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Throughout your mortgage process, you’ll undergo affordability checks, credit searches, and income verification with your mortgage lender. Successfully navigating these steps will lead to obtaining an agreement in principle (AIP), an important document.
Not only does an AIP indicate the lender’s willingness, in principle, to grant you the funds, but it also enhances your negotiating position when discussing property prices. Sellers recognise your seriousness as a buyer, ready to proceed with the transaction.
The impact of an agreement in principle on your credit score depends on the type of credit search conducted by the mortgage lender – hard searches and soft searches being the main types.
Presently, mortgage lenders tend to opt for soft credit searches more frequently than hard searches. Soft searches, while less detailed, still provide a good indication of potential acceptance. Importantly, they usually do not leave a credit footprint, meaning your credit score remains unaffected.
In contrast, hard credit searches are more comprehensive and can affect your credit score by leaving a footprint visible to anyone examining your credit file. While individuals with a good credit score may be less affected, those with a lower score could encounter challenges.
Multiple hard searches, especially with a poor credit score, may deter mortgage lenders as it might suggest an attempt to secure multiple credits simultaneously.
Although obtaining a mortgage is not guaranteed, having an agreement in principle is advantageous. When you submit all required documents, an underwriter reviews them to make a final decision.
The details within agreements in principle often include critical information that home buyers, especially first time buyers in Hull, might overlook. Seeking mortgage advice from an open and honest mortgage broker in Hull can be valuable, ensuring you fully understand the terms.
Typically, agreements in principle may need renewal after 30-90 days. As an experienced mortgage broker in Hull, we recommend obtaining one early to avoid potential setbacks.
Renewing your AIP promptly is important, as it ensures you’re prepared and won’t miss out on a dream property, potentially losing it to another buyer with a valid AIP. Remember, the process is straightforward, and obtaining another AIP if needed is simple.
Whether you’re a first time buyer or considering moving home in Hull, our dedicated mortgage advice in Hull services offer a free initial appointment with expert mortgage advisors. Book online to explore how we can help you in your mortgage journey.
Choosing the right mortgage can be a daunting task, especially with the variety of options available. As a first time buyer in Hull, it’s essential to understand the different types of mortgages to make an informed decision that suits your financial situation and future goals.
Here, we break down the key types of mortgages to help you navigate your choices.
A fixed rate mortgage in Hull can offer stability with a consistent interest rate over a set period, usually between 2 to 5 years. This ensures that your monthly repayments remain unchanged, regardless of changes to the Bank of England base rate, allowing you to budget effectively.
Fixed-rate mortgages are ideal for those who prefer predictability in their mortgage repayments. At the end of your fixed term, you will need to seek remortgage advice in Hull. If you don’t, you will be moved to your lender’s standard variable rate (SVR), which is typically much more expensive.
Tracker mortgages are linked to the Bank of England base rate. This means your interest rate will fluctuate in line with any changes to the base rate. While this can lead to lower payments when rates are low, it also means payments can increase if the base rate rises. Tracker mortgages can be suitable if you are comfortable with potential changes in your monthly repayments.
These mortgages offer a discount off the lender’s standard variable rate (SVR) for a set period. While initial rates can be lower, they can also vary, leading to fluctuating monthly repayments. This option can be beneficial if you anticipate stable or falling interest rates.
Offset mortgages link your savings and current accounts to your mortgage. The balances in these accounts reduce the amount of interest charged on your mortgage. For example, if you have £10,000 in savings and a £150,000 mortgage, you only pay interest on £140,000. This can significantly reduce the interest you pay over the mortgage term and help you pay off your mortgage faster.
With an interest-only mortgage in Hull, your monthly payments cover only the interest on the loan. The principal amount remains unchanged unless you make additional repayments. These mortgages require a robust repayment plan for the principal at the end of the mortgage term and are typically suited to those with investments or other means to repay the capital.
When you buy a property with another person, such as a partner, friend, or family member, you’ll take out a joint mortgage. Both parties will be named on the mortgage, making them jointly responsible for making payments.
Our team of mortgage advisors in Hull are here to help you find the right mortgage tailored to your needs. Whether you’re a first-time buyer, looking to remortgage, or exploring buy to let options, we provide expert advice and tailored support throughout your mortgage journey. Contact us today to book a free mortgage appointment and start your journey towards securing a suitable mortgage deal.
The Forces Help to Buy scheme was introduced in 2014 off the back of the Help to Buy Equity Loan scheme. The scheme undertook a 3 year pilot to determine whether or not it would be worth keeping in place. The Government has now made this an enduring policy.
The scheme was introduced to help regular armed forces personnel get onto the property ladder. If you fit within the criteria of the scheme, it could be a great mortgage option for you to consider.
Here’s an insight from Malcolm who is an experienced Mortgage Advisor in Hull and the actual “moneyman” himself:
The Forces Help to Buy scheme enables servicemen and servicewomen to borrow up to 50% percentage of their salary, interest-free, to buy their first home or move to another property on assignment or as their families need change. The scheme aims to address the low rate of homeownership in the armed forces.
