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The Pros and Cons of Using a Mortgage Broker in Hull

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

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

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

Pros & Cons of Going Direct

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

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

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

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

Mortgage Market Changes in 2014

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

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

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

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

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

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

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

Handling More Complex Cases

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

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

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

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

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

A Tailored Process

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

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

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

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

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

Responsive Service

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

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

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

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

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

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

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

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

9 Questions to Ask When Buying A House in Hull

First Time Buyer Mortgage Advice in Hull

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

The 9 most common questions:

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

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

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

2. Is there a property chain?

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

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

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

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

3. What’s included in the sale?

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

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

4. What are the neighbours like?

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

5. How much does it cost to run?

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

6. Which way does the house face?

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

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

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

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

8. Are you open to offers?

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


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

9. When can we move in?

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

Moving Home Mortgage Advice in Hull

Planning to Get a Mortgage in Hull?

Getting ahead of the mortgage game

Planning your mortgage journey is essential, it’s the first step that you should take before starting your process. In some cases, starting your process early can put you in front of other buyers. One example of this is preparing a mortgage agreement in principle before you start viewing properties.

There may be some cases where it is impossible to plan for a mortgage; for instance, if you and you’re partner decide to part ways. It’s unfortunate when this happens, however, if it does, you may need to take out a mortgage of your own with no time to plan.

As a Mortgage Broker in Hull, we suggest that you start planning your mortgage up to six months before you want to move house in Hull.

Why planning for a mortgage is important

Planning and preparing for all possible situations can prove extremely beneficial further down the line. If you encounter a problem that you’ve prepared for, you should be able to figure out what to do to resolve it.

20+ years of experience within the sector has allowed us to come across all different kinds of mortgage problems. When it comes to the final part of the mortgage process, some different things could go wrong and they can sometimes be rectified if you prepare right.

Here are some last-minute problems our customers frequently come across.

  • Not enough deposit for their mortgage
  • Previously ignoring your credit score because it wasn’t important
  • Being too relaxed with the way you conduct your bank account
  • You are self employed and your latest accounts don’t look too healthy

With up to six months of preparation and planning, you may be able to avoid some of these problems.

Deposit

We understand that saving up for a deposit is hard, especially if you’re still renting. Saving up for a deposit can often take years, especially for first time buyers.

It can also be difficult to save up for a ‘5% deposit’ as you don’t know the exact amount that you need until you find a property that you want to make an offer on. Each 5% total will vary from property to property.

Customers that are struggling to meet that initial deposit total will often get help from their parents through a gifted deposit. A gifted deposit does not have to be the full 5%, it could only be a small portion of it; this extra cash boost may give you the perfect amount that you need in order to reach that minimum deposit.

You could also look at applying for one of the Help to Buy schemes if you need a deposit boost. Schemes have been made specifically for applicants that need help. If you’re a First Time Buyer in Hull looking for help getting onto the property ladder, one of these schemes could be perfect for you.

Credit score

Your credit score is very important when it comes to applying for a mortgage. Having a poor credit score can lower your chances of getting accepted for a mortgage. Of course, it depends on what is the cause for you having a low credit score. If it is because of a CCJ or bankruptcy, your chances of being accepted can be lowered further, depending on how long ago these issues occurred.

If you want to take a look at your credit score, we would recommend using Check my File. This will allow you to get a copy of your credit report, and once you have this, feel free to send it to us and we will take a look at it free of charge.

Bank accounts

During the approach to your mortgage application, you need to think about how you conduct your finances. Lenders will be carefully analysing your bank statements and will be able to see everything that’s going in and out of there. An example to look out for would be gambling transactions. Lenders may be put off if they see frequent and erratic gambling transactions on your bank statements. They will see gambling with large sums of money unreliable and possibly turn you away.

If you’ve been lucky enough to receive a gifted deposit, we would advise that keep that sum of money in the gifter’s account. This is because your lender will be able to see a large bank transfer into your account and will question why it’s been transferred; sometimes it’s better to leave the gifted deposit inside of your family member’s or friend’s account.

Self employed?

The self employed often have a hard time when it comes to getting a mortgage. Usually, this is because they are required to evidence more than a usual mortgage applicant.

You will have to submit at least one year of accounts’ and three months of bank statements to prove your income and affordability. Depending on the lender, you may be asked to provide even more evidence if they are unsure of your affordability.

