There are several different options when it comes to storing your possessions in a stylish manner, from free-standing units to custom built real wood furniture that will blend in with your other items. Take time to consider your requirements and then perhaps have a serious de-clutter before putting your favourite items on display. So what options are there that can make a difference to your home? We asked Chelmsford based Priest Brothers.
If you have items that you are proud of and want to display for everyone to admire, take a look at the idea of using several wooden bookcases together to create one larger unit. Alternatively you could go for storage cubes instead that are available in a range of sizes and a choice of finishes and different woods to compliment your existing decor. Using several different sizes together, you can create a look at is unique to your home. Of course if there is nothing out there that fits your particular space, there are companies that are more than happy to manufacture a bespoke item to suite. For a truly stunning look why not frame a large window with made to measure units or storage cubes adding a custom made desk to make the most of the view outside? Oak or walnut would make a good choice.
If you don’t need to push your settee back against the wall, why not make the most of the space by using a storage unit, shelves or bookcase to display your favourite items. Use the upper shelves for the things you are proud of and the lower shelves to store things out of view that are maybe not so pleasing.
Of course if floor space is in short supply, you could always add a unit or two to a wall which will not eat into your existing small space.

Certain mortgage agreements allow you to take what’s known as a ‘mortgage payment holiday’, allowing you to temporarily stop or reduce your monthly payments.
As many as two million people are considering taking one of these payment holidays, but are they a good idea? And how do you go about taking one?

What is a mortgage payment holiday?

A payment holiday is an agreement with your lender to either stop or reduce your monthly mortgage payments.
These depend on your payment history but could last anywhere from a month to a year.
All lenders will have different terms and conditions and many don’t offer payment holidays at all.

Am I eligible?

Again, this will depend on your lender’s terms, but also on your own financial history. In fact, in many cases, you will have to have overpaid on your mortgage and built up a certain amount of credit before you can qualify for a break.
However, your lender may also allow you to take a break if you are struggling to make payments due to extenuating circumstances such as redundancy or maternity leave.
If your mortgage has fallen into arrears, then you definitely will not be eligible, but you should still probably get in touch with your lender to discuss your options.

Advantages

The obvious big advantage of taking a mortgage payment holiday is that it instantly relieves pressure and gives you one less outgoing cost to worry about.
This is especially useful if you know that you’re only facing a temporary drop in income, for example if you or your partner have just given birth and just need to cover the maternity period.

Disadvantages

Even though you won’t be making payments, you’ll still be racking up interest on your remaining balance and when your payment holiday does come to an end your balance and monthly payments will be higher than they previously were.
Your credit rating will also be affected in the future, so while mortgage payment holidays can be a good idea in the short term, they’re certainly not the answer if you’re facing a long-term drop in income.

How to apply for one

Speak to your lender and make sure that they’re willing to offer you a mortgage payment holiday and also make sure that you’re eligible and will meet their terms and conditions.
Some typical conditions from lenders:

• You’ll usually have to have made payments on time for a period of at least six months to a year.
• You must not be in arrears.
• Some lenders will have a maximum loan-to-value ratio that they’ll allow (often around 80%).

To ensure you are eligible in case you ever do want to take a payment holiday, make sure that you always make your monthly payments on time and consider overpaying from time to time.
Bear in mind that the length of the holiday you’ll be able to take will vary between lenders.
For example, Halifax allow you to take no more than six months over the entire course of the mortgage while Nationwide will allow anywhere between three and twelve months.
Before deciding to apply for a mortgage payment holiday, make sure you consider what your monthly payments will be after it finishes.

Alternatives

Mortgage payment holidays certainly aren’t for everyone, especially if you’re facing a long-term loss of income.
If this is the case it’s best to contact your lender as there may be other options available to you, including:

• Extending your mortgage
• Converting to an interest mortgage (remember that the capital will have to be paid off at some point)
• Trying to cut costs in other areas (feel free to get in touch with ourselves or the Citizens Advice Bureau for tips on how to do this.)

Should I take one?

On the whole, we would not recommend taking a mortgage payment holiday, as its best to keep up with your payments month on month, hence why it’s so important to find a mortgage deal that’s right for you in the first place.
As you can see in this report from the Independent, many financial experts warn against opting for payment holidays.
Instead, a mortgage payment holiday should be seen as a last resort, as in the long term it will end up costing you more and should only be considered if you’re really struggling to make your payments.
If you are considering taking a payment holiday, we recommend getting in touch with one of our advisors so that we can outline all of the options available to you.

