tech appliances for your home, don’t use a credit card to get them.
Getting into accidental debt can badly damage your credit score and could be another reason your loan application gets rejected.
Getting pre-approval last
Most sellers do require a pre-approval letter with their offer to confirm they are working with a qualified buyer.
As the housing market is competitive, a seller might move on and accept another offer instead of waiting for you to contact a mortgage company.
Always look at houses with a pre approval in place to avoid feeling disheartened.
Having a bad solicitor
Most mortgage lenders have a panel of solicitors who they can instruct.
If you opt for a solicitor who is not on their panel, you will have to pay extra for one of the approved solicitors.
To keep costs down where possible, always check your lender’s approved list before committing to a solicitor.
For more housing stories, check out this man stun his ex-girlfriend by secretly paying off her ENTIRE mortgage to thank her for being a great mum
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See how this single mum & built a new FLAT inside my £139k home – I rent it out for extra cash