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Have you ever had one of those moments where you’re booking a flight, only to find that you booked it on the wrong date or airport? You’d expect these things to be fairly straightforward, but sometimes they end up taking too long, being far more complicated than necessary, and in some circumstances costing more than you’d initially planned for.
These sorts of scenarios can cause you unnecessary stress along the way. Something that was meant to be fun, has now had that fun taken out of it because of one tiny mistake. In these cases, you have the option of going the route of using a travel agent to help you with bookings, reducing the stress of the process.
These same stresses and worries appear in the world of mortgages and much like the travel agent, this is where a Mortgage Broker in Hull like ourselves will come in handy, and take the weight off your shoulders.
You may have recently seen a fixed rate advertised, only to find that its rate doesn’t match your situation. As with all advertising, it’s there to draw you in and make you want to see more. Generally speaking, these deals are aimed at customers with lots of equity and perfect credit ratings.
There will almost always be a more attractive deal out there, but that doesn’t mean that’s the most suitable deal for you personally or financially.
You must also bear in mind that when going with this specific lender, you only have access to their products and their advisors. Also, be wary of real estate agents and their price comparison sites. You can read more about the sales tactics of estate agents in our article.
Here at Hullmoneyman, a customers best interests are always at the heart of what we do. We are able to offer a wide range of products from different, sometimes more niche lenders, depending on what it is you’re looking to achieve. As well as this, our loyal team of Mortgage Advisors in Hull will never try and force anything on you that you don’t want, we just want to help you along your journey.
Book your free mortgage appointment to speak with one of our Mortgage Advisors in Hull today. They’ll explore your options and recommend you the most suitable mortgage deal to match your current situation.
Also, features such as a fixed rate of interest, offset options, or variable rates for flexibility, may be recommended for you. It’s our job to know these criteria inside and out, which is why we will work hard to make sure you’re on the most suitable path for your situation.
If we’ve done our job right, and we have a good track record of doing just that (see our Customer Reviews). You’ll walk away with a deal that allows you to borrow the amount you’d like, with reasonable interest rates, saving you time and money.
We have helped many first time buyers in Hull, to those wanting to know there Remortgage Options in Hull and even those who are looking for self employed mortgage advice in Hull too. If you would like to take advantage of our free initial mortgage consultation and speak with a Mortgage Advisor in Hull, please get in touch and we’ll see how we can help.
When it comes to divorce or separation, it can be a challenging time. Processing the separation along with arranging finances as well as where you are going to live can slowly build up a lot of stress. Financial commitments should be at the top of your list and may come with some hurdles to overcome.
If there are children involved in these situations, the most common arrangement parents go for is where the children would live with the parent who is more of a stay at home parent. This means that the other parent would move out and there may be a point that whoever is ‘in situ’ wants to carry on the mortgage as a sole applicant. Another option is for both parents to leave the mortgage and begin their own.
Any mortgage commitments you made together could be an element that makes the process a challenging one. If you are finding it difficult to sort this out, you may look at the assistance of a Mortgage Broker in Hull who can provide you with the specialist mortgage advice in Hull you need.
Through our time as an expert Mortgage Broker in Hull, our deal encounter with specialist cases on a daily basis. Our experience has provided us with the opportunity to help and guide a large range of customers experiencing a divorce or separation. Below is the top three questions we get asked when people get in touch:
With your mortgage commitments, it can be difficult if you are looking to change these. This is because both of your names are on your mortgage and it’s not as easy as it seems if you are looking to remove your now ex-partner off the contract.
If you do approach a dedicated Mortgage Broker in Hull for advice about removing a name from a mortgage, they need to be certain that the remaining applicant on the is able to and afford their mortgage completely as a sole applicant.
Both of you are required to have a full affordability assessment carried out on both of you even if you have kept p with mortgage payments or not. Sometimes, an applicant has managed to prove that they have been paying the mortgage payments without any help from their ex. However, this will not change the fact that their name is still linked into the deal and you still need to pass the lender’s check.
Around this time in the process, our team often find that people have already sorted out someone who will step in and replace the ex-partner on your mortgage. Normally, the person who steps in is either a family member, a close friend or a new partner altogether.
