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Can You Get a Mortgage With Bad Credit in Hull?

Bad Credit Mortgage Advice

Unsecured credit is a topic that isn’t to be taken lightly. Our team frequently speak with first time buyers in Hull who are in search of tailored mortgage guidance due to a variety of financial missteps, such as defaulting on payments, having a low credit score, CCJ’s, and defaults, amongst others.

Too many missed payments on things like a phone bills could result in a default on your credit file. This could potentially hinder future mortgage applications as it indicates unreliability in making timely payments.

An optimistic perspective is that missed payments or defaults doesn’t mean you can’t get a mortgage. Despite the necessity for expert mortgage advice in Hull to successfully navigate the mortgage process, there exist accessible options should you find yourself in this situation.

If you have a lower deposit, your chances of being declined are likely. If you have a suitably sized deposit though, even if you have bad credit, a mortgage may still be an option for you.

Bad Credit Mortgages in Hull

A lender specialising in mortgages will be interested in the specifics of your default. Your chances of securing a mortgage are higher if the default was due to circumstances beyond your control and if a considerable amount of time has passed since its occurrence.

Past mistakes do not always have to define you. If the issue was genuinely accidental and unanticipated, the mortgage lender may exhibit some leniency during your application process. Our team is also on hand to assist with more intricate mortgage scenarios.

Bad credit Mortgage FAQs

We have put together a list of frequently asked questions and answers on the top of bad credit mortgages.

If you are in need of a mortgage broker in Hull, don’t hesitate to reach out. Our mortgage advisors in Hull have extensive experience in handling complex mortgage situations and may likely have encountered a situation similar to yours.

What will my mortgage advisor need to see?

No matter the nature or extent of your past credit problems, an up-to-date copy of your credit report is essential. You can typically access this for free online. It is recommended that you obtain your credit report before applying for a mortgage, especially if there are concerns about your credit history. Multiple unsuccessful credit searches can exacerbate your credit rating and potentially block your mortgage application entirely.

What if I have a steady income but poor credit. Can I still get a mortgage?

This largely depends on your unique financial situation. Many of our customers find their credit scores requires help to understand why it might pose a problem. Credit scores may seem arbitrary to some customers, especially those who have a healthy deposit and regular income. However, due to the inherent risks, a mortgage lender may still be wary of granting a mortgage.

The lender must be sure of your ability to maintain regular mortgage payments without risking debt. Despite these challenges, there are still options for mortgages with bad credit, potentially with higher rates. The most proactive step is to consult with an experienced mortgage broker in Hull.

Will past mortgage issues prevent me from obtaining a new mortgage?

IIn many situations, you may find yourself struggling to keep afloat financially, for reasons that you cannot control. This can be a temporary setback; however, a missed payment can leave a lasting imprint on your credit record.

Regardless of the nature of your credit trouble, you may experience difficulties when trying to remortgage in Hull, buy your first home or move house. This often boils down to the lender’s risk perception and their confidence in your ability to avoid future defaults.

As providers of trusted, specialist mortgage advice in Hull, we have had lots of experience in helping customers who previously were tied to a mortgage and have since found themselves with a poor credit history.

What other types of adverse obstacles are customers facing?

Customers may encounter many types of credit issues that can complicate the mortgage process. Some of these include but are not limited to:

Whilst none of these are particularly great circumstances to find yourself in, it’s not necessarily the end of the road for you. You may have a longer, more challenging process, with higher mortgage rates, but there are specialist mortgage lenders in Hull who may be able to help.

To increase your chances of mortgage success and to get access to better rates, you should focus on improving your credit score. We have a useful article that we have written on how to improve your credit score in Hull article, which will hopefully help you to obtain a mortgage in the future.

Get in Touch for Bad Credit Mortgage Advice

If you require expert, straightforward mortgage advice related to bad credit mortgages, book your free mortgage appointment online, and our team of mortgage advisors in Hull will see how they can assist. We have over two decades of mortgage knowledge and experience to develop a reliable plan for enhancing your credit score ahead of your mortgage process.

Can I Get a Mortgage in Hull With an IVA?

What is an IVA?

An Individual Voluntary Agreement (IVA) is a legally binding arrangement between an individual in debt and the creditor to whom the debt is owed.

The primary goal of an IVA is to establish a structured framework for monthly repayments, typically spanning a five-year period, with the aim of making the debt more manageable.

An Insolvency Practitioner acts as an advocate, engaging with creditors to ensure the consistent and timely fulfilment of payment commitments.

Can I get a mortgage in Hull with an IVA?

While obtaining a mortgage with an Individual Voluntary Arrangement (IVA) can pose challenges, it is not an insurmountable task. If you find yourself in this situation, it is advisable to speak with a mortgage broker in Hull to explore your available options.

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Is an IVA right for me?

Affordability is the key consideration in an IVA. Creditors need assurance that you can sustain your repayments while also having sufficient disposable income to cover essential living expenses, including housing.

How does an IVA affect my mortgage application?

If you’ve entered into an IVA, it is likely that your credit history has been significantly impacted. Securing a mortgage with an IVA in Hull might present challenges, as lenders tend to be cautious about extending credit to individuals deemed high-risk.

