Any homeowner with a mortgage to their name will notice that the vast majority of high street mortgages on the market are portable.
A portable mortgage is where you move home, from one property to another, but still, take your existing mortgage with you and avoid the need to pay a penalty charge for doing so.
These come in handy if you are currently on a fixed rate mortgage deal with low interest rates, but looking to move into a new property. Doing so will give you the possibility to avoid having to pay an Early Repayment Charge (ERC).
No, not every mortgage deal on the market is portable. Especially mortgage product from a specialist lender, as their mortgage was probably quite complex to qualify for in the first place and they won’t want you to port it.
To find out whether porting your mortgage is the right option for you, get in touch and speak to your mortgage lender, they’ll be able to give you an answer.
Even if their mortgage is flexible enough to port, some homeowners may decide that option is not for them and choose not to do so.
The reason that these customers may not wish to proceed with porting their mortgage, can be down to a variety of factors. This can include situations where perhaps a mortgage lender isn’t willing to lend the extra funds, or differing interest rates in those additional funds.
It may be worth your while accepting the Early Repayment Charge (ERC) and move to a different mortgage lender altogether, if it works out cheaper to go to that new deal.
This is a type of account that will be attached to your mortgage when you look to port it and the additional funds will move onto a deal that is different to your original mortgage.
Because of this, each of these will be on two different rates of interest that are applied on both the mortgage and the direct debit.
In the future, the fact that the products can overlap may become problematic, and this might need looking at down the line, in order to get them realigned. This may mean one of the sub-accounts falling onto a lenders variable rate briefly.
If you are looking for Moving Home Mortgage Advice in Hull or you are looking for a Buy to Let Mortgage in Hull, get in touch and speak to a mortgage expert today. We are experienced in helping many kinds of mortgage applicants in situations like this, and will do what we can to assist with all of your mortgage needs
The start of your mortgage journey involves finding a property and obtaining a mortgage, all this can be a daunting experience for many homebuyers, especially if they are First Time Buyers in Hull going through the process by themselves. As a Mortgage Broker in Hull, we have spoken to a number of homebuyers in Hull who have decided to purchase a property either with a friend or partner if they could.
A part of the process will involve the advisor conducting an affordability assessment in which they would ask about your current financial situation. This gives us an idea of the maximum mortgage amount you can borrow from a lender. If there are two applicants, lenders will factor in both applicants’ income. Thanks to two sources of income being on the mortgage, it can increase the chance of getting a mortgage offer.
Should you default, your co-borrower could also be responsible for the full mortgage, and vice versa. Following is a list of useful tips we encourage you to take into account when moving into a property with a friend or partner.
All this comes down to which lender you’re with, nevertheless, you will generally be able to co-borrow with up to four people jointly. As much as having more people who are involved can work well with having their application accepted, it is best to keep in mind that this does increase the likelihood of someone pulling out prior to the term ending. For this reason, you must be aware of the people you choose to buy a property with.
There is the opportunity to increase your mortgage later if you want to, but all parties must agree to this. With this in mind, it is best to plan in advance about your future and your plans for ownership of the property.
Joint tenancy is an alternative that is most popular with civil partnerships or married couples. Joint tenants are two halves of one whole, one borrower. Therefore, in the tragic event where one half of the party passes away, the property will be automatically granted to the other half.
Under the circumstances, where you are looking to remortgage or sell the property, both of you would have reached an agreement before continuing with the mortgage. A ‘Tenancy in Common’ can be an option if you and your co-borrower are friends or family. This means that you both own your part of the property.
You don’t need to split your shares equally either. Therefore, if you find that one of you is on a higher income, for example, one of you will own more of the property than the other. One benefit of being a ‘Tenant in Common’ is that you can have the freedom to act independently so it’s your choice if you want to sell or give away your share.
A mortgage lender will emphasize that all borrowers are jointly and severally liable. Due to this, you will be liable to keep up the payments if one person chooses not to pay their share of the mortgage.
If you’re looking to buy a home with your other, you never actually expect that you are going to split up before the term ends. It is a large financial commitment to make, let alone with someone else, and can be a complicated process if you want to make a change.
This can be even more difficult if children are involved because it is likely that one parent will stay with them whilst you are the one who will move out and find their own mortgage. Irrespective of whether you are staying or going, both parties will need the aid of Mortgage Advice in Hull to find a suitable solution.
