What is a Shared Ownership Mortgage in Hull?

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

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

How does the Shared Ownership scheme work?

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

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

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

Updates to The Shared Ownership Mortgage Scheme

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

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

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

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

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

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

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

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

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

Pros & Cons of Shared Ownership Mortgages in Hull

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

Pros

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

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

Cons

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

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

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

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

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

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

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

Is a Shared Ownership Mortgage in Hull right for me?

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

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

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

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

Are Mortgage Rates Going Up in Hull?

This is something that we find ourselves being asked regularly by both homeowners and potential home buyers in Hull. The answer to this question depends on entirely on what sort of market we are in and how it is performing.

In order to stay more up-to-date with the mortgage market, including hot topics such as mortgage interest rates and government schemes, take a look at “Mortgage Market Update” playlist on YouTube. We regularly post these types of videos to ensure that all of our customers are “in-the-know”.

What are mortgage rates?

Mortgage rates are the level of interest that a mortgage lender will be charging you on your mortgage balance. This will determine the cost of your monthly mortgage payments, as you are paying, generally, a combination of interest and capital. Lower mortgage rates typically means lower payments.

How are mortgage rates determined?

There are a lot of different factors that can affect what your mortgage rates will be. One that you can absolutely have control over, is any personal factors that will determine if you qualify for a mortgage.

This will include things like your credit score or deposit. The lower the risk, generally, the better the rates. An open & honest mortgage broker in Hull will be able to take a look at your situation, helping you to find the best mortgage deal that is available to you, for what it is you are hoping to achieve.

Our dedicated mortgage advisors in Hull have the ability to search through 1000s of deals, including many different specialist mortgage deals, for customers who perhaps have more complex cases.

What it all comes down to really, at the end of the day, is the current market position, the state of the economy and the base rate of the Bank of England. If the economy is performing well, there will typically be a higher demand for both goods and services, which includes properties.

Higher demand will also usually mean that the Bank of England base rate will go up too, which sees mortgage rates following. The mortgage rates set by mortgage lenders are usually set at a percentage above what the Bank of England base rate is.

Whilst a stronger economy could mean that home buyers can afford more, mortgage lenders aren’t made of money. Because of this, when the base rate is up, the cost of borrowing for mortgage lenders will also rise, which also brings up mortgage rates to cover their borrowing costs.

When the economy isn’t necessarily doing so well, this works conversely to how we mentioned above, as consumers will not be able to afford as much. Because of this, you will typically see interest rates coming down as a why to encourage people on the property ladder with potentially lower payments.

Mortgage Rates Affected by Inflation

As discussed above, one of the biggest factors for changes in mortgage rates, is changes to the Bank of England base rate. As a general rule, mortgage lenders will set their interest rates at a percentage above this. This means that depending on the base rate, this could fluctuate.

Something else that can have an effect on the Bank of England base rate, however, is any changes to inflation. The government ideally have a target in mind that they need to keep at, in order for the cost of living to remain affordable. Unfortunately, this has been known to go over the target.

In situation such as these, you may see the cost of living increase, though unlike the example of a strong economy meaning people may be able to afford more, this can be quite the negative and seeing people unable to afford as much as they would have done.

This of course isn’t exactly the best news for those with ending fixed-rates, as it means they may struggle to afford price increases that are set to take effect once their initial period has ended. In cases like this, a mortgage advisor in Hull can be incredibly beneficial.

Fixed-Rate Mortgages vs Tracker Mortgages

The Bank of England base rate tends to have fluctuations anyway, although usually only very slightly. Tracker mortgages are a type of mortgage that will be following along with this base rate, sitting at a percentage above and moving as and when the base rate moves.

When the base rate is a little low, this can work out quite well, as your monthly mortgage payments will be lower. Unfortunately, if mortgage rates were to go up, you would also be paying more on your monthly mortgage payments, which can change fairly quickly.

An option that could be better for this, which is actually one of the most popular mortgage types you could choose from, is a fixed-rate mortgage. These allow you to lock-in to the interest rate at the time, keeping your payments the same for a set period.

These time periods tend to be between 2-5 years, though they don’t necessarily have to be. An example would be, if your interest rate was 4% and you were fixed-in for 5 years, you might see rates rise to 6% during that time, yet still be paying 4% until that 5 years is up, saving you money.

