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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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 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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
With any type of mortgage, there will be pros and cons. This works for all Help to Buy Schemes also.
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.
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.
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.
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.
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.
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:
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.
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.
This is something that we find ourselves being asked regularly by both homeowners and potential home buyers in Hull. The answer to this question depends on entirely on what sort of market we are in and how it is performing.
In order to stay more up-to-date with the mortgage market, including hot topics such as mortgage interest rates and government schemes, take a look at “Mortgage Market Update” playlist on YouTube. We regularly post these types of videos to ensure that all of our customers are “in-the-know”.
Mortgage rates are the level of interest that a mortgage lender will be charging you on your mortgage balance. This will determine the cost of your monthly mortgage payments, as you are paying, generally, a combination of interest and capital. Lower mortgage rates typically means lower payments.
There are a lot of different factors that can affect what your mortgage rates will be. One that you can absolutely have control over, is any personal factors that will determine if you qualify for a mortgage.
This will include things like your credit score or deposit. The lower the risk, generally, the better the rates. An open & honest mortgage broker in Hull will be able to take a look at your situation, helping you to find the best mortgage deal that is available to you, for what it is you are hoping to achieve.
Our dedicated mortgage advisors in Hull have the ability to search through 1000s of deals, including many different specialist mortgage deals, for customers who perhaps have more complex cases.
What it all comes down to really, at the end of the day, is the current market position, the state of the economy and the base rate of the Bank of England. If the economy is performing well, there will typically be a higher demand for both goods and services, which includes properties.
Higher demand will also usually mean that the Bank of England base rate will go up too, which sees mortgage rates following. The mortgage rates set by mortgage lenders are usually set at a percentage above what the Bank of England base rate is.
Whilst a stronger economy could mean that home buyers can afford more, mortgage lenders aren’t made of money. Because of this, when the base rate is up, the cost of borrowing for mortgage lenders will also rise, which also brings up mortgage rates to cover their borrowing costs.
When the economy isn’t necessarily doing so well, this works conversely to how we mentioned above, as consumers will not be able to afford as much. Because of this, you will typically see interest rates coming down as a why to encourage people on the property ladder with potentially lower payments.
As discussed above, one of the biggest factors for changes in mortgage rates, is changes to the Bank of England base rate. As a general rule, mortgage lenders will set their interest rates at a percentage above this. This means that depending on the base rate, this could fluctuate.
Something else that can have an effect on the Bank of England base rate, however, is any changes to inflation. The government ideally have a target in mind that they need to keep at, in order for the cost of living to remain affordable. Unfortunately, this has been known to go over the target.
In situation such as these, you may see the cost of living increase, though unlike the example of a strong economy meaning people may be able to afford more, this can be quite the negative and seeing people unable to afford as much as they would have done.
This of course isn’t exactly the best news for those with ending fixed-rates, as it means they may struggle to afford price increases that are set to take effect once their initial period has ended. In cases like this, a mortgage advisor in Hull can be incredibly beneficial.
The Bank of England base rate tends to have fluctuations anyway, although usually only very slightly. Tracker mortgages are a type of mortgage that will be following along with this base rate, sitting at a percentage above and moving as and when the base rate moves.
When the base rate is a little low, this can work out quite well, as your monthly mortgage payments will be lower. Unfortunately, if mortgage rates were to go up, you would also be paying more on your monthly mortgage payments, which can change fairly quickly.
An option that could be better for this, which is actually one of the most popular mortgage types you could choose from, is a fixed-rate mortgage. These allow you to lock-in to the interest rate at the time, keeping your payments the same for a set period.
These time periods tend to be between 2-5 years, though they don’t necessarily have to be. An example would be, if your interest rate was 4% and you were fixed-in for 5 years, you might see rates rise to 6% during that time, yet still be paying 4% until that 5 years is up, saving you money.
In times where the economy is a little uncertain, a fixed-rate can provide certainty and stability, giving homeowners one less thing to stress about at home. The downside is that if rates have indeed gone up during this time, when your fixed-period ends, you will move onto a higher rate anyway.
This sort of thing occurring can actually lead some homeowners to remortgage quite early, even being willing to fork out for an early repayment charge, in order to fix in for a longer period and protect themselves from future interest rate increases that could be on the horizon.
This really boils down to predictions, how do you see the interest rates changing, as well as your own personal situation changing. As said before, personal factors also can impact mortgage rates, so having a higher deposit will potentially open you up to much lower rates anyway.
If you find that you are in that situation, taking out a fixed-rate mortgage could be beneficial, to stick to those interest rates you have given yourself access to. So long as the economy performs well also, fixing in for 2, 5, maybe even 10 years could see you reaping the benefits of those rates.
Of course this entirely depends on circumstance, and 10 years is a long time to wait. During that time period, you could even see interest rates drop lower than you first fixed in for, meaning you are paying more per month than you could’ve been, if you’d only fixed in for say 2 years.
A trusted and experienced mortgage broker in Hull will be able to best help you prepare for your mortgage future, as well as help you make any decisions based on your plans. They will use their knowledge to help you every step of the way.