Even if the person has been paying the mortgage with the input of their ex or not, this doesn’t change the fact that it was applied for in a joint name. This means that in the event of arrears, they will still chase both parties. Before removing your ex-partner from a mortgage, the lender will need to be sure you will be able to maintain mortgage payments by reassessing your income before they proceed.
It can be common for people to apply jointly for the second time with a friend, family member, or new partner, if they are, will find it difficult to afford a mortgage on their own. In this circumstance, it can be beneficial to obtain Mortgage Advice in Hull.
As mentioned, in the circumstance where you may end up divorcing or separating from your partner while on a mortgage, you are both still responsible for the property and its mortgage payments.
Firstly, you would need to get in touch with your lender if you were the one who wanted your name removed from your mortgage. You can’t just make an agreement between the two of you.
In the situation where you are looking to get a mortgage of your own, the lender would take into consideration the property you are currently tied to. Therefore, it’s important to make sure that you are removed from the previous mortgage.
Circumstances like these will require you to look at getting Mortgage Advice in Hull.
You will find that some lenders will be more generous than other when it comes to how much they will be willing to lend you. This is something your allocated Mortgage Advisor in Hull will factor this in when recommending the best mortgage lender for you to approach.
Have you ever had one of those moments where you’re booking a flight, only to find that you booked it on the wrong date or airport? You’d expect these things to be fairly straightforward, but sometimes they end up taking too long, being far more complicated than necessary, and in some circumstances costing more than you’d initially planned for.
These sorts of scenarios can cause you unnecessary stress along the way. Something that was meant to be fun, has now had that fun taken out of it because of one tiny mistake. In these cases, you have the option of going the route of using a travel agent to help you with bookings, reducing the stress of the process.
These same stresses and worries appear in the world of mortgages and much like the travel agent, this is where a Mortgage Broker in Hull like ourselves will come in handy, and take the weight off your shoulders.
You may have recently seen a fixed rate advertised, only to find that its rate doesn’t match your situation. As with all advertising, it’s there to draw you in and make you want to see more. Generally speaking, these deals are aimed at customers with lots of equity and perfect credit ratings.
There will almost always be a more attractive deal out there, but that doesn’t mean that’s the most suitable deal for you personally or financially.
You must also bear in mind that when going with this specific lender, you only have access to their products and their advisors. Also, be wary of real estate agents and their price comparison sites. You can read more about the Sales Tactics of Estate Agents in our article.
Here at Hullmoneyman, a customers best interests are always at the heart of what we do. We are able to offer a wide range of products from different, sometimes more niche lenders, depending on what it is you’re looking to achieve. As well as this, our loyal team of Mortgage Advisors in Hull will never try and force anything on you that you don’t want, we just want to help you along your journey.
Book your free mortgage appointment to speak with one of our Mortgage Advisors in Hull today. They’ll explore your options and recommend you the most suitable mortgage deal to match your current situation.
Also, features such as a fixed rate of interest, offset options, or variable rates for flexibility, may be recommended for you. It’s our job to know these criteria inside and out, which is why we will work hard to make sure you’re on the most suitable path for your situation.
If we’ve done our job right, and we have a good track record of doing just that (see our Customer Reviews). You’ll walk away with a deal that allows you to borrow the amount you’d like, with reasonable interest rates, saving you time and money.
We have helped many First Time Buyers in Hull, to those wanting to know there Remortgage Options in Hull and even those who are looking for Self Employed Mortgage Advice in Hull too. If you would like to take advantage of our free initial mortgage consultation and speak with a Mortgage Advisor in Hull, please get in touch and we’ll see how we can help.
Once you’ve saved up enough for a housing deposit, the next step is to prepare for your mortgage application so you are in the best position before starting your mortgage process. First Time Buyer in Hull like yourself, will find this guide beneficial to help you understand the progress with your mortgage application.
This article features some useful Remortgage Advice in Hull tips and tricks too, to help fast-track your mortgage application.
During the preparation process, make sure to obtain an up-to-date credit report. Having an up-to-date credit report is essential for your mortgage application; ideally, you should try and get yours arranged before contacting a Mortgage Broker in Hull. Your Mortgage Advisor in Hull will review your report before passing it on to a suitable lender.