The way your affordability is assessed varies between lenders as they have their own unique way of carrying it out. With this in mind, don’t lose hope if you existing lender can’t help you out. You might find there is additional options out there for you as a homeowner so it’s always best to seek the help of a Mortgage Broker in Hull.
The good news is that the process works just the same, however, you are trying to move out and take your name off the mortgage. As mentioned, both of your names are still linked to your mortgage which means you are still responsible for any mortgage payments even if you choose to leave.
Regardless of if you have a verbal or written agreement between you both that states that your ex will be the one managing payments, it is not legally binding in the eyes of the lender so you will be deemed responsible.
In the event that you want to take out a mortgage on a new property, in your name, the lender will still take into account the mortgage payments for your old property. Therefore, it’s best you consider this if you are thinking of taking out a new mortgage. This is we always advise getting help from a professional Mortgage Advisor in Hull ahead of time.
We have found that people in these types of situations usually get confused and stressed out. This is where Hullmoneyman can provide a helping hand. Our friendly team can connect you to be of our experienced Mortgage Advisors in Hull who will be able to sort everything out for you. They can also advise you on the most appropriate option available to you as an individual looking at Moving Home in Hull.
You may find that a number of lenders are more generous than others when it comes to the amount they will lend to you. One may be strict and the other may be more lenient with them looking into your current mortgage commitments being a large factor in this during these circumstances. This is something we will take into consideration when recommending the most appropriate lender to apply for a mortgage agreement in principle with:
Depending on a variety of circumstances, many homeowners may have the option to have more than one and even more than two mortgages on different properties. This will involve a lot of things to be assessed from your lender and their credit scoring system if you were looking to apply for a second mortgage.
The overall reason for carrying out these tasks is to determine whether or not you can afford this route. In the circumstance where you are applying for multiple mortgages and are failing, this could negatively impact your credit score in Hull.
One of the many benefits of approaching a reputable Mortgage Broker in Hull, like ourselves, is that we are able to carry out a search for you without harming your credit file. As soon as we have keyed in all of your information, we can give you an estimation of the maximum borrowing capacity.
By having this information, you are able to have a rough idea of your budget including the costs of your monthly mortgage payments as well as current financial commitments you may have.
Some individuals find it challenging to move on from their current financial commitment, especially in cases like these. If you are in a similar situation, an expert advisor can provide a helping hand which can provide you with the help you need for the process of removing a name from a mortgage.
The aspect of moving home is already a stressful experience so adding a challenging situation like a divorce or separation can sometimes add some extra weight to the situation. Speak to a Mortgage Advisor in Hull today to see how we can help you.
It’s 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.
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:
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 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 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.
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.
Try it FREE for 30 days, then £14.99 a month – cancel online anytime.
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.
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.
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.
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:
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.
Your mortgage illustration will detail the main product details, costs of taking out the product, monthly repayments, legal fees and sometimes valuation fees.
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.
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.
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.
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.
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.
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.
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.
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.
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.
When you’re gearing up to tackle moving home in Hull, progressing to the next chapter of homeownership and climbing higher on the property ladder, selling your current home becomes a pivotal step.
Once your current home is sold, the equity nestled within it (equity being the gap between its value and your mortgage balance) becomes your new home’s deposit. You might enhance this with savings or a generous gift from family.
Effective presentation and marketing of your home to potential buyers hinge on numerous factors. Nailing this could result in a swift sale, while missteps might lead to prolonged waiting.
To optimise your sale, some research is in order. Here are our tips and tricks for a speedy home sale:
When pinpointing your property’s asking price, your minimum is clear, but aiming for a reasonable local rate is equally crucial. While an estate agent might project a potential high price, attaining that isn’t assured.
In those initial weeks of listing, attracting ample attention is vital. If interest seems sluggish, it often boils down to an inflated asking price.
Should you have already eyed your next destination, a swift sale is imperative. Getting the asking price spot-on sets the right tone for your journey of moving home in Hull.
As a mortgage broker in Hull for two decades, we’ve encountered a recurrent theme among homebuyers – the exterior appearance of a property.
