174 Law’s Property Solicitor is delighted to reveal some good news for first time buyers and home buyers in general! In 2013, thousands of people should find it easier to obtain a mortgage and to buy a home due to the Bank of England launching an initiative called the Funding for Lending Scheme.
The Funding for Lending Scheme created a significant boost to home ownership when it was launched at the end of 2012. According to our Property Solicitor, the aim of this scheme is to encourage more lending to home buyers by lending banks around £60 billion by the end of January 2014.
The money that is being lent to banks by the Bank of England means that they can lower the required mortgage deposits to 15% and 10% or even 5% of a property’s value. This means that home buyers, particularly first time buyers have a good reason to explore the possibility of home ownership. This is good news indeed when rents are getting increasingly expensive and in some cases, unaffordable.
If you’re a home buyer looking for a Property Solicitor then 174 Law are the people to come to. 174Law have an established Property Solicitor which enjoys the benefits of good connections with other specialists, particularly in the provision of mortgage support. This is great news for first time buyers looking for a Property Solicitor that will be able to offer them extra support and guidance.
Whilst competition among lenders may be increasing, it is important to understand that lenders have a lending requirement and there are a few preliminary tips which may help people new to the process to prepare. The Property Solicitor at 174 Law has kindly shared some tips that will help home buyers, practically first time buyers secure a mortgage and take the first, vital step onto the property ladder.
174 Law’s Property Solicitor shares their top tips
The first of these top tips is to make sure that you’re on the electoral roll at your current residence. Secondly, if you have a credit card, use it sparingly and make sure it is paid off in full by the end of the month. This will improve your credit score which will help you when it comes to being approved for a mortgage.
According to the Property Solicitor at 174 Law, lenders will want to see your address history for the past three years. This includes pay slips, your last P60, three years of accounts, three months worth of bank statements and complete details of any loans or credit cards you may have.
174 Law’s promise to you & more about our Property Solicitor
At 174 Law, we believe that being aware therefore, being in a position to provide the information will help secure the best results for you. We know property and we hope that you have found the information from our Property Solicitor very helpful.
At 174 Law we are good at what we do which makes us confident and approachable in our dealings with people. Our Property Solicitor enjoys providing an excellent conveyancing service to our clients. Our Property Solicitor can relate to people and understand the anxieties that are often central around moving property. Our Property Solicitor functions by delivering the clients objectives, minimising the anxiety and stress which is often identified with moving home and working within the financial budgets determined by the client.
At 174 Law our Property Solicitor is often seen as the instrument of choice for the more discerning client faced with a complex and challenging property transaction.
We reflect the low expense base of our office in the fees we charge which represent exceptional value for the quality of service we provide.
If you would like to know more about 174 Law, our Property Solicitor and the other services we can offer you, take a look aroundour website www.174law.co.uk for more details.