Additionally, the lender will assess whether you have ample disposable income after meeting your IVA obligations to cover mortgage payments and essential living costs.

Can I get a mortgage in Hull after an IVA?

Post-IVA, it’s important to assess your financial situation before jumping into the mortgage process. Rebuilding your credit score, saving for a deposit, and planning your move are prudent steps.

Affordability should be a primary focus when considering homeownership, ensuring you have the financial means to sustain a mortgage.

Our experienced mortgage advisors in Hull are ready to help, evaluating your mortgage affordability and recommending the most suitable options based on your unique circumstances. To start this process, schedule a free mortgage appointment online or reach out to our team via phone.

Can I Get a Mortgage With a 5% Deposit in Hull?

Saving for a deposit is regarded as one of the hardest parts of buying a property, especially for first time buyers.

House prices are not the same as they used to be 20+ years ago, they have been rising and rising in recent years. Naturally, rising house prices increase the minimum deposit amount that you need to put down for a mortgage.

So how much deposit do you need to put down for a mortgage?

Can you get a mortgage with a 5% deposit in Hull?

Typically, lenders will require you to put down a minimum of a 5% deposit. A 5% deposit just means 5% of the value of the property. For example, if you are looking at buying a £200,000 property, you would need to provide a £10,000 deposit.

As a mortgage broker in Hull, we will assess your income and affordability to determine whether you can put down a mortgage with a 5% deposit or whether you would need to provide a higher amount.

Can you get a mortgage with a 5% deposit with bad credit in Hull?

Depending on how long you have had bad credit, the chances of you being able to put down a 5% deposit on a mortgage can change.

Most applicants with bad credit will have to put down a higher deposit than just 5% of the property price. Some lender’s will require bad credit applicants to put down a deposit of around 10%-15%.

Are there any schemes that can help me buy a property in Hull?

There are a variety of schemes available, with each being completely different to one another, here are some of the most popular:

Mortgage Guarantee Scheme

In 2021, the government introduced the Mortgage Guarantee Scheme to help first time buyers take out a 95% mortgage (mortgage with a 5% deposit). The end date for this scheme is 30 June 2025.

If you are a first time buyer in Hull and are looking to buy a property, perhaps utilising this scheme could boost your chances of getting a mortgage.

Even if this scheme has ended, it still may be possible to get a mortgage with a 5% deposit, it is all down to your credit and affordability.

Shared Ownership Scheme

The Shared Ownership allows individuals to part-buy and part-rent a property, providing an affordable pathway to homeownership.

This scheme enables aspiring homeowners to purchase a share of the property, typically between 25% and 75%, and pay rent on the remaining portion.

Over time, individuals have the option to increase their share through a process known as “staircasing,” gradually progressing towards full ownership.

Lifetime ISA

The Lifetime ISA is not a scheme as such, but a government-led initiative that helps first time buyers save for their deposit for their first property.

The Lifetime ISA is a tax-free savings account for those aged between 18 and 40 looking to buy their first home.

Savers can contribute up to £4,000 annually, and the government adds a 25% bonus (£1,000 maximum) to assist with property purchases. This incentive provides a valuable boost for individuals saving towards their first home, making the journey to homeownership more affordable.

OwnYourHome

To learn more about these schemes, head over to OwnYourHome.gov.uk to find a complete list.

Alternatively, give our mortgage advisors in Hull a call to discuss your options. In some cases, you may not require the use of a scheme to get a mortgage with a 5% deposit, it may already be financially feasible.

If you are a first time buyer in Hull, book your free mortgage appointment and start your journey online today!

What are the 7 best places to live in Hull?

The Best Areas to Live in Hull

If you’re a first time buyer in Hull or existing home owner thinking about relocating, you may be in one of two situations. You might have a clear idea of the ideal location to settle down in, or you could be just starting your search and feeling overwhelmed by the options available.

To help those who are still unsure about the best place to live in Hull, we have compiled a comprehensive list of the top areas in and around the city. Our list includes various factors, such as access to amenities, safety, transportation links, and community vibes, that could influence your decision.

So, take a look at our list, and you might just find the perfect place to call home in Hull and surrounding areas. With our guidance, you can rest assured that you will make an informed decision and enjoy all that this fantastic city has to offer.

To speak to a mortgage advisor in Hull, get in touch today and receive a free mortgage appointment. We know that the mortgage process can be stressful and that’s why we want to offer a helping hand. We would love to hear from you and assist you in the world of mortgages.

1 – Hessle

Nestled along the banks of the Humber River, Hessle offers a picturesque setting with stunning river views and a welcoming community. Known for its historic architecture and scenic landscapes, Hessle provides a peaceful escape while remaining close to the city center. Residents enjoy easy access to local amenities, schools, and parks, making it an ideal choice for families and those seeking a tranquil lifestyle.

2 – Willerby

If you’re searching for a suburban haven with excellent schools and a friendly atmosphere, Willerby is a top choice. This residential area boasts well-maintained parks, local shops, and a range of housing options. With its proximity to both the city center and the beautiful Yorkshire Wolds, Willerby strikes the perfect balance between suburban comfort and easy access to urban conveniences.