Curating an inviting external view is key to engaging potential buyers. This initial impression matters, so make it count.
Sometimes, the simplest gestures yield the most impact. A well-maintained front lawn, a pristine driveway – such details convey that your home is well-maintained, and you want visitors to be impressed by its quality. A compelling exterior might drive more attention to the interior.
Remember, you have a solitary chance to seize the moment. This opportunity may not recur. To heighten the odds of a swift sale, invest energy in the exterior to make it as enticing as possible.
Prior to granting entry for viewings, it’s essential to ensure the interior is impeccably clean and organised. The goal is to create an ambiance of warmth and comfort, allowing potential buyers to visualise the space as their potential future home.
Declutter thoroughly, particularly in spaces visible from the property’s exterior. This initial encounter shapes their perception. Since this may be their first in-person encounter with your home, the impression it leaves matters.
Attend to details like acquiring a new doormat, cleaning light fixtures, and confirming the functionality of the doorbell. These seemingly minor aspects contribute to the viewer’s overall impression, and minimising negative experiences heightens the chances of a successful sale.
With the hallway primed, it’s time to extend the cleaning process throughout the entire home. Methodically move from room to room, ensuring each exudes spotlessness. Cupboards and wardrobes are significant, as potential buyers are often keen to assess storage potential.
The kitchen and bathroom hold paramount importance within a home, warranting a meticulous examination. If you’re a smoker, neutralise any lingering odours, as they can be a deterrent. Ventilate the property and eliminate items that might retain smoke smells.
Attend to details such as tidying personal items, refreshing bedding, cleaning windows, and maintaining a well-illuminated atmosphere. Upgraded carpets can also appeal to prospective buyers.
All interior doors should sport a fresh coat of paint, and fixtures ought to be polished. Confirm that all mechanisms function smoothly, as a malfunctioning door handle could negatively influence a viewer’s perception.
Ample lighting is pivotal, ensuring all rooms are well-lit. If curtains or blinds are present, have them open to infuse natural light. The ambiance should be invitingly warm without being overly hot. On warmer days, consider slightly open windows to provide a comfortable indoor environment.
Moreover, verify the functionality of all lightbulbs throughout the property. While the “baking bread” concept may have historical roots, it’s best to avoid any food-related smells, as they could potentially be off-putting.
Effective planning is crucial for each home viewing. The key is to create an atmosphere where potential buyers feel at ease and can envision themselves living in the space. To achieve this, consider arranging for children and pets to be elsewhere during viewings.
Alternatively, if the viewers are a young family or have family plans, strategically placed family pictures or artwork can reinforce the feeling of a welcoming family home. Encourage explorations through your home while providing them space, yet remain accessible to address any queries.
A factor often overlooked by those selling their homes in Hull is the potential of empty space. Vacant spaces allow prospective buyers to imagine their personal touches and arrangements.
An empty wall could prompt visions of a canvas or bookshelf, fostering a connection between the viewer and the property’s potential.
The garden’s appearance holds significant weight in the decision-making process, sometimes even becoming a decisive factor. Beyond providing a personal green haven, the garden leaves a lasting impression as it’s often the last thing viewers see.
Just as with the interior, the final impression is as important as the initial one. Ensure outdoor areas are free of unnecessary items and clutter. Neatly maintained fences with painted or treated wood present well.
A colourful garden with fresh flowers can captivate potential buyers. Attend to details like cleared dead plants, well-trimmed grass, and proper disposal of clippings – these elements could significantly influence your home’s appeal.
Human interaction plays a significant role in the impression you leave on potential buyers. Be genuine, welcoming, and true to yourself. Remember, they are one of many prospective buyers, so if an offer doesn’t materialise, there’s no need to worry.
Offer a balanced perspective of the property, disclosing any past issues, how they were addressed, and providing assurance of their unlikely recurrence. Transparency is vital, whether it’s about a previously fixed leak or potential recurring matters.
Be an active participant in viewings, even if estate agents are involved, as your intimate knowledge of your home can fill in important details. Moreover, remember the emotional aspect of buying a home. Your home might become someone’s forever haven or a first time buyer’s dream.