Another thing that you should look to obtain is an agreement in principle. These are handy, especially when making an offer on a property!
If you want a fully credit-checked agreement in principle within 24 hours of your application, you should get in touch with us. As an experienced Mortgage Broker in Hull, we aim to try and turn around an agreement in principle within 24 hours after your free initial appointment.
Make sure to provide a photo ID to provide you are who you say you are. An alternative can be a Driving license or passport. You can’t use a Driving License for ID though if you are also using it for proof of address. If you are a non-UK national working over here on a Visa, you’ll need to produce that too.
You will be required to prove where you live. This is usually in the form of a utility bill or bank statement within the last 3 months.
Your bank statements will reflect your income and regular expenditures. Lenders don’t like excessive gambling transactions on your account and they will also not be happy if you keep going over your overdraft limit or have direct debits bounced.
Regardless of whether lenders ask for your bank statements or not, they want to be confident that you take your finances seriously. The bank statements which you produce should consist of your salary going in and your bills going out.
A vital part of the mortgage application is evidencing your deposit for Anti-Money Laundering purposes. Make sure not to move finances around your accounts too much as this will make it a lot more difficult and may delay the process.
Lenders like to see that you are saving your money responsibly, but that doesn’t exempt you from having to account for any large recent deposits in your accounts. If you have been gifted a deposit, then there will need to be written confirmation stating it’s a non-refundable gift.
If you’re in employment then you’ll be asked for the last 3 months’ pay slips, though some lenders will also ask for your most recent P60. Lenders will take into account regular overtime, commission, shift allowance, and bonuses. Additionally, extra earnings may also be considered with some lenders such as part-time jobs or self-employment.
We have dealt with many applicants who are Self Employed in Hull. If you are a self-employed applicant then you may mean you will need to acquire your Accounts’ help to request your last two- or three-years’ proof of earnings from the Revenue. If you submit your own accounts then feel free to get in touch and we will be happy to advise you on how to go about downloading from the Government Gateway.
By working out an estimate of your expected outgoings after you move house means you can gain an idea of how much disposable income will be available to you to pay your mortgage after such things as regular expenditures, council tax, and utility bills have been paid out from your account. To help you with this, we are happy to send you our version of a Budget Planner to get you started.
As seen, there are many steps you must take in order to prepare fully for your mortgage application deeming it not an easy feat but it doesn’t mean you should worry. If you approach the mortgage application with due timing and an organized matter along with a Mortgage Broker in Hull, you will be in safe hands.
We had done mortgages for Craig a few times in the past for him and his wife. So it was sad to receive a call to say he and his wife Emma had now separated. Craig wanted to transfer the house in Hull into his sole name. They had agreed to split the equity in their home between them 50:50.
The idea then was for Craig to arrange Remortgage Advice in Hull to buy out Emma. Pay off the current mortgage and raise a small additional amount to pay off a credit card debt.
Craig is an HGV driver, and he was concerned about whether he would get a mortgage in Hull or not. His credit history was excellent. However, he had changed employers a few times during the past 18 months, including a period of self-employment.
Back when Craig called, he was actually between jobs, but he offered a new role with one of the companies he had worked for in the past. I explained to Craig that while some Lenders need you to have been in your current job a certain length of time or require you to prove you have had 12 months’ continuous employment.
In any case, others can accept a job offer letter, coupled with a contract of employment signed by both employer and the new employee. When you remove someone from the deeds, this is called a transfer of equity, and there is more legal work to be done.
Luckily, in this case, the split was reasonably amicable. The house got transferred into Craig’s name, and Emma received her share of the equity. Which she went on to put down as a deposit on an onward purchase. Suppose you can relate to this scenario and need some Specialist Mortgage Advice in Hull. Get in touch, and book your free mortgage appointment to see if one of our Mortgage Advisor in Hull can help.
Any homeowner would never want to miss mortgage payments, however, unexpected events like an illness or family emergency can happen which could lead to financial difficulties. In particular, those with low income and minimal savings.
If you have no insurance policies in place that could cover your mortgage payments should unexpected events occur, this can make the situation challenging.
In this article, we felt we should answer the following questions: what should you do if you are in this situation and think you will miss mortgage payments, and how can you improve your credit score afterwards?
