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Five things you should know before taking out a mortgage

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Taking out a mortgage and buying a home is a huge milestone associated with excitement, joy and success, but it’s also a very big decision that often comes with a long-term financial commitment. 

With housing prices climbing each year, more Brits have begun applying for mortgages in order to purchase a home of their own. In fact, a recent nationwide survey conducted by Storage World found that almost half of the respondents had a mortgage. While this trend continues to rise, taking out a mortgage for the first-time can be difficult and daunting. Here are five important considerations to keep in mind before taking the plunge.

  1. Understand your credit score

A good credit rating is essential to secure a decent mortgage. Lenders want to know that you are able to make timeous and consistent payments. Normally, a credit report is needed to secure a mortgage. These reports will include a list of credit cards, loans, overdrafts, mobile phone and utility payments. Make sure that you understand your credit score and that the report is accurate before handing it over. 

  1. Income determines your mortgage

Another aspect that lenders look at when determining your loan is your income. They want to know that you are earning enough money to afford the monthly repayments. A larger income will qualify you for a bigger mortgage, but be cautious of lending more money than you need. 

  1. Keep existing debt to a minimum

A mortgage is a big commitment that can put a lot of strain on finances if you’re not prepared. Any additional debts and missing payments only add to the pressure. Catch up on all missing payments and reduce debts before applying for a mortgage so that you can manage your finances easier (and look better on paper). 

  1. Lenders require a down-payment

Lenders typically require a deposit of at least 5%, with the option to put down a larger deposit. The higher the deposit, the better your interest rate will be. For example, if you’re able to put down 20% of the value, then your interest rate will be significantly lower than only putting down 5%.

  1. Compare rates

Not all lenders are equal and it’s in your best interest to shop around and compare rates. While the basics will always be considered, such as your income and credit score, different lenders may offer you different rates so be sure to look at all your options before making a decision. 
As exciting as buying a home can be, it can also be stressful. At Storage World, we strive to make the process easier for our valued customers.  We offer flexible and convenient storage space to store your household belongings, as well as additional services such as removals. Get a self storage quote today to find out more!

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Secure Storage Solutions

Clean, safe and secure storage solution at an affordable price, highly recommend this place, very close to the heart of manchester, easy access in and out. Big thanks to Tricia and her team for sorting out my storage needs, very knowledgeable, professional and more importantly friendly.
Highly recommended.

Marcus Wong

A Quick and Easy Process

Quick and easy to reserve and simple sign up process when I arrived. I had under estimated my load size and needed more space which the guys on site quickly arranged for me. Very helpful and friendly staff. A recommended company

Alex Jones

Same Day Move In

Fantastic experience. Needed storage quickly and the staff were on hand to help get everything sorted as fast as possible – was in the same day. They even helped to make sure I got the right size unit so I didn’t over pay – they could have sold me a far bigger one but wanted to make sure I got the best deal and was happy – that doesn’t happen very often! Well Done!

Ed Green-Moore

Extremely Helpful Staff

Extremely helpful staff, talked me through everything, gave me a tour of the facility, the sign up process was very straight forward, and most important excellent value for money.

John O'neill

Trolleys and Good Lighting

Great storage with lots of trolleys and good lighting. Lots of parking bays so it is easy to park close to the storage unit entrance. A friendly and helpful team (Anthony and Nick) that get back to you quickly by email or phone.

Tanya Grenade

100% Recommended

100% recommend Storage World. The storage lockers are well priced, secure and very clean. The facility is well set up to make loading and unloading very straight forward. Jeni on the desk was so increddibly helpful and went out of her way to make sure we were well set up and happy. Thanks very much to all at Storage World and particularly Jeni!

Tom Daubney

Business Self Storage

Can’t praise the guys enough, Tricia initially found me a unit over year ago and patiently kept me up to date on availability as I was unable to move my business as quickly as I’d hoped. All the staff are friendly and helpful. A safe and clean place to work.

Joanne Beswick