The Daily Express provided advice for potential first-time buyers this week with experts suggesting ways to improve affordability and credit score, including registering on the electoral roll, clearing debts where possible and checking credit reports thoroughly for any missed payments or financial links that a borrower may have been unaware of. Saving up for a deposit of at least 15% will of course help to secure a competitive rate. For those already on the property ladder, the Daily Telegraph revealed this week that increasing the floor space of a property can add up to 7% to the value, while converting a loft to add an extra bedroom and bathroom can add up to 20%. With house prices predicted to drop this year, any means of improving the equity stake could be useful, particularly when it comes to choice of mortgage in the future. The downside of course is that borrowers who already have a high loan-to-value could struggle to finance the work through their mortgage lender. Elsewhere the Mirror gave tips to consumers looking to give their finances a New Year makeover, suggesting that borrowers with a good level of equity and paying more than 3% could benefit from remortgaging.
What the papers say- 13th January 2011