Finding the right estate agent for you and your property is paramount when selling your home. Hence, here are five top tips to help sellers to make sure they make the right decision and choose the ideal estate agent through which to sell their property.

Research Online

The internet is an invaluable research tool when trying to find the right estate agent. Online engines search as Google or better yet local property websites such as The Property Scene website will allow and enable you to quickly see the estate agents operating in and around your area without even having to leave the house.
If you struggle to find a property website covering the area in which your property is located though, you might find it useful signing up (if you are not already a subscriber that is) to the Which? Guides website as doing so will permit you to make use of the Which? Local Service and so find reputable estate agents local to your area and as well read genuine reviews made by their past and present clients.

Ask Friends and Family

Word of mouth is one of the best ways to find a good agent, or a few. Not only can you discuss with friends and family who have bought and sold properties close to you for their advice and recommendations, but chances are the advice and recommendations your nearest and dearest provide are likely to be the most honest.
That said, because friends and family are likely to be biased (even if that bias has your best interests at its heart) and not experts, their advice should help you to make the choice of which estate agents or agencies to explore further but should not be the only research you do.

Go Undercover

This might prove a tough idea to entertain for many, but visiting local and well spoken of estate agencies in person and under the pretence of actually ‘looking to buy’ is an idea all sellers should at least consider before choosing one estate agent or agency over another.
By posing as a buyer you get to experience the service those you hope will view your property receive before committing to one agent or agency over another. Seeing how helpful, prompt and enthusiastic as well as professional agents are when dealing with potential buyers can really help a seller to make the right choice of estate agent.

Approach Estate Agents in Person

Once you have a short list of potential agents that all have knowledge of the property market in your area, experience selling properties similar to your own and positive reviews and testimonials, it is worth taking the time and making the effort to speak with them all.
Ideally, drop into an estate agent’s in person and armed with the following questions, as well any you yourself might have:

1. Do they make use of ‘For Sale’ boards? Further, will they provide you with one for your property?
2. What other marketing materials will they use to help sell your property? Specifically, will they provide potential buyers with floor plans, virtual home tours and / or photographs?
3. Where will they advertise your property? Will you home be Advertised on their website, in local newspapers and / or on local property websites? Do they advertise via sites such as the Rightmove website and the Zoopla website, which are the two most popularly searched property listing websites in the UK.
4. Will they themselves conduct viewings for you or are you expected to show potential buyers around your property?

Estate Agent Fees and How to Haggle

Currently, the average amount a person selling a property can expect to pay to an estate agent stands at 1.3%. Being aware of this before entering into an agreement with an estate agent or agency is important to avoid overpaying for their services and expertise – and so that you know when to haggle.
Haggling is perfectly acceptable when negotiating an agreement with an estate agent or agency, provided you do so respectfully and understanding that whilst you want to spend as little as possible, they too have a business to run.
Then, for advice on not only how to haggle but why opting for ‘the best deal’ does not always mean choosing the cheapest one out there, the Which Consumer website features the article: ‘How to Sell Your House: Estate Agent Fees and Contracts’ which is both up to date and full of further tips and advice.

The dream of owning their own home is alive and well among tenants in the UK. But new homeowners will be taking out long-term mortgage.
Official figures from the Department for Communities and Local Government suggest the decline in home ownership in England has come to a halt. But Wimbledon-based estate and letting agent Robert Holmes & Co says the London rental market will remain strong.
Of the 22.5 million households in England, the DCLG’s latest English Housing Survey reveals that 64% are owner-occupiers – the same figure as in 2013/14, but still down on the high of 71% in 2003.
This contrasts sharply with home ownership data from other countries in Europe. According to official EU statistics, 52.4% of residents in Germany were owner-occupiers in 2014.
However, anecdotal evidence points to about 90% of residents in Berlin living in rental homes. This figure falls to 80% in Hamburg, while in prosperous states like Saarland and Rhineland-Palatinate home ownership is almost 60% – the highest in Germany.
This compares with figures from the annual Generation Rent survey by mortgage lender Halifax that reveals just 45% of UK residents aged between 20 and 45 had bought their own home at the time the research was carried out in 2014.
But the reason why a high percentage of German residents are happy to be tenants is very different for the rise of Generation Rent in the UK, says rent guarantee specialist Assetgrove.
Most tenancies in Germany have an unlimited length, which means a landlord can only terminate it by evicting the tenant through the courts or giving at least three months’ notice. This notice can be contested by the tenant and will usually only be accepted where the landlord has a good reason for the notice being given.
Some cities, including Berlin, also have strict limits on the amount that a rent can be increased over a given period.
On the other hand, North London-based estate and letting agent Paramount Properties says many younger tenants in the UK, and London in particular, rent because their salaries are not high enough to save for a deposit on a first-time property purchase or secure a 25-year mortgage.
This explains why Halifax’s latest Generation Rent survey reveals a slight increase in the proportion of tenants aged between 25 and 40 who say they don’t want to own a home of their own.
However, many people who are stepping on the housing ladder for the first time are fulfilling their dreams of home ownership by taking out mortgages with far longer terms than the traditional 25 years.
A growing number of lenders are now offering mortgage terms of 30, 35 and even 40 years.
According to Halifax, more than 25% of first-time buyers took a mortgage with a 35-year term in 2015, an increase from 16% in 2007.
The main appeal of a longer-term mortgage is the drop in the required monthly payment on a repayment mortgage, but there is a cost.
Reducing the mortgage balance over a longer period, and therefore at a slower rate, means that tens of thousands of pounds more in interest will be repayable over the life of the loan.
But with property prices increasing year-on-year, the value of a property in 20, 30 or even 40 years’ time will far outweigh the amount of extra interest paid.
New research reveals that if property prices continue to rise at an average of 6.7% a year, the cost of an average home in the UK will be almost £1.3m in 2038 compared with just short of £200,000 today.

Once you’ve finally secured your mortgage, you probably want to switch your focus to moving into your new house and getting to work on making those repayments.
However, did you know that you could actually potentially save thousands of pounds by switching your mortgage mid-term?
It’s not right for everyone but if you shop around you just might be able to bag yourself a better deal.

When should I think about switching?

It’s always worth keeping an eye out for new mortgage deals as there are always new deals coming onto the market.
While it can be hard to keep abreast of the market if you’re not actively looking to switch, we recommend you do review your mortgage at least once a year and also whenever interest rates change.

When can I change my mortgage?

You can actually change your mortgage deal at any point after you agree to it, although there may be a charge for doing so. There are also many other costs that you could incur, so make sure that you bear these in mind when comparing deals and don’t get sucked in by a great interest rate.

What costs are there?

• Product fees: This is just a basic fee for your mortgage which will either be a set amount or a percentage of the amount you’re borrowing.
• Legal and valuation fees: These cover all of your solicitor’s costs including conveyancing, arranging valuation surveys and transfer of funds.
• Early payment charge: When you switch to a new provider you’re essentially paying off your current mortgage early, so you may have to pay an early payment (or redemption) charge.

Make sure that you weigh up all of the costs of switching your mortgage before doing so, as it could wind up costing you more than it saves!

Finding a new deal

Firstly, you should ask for current mortgage provider for a quote which will explain how much it would cost to pay off your entire mortgage and any applicable fees as this is the amount that you will need to be able to borrow from the new lender.
As always we recommend that you shop around for the best deal. Have a think about whether you want to stick with your current type of mortgage or perhaps could benefit from switching to a new one, whether it be fixed rate, trackers or discounted.
Of course, the main things you’ll need to check are the interest rate and any of the hidden costs mentioned earlier as these could well wipe out any potential savings you’re making.
The best way to compare all of the mortgages out there (and there are a lot!) is to come to a mortgage broker such as ourselves as we can search the whole of the market to help you find the deal for you.
Feel free to get in touch with one of our expert advisors online or 0800 756 7794.
Once you have found a deal that you’re satisfied with you will need to go through the application process for your new mortgage like you normally would.
Once your application has (hopefully) been approved, you will need to hire a solicitor to handle the switch from your current to your new lender including organising valuations, transfer of deeds and funds and arranging a switchover date.
Do bear in mind that since April 2014, mortgage rules have become a lot stricter and the process may take a bit longer than you’re used to as you’ll have to provide bank statements or business accounts to prove your earnings.