You can access the Armed Forces Help to Buy scheme:
As a Mortgage Broker in Hull, we are aware that there may be some circumstances where you will have to make some exceptions to these rules. Medical matters and personal circumstances should always be taken into consideration.
The Armed Forces Help to Buy scheme allows you to borrow up to 50% of your annual salary, this is capped at £25,000. This sum will ususally make up the majority of your depsoit, however, you can also put it towards other costs such as solicitor and estate agent fees.
To apply for the Armed Forces Help to Buy scheme, you will need to use the Joint Personnel Administration system and there you can seek advice on your application through your Chain of Command and personnel agency.
If you are considering buying a home in Hull, feel free to check out our free, helpful mortgage guides. These guides could help you understand the home buying process and how things work.
You can also speak to one of our mortgage advisors, who can provide expert help to buy mortgage advice in Hull if you want the process explained to you by a professional, it’s completely up to you! We hope to hear from you soon.
This article discusses the UK November 2020 lockdown and its impact on the mortgage market at the time of publication. Please note that economic conditions change, and this information may no longer be accurate.
In light of the recent announcement from the British Prime Minister Boris Johnson, we want some share the positive news that came with the new lockdown rules.
Similar to the November 2020 lockdown, the property market is still open for business. You can take up house viewings, continue your purchase and still put your home up for sale.
Here is a mortgage market update from Malcolm the ‘moneyman’ himself:
During the last lockdown in November 2020, there was a huge increase in mortgage enquiries. The boom in home purchase approvals reached a massive 105,000 in November, which is the highest since August 2007.
In October 2020, purchase approvals were at 98,300. This increase of 6,700 is impressive considering we were in the middle of a national lockdown.
In terms of the property market, the January 2021 lockdown is very similar to the previous November 2020 lockdown. You can still begin your mortgage journey in 2021. It’s up to you how you start this, it could be by yourself or through a Mortgage Broker in Hull.
January is a popular time of year for First Time Buyers, Home Movers, landlords etc., and as time progresses we are seeing more mortgage products becoming available again, allowing for more mortgage options to those investing in the property market.
Yes, 90% mortgages are still available and lenders are getting more and more confident in the market. They know that the demand is there and that people will only start coming back when they know that they can get a deal with a 5-10% deposit.
The property market is still open and so are we! We have Mortgage Advisors in Hull available 7 days a week throughout the year to help you through your mortgage journey.
Don’t worry, our free mortgage consultation still applies to every customer in every mortgage situation. Start your 2021 mortgage journey with Hullmoneyman today.
Discover the advantages of using a mortgage broker in Hull, buying a home is a major life decision that often comes with a fair share of stress and uncertainty.
This is where a mortgage broker in Hull shines. For both seasoned home movers and first time buyers in Hull, having a knowledgeable mortgage advisor in Hull by your side can make the entire process significantly smoother.
Their role isn’t just about crunching numbers; it’s about providing guidance, answering questions, and offering solutions that are tailored to your unique circumstances. This personalised support can greatly reduce the stress associated with the complexities of buying a home.
Securing a mortgage is not just about getting approved; it’s about getting the best deal that aligns with your financial situation and future plans.
A mortgage advisor in Hull is your ally in this pursuit. They analyse your financial details, future goals, and preferences to recommend mortgage options that suit you best. This involves delving into the fine print of various mortgage products and helping you understand the implications of each choice.
Moreover, they present your application to lenders in a way that enhances its likelihood of approval, ensuring you’re not only getting a mortgage but also one that saves you money in the long run.
Engaging with a mortgage advisor in Hull early in the process is akin to setting the foundation for a successful home purchase. By collaborating with them before you start house hunting, you’re setting yourself up for a more informed and strategic search.
They help you establish a realistic budget, taking into account various factors such as your income, expenses, and potential borrowing limits. This proactive approach helps you avoid the disappointment of falling in love with a property that’s ultimately outside your financial reach.
Instead, you’re equipped with a clear understanding of your affordability, empowering you to make smart choices from the start.
In the world of home buying, communication is key. A reputable mortgage advisor values clear and timely communication with their clients. They keep you informed about the progress of your mortgage application through regular email updates.
This open line of communication not only provides you with peace of mind but also keeps you well-informed about any developments or additional requirements.
Furthermore, knowing that you can reach out to your mortgage advisor in Hull via phone when unexpected challenges arise offers a reassuring safety net, ensuring you’re never left in the dark during the process.
When you choose a mortgage broker in Hull, you’re opting for an advocate who works solely in your best interest. Unlike lenders’ employees who may be motivated by sales targets, mortgage advisors in Hull are focused on your financial well-being.
They possess a deep understanding of various lenders’ criteria and policies and leverage this knowledge to present your application in the most favourable light.
