How to Improve Your Credit Score in Sheffield

What credit score will I need for a mortgage in Sheffield?

The higher your credit score is, the more likely that a lender will accept your application for a mortgage. This is different from the likelihood of someone with a poor credit score finding the same success. A mortgage lender will study your application carefully to determine whether or not you can afford a mortgage.

However, there is still no guarantee to be accepted the first time. Even if your credit score is pretty high. Each mortgage lender will have their own specific criteria that you need to match to obtain their deal, and it is unlikely that you will meet the criteria for all lenders across the panel.

Each lender’s criteria are different from another and they have developed their own unique ways of figuring out whether you match what they’re looking for or not. In some cases, you might actually find yourself matching up with the majority of them and in some cases, maybe you only match up with a few of them.

Speak to a Mortgage Broker in Sheffield

Here at Sheffieldmoneyman, our mortgage advisors in Sheffield will work alongside you and find the most suitable lender who offers the best deal for your circumstances, with criteria that you can meet. It is the job of your dedicated mortgage broker in Sheffield like us, to search for thousands of deals and hold your hand throughout the entire process, and always have your best interests at heart.

You will be kept in the loop at all times with what’s going on, so you’re not left stressed and confused about the process. It’s one of our many aims during your mortgage journey to make sure everything goes as smoothly and stress-free as it possibly can.

Whether you are a First Time Buyer in Sheffield, planning on Moving Home in Sheffield, or Self Employed, we will do our best to provide you with helpful tips and tricks to help you improve your credit score and eventually, secure an amazing mortgage that you’ll be thrilled to be walking away with.

Credit Score Mortgage Advisor in Sheffield

There are a variety of different credit reference agencies in Sheffield you could go with, though the most popular ones are Experian and Equifax. Before you rush into anything, make sure that you do some research into each agency as some of them may be holding incorrect data and it could help you identify any discrepancies.

We personally would suggest using a platform called Check My File, as this collates data from all the major ones like the aforementioned two, giving you a wider overview of how your credit file is looking. In signing up, you will receive a free 30-day trial, followed by a monthly fee of £14.99. Your account can be cancelled at any time prior to the end of the trial should you see fit.

There are lots of different things you can do to improve your credit score. Here we have some for you to have a look at:

Avoid Unnecessary Credit Searches

You will find that having multiple credit searches taken out against you could actually end up having a negative effect on your credit score in the long run. Even the use of price comparison websites is a factor that could harm your credit score.

If you are planning to apply for a mortgage, we strongly suggest that you avoid applying for any other credit in the meantime. Paying your credit back is a good thing for your score in the long run, providing that you can show lenders that you are able to maintain your monthly repayments.

That being said, borrowing during a mortgage application is something that could make the lender think that you cannot afford the deposit and are relying on the credit to give you a financial boost.

Check You Are On The Voters’ Roll

A great yet very simple way for you to get a boost to your credit score, is to register yourself for the electoral roll. It can demonstrate stability and this is something that the lenders like to see. You must make sure that your name is spelled correctly, and you must include your current registered address, not your previous one.

If you are not registered on the voters’ roll, you should definitely sign up for it. It is very easy to do online and it is something that could contribute well to improving your credit score.

Don’t Run Close to Your Maximum Limit

Maxing out your card each month is something else that can actually reduce your credit score. The lender will prefer to see that you are using a credit card and paying off the balance in full each month, as this will show that you are good with your money management.

If a lender sees that you are exceeding credit card limits or overdrafts,it might give them the impression that you don’t take your finances seriously. This once again could drastically harm your chances of getting accepted for a mortgage.

Check Your Address History is Keyed Correctly

Sometimes, if you have forgotten to tell a previous credit provider that you’ve moved into a new property, it can come across like you are actually living in multiple properties at the same time. Lenders don’t like to see this so you must make sure that you are on top of your address history so that it displays correctly on your credit report.

Remove Financial Links To Others

If you have a family member or ex-partner financially linked to you, this could be affecting your score without you even being aware of it. If the account is still live, then you won’t be able to get the financial association removed. If you want to remove any of these links, you should absolutely get in touch with the credit reference agencies and make a request.

Applicants see credit scoring as an unfair way to assess a mortgage application. Your mortgage lender would disagree with that, as at the end of the day, they are in the business of making money and they need to be sure you will be able to keep up your payments. It’s also much cheaper for them to operate through a computer-generated credit scoring system, as this keeps the process consistent and efficient.