Perhaps the hardest part of getting on the property ladder is scrabbling together that first deposit, and it can be enough to put people off and carry on renting.
However, while a substantial deposit will help you secure a mortgage, if you can’t afford one then all hope isn’t lost.
Here are a couple of ways you can try to secure a mortgage with little or no deposit.

Shared ownership

With a shared ownership scheme you will only own a portion of the property (anywhere from 25% to 75%) and the rest will be owned either by your local authority or the housing developer.
Of course, this means you’ll be needing a smaller mortgage, and thus a smaller deposit, but you will only own part of the property (although you can often purchase the full property further down the line).
You will also need to factor in the rent that you’re going to have to pay on the portion of the house that you don’t own.
While this is unlikely to be too much, it’s worth bearing in mind. You can learn more about shared ownership properties in this article we published back in January.

Deals on new builds

Sometimes property developers will offer you deals on new build properties, but unlike a shared ownership scheme, you will actually own the full property.
In this case, you will be borrowing your deposit money from the construction/development company which is great in the short term, but make sure that you won’t get caught cold when it comes to repaying the loan further down the line.
These types of offers are very dependent on the circumstances but as long as you can afford the repayments it can be a good option because as a first-time buyer you’re very attractive to the construction companies.

Guarantor mortgages

These mortgages allow someone such as a parent to act as a guarantor on your behalf, and they will have to make the payments if you’re unable to do so.
While this means a lender will feel more secure in granting you a mortgage (and at a smaller deposit), the obvious issue is finding someone who is willing to guarantee you for the mortgage as it could wind up being a great financial cost to them if you fail to make the payments.
This is a really handy option if you want to help your children buy a house but don’t have the cash to fund their deposit for them.

House auctions

Buying a house at auction will likely require a little DIY to get it in a habitable state, but it could get you a real bargain.
Properties bought at auction are often much cheaper, but there is a reason for this. They’re usually the type of properties which can’t be sold on the open market and will require a bit of time and money to get it into a decent state, and might wind up not being worth your while.
Bear in mind that you will still need a mortgage and deposit for these properties, they’ll just be cheaper.
All in all, buying at auction is quite a risky proposition, so make sure you know what you’re getting yourself in for if you do opt to do it.

Buy with someone else

Purchasing with a partner or friend will lessen the burden on you and give you more leeway when it comes to negotiating your mortgage.
Much like with a guarantor mortgage, you’ll have to trust the person you’re moving in with to keep up with the payments.
You’ve also got to be sure that you’re still going to want to be living with this person a couple of years down the line!
You’ll also have to address how you are going to split the costs of things such as bills and maintenance.
This will make sense if moving in with a partner but can be a bit more complex if it’s a friend of family member that you’re buying with.

Low deposit mortgages

There are some lenders out there who will lend 95% LTV (loan to value) mortgages which means that the lender will let you borrow 95% of the value of your house and will only need a 5% deposit.
These mortgages often have much higher interest rates, so unless your options are very limited we would advise saving up until you can afford at least a 10% deposit.
You’ll need to have a good credit score to be able to qualify for a low deposit mortgage but they can be of a great help to those who can’t afford a large deposit.

Help to Buy

The government’s Help to Buy scheme can help you out in a number of ways, such as the equity loan where they will front you with up to 20% of the value of your property, meaning that you’ll only need a 5% deposit and a 75% mortgage.
This loan is interest-free but only for the first five years, after which you’ll have to pay a fee of 1.75%.
It might also be worth looking into a Help to Buy ISA which can give you up to a 25% bonus on your savings, meaning an extra £50 for every £200 you save.
You can find out more about the Help to Buy ISA on our blog and on the pros and cons of the Help to Buy scheme in this guide from Money.
While the above are all viable options, you might be best to put off buying for a little while until you can build up a decent deposit.
This will work in your favour in the long run and will mean you’ll have to borrow less when you do take out a mortgage.
Whatever you choose to do, we’d be happy to help here at Search Mortgage Solutions so feel free to give us a call on 0800 756 7794 or get in touch online.

