When it comes to moving home in Hull, one of the reasons people look for when searching for their dream property is the location. To help with deciding where you are happy to be in your new home, we have compiled a list of the top ten factors that could help.
It’s best to establish where you would prefer to live because the property you are wanting might be the place you settle down and start a new life in. Your preferences could include the bustling ‘big city’ atmosphere. Alternatively, you may thrive more in a quiet, scenic, and rural landscape. There are both pros and cons to each option and is something that is down to your personal preference.
Factors you should consider when deciding on a location are your transport links. Make sure the location fits in well with your regular commutes to work and with what you like to do in your free time e.g., shopping in the city center or enjoying time in a rural area. Either way, it’s good to know what type of transport links are available to you as well as the costs of these links.
In the circumstance where you have children or you plan to have some in the future, the schools in the area may be something to look at. Therefore, you may want to research which schools are within the catchment area of the property as well as having an idea of what the schools are like.
This can be done by looking online at the school league tables, which can provide you with more information to help you find which school is the best option for your area.
Thinking about if the location fits well with the facilities you need or desire is a factor you may want to consider. It’s helpful, however, it’s good to determine which factors are must-haves and which ones are more of a preference as this will help you with deciding if the location is best on a practical level. For example, the location may not have a gym which you could prefer but has a shop within walking distance.
Many people prefer having a shop on their route home from work and some prefer to have a gym on their route home from work. When it comes to families, some prefer having a park nearby for the kids.
For some, having friends and family within a short distance of them can be important. Many prefer this as they can rest assured someone is there to support them when there in need. On the other hand, this may not be a priority for you, or you prefer peace and quiet instead of socialising regularly.
Finding that property that is “good value for money” can be dependent on which area you’re looking at. If you’re looking to find a property, and you want to get the most out of your money, then it might be best for you to find somewhere that is a little cheaper. In this case, you may need to dismiss some of those factors you desired.
Your experience of living in the house can be affected by the local community. The type of neighbourhood you might prefer could be small and close-knit, therefore, have a word with the estate agent or research yourself what the community is like there.
It’s common that areas have a community Facebook group or a dedicated local website. If you are looking at living in a more quiet area and community is a factor that isn’t important to you, maybe use your time to look into the reputation of the area.
A new job or career can be the reason that you change location. Therefore, it’s probably good to think about how far the is from where the property is where you want to buy. In cases where you’re job hunting after your home move, it’s best to do some research before as to what sort of work there is in the local area and who the main employers may be.
In terms of property types, there a lots available on the market for home buyers. You may prefer a property that is an end-terrace with a beautiful garden or you may want a super modern, inner-city apartment, therefore, make sure to look at a range of different options that are available to you and see what property is appropriate for you.
Proposed investment within the local area can be beneficial to know if you’re looking for a property to settle down in for a while. Looking online can help you find out if there are any future investments in the local area, as well as helping with deciding if this is the best location for you. Consider if any of these investments will benefit you and the lifestyle you are looking at. For example, if you are looking for a quiet life in a rural area, a new housing development nearby may ruin your ideal housing scenario.
Firstly, let’s rewind to what happened leading up to the 2007/08 “Credit Crunch” to get an insight. In the 1970s and ’80s, a first time buyer in Hull would probably go through a building society if they were wanting to take out a mortgage to purchase a home.
Back then, it was the norm to make an appointment with the building society manager to see whether or not you qualified for a mortgage. This was at the time where banks didn’t always do mortgages! The process would involve the customer taking out a savings account with the building society and the building society would then use that money to lend to other customers. For the building society to make a profit, the interest rates would be higher to borrowers than the rate they were paying to savers.
They moved away from the older model when the banks got involved in mortgage lending. The new strategy would be where lenders would “buy” the money from markets. This would speed up the process in which they could lend out to customers.
Jumping to the mid 2000s; The market was full of new specialist lenders, with many of them originating from North America.
Known as ‘securitisation’, the lenders would sell their book of mortgage customers to raise new money and lend again. Usually, the books were bought by investors from larger financial institutions such as pension funds and high street banks.
