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Why Get Mortgage Advice in Hull?

The Benefits of Getting Mortgage Advice in Hull

Have you ever had one of those moments where you’re booking a flight, only to find that you booked it on the wrong date or airport? You’d expect these things to be fairly straightforward, but sometimes they end up taking too long, being far more complicated than necessary, and in some circumstances costing more than you’d initially planned for.

These sorts of scenarios can cause you unnecessary stress along the way. Something that was meant to be fun, has now had that fun taken out of it because of one tiny mistake. In these cases, you have the option of going the route of using a travel agent to help you with bookings, reducing the stress of the process.

These same stresses and worries appear in the world of mortgages and much like the travel agent, this is where a Mortgage Broker in Hull like ourselves will come in handy, and take the weight off your shoulders.

Invaluable Mortgage Advice in Hull 

You may have recently seen a fixed rate advertised, only to find that its rate doesn’t match your situation.  As with all advertising, it’s there to draw you in and make you want to see more. Generally speaking, these deals are aimed at customers with lots of equity and perfect credit ratings.

There will almost always be a more attractive deal out there, but that doesn’t mean that’s the most suitable deal for you personally or financially.

You must also bear in mind that when going with this specific lender, you only have access to their products and their advisors. Also, be wary of real estate agents and their price comparison sites. You can read more about the Sales Tactics of Estate Agents in our article.

Here at Hullmoneyman, a customers best interests are always at the heart of what we do. We are able to offer a wide range of products from different, sometimes more niche lenders, depending on what it is you’re looking to achieve. As well as this, our loyal team of Mortgage Advisors in Hull will never try and force anything on you that you don’t want, we just want to help you along your journey.

Book Your Free Mortgage Appointment Today

Book your free mortgage appointment to speak with one of our Mortgage Advisors in Hull today. They’ll explore your options and recommend you the most suitable mortgage deal to match your current situation.

Also, features such as a fixed rate of interest, offset options, or variable rates for flexibility, may be recommended for you. It’s our job to know these criteria inside and out, which is why we will work hard to make sure you’re on the most suitable path for your situation.

If we’ve done our job right, and we have a good track record of doing just that (see our Customer Reviews). You’ll walk away with a deal that allows you to borrow the amount you’d like, with reasonable interest rates, saving you time and money.

We have helped many First Time Buyers in Hull, to those wanting to know there Remortgage Options in Hull and even those who are looking for Self Employed Mortgage Advice in Hull too. If you would like to take advantage of our free initial mortgage consultation and speak with a Mortgage Advisor in Hull, please get in touch and we’ll see how we can help. 

Divorce & Separation Mortgage Advice in Hull

Divorce & Separation Mortgage Advice | MoneymanTV

When it comes to divorce or separation, it can be a challenging time. Processing the separation along with arranging finances as well as where you are going to live can slowly build up a lot of stress. Financial commitments should be at the top of your list and may come with some hurdles to overcome.

If there are children involved in these situations, the most common arrangement parents go for is where the children would live with the parent who is more of a stay at home parent. This means that the other parent would move out and there may be a point that whoever is ‘in situ’ wants to carry on the mortgage as a sole applicant. Another option is for both parents to leave the mortgage and begin their own.

Any mortgage commitments you made together could be an element that makes the process a challenging one. If you are finding it difficult to sort this out, you may look at the assistance of a Mortgage Broker in Hull who can provide you with the specialist mortgage advice you need.

Through our time as an expert Mortgage Broker in Hull, our deal encounter with specialist cases on a daily basis. Our experience has provided us with the opportunity to help and guide a large range of customers experiencing a divorce or separation. Below is the top three questions we get asked when people get in touch:

  • How do I remove my ex-husband/wife from my mortgage?
  • How do I remove my name from my ex-partner’s mortgage?
  • Can I have 2 mortgages?

How do I remove my ex-husband/wife from my mortgage in Hull?

With your mortgage commitments, it can be difficult if you are looking to change these. This is because both of your names are on your mortgage and it’s not as easy as it seems if you are looking to remove your now ex-partner off the contract.

If you do approach a dedicated Mortgage Broker in Hull for advice about removing a name from a mortgage, they need to be certain that the remaining applicant on the is able to and afford their mortgage completely as a sole applicant.

Both of you are required to have a full affordability assessment carried out on both of you even if you have kept p with mortgage payments or not. Sometimes, an applicant has managed to prove that they have been paying the mortgage payments without any help from their ex. However, this will not change the fact that their name is still linked into the deal and you still need to pass the lender’s check.

Around this time in the process, our team often find that people have already sorted out someone who will step in and replace the ex-partner on your mortgage. Normally, the person who steps in is either a family member, a close friend or a new partner altogether.

The way your affordability is assessed varies between lenders as they have their own unique way of carrying it out. With this in mind, don’t lose hope if you existing lender can’t help you out. You might find there is additional options out there for you as a homeowner so it’s always best to seek the help of a Mortgage Broker in Hull.

How do I remove my name from my ex-partner’s mortgage?

The good news is that the process works just the same, however, you are trying to move out and take your name off the mortgage. As mentioned, both of your names are still linked to your mortgage which means you are still responsible for any mortgage payments even if you choose to leave.

Regardless of if you have a verbal or written agreement between you both that states that your ex will be the one managing payments, it is not legally binding in the eyes of the lender so you will be deemed responsible.

In the event that you want to take out a mortgage on a new property, in your name, the lender will still take into account the mortgage payments for your old property. Therefore, it’s best you consider this if you are thinking of taking out a new mortgage. This is we always advise getting help from a professional Mortgage Advisor in Hull ahead of time.

We have found that people in these types of situations usually get confused and stressed out. This is where Hullmoneyman can provide a helping hand. Our friendly team can connect you to be of our experienced Mortgage Advisors in Hull who will be able to sort everything out for you. They can also advise you on the most appropriate option available to you as an individual looking at Moving Home in Hull.

You may find that a number of lenders are more generous than others when it comes to the amount they will lend to you. One may be strict and the other may be more lenient with them looking into your current mortgage commitments being a large factor in this during these circumstances. This is something we will take into consideration when recommending the most appropriate lender to apply for a mortgage agreement in principle with:

Second Mortgage Advice in Hull | MoneymanTV

Can I have two mortgages?

Depending on a variety of circumstances, many homeowners may have the option to have more than one and even more than two mortgages on different properties. This will involve a lot of things to be assessed from your lender and their credit scoring system if you were looking to apply for a second mortgage.

The overall reason for carrying out these tasks is to determine whether or not you can afford this route. In the circumstance where you are applying for multiple mortgages and are failing, this could negatively impact your credit score.

One of the many benefits of approaching a reputable Mortgage Broker in Hull, like ourselves, is that we are able to carry out a search for you without harming your credit file. As soon as we have keyed in all of your information, we can give you an estimation of the maximum borrowing capacity.

By having this information, you are able to have a rough idea of your budget including the costs of your monthly mortgage payments as well as current financial commitments you may have.

Dedicated Mortgage Advice in Hull

Some individuals find it challenging to move on from their current financial commitment, especially in cases like these. If you are in a similar situation, an expert advisor can provide a helping hand which can provide you with the help you need for the process of removing a name from a mortgage.

The aspect of moving home is already a stressful experience so adding a challenging situation like a divorce or separation can sometimes add some extra weight to the situation. Speak to a Mortgage Advisor in Hull today to see how we can help you.

Getting Prepared for a Mortgage in Hull

Preparing First Time Buyers in Hull

Once you’ve saved up enough for a housing deposit, the next step is to prepare for your mortgage application so you are in the best position before starting your mortgage process. First Time Buyer in Hull like yourself, will find this guide beneficial to help you understand the progress with your mortgage application.

This article features some useful Remortgage Advice in Hull tips and tricks too, to help fast-track your mortgage application.

Get Mortgage Ready in Hull

Up to Date Credit Report

During the preparation process, make sure to obtain an up-to-date credit report. Having an up-to-date credit report is essential for your mortgage application; ideally, you should try and get yours arranged before contacting a Mortgage Broker in Hull. Your Mortgage Advisor in Hull will review your report before passing it on to a suitable lender.

Agreement in Principle

Another thing that you should look to obtain is an agreement in principle. These are handy, especially when making an offer on a property!

If you want a fully credit-checked agreement in principle within 24 hours of your application, you should get in touch with us. As an experienced Mortgage Broker in Hull, we aim to try and turn around an agreement in principle within 24 hours after your free initial appointment.

Proof of ID

Make sure to provide a photo ID to provide you are who you say you are. An alternative can be a Driving license or passport. You can’t use a Driving License for ID though if you are also using it for proof of address. If you are a non-UK national working over here on a Visa, you’ll need to produce that too.

Proof of Address 

You will be required to prove where you live. This is usually in the form of a utility bill or bank statement within the last 3 months.

Last 3 months’ bank statements 

Your bank statements will reflect your income and regular expenditures. Lenders don’t like excessive gambling transactions on your account and they will also not be happy if you keep going over your overdraft limit or have direct debits bounced.

Regardless of whether lenders ask for your bank statements or not, they want to be confident that you take your finances seriously. The bank statements which you produce should consist of your salary going in and your bills going out.

Evidence of Deposit

A vital part of the mortgage application is evidencing your deposit for Anti-Money Laundering purposes. Make sure not to move finances around your accounts too much as this will make it a lot more difficult and may delay the process.

Lenders like to see that you are saving your money responsibly, but that doesn’t exempt you from having to account for any large recent deposits in your accounts. If you have been gifted a deposit, then there will need to be written confirmation stating it’s a non-refundable gift.

Proof of income

If you’re in employment then you’ll be asked for the last 3 months’ pay slips, though some lenders will also ask for your most recent P60. Lenders will take into account regular overtime, commission, shift allowance, and bonuses. Additionally, extra earnings may also be considered with some lenders such as part-time jobs or self-employment.