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3 – Princes Avenue

For those who crave a vibrant, bohemian atmosphere, Princes Avenue is a cultural hotspot. Lined with independent shops, eclectic cafes, and lively pubs, this area attracts artists, creatives, and young professionals. The diverse range of housing options, from Victorian terraces to modern apartments, adds to the neighborhood’s unique charm, making it an excellent choice for those who appreciate a dynamic lifestyle.

4 – Newland Avenue

Newland Avenue is synonymous with student life, offering a trendy and energetic environment. Home to the University of Hull, this area boasts a variety of student-friendly amenities, including budget-friendly eateries, lively bars, and affordable housing options. The community’s youthful energy and proximity to educational institutions make it an appealing choice for students and young professionals alike.

5 – Kingswood

As one of Hull’s newest developments, Kingswood is a modern and thriving community with a focus on convenience. Boasting contemporary housing, shopping centers, and recreational facilities, Kingswood provides residents with a comfortable and well-connected lifestyle. The area’s proximity to major roadways and its abundance of green spaces make it an attractive option for families and professionals seeking a contemporary living experience.

6 – Anlaby

Anlaby exudes classic elegance with its tree-lined streets and spacious properties. This suburb offers a mix of period homes and modern residences, providing a diverse range of housing options. With excellent schools, local parks, and convenient shopping, Anlaby is a family-friendly neighborhood that combines traditional charm with contemporary amenities.

7 – Victoria Dock

For those enchanted by waterside living, Victoria Dock is the answer. This waterfront community offers stunning views of the marina and Humber estuary. With a mix of modern apartments and townhouses, residents can enjoy a sophisticated lifestyle complemented by waterfront dining, leisure facilities, and easy access to the city center. Victoria Dock is a prime choice for those seeking a blend of luxury and tranquility.

Book Your Free Mortgage Appointment Today

Whether you’re drawn to the riverside allure of Hessle, the cultural richness of Princes Avenue, or the modern amenities of Kingswood, Hull has a neighborhood to suit every lifestyle. As you embark on the journey to find your dream home, consider these seven outstanding locations, each contributing to the vibrant tapestry of Hull’s diverse and welcoming communities. As your trusted mortgage broker in Hull, we are here to guide first time buyers and home movers in Hull through the process and help you secure the suirable purchase or remortgage deal that fits your needs.

What Does a Mortgage Broker in Hull Do?

Why use a mortgage broker in Hull?

If your goal is to save time and money while reducing stress and worries throughout the mortgage process, enlisting the assistance of a seasoned mortgage broker in Hull offers significant advantages.

Our team of experienced professionals has access to a vast array of mortgage deals, allowing us to handpick the one that aligns best with your unique circumstances.

In contrast, approaching a bank directly limits you to the mortgage deals offered by that specific lender, missing out on the opportunity to explore a wider range of options.

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Appointments That Work With Your Busy Day to Day Life

Our dedicated team is here to accommodate your schedule, offering appointment options 7 days a week, from early morning until late in the day. We understand the demands of your busy life and strive to provide flexibility in our service.

For added convenience, you can make use of our website’s booking form to select either a video or telephone consultation with a mortgage advisor in Hull. This way, you can choose a time that suits you best, ensuring a hassle-free and tailored experience.

Before Your Application

To initiate the mortgage process as a first time buyer in Hull, your first step is to schedule an appointment with a mortgage advisor in Hull.

During this meeting, you’ll have the opportunity to provide additional information that will enable our advisor to gain a comprehensive understanding of your unique circumstances and future plans.

Subsequently, they will diligently explore a wide array of mortgage options to identify the one that aligns perfectly with your needs.

First time buyers in Hull and those moving home Hull who are comfortable proceeding with the recommendation of our mortgage advisor will receive a valuable document known as an Agreement in Principle (AIP). We aim to secure this for our clients within 24 hours of their initial appointment.

This document holds significance, particularly when dealing with estate agents during the property purchase process. It serves as tangible proof of your commitment to the purchase and your financial capacity to proceed, with a mortgage lender ready to provide the necessary funds.

Our support extends beyond this stage, encompassing assistance with the offer process, guidance on property surveys, and optional insurance recommendations. These insurance options can act as a safety net, providing protection for your family and home in unforeseen circumstances.

Furthermore, you’ll be required to provide specific documentation to accompany your mortgage application. The precise documentation needed may vary based on your specific circumstances and the lender you choose to work with.

Rest assured, as a mortgage broker in Hull, we are here to help you throughout this documentation process, ensuring a smooth and well-informed journey.

During Your Application

Once we’ve received your documents, as a dedicated mortgage broker in Hull, we’ll promptly proceed to verify these crucial pieces of information. Following this verification process, we will provide you with a comprehensive mortgage illustration.

This document serves as a clear outline of the mortgage deal you’ve chosen in collaboration with the mortgage lender we recommended. This step typically takes place just before we formally submit your application.