In the case where you feel you’re going to miss an upcoming payment on your mortgage, you need to inform your lender immediately. When you have missed a payment, this will show up on your credit record, which will affect your ability to remortgage when your old mortgage is coming to its end.
There might be an alternative available to help you avoid missing a payment, however, this depends on your lender’s criteria and situation. Lenders will provide support and guidance to borrowers who are going through a challenging time.
You should not feel embarrassed by your situation. This is a circumstance other people have been through, some struggling more than others. You won’t be the first person or the last person who has contacted them being in this situation.
It’s important to know that it isn’t the end of the world, however, this may negatively affect your credit rating. This does some down how quickly the situation is resolved and how well you communicate with your lender.
Your lender will inform the credit referencing agencies if you fail to pay your mortgage as this will negatively impact your credit score. As mentioned, lenders will generally have a set period after the payment due date. This will differ depending on the lender.
Struggling to manage multiple mortgage payments can result in defaulting on the loan agreement, meaning that your lender could take repossession action. Lender’s last resort would be repossession and eviction, they will generally negotiate with you and help make a repayment agreement.
Here at Hullmoneyman, our Mortgage Protection Advisors in Hull will recommend taking out the relevant insurance to protect you and your family from financial burden during unexpected health issues.
Depending on the protection insurance you take out, these will help pay for your mortgage and bills if you are off work sick or critically ill.
Please get in touch to speak to one of our Specialists Mortgage and Protection Advisors in Hull if you are looking for support and guidance. They will be able to find out which insurance will be the best for you.
Dealing with one mortgage can be difficult enough, never mind two!
There are many different reasons why someone may want more than one mortgage, some are more common than others. As a Mortgage Broker in Hull, we see that the most popular scenario is when a landlord wants to take out another Buy to Let Mortgage in Hull.
Whether you’re in this situation or something similar, our Mortgage Advisors in Hull will do our very best to help you through your second mortgage journey.
Lenders will look at your current mortgage affordability, income and expenditures before accepting your second mortgage offer. They will need to know that you can afford another mortgage.
They may also require you to put down a higher deposit on this mortgage, this could be anywhere between 15-40%.
These are the most common mortgage situations that our team come across. During our years of working within the mortgage industry, we’ve come across all of these situations and managed to help many customers through them. Our team of Mortgage Advisors in Hull have in-depth knowledge and experience with Buy to Let mortgage criteria.
A Buy to Let is a property that you rent out and do not live in. They’re usually bought by current or aspiring landlords.
Buy to Lets will likely require you to put down a higher deposit amount. For any Buy to Let, you’re going to have to put down an amount between 25-40% loan to value rate.
Buy to Let mortgage repayments work the exact same way as your current mortgage. You will be issued with monthly bills and interest rates will apply.
If you’re taking out a second mortgage for a Buy to Let property, it may benefit you to speak with a professional Buy to Let expert. Our advisors have been working with local landlords in Hull for many years now, building up strong relationships with them and helping them with their remortgages on their property’s.
Let to Buy works in the same way as a Buy to Let, however, you are Moving Home in Hull to a property that you’re purchasing and renting out your current one. Deposits and payments will remain the same as a Buy to Let as you’re still taking out two mortgages.
Our Buy to Let Mortgage Advisors in Hull are also experienced in working with Let to Buys. Book your free mortgage appointment with one of them and find out whether you are eligibility.
This scenario is becoming more and more popular, particularly in recent years. Parents are becoming aware of the struggle to get onto the property and the costs of a mortgage.
With the constant rise of inflation and property prices, First Time Buyers in Hull are needing a helping hand to move home. Sometimes people require just a little bit more than a gifted deposit.
Applicants receiving help from grandparents and parents is not unusual. It’s likely that they’ve already paid off their mortgage and can afford to offer their help. The family member offering the help will have to pass lenders affordability checks to make sure that they can afford to pay for their child’s or grandchild’s mortgage.
When it comes to taking equity out of your home to raise funds, people normally use the money for home improvements, debt consolidation, to buy something such as a car or to fund a wedding etc. Another option that people sometimes choose is to release equity and take out another mortgage.
This situation could also be known as a further advance. A further advance is when you borrow more from your current lender to fund something like home improvements or a second mortgage.
