Have you ever had one of those moments where you’re booking a flight, only to find that you booked it on the wrong date or airport? You’d expect these things to be fairly straightforward, but sometimes they end up taking too long, being far more complicated than necessary, and in some circumstances costing more than you’d initially planned for.
These sorts of scenarios can cause you unnecessary stress along the way. Something that was meant to be fun, has now had that fun taken out of it because of one tiny mistake. In these cases, you have the option of going the route of using a travel agent to help you with bookings, reducing the stress of the process.
These same stresses and worries appear in the world of mortgages and much like the travel agent, this is where a Mortgage Broker in Hull like ourselves will come in handy, and take the weight off your shoulders.
You may have recently seen a fixed rate advertised, only to find that its rate doesn’t match your situation. As with all advertising, it’s there to draw you in and make you want to see more. Generally speaking, these deals are aimed at customers with lots of equity and perfect credit ratings.
There will almost always be a more attractive deal out there, but that doesn’t mean that’s the most suitable deal for you personally or financially.
You must also bear in mind that when going with this specific lender, you only have access to their products and their advisors. Also, be wary of real estate agents and their price comparison sites. You can read more about the Sales Tactics of Estate Agents in our article.
Here at Hullmoneyman, a customers best interests are always at the heart of what we do. We are able to offer a wide range of products from different, sometimes more niche lenders, depending on what it is you’re looking to achieve. As well as this, our loyal team of Mortgage Advisors in Hull will never try and force anything on you that you don’t want, we just want to help you along your journey.
Book your free mortgage appointment to speak with one of our Mortgage Advisors in Hull today. They’ll explore your options and recommend you the most suitable mortgage deal to match your current situation.
Also, features such as a fixed rate of interest, offset options, or variable rates for flexibility, may be recommended for you. It’s our job to know these criteria inside and out, which is why we will work hard to make sure you’re on the most suitable path for your situation.
If we’ve done our job right, and we have a good track record of doing just that (see our Customer Reviews). You’ll walk away with a deal that allows you to borrow the amount you’d like, with reasonable interest rates, saving you time and money.
We have helped many First Time Buyers in Hull, to those wanting to know there Remortgage Options in Hull and even those who are looking for Self Employed Mortgage Advice in Hull too. If you would like to take advantage of our free initial mortgage consultation and speak with a Mortgage Advisor in Hull, please get in touch and we’ll see how we can help.
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:
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.
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:
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.
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.
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.
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:
By preparing six months prior to starting the mortgage journey, you may be able to avoid some of these problems.
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 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.
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.
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.
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.
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:
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!
Your mortgage illustration will include the main product details, costs of taking out the product, monthly repayments, legal fees and sometimes valuation fees.
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.
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 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 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.
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.
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.
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.
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.
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.
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;
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
When you’re buying a house, you need to prepare your mortgage application alongside your property searching. This process can be stressful and a little daunting, especially if you are a First Time Buyer in Hull and you haven’t been through this part of the process before.
When preparing your application, you will be asked to provide proof of your address. This will allow your lender or Mortgage Broker in Hull to check that you live where you say that you live.
When checking over your mortgage application, your lender will be looking to make sure that all of your addresses line up. They will check your identification, bank statements, bank cards and even your billing and shipping addresses of various store cards.
You need to make sure that all of your addresses are in line with one another. Your lender will be able to see when addresses don’t match and will pick up on it.
This may be easy to monitor if you are a First Time Buyer as all of your details should be registered to your parent/carer’s or rented address, whereas, if you are Moving Home, you may have to double-check all of your linked addresses. Then, once you move into your new house, you will need to change all of these linked addresses to your new one.
If you move home and forget to change your address, your bank statements, letters and bills may be sent to an old address. This can negatively affect your credit score.
For example, if you get a parking ticket and the letter is sent to your old home, you will not know about the payment. This payment will keep going up and up if not paid and you may receive a default on your file for not meeting the payments. This is why it is important to change your address when you move home in Hull.
Your lender may decline your mortgage application if there are multiple addresses linked to your name. They want to see everything in line and have no mistakes, such as spelling issues.