It’s estimated that there are more than 6,000 different mortgage products out there, and finding the right one for you can be a daunting task, especially as a first time buyer, but it’s important to take the time to make sure that you get it right, as it could end up saving you hundreds of pounds a month, which will certainly add up over the years.

Decide which type of mortgage best suits you

There are multiple different types of mortgage out there and before you can pick which lender to go with, you need to know what kind of mortgage you’re after.
First things first, do you want a fixed or variable rate mortgage? A fixed rate mortgage will mean that your monthly repayments will stay the same every month. This is great as you’ll know that payments aren’t going to jump up.
On the other hand, a variable rate mortgage will reflect the base rate set by the Bank of England which is currently 0.5%.
While variable rate mortgages have traditionally been cheaper, we’re starting to see a shift, and of course, you never know how their rate will fluctuate over the years.

Pay as much towards your deposit as possible

While this may well be easier said than done, it pays in the long run to put as much down as possible as a deposit.
A larger deposit means less risk for the lender, which will usually mean lower monthly payments.
It’s worth bearing in mind that your mortgage rate will drop according to your loan-to-value band, so if you have a 9.75% deposit/equity band, if you can just bump this up to 10% you’ll likely get a much lower rate.
If nothing else, a large deposit shows your lender that you can afford your repayments and may deflect from other issues on your credit report.

Make sure you budget sensibly

Whichever type of mortgage you choose to go for, you need to be realistic about what you’re going to be able to afford.
This will depend largely on what kind of property you’re looking for and how much you’re willing to put down as a deposit.
However, with so many lenders out there, the deals that you’re going to get offered are going to be very varied.
Try out our handy mortgage calculator to give yourself a better idea of what you will and won’t be able to afford, and try to be on the conservative side as stretching your budget will only come back to bite you long-term.

Additional costs

While the mortgage rate is obviously very important, you’ll also need to bear in mind the range of fees and costs that come with one.
These include but aren’t limited to stamp duty, solicitor’s fees, survey costs and mortgage fees.
All added together, these costs could wind up setting you back a couple of thousands of pounds alone.
One cost you won’t have to worry about with Search Mortgage Solutions is a broker fee as we offer a ‘no broker fee’ promise.

Shop around

Going direct to your current bank will seriously limit the amount of mortgage available to you and we recommend using a mortgage broker such as ourselves.
We will scour the entire market to try and find you the best deal, covering as many lenders as possible.
We can also offer you expert advice on things such as the Help to Buy scheme and options such as shared ownership to make your decision easier, which is especially useful if you’re a first-time buyer.
We know the mortgage market inside out and have excellent relationships with lenders, so you can trust us to know which deal and lender will be right for you.
We’re also not tied to any particular lenders like some brokers, so we can search the entire market.
If you do wish to get in touch, either give us a call for free on 0800 756 7794 or get in touch online.

Get your application organised

You need to treat your mortgage application like you would a job application and take lots of time and care over it.
You should get a free credit score check from a site such as ClearScore and seek out ways in which you can improve it.
We posted a blog last year about ways in which you can improve your score and some are as simple as just getting yourself on the electoral roll or closing old accounts.

Arrange a mortgage before looking for a property

As we said earlier, stretching your budget that little bit extra to get a dream property could be disastrous, so it’s important to try and establish what you can afford before you go house hunting.
Knowing what your mortgage will and won’t allow you will stop you from wasting time looking at homes which you simply can’t afford.

Don’t forget…

There are a couple of other things that lenders may try and sell you, some of which will be more useful than others.
For example, there’s PPI which usually sets alarm bells ringing. PPI is actually useful for covering your mortgage payments in instances such as if you were to fall ill, but usually only covers your interest and can be quite expensive for what it is.
You will also often be offered buildings, contents or life insurance from your lender and while these are all obviously important things to have, bear in mind that you don’t necessarily need to buy them bundled with your mortgage and it’s ok to shop around for them as you can probably get them cheaper elsewhere.

Remortgaging allows you to take out a new mortgage on your current property to replace your existing one, and could save you hundreds of pounds a month.
While it’s often a great way to cut your costs, it’s not always so straightforward, and there are a couple of things that you should bear in mind before doing so.