Interest rates can change without warning really, depending on the current state of the economy, the market and also, the Bank of England base rate. Match it up with your personal circumstances, and there can be much uncertainty.
By booking yourself in for free remortgage advice in Hull towards the end of your fixed-period, or first time buyer mortgage advice in Hull if this is a new experience for you, you can benefit from experts in the field helping you to find the best mortgage deal, with the most favourable mortgage rates.
Anyone in Hull who has been renting from a local council or housing association may find they are eligible to purchase the home they are renting, via the government Right to Buy Scheme.
Typically, you receive a discounted purchase price (often acceptable as a form of deposit) which allows this. To qualify for the Right to Buy Hull, you must have been a public sector tenant for at least three years, with the longer you have rented impacting the discount you receive.
Every applicant has different circumstances, and what could be a straightforward process for some can be a different story for others. You may find that although you are eligible, you have bad credit to your name. This can severely impact your ability to obtain a mortgage.
Luckily, for those who want to know if you can obtain a Right to Buy mortgage in Hull with bad credit, the answer is yes. Of course, personal circumstances and the discretion of mortgage lenders are always a factor, but with the help of a mortgage broker in Hull, you could still have options to obtain a right to buy mortgage.
What is defined as bad credit depends on the mortgage lender you are dealing with. Some lenders may deem it to be things like missed credit card payments, phone contract payments or loan installments. On the other hand, there are some who may not classify them as such and look past them.
However, if you have gone through withdrawal, bankruptcy or CCJ tied to your name, you will be classified as having bad credit. In all these cases, bad credit will lead to a decrease in your credit score, with this impacting your chances of obtaining a Right to Buy Mortgage in Hull.
Having a low credit score can impact your situation negatively. Lower credit scores can make getting a mortgage challenging. Even though we have a large panel of lenders, many being specialist in bad credit mortgages, you will still be considered a higher risk.
To a mortgage lender, there is every chance you cannot repay your mortgage payments each month, leading to eventual repossession and a loss of profit to the mortgage lender. Because of this, applicants who are accepted tend to face much higher costs.
To simplify any bad credit can have a negative impact on any mortgage not just a Right to Buy mortgage. Bad credit affects everything from first time buyer mortgages to remortgages and everything in between.
As mentioned above, bankruptcy can be a big issue. Typically, if at least 3-6 years have passed since you were discharged from your directorship, you will have a better chance of finding a specialist mortgage lender willing to let you borrow.
Debt Management Plans and Individual Voluntary Arrangements (DMPs and IVAs) can also have an impact on this. This is a fairly stricter circumstance than some of the others. If there have been at least 3 years, you have a much higher chance of success, though if not, you are limited.
Being subject to repossessions can also make getting a Right to Buy mortgage difficult. There are some mortgage lenders who are willing to let you borrow under these circumstances if it has been a few years since, although we tend to find the vast majority will probably reject your application.
Of course, some of the more commonly encountered instances include things like CCJs (County Court Judgements), defaults, arrears, missed or late payments and just generally having a low credit score. As you can imagine, the latter is the least serious of the ones mentioned.
Overdue payments or missed payments can vary and a mortgage lender’s perception may also vary. Arrears, defaults and CCJs are much more serious, with mortgage lenders wanting to see that at least three years have passed.
In either of the latter cases, a specialist mortgage lender will also review the exact circumstances surrounding the bad credit, as there could be options depending on whether you have satisfied payments and are a few years removed from the situation.
With all bad credit mortgage circumstances, the better chance you will have will depend on the further you are from your bad credit problems. Trying to repair your financial situation also looks good in the eyes of a mortgage lender.
Things like cleared CCJs, a tidy credit file, could help improve your chances. Of course, this still does not guarantee anything and obtaining a Right to Buy mortgage with bad credit will still be challenging, but it means you could have options.
The best way to see if you have a chance at obtaining a Right to Buy mortgage with bad credit is to speak with a dedicated mortgage broker in Hull. Many mortgage brokers, like us here at Hullmoneyman, have access to specialist mortgage lenders on the panel that offer complex case deals.
Whilst the process may be a challenge and you could face higher interest rates, with a mortgage broker in Hull finding you the most suitable deal, based on your individual circumstances, is part of our job.
Those applying to buy their local authority home using a Right to Buy mortgage, the amount of discount that will be applied can often be accepted as a deposit on the property by the mortgage lender. This is because you already purchasing at below its market value.
Your circumstances may be different, however, if you are purchasing and taking out a Right to Buy mortgage with bad credit. The reason is that you are at a higher risk to the mortgage lender because of your bad credit.
If your discount is equivalent to a smaller deposit and you have bad credit, a mortgage lender may require you to deposit your own funds to increase that percentage. In other cases, if this discount is equivalent to a deposit of 10-20%, they may be more lenient.
Ultimately, it depends on how long you’ve lived there, your personal situation, such as your bad credit and the mortgage lender. With all mortgage instances, the higher deposit you can put down, the better the mortgage deals you can access.
This applies to a Right to Buy Mortgage Hull as well, as whether you have bad credit or not, putting down more deposit can open you up to much better mortgage deals, lowering either your monthly payments or interest rates.