If your application is declined, that can also have an adverse effect on your credit file. During your next application, when your lender performs a credit search on you and your file, they will be able to see that you have been previously declined.
This will not work in your favour, and it will only get worse if you keep applying and get declined.
This is the point where you should speak with a specialist. A Mortgage Broker in Hull like us will help you prepare your mortgage application and make sure that you have your information correctly filled out before you submit it.
Applying over and over will only lower your credit score, which can severely impact your ability to get a mortgage or obtain credit in the near future.
If you are looking for Mortgage Advice in Hull, then feel free to get in touch with our brilliant team. We are available 7 days a week so that you can get in touch at a time that suits you. Put your work and personal life first, then give us a call and we can book you a free mortgage appointment with an advisor. We hope to hear from you soon.
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.
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!
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.
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:
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.
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.
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).
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
Customers will always receive an Agreement in Principle from the lender before they can obtain a mortgage on a property. The reason for this is so that you know the lender will agree, in principle, to let you borrow from them.
This part of the process is carried out before the final checks and whilst even with this we cannot guarantee that you will get a mortgage, being given this is certainly a good sign that you’re on your way to mortgage success.
You’ll often see this online being called a Mortgage in Principle and a Decision in Principle. Sometimes it will be shortened to AIP and DIP. Though the collection of names can be confusing to home buyers, worry not as they’re all exactly the same thing.
Once you have gotten an Agreement in Principle, you will be ready for the next steps of the process, fully prepared to support any offers that you look to make as a First Time Buyer in Hull.
By having this document, you may also give yourself room to negotiate with the seller of the property on a lower price.
This is because it will showcase to the seller of the property in question, that you are a serious buyer and have the necessary funds to move on with the mortgage process.
We tend to find that a large amount of lenders these days are choosing to go with soft searches instead of doing hard searches. As a standard rule of thumb, a soft search will not affect your credit score, as they don’t usually leave a footprint.
Hard searches will leave a footprint behind, so having lots of them done can be quite damaging, especially if you fail it each time. That’s not to guarantee a soft search will have no effect, but it is very unlikely.
Soft searches offer less in-depth information than you would get from hard searches, though worry not as no matter which one the lender opts to use, they will be doing it for the right reasons.
If you are not getting hard searches taken out on you regularly, then having one done should be pretty harmless. The problem arises is if you start having multiple hard searches taken out on you in quick succession.
Always remember that if you fully know that you do have a good credit rating, there is no need to be put off by the idea of getting a hard search done, especially if it will be the best option for you to go with.
Though it would be nice for us to say yes and lift your spirits, unfortunately even with an Agreement in Principle to hand, a mortgage is not always a guarantee at the end of the process.
The mortgage lender still needs to take a look at all of your documents and only after their checks are complete will a mortgage underwriter be able to make their final decision.
Customers often get in touch with us after they have previously been declined at the point of application, as they have neglected to read the small print that is stated within their Agreement in Principle.
You are required to provide your mortgage lender with proof of identity, the last 3 months payslips and bank statements to demonstrate your financial capabilities, before a mortgage lender will offer your case.
The required documentation is a little bit different for Self-Employed Mortgage applicants in Hull.
Whilst yes, you would be able make an offer without an Agreement in Principle to hand, you would be much better off for getting one prior to making any property purchase offers.
Whether you take the document, a lender will always have to agree in principle before the mortgage itself can proceed.
Any estate agent with credibility will want to see an AIP before they do business with you, as they need concrete confirmation that you have the funds to proceed and won’t be wasting anyone’s time.
A trusted mortgage advisor in Hull will usually be able to obtain an Agreement in Principle within 24 hours of your free mortgage appointment.
An Agreement in Principle tends to expire somewhere between 30-90 days. Always be mindful though that you don’t just have to make an offer on the first house you encounter within your price range. Take as much time as you need.
If your Agreement in Principle expires, your mortgage advisor in Hull will easily be able to get you a new one, in order to help you make offers when you are ready to.