After you’ve granted your approval for our recommended mortgage deal, your application is then submitted. Our experienced mortgage advisor in Hull will be responsible for sending copies of your meticulously prepared documents to the chosen mortgage lender.

Throughout this phase, we maintain regular contact with you, ensuring you stay well-informed about the progress of your application. Once the mortgage lender has meticulously reviewed your application, we will promptly get in touch with you to convey their decision.

In the event of a successful application, this is the point at which you will receive a formal mortgage offer. From this juncture onwards, the onus shifts to your solicitor, who will oversee the finalisation of the deal, paving the way for you to embark on the exciting journey of moving into your new home.

Our Mortgage Advice in Hull Service

In our role as a dedicated mortgage broker in Hull, we consistently prioritise your best interests in every aspect of our service. Our mission is clear: to save you time, money, and unnecessary stress whenever possible. We are committed to helping you achieve the strongest possible financial position.

Our customer reviews provide an authentic glimpse into the enduring relationships we forge with those who reach out to us. These testimonials vividly illustrate the positive influence that home ownership, facilitated through our comprehensive mortgage advice service, has had on individuals like yourself.

We take pride in being a trusted partner on your journey towards securing a home and improving your financial well-being.

Do You Need Life Insurance For a Mortgage in Hull?

The requirement for life insurance in Hull when taking out a mortgage is not mandatory. It is important to recognise, however, the potential benefits it offers for homeowners and home buyers.

While buildings insurance is typically required by most mortgage lenders, life insurance can provide valuable protection for your family’s financial well-being in the event of your death.

This situation can have significant implications for your loved ones, especially when it comes to managing their finances during a difficult time.

In the unfortunate event of your passing, your family’s ability to repay the mortgage may be affected as your income will no longer be available. This could potentially lead to the need to sell their home and find alternative accommodation.

It is also important to consider other ongoing expenses, such as childcare costs and regular outgoings, which may become burdensome for your family to handle.

By having life insurance in place, you can provide a safety net for your loved ones, ensuring that the mortgage can be paid off and providing financial support during a challenging period. This can offer peace of mind and alleviate some of the financial stress that may arise in such circumstances.

While not a mandatory requirement, considering life insurance in Hull is a responsible and proactive step to protect your family’s financial stability and secure their future in the face of unforeseen events.

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How does life insurance in Hull work?

Life insurance policies offer various options, most of which provide a lump sum payment to your loved ones in the event of your passing. This financial support can help them during a challenging period. Alternatively, you may have the option to set up regular payments to your family as part of the policy.

The coverage amount and premiums for your life insurance in Hull depend on your individual circumstances and the terms of the policy you choose. These factors can vary significantly. Typically, you will need to pay regular premiums to the insurance provider to maintain the coverage.

Age, lifestyle, and medical history are among the factors that can impact the cost of your insurance premiums. Generally, being younger and in good health can lead to more affordable insurance quotes. It is important to note that you have flexibility in deciding how to use the life insurance pay-out.

Many people choose to allocate it towards covering mortgage payments, providing financial stability for their family in that aspect.

By considering your personal circumstances, lifestyle, and financial goals, you can select a life insurance policy that suits your needs. Speaking to a reputable protection advisor in Hull can help you to navigate the available options and find the most suitable coverage for you and your family.

Why would I need life insurance in Hull?

Purchasing a home is a significant milestone and a substantial investment. It also exposes you to potential risks and uncertainties. That’s where life insurance in Hull becomes essential, offering a safety net and providing peace of mind in case of unforeseen circumstances.

Life insurance in Hull plays a crucial role in securing the financial future of your loved ones. In the unfortunate event of your passing, the insurance policy ensures that your family or dependents receive a pay-out.

This financial support can help them manage immediate expenses and provide for their long-term needs. Having this support in place helps alleviate the financial burden and allows your loved ones to maintain their quality of life during a challenging transition period.

By obtaining life insurance coverage that is tailored to your specific needs, you can mitigate the risks associated with homeownership and ensure that you are well-prepared to handle any unexpected situations.

With the safety net provided by life insurance in Hull, you can fully enjoy the benefits of homeownership and have peace of mind knowing that your loved ones will be taken care of.

Do I need life insurance in Hull if I have no dependants?

Even as a single person, there are important reasons to consider obtaining life insurance in Hull. If you have a mortgage and pass away before fully paying it off, your assets could be at risk, potentially causing difficulties for anyone living with you.

Having life insurance in Hull provides a safety net in such situations. The pay-out from the insurance can be used to settle outstanding debts, including your mortgage, helping to protect your assets and provide financial security.

Additionally, life insurance for single individuals in Hull serves various purposes. It can cover funeral expenses, alleviating the financial burden on friends and relatives. You can also use the pay-out to make charitable donations or leave a gift for a loved one, such as a niece, nephew, or close friend.

Even if you don’t have a partner or children, there may still be individuals who rely on you financially, such as a sibling or a parent who depends on your income. Life insurance in Hull ensures their financial well-being in the event of your passing, providing them with necessary support.

By considering life insurance in Hull as a single person, you can protect your assets, support loved ones, and leave a lasting legacy according to your wishes.

