Whether it’s due to not matching criteria or your affordability, when your mortgage application is declined, we know that it can seem like the end of the road. