Can I Port My Mortgage to a New Property in Hull?

How does porting a mortgage work? | MoneymanTV

Porting Mortgage Advice in Hull

Any homeowner with a mortgage to their name will notice that the vast majority of high street mortgages on the market are portable.

A portable mortgage is where you move home, from one property to another, but still, take your existing mortgage with you and avoid the need to pay a penalty charge for doing so.

These come in handy if you are currently on a fixed rate mortgage deal with low interest rates, but looking to move into a new property. Doing so will give you the possibility to avoid having to pay an Early Repayment Charge (ERC).

Are all mortgages portable? 

No, not every mortgage deal on the market is portable. Especially mortgage product from a specialist lender, as their mortgage was probably quite complex to qualify for in the first place and they won’t want you to port it.

To find out whether porting your mortgage is the right option for you, get in touch and speak to your mortgage lender, they’ll be able to give you an answer.

Should I port my mortgage?

Even if their mortgage is flexible enough to port, some homeowners may decide that option is not for them and choose not to do so.

The reason that these customers may not wish to proceed with porting their mortgage, can be down to a variety of factors. This can include situations where perhaps a mortgage lender isn’t willing to lend the extra funds, or differing interest rates in those additional funds.

It may be worth your while accepting the Early Repayment Charge (ERC) and move to a different mortgage lender altogether, if it works out cheaper to go to that new deal. 

What is a sub-account? 

This is a type of account that will be attached to your mortgage when you look to port it and the additional funds will move onto a deal that is different to your original mortgage.

Because of this, each of these will be on two different rates of interest that are applied on both the mortgage and the direct debit.

In the future, the fact that the products can overlap may become problematic, and this might need looking at down the line, in order to get them realigned. This may mean one of the sub-accounts falling onto a lenders variable rate briefly. 

Mortgage Advice in Hull for Porting Your Mortgage 

If you are looking for Moving Home Mortgage Advice in Hull or you are looking for a Buy to Let Mortgage in Hull, get in touch and speak to a mortgage expert today. We are experienced in helping many kinds of mortgage applicants in situations like this, and will do what we can to assist with all of your mortgage needs

What is Gazumping? Should Home Buyers Be Afraid Of It?

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.

Is Gazumping illegal?

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.

How does Gazumping happen?

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.

Buyers Market vs Sellers Market

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.

Market Updates | MoneymanTV

Ways to Avoid Being Gazumped

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.

  • Look for a conveyancing solicitor or surveyor early on in order to reduce the wait time.
  • Provide all the necessary information as soon as possible to quicken up your mortgage process.
  • To demonstrate to the lender that you are ready to proceed, get a mortgage agreement in principle. This will give you an advantage to those who try and get in there without confirmation of their mortgage eligibility.

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.

Other Helpful Gazumping Tips

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.

How a Mortgage Broker in Hull Can Help

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.

Buying a Property with a Friend or Partner in Hull?

Should I Buy a House with a Friend or Partner? | MoneymanTV

Buying a Property with others in Hull

The start of your mortgage journey involves finding a property and obtaining a mortgage, all this can be a daunting experience for many homebuyers, especially if they are First Time Buyers in Hull going through the process by themselves. As a Mortgage Broker in Hull, we have spoken to a number of homebuyers in Hull who have decided to purchase a property either with a friend or partner if they could.

A part of the process will involve the advisor conducting an affordability assessment in which they would ask about your current financial situation. This gives us an idea of the maximum mortgage amount you can borrow from a lender. If there are two applicants, lenders will factor in both applicants’ income. Thanks to two sources of income being on the mortgage, it can increase the chance of getting a mortgage offer.

Should you default, your co-borrower could also be responsible for the full mortgage, and vice versa. Following is a list of useful tips we encourage you to take into account when moving into a property with a friend or partner.

How many people can jointly own a property?

All this comes down to which lender you’re with, nevertheless, you will generally be able to co-borrow with up to four people jointly. As much as having more people who are involved can work well with having their application accepted, it is best to keep in mind that this does increase the likelihood of someone pulling out prior to the term ending. For this reason, you must be aware of the people you choose to buy a property with.