Do I need life insurance in Hull if I am a landlord?

Life insurance is not a mandatory requirement for landlords in Hull, just like any other mortgage. It is worth considering life insurance as a landlord, as it offers valuable protection beyond mortgage coverage.

In the unfortunate event of your passing, life insurance provides a safety net for your loved ones, ensuring that they are not burdened with the financial responsibilities associated with your property investments.

By having life insurance in Hull as a landlord, your family or beneficiaries can receive a pay-out that helps replace the rental income loss. This financial support allows them to maintain their financial stability and cover ongoing expenses, providing them with peace of mind during a difficult time.

Having life insurance coverage for landlords offers reassurance, knowing that your investment and the well-being of your loved ones are protected.

It is a proactive step to safeguard your family’s financial security and ensure that they can continue to benefit from the income generated by your rental properties, even in your absence.

While not obligatory, considering life insurance as a landlord in Hull is a responsible decision that can provide valuable support and protection for your loved ones.

How long should I get life insurance in Hull for?

The duration of your life insurance coverage in Hull should be determined based on your specific circumstances and requirements. It is generally recommended to align the policy term with the duration of your mortgage.

For example, if you have a 30-year mortgage, it is advisable to have a life insurance policy that also lasts for at least 30 years.

This ensures that in the event of your passing, the insurance coverage can help pay off the remaining mortgage balance, providing financial security to your loved ones and protecting your property.

It’s important to consider other financial obligations and goals as well. If you have additional expenses to cover, such as family living expenses or funeral costs, you may want to opt for a policy that extends beyond the mortgage term.

This can provide a more comprehensive level of protection for your loved ones and ensure their financial stability in various scenarios.

Ultimately, the decision on the duration of your life insurance coverage in Hull should be based on your unique circumstances and what you believe will best serve the needs of yourself and your loved ones.

Speaking with a knowledgeable life insurance advisor can help you evaluate your options and make an informed decision.

Speak to a Trusted Protection Advisor in Hull Today

When it comes to important decisions about life insurance in Hull, it is highly advisable to seek guidance from a trusted protection advisor, such as our experienced advisors here at Hullmoneyman.

Our protection advisors have extensive knowledge of the life insurance market and can help you in navigating through the various policy options available. They will take the time to understand your specific needs, circumstances, and financial goals.

By discussing factors like your mortgage, family situation, and long-term plans, they can provide personalized advice tailored to your individual requirements.

Whether you are considering life insurance for mortgage protection, securing your family’s financial future, or any other purpose, our life insurance advice in Hull is designed to provide you with the necessary information and support to make an informed decision.

Our advisors will explain the terms and conditions of different policies, help you understand the coverage options, and guide you towards selecting the most suitable policy that aligns with your needs and priorities.

By working with a trusted protection advisor in Hull, you can have peace of mind knowing that you have expert guidance throughout the process of choosing and securing the right life insurance coverage in Hull.

How to Negotiate on a Property Price in Hull

How to Negotiate on a Property Price in Hull | MoneymanTV

First Time Buyer Mortgage Advice in Hull

Making an offer on a property is not easy; could you offer less? Is the property worth the seller’s asking price? This gets even more confusing if you are a first time buyer in Hull and the property and mortgage world is all new to you. If you have already found a property, you will likely want to bring the house price down as much as possible, but on the other hand, you may feel awkward about making a lower offer, in fear of it being rejected. This is all part of the negotiation process.

Unless you make an offer very close to the asking price, it is unusual for your first offer to get accepted. Your seller also has plans to move into a new property and they will want to get as much as they can from selling their house.

As a mortgage broker in Hull, we usually tell our customers to try and find the “magic number” – an offer that is neither too low nor too high that you are offering more than the property’s true value. This “magic number” can be tricky to find and as we said before, you may not find it with your first offer.

To give yourself the best possible chance of success, we would recommend speaking with a mortgage advisor in Hull. Our experts will be able to walk you through the steps on how to make an offer on a property and the art of negotiation. We can even help you make an offer if you need help with this part of the process. Unfortunately, you aren’t the only person looking at the property and having an expert by your side could give you a one-up over other potential buyers.

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Getting Ready to Make an Offer and Negotiating Asking Prices

Quick tip – if your first offer is accepted the chances are your opening bid was way too high! Always offer less than you are truly willing to pay. 

Getting your Mortgage Agreed in Principle 

Estate agents will ask whether you are a cash buyer or need to take out a mortgage to purchase the property. They need to check this before you can make an offer on the property. If you are a cash buyer, it is extremely likely that the seller will accept your offer as you are able to pay for the property in full right away.

Estate agents will also want to perform some anti-money laundering checks on you to prove your identity and address. Some corporate Estate Agents exploit this diligence (aka Offer Qualification) in order to cross-sell other products and services to you – one example is using their in-house mortgage advisor. You do not need to use their in-house team, you can go to any mortgage advisor in Hull, just like ourselves.

If you are looking to take out a mortgage on the property, you will need an agreement in principle. This is a document issued by a lender stating that they are willing to let you borrow from them providing that you back up your income and affordability via evidential documents.

