'Check your credit record' before applying for a mortgage
9th Aug 2012
People considering applying for a mortgage have been advised to thoroughly check out their credit score, as this can help to avoid any problems or prepare people for potential bumps in the road.
That is the advice issued by a spokesman for What Mortgage, who said that preparation is always essential before embarking on a property purchase.
"Sign up to Equifax or Experian or whoever and see if you have got any problems in your file. If you have, then you might be able to fix them yourself," he noted.
This way, if there are any issues then it is worth getting them corrected before they make the application.
Having a really good understanding of what people's finances are like is vital before buying a house, as the experience is truly a life-changing one, the expert explained.
"Buying a property isn't like renting one; if you rent a property then you don't have to worry about things like maintenance charges, doing repairs, service costs or buildings insurance," he added.
The representative had further advice for potential property buyers, recommending that they save up the largest deposit possible before embarking on the move.
It may be worth waiting an extra six months and saving up some more money to get themselves over the ten or 15 per cent barrier on a deposit, he suggested.
Posted by Robin Stenson
© Zoopla Property Group Limited