Other mortgage hurdles

You may encounter all different kinds of mortgage hurdles, some may hold up your purchase completely, for example, a break in the property chain. In situations you can’t prepare for, just know that a Mortgage Broker in Hull like us is here to help. We have availability 7 days a week.

Getting Mortgage Advice in Hull is not a bad thing; people encounter all different types of specialist and complex situations. We offer a helping hand so that you don’t have to go through this process alone!

Agreement in Principle: Frequently Asked Questions

A Brief Summary of an Agreement in Principle

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.

Frequently Asked Agreement in Principle Questions:

Will obtaining an agreement in principle affect credit score? 

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.

Should I avoid hard credit checks? 

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.

Is an Agreement in Principle a guarantee that I will get the mortgage? 

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.

Can I make an offer without an Agreement in Principle? 

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.

How long does it take to get an Agreement in Principle? 

A trusted mortgage advisor in Hull will usually be able to obtain an Agreement in Principle within 24 hours of your free mortgage appointment.

How long does an Agreement in Principle last for?

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.

Agreement in Principle Mortgage Advice in Hull

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.

What is an Agreement in Principle? | MoneymanTV

Can I Have Two Mortgages in Hull?

Second Mortgage Advice in Hull

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.

Can I Have a Second Mortgage? | MoneymanTV

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%.

Why would you take out a second mortgage?

  • Are you looking to purchase a new property to rent out as a Buy to Let?
  • Do you want to buy a property to rent out your current home as a Let to Buy?
  • Are you buying a second home for your children to help them get onto the property ladder?
  • You want to take out a second mortgage to raise additional funds for your current property?
  • Is your name associated to an existing mortgage and you want to buy a property in your own name?

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.

Second mortgage for a Buy to Let

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.

Second mortgage for a Let to Buy

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.

Second mortgage to purchase a home for your children

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.

Second mortgage to raise funds

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.

Named on an existing mortgage and want to buy a new home?

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.

Buying a Property With a Partner or Friend in Hull?

Mortgage Advice in Hull | Purchasing with a friend/partner

In some cases, a practical way to get on the property ladder as a first time buyer in Hull or home mover in Hull could be buying a home with a friend or partner. The deposit can be raised quicker and bigger than it would be from a single income, also the costs will be shared. It’s important to remember that if one defaults, the other could be responsible for the full mortgage. Therefore, here are some points to look out for from our mortgage broker in Hull.

Should I Buy A House With A Friend? | MoneymanTV

The facts

How many people can jointly own a property?

The maximum amount of people that can jointly co-own a property is four. When you jointly co-own a property, you have a legal right to stay in your home unless a court rules otherwise. Furthermore, if a person would like to sell or take out extra borrowing against the property this is something all owners will have to consent to. Unless a court order state otherwise.

Joint tenancy or tenancy in common – what’s the difference?

Civil partnerships or married couples usually prefer joint tenancies. In a case where one of the joint tenants dies, then the property immediately is passed to the other owner. The law sees joint tenants as one unit which means you can’t remortgage or sell the property without the agreement of the other owner.

Relatives or friends who are buying together tend to go for tenants. You may jointly own the property but you do not have to own equal shares. Therefore, you can act individually meaning that you have the right to sell or give away your share of the property. There is a way you can mortgage your share of the property, but it would be difficult to find a lender that will lend in these circumstances.

Joint mortgages & removing names

What happens if you have a joint mortgage, but the other parties stop meeting the mortgage payments?

All borrowers are jointly and severally liable, which is something a mortgage lender will highlight to you. If a situation occurs where one of you stops paying your share of the mortgage, then the other(s) will make up the shortfall and pay the full amount.

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

Buying a mortgage is a big financial commitment, therefore, you should commit to this with the intention of not splitting up in the future. In the circumstance that this does happen, you would have to make changes to the mortgage which can be a difficult situation.

In the case that children are involved in the situation, one person will be occupying the home, however, there might be a point where the person would want to take over the mortgage in their own right therefore will need Mortgage Advice in Hull.  

Regardless if one of the parties in the joint mortgage is paying the mortgage without any help from their ex, the application was still processed in joint names. Therefore, in the event of mortgage arrears, both parties are accountable even if only one person is trying to upkeep payments. 

The lenders will have to be confident that the applicant remaining can keep up the payments on their own from then before removing a party from a mortgage.  To determine this, the lender will need to carry out a full assessment of income even if you have been consistent with your mortgage payments in the past. 

