ADVICE COLUMN: Lanarkshire mortgage broker on budgeting for new home in New Year

dailyrecord.co.uk:

Hello and welcome to the December column, where we talk all things mortgages.We’ve provided mortgage advice to hundreds of clients looking to buy a new home - most of whom came to us and had no idea where to start.Budgeting and preparing for Christmas is likely taking priority for most people right now.

However, if you’re thinking of buying a new home in the New Year, you’ll want to be in the best possible position to start looking for somewhere.That’s where using a mortgage adviser can be invaluable.The Lanarkshire Live app is available to download now.

Get all the news from your area – as well as features, entertainment, sport and the latest on Lanarkshire’s recovery from the coronavirus pandemic – straight to your fingertips, 24/7.The free download features the latest breaking news and exclusive stories, and allows you to customise your page to the sections that matter most to you.Head to the App Store and never miss a beat in Lanarkshire - iOS - Android Getting a decision in principle The first thing you should do before beginning your property search is to get a decision in principle (DIP).

That way, you know what your parameters are when looking to buy a new home, such as your maximum purchase price, mortgage amount, and how much deposit you’ll need.To secure a decision in principle, you’ll have an initial appointment with a mortgage adviser, which can be done over the phone or face-to-face.The adviser will gather basic information such as your employment status, income, and any credit commitments, such as credit card or loan repayments.They will then calculate the likely borrowing amount available and submit an initial application to the relevant lender(s).