In times where the economy is a little uncertain, a fixed-rate can provide certainty and stability, giving homeowners one less thing to stress about at home. The downside is that if rates have indeed gone up during this time, when your fixed-period ends, you will move onto a higher rate anyway.

This sort of thing occurring can actually lead some homeowners to remortgage quite early, even being willing to fork out for an early repayment charge, in order to fix in for a longer period and protect themselves from future interest rate increases that could be on the horizon.

How long should I fix my mortgage for?

This really boils down to predictions, how do you see the interest rates changing, as well as your own personal situation changing. As said before, personal factors also can impact mortgage rates, so having a higher deposit will potentially open you up to much lower rates anyway.

If you find that you are in that situation, taking out a fixed-rate mortgage could be beneficial, to stick to those interest rates you have given yourself access to. So long as the economy performs well also, fixing in for 2, 5, maybe even 10 years could see you reaping the benefits of those rates.

Of course this entirely depends on circumstance, and 10 years is a long time to wait. During that time period, you could even see interest rates drop lower than you first fixed in for, meaning you are paying more per month than you could’ve been, if you’d only fixed in for say 2 years.

A trusted and experienced mortgage broker in Hull will be able to best help you prepare for your mortgage future, as well as help you make any decisions based on your plans. They will use their knowledge to help you every step of the way.

Speak With a Qualified Mortgage Advisor in Hull

Interest rates can change without warning really, depending on the current state of the economy, the market and also, the Bank of England base rate. Match it up with your personal circumstances, and there can be much uncertainty.

By booking yourself in for free remortgage advice in Hull towards the end of your fixed-period, or first time buyer mortgage advice in Hull if this is a new experience for you, you can benefit from experts in the field helping you to find the best mortgage deal, with the most favourable mortgage rates.

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

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 the 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.

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?

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

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:

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 incredibly important that you make sure you plan your mortgage journey ahead of time. There are various steps that should be taken before jumping into making offers and full mortgage application, in order to put you ahead of other first time buyers in Hull.

One of these that should arguably be top of your list, is getting a mortgage agreement in principle, prior to looking at properties. Sometimes your plans might not go to, well, plan. Unfortunate circumstances can often crop up, leaving even the most meticulous planners with a challenging process.

Some of these include poor credit, banks not lending enough, or even couples separating mid-process. The latter is not something people can always prepare for and it may lead to you needing to take out a mortgage as a sole applicant, with very little time to re-plan.

Why Planning For a Mortgage is Important

As said, you can often find your mortgage process being met with many different hurdles, the mortgage process can throw many obstacles which is why planning is important. Throughout our time in the mortgage world, we have across many of these.

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 yourself in plenty of time for all eventualities, you can potentially avoid as many of these as you possibly can, ensuring for a much smoother service. Of course some instances are unavoidable, which is where a mortgage broker in Hull can often lend a helping hand.

Saving For a Deposit

Saving up for a deposit can be quite difficult for some, especially when you are trying to make sure you achieve all of your mortgage goals. This is even more so the case for first time buyers in Hull who are currently renting, trying to make that next step.

To get onto the property ladder, you’ll typically need a 5% deposit at least, though this could be higher. The issue is, whilst this seems small, that can actually be a large amount of money, depending on property price. You generally won’t know the exact amount, until you find a property.

Sometimes when you are struggling to make up this percentage, you may be able to get financial support from your family or friends, via a gifted deposit in Hull. Additionally, you might also be able to make use of one of the various Help to Buy Schemes in Hull.

These are usually popular with many first time buyers in Hull as a way to get them onto the property ladder. There could be a mortgage scheme out there that is perfect for you.

The Impact of Your Credit Score

Credit scores are a large contributing factor to your mortgage application. If your credit score is in a poor state, you’ll have less of a chance of actually getting a mortgage, maybe even being unable to get one at all, depending on how low it is.

Obviously, this is all dependant on why your score is that low in the first place. Having poor credit because of something like a CCJ or bankruptcy will lower your chances greatly, with the length of time that has since passed being a factor in this also.

Check My File is a fantastic website we would recommend you use if you are wanting 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 completely free of charge.