We have dealt with many applicants who are Self Employed in Hull. If you are a self-employed applicant then you may mean you will need to acquire your Accounts’ help to request your last two- or three-years’ proof of earnings from the Revenue. If you submit your own accounts then feel free to get in touch and we will be happy to advise you on how to go about downloading from the Government Gateway.

Budget planner 

By working out an estimate of your expected outgoings after you move house means you can gain an idea of how much disposable income will be available to you to pay your mortgage after such things as regular expenditures, council tax, and utility bills have been paid out from your account. To help you with this, we are happy to send you our version of a Budget Planner to get you started.

As seen, there are many steps you must take in order to prepare fully for your mortgage application deeming it not an easy feat but it doesn’t mean you should worry. If you approach the mortgage application with due timing and an organized matter along with a Mortgage Broker in Hull, you will be in safe hands. 

Moving House Mortgage Advice in Hull 

Planning to Get a Mortgage in Hull?

Getting ahead of the mortgage game

It’s key that you plan your mortgage journey, it’s that initial step that you should take prior to beginning the process. If you start the process early, there is a chance you are put in front of other buyers. Preparing a mortgage agreement in principle should be at the top of your list before you start viewing properties.

In some cases, you may have planned a mortgage to the last detail but the overall mortgage has not gone to plan. This is common in the circumstance amongst couples who have decided to separate. In this unfortunate situation, you may need to take out a mortgage as a sole applicant with no time to plan.

As an expert Mortgage Broker in Hull, we do recommend that you begin planning your mortgage six months prior to looking to Move House in Hull.

Why planning for a mortgage is important

Sometimes, the mortgage process can throw many obstacles which is why planning is important. By preparing for any hurdles you may encounter, you should be able to work out what to do to overcome it.

Through our 20 plus years working in the mortgage industry, we have been exposed to a large variety of mortgage problems. Even in the final stages of the mortgage journey, some occurrences can negatively impact the process, however, they can sometimes be solved if you prepare enough.

Below are some common problems we have found customers encounter towards the end:

  • The applicant doesn’t have a sufficient deposit.
  • Previously ignoring your credit score because it wasn’t important.
  • You have been too related when it comes to conducting your bank account.
  • You are self employed and your latest accounts don’t look adequate.

By preparing six months prior to starting the mortgage journey, you may be able to avoid some of these problems.

Deposit

Saving up for a deposit can be a difficult factor when you are aiming to achieve your mortgage goals, particularly for those who are renting. You may find saving a deposit as a timely goal with it often taking years, especially for first time buyers.

For a ‘5% deposit’, saving up can be difficult. This is because you don’t know the exact amount that you need until you find a property that you want to make an offer on. The 5% total differs from property to property.

In the circumstance where you are struggling to reach the initial deposit total, you may be able to get financial support from your family through a gifted deposit. This amount gifted does not have to be the full 5%, it could only be a small portion of it; this additional cash may give you the amount you need to get to the minimum deposit.

Another option is to look into applying for one of the Help to Buy schemes for that deposit boost. This is just one of many schemes available that are designed for applicants needing support with deposits. These are usually popular with many First Time Buyers in Hull as a way to get them on the property ladder. There could be a scheme out there that is perfect for you.

Credit score

Credit scores are one of the big contributing factors when it comes to applying for a mortgage. If you have a poor credit score, this can lower your chances of getting accepted for a mortgage. Obviously, this all depends on the reasoning behind your low credit score. You may have a poor credit score because of a CCJ or bankruptcy, which can consequently lower your chances of being accepted, depending on how long ago these issues occured.

Check My File is a brilliant website to use if you are wanting an insight into your credit score. By doing this, you will be able to obtain a copy of your credit report which our team will be able to look at free of charge.

Bank accounts

When it comes to your mortgage application, it’s important that look at how well you managed your finances. This is because lenders will carry out a thorough analysis of your bank statement and will be able to look at your income and outgoings. Gambling transactions is something that will catch Lender’s eye especially if they are frequent and erratic outgoings. They will gambling with large sums of money unreliable and could turn you away.

In the fortunate case where you are able to receive a gifted deposit, we would suggest that you keep that sum of money in the gifter’s account. By doing this, you will not have a large bank transfer in your account which lenders would question about. Therefore, it’s wise to keep this gifted deposit inside of your family member’s or friend’s account.

Self employed?

If you are a self employed applicant, you may find the mortgage journey a bit more challenging to a regular applicant. You will need to provide a lot more evidence which a usual mortgage applicant would need to.

The evidence you will need to provide as a self employed applicant includes at least one year of accounts’ and three months of bank statements to show your income and affordability. In some cases, you may need to provide additional evidence, however, this just depends on the lender.

Other mortgage hurdles

Through the mortgage journey, you may come across a range of mortgage hurdles that could stall your purchase completely. One of these include a break in the property chain. A Mortgage Broker in Hull like us will be able to help you overcome these hurdles. We are here to support you 7 days a week.