The amount you can borrow would be entirely dependent on the amount of equity in your property and you would still need to prove that you can afford the additional mortgage amount on top of your existing one.
The amount that you can borrow from them will depend on the amount of equity in your property. Also, you will still need to prove that you can afford a second mortgage.
Often, it can be difficult to get your name removed from a mortgage, therefore, sometimes people leave their name on. Even though you’re still named on a mortgage, it can be possible to take out another one in your own name.
When this situation comes about, it’s usually because of a recent divorce or separation. Unfortunately, the financial complications must be addressed sooner rather than later in a scenario like this.
When you want to take out a second mortgage in your sole name, it may be a little harder to get accepted. Your lender knows that there’s just one applicant and you’re still linked with another mortgage. Even if you’ve made agreements with your ex-partner that you’re not going to contribute to their mortgage payments, they will still see it as a potential liability.
This situation can get very complicated and stressful, therefore, we recommend that you speak with a Specialist Mortgage Advisor in Hull. Our advisors are very experienced in dealing with divorce and separation Mortgage Advice in Hull. For help and advice, book your free mortgage appointment online and speak with an expert.
As a Mortgage Broker in Hull, it’s not unusual for us to receive enquiries from First-Time Buyers in Hull like yourself who have recently got turned down for a mortgage from the bank. Going directly to a bank/building society for a mortgage should seem straightforward, but it can be more complicated than it looks.
You may have heard of the term ‘mortgage maze’, where every lender seems to be a dead-end, and you can’t quite find the one that will get you out the exit.
The good news is, this is where we step in, our job as a Mortgage Broker in Hull is to get you out of this maze. We’ve been in this maze before, and we know the challenges that come with trying to find the right lender.
Our team will help you find the right lender for you with a tailored product to match your financial circumstances. Here we will cover with you why you could be struggling to get accepted for a mortgage and how we may help.
To get accepted by a lender, you will first have to pass their credit score criteria. Each lender will always have its own unique credit scoring method, and some will be more complicated and harder to pass than others. Some lenders have even built their niche audience, so they may only offer specialist deals targeted at applicants with lower credit.
Lenders with the lowest interest rates will likely have the most arduous lending criteria, and usually vice versa. A lender will offer a better product to someone with a high credit score and carry a trustworthy credit history behind them over an applicant with a low credit score with a CCJ(s) or Default(s).
If you go directly to a lender without doing your research, you may be far off their lending criteria, and you could end up being declined. This can harm your credit file when you apply again through another lender, and they will see that you were denied. This is why we always advise that you don’t keep using lots of different lenders, as the more you are rejected, the higher the negative impact you are putting on your credit file.
Before submitting your mortgage application to a lender, we will first check that you match the lender’s criteria and are likely to pass their credit scoring. We aim to get it right the first time!
Our job is to find you a deal that we know you will love and match perfectly. This applies to everyone regardless of their situation. Bad credit or good credit, we will try our hardest to pair you with a great mortgage deal through a lender that will accept your mortgage application.
We’ve seen applicants struggle to get accepted for a mortgage due to the economy. For example, during the credit crunch in 2008, it was tough to obtain a mortgage no matter your credit history. Lenders lost all of their confidence in the market. They show that your chances of struggling to get a mortgage are likely to increase if the economy is suffering.
If you are struggling to get a mortgage because of the economy and the mortgage market, you may have to hold back your mortgage application at the moment. Sometimes, it may be better to keep building up your deposit so that when the market eventually bounces back, you have even more funds to aid your mortgage deposit. Furthermore, this may even increase your chances of being accepted too.
During times of economic crisis, in the UK, we’ve seen deposit requirements go as high as 25% of the property’s value. On the contrary, if you were looking to Remortgage in Hull in the middle of this period, you will have access to better rates and products.
Whether you’re remortgaging or carrying out a product transfer, you won’t need to provide a deposit as you are simply switching products and will still have the equity from your original deposit. You are likely to have more equity if you have been on a repayment mortgage.
If you are being declined for a mortgage due to your credit score, you need to start looking at ways to improve it. There are lots of methods you can do to try and improve your credit score. Here are some of the ones that we recommend:
???? Check whether you’re registered for the voter’s/electroral roll; if you aren’t, get registered! It’s friendly and easy to do and can boost your credit score.