Its common in these situations that the individual who steps in to replace the ex-partner is usually a family member or a new partner. When it comes to this change, a Mortgage Advisor can help you go through this process. 

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

In the case of a separation or divorce, it’s key that you know that all parties remain responsible for any joint financial commitments. If a person leaves the family home, this still applies as well as if an agreement is made between both parties that one person will be responsible for all the payments. 

If you are looking to purchase a new property in the future, the mortgage payments on the previous property will be accounted for. That’s why it’s important that a person gets Mortgage Advice in Hull prior to making an offer. Many lenders are more generous when it comes to the amount they will lend in comparison to others. Our Mortgage Advisors in Hull will take this into consideration when recommending the most appropriate lender to apply for a Mortgage Agreement in Principle with.

Mortgage Broker in Hull

What is a Property Chain & How Can You Avoid Them?

Moving home mortgage advice in Hull

During your process of moving home in Hull, it’s likely that you’ll come across lots of different hurdles and obstacles; if you don’t consider yourself lucky! It could be something completely random that gets in your way, something you never thought would affect your moving home journey.

A recurring problem that trips up a lot of mortgage applicants in Hull is the property chain. Getting caught up in the property chain can slow down and in worse cases, put your moving home process to a stop!

Here is all about property chains, how you may end up getting wound up in one and how to avoid them.

What is a property chain?

A property chain is a string of transactions that are each dependent on all purchases and sales completing. If one of the transactions breaks down, this can have a knock-on effect on the rest of the transactions in the chain. For example, let’s say you are selling your home and purchasing a new one.

Then let us say that the person who was looking to purchase your home suddenly pulls out. You were dependant on this sale to fund your new purchase, which you are now no longer able to make, which means you could possibly be holding up any transactions in front of you too.

Imagine it as an actual chain linking houses together. If one property purchase falls through, the chain potentially breaks and your property purchase may not go through.

Depending on the property chain that you’re linked with, the chain size could be endless. If you’re lucky, you may not have that many purchases in your property chain.

How long will the process take in a property chain?

This answer can change from chain to chain. It all depends on what situation your’s, your seller’s and your seller’s seller situation is! It’s very complicated… we know.

Property chains can run smoothly or badly, there’s no real in-between. You may be in a property chain without even knowing. If the process is fast, you can assume that everyone ahead of you in your chain had their purchase go through fine.

If things don’t work in your favour, you may get stuck in a waiting scenario. As a mortgage broker in Hull, we would strongly recommend starting the moving/buying a home at least six months before you’re wanting to move in.

This amount of time allows room to find your dream home and time just in case you get caught up in a property chain.

What happens if my property chain breaks?

When a property chain breaks, it’s quite unfortunate as there’s not a lot that you can do about it, especially when it’s further down the chain. You may be forced to wait or look for a new property.

If the property chain breaks at your purchase, acting quickly could save the chain from breaking. It can also help everyone else behind you. For example, if you’re selling your property, you can contact the applicants who want to buy your property by contacting your estate agent; this way, you can inform them of the situation as early as possible. As long as you act quick, you may be able to resolve the issue that broke the chain.

There are ways to prepare for a break in the property chain if the break is not on your level; this includes, you could try and buy a property that isn’t in a chain or in a small chain, sell your property and rent temporarily or buy a new-build property, etc.

For more moving home mortgage advice in Hull, contact our experienced mortgage team in Hull today.

How can a property chain break?

You’ll discover that there are many different reasons why a property chain could break. It could be at any level during the chain:

  • The buyer’s mortgage application was declined
  • A seller decides that they don’t want to sell their property
  • A buyer/seller loses their job or becomes ill
  • The property survey that was carried out on the property lightened some major damages and structural issues.

This is just a small list of examples, there are many more. Sometimes it’s just down to the length of the property chain to how drastically these situations will impact your ability to move home.

How can I avoid a property chain?

It’s hard to ‘avoid’ a property chain, even more so if you’re buying during a busy time of the year.

We would always advise that you do your research and talk to your estate agent and arrange your finances sooner rather than later. This puts you in the best position if a break in the chain were to happen. The more you are prepared, the better.

If you avoid property chain (‘chain-free’), you should be able to move straight on through the moving home process.
However, you must remember that you’ll need to provide evidence that you can afford a mortgage and provide a deposit for the property.

Thinking of moving home in Hull?

Are you thinking of buying and selling your home? If so, let our moving home mortgage advisors in Hull help!