If you have a specialist or complex case, look at getting Mortgage Advice in Hull. Our team can provide you with a helping hand through your mortgage journey.

What is a Mortgage Illustration?

Mortgage Illustration Hull

A mortgage illustration is one of the first items that you will receive during the mortgage process. What is a mortgage illustration though? Although it sounds complicated, it’s really not!

Simply, a mortgage illustration is a document that outlines every detail of your mortgage deal. So, when your mortgage advisor in Hull recommends a product, they will also show you a mortgage illustration showing everything there is to know about that product.

As a mortgage broker in Hull, our process to get your mortgage illustration works like this:

  1. Once you book your free mortgage appointment online, you will be paired with a mortgage advisor in Hull. This advisor will specialise in your situation.
  2. They will search 1000s of mortgages on your behalf to try and find the best one for your circumstances. Once they find the perfect deal for you, they will recommend the product to you.
  3. During this recommendation, you will also receive a mortgage illustration outlining the deal.
  4. If you are happy with the deal and want to continue with us, we can start to prepare your mortgage application.

This process will be described by your mortgage advisor in Hull once you get in touch. Our mortgage advisors have been helping first time buyers in Hull, for over 20 years now, and they will be able to simplify it for you as much as possible.

For a quick answer to “what is a mortgage illustration”, watch the MoneymanTV video below. For more mortgage tips and explanations, check out our channel. Make sure to subscribe whilst you’re there!

What is included in a mortgage illustration?

Your mortgage illustration will include the main product details, costs of taking out the product, monthly repayments, legal fees and sometimes valuation fees.

Main details

The main details that will be included in your mortgage illustration are the length of your fixed contract, who you are taking out the product with and the interest rate.

Costs of taking out a product

Almost every mortgage includes a cost for taking it out. You may be charged for the mortgage you’re looking to take out, and if you do, this cost will be outlined in your mortgage illustration.

Monthly repayments

Monthly repayments are how much you will be paying each month for your mortgage. These costs will be calculated by your total mortgage amount, interest rate and fixed term length.

Legal fees

Legal fees include the services of a solicitor. As a mortgage broker in Hull, we will talk you through these costs before passing you over to them.

Valuation fees

Most properties will require a property survey before you can take a mortgage out on them. If you require a property survey, these valuations could be included in your mortgage illustration. This can change from property to property.

Do I have to agree to your mortgage recommendation?

No, you do not have to take out your recommended product. It is a recommendation for a reason. Your mortgage advisor in Hull will have carefully selected this product for you and would have tried to find a deal for your personal and financial situation.

You are under no obligation to continue with this deal, however, if you choose to part ways with us, you will have to lose this deal too.

Does a mortgage illustration guarantee me a mortgage?

Though we would love to say yes, unfortunately, we can never guarantee any applicant a mortgage. Don’t forget that a mortgage illustration follows your free mortgage appointment, therefore, you have not provided any documents to support income, source of deposit and affordability as of yet.

Is a mortgage illustration the same as an agreement in principle?

Before receiving your mortgage illustration, you will receive an agreement in principle (AIP). This shows that a lender is willing to let you borrow from them in principle of you being able to evidence your income, source of deposit, affordability etc. This is not the same as a mortgage illustration.

Remember that a mortgage illustration is an outline of the mortgage product and not a document from the lender saying that you can borrow from them. It’s also worth knowing that these do not guarantee a mortgage either.

Speak to a Mortgage Broker in Hull

First time buyer in Hull or home mover, we are here to help! We have been in the sector for over 20 years now, and know how to try and find you the best deal possible.

You will receive a free mortgage illustration after your mortgage advisor in Hull has found you the perfect deal. You can book online and choose the best date and time for your mortgage appointment.

Obtaining an Up-to-Date Credit Report in Hull

Credit report Mortgage Advice in Hull

Why get a credit report for my Mortgage Advisor in Hull?

A Mortgage Advisor in Hull will need to have a good idea of your financial situation in order to find you the most appropriate mortgage for your circumstance. Having an up to date credit report is something we recommend as a Mortgage Broker in Hull.

We recommend the check my file report agency to our customers as they are able to bring in your data from 4 credit reference agencies to give you in-depth detail into your profile. In some instances, the data held may vary depending on the credit reference agency you are looking at.

How to get your up to date credit report:

  • Please look at using Check My File. When you sign up, you will receive a free 30-day trial, and then £14.99 after the 30 days. This can be cancelled at any time.
  • When you have logged in and are on your credit report, go to the bottom of the page where you will have the option to ‘Download Printable Version’. From this, you will then download a local copy of your credit report to the device you are using.
  • Your downloadable PDF will be password protected by your 6-figure date of birth ‘DDMMYY’.
  • When you have downloaded this, please send your credit report to enquiries@ukmoneyman.com, along with your date of birth.

What happens when I send my credit report to a Mortgage Broker in Hull?