Send an up-to-date copy of your credit report to your dedicated mortgage advisor in Sheffield ahead of time to increase your chances of being accepted the first time. The more your in-the-know your advisor is regarding your finances, the better it will be.

Also, there are still some lenders that prefer to operate the way companies used to and will manually assess your application. They will still have rules that they stick by regarding the number of defaults and CCJs that they will allow customers to have.

Debt Consolidation in Sheffield

Debt consolidation Remortgage Advice in Sheffield: A helpful solution

It’s unfortunate but true, that many people, to a greater or lesser extent, are in debt at some point throughout their lives. Sometimes due to your own personal situation, debt can spiral out of control. When you reach this point in life, it can feel like there’s no hope, especially once you have paid all your bills at the start of the month, because this can leave you with little or no disposable income left.

When this happens, we find that most applicants choose to go down the route of a debt consolidation remortgage. As an experienced and knowledgeable Mortgage Broker in Sheffield, we have opted to explore this case study on debt consolidation.

Keeping within your limits will help in the long term

Amber had been dealt a rough hand of cards, going through a divorce and her children moving out to start their own journey in life. Over time, her debt built up with legal bills from the divorce and over the years they slowly increased. She was now having to live on one income with unreliable maintenance from her ex-partner. Her daughter then became pregnant quite early on into adulthood, and as any loving parent would, she tried to help her daughter out with her finances, even though she couldn’t really afford it herself.

Luckily by this point, Amber had paid her mortgage off, so she had the potential to borrow against her home as a asset. Her take-home pay was £1100 per month, and her credit commitments were taking up the majority of this amount.

She had not missed any of her monthly payments on her credit commitments, but she had no emergency fund. Amber’s credit score wasn’t too bad, but because of her past, she was no longer able to obtain new zero% credit cards to transfer her balances. She was recommended to me to see if there were any options available to improve the quality of her financial and in turn, personal life.

A personal loan isn’t always the easiest option

When I met Amber, she was feeling pretty low. She had cut back on all of her luxury spending, and it was evident that she was desperate to take ownership of her financial situation before it got completely out of hand.

We explored the possibility of a personal loan, but the debts had gotten too high for that. Amber had no family members with a means or willingness to help and downsizing was not an option she could take. We agreed the right way forward would be to remortgage the house, to try pay off these debts and reduce her regular outgoings.

Reliability – a vital trait for lenders

We managed to find a lender that could meet Amber’s requirements. Given her low income, finding a lender who would let her borrow enough was quite a difficult task. We managed to get her an agreement in principle, but regrettably, when we submitted the formal mortgage application, she found herself being declined.

The reason the case was declined was that the Underwriter who assessed the situation felt that Amber had been using cards to pay off other cards, followed by not closing down the cards. When she had transferred balances, there was a high risk that she should re-offend and rack up debts once again.

Amber was, to put it bluntly, utterly devastated. She understood the concerns, but in her eyes, she had accepted she had a problem. By getting in touch with us, Amber felt she had taken a positive step to sorting her financial life out, making her a minimal risk. The loan to value was under 40%, she had never missed any payments, and if the remortgage was successful, she could be a whopping £500pm better off.

Whilst the above was indeed correct, a lot of clients don’t always appreciate that taking a property into possession is the last thing a lender wants or needs to do. This process reflects poorly on the numbers they are required to report each year, and even more to that point, in the event of repossession, they have the stress of securing the property, insuring it, marketing it, selling it, and paying the surplus of equity (if any) back to the previous owner.

With this in mind, if there is reasonable doubt, then an Underwriter has the discretion to decline an application, even if the case technically is within their published lending criteria.

Being declined doesn’t mean failure, you can improve for next time

We pride ourselves on getting our recommendation right the first time, though we have to hold our hands up on this one and say that it didn’t quite work out the way we would’ve liked, due to the Underwriter’s adverse comments at the full application stage. We knew with our knowledge and experience as a mortgage broker in Sheffield, that this remortgage wasn’t as risky as the lender had made out. It was almost certainly going to be the right outcome for her.

Amber perhaps felt like she was ready to call it quits. Still, we went back to the drawing board to find a different lender who would accept her. Sure enough, we found a suitable candidate. Now armed with the information we had from the previous lender, we were able to provide better supporting comments this time around. Thankfully this time, it was successful.

