Okay, so the time has finally come. I’m equally excited, overwhelmed and kinda terrified… we are buying a house!! Yikes!
Well, that’s the goal, we’ve been saving for almost two years and now we need to apply for a mortgage. As a self-employed freelancer, I’ve been told by many people that getting a mortgage is a long and stressful process. It turns out that applying for a mortgage is yet another thing on my list of ‘ Stuff that I didn’t learn at school’. Other things on that list include, ‘How to complete a tax self-assessment’, ‘How to compare car insurance deals’, and ‘How to set up a pension’.
As a thirty-year-old, I’m not sure that I qualify as a millennial, but for the sake of this article I am happy to include myself within that group. Many millennial women are choosing to walk the less conventional career path. We are a generation of self-starters, entrepreneurs, and female founders. But the media still talk to women and men VERY differently when it comes to cash. Headlines targeting men are talking about business investments and raising capital, whilst women’s mags are talking about splurging on a pair of designer heels and how to stretch your cash until payday. It’s insulting.
Recent stats say that only 53% of millennial women are saving for retirement, compared with 71% of men.
Ladies, we need to get to grips with money matters!
So, first up you need to figure out if you are eligible to apply for a mortgage.
Your eligibility rating usually appears as a percentage. It shows how likely you are to be approved – the higher it is, the better your chances.
Find out the facts.
Experian are providing us the tools to take control and learn more about our financial data. They are helping people improve their lives and realise their life ambitions. I recently used the Experian site to find out my own credit score. It’s mega simple and don’t worry if your credit score isn’t great, their website also offers advice on how to improve your current Experian Credit Score.
I believe that it is really important for us to take responsibility for our own financial data. Once you get to grips with the basics, it’s actually not as bad as you think. A mortgage is probably going to be the biggest financial commitment that I ever make in my entire life, so I want to know what my options are, and I want as much info as possible.
74% of people do not check their credit report before applying for a mortgage, which means they could be missing out on the best deals2.
So, if you are thinking about buying a house in the next few years, make sure that you start off by finding out your credit score. Check out Experian.co.uk to find out absolutely everything you need to know about mortgage eligibility. I recently started following @ExperianExperts on Twitter too. They post great advice and links to really useful articles, so it’s worth giving them a follow.
FYI, I may still splurge on that pair of designer heels, but I’m gonna wear those shoes to march all the way to the bank! Let the house hunt commence!
This post is a partnership with Experian.
* 2Source: Survey conducted by Onepoll based on 2000 UK homeowners. Date carried out: 15/06/2018 – 19/06/2018