Sending your Credit Report by email will differ depending on what device you are using e.g. iPhone, Android, Desktop PC.

As soon as one of your expert Mortgage Advisors in Hull has reviewed your credit report, we will get in touch with you to discuss your mortgage options in-depth.

Using our extensive knowledge as a reputable Mortgage Broker in Hull we will be able to give you in-depth information about the various criteria set out by the lenders we work with. Some of which are specialist lenders, check out our Specialist Mortgage Advice in Hull page to find out more information.

If you are a First Time Buyer in Hull or are looking to Move Home in Hull, our team can recommend the most appropriate mortgage for you by using our experience and knowledge as well as the information shown in your credit report.

How Much Can I Borrow For a Mortgage in Hull?

First Time Buyer Mortgage Advice in Hull

How Much Can I Borrow For A Mortgage? | MoneymanTV

When we speak to customers for the first time, especially if they are a First Time Buyer in Hull or a Home Mover in Hull, are wondering whether or not they can get a mortgage in the situation they are in, and how much can they borrow for a mortgage.

Modern Day Affordability – How much can you borrow?

In 2014, the Financial Conduct Authority (FCA) launched something called the Mortgage Market Review (MMR). This was a completely brand new way for mortgage lenders to do business, with new guidelines that they had to follow, in order to stop the “Credit Crunch” from happening once again.

The modern way of reviewing a customers credit history, includes looking at your spending habits, going more in-depth in making sure you can afford a mortgage. In the past, it was commonplace to borrow much more than your annual income, which thankfully is no longer the case!

Nowadays you can only borrow a multiple of your annual income, making it much less risky to lend and to borrow. Speaking of income, that’s the biggest factor in determining how much you can borrow. If you are a high earner, you are likely going to be able to borrow more than a lower earner.

Everyone’s situation is different, and those differences can also determine how much you can borrow. Some have childcare costs, student loans, other costly credit commitments. In this case, you will very likely be borrowing less than someone who has the same income, but is without those costs.

Credit history is a big factor in obtaining a mortgage too. Whilst it doesn’t necessarily directly affect the amount you can borrow, applicants with a poor credit score or adverse credit may either be declined altogether, or have to pay more on interest, to cover the risk to the lender.

Because of the interest-rates, you’ll be paying a larger sum per month to the lender. Let’s say your monthly payments are a specific amount, but you can only afford half that amount per month.

This could mean you aren’t able to borrow as much as you would’ve liked, due to a cause and effect of having adverse credit.

Additionally, how a mortgage lender assesses your income could determine how much you can borrow. Some will see something like pension contributions as a fixed outgoing, so may lend less to an applicant than another lender might, who wouldn’t factor in that outgoing into their assessment.

There’s a lot that goes into assessing affordability, as each mortgage lender will have their own unique lending criteria. You might have a good deposit and sufficient income, and still find that one lender may lend less than another, purely down to the smallest factor.

As a mortgage broker in Hull, we are able to take a look at your case and determine what you may be able to afford, prior to speaking with a lender. We’ll search through thousands of deals, matching your criteria up with the most appropriate product.

Why did the mortgage market review happen?

Taking a Look Back at The 1990’s

Whilst it’s helpful to take a look at how things are now, it’s also important to understand why they are like this now. In the 90’s, before credit scoring existed, mortgage applications would be manually underwritten.

This meant that the process of approving a mortgage wasn’t based on a streamlined, near foolproof algorithm on a computer, as it was instead looked at by real people, at their own discretion.

It was quite easy to just book an appointment with a bank or building society, sitting down with the manager and discussing your mortgage case. From there it would more or less be a sales pitch, in which they would push a savings account until you’re “creditworthy”.

From this point, you would be granted the previous equivalent of an Agreement in Principle, as well as mortgage advice regarding the amount you were able to borrow. This might sound personalised, straightforward, easy… Perhaps too easy.

The reason it was as such, was down to it once again, being that person’s discretion. The manager of that establishment could interpret the lending manual in any way that they saw fit.

What this means is not only were a lot of wrong decisions made, but you could have walked into any bank or building society branch, anywhere in the country, and received a different outcome each time.

To stop this from being the case and to cut unnecessary costs, mortgage lenders opted to use automated affordability. This meant that instead of the bank manager choosing your affordability and maximum borrowing, you were now only limited to a multiple of your annual income.

What Happened in The 2000’s

Skipping ahead to the early 2000’s, mortgage lending got a little too relaxed. Automated affordability checks were still in place, but these mortgage lenders were allowing customers to self-certify for a mortgage.

Self-certification was where an applicant can sign a document to self-certify their earnings, without having to provide evidential documents, such as payslips or tax returns.

Not only this, but mortgage lenders were also allowing for 100-125% loan-to-value mortgages, meaning not only were you self-certifying your income (sometimes with a falsely inflated figure), but you were also borrowing much more than the property itself was worth.