Once you have your AIP, use this as evidence to the estate agents that you are able to borrow for the sale of the property. 

Our mortgage advisors in Hull are able to arrange an AIP for you within 24 hours. If you need a quick turnaround or need your current AIP renewed, get in touch and we will sort this for you.

Sell Your House Before you Make an Offer 

If you are moving home in Hull and want to make an offer on another property, we would recommend listing and selling your current property before so.

This is because the sale of your property will give you a deposit for your new purchase. The issue sometimes is that you might not really be looking for a new home until a specific one comes up for sale! 

If you end up in this situation, go ahead and look at the property, there is no harm in doing so. You could even try and negotiate a price with the seller from a position of weakness, there is nothing to lose. The only problem here is that if the seller agrees on a price since you haven’t sold your current home yet, the estate agents may leave the property on the market anyways. If you are really unlucky, another buyer who can advance right away might swoop in and be offered the property. Remember that the seller is also looking to move home, therefore, they want the purchase to be as fast as possible too.

Get Organised 

Get everything ready before your offer, so that if it is accepted, you are ready to proceed right away.

Your AIP is agreed in principle for a reason, as you have not supplied any evidential documents to the lender yet to show that you can afford a mortgage of this amount.

Get all of your paperwork in order. You will need proof of ID, proof of address, proof of your deposit, 3 months’ bank statements, payslips and your latest P60. When submitting your mortgage application with a mortgage broker in Hull like us, we will sort this out for you and make sure that your application looks the best that it can do. You will work with a dedicated case manager throughout the application stage of the process and they will be your first point of contact for all of your mortgage questions.

Emotional Connection

We know that everything can get a bit much during the home-buying process. Declined offers, other buyers and property surveys can put a lot of stress on you!

We like to think that it is sometimes not about the best offer or the best buyer, but the emotional connection between the seller and the buyer. For example, if you are planning to build a family in this house and the seller has raised their own family in the house, it could resonate with them if you tell them your plans.

Listen Out for Clues 

If you do get a chance to speak with the seller about the property, it does no harm to find out about their future plans. Have they already found a property to move into and want a quick sale? What are there reasons for moving? How many people have made an offer on the property?

Some of these little details can sometimes help you negotiate your asking price. For example, if the property has been listed for a few months with little interest, there may be something wrong with it that only pops up on a property survey or upon inspection.

If you manage to get answers to some of your questions, it could help you work out why the property is valued at the price it is and whether or not you could potentially make a slightly lower offer.

How to Get a Mortgage in Hull if You’re Over 40

Can I get a mortgage in Hull at 40?

Yes, you can get a mortgage in Hull if you are age 40 or older, subject to passing a lender’s credit scoring and affordability calculations. In most cases, the process can be quite straightforward too.

The process can work differently depending on what you are looking to achieve with your mortgage. Lenders will also look at a variety of factors before accepting your mortgage application.

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I’m a first time buyer in Hull over 40

If you are over 40 and are looking for your first mortgage, lenders will be cautious of your mortgage term. They will look at how old you will be at the end of your mortgage term, in this case, you will be around 65-70 years old based on a typical 25-30 year term.

How much you can borrow for a mortgage is determined by your income. Lenders will look at the realistic amount that you can borrow based on your age and salary. When assessing your income, lenders will generally expect your wage to be higher than those who are looking for their first home in their 20s. Having a higher income may allow you to borrow more.

As you become older, statistically you are more susceptible to illness. From a lender’s perspective, this creates more risk when lending and will be factored in when calculating your maximum age for borrowing.

What do lenders look at before I can get a mortgage in Hull over 40?

The main factors that lenders will look at when determining whether you can get a mortgage over 40 are age, income/expenditure and your retirement age. Some lenders will allow the mortgage term to extend over your retirement age if you are able to continue working. This will vary from lender to lender and also on your job type.

So, if you are a first time buyer in Hull and are over 40, you need to be aware of some of the factors that lenders will assess before accepting your mortgage application.

Does my loan to value affect my chances of getting a mortgage in Hull over 40?

Loan to value is the ratio of what you are borrowing for a mortgage to the value of the property you are taking out the mortgage on. For example, if you provide a 5% deposit on a property, you are taking out a 95% loan to value mortgage.

The lower your loan to value is, you may have access to more competitive deals. If you can reduce this loan to value percentage by providing a higher deposit then your term and payments may reduce.

Your deposit could come from a variety of sources, such as your savings, gifted deposit, or in some cases through inheritance. As a mortgage broker in Hull, we have seen parents release equity from their homes in order to gift a deposit to their children.

I’m looking at moving home in Hull over 40

If you have an existing mortgage on your current property, and you are looking to move home in Hull, you should see whether your mortgage is portable to your new property. Alternatively, if this is not possible or is a more expensive option, you could look at a new mortgage.

I’m Looking to Upsize in Hull

If you are looking at moving home in Hull to a bigger property, this generally means that you would be looking to borrow more. Lenders will reassess your affordability when deciding whether or not you can get a mortgage on your new home.