It can be a long process

Remortgaging can take time to sort out, but if it’s going to save you hundreds or thousands of pounds in the long term, we absolutely think it’s worth sticking with.
All in all, the process will probably take somewhere between four and eight weeks to complete.
Obviously, this will be quicker if you stick with your current lender but we recommend playing the field and checking out as many lenders and products as possible to get the best deal.
Speak to your current lender to see if they can do you a good deal, but in most cases we would recommend coming to a mortgage broker such as ourselves.
While this may mean your remortgage may take a bit longer, it could turn out to be a much cheaper method in the long-term.

Beware extra sales

As with any mortgage, your lender will probably try and take this opportunity to make some extra sales to you.
One of these will be buildings insurance. You may well be thinking that you already have buildings insurance and won’t be needing it, but if your insurance was with your old mortgage provider then you might find that it gets cancelled.
But while you may wind up needing a new policy, don’t feel that you have to take it from your new lender, as there is likely a better deal out there somewhere.
You may also be offered mortgage PPI (payment protection insurance). This covers you if you cannot make your payments if for any reason you cannot work or fall ill.
Like with the insurance, if you do feel that you might need this, don’t necessarily take it from your new lender and shop around.

It can be a bit more time-consuming

Remortgaging can often seem a little bit more complicated than sorting out a normal mortgage.
This isn’t necessarily the case although you might find that you will have to spend a little bit more time on the phone and in various meetings than you normally would.
This is because you’re going to be dealing with both your old lender and your new one, but remember the money you’ll be saving when it’s all over!
There are a couple of steps you can take to try and make things a little bit smoother such as checking your credit score with a free site such as ClearScore and taking little steps to improve it such as getting on the electoral roll and paying off any debts.

You’ll need lots of paperwork

Just like with your current mortgage, you’re going to need lots of various pieces of paperwork to complete the remortgage.
This means the likes of bank statements, pay slips, tax forms, proof of address and some form of ID such as a passport, although the specifics will vary from lender to lender.
This will probably be needed in physical, paper form, as opposed to electronically so make sure you take the time to get everything together early on to speed up the process further down the line.

Extra fees

Some of the fees which applied when you took out your initial mortgage will also apply when remortgaging.
For example, these may include:

Admin fees

These can vary quite a bit depending on the value of the property that you’re remortgaging as they can sometimes be calculated as a percentage of the amount being borrowed.
These fees can sometimes be added to your mortgage but we wouldn’t recommend doing so as it will just add to the cost of switching.

Solicitor fees

If switching lenders, you’ll probably require the services of a solicitor. These costs can be cut if you use the same firm who handled your initial mortgage as they may have kept all of your details on file from your first application.

Survey fees

Your new lender will need to carry out surveys to assess the value of the property and these can cost a couple of hundred pounds.

Exit fees

Your existing mortgage provider might well charge an exit fee when you leave so make sure you check this and weigh up whether it’s worth paying.
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If you require any further advice on remortgaging, feel free to check out our remortgaging advice page or contact us online or on 0800 756 7794.

Applying for your first mortgage as a first time buyer might seem like a daunting task but it’s really not that tricks and by following a few simple steps, you can improve your chances of approval and make the process as stress-free as possible.
Here’s 10 things which every first-time mortgage applicant needs to take note of:

1. Check Your Credit Score
   Lenders want to know that you’re a safe bet and that you have a proven track record of paying bills on time and repaying loans.
   Before a lender checks your credit score, check your own to give you the opportunity to do something about it if it’s not looking too great.
   You can sign up for a free trial at Experian or Equifax (or a number of others) to see your score.
2. Register To Vote
   Even if you have a perfect credit score, if you’re not on the electoral roll, it will be almost IMPOSSIBLE to secure a mortgage.
   A credit check will reveal if you’re on already or you can check with your local council.
   If you’re not, sign up straight away at www.gov.uk/get-on-electoral-register.
   