We’ll keep you on track after you’re back on track

Amber didn’t take this for granted and understood the potential downsides. She has now secured debt that was previously unsecured, but overall may end up paying back more interest, depending on how quickly she can get the mortgage paid off.

The good news, is that in the short term this has worked wonders for her. She now has had the burden of debt relieved from her shoulders, an improved credit score, and she can save a little money for herself each month.

The savings we were able to help her make amounted to over 50% of her net take-home pay monthly. Upon completion of the remortgage, her life was changed. Amber destroyed all of her credit cards besides one to use in emergencies only. Now she has now got her financial life back on the right path.

If you are like Amber, struggling with accumulated debt, but are a homeowner with equity, please do get in touch. We’ll put you through to a mortgage advisor in Sheffield and see what we can do to help. We would rather that you contact us before the situation gets out of hand, as the earlier you take back control of your finances the better you will feel about things. We offer debt consolidation Remortgage Advice in Sheffield & surrounding areas along with a free initial mortgage consultation.

Bonus: Debt Consolidation, where does all the money go?

Mortgage Advice in Sheffield for Newly Qualified Teachers

Newly Qualified Teacher Mortgage Advice in Sheffield

Once you have passed the necessary exams and have achieved your goal of becoming a newly qualified teacher, it’s time to find yourself a teaching position and get started in the classroom. You may find though, that if you aren’t close enough to that particular school, you may need to look at Moving House in Sheffield.

What is about to follow, is a stressful stretch of time that may feel, even if only a month or so, like it goes on forever. You’ll be looking for a place to move and balancing the struggle of homeownership whilst getting comfortable in your newfound role as a teacher. You are not alone in this situation though, as we have helped many customers with this in the past.

Mortgages for NQTs

You may find it difficult trying to find a Lender willing to offer a mortgage to newly qualified teachers. This is because of reasons such as having no work history, or being on a temporary contract. Even though this is the case, do not worry, as it is still possible to obtain a mortgage as a newly qualified teacher.

On occasion, some lenders will offer reasonable and deals with those working in this particular sector. The key to this is finding the right lender, which is usually the hard part; this is where our dedicated mortgage advice team in Sheffield can help search thousands of deals to find you the most appropriate mortgage deals and rates.

What mortgages for NQT teachers are there?

The different types of mortgage available for NQTs can include:

• Help-to-Buy Schemes
• Fixed-Rate Mortgages
• Shared Ownership Mortgages
• Variable-Rate Mortgages

Here are some of the critical things that can get considered:

• No previous employment history required.
• Mortgages available up to one month before the start of the first contract (so you can apply in the August for example).
• Up to 95% loan to value.
• A 12-month first post-contract can get treated the same as a permanent role.

How a Mortgage Advisor in Sheffield Can Help

Our loyal, hardworking and experienced Mortgage Advisors in Sheffield know lending criteria like the back of their hand; they have years of experience in helping people with their mortgage situations. You’ll find there are many benefits to using a trusted Mortgage Broker in Sheffield.

To find out your options, Get in Touch and our team will take some details from you, to find out whether or not you can get a mortgage suitable to your personal circumstances.

Agreement in Principle & Soft Credit Search Mortgage Advice in Sheffield

Credit Search Mortgage Advice in Sheffield

Nowadays, a lot more people are paying closer attention to their credit rating. Consumers are now a lot more aware of credit scoring, and we find that lots of first-time customers who get in touch, have already looked at their credit report online.

When speaking to customers, we often find that we get asked if we will be doing a credit search on them, as they know that too many searches can have a negative effect on their credit score. Lenders always run credit checks but we will ask the customer for their permission first, before doing so.

Two types of credit searches:

Hard credit search

The purpose of a hard credit search is to analyse your credit report in-depth. Any financial institution carrying out a hard credit search should ask your permission to do so. The positive of being hard searched is that the lender is looking at your situation quite closely, so if you pass the credit score then there’s a high chance that your application will be successful.

If for some reason you cannot provide satisfactory documentation to backup the information you have disclosed or you have provided false details, then this might not be the case. Otherwise, it is likely.

The main negative about a hard search though is that it leaves a credit footprint. This means that any lender can see you have had a search carried out. Whilst at first this isn’t a bad thing, if you have several footprints registered in a short period of time, it could look like you’re applying for lots of credit at once.

The footprint does not provide a record of whether your application was successful or not, but lenders can often assume that if you you have had multiple, you must have also been declined for the previous one. Logically, why else would you be getting another one done?

