Published: 08/02/2010

       Unbiased.co.uk and their media mortgage advisers offer top tips on buying your first home

Melanie Bien, Savills Private Finance

"Get an ‘agreement in principle' from a lender before you start property hunting. This will give you an idea as to how much you can borrow - and in this market - this is really important as lenders are requiring bigger deposits than before - up to 25% of the property value for the best rates. The other advantage is that vendors will take you more seriously. Property chains are breaking far too frequently when a buyer has to pull out of a transaction because they can't get the necessary finance and many vendors have lost time and money when their sale has fallen through. So expect an estate agent to ask whether you have already arranged a mortgage before your offer will be accepted. 

Ray Boulger, John Charcol

"When embarking on the house buying process for the first time, plan well ahead because lenders are very fussy.  Most lenders will credit score you, and this process assumes you are guilty of not being able to handle credit unless you can prove otherwise. It is therefore important to understand what affects your credit score and how you can improve it. For example, make sure you are on the electoral roll - even if you don't plan to vote.  Never go overdrawn unless you have agreed an overdraft facility and if you have a facility, never exceed it. Make sure no cheques or direct debits bounce. (Most lenders want to see between 1 and 3 months bank statements for first time buyers.)  If you are renting don't miss any payments. If you don't have any credit cards get a couple, spend something on them every month and set up a direct debit to repay the balance in full every month.  The longer you have had your current account with the same bank, lived at the same address and been with the same employer the more points you will get.  Always put your landline telephone number on a mortgage application form in preference to a mobile number."