3. Close Old, Inactive Bank Accounts & Credit Cards
   Old bank accounts and credit cards can, in some instances, have a negative impact upon your mortgage approval and it may sometimes be better to close those which are not being used.
   The issues here arise from having ‘too much credit’ available in the form of credit cards and overdrafts but before you close all but one account, think carefully as you don’t want to remove evidence of a great credit record.
   If you really do have too much credit available though and regularly use your main account and credit card, it may be worth closing.
4. Refrain From Applying For Any More Credit
   Whatever you do, refrain from applying for any more credit in the run up to applying for a mortgage; ideally for at least six months.
   Even if you don’t take out the credit, applications will register a search on your file and more searches you have in a short time, the less likely you are to be granted credit, as you could be viewed as desperately seeking borrowing.
5. Reduce Your Monthly Outgoings
   Lenders have been known to ask for details of spending on things such as magazine subscriptions in their attempt to undertake affordability checks. You will be asked to verify a lot about your outgoings and will be asked to provide bank statements.
   This is done for them to ensure that if mortgage rates increase, you can still afford your mortgage.
   Do your best to cut back on unnecessary outgoings before applying and use the money to add to your deposit.
6. Buy With Someone Else
   Buying together with a partner, your parents or even a friend can help to improve your chances of approval, due largely to the fact that the household income will be higher.
   This will, in many cases, allow you to apply for a larger mortgage whilst also comfortably meeting affordability criteria.
7. Stay Put In Your Current Job
   Lenders want to know that you’re in a safe and secure job and with that in mind, it’s not a wise idea to change jobs before applying for a mortgage.
   If you’ve recently moved jobs and are looking to take out a mortgage, best practice is to wait at least six months to show that your position is established.
8. Reduce Debts
   Anything you can do to reduce existing debts will go a long way to helping you secure a mortgage on your dream home as the last thing lenders want to see is that you owe a small fortune on credit cards and loans.
   Reducing debts will not only help you to secure the mortgage but may also allow you to borrow a higher amount.
9. Be Realistic
   If you’re looking to buy your first home, be realistic!
   Everyone has to start somewhere and you’re better off being at the bottom of the property ladder in a small property than having your application rejected.
   Whilst each lender uses slightly different multiples to work out how much you can afford to borrow, you stand a far better chance of approval if you apply for a smaller amount rather than aiming too high on a property you can’t really afford.
10. Save Up A Bigger Deposit
    Whilst this might be obvious, sometimes it pays to put off your application by a year or so and save up a larger deposit.
    The government recently introduced the ‘Help To Buy ISA’s’ which see the government boost your own savings by 25%, that is for every £200 you save you receive an additional £50.
    A larger deposit will often see you paying a lower rate of interest as well as being able to borrow a higher amount.

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It can be difficult enough to secure a mortgage on a traditional home, so if you have dreams of starting a new life out on the farm, you may be wondering: “Can I get a mortgage on a farm?”
Thankfully, the answer is yes! There are specialist agricultural mortgages which can be used to purchase agricultural land, although there are differences with normal mortgages that you should be aware of.

Can I take out a traditional mortgage?

While technically you could use a traditional mortgage to purchase a farm, you might find it difficult to do so.
Traditional lenders are wary of granting mortgages for farms for the simple reason that they’re unfamiliar with the market.
It’s also a risky proposition if the owner were to walk away or default on the payments, as it leaves the lender stuck with a property they don’t really know what to do with.
Instead probably your best option is to look for a farm mortgage (also known as an agricultural mortgage).

What can I use a farm mortgage for?

A farm mortgage is a commercial mortgage that can be used to finance a couple of things, including a full farm, a farm building, or some kind of farming enterprise, improvement or extension.
In fact, farm mortgages have become popular for farmers who are wishing to diversify their operations, as farming is coming under increased pressure from European legislation and unfair supermarket prices.
For more info on how farmers are feeling the pinch, check out this infographic from Shield Agriculture.
You could also use a farm mortgage to perhaps consolidate an existing loan or mortgage, or you could also use one to buy out a friend or relative who are perhaps retiring and giving up their farm.
It’s worth bearing in mind that to qualify for a farm mortgage the property you’re buying has to involve the production of agricultural products such as livestock or fruit/veg.

Where can I get one?

Some of the traditional high street lenders such as Barclay’s and NatWest offer agricultural mortgages, but you can also secure one through specialist lenders such as AMC and R&BS.
Much like with traditional mortgages, the rates and length of farm mortgages do vary from lender to lender, and are calculated on an individual basis, so it’s best to shop around, or get in touch with one of our advisors who will be happy to help try and find the one for you.
As with any other mortgage you’ll have to prove to the lender that you’ll be able to make your repayments, and provide a good credit history, and show that you always pay your bills on time, in some case you may also need to show that you have previous agricultural experience.