There is the opportunity to increase your mortgage later if you want to, but all parties must agree to this. With this in mind, it is best to plan in advance about your future and your plans for ownership of the property.

What is the difference between Joint tenancy & tenancy in common?

Joint tenancy is an alternative that is most popular with civil partnerships or married couples. Joint tenants are two halves of one whole, one borrower. Therefore, in the tragic event where one half of the party passes away, the property will be automatically granted to the other half.

Under the circumstances, where you are looking to remortgage or sell the property, both of you would have reached an agreement before continuing with the mortgage. A ‘Tenancy in Common’ can be an option if you and your co-borrower are friends or family. This means that you both own your part of the property.

You don’t need to split your shares equally either. Therefore, if you find that one of you is on a higher income, for example, one of you will own more of the property than the other. One benefit of being a ‘Tenant in Common’ is that you can have the freedom to act independently so it’s your choice if you want to sell or give away your share.

Joint Mortgage & Removing Names in Hull

What happens if you jointly own a mortgage, but your co-borrower(s) stop meeting the mortgage payments?

A mortgage lender will emphasize that all borrowers are jointly and severally liable. Due to this, you will be liable to keep up the payments if one person chooses not to pay their share of the mortgage.

How do I remove my ex from my mortgage?

If you’re looking to buy a home with your other, you never actually expect that you are going to split up before the term ends. It is a large financial commitment to make, let alone with someone else, and can be a complicated process if you want to make a change.

This can be even more difficult if children are involved because it is likely that one parent will stay with them whilst you are the one who will move out and find their own mortgage. Irrespective of whether you are staying or going, both parties will need the aid of Mortgage Advice in Hull to find a suitable solution.

Even if the person has been paying the mortgage with the input of their ex or not, this doesn’t change the fact that it was applied for in a joint name. This means that in the event of arrears, they will still chase both parties. Before removing your ex-partner from a mortgage, the lender will need to be sure you will be able to maintain mortgage payments by reassessing your income before they proceed.

It can be common for people to apply jointly for the second time with a friend, family member, or new partner, if they are, will find it difficult to afford a mortgage on their own. In this circumstance, it can be beneficial to obtain Mortgage Advice in Hull.

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

As mentioned, in the circumstance where you may end up divorcing or separating from your partner while on a mortgage, you are both still responsible for the property and its mortgage payments.

Firstly, you would need to get in touch with your lender if you were the one who wanted your name removed from your mortgage. You can’t just make an agreement between the two of you.

In the situation where you are looking to get a mortgage of your own, the lender would take into consideration the property you are currently tied to. Therefore, it’s important to make sure that you are removed from the previous mortgage.

Circumstances like these will require you to look at getting Mortgage Advice in Hull.

You will find that some lenders will be more generous than other when it comes to how much they will be willing to lend you. This is something your allocated Mortgage Advisor in Hull will factor this in when recommending the best mortgage lender for you to approach.

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.

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.

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.

The Pros and Cons of Using a Mortgage Broker in Hull

As could probably be predicted from us, we firmly believe that there are some great reasons for customers to use a mortgage broker in Hull.

As a fair counter argument though, whether it’s via a branch or online, it is still completely viable to go direct to the lender yourself. Luckily we find that most people prefer to make use of a mortgage broker.

Here we will take a look at the pros & cons to both sides.

Pros & Cons of Going Direct

When talking about the option of going directly to a bank or building society, the first thing that immediately springs to mind is that you’ll be free from any broker fees. This of course will save you money.

Whilst that may be a point for, an immediate point against comes to mind too. In previous years, you may have thought “the bank manager will know my finances inside and out”, though when credit scoring was introduced, this no longer became a factor in the process.

One reason why going direct could be preferable, is that some lenders offer exclusive mortgage products that are only available by going direct. This is done so to attract a good spread of business from consumers and brokers alike, switching these exclusive products as they see fit.

On the contrary to this, some products may only be available by going with a mortgage broker. In this case, you’re not only able to see potential exclusive deals from your bank, but other lenders as well. A bank can only offer their own products!

