Before looking at properties, you need to save for a deposit.

Generally, you need to try to save at least 5% to 20% of the cost of the home you would like.

For example, if you want to buy a home costing £150,000, you’ll need to save at least £7,500 (5%).

Saving more than 5% will give you access to a wider range of cheaper mortgages available on the market.

An Agreement in Principle is also known as a 'Decision in Principle' or a 'Mortgage Promise', A mortgage lender will give you this to show how much they might lend you, based on the details you have provided. It's not a binding offer but it could help demonstrate that you're serious about the property.

When an interest rate is fixed for an agreed period of time, usually two or five years. Repayments will remain the same during this time, regardless of other interest rate rises or falls.

If you want to buy a house, it’s likely you’ll buy the freehold, meaning you own the property and land it sits on.

If you’re buying a flat, you’ll be buying leasehold, or buying into a share of the freehold.

Your credit rating can be provided to you by credit referencing agencies such as Experian and Equifax, who will send you a credit report. We can't provide any information on your credit file.

What is a credit rating?

Your credit rating is used to help lenders decide whether to lend you money, how much to lend to you, and sometimes, how much interest to charge. This applies to most financial products such as mortgages, credit cards, loans, and bank accounts.

It's important to check your credit rating from time to time. Your account conduct will have an effect on your credit rating, so it's good to have knowledge of how you're doing. This means that before you apply for a product, you'll have some confidence knowing what the outcome may be.

How does it affect my application?

Your credit rating will influence whether or not you can have the product you have applied for. If you have a poor credit rating, it might prevent you from successfully applying for the product.

What if I have a poor credit rating?

You can manage your bank account in a way which will help to improve your credit rating. This means that further down the line you may then be able to successfully take out the product you originally applied for.

What if I think my credit rating is wrong?

Once you have your credit report, if you notice something that seems strange or looks wrong, then in the first instance you should contact the specific lender to query it. If you think some of your details are wrong or missing, then you can request that they are updated by the credit referencing agency you got the report from. An incorrect or inaccurate credit file could potentially mean you are declined for the product you want.

Having a better score means that lenders are more likely to approve applications. There’s many ways to improve your credit score, you can:

+ Register to vote.

+ Reduce the amount of debt you owe.

+ Try to avoid missing payments.

+ Check your credit file regularly.

+ Don’t make lots of loan applications in a short space of time.

+ Your dedicated adviser will be able to provide help and support in accessing and increasing your credit score.