Share the positive experiences you’ve had in the home, as it can resonate with potential buyers, especially those seeking to create their own joyful memories.
Remember, moving home in Hull can be an overwhelming experience. Allow dedicated experts like Hullmoneyman, a trusted mortgage broker in Hull, to alleviate stress. Reach out today to benefit from the guidance and support of our mortgage administrators and advisors.
Our team is committed to ensuring your mortgage journey is smooth and well-informed. Initiate the process by scheduling your free initial mortgage appointment through our online booking feature, and let us guide you through your mortgage needs when moving home in Hull.
Any homeowner would never want to miss mortgage payments, however, unexpected events like an illness or family emergency can happen which could lead to financial difficulties. In particular, those with low income and minimal savings.
If you have no insurance policies in place that could cover your mortgage payments should unexpected events occur, this can make the situation challenging.
In this article, we felt we should answer the following questions: what should you do if you are in this situation and think you will miss mortgage payments, and how can you improve your credit score afterwards?
In the case where you feel you’re going to miss an upcoming payment on your mortgage, you need to inform your lender immediately. When you have missed a payment, this will show up on your credit record, which will affect your ability to remortgage when your old mortgage is coming to its end.
There might be an alternative available to help you avoid missing a payment, however, this depends on your lender’s criteria and situation. Lenders will provide support and guidance to borrowers who are going through a challenging time.
You should not feel embarrassed by your situation. This is a circumstance other people have been through, some struggling more than others. You won’t be the first person or the last person who has contacted them being in this situation.
It’s important to know that it isn’t the end of the world, however, this may negatively affect your credit rating. This does some down how quickly the situation is resolved and how well you communicate with your lender.
Your lender will inform the credit referencing agencies if you fail to pay your mortgage as this will negatively impact your credit score. As mentioned, lenders will generally have a set period after the payment due date. This will differ depending on the lender.
Struggling to manage multiple mortgage payments can result in defaulting on the loan agreement, meaning that your lender could take repossession action. Lender’s last resort would be repossession and eviction, they will generally negotiate with you and help make a repayment agreement.
Here at Hullmoneyman, our Mortgage Protection Advisors in Hull will recommend taking out the relevant insurance to protect you and your family from financial burden during unexpected health issues.
Depending on the protection insurance you take out, these will help pay for your mortgage and bills if you are off work sick or critically ill.
Please get in touch to speak to one of our specialists mortgage advisors in Hull if you are looking for support and guidance. They will be able to find out which insurance will be the best for you.
As could probably be predicted from us, we firmly believe that there are some great reasons for customers to use a mortgage broker in Hull.
As a fair counter argument though, whether it’s via a branch or online, it is still completely viable to go direct to the lender yourself. Luckily we find that most people prefer to make use of a mortgage broker.
Here we will take a look at the pros & cons to both sides.
When talking about the option of going directly to a bank or building society, the first thing that immediately springs to mind is that you’ll be free from any broker fees. This of course will save you money.
Whilst that may be a point for, an immediate point against comes to mind too. In previous years, you may have thought “the bank manager will know my finances inside and out”, though when credit scoring was introduced, this no longer became a factor in the process.
One reason why going direct could be preferable, is that some lenders offer exclusive mortgage products that are only available by going direct. This is done so to attract a good spread of business from consumers and brokers alike, switching these exclusive products as they see fit.
On the contrary to this, some products may only be available by going with a mortgage broker. In this case, you’re not only able to see potential exclusive deals from your bank, but other lenders as well. A bank can only offer their own products!
In 2014, the market changed and lenders were no longer allowed to sell mortgages on a non-advised basis to anyone who walked through their door.
Previously, it had been believed that non-advisors were trying to push actual advice on customers. This means they weren’t able to benefit from some of the consumer protection that comes with speaking to a professional mortgage advisor.
The changes meant lenders had to adjust. Heading towards the end of 2014, it was commonplace to be kept waiting over a month just to speak with an advisor. Sometimes today this situation still occurs, which is of course less than ideal when you have had an offer accepted and are ready to go!
Because of the issues that were occuring with these services, applications being made via mortgage brokers went on the rise. This is because many brokers out there, like ourselves, are able to offer customers a more flexible service, at times that best suit them.
