The start of a new year is a good time to set financial goals or review your mortgage, and for many, to buy a dream home is at the top of the list at new year. If you’re considering taking the leap in 2025, here are a few steps to help you get started:
1. Assess Your Finances
Begin by reviewing your income, expenses, and savings. A healthy deposit and stable finances are key to securing a competitive mortgage. Ensure you have payslips or accounts ready, that can be assessed by a lender.
2. Know Your Credit Score
Lenders may use your credit score to determine your eligibility and interest rate. Check your score early, and address any issues that may affect your application. We recommend using the likes of Experian to review this.
3. Get Pre-Approved
A mortgage pre-approval can give you a clear idea of how much you can borrow and help you act quickly when you find the right property. This pre-approval is often called an Agreement in Principle or AIP. Our advisors can help you with this. Check out our mortgage calculator here to see how much you may be able to borrow.
4. Work with a Mortgage Broker
Navigating the mortgage market can be daunting, especially for first-time buyers. A broker can help guide you through the process, offering advice and access to a wide range of products.
Helen Ferneyhough Associates could help make 2025 the year you turn your homeownership dreams into reality. Contact Helen Ferneyhough Associates for the right advice and support.
Disclaimer:
There may be a fee for mortgage advice. The precise amount of the fee will depend upon your circumstances but will range from £195 to £695 and this will be discussed and agreed with you at the earliest opportunity.
Your home may be repossessed if you do not keep up repayments on your mortgage.