Their dedication goes beyond just submitting an application; they actively advocate for your success, addressing potential hurdles and roadblocks before they become major obstacles.
A mortgage advisor’s role isn’t limited to helping you secure a mortgage; they offer comprehensive support throughout the entire home buying process. They guide you in selecting the appropriate survey type for your chosen property, ensuring you’re making an informed decision about its condition.
Additionally, they can help you in choosing a solicitor to handle the legal aspects of the transaction, streamlining the entire process. Their expertise extends to meticulously completing application forms on your behalf, reducing the likelihood of errors and ensuring a smooth and accurate submission.
A truly exceptional mortgage advisor in Hull sees their relationship with clients as a long-term partnership. It begins with an affordability assessment and agreement in principle before you even start house hunting.
This initial step allows them to understand your financial capabilities and tailor their guidance accordingly. But their commitment doesn’t stop there; they continue to offer support even after the purchase is complete.
Regular email communication keeps you updated, and as your initial mortgage product’s term approaches its end, they engage with you to secure the best deal deal available for a remortgage in Hull.
This ongoing relationship ensures you’re always making the most of your mortgage options. In conclusion, enlisting the services of a mortgage advisor in Hull is a strategic move that pays off in numerous ways.
Their expertise, personalised support, and dedication to your financial well-being make the home buying journey not only smoother but also more rewarding.
By choosing a mortgage advisor in Hull, you’re investing in a partner who will navigate the complexities of the mortgage landscape alongside you, ensuring you make informed decisions and confidently step into your new home in Hull.
Taking Mortgage Advice in Hull can be the difference between an application getting accepted and an application getting declined. An application done independently could result in errors and possibly lead you on to get declined.
A Mortgage Broker in Hull offers a service that only benefits the applicant. We’ll search through thousands of mortgage deals for you, saving your time and your money. We have specialist advisors that hold in-depth knowledge of all mortgage situations, we are here to match all for your mortgage needs.
A mortgage broker and a mortgage advisor’s job is to find you the most suitable mortgage deal tailored for your circumstances. Some say that there is no real difference between a broker and an advisor, they both offer a similar service.
Here at Hullmoneyman mortgage brokers, we have our own team of advisors that are specialised in all different areas rather than just one and are authorised and regulated by the Financial Conduct Authority.
This means that we have expert, insider knowledge of lending criteria and know exactly what sort of deals to comapre you to. With over 20 years of experience, we are still providing expert advice to clients with all types of individual situations.
Maybe you are First Time Buyer in Hull who wants to get their foot onto the property ladder? Maybe you are planning on Moving Home in Hull? That’s where we come in; our team of Mortgage Advisors in Hull can walk you through every step of the mortgage process – from initial mortgage enquiry, right until you get your keys.
Our skilful advisors will offer their support through all mortgage situations, no matter how complicated it may seem. Here are the main mortgage types that we get asked about:
If you decided to approach a Mortgage Broker in Hull, you could have a smooth and easy mortgage experience. No matter your situation, we will always try and make the process stress-free and easy going.
The process of buying a home is a huge milestone in your life, we know that things can sometimes get too much, and that’s why we want to offer a helping hand. Here are reasons to why a Mortgage Broker in Hull like us could suit you:
Our Mortgage Broker in Hull is always trying to maximise applicant’s chances of being accepted for a mortgage. We aim to get this right the first time!
Our service is available every day of the week from 8am – 10pm. We have Mortgage Advisors in Hull that are ready to take your call whenever best suits you. If you work late, this is not a problem! Give us a call as we will still be in office.
Your Mortgage Broker in Hull aims to go above and beyond for every customer, no matter the mortgage scenario at hand. Get in touch today for expert Mortgage Advice in Hull.
Open & honest Mortgage Advice in Hull by Hullmoneyman, from 8am – 10pm, seven days a week. As an experienced local Mortgage Advisor in Hull, we are proud to have the quality of service we provide to our customers.
We put our people at the heart of our business and always aim to exceed their expectations. Get in touch with your Mortgage Broker in Hull today and receive a free mortgage consultation.
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Hullmoneyman.com & Hullmoneyman are trading styles of UK Moneyman Limited, which is authorised and regulated by the Financial Conduct Authority.
UK Moneyman Limited is Registered in England, No. 6789312 | Registered Address: 10 Consort Court, Hull, HU9 1PU.
Authorised and Regulated by the Financial Conduct Authority.
We are entered on the Financial Services Register No. 627742 at www.register.fca.org.uk
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Hullmoneyman.com & Hullmoneyman are trading styles of UK Moneyman Limited, which is authorised and regulated by the Financial Conduct Authority.
UK Moneyman Limited is Registered in England, No. 6789312 | Registered Address: 10 Consort Court, Hull, HU9 1PU.
Authorised and Regulated by the Financial Conduct Authority.
We are entered on the Financial Services Register No. 627742 at www.register.fca.org.uk
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