When you book your free mortgage appointment with us online, you’ll be able to choose a timeslot that best suits your personal and work life. Oftentimes, your appointment can be booked in for the same day. There is no waiting around for somebody to get back in touch!
Affordability is definitely something that factors into people’s decisions to use a mortgage broker. No matter how good a lender’s deal might seem, you won’t get very far if they won’t lend you enough money!
Buying a house is so important to people, that many customers will opt to go with a trusted and dedicated mortgage broker for professional and personalised mortgage advice in Hull.
Nowadays we find that a lot of mortgage applications aren’t as simple as they once were. For one reason or another, there are a lot of contributing factors that can make the mortgage process a lot more challenging now.
Some examples of these are, but are not limited to:
In the past, it was a lot easier for lenders to stand out from the competition by simply offering a deal that was similar to, but better than another mortgage lender on the market. In modern times this is very different, with lending criteria being the big difference between one option and another.
An example of this is the differences in leniency towards those who are looking to obtain a self employed mortgage in Hull. Some lenders are willing to be a bit more sympathetic towards previous discrepancies on your credit report. Others, not so much.
Your situation is unique to you, it is very unlikely that someone will have the exact same circumstances as you. You could be looking for first time buyer mortgage advice in Hull, ready to take the first step towards being a homeowner.
You might be in a tight spot and need some remortgage advice in Hull, ahead of consolidating some debts (something that definitely requires an expert opinion). When you explain your position to an experienced mortgage broker, they may have dealt with something that is at least similar in the past.
This allows them to personalise your mortgage advice service and guide you along each step. With a little luck and a lot of hard work, your mortgage advisor in Hull will hopefully be able to recommend the most suitable mortgage, at the lowest rate available to you.
Beyond that though, it’s about more than just getting a mortgage. Even if the application itself is pretty simple to run through, our clients rely on our expertise and industry experience for so much more.
We are able to run through how much the applicant is willing to offer on their potential new home. Our trusted team of mortgage advisors in Hull are able recommend other professional services such as solicitors and property surveys.
Another reason why using a mortgage broker in Hull could be preferable, is that we tend to be far more responsive than the lenders might be.
Our hard working team quite regularly work late into the evening, outside of normal hours, giving maximum effort on customer cases to ensure the service is prompt but also effective.
Something that is often overlooked when looking at why customers may prefer a broker, is that people’s day-to-day lives are so much busier. A mortgage might be important, but you may have no free time! A mortgage advisor in Hull will take the weight off your shoulders.
Professional applicants especially see the benefits of using a mortgage broker, as they have clients of their own that they charge out their services to and they appreciate having an expert to do the work for them whilst they keep busy.
Mayhap in the future we will see lenders wanting to take business back from the brokers. In the event of this, we may see a more technological approach from them. The world seems to be more focused on that these days.
That’s great news for customers who are fine with speaking to bots or using automated systems. Even more so when the case is straightforward.
For most of us though, there’s an element of “realness” when speaking to a real person. We are getting that “human touch” that only speak to a mortgage advisor in Hull can provide for you.
Book your free mortgage appointment online now using the “Get Started” button. Time slots are available every day, from early until late, at a time that best suits you (subject to availability).
A Debt Management Plan or a DMP is a formal agreement between you and your creditors to help you pay off your debt. The plan usually starts with you declaring how much debt you’re in then your creditors can get a picture of how severe the situation is.
They will then want to know all about your income and your expenditures. This will help them work out your spending habits and see whether there are things to cut back on.
Once they have these details, you will be put on a DMP tailored to you and your finances. To repay your debt, you will receive monthly payments at a reduced and more affordable rate.
In this article, we are going to look at how a DMP can benefit you and your mortgage in Hull.
Believe it or not, being on a DMP can improve your credit. If you have poor credit at the time of taking out a DMP, meeting your monthly payments and slowly paying off your debt can have a positive effect. If you think about it, you’re clearing debt from your name, therefore, with time, it’s only fair that you start to gain points on your credit score.
Having a higher credit score can potentially open you up to better mortgage rates. You will still need to provide a much higher deposit as usual as you’re still in debt.
