MoneyMagpie

May 02

Taking your first step on the property ladder?

Whether you are taking your first step on the property ladder or looking to secure finances for a new home it can be daunting and confusing. Ensure your Experian Credit Score is fit & healthy before applying for credit or comparing loans, credit cards and energy to turn your house into a home.

The costs of buying your first home is increasing and re-mortgaging in the UK is now more common so it’s important you see your credit report before lenders do and to make yourself attractive by showing that you’re able to manage your credit by paying on time.

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Meet the Johnsons

After seven years, three months and two days of romancing, Tony and June were married. Soon after they decided to buy their first home together. Experian allowed Tony & June to see information lenders may use, helping them get their credit score fit and into shape before applying.

CreditMatcher* helped Tony to quickly compare mortgages. In no time at all, Tony & June moved into their new house. Tony, being a clever chap, discovered CreditMatcher helps to find personal loans he was more likely to get, which allowed them to bring their unique style, turning their house into a home.

Using Experian to switch suppliers, The Johnsons saved money on their energy bills too. As Tony and June’s family grew. Unfortunately, their home didn’t. And while June really did love her mother-in-law… (She whispered to Tony): “We need to move”. Luckily, they have Experian to help them take the next step.

*Experian Ltd is a credit broker not a lender. See website for full T&C’s

UK property Facts

Did you know there are over 125 mortgage lenders in the UK?

Over 7 million people in the UK have taken their first steps to financial control by checking their Experian Credit Score which is now FREE forever!

First-time buyers

The costs of buying your first home is increasing so it’s important to:

  • Make yourself attractive to lenders by showing that you’re able to manage your credit by paying on time
  • See your credit score before the lenders do

Property Finance Facts

  • £184k average price of first homes in the UK
  • In the past 12 months, the average price of a first home increased by 7% (£184k)
  • £33k is now the typical deposit needed by a first time buyer
  • There are over 125 mortgage lenders in the UK

Re-mortgaging

Re-mortgaging in the UK is now more common so the same rules apply:

  • Make yourself attractive to lenders by showing that you’re able to manage your credit by paying on time
  • See your credit score before the lenders do

Property Finance Facts 

  • (39%) of all mortgages handled in Q4 were Remortgage
  • 83% of all agreed mortgages agreed between Oct-Dec offered a fixed rate
  • Over two-thirds (67%) of fixed rate mortgages were for a period of 3 years or less (Q4)

Helpful Tips

Experian can help you compare mortgage deals on the market and help to you to consider what terms are best for you a fixed, variable or tracker rate. Their CreditMatcher also helps you take the guesswork out of applying for credit.

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Sources

The Money Charity (March 2017) http://themoneycharity.org.uk/media/March-2017-Money-Statistics1.pdf 

Paragon Mortgages (Jan 2017) http://www.paragon-mortgages.co.uk/file_source/Files/PML16/pdf/FACT/FACT-Q4-2016.pdf 

Council of Mortgage Lenders (April 2017) https://www.cml.org.uk/about-us/our-members-and-associates/ 

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Experian Free Credit Score – MPU

Experian Free Credit Score – Full article

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