As you can probably expect from this information, or as you may have even experienced during 2007-2008, the economy crashed and we entered the infamous “Credit Crunch”. The years following, especially between 2008-2010, were very challenging indeed.

These challenges extended to the home buying market too, as people attempting to get onto the property ladder for the first time, found it near impossible to do so.

Mortgage lenders had to change, their lending habits had to change, strict criteria needed to be put in place to fix the mess that had been made. As such, the government introduced the Mortgage Market Review in 2014 that we mentioned earlier, and the market eventually recovered.

How can a Mortgage Advisor in Hull help?

As an open & honest mortgage broker in Hull, we believe you will benefit from our expert mortgage advice service, especially if you are a first time buyer in Hull.

We pride ourselves on helping customers find their footing on the property ladder. We can search through 1000’s of mortgage deals, reviewing your case against lender criteria, finding the best one for your circumstances.

To learn more about how much you may be able to borrow, or to get started on your mortgage journey, book a free mortgage appointment online today using our online booking feature. A trusted and dedicated mortgage advisor in Hull will review your case and answer all of your mortgage questions as best as they can.

How to Sell your Home Quickly in Hull

Mortgage Broker in Hull For People Moving House

If you are getting ready for moving home in Hull, taking the next step in your homeowners story and moving further up the property ladder, you will need to think about selling the home you already have.

Once you have gotten to the point where you have sold your home, the equity that is sitting within your property (equity is the difference between the value of the property and the amount on your mortgage balance), will be used as a deposit for your new home purchase.

This can be topped up by something like savings or a gifted deposit from a family member.

The way your home is presented and marketed to potential buyers will depend on a variety of factors. If you get it right, you could sell your home very quickly. If you get it wrong, you could be waiting for a sale.

In order to make the most out of your sale, you’ll need to do some research. Here are our top tips for selling your home quickly;

A Look at How to Prepare for Home Viewers?

How to decide on your asking price?

When it comes to deciding the asking price for your property, you’ll of course have a minimum in mind, but it’s also important to make sure it isn’t unreasonable and over the odds locally. An estate agent may tell you the potential highest price it could sell for, but it isn’t necessarily going to sell for that much.

Within the first few weeks of your property being listed, you’ll want to get as many eyes on it as possible. If you aren’t getting as much interest as you’d hoped, it’s most likely because your asking price is too high.

If at this point you have already found the place you would like to move to, you’re going to need to try and sell it as quick as possible. As such, getting the asking price right is the best way to start off your process of moving home in Hull.

How does your house look from the outside?

We have been hard at work as a Mortgage Broker in Hull for over 20 years now. One of the main things we hear brought up from home buyers on a regular basis, is how the property looked externally.

Making sure your home looks appealing from the outside will be the best way to make sure your potential buyers are engaged. You’re making a first impression on them, so it needs to be a good one.

Sometimes, it’s the simple things that make the most difference. A neatly cut front lawn, your driveway being jet-washed and clean, things like that.

They show a potential buyer that your home is well looked after and that you want people to be impressed by the quality of it. If the outside looks good enough, you may be more likely to attract attention to the inside.

Remember, you only get one shot to make it count, you might never get this moment again. So in order to maximise your chances of selling your home quickly, definitely pay some attention to the outside and make it look as appealing as possible.

How does it look from the inside?

Before you start allowing people to come in and view your home, you’ll need to make sure that everything is clean and tidy on the inside!

The idea is to ensure that the viewer feels a sense of welcoming, that they feel comfortable. After all, this is potentially their next home, so you want them to envision that potential.

Clean up your clutter!

Take away anything you have lying around, especially items left around the front of your property. Once again, it’s back to that first impression. This will be their first instance seeing the inside of your home in person, you want them to know you’ve looked after it.

Little things like buying a new doormat, cleaning any light fixtures, ensuring the doorbell works if you have one. This will all add up in the eyes of a viewer. People tend to remember negatives a lot more than positives, so reducing the amount of negatives they encounter ensures for a higher chance of a sale.

After your hallway is all clean and tidy, it’s time to take the cleaning supplies on tour, going room by room to ensure the whole place is looking as spotless as you can possibly make it. Cupboards and wardrobes are a go-to for most people, they will definitely want to see storage potential, so make sure they’re all neat and tidy.

Pay attention to the little things in your home

Make sure you give the kitchen and bathroom a good look over too, as they are going to be some of the most important areas in the house. If you happen to be a smoker, get rid of any lingering smells as that will definitely put people off. Air out the property and remove items that may still smell of smoke.

Tidying up clothes, new bedding, cleaned windows and things like that, will all leave a positive impression. New carpets will also go down well with possible buyers.

All of the interior doors should be painted and any fixtures should be polished. Also make sure that they definitely work, as you won’t want a potential viewer to see something like a broken door handle to a room.

Light is a big factor too, so you’re going to want to see that all the rooms are well lit. If there are curtains and blinds, you’ll want them open. The room should feel nice and warm but also not too hot. If it’s a hot day, you perhaps want a window open, so they feel comfortable.