Current Financial Position

When it comes to your mortgage application, it’s important that look at how well you manage your finances. This is because mortgage lenders will carry out a thorough analysis of these, checking your bank statement, income and outgoings.

Gambling transactions is something that they will be on the lookout for. Large and frequent outgoings can make you look unreliable with your money and drastically impact your chances of getting a mortgage. We recommend holding back for a couple of months, to paint yourself in the best light.

If you find yourself being fortunately being given a gifted deposit for your mortgage, we also suggest that the gifter keeps the money in their account, so that you are not having large bank transfers taking place, which would otherwise look suspicious to a mortgage lender.

Are you self employed in Hull?

If you are self employed in Hull, you may find that your process could be a little more challenging for you, than an employed applicant. This is because you will need to provide much more evidence than you otherwise could be faced with.

The evidence you will need to provide as a self employed applicant include your tax year overview and the last 2 years of accounts, to name just a few. More evidence may be required, though this depends on the mortgage lender you are going with.

Other Mortgage Hurdles

Through your mortgage journey, you may come across a range of mortgage hurdles that could limit the quickness of your process or even stop it altogether. Being prepared for these ahead of time can put you in the best position for if these occur.

A mortgage broker in Hull like us will work hard to help you overcome these hurdles. We are here to support you 7 days a week, from early until late. Book online and benefit from expert mortgage advice in Hull, today.

What is a Mortgage Illustration?

Mortgage Illustration Hull

One of the first items you will receive during the mortgage process is a mortgage illustration. You may be wondering about a mortgage illustration though. It sounds complicated but it actually is not!

To put it simply, a mortgage illustration is a document that brings up every detail of your mortgage deal. Therefore, 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.

Being a trusted mortgage broker in Hull, our process to get your mortgage illustration goes like this:

1. When you have booked your free mortgage appointment online, you will be allocated a mortgage advisor in Hull who will have rich knowledge of your situation.
   
2. Our team will search 1000s of mortgages on your behalf with the aim to find you a mortgage product that is appropriate for your situation.
   
3. They will then recommend this to you and will also provide you with a mortgage illustration outlining the deal.
   
4. If you are happy with the deal and want to carry on with us, we can begin preparing your mortgage application.
   

When you contact our team, the process will be mentioned by your mortgage advisor in Hull. We have a team of mortgage advisors who has extensive experience helping first time buyers in Hull and they will be able to break it down as much as possible.

If you’re looking for a brief explanation of what a mortgage illustration is, watch the MoneymanTV video below. Our channel offers additional mortgage tips and explanations as well, so be sure to check it out and subscribe for more information.

What is included in a mortgage illustration?

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

Main details

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

Costs of taking out a product

The majority of mortgages include a cost for taking it out. Sometimes people are 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

Your monthly mortgage payments refer to the amount you are required to pay on a monthly basis. These costs will be calculated by your total mortgage amount, interest rate and fixed term length.

Legal fees

Services of a solicitor do fall into legal fees. As a mortgage broker in Hull, our team can talk you through these before passing you over to them.

Valuation fees

If you have found your dream property, you will be required to have a property survey carried out prior to taking a mortgage out on them. If you are in need of a property survey, these valuations could be included in your mortgage illustration. This can differ from property to property.

Do I have to agree to your mortgage recommendation?

No, you are not required to take out your recommended product. This is why it’s called a recommendation. Your dedicated 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 circumstances.

If you do not want to continue with this deal, however, you will have to lose this deal.

Does a mortgage illustration guarantee me a mortgage?

As much as we would love for this to be the case, unfortunately, we can never guarantee any applicant a mortgage. Remember, that a mortgage illustration follows your free mortgage appointment meaning that you have not provided any documents to back up income, source of deposit and affordability as of yet.

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

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

You have to keep in mind 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. As well as this, you need to note that this does not mean you are guaranteed a mortgage either.

Speak to a Mortgage Broker in Hull

Our team have helped many first time buyers in Hull and home movers and would love to help you! Here at Hullmoneyman, we utilise our experience and knowledge over the years to help you find the most appropriate deal.

When your dedicated mortgage advisor in Hull has found you the best deal, you will receive a free mortgage illustration. With our book online system, you can book yourself in for a free mortgage appointment by selecting a time and date that is appropriate for you.

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.