Arrange your own free mortgage appointment online. Begin your moving home journey today and we will help you get through it stress-free! Our advisors can’t wait to hear from you.

10 Factors to Help you Decide Where to Live in Hull

Looking at the various needs home buyers have when moving home

When it comes to moving home in Hull, one of the reasons people look for when searching for their dream property is the location. To help with deciding where you are happy to be in your new home, we have compiled a list of the top ten factors that could help. 

Hustle and bustle of the city or relaxing countryside

It’s best to establish where you would prefer to live because the property you are wanting might be the place you settle down and start a new life in. Your preferences could include the bustling ‘big city’ atmosphere. Alternatively, you may thrive more in a quiet, scenic, and rural landscape. There are both pros and cons to each option and is something that is down to your personal preference.

Transport links

Factors you should consider when deciding on a location are your transport links. Make sure the location fits in well with your regular commutes to work and with what you like to do in your free time e.g., shopping in the city center or enjoying time in a rural area. Either way, it’s good to know what type of transport links are available to you as well as the costs of these links. 

Schools & education

In the circumstance where you have children or you plan to have some in the future, the schools in the area may be something to look at. Therefore, you may want to research which schools are within the catchment area of the property as well as having an idea of what the schools are like. 

This can be done by looking online at the school league tables, which can provide you with more information to help you find which school is the best option for your area.

Facilities

Thinking about if the location fits well with the facilities you need or desire is a factor you may want to consider. It’s helpful, however, it’s good to determine which factors are must-haves and which ones are more of a preference as this will help you with deciding if the location is best on a practical level. For example, the location may not have a gym which you could prefer but has a shop within walking distance. 

Many people prefer having a shop on their route home from work and some prefer to have a gym on their route home from work. When it comes to families, some prefer having a park nearby for the kids.

Friends and family

For some, having friends and family within a short distance of them can be important. Many prefer this as they can rest assured someone is there to support them when there in need. On the other hand, this may not be a priority for you, or you prefer peace and quiet instead of socialising regularly. 

Value for money

Finding that property that is “good value for money” can be dependent on which area you’re looking at. If you’re looking to find a property, and you want to get the most out of your money, then it might be best for you to find somewhere that is a little cheaper. In this case, you may need to dismiss some of those factors you desired.

Community

Your experience of living in the house can be affected by the local community. The type of neighbourhood you might prefer could be small and close-knit, therefore, have a word with the estate agent or research yourself what the community is like there.

It’s common that areas have a community Facebook group or a dedicated local website. If you are looking at living in a more quiet area and community is a factor that isn’t important to you, maybe use your time to look into the reputation of the area.

Jobs

A new job or career can be the reason that you change location. Therefore, it’s probably good to think about how far the is from where the property is where you want to buy. In cases where you’re job hunting after your home move, it’s best to do some research before as to what sort of work there is in the local area and who the main employers may be. 

Property type

In terms of property types, there a lots available on the market for home buyers. You may prefer a property that is an end-terrace with a beautiful garden or you may want a super modern, inner-city apartment, therefore, make sure to look at a range of different options that are available to you and see what property is appropriate for you.

Investment

Proposed investment within the local area can be beneficial to know if you’re looking for a property to settle down in for a while. Looking online can help you find out if there are any future investments in the local area, as well as helping with deciding if this is the best location for you. Consider if any of these investments will benefit you and the lifestyle you are looking at. For example, if you are looking for a quiet life in a rural area, a new housing development nearby may ruin your ideal housing scenario.

Moving Home Mortgage Advice in Hull

Divorce & Separation Mortgage Advice in Hull

Divorce & Separation Mortgage Advice | MoneymanTV

Divorce or separation is not something we ever prepare for. We live for the moment and embrace the feeling of love, so if something unexpected happens and this ends up becoming a reality, your perfect world can sometimes become a little complicated. It can affect ownership of belongings and pets, your children, your finances and more.

We find that in most situations where children are involved, the parent who spends more time raising them, say a stay-at-home parent, will stay in the property with those children whilst the other moves out. There may come a time that whoever is “in situ” wants to take over the mortgage in their own name. Alternatively, maybe both parents want to leave and start anew.

One of the biggest things that may become complicated is any mortgage commitments you made together. If sorting this out isn’t going quite so smoothy, it may be time to approach a mortgage broker in Hull to get that the specialist mortgage advice that you need.