Also make sure that your lightbulbs are working everywhere. Some have said before that the smell of “baking bread” will attract people to a room. This is an old fashioned approach, make sure it doesn’t smell of any food whatsoever.

Let the viewer feel at home

You will need to plan accordingly for each home viewing. The idea each time is to allow them to feel as relaxed and at home as possible. This means keeping kids or pets out of the way whilst they’re walking around.

On the other hand, if they’re a young family or they are making plans to be, having family pictures or any paintings dotted around will serve to remind the viewer that this is a family home.

Don’t be afraid to let them explore your home by themselves, but also don’t stray away from them too often. You’ll want to make sure they’re not crowded so they can discuss amongst themselves, but also be on hand to answer any questions.

Make space for them to visualise a future

Something that doesn’t always cross the mind of people moving home in Hull and selling their home, is that empty space can actually be a good thing too.

Showing empty space allows for potential property buyers to visualise what their home could look like. A buyer could see an empty wall and picture putting up a canvas on there, or sitting a bookshelf in front of it, that sort of thing.

Have a presentable garden

Another big factor in purchasing a home, sometimes even the deciding factor, is how the garden looks. Not only do people like their own piece of green to relax in, but it’s generally the last thing the viewer will see.

Your last impression is just as important as the first impression. The viewer will remember exactly how they felt when they entered and when they left. Just like the inside, make sure there is nothing laying around outside, tidy everything away that doesn’t need to be out.

Don’t just pile it all into the shed though, as if you have one of these, the viewer will more than likely want to see what kind of garden storage space they could be working with.

Make sure that your fences have slats correctly in place, with the wood either freshly painted or creosoted. People also love to see a colourful garden, so some bright, newly planted flowers could really sell someone on your home.

Liven up the place, remove any dead plants laying around, ensure the grass is neatly cut and that all grass clippings are binned. Do all of this well, and it could be the factor that plays the biggest part of selling your home.

Be yourself with the home viewer

People like people and you will also be leaving an impression on them. Be warm, be welcoming, but also be yourself. They are one of hopefully many potential buyers, so don’t worry if they don’t make an offer.

You’ll want to give a balanced view of the property, being transparent about different problems you have had, how easy it was to fix the issue and giving them full reassurance that they are unlikely to occur again.

Examples of this would be if you had a leak fixed. They’ll need to know of anything reoccuring too if there is something, as the last thing you want is for them to buy your home from you and then be riddled with surprise problems!

Estate agents will no doubt want to take on the property viewings themselves, so that they can earn their commission, but remember that nobody knows your home like you do. You’ve lived there, you’ve grown there, you know it better than any outside party could.

As such, don’t be afraid to jump in and make your own comments every now and again, filling in the blanks where an estate agent salesperson may not.

Last but not least, remember the emotions that will be tied to the purchase of your home. This could be a family looking for their forever home, a first-time buyer looking to purchase their first ever home, and so many more scenarios.

Point out that it has been a happy home, speak fondly of the place. If you’re speaking to a young family or find out that they are looking to start a family, make sure you talk about yours as this is sure to rub off on them and plant the seeds of potential.

Mortgage Advice for Moving Home in Hull

Remember that moving home in Hull can also be a stressful experience. Let a dedicated and expert mortgage broker in Hull like Hullmoneyman take the stress away, by getting in touch today.

Our team of mortgage administrators and mortgage advisors in Hull will do everything they can to keep you informed and up-to-date throughout your process, ensuring that your mortgage goes as smoothly as it can.

Book your free initial mortgage appointment using our online booking feature and we’ll see how we are able to help with your mortgage needs when moving home in Hull.

What to do If I Miss a Mortgage Payment?

Mortgage Advice in Hull

Any homeowner would never want to miss mortgage payments, however, unexpected events like an illness or family emergency can happen which could lead to financial difficulties. In particular, those with low income and minimal savings.

If you have no insurance policies in place that could cover your mortgage payments should unexpected events occur, this can make the situation challenging.

In this article, we felt we should answer the following questions: what should you do if you are in this situation and think you will miss mortgage payments, and how can you improve your credit score afterwards?

Notify your lender immediately

In the case where you feel you’re going to miss an upcoming payment on your mortgage, you need to inform your lender immediately. When you have missed a payment, this will show up on your credit record, which will affect your ability to remortgage when your old mortgage is coming to its end.

There might be an alternative available to help you avoid missing a payment, however, this depends on your lender’s criteria and situation. Lenders will provide support and guidance to borrowers who are going through a challenging time.

You should not feel embarrassed by your situation. This is a circumstance other people have been through, some struggling more than others. You won’t be the first person or the last person who has contacted them being in this situation.

What happens when I miss a payment?

It’s important to know that it isn’t the end of the world, however, this may negatively affect your credit rating. This does some down how quickly the situation is resolved and how well you communicate with your lender.

Your lender will inform the credit referencing agencies if you fail to pay your mortgage as this will negatively impact your credit score. As mentioned, lenders will generally have a set period after the payment due date. This will differ depending on the lender.

