Top tips for getting a mortgage

• Save as Much as You Can

Saving for a deposit is one of the most difficult parts of buying a house and luckily for first time buyers a number of lenders, including Newcastle Building Society, offer mortgages designed for those trying to get on the property ladder, with deposits starting from as little as 5% of the value of the property. However, generally, the bigger deposit you have, the better rate you’ll be offered, meaning lower monthly repayments. So save as much as you can before making an application.

• Budget Properly

Before you actually apply for a mortgage and are given an offer, it’s difficult to know exactly what the full cost of buying your first home will be. However, it’s important to know what you can and can’t afford, so you can budget accordingly. You can get a good idea of what type of property you’ll be purchasing and in what price range, the deposit you can put down and what you can afford to repay.

You can use the Affordability Calculator on our website www.newcastle.co.uk/mortgages to help you work out a realistic expectation. You’ll need to consider what monthly repayments you can afford, taking into account the possibility of interest rates rising and still accounting for your other financial commitments and living expenses.   A lender will make the same calculations, but will require proof of your income and your outgoings, so track your regular expenditure and keep your bank statements, payslips and P60s to provide as evidence.

• Improve Your Credit Score

You may want to check your credit report before making a mortgage application, as lenders will use this score as part of the application decision process. There are several companies who can check a credit file for you, although you should be aware there is often a fee to do this.