First Time Buyers account for around 36% of all new loans in the financial market, so ensuring they are happy consumers has to be a primary goal for all high street lenders. If you are a first-time buyer then you can look for the best service of trusted Mortgage Advisors via Mortgage 1st.
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The average age of first-time buyers has been forced up to thirty-three years old, as realistically around 33% of under forty's cannot afford to make that step onto the housing ladder.
Instead of the usual way of using an income multiple to arrive at the maximum level of borrowing lenders are starting to use affordability, which takes into account lifestyle and credit scoring.
If you have managed your existing credit in a satisfactory manner you are far more likely to fall into the box that allows the lender to stretch beyond what they would normally lend.
Credit scoring is the key factor to enhanced lending terms. Most lenders that use credit scoring have a low, medium, and high score banding which will indicate at what level you can borrow.
Subject to credit score and status some lenders will now lend up to 125% of the purchase price or valuation which will allow clients to pay off any short-term loans or credit cards to improve their cash flow.
This may sound like the perfect solution for cash-strapped buyers, and it can be. When spending any excess ensure you manage it carefully, especially when using it to pay off store or credit cards. If you are using it on home improvements then look to spend it on home improvements that are going to improve the value of your property.