The occasional hard footprint on your record isn’t too bad, so there’s no need to worry too much about this, especially if you know you have a good score. Just be wary about how many you have taken out.

Soft credit search

A soft credit search is a much lighter approach to looking at your financial situation. This type of search are often carried out on price comparison websites to give you an idea of what products might be available to you. They can also be used to verify your identity.

Some mortgage lenders are now opting to use this type of search, as whilst it shows less information than a hard search, if you already have an Agreement in Principle alongside this, it can actually show the lender you’re in a much better position than others.

The good news is that these soft searches don’t leave a footprint on your credit file, meaning other banks and institutions can’t see that you have had one. You can then apply for an agreement in principle or for a mortgage, without it damaging your credit score, whether it is successful or not.

Mortgage Advice in Sheffield

If you are in the market to make an offer on a potential new home, it is a good idea to have your mortgage Agreement in Principle in place prior to contacting the estate agent. By doing this, you’ll put yourself in the best possible position for obtaining a mortgage down the line. Having the Agreement in Principle can also at times put the agent off trying to “cross-sell” their own in-house mortgage services to you if you don’t want or need them.

You may be a First Time Buyer in Sheffield or you might be thinking of Moving Home in Sheffield and are seeking expert mortgage advice. If so, we think that you may benefit from our dedicated mortgage services and speaking to a mortgage advisor in Sheffield. Get in Touch for a free initial mortgage consultation.

Buying a Property with a Friend or Partner in Sheffield

Property price inflation has far outstripped wage increases over the years. Nowadays you will find that mortgage applicants, particularly first time buyers in Sheffield, are struggling to afford to purchase a home at the prices they are.

When a home buyer is in this situation, they will often look at the idea of moving in with someone else, to cut costs. Having a joint mortgage will most likely benefit you, as you will have two incomes for a mortgage lender to take into account when calculating the maximum amount you can borrow.

Having someone to share costs with will always help you out when it comes to being able to afford your monthly mortgage payments. That being said, it’s not quite as simple as moving in with someone straight away.

There is a lot of mortgage lending criteria to meet and questions to ask yourself before you make a decision. As a mortgage broker that prides itself on providing mortgage advice in Sheffield, we get questions about joint mortgages all of the time.

Below we have answered a variety of these questions, in hopes it will aid you on your mortgage journey.

How many people can jointly own a property?

Depending on the mortgage lender, you can have up to four names on a mortgage in order to co-own a property. Please remember though, the more names tied into a mortgage deal, the higher the likelihood that someone may drop out.

If someone theoretically did drop out of the mortgage, the remaining joint owners will have a legal right to keep living in that property, unless a court overruled it. As such, you need to be very careful about who you decide to buy a home with.

Providing the option is available to you, occasionally homeowners with a joint mortgage may wish to increase the mortgage, though all parties present on the contract will have to agree to this. Once again, you’ll need to give careful thought to future plans regarding the property.

Joint tenancy or tenancy in common?

As a mortgage broker in Sheffield, we generally see that married couples or applicants in a civil partnership will choose to go with a joint tenancy, wherein you have equal ownership of the property. If one party passes away, the other owner would get the property.

That being said, if you were considering remortgaging in Sheffield at any point, or selling it down the line, both parties would have to agree to this before you continue with the process.

Tenants in common are more commonly found if the applicants are relatives or friends. You both have equal ownership of the property but are not forced to do so in shares.

This situation normally is seen when one party is making a bigger financial input than the other. You can act individually if you are a tenant in common. For example, you can sell or give away your share of the property to someone else.

What happens if one party stops making mortgage payments?

One of the downsides to being a property co-owner, is if a party stops paying their share of the property, which is unfortunately more likely with multiple people attached to a property. Of course, as with any mortgage, you have to maintain the payments you contractually agreed to.

If one party is finding it particularly difficult to maintain their monthly mortgage payment and decides they’re better off stopping paying, the other party will have to make up the shortfall.

If that payment isn’t made, you could all end up in arrears, which harms your credit score and subsequently your chances of obtaining another mortgage in the future.

You should always look at it as you don’t own 20%, 50%, whatever the percentage is. You’re a combined entity and own 100% jointly.

How do I remove my ex-partner from my mortgage?

Sometimes, it can be a difficult process to remove a person’s name from a mortgage and this is down to a variety of reasons.