Mortgage Market Changes in 2014

In 2014, the market changed and lenders were no longer allowed to sell mortgages on a non-advised basis to anyone who walked through their door.

Previously, it had been believed that non-advisors were trying to push actual advice on customers. This means they weren’t able to benefit from some of the consumer protection that comes with speaking to a professional mortgage advisor.

The changes meant lenders had to adjust. Heading towards the end of 2014, it was commonplace to be kept waiting over a month just to speak with an advisor. Sometimes today this situation still occurs, which is of course less than ideal when you have had an offer accepted and are ready to go!

Because of the issues that were occuring with these services, applications being made via mortgage brokers went on the rise. This is because many brokers out there, like ourselves, are able to offer customers a more flexible service, at times that best suit them.

When you book your free mortgage appointment with us online, you’ll be able to choose a timeslot that best suits your personal and work life. Oftentimes, your appointment can be booked in for the same day. There is no waiting around for somebody to get back in touch!

Affordability is definitely something that factors into people’s decisions to use a mortgage broker. No matter how good a lender’s deal might seem, you won’t get very far if they won’t lend you enough money!

Buying a house is so important to people, that many customers will opt to go with a trusted and dedicated mortgage broker for professional and personalised mortgage advice in Hull.

Handling More Complex Cases

Nowadays we find that a lot of mortgage applications aren’t as simple as they once were. For one reason or another, there are a lot of contributing factors that can make the mortgage process a lot more challenging now.

Some examples of these are, but are not limited to:

  • Poor Credit History.
  • Self-Employed Income.
  • Mixed Source of Deposit (Savings/Gift).
  • Let-to-Buy (Renting Out Your Property to Buy Another).
  • Contract Workers/Zero Hour Contracts.
  • Affordability.

In the past, it was a lot easier for lenders to stand out from the competition by simply offering a deal that was similar to, but better than another mortgage lender on the market. In modern times this is very different, with lending criteria being the big difference between one option and another.

An example of this is the differences in leniency towards those who are looking to obtain a Self-Employed Mortgage in Hull. Some lenders are willing to be a bit more sympathetic towards previous discrepancies on your credit report. Others, not so much.

A Tailored Process

Your situation is unique to you, it is very unlikely that someone will have the exact same circumstances as you. You could be looking for First-Time Buyer Mortgage Advice in Hull, ready to take the first step towards being a homeowner.

You might be in a tight spot and need some Remortgage Advice in Hull, ahead of consolidating some debts (something that definitely requires an expert opinion). When you explain your position to an experienced mortgage broker, they may have dealt with something that is at least similar in the past.

This allows them to personalise your mortgage advice service and guide you along each step. With a little luck and a lot of hard work, your mortgage advisor in Hull will hopefully be able to recommend the most suitable mortgage, at the lowest rate available to you.

Beyond that though, it’s about more than just getting a mortgage. Even if the application itself is pretty simple to run through, our clients rely on our expertise and industry experience for so much more.

We are able to run through how much the applicant is willing to offer on their potential new home. Our trusted team of mortgage advisors in Hull are able recommend other professional services such as solicitors and property surveys.

Responsive Service

Another reason why using a mortgage broker in Hull could be preferable, is that we tend to be far more responsive than the lenders might be.

Our hard working team quite regularly work late into the evening, outside of normal hours, giving maximum effort on customer cases to ensure the service is prompt but also effective.

Something that is often overlooked when looking at why customers may prefer a broker, is that people’s day-to-day lives are so much busier. A mortgage might be important, but you may have no free time! A mortgage advisor in Hull will take the weight off your shoulders.

Professional applicants especially see the benefits of using a mortgage broker, as they have clients of their own that they charge out their services to and they appreciate having an expert to do the work for them whilst they keep busy.

Mayhap in the future we will see lenders wanting to take business back from the brokers. In the event of this, we may see a more technological approach from them. The world seems to be more focused on that these days.

That’s great news for customers who are fine with speaking to bots or using automated systems. Even more so when the case is straightforward.