As an experienced and dedicated mortgage broker in Hull, we deal with specialist cases every single day. Through our years within the mortgage industry, we have been there to support and guide many different customers who were going through a divorce or separation. When those people do get in touch, we often find ourselves being asked the same three questions:

  • 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?

Once you have already made your mortgage commitments, changing these can be a difficult process. Both of your names are on your mortgage and as nice as it would be, it isn’t just as straightforward as speaking to your lender and asking them to take your now ex-partner off the contract.

When you approach your lender or a trusted mortgage broker in Hull to enquire about removing a name from a mortgage, they will have to be sure that the remaining applicant on the deal is able to afford their mortgage completely, without the assistance of another party.

Each of you will have to receive a full affordability assessment regardless of whether you have kept up to date with your mortgage payments or not. You may even be able to prove that you have been paying your mortgage payments without any help from your ex, but this will not change the fact their name is tied into the deal and you’ll still need to pass the lenders checks.

At this point in the process, we often find that people have someone already ready and willing, who can step in and replace the ex-partner on your mortgage. This is usually a family member, a close and trusted friend or in some cases, a new partner altogether.

Every lender will assess your affordability for a mortgage in their own unique way, so don’t give up if your existing lender is unable to help you out. There may still be other options available to you as a homeowner, so it is always worth seeking the help of a mortgage broker in Hull to see how we can help you out.

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

This will work the same as if you were trying to removing another person’s name from your mortgage. Both of your names are still tied into your mortgage so even if you are the one who chooses to leave, you are ultimately still responsible for any mortgage payments if your ex-partner cannot keep them up.

Even if you have a verbal or written agreement between you both that your ex will be the one maintaining payments, this is not legally binding in the eyes of the lender and you will be deemed responsible.

If at any point in the future you wish to take out a mortgage on a newer property, solely in your name, the mortgage payments for your old property will be taken into consideration by the lender. As such it is very important to take this into consideration prior to doing so and is why we always recommend getting help from a professional mortgage advisor in Hull ahead of time.

In these kinds of circumstances, we find that people can often get confused and stressed out, which is exactly where a fast & friendly mortgage advice team here at Hullmoneyman can step in. One of our loyal and hardworking mortgage advisors in Hull will sort everything out for you and recommend the most appropriate options available to you as someone who is now moving home in Hull. We will always have your best interests at heart

Some lenders are more generous as regards how much they’ll lend you than others. Some are strict and some may be more lenient, with any existing mortgage commitments being a large factor in this during these circumstances. We will take this into account when recommending the most suitable lender to apply for a mortgage agreement in principle with.

Second Mortgage Advice in Hull | MoneymanTV

Can I have two mortgages?

For many homeowners, depending on varying factors, the option to have more than one and even more than two mortgages on different properties is a possibility. There will be a lot for your lender and their credit scoring systems to assess when you apply for a second mortgage.

The main factor, much like above, is determining whether or not you can afford this route. If you are applying for multiple mortgages and are failing, this could have a very negative effect on your credit score.

As a fast & friendly mortgage broker in Hull, we have the ability to perform a search for you without damaging your credit file. Once we have keyed in all of your information, we can provide you with an estimation of the maximum amount that you will be able to borrow.

This will help you create an outline of your budget and how much your monthly mortgage payments are roughly going to be on top of your existing financial commitments.

Dedicated Mortgage Advice in Hull

It can be difficult to move on from your current financial commitments, especially in situations like these. This is why having an expert advisor by your side will be incredibly beneficial to you in the process of setting yourself apart and removing a name from a mortgage.

Moving home is already a stressful enough experience and if you add that to a complex situation like a divorce or a separation, it can sometimes all get a bit too much. Get in touch with a mortgage advisor in Hull today and we will see how we can help you.

Reasons Your Mortgage Application in Hull Might Been Declined

Specialist Mortgage Advice in Hull

As a Mortgage Broker in Hull, it’s not unusual for us to receive enquiries from First-Time Buyers in Hull like yourself who have recently got turned down for a mortgage from the bank. Going directly to a bank/building society for a mortgage should seem straightforward, but it can be more complicated than it looks.

You may have heard of the term ‘mortgage maze’, where every lender seems to be a dead-end, and you can’t quite find the one that will get you out the exit.

The good news is, this is where we step in, our job as a Mortgage Broker in Hull is to get you out of this maze. We’ve been in this maze before, and we know the challenges that come with trying to find the right lender.

Our team will help you find the right lender for you with a tailored product to match your financial circumstances. Here we will cover with you why you could be struggling to get accepted for a mortgage and how we may help.