Due to the greater deal of money made from the market, new lenders saw this as an opportunity to introduce more relaxed and flexible lending criteria. The lender saw poor credit history and self-certify mortgages as no issue, though it soon became apparent that it was just that; an issue.
Due to the relaxed lending criteria that lenders introduced, these mortgages, obviously, began to default. This lead to major banks losing confidence in each other, because of the uncertainty of how exposed they were in the fast unraveling sub-prime mortgage market.
The banks’ share prices plummeted in no time. Some, however, were bailed out by the UK Government (or more accurately, the taxpayer) to prevent them from going bust. Unfortunately, not all were bailed out and failed.
Because of “The Great Recession”, almost 80 different banks, building societies, and lenders across 20 different countries filed for bankruptcy or were acquired. Once this happened, lending dried up quickly.
It took nearly a decade for the market to recover safely. Property prices significantly dropped and everyone lost confidence in the UK economy.
This event is one that we don’t want to happen again. To prevent this, The UK government carried out investigations into what went wrong. This led to the “Mortgage Market Review 2014”.
With self-cert mortgages banned, responsibility for the affordability of mortgages was now in the hands of the lender.
There were in-depth investigations into customers’ incomes and outgoings with more precise lending criteria. Credit commitments, childcare, and other outgoings were now something lenders were paying more attention to. From this, lenders would be able to ensure customers could consistently afford their mortgage repayments.
Getting a mortgage is a lot tougher now than it was before. To prove their finances get taken seriously, customers need to be more organised with paperwork. Many mistakes happened running up to the Credit Crunch, however, the industry has learned a lesson to hopefully minimise the chances of this ever happening again.
Remortgaging in Hull could be the next step for you if you have decided to stay in your current property and not move house. It is a way for you to stay in your current property with more favorable interest rates and works by being transferred from your existing deal to a better deal. As an experienced remortgage broker in Hull, this is something our team of mortgage advisors can help with.
The banks count on their customers not being as knowledgeable and shopping around for a better deal. Often, you will find there are cheaper offers for you elsewhere. Ways to find them could be speaking with a knowledgeable mortgage advisor in Hull who can assist with comparing deals or you can seek these out yourself through a price comparison site. From this, you will find there is probably a deal appropriate for you. However, price comparison sites mainly look for your best deal on an interest basis.
Providing that you’ve been on your current mortgage deal for some time, there is a possibility that you could be on a low Bank of England tracker deal. You could even be paying less than 1% so, it may be best for you to stay with that mortgage deal. This could become an issue if the base rate eventually rises as well as your payments.
Yes, there is a chance providing that you pass the affordability checks and assuming there is a good amount of equity in your property. From this, you may be able to increase your mortgage to fund future home improvements.
It can be a very wise option because it gives you an updated home and the chance to increase the value of your property if done carefully and with the right help. We find this can help customers in the process of updating their kitchen, converting a loft, or creating a home office.
As well as home improvements, you can borrow extra funds for most legal purposes, this could include:
Adding debt to your mortgage might not be the best idea. If this happens, you will end up paying back more interest overall through extending the term of your debts to make the payments lower.
Another risk of this is that you are taking debt, which is not secured and, securing it on your home. It could create the potential risk of having your home repossessed. Something that will likely be a problem would be consolidating debts that you can afford or credit cards that are 0% interest.
It’s important to know that you need to speak to a qualified mortgage advisor prior to securing any debts against your home.
An option you could take is to reduce your monthly outgoings to avoid missed payments. By doing this, you are decreasing the risk of your credit rating being in a bad state.
A “Product Transfer” or “Retention” product, is one option a lender will offer. This method allows the lender to provide you with a new deal to stay with them. You would need to contact your provider directly to see what is available to you, however, this option isn’t guaranteed.
In some cases, lenders will allow you to make a product switch online without providing further information or advice.
Staying with the same provider and switch products might be an easier option, however, putting a new application to a different lender may save you a lot of money.
You will find that many banks would offer favourable rates to new borrowers over existing ones. They will be a time where lenders will take a more ethical approach that could have a positive change on customer loyalty.