For most of us though, there’s an element of “realness” when speaking to a real person. We are getting that “human touch” that only speak to a mortgage advisor in Hull can provide for you.

Book your free mortgage appointment online now using the “Get Started” button. Time slots are available every day, from early until late, at a time that best suits you (subject to availability).

9 Questions to Ask When Buying A House in Hull

First Time Buyer Mortgage Advice in Hull

Stepping into the mortgage world as a First Time Buyer in Hull can be stressful, especially if you don’t have a lot of knowledge and this is a new experience for yourself. However, this doesn’t have to be the case. It’s good to be prepared as possible in order to make the most out of your house buying experience. Below is 9 questions to ask yourself when purchasing a house as a First Time Buyer.

The 9 most common questions:

1. How much interest has there been in the property/development?

It’s good to have a think about a property you have looked at before you commit to it because a mortgage could be one of the biggest financial commitments in your life.

When it comes to the thinking stage of the process, you need to ask how many people have looked and enquired about the property in order for you to know how long you have to make a final decision. Therefore, if the property is getting a lot of interest, you need to have a final answer pretty soon.

2. Is there a property chain?

A property chain happens when there are a number of transactions occurring at the same time for every sale and purchase to be completed.

If the property is a part of a chain, this can have a significant effect on parts of the mortgage process.

In the case where there is no onward chain like a new home, bereavement or emigration, can increase the chance of you moving in quickly especially if you are not part of a chain yourself. You can have more of an advantage as a buyer if you don’t need to sell your own property first because you won’t be interrupting the home buying process.

It’s good to utilise this benefit when negotiating property price negotiations.

3. What’s included in the sale?

It can be common in homes that have had previous owners for them leave some previous items behind, which can be a benefit for you. These items include electronic goods like washing machines, fridges, freezers or things like sheds that have been left by for the next occupant. This doesn’t apply to new build properties as they come as standard or agreed upon prior to being built.

The advantage of this is that buyers can save money can time, however, can be an issue for those who don’t want these items as you will have to find a way to dispose of them. In the circumstance where you buying a new build property, there might additional items you can buy that can be fitted and ready on the day you move in.

4. What are the neighbours like?

Another factor you may consider is the neighbours as a good or bad neighbour can lie in the option of you living in the property. This can be beneficial to do if you are looking into an area you have no knowledge or experience of. If you move into a new build, then you and your neighbours will be the ones building a community thus making the experience risky as you won’t know what anyone is like ahead of time.

5. How much does it cost to run?

When it comes to running costs, it all depends on the house and the location which is why it’s helpful that you do your research and ask the right questions. Look into things like how much the Council Tax is as well as the average spend on utilities which can be done by researching online or asking the seller. By knowing these factors, you can help budget for each property.

6. Which way does the house face?

The direction the house faces can be an important factor to you especially if you like relaxing in the garden in late summer evenings or reading books in natural light. You may find that having a south-facing garden comes with a large premium price to pay because you will receive the most sun throughout the day.

7. How much work will be required after moving in?

This is another factor you need to think about as it can have a significant impact on your budget. With this in mind, below are some things you may want to look into.

  • Looking at how energy efficient the house is
  • Notifying of any damp issue
  • Altering the furnishing

8. Are you open to offers?

The house buying process usually kick starts with negotiating on a property price. It’s best that you are as ready as you can be to make an offer on a property that you like. If you are wanting to build your skills on this, check out our How to Make an Offer article. As soon as you are prepared, you can then begin negotiating.


To determine if your offer is too high or too low, it’s best to have a chat with the seller of the home or estate agent. From this, you can find out any other offers that have been made and rejected before your offer.

9. When can we move in?

Having a date set in the diary can allow you to plan the other tasks you need to do in advance. These tasks could include instructing a conveyancing solicitor, packing your belongings and sorting out a removal van to bring your belongings to the new property.

Moving Home Mortgage Advice in Hull

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.
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to the Financial Ombudsman Service, which can be contacted as follows

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www.financial-ombudsman.org.uk

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