The most common reason we come across is that the mortgage lender is unsure that the applicant left on the mortgage will be able to maintain their monthly mortgage payments. If you are unable to do so, they are unlikely to allow you to do so.

A mortgage is an incredibly large financial commitment and that’s why it can be complicated to make changes to something that has already been contractually agreed upon.

Even if you believe that you have kept up with your payments since your ex has moved out, they will still perform an affordability assessment on you (like they did at the point of purchase), to make their own judgement on whether or not you can afford it.

The majority of mortgage lenders don’t really like to allow applicants to put their mortgage into a sole name, as having more names on a mortgage reduces the chances of arrears occurring. This is because there are more than one source of income.

If your sole-name mortgage request is declined by your mortgage lender, your best option is to speak to a mortgage advisor in Sheffield about your situation. Getting specialist mortgage advice in Sheffield could be greatly beneficial to your situation and help you obtain a sole-name mortgage.

We also advise in speaking to family members to see if they are able to help out. They could possibly help by replacing your ex on your mortgage or by gifting you a lump sum that could help reduce the amount you owe on the mortgage balance.

How do I remove my name from my ex-partner’s mortgage?

If you and your partner split up and you are the one to leave the property, you still remain responsible for meeting your monthly mortgage payments, even if you and your ex have agreed that they will be the one making the payments.

Just like removing an ex’s name off a mortgage, the same principle applies to removing your name. Your mortgage lender will only allow you to remove your name if they know that your ex is able to afford the payments, via their affordability assessment.

If you have arranged with your partner to send them money each month, you should keep an eye on your own credit report to ensure that they are paying their portion too. If they default on payments, it will harm your own credit score.

If you are still on your ex’s mortgage and you are looking at moving home in Sheffield into another property and getting a new mortgage, your mortgage lender should bear your circumstances in mind. This may mean you can’t borrow as much as you’d like.

Buying a property with anyone will come with a risk, as circumstances always change. We advise that you go into the home buying world with an open mind. If your plans change unexpectedly, don’t worry, there is usually a way to solve your problem.

If you are having a difficult time with your joint mortgage, it may be time to book a free mortgage appointment with an expert mortgage broker, to get mortgage advice in Sheffield.

Mortgage Protection Insurance Explained

Insurance Advice in Sheffield

Mortgage Protection Insurance a term used to encompass various types of cover. They were designed to protect borrowers from events that could severely impact their ability to maintain mortgage payments.

However, there are different variations, but when connected to a mortgage, they are all there. To help provide peace of mind and usually fall into the following categories:

• Life Cover
• Critical Illness Insurance
• Income Protection
• Family Income Benefit

Life Cover

As a rule, if the policyholder dies within the term. Then the sum assured should be enough to pay off the outstanding mortgage balance. They are ensuring borrower’s dependents left with no debt. They might not otherwise be able to manage.   

Our advisors can run through all the different types of life cover and recommend the most suitable plan for you.

Critical Illness Insurance

Critical Illness Insurance works similarly to Life Assurance. In that, it can usually taker a specific term of years. That can have different options, such as level/increase. They got designed to pay out a lump sum and, like Life cover, for borrowers. It typically has taken on a decreasing term basis in line with the reduction of your mortgage balance.

The key is that the benefit gets paid if you fall victim. To one of several specified critical illnesses and pays out. Whatever the long-term prognosis of that illness. The type of illnesses covered vary from company to company. That’s why this type of insurance cannot be solely price-driven, and we high;y recommend seeking advice.

In practice, many companies will offer Life and Critical Illness Critical cover. As a combined policy and would usually payout on the “first event.” For example, whatever happens first – either death or a severe illness – the payout is made. They can also get written on a single or joint life basis

Income Protection

Income Protection pays out a monthly amount designed to replace your wages in the event of you being unfit to work. Unlike Critical Illness cover, there are no restrictions on the illnesses or injuries covered. The only factor is whether they make you unsuitable to work. There are, however, restrictions on how much you can cover and how quickly benefits would start to get paid.

Like Life and Critical Illness Cover. These policies are underwritten based on your health and lifestyle at the time you apply. All income protection policies got written on a single life basis.

Family Income Benefit

Probably the least common of the mortgage protection type policies but can often be valuable. Particularly for those with young families. These plans can get taken to cover Life and Critical Illness. They get underwritten on an application in the same way as mentioned above.