???? Avoid unnecessary credit searches as they can show up on your credit file and sometimes reduce your score.
???? Don’t run too close to your maximum limits. Running into overdrafts and not paying off credit cards each month can reflect poorly on your credit score.
???? Validate that your address is up-to-date across all of your accounts. This includes credit cards and store cards.
???? Close unused credit accounts. This can also reduce your chances of falling victim to fraud.
???? Remove financial links to others. If you unknowingly have a financial connection with someone else’s name, it could be doing more harm than good.
There are more ways than you realise. So if you have a low credit score and need credit score Mortgage Advice in Hull, make sure you get in touch with our responsive team, and we will see how we can help.
If you are struggling to get accepted for a mortgage in Hull, it may be time to get in touch with a Mortgage Broker in Hull like us for help.
Being an expert Mortgage Broker in Hull has allowed us to gain valuable experience and deep insights into what lenders are looking for in mortgage applicants. We know all about lender’s credit scoring systems and their lending criteria, allowing us to search for a deal that we know will suit you and you’re likely to match with.
Once you get in touch with us, we will pass you onto a Mortgage Advisor in Hull, who’ll undergo your free mortgage consultation. At this stage, your advisor will learn a little more about your personal and financial mortgage situation so that they can begin searching through mortgage deals for you.
To learn more about our service, get in touch with us today. Hullmoneyman is your new home for Specialist Mortgage Advice in Hull; we have been helping struggling applicants over the last two decades. You could be next!
Going through a divorce or separation with your partner when you have a joint mortgage together can be difficult. In this guide, we have compiled a list of frequently asked questions that have been answered on this subject.
Regardless of if you are going through a divorce, you need to keep paying the mortgage, even if you are living elsewhere in the meantime.
You and your ex-partner both agreed to take out a joint mortgage and are both held equally liable for the debt until the mortgage gets paid off, regardless of whether it’s just one person living there at the moment.
Failing not to pay the mortgage on time can harm your credit history as well as your ex-partners, and your home may be repossessed if you do not keep up with repayments on your mortgage or any other debt secured on it.
As soon as you know you will be separating, you need to inform your mortgage lender sooner rather than later, especially if you find it challenging to meet your mortgage payments.
If you both decide it is best to move out of the property, sell up, and pay off the mortgage.
Any equity left after the mortgage has been paid off will be split between the two of you. Strictly who gets what from the leftover funds can be open to dispute.
If you move out and are looking to purchase a new property, our trusted team of mortgage advisors in Hull are available 7 days a week. They are ready to recommend you with the best deal, offering open and honest mortgage advice in Hull.
If the divorce is on good terms, some decide to stay and continue paying the existing mortgage, and this method can be beneficial, especially if your mortgage is fixed for a couple of years.
If you both conclude that you or your ex-partner will live in the property, the current resident will have to remortgage in their sole name.
If you decide to become the sole owner of the property, and there is an existing mortgage in joint names, you will need to remortgage. The new mortgage will be taken out in your sole name, therefore your affordability will be reassessed.
Yes, you can have more than one mortgage. Lenders each have different credit scoring systems and take various factors when applying for a second mortgage. The main one is your current financial commitments. Before applying, you need to make sure you can afford a second mortgage because if you get declined, it could negatively impact your credit file.
You will be happy to know that here at Hullmoneyman. We can perform a search for you that won’t damage your credit file. Once we have the necessary information gathered, we can then confirm the maximum amount you will borrow.
This can help you get a good idea of your budget and how much your monthly mortgage payments will be on top of your current financial commitments.
It can be challenging to move on from your current financial commitments, and this is why having an expert Mortgage Advisor in Hull by your side could prove highly beneficial.
Moving home can be a stressful experience, and if you add that to a complex situation like a divorce or a separation, it can sometimes all get a bit too much. Speak to a Mortgage Advisor in Hull today, and we will see how we can help you.
If you get divorced while your joint home is in negative equity, it can be challenging to sell the house and pay off the mortgage in full.
You might have to split the outstanding debt between you or agree with your mortgage provider.
There are many different things to consider before moving home; one of them is the costs involved. Whether you’ve moved home before or this is your first time on the market, you need to be fully aware of all the costs of buying a home in Hull.