Finding the home of your dreams, only for a lender to decline you, can be both frustrating and crushing. To counteract this feeling, we would highly suggest that you get an Agreement in Principle as soon as you can, to make sure you’re wholly prepared for the mortgage process.
To gain a better understanding about what an Agreement in Principle is and how they can be useful, take a look at our helpful YouTube video guide.
Dealing with one mortgage can be difficult enough, never mind two!
There are many different reasons why someone may want more than one mortgage, some are more common than others. As a Mortgage Broker in Hull, we see that the most popular scenario is when a landlord wants to take out another mortgage for a Buy to Let.
Whether you’re in this situation or something similar, our mortgage advisors in Hull are able to help you through your second mortgage journey.
Lenders will look at your current mortgage affordability, income and expenditures before accepting your second mortgage offer. They will need to know that you can afford another mortgage.
They may also require you to put down a higher deposit on this mortgage. This will not be around the 5% mark; it could be anywhere between 15-40%.
These are the most common mortgage situations that our team come across. During our years of working within the mortgage industry, we’ve come across all of these situations and managed to help many customers through them. Our team of Mortgage Advisors in Hull have in-depth knowledge and experience with Buy to Let mortgage criteria.
A Buy to Let is a property that you rent out and do not live in. They’re usually bought by current or aspiring landlords.
Buy to Lets will likely require you to put down a higher deposit amount. For any Buy to Let, you’re going to have to put down an amount between 25-40% loan to value rate.
Buy to Let mortgage repayments work the exact same way as your current mortgage. You will be issued with monthly bills and interest rates will apply.
If you’re taking out a second mortgage for a Buy to Let property, it may benefit you to speak with a professional Buy to Let expert. Our advisors have been working with local landlords in Hull for many years now, building up strong relationships with them and helping them with their remortgages on their property’s.
Let to Buy works in the same way as a Buy to Let, however, you are moving home into the property that you’re purchasing and renting out your current one. Deposits and payments will remain the same as a Buy to Let as you’re still taking out two mortgages.
Our Buy to Let Mortgage Advisors in Hull are also experienced in working with Let to Buys. Book your free mortgage with one of them and find out whether you can qualify for one.
This scenario is becoming more and more popular, particularly in recent years. Parents are becoming aware of the struggle to get onto the property and the costs of a mortgage.
With the constant rise of inflation and property prices, First Time Buyers in Hull are needing a helping hand to move home. Sometimes people require just a little bit more than a gifted deposit.
Applicants receiving help from grandparents and parents is not unusual. It’s likely that they’ve already paid off their mortgage and can afford to offer their help. The family member offering the help will have to pass lenders affordability checks to make sure that they can afford to pay for their child’s or grandchild’s mortgage.
When it comes to taking equity out of your home to raise funds, people normally use the money for home improvements, debt consolidation, to buy something such as a car or to fund a wedding etc. Another option that people sometimes choose is to release equity and take out another mortgage.
This situation could also be known as a further advance. A further advance is when you borrow more from your current lender to fund something like home improvements or a second mortgage.
The amount you can borrow would be entirely dependent on the amount of equity in your property and you would still need to prove that you can afford the additional mortgage amount on top of your existing one.
The amount that you can borrow from them will depend on the amount of equity in your property. Also, you will still need to prove that you can afford a second mortgage.
Often, it can be difficult to get your name removed from a mortgage, therefore, sometimes people leave their name on. Even though you’re still named on a mortgage, it can be possible to take out another one in your own name.
When this situation comes about, it’s usually because of a recent divorce or separation. Unfortunately, the financial complications must be addressed sooner rather than later in a scenario like this.
When you want to take out a second mortgage in your sole name, it may be a little harder to get accepted. Your lender knows that there’s just one applicant and you’re still linked with another mortgage. Even if you’ve made agreements with your ex-partner that you’re not going to contribute to their mortgage payments, they will still see it as a potential liability.
This situation can get very complicated and stressful, therefore, we recommend that you speak with a Specialist Mortgage Advisor in Hull. Our advisors are very experienced in dealing with divorce and separation Mortgage Advice in Hull. For help and advice, book your free mortgage appointment online and speak with an expert.