Rather than pay out a lump sum, the cover would pay an annual or monthly income for the remainder of the term of the plan. Thus, it can replace the income of the primary breadwinner for several years. Dependent upon a particular client’s circumstances. It can usually get written on a level or basis, or an index-linked basis designed to keep up with inflation.

Summary

There’s an adage that says you can never have too much insurance. Indeed, many people have one or more of the different types of policy. However, it would be wrong to think of Mortgage Protection Insurance as just an “either/or” choice. However, in the real world, affordability plays a massive part. So while it would be fantastic to cover yourself for every potential opportunity, our Mortgage Advisor in Sheffield will sit down with you and tailor the type of cover—the most suitable combination to your family’s priority and budget.

The Importance of Changing Your Address in Sheffield

Don’t Pretend to Live Somewhere Else

Once you begin the home moving process, you’ll no doubt be dealing with many stresses. Something that is always a bit of a hassle to sort out, but is very important, is updating all the records of your address, so that your bills can go to the right home.

You will likely have a lot to change, from your local GP practice details, through to your online shopping profiles. It doesn’t just help with receiving post though, as updated information can be a lot more beneficial for you in other areas, such as your credit file.

Most of the time it can be quite easy to miss an address somewhere when you are going through it all, which can sometimes mean your name might end up being tied to multiple addresses. This actually does have an impact on your credit score. The less addresses you have, the better it will be.

Due to the significance surrounding your credit score, you will of course need to make sure that you have a great credit score in order to apply for a mortgage. Making sure these addresses are all up-to-date, is a good way to move closer to that goal.

Applicant Address Behaviours

We frequently see in more recent times, first time buyers in Sheffield and home movers in Sheffield tend to feel like they understand how credit scores work much better, and will look to manipulate their credit score by using their addresses to their own advantage.

Typically, this is achieved when they have moved out of their family home with their parents, becoming renters of their own home. Whilst they do now have an address of their own, they will look to leave all of their credit cards, electoral info, even bank statements at their previous address with their parents.

Many of these people think that they can just keep it the way it is, to prevent having varied addresses, having a long-standing and stable address instead. Whilst as we said before, too many addresses can have a negative affect, taking part in this type of practice can actually be harmful.

Records of Your Address

The reason why doing something like this won’t quite work, is that somewhere along the line if you have moved addresses, there will be some sort of record of you at your new address. It is a very flawed strategy to try and keep them at the same place.

No matter if you are paying your regular bills, have any outgoing car insurance payments, have bought something online or have entered your personal address anywhere else from the time you’ve moved in, somewhere on your credit file, it will be listed.

In turn, this can make it seem like to the mortgage lender, that you are actually living in two places at the same time or that you have failed to disclose crucial information to them. In either of these particular cases, the mortgage lender (who needs to trust their applicants) may not look upon you favourably.

Keeping Your Address Up-to-Date

The most ideal thing that you can do when looking to purchase a new home in Sheffield and apply for a mortgage of your own, is to be completely transparent, make sure all of your addresses are up-to-date and that you are being open and honest.

Basically, this means all your shopping accounts, your electoral roll information (this is a big one), credit cards and virtually anything else that has your address on it, needs to be your address at your current home.

When you look at updating your home information on the electoral roll, make sure that you definitely are using the correct dates for when you moved in and out, as getting this information can once again make it look like you are in two places at once.

What else can be done to help me obtain a mortgage?

Aside from just keeping all of your addresses up to date, there are lots of other tips that could be incredibly beneficial to first time buyers in Sheffield, on the road to completing their mortgage journey.

Some handy tips include staying on top of your bank accounts, trying to avoid unnecessary charges and limit/halt your gambling transactions, especially if you are a regular gambler. If done too often, it can have a highly negative effect.

Bear in mind that your bank account will represent a true reflection of how well you can keep up your monthly mortgage payments, generate some income and handle your finances in an appropriate way. This is a big deal when it comes to determining whether or not you can get a mortgage.

Gifted Deposit

A gifted deposit can be an incredibly useful way for a first time buyer in Sheffield to take their first steps during their mortgage journey. It is here where family members or friends can gift you either some or all of the deposit, as a way to get onto the property ladder.

You should always remember that this is intended to be a gift and not a loan that you will repay. Your mortgage lender will want to see confirmation of this.

Check My File Credit Report

We would always recommend that customers look to obtain an up-to-date credit report as soon as possible, whether new or existing.

Check My File is a fantastic tool that can compile all of your information from a variety of sources, to get a much better view of your financial situation.