By working on a DMP and keeping with it, you may be able to avoid a default, unless you’re already associated with one. Once you are issued with one, it will not be removed from your file for 6 years, regardless of whether you’ve paid off the debt.
Having a default that is in your name can have an adverse effect on your credit score. As a Mortgage Broker in Hull, we would highly recommend avoiding a default if it is possible.
If you speak to an expert, such as a Specialist Mortgage Advisor in Hull, you may be able to get a quick DMP together and avoid a default. Every lender will ask lots of questions when seeing a default in your name. Ideally, you don’t want to be in this situation.
If you’ve already been issued with a default, you may be able to incorporate the amount owed into your DMP. The default will still appear on your credit file, which can negatively affect your chances of being accepted by most lenders.
Having a DMP in place can help your sort out your finances and get you back where you need to be financially. Re-evaluating your finances, particularly in the lead up to a mortgage/remortgage application, is always a recommended option. This includes your DMP payments and your current outgoings.
To provide an example for this situation, you could cut back on gambling during the lead-up to your mortgage application to ensure that you’re looking reliable and managing your finances responsibly. Your lender will see it as irresponsible if you’re on a DMP and are going out and spending large chunks of your income on gambling.
In some circumstances, you may not want to take on a DMP and would prefer to incorporate some of your owed debt into your mortgage. Your total mortgage amount will increase, but you’ll be ensuring that your unsecured debt becomes secured against an asset.
Debt consolidation is a specialist subject and you may need assistance from a Mortgage Advisor in Hull during the process. We would never recommend that you consolidate your debt into your mortgage without conversing with a professional.
You can book a free mortgage appointment with an expert online. Follow our Get Started process to choose a date and time best suited to you.
Stepping into the mortgage world as a First Time Buyer in Hull can be stressful, especially if you don’t have a lot of knowledge and this is a new experience for yourself. However, this doesn’t have to be the case. It’s good to be prepared as possible in order to make the most out of your house buying experience. Below is 9 questions to ask yourself when purchasing a house as a First Time Buyer.
It’s good to have a think about a property you have looked at before you commit to it because a mortgage could be one of the biggest financial commitments in your life.
When it comes to the thinking stage of the process, you need to ask how many people have looked and enquired about the property in order for you to know how long you have to make a final decision. Therefore, if the property is getting a lot of interest, you need to have a final answer pretty soon.
A property chain happens when there are a number of transactions occurring at the same time for every sale and purchase to be completed.
If the property is a part of a chain, this can have a significant effect on parts of the mortgage process.
In the case where there is no onward chain like a new home, bereavement or emigration, can increase the chance of you moving in quickly especially if you are not part of a chain yourself. You can have more of an advantage as a buyer if you don’t need to sell your own property first because you won’t be interrupting the home buying process.
It’s good to utilise this benefit when negotiating property price negotiations.
It can be common in homes that have had previous owners for them leave some previous items behind, which can be a benefit for you. These items include electronic goods like washing machines, fridges, freezers or things like sheds that have been left by for the next occupant. This doesn’t apply to new build properties as they come as standard or agreed upon prior to being built.
The advantage of this is that buyers can save money can time, however, can be an issue for those who don’t want these items as you will have to find a way to dispose of them. In the circumstance where you buying a new build property, there might additional items you can buy that can be fitted and ready on the day you move in.
Another factor you may consider is the neighbours as a good or bad neighbour can lie in the option of you living in the property. This can be beneficial to do if you are looking into an area you have no knowledge or experience of. If you move into a new build, then you and your neighbours will be the ones building a community thus making the experience risky as you won’t know what anyone is like ahead of time.
When it comes to running costs, it all depends on the house and the location which is why it’s helpful that you do your research and ask the right questions. Look into things like how much the Council Tax is as well as the average spend on utilities which can be done by researching online or asking the seller. By knowing these factors, you can help budget for each property.
The direction the house faces can be an important factor to you especially if you like relaxing in the garden in late summer evenings or reading books in natural light. You may find that having a south-facing garden comes with a large premium price to pay because you will receive the most sun throughout the day.