You will only have to converse with an estate agent when you are looking to sell a property. If you are down the purchase route, your Mortgage Broker in Hull/Bank/Building Society can sort these things out.
Estate agency prices can vary. If you end up dealing with one, you need to make sure you get the best price and service. Make yourself certain before committing to anything. Sometimes the cheapest real estate agents can have the poorest service.
If you are not too fussed about the costs and just want a personalised, simple, and secure service, you will likely have to pay an extra 1-2% of your selling price. As a rule, these fees are negotiable; especially in a seller’s market where agents fight for your instruction because of the lack of homes on the market.
During your mortgage application, the lender needs to know if the property you buy is worth what you pay for it. They calculate this by conducting a property survey. In some cases, your lender may offer this service free of charge, but they cannot send you a copy of the report.
If you do not get a free valuation, you may have to pay a couple of hundred depending on the condition and size of the property. If you want to take it another step further, you can upgrade to an in-depth Homebuyer’s Report. This survey is at the top of the range, and again you should expect to pay a four-figure sum for them depending on the size and condition of the property.
A great thing about going to a Mortgage Broker in Hull like us is that we will break down each survey and help you decide on which one is the best for you. If the property that you are buying is old or not in the greatest condition, you should consider switching to a more detailed property survey, just to make sure that you know exactly what you are paying for. Once you move in, you’ll also know what you need to replace/repair.
As a Mortgage Broker in Hull, we have often found that the cost to upgrade a property survey is a fraction of what it would cost you for repairs over the years. So, rather than buying a property blind, you could upgrade and save yourself a fortune in the future.
Usually, mortgages that come with lower interest rates often come with high set-up fees. Some lenders charge you a mortgage fee for arranging your mortgage and helping you throughout the process.
This fee can range anywhere from any number, there is no set or average fee because each company is different. If you choose to speak with a Mortgage Advisor in Hull, they will work with you and recommend to you the most suitable product that will meet your mortgage needs. They will consider all the other costs associated with getting a mortgage and do their best to save you time and money.
When you are taking out a mortgage, you will always want to try and get the lowest interest rate possible. If you know how interest rates work, your payments will only rise at an exponential rate.
Lenders can also add an arrangement fee to your mortgage. If this happens, you should know that this is now a part of your mortgage so it will also start receiving interest and add up over your mortgage term.
A solicitor will be needed to help your mortgage application progress through the legal parts of the process. They will check things like whether the seller actually owns the property you buy, who is responsible for maintaining adjacent fences, walls etc. and whether anyone has filed any plans (for example to build future transport links).
Such things need to be confirmed as if there is something wrong with the property, it could affect your ability to sell it in the future.
Prices for each lawyer vary, some can be expensive, others may be more, and others less. You must also be sure to check if the offer includes VAT and local searches.
As a Mortgage Broker in Hull, we always advise that you be careful when selecting a solicitor as not all of them will work with every single lender. You want to choose the best lender that will save you time and money, let us help you find them!
Stamp duty is a tax that comes with purchasing a home within a certain price range. The way it usually works is that the more you pay for your home, the more stamp duty tax you will receive.
The stamp duty guidelines and property price thresholds change from time to time, so if you are wanting to find out whether you will have to pay it or not, you should check the stamp duty government page.
If you fall into a stamp duty tax bracket, it is likely that you will pay it upon completion to your solicitor. They will then make the payment to the government on your behalf.
A Mortgage Broker in Hull will charge you for their services. Most of them will not charge you an upfront cost and we offer all new and existing customers a chance to book themselves for a free mortgage appointment for a time and date of their choosing (subject to availability).
When they charge you for their work, the cost of the fee will typically be a percentage of what the lender pays the broker for the work they do on their behalf. Most Mortgage Brokers will only charge you if your mortgage application is successful and you receive a formal offer.
Moving Home can be stressful enough, so do not make it even worse! Have you thought about how you will transfer your furniture and household items between properties?
In our experience, we can tell you that hiring a removal van can cost a bit more but will make your Moving Home process ten times easier. They are experts by the end of the day, and they will help you move everything from A to B.
For Moving Home Advice in Hull or First Time Buyer Mortgage Advice in Hull, make sure to get in touch with our team. Book your free mortgage appointment today to speak with one expert Mortgage Advisors in Hull.