Going directly to a lender

Failing a credit score for a mortgage

To get accepted by a lender, you will first have to pass their credit score criteria. Each lender will always have its own unique credit scoring method, and some will be more complicated and harder to pass than others. Some lenders have even built their niche audience, so they may only offer specialist deals targeted at applicants with lower credit.

Lenders with the lowest interest rates will likely have the most arduous lending criteria, and usually vice versa. A lender will offer a better product to someone with a high credit score and carry a trustworthy credit history behind them over an applicant with a low credit score with a CCJ(s) or Default(s).

If you go directly to a lender without doing your research, you may be far off their lending criteria, and you could end up being declined. This can harm your credit file when you apply again through another lender, and they will see that you were denied. This is why we always advise that you don’t keep using lots of different lenders, as the more you are rejected, the higher the negative impact you are putting on your credit file.

Your Mortgage Broker in Hull is here to help

Before submitting your mortgage application to a lender, we will first check that you match the lender’s criteria and are likely to pass their credit scoring. We aim to get it right the first time!

Our job is to find you a deal that we know you will love and match perfectly. This applies to everyone regardless of their situation. Bad credit or good credit, we will try our hardest to pair you with a great mortgage deal through a lender that will accept your mortgage application.

Economy’s effect on the mortgage market

We’ve seen applicants struggle to get accepted for a mortgage due to the economy. For example, during the credit crunch in 2008, it was tough to obtain a mortgage no matter your credit history. Lenders lost all of their confidence in the market. They show that your chances of struggling to get a mortgage are likely to increase if the economy is suffering.

If you are struggling to get a mortgage because of the economy and the mortgage market, you may have to hold back your mortgage application at the moment. Sometimes, it may be better to keep building up your deposit so that when the market eventually bounces back, you have even more funds to aid your mortgage deposit. Furthermore, this may even increase your chances of being accepted too.

During times of economic crisis, in the UK, we’ve seen deposit requirements go as high as 25% of the property’s value. On the contrary, if you were looking to Remortgage in Hull in the middle of this period, you will have access to better rates and products. 

Whether you’re remortgaging or carrying out a product transfer, you won’t need to provide a deposit as you are simply switching products and will still have the equity from your original deposit. You are likely to have more equity if you have been on a repayment mortgage.

Improving your credit score in Hull

If you are being declined for a mortgage due to your credit score, you need to start looking at ways to improve it. There are lots of methods you can do to try and improve your credit score. Here are some of the ones that we recommend:

???? Check whether you’re registered for the voter’s/electroral roll; if you aren’t, get registered! It’s friendly and easy to do and can boost your credit score.

???? Avoid unnecessary credit searches as they can show up on your credit file and sometimes reduce your score.

???? Don’t run too close to your maximum limits. Running into overdrafts and not paying off credit cards each month can reflect poorly on your credit score.

???? Validate that your address is up-to-date across all of your accounts. This includes credit cards and store cards.

???? Close unused credit accounts. This can also reduce your chances of falling victim to fraud.

???? Remove financial links to others. If you unknowingly have a financial connection with someone else’s name, it could be doing more harm than good.

There are more ways than you realise. So if you have a low credit score and need credit score Mortgage Advice in Hull, make sure you get in touch with our responsive team, and we will see how we can help.

Get help from a Mortgage Broker in Hull

If you are struggling to get accepted for a mortgage in Hull, it may be time to get in touch with a Mortgage Broker in Hull like us for help.

Being an expert Mortgage Broker in Hull has allowed us to gain valuable experience and deep insights into what lenders are looking for in mortgage applicants. We know all about lender’s credit scoring systems and their lending criteria, allowing us to search for a deal that we know will suit you and you’re likely to match with.

Once you get in touch with us, we will pass you onto a Mortgage Advisor in Hull, who’ll undergo your free mortgage consultation. At this stage, your advisor will learn a little more about your personal and financial mortgage situation so that they can begin searching through mortgage deals for you.

To learn more about our service, get in touch with us today. Hullmoneyman is your new home for Specialist Mortgage Advice in Hull; we have been helping struggling applicants over the last two decades. You could be next!

Mortgage Advice in Hull

Hullmoneyman.com & Hullmoneyman are trading styles of UK Moneyman Limited, which is authorised and regulated by the Financial Conduct Authority.
UK Moneyman Limited is authorised and regulated by the Financial Conduct Authority.
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