Whether you’re buying your first home, moving into your dream family home, or looking to invest in a buy to let property, finding the best rates is hard work. And the best products are generally only available to those in the best financial positions. So how do you line yourself up for the best deals?
As it happens, there are a few things you can do. Here’s out tips and tricks for getting your personal finances in shape, and ensuring you’re in a good place to clinch the best deals, and save potentially thousands of pounds each year.
Monitor your credit reports regularly.
It’s always good practice to see what the likes of Experian, Equifax and TransUnion have to say about your credit score. It’s a simple, and cost-free way to see how you’ll look to a lender. After all, lenders will also use one of these companies to research your credit history.
Sometimes, these agencies make mistakes, that can reflect badly on your credit score. If you spot an error, it’s important to try and get it corrected. This process can involve speaking to any lenders involved in the issue, and then potentially attempting to get a notice of correction placed on your credit files. If something like this has happened to you, then contacts Evolve FS. Our advisers can help you deal with the correction process, and help you get in touch with services like the Financial Ombudsman.
Pull together the largest deposit you can find.
You don’t need a financial expert to tell you the bigger the deposit you can lay your hands on, the less you will need to borrow. But did you know that a larger deposit can also unlock better deals from lenders? If you can put down 40% or more, you’re going to be able to find deals with less interest, and less extra costs, because lenders will see you as less of a credit risk.
Keep your eye on the news.
It’s hard to predict the future, and that’s more true now than ever. Recent years have brought plenty of uncertainties into the mix, and many of these have impacted the home buying process. Brexit and covid have both impacted things like how the Bank of England sets its interest rates,