Furthermore, there may be other contributing factors that could affect your affordability assessment when looking for a new mortgage, such as credit score, existing credit commitments, number of dependents or salary increases. Your mortgage advisor in Hull will run through these factors with you prior to submitting your mortgage application.

I’m Looking to Downsize in Hull

When it comes to downsizing and moving home in Hull, the amount of equity that you have built up in your current property will be a big contributing factor to your deposit. We have seen that some applicants choose to use all of this equity for their deposit, whereas, others may only use a proportion. As mentioned above, sometimes the remaining equity is gifted to children/family members for their mortgage deposit.

Depending on your equity and the level of downsizing, in some cases, you may able to purchase the property outright and not require a mortgage. As a mortgage broker in Hull, we have seen that in most instances, customers at the age of 40 have not built up enough equity within their current home to purchase their new property outright. This is because they will have likely only held their mortgage for 15-20 years.

I’m looking at Investing in Buy to Let in Hull Over 40

Buy to let mortgages usually require at least a 25% deposit, but can sometimes stretch up to 40%. Depending on the lender, some will look at your own personal income and take this into account. Whilst others will look solely at the potential rental income that the property could generate.

If you have any questions about getting a mortgage when you are over 40, make sure to get in touch with our team. We would love to answer your questions and help when and where we can.

What is a Shared Ownership Mortgage in Hull?

The Shared Ownership scheme is a mortgage scheme introduced by the government all the way back during the 80s. It was brought in under the Housing Act 1980.

The scheme is designed to help homebuyers get onto the property ladder. It is only available to permanent UK residents who are either first time buyers or moving home in Hull. If you are struggling to save up your mortgage deposit as a home mover or first time buyer in Hull, perhaps the Shared Ownership scheme could be the solution you need.

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How does the Shared Ownership scheme work?

The Shared Ownership Scheme allows you to purchase part of a property, split with the housing association. The portion/percentage of the property that you are able to buy is usually between 10%-75%, where the housing association owns the remainder.

The way that this works is that you take out a mortgage on this percentage and then pay rent on the remaining amount. You will have mortgage payments and rent payments to account for each month. Your rent will be lower than if you had to pay rent on 100% of the property.

Furthermore, your annual, combined household income has to be less than £80,000 (less than £90,000 if you’re in London) and the home you are purchasing will almost always be a leasehold property. Leasehold means you will be purchasing the home for a set amount of time.

Updates to The Shared Ownership Mortgage Scheme

For anyone who has previously heard of or used the Shared Ownership Scheme, you may have been aware that the minimum percentage that you used to have to take out was 25%, however, now it has decreased to 10%.

This was a huge help to those wanting to utilise the Shared Ownership Scheme, but just couldn’t quite afford it. In turn, the lower the percentage of the property that you own, the higher your rental payments may be.

There have also been significant changes in the fees associated with a Shared Ownership mortgage. Landlords are now responsible for maintenance and repair costs for the first 10 years of ownership.

If you have taken out a Shared Ownership mortgage in Hull before April 2021, you may not benefit from these new changes as they applied to properties bought under the scheme following their introduction.

How do I apply for a Shared Ownership mortgage in Hull?

Shared Ownership is a Help to Buy Scheme, and just like all other Help to Buy Schemes, you must qualify for them before you can access them. Most schemes require you to be a first time buyer in Hull, whereas others are a little more flexible and can be accessed by more types of buyers.

As a mortgage broker in Hull, we would recommend speaking with an expert to work out whether or not you are eligible for the Shared Ownership Scheme. As mentioned, there are a variety of factors that go into deciding whether someone can access the scheme or not, therefore, it is always best to check before applying.

One of our mortgage advisors in Hull can look at your affordability and personal and financial situation to work out whether the Shared Ownership route is for you. We are open and honest with our customers, meaning that if you are better suited to another Help to Buy Scheme or the traditional mortgage route, we will make you aware that this is the case.

Our team will make you aware of the costs involved with the Shared Ownership Scheme and whether it is a viable option for you and your circumstances.

Pros & Cons of Shared Ownership Mortgages in Hull

With any type of mortgage, there will be pros and cons. This works for all Help to Buy Schemes also.

Pros

When taking out a Shared Ownership mortgage, the deposit total that you have to put down on the property is determined by the percentage of the property that you are purchasing. For example, if you are purchasing 50% of a property worth £200,000 and you need to provide a 5% deposit, you will need to put down £5,000 (5% of a £100,000 mortgage).

Sometimes, you may get the option to purchase your Shared Ownership property in the future. If you get this option further down the line, it may be within your best interests to take a mortgage out on the remainder of the property. Not all building associations will allow this. When taking out your Shared Ownership mortgage, it may state in your contracts whether this is an option in the future.

Cons

One con is that you would be paying more rent if you take out a mortgage on a lower share of the property. For example, if you take out a 10% share of the property, you will pay more towards your rent than you would if you were to take out a 50% share.

If you are able to purchase more of the property and increase your share passed 75%, unfortunately, you will have to pay Stamp Duty on the entire value of the property, though sometimes this land tax won’t apply to a first time purchase.