Struggling to manage multiple mortgage payments can result in defaulting on the loan agreement, meaning that your lender could take repossession action. Lender’s last resort would be repossession and eviction, they will generally negotiate with you and help make a repayment agreement.

The Importance of Taking Out Protection Insurance 

Here at Hullmoneyman, our Mortgage Protection Advisors in Hull will recommend taking out the relevant insurance to protect you and your family from financial burden during unexpected health issues.

Depending on the protection insurance you take out, these will help pay for your mortgage and bills if you are off work sick or critically ill.

Please get in touch to speak to one of our Specialists Mortgage and Protection Advisors in Hull if you are looking for support and guidance. They will be able to find out which insurance will be the best for you.

What is a Tracker Mortgage?

Tracker Mortgage Advice in Hull

You’ll find that there are all kinds of mortgages available, though determining the best one for you, depends on your circumstances and what you’re looking to achieve. Remember, a mortgage deal is only as good as the situation it is paired up with.

As an example of this, you could get a tracker mortgage but then later realise that you want fixed payments (a fixed-rate mortgage), but you are locked into your deal and can’t switch.

As an open & honest Mortgage Broker in Hull, this is why we always highly recommend that you do your research first or get in touch with a trusted Mortgage Advisor in Hull, to make sure you end up on the right deal.

Feel free to watch our YouTube video from our moneymanTV channel on the topic of “What is a Tracker Mortgage?

What is a Tracker Mortgage? | MoneymanTV

What is a Tracker Mortgage?

If you are on a tracker mortgage, the interest rate on your mortgage is tracked from the Bank of England base rate, with another percentage is added on from your lender. Your lender cannot choose this additional rate.

For example, the Bank of England base rate could be around 1% and your lender has to put on another set amount of say 1%. This means that depending on the Bank of England percentage, your interest rate will always be a percentage above that.

Will a Tracker Mortgage in Hull benefit me?

A Tracker Mortgage is great if at the time of enquiry, the Bank of England’s rate is low. It tends to sit around 0-1%, however, it will rise and decline throughout the course of the year.

During the credit crunch in 2008, the market crashed, which meant that the interest rate shot up.

The highest we saw it go to was around 5%. If you also consider the percentage that your lender will add on top, you could’ve had 6% interest on your monthly mortgage payments.

On the flip side, in March 2020 we had a similar scare in the mortgage market, this time because of the Coronavirus. It played out differently this time though, as the Bank of England rate decreased massively, it went down to 0.1%.

If you were on a tracker mortgage during this time, it was likely that you were on a 1.1% interest rate.

Of course, during this period, you couldn’t even get a tracker mortgage. This was because the rates would’ve been too good to be true and at the end of the day, lenders are trying to make money and not lose it.

Whilst these rises and dips do happen, it’s important to remember the history of the Bank of England base rate too. Whilst they may increase, these rates were once upwards of nearly 17% (during the 70’s), so whilst they may seem high compared to recent years, it could be much worse!

A tracker mortgage has positives and negatives. They heavily rely on the economy, so if the market is performing badly and the Bank of England rate is high, a tracker mortgage is not the best mortgage out there.

If you reverse the situation and perhaps look at if the economy is performing well with a low Bank of England base rate, a tracker mortgage will give you one of the best rates you can get.

Different Types of Mortgages in Hull

There are a wide variety of different mortgage types available to home buyers and homeowners alike. Before making any hasty decisions, it may be beneficial for you to speak with a member of our mortgage advice team.

A trusted mortgage advisor in Hull can help you look around for deals, trying to find you the most competitive one for your personal and financial situation.

If you are a First Time Buyer in Hull, you will especially see the benefit of taking mortgage advice. We have been working with mortgages for over 20 years now and know lender criteria front to back, able to match you up with the right deal.

Even if you are looking to Remortgage or Move Home, you will also benefit from Mortgage Advice in Hull. As an experienced Mortgage Broker in Hull, we will work alongside you from the beginning of your process, through until completion and even beyond.

Hullmoneyman.com & Hullmoneyman are trading styles of UK Moneyman Limited, which is authorised and regulated by the Financial Conduct Authority.
UK Moneyman Limited is Registered in England, No. 6789312 | Registered Address: 10 Consort Court, Hull, HU9 1PU.

Authorised and Regulated by the Financial Conduct Authority.
We are entered on the Financial Services Register No. 627742 at www.register.fca.org.uk

The information contained within the website is subject to the UK regulatory regime and is therefore primarily targeted at customers in the UK.
Should you have cause to complain and you are not satisfied with our response to your complaint, you may be able to refer it
to the Financial Ombudsman Service, which can be contacted as follows

The Financial Ombudsman Service, Exchange Tower, London, E14 9SR
www.financial-ombudsman.org.uk

© 2022 Hullmoneyman

Hullmoneyman, 410 Wincolmlee, Hull, HU2 0QL.

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