This is another factor you need to think about as it can have a significant impact on your budget. With this in mind, below are some things you may want to look into.
The house buying process usually kick starts with negotiating on a property price. It’s best that you are as ready as you can be to make an offer on a property that you like. If you are wanting to build your skills on this, check out our how to make an offer on a property in Hull. As soon as you are prepared, you can then begin negotiating.
To determine if your offer is too high or too low, it’s best to have a chat with the seller of the home or estate agent. From this, you can find out any other offers that have been made and rejected before your offer.
Having a date set in the diary can allow you to plan the other tasks you need to do in advance. These tasks could include instructing a conveyancing solicitor, packing your belongings and sorting out a removal van to bring your belongings to the new property.
Customers will always receive an Agreement in Principle from the lender before they can obtain a mortgage on a property. The reason for this is so that you know the lender will agree, in principle, to let you borrow from them.
This part of the process is carried out before the final checks and whilst even with this we cannot guarantee that you will get a mortgage, being given this is certainly a good sign that you’re on your way to mortgage success.
You’ll often see this online being called a Mortgage in Principle and a Decision in Principle. Sometimes it will be shortened to AIP and DIP. Though the collection of names can be confusing to home buyers, worry not as they’re all exactly the same thing.
Once you have gotten an Agreement in Principle, you will be ready for the next steps of the process, fully prepared to support any offers that you look to make as a first time buyer in Hull.
By having this document, you may also give yourself room to negotiate with the seller of the property on a lower price.
This is because it will showcase to the seller of the property in question, that you are a serious buyer and have the necessary funds to move on with the mortgage process.
We tend to find that a large amount of lenders these days are choosing to go with soft searches instead of doing hard searches. As a standard rule of thumb, a soft search will not affect your credit score, as they don’t usually leave a footprint.
Hard searches will leave a footprint behind, so having lots of them done can be quite damaging, especially if you fail it each time. That’s not to guarantee a soft search will have no effect, but it is very unlikely.
Soft searches offer less in-depth information than you would get from hard searches, though worry not as no matter which one the lender opts to use, they will be doing it for the right reasons.
If you are not getting hard searches taken out on you regularly, then having one done should be pretty harmless. The problem arises is if you start having multiple hard searches taken out on you in quick succession.
Always remember that if you fully know that you do have a good credit rating, there is no need to be put off by the idea of getting a hard search done, especially if it will be the best option for you to go with.
Though it would be nice for us to say yes and lift your spirits, unfortunately even with an Agreement in Principle to hand, a mortgage is not always a guarantee at the end of the process.
The mortgage lender still needs to take a look at all of your documents and only after their checks are complete will a mortgage underwriter be able to make their final decision.
Customers often get in touch with us after they have previously been declined at the point of application, as they have neglected to read the small print that is stated within their Agreement in Principle.
You are required to provide your mortgage lender with proof of identity, the last 3 months payslips and bank statements to demonstrate your financial capabilities, before a mortgage lender will offer your case.
The required documentation is a little bit different for Self-Employed Mortgage applicants in Hull.
Whilst yes, you would be able make an offer without an Agreement in Principle to hand, you would be much better off for getting one prior to making any property purchase offers.
Whether you take the document, a lender will always have to agree in principle before the mortgage itself can proceed.
Any estate agent with credibility will want to see an AIP before they do business with you, as they need concrete confirmation that you have the funds to proceed and won’t be wasting anyone’s time.
A trusted mortgage advisor in Hull will usually be able to obtain an Agreement in Principle within 24 hours of your free mortgage appointment.
An Agreement in Principle tends to expire somewhere between 30-90 days. Always be mindful though that you don’t just have to make an offer on the first house you encounter within your price range. Take as much time as you need.
If your Agreement in Principle expires, your mortgage advisor in Hull will easily be able to get you a new one, in order to help you make offers when you are ready to.
Finding the home of your dreams, only for a lender to decline you, can be both frustrating and crushing. To counteract this feeling, we would highly suggest that you get an Agreement in Principle as soon as you can, to make sure you’re wholly prepared for the mortgage process.
To gain a better understanding about what an Agreement in Principle is and how they can be useful, take a look at our helpful YouTube video guide.
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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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