Since you do not outright own 100% of the property, you only own a percentage, you must obtain permission before you are able to make any structural changes to the property. This can take away some of your freedom, unfortunately; which you would have if you owned your own home.

Can I sell my home if I have a Shared Ownership Mortgage in Hull?

Like most homeowners, there may be a time when you decide to part ways from your current property and look at moving home in Hull. In most situations, this process would be simple, however, with a Shared Ownership mortgage, it is slightly different.

Unfortunately, in almost every case, you will need to own 100% of the property to sell your Shared Ownership property. This is because the Shared Ownership property is still partially owned by the housing association.

You must also know that the housing association will usually have ‘first refusal’ rights, for the first 21 years after you have bought the home. This means they are, by law, able to make an offer to buy the property themselves, before you put it on the open market.

Is a Shared Ownership Mortgage in Hull right for me?

The Shared Ownership Scheme is a great option for first time buyers and home movers struggling to save up for a deposit and to afford the usual mortgage costs. This is mainly due to the fact that you can put down a lower deposit on the property.

Shared Ownership is only available on certain types of property, which can complicate the process in some cases. We will make sure that you are fully prepared and know the ins and outs of Shared Ownership in Hull before purchasing a property.

You can easily contact our mortgage advisors in Hull by booking a free Shared Ownership mortgage appointment online. We work 7 days a week so that you can book an appointment for a date and time that best suits you. We will be more than happy to help!

You can learn more about the Shared Ownership Mortgage Scheme by visiting the government OwnYourHome website.

Can You Get a Mortgage in Hull With a CCJ?

Mortgage Advice in Hull for Customers with Bad Credit

What is a CCJ and how can it affect getting a mortgage in Hull?

A CCJ (County Court Judgement) is a court order that is issued if you are unable to make your monthly mortgage payments. If you receive a CCJ, you will have a 30-day window to pay it off, resulting in a “satisfied CCJ.” If you pay within this time frame, the CCJ may be removed from your credit file. However, if you are unable to pay, the CCJ will remain on your record for six years, known as an “unsatisfied CCJ”.

Having a CCJ on your record can have a negative impact on your credit file and reduce your chances of being approved for a mortgage. If you have a CCJ and are seeking a mortgage, we would advise speaking with one of our specialist mortgage advisors in Hull to find out what options you have. We will be open and honest with you at all times; we only want the best for you.

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Can you get a mortgage in Hull with a CCJ?

Depending on your specific circumstances, it may or may not be possible to get a mortgage with a CCJ. With the help of a specialist mortgage broker in Hull like ourselves, you may be able to access the specialist deals that are only available to those with a CCJ. We have a large panel of lenders that we can access, with a small minority of those holding deals for applicants with CCJs. You will need a very large deposit to access these deals, however.

Remember that if you are able to pay off your CCJ within the 30-day deadline, it can be removed from your credit report, which increases your chances of being approved for a mortgage. Generally also, the longer the time elapsed from the issue date, the more likely you are to get a mortgage. For example, if you applied for a mortgage three years after being issued a CCJ, rather than one year after being issued with one, you should be more likely to be accepted.

When a mortgage lender sees a CCJ on your credit file, they will want to understand the reason for it. If you received a CCJ after failing to meet your payments for a financial commitment and have fallen into arrears, your mortgage lender may not believe that you have the ability to commit to another. When you apply for a mortgage with a CCJ, your mortgage advisor in Hull will consider several factors, such as:

Can I dispute a CCJ?

While it can be difficult, it is possible to have a CCJ removed from your credit file with sufficient evidence.

If you believe that the CCJ was issued in error, you have the option to request the court to reopen your case. However, this process comes with additional costs and may not be the best use of your resources compared to simply paying off the CCJ within the 30-day window.

Additionally, failing to attend your hearing can result in your case being rejected and incur additional court costs.

If your appeal is successful and the CCJ is removed from your credit file, it will be beneficial for your chances of obtaining a mortgage. On the other hand, there is also the possibility that your appeal may be rejected, resulting in lost funds and the need to still pay off the CCJ. You must carefully weigh the risks involved.

To appeal a CCJ, you must fill out an N244 form and submit it to the court. If the court agrees that the CCJ was wrongly imposed and reopens your case, they may remove the CCJ from your credit file.

How can I rebuild my credit score after receiving a CCJ?

There are steps you can take to improve your credit score after receiving a CCJ, and speaking with a specialist mortgage broker in Hull like us, can be extremely beneficial in achieving this goal.

If you have a CCJ, it is important to keep up to date with your monthly repayment commitments. This includes anything from credit cards to paying off your CCJ. Even if you were able to pay off the CCJ within the 30-day period, it’s important to be vigilant with your finances to prevent similar issues in the future. Multiple CCJs can significantly harm your credit score and even make it even more difficult to obtain a mortgage.

If you have a CCJ on your record and are interested in exploring mortgage options, schedule a free appointment with one of our specialist mortgage advisors in Hull today. They will review your case and provide personalised advice tailored to your circumstances.

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UK Moneyman Limited is Registered in England, No. 6789312 | Registered Address: 10 Consort Court, Hull, HU9 1PU.

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