More Couples in Swindon Are Buying Homes Together

A survey, by One Poll, has revealed that 53% of first time buyers are most likely to buy with their partner.

The second most popular option would be to buy a home on their own with more than 20 per cent considering going it alone.

Buying with a friend came third on the list with 12 per cent thinking this is a good idea while buying with a parent or child was considered likely by less than 10 per cent of respondents. 

Although this was higher than the option of buying with a brother or sister which was way down the list with less than three per cent likely to take up residence with a sibling.

To ensure first time buyers are mortgage fit and ready to make that move Barratt has outlined a few ways in which potential home owners can make a swift move into a new home.

1.    Check your credit score

You can do this easily online with the two main credit reference agencies; Experian and Equifax. Ensure all information is correct and if it isn’t, write to the agency and request that they change it. If you have a poor score, you will be able to start making changes to improve it.

2.    Understand your limits

If you have existing credit such as credit cards and loans, you must ensure that you keep up with the minimum repayments. If you are really struggling to pay, speak to your lender as this may show favourably on your credit score. Similarly try not to get too close to your credit limit, if you do, lenders may view this as ‘excessive’ debt. 

3.    The family connection

Details of your family’s credit score are not kept on your file, so long as you don’t have any joint finances.  If you do, you are likely to be co-scored and this could stop you securing a mortgage. So if a family member, partner or housemate has a poor credit score, keep your finances rigidly separate. This includes joint accounts and bills under both names.

4.    It’s all in your history

You may not realise, but as many as 1 in 10 house hunters looking to buy a home - have no credit history. Although you should never get in debt to build up a credit history, by taking out a credit card and using it regularly (ensuring you pay off the bill at the end of the month with a direct debit) you will begin to build a credit history. Another good way to build your score is by taking out a mobile phone contract.

5.    Get on the electoral roll

You should try to show lenders that you have a ‘stable’ lifestyle, for example you are in full-time employment and live at a fixed address. If you aren’t already, register for the electoral roll as you’re unlikely to get credit without it. Also if you can, provide information such as a landline number rather than a mobile number.

To find out more about how Barratt is helping first time buyers call 0844 5710 385 or log onto www.barratthomes.co.uk