The term ‘gazumping’ may be one you have heard before, however, have no idea what it’s about. The word ‘Gazumping’ is used when the seller of the property you are interested in accepts another offer from someone else prior to the sale of the property to you is completed.
Derived from the Yiddish word ‘Gezump’, in which someone swindles or cheats someone out of something and was used back in the 1920s, ‘Gazumping’ has been related to house buying and was a common term in the 1970-80s.
Through our experience as a Mortgage Broker in Hull, we have had the opportunity to speak to customers regarding Gazumping. The most common topic surrounding gazumping is if it’s illegal. Unfortunately, Gazumping is legal despite how immoral it is.
This is a question that is in many people’s minds when they are going through the home buying process across England and Wales. Thoughts of why and how this practice can be legal despite its lack of morality are a common occurrence.
Gazumping is deemed a legal act because the deals you make between you and the seller aren’t legally binding until written contracts are exchanged by lawyers. Therefore, the seller has no obligation to hold onto the property. All the essentials are agreed upon verbally up until your deal is completed.
The concept of being gazumped can be very daunting amongst lots of home buyers especially with First Time Buyers in Hull, regardless of whether there is a chance of it happening. It comes with the possibility of losing your dream home. It’s an event that no one wants to happen, in particular, for those who are a part of a property chain.
Another factor that can affect home buyers being gazumped is the idea of them losing money over the event. Non-refundable expenses that come with the home buying process like property surveys, conveyancing fees and mortgage arrangements fees.
As mentioned, the agreement between both parties to buy or sell a property is not a legally binding one. It only becomes that when the lawyers undergo the exchanging of contracts.
It’s not as simple as it sounds. The process can come with long delays that are usually several weeks from having your offer accepted to the exchange of contract.
Usually, this certain time period can be where other prospective First Time Buyers in Hull may interfere in the process between you and the seller by making a more favourable offer on the property. This can happen through them speaking to an estate agent or by going directly to the seller.
The more favourable deal may have been a higher purchase price, a faster sale or a particular buyer who has no pressure from a property chain. Gazumping covers all these circumstances that the seller would prefer in the midst of your mortgage process.
One factor that could impact the chances of being Gazumped by a seller is whether the market is a buyers or sellers market.
For example, if the market is currently a sellers market, this means that the market is hot. This will involve a high demand, fewer properties, people wanting to buy and bidding wars between buyers that could make the prices rise. In this circumstance, Gazumping is more likely to take place because could come to the seller at a much higher price.
On the flip side, if the market is currently a buyers market, this will come with more houses than buyers, a seller may not be receiving as many offers. This means you have less chance of someone Gazumping you and means you have much more room to negotiate on price.
To keep up to date with the current state of the market, check out our Mortgage Market Updates video on Moneyman TV presented by the Moneyman himself, Malcolm Davidson.
One of the reasons why the delay may happen between the offer getting accepted and the exchange of contract between two parties could be due to needing a property survey carried out. This involves your conveyance undergoing the appropriate searches and you will receive your mortgage.
Below are some helpful ways to help increase your chance of advancing further to mortgage success and avoid being Gazumped.
There are plenty more mortgage tips out there that you can benefit from during your mortgage journey and increase your chances of getting a mortgage.
It’s best to start by asking them to remove the property from the open market, this can be stated in the mortgage offer. By doing this, you have made the property less visible to people, therefore, reducing any more offers being made which will then reduce your chances of being Gazumped.
This is more of a negotiating point so the seller doesn’t have to agree with this because there is no obligation. Despite this, we do find that sellers these days respect this request from a buyer. Even more so if they haven’t been receiving as many offers already.
Putting in place a lock-in agreement, where both sides put down a deposit towards their binding agreement can be another helpful thing to do. If any one party chose to withdraw or change the deal, the other party would take their deposit.
You may find that there are legal fees in this circumstance which can make it a costly decision. However, you may feel that having this set up is worth the money and provide security during your mortgage process.
Another option is to look at the potential insurance products that could protect you against the prospect of Gazumping. This will work by the policy being paid out in the event of being Gazumped which, in turn, will reduce the risk of losing money from the fees you have potentially paid in the process.
Even though Gazumping is never guaranteed to be prevented, there are a plethora of ways you can protect yourself as a buyer from being Gazumped. With our open and honest Mortgage Advice in Hull, we may be able to provide the help and support you need.
Here at Hullmoneyman, we strive in providing a fast & friendly service with the goal of getting you through the mortgage process. This is beneficial if you are a buyer looking for a speedier experience through your mortgage journey.
Furthermore, our expert team are able to get a mortgage agreement in principle sorted for you usually within 24 hours of your free mortgage appointment.
Having this AIP with you can demonstrate to the seller that you are in a serious position to proceed and give them the confidence in your getting a mortgage. This can make you stand out from other buyers who may provide a better deal but cannot confirm if they are eligible for a mortgage.
Book your free mortgage appointment today and see how our helpful team can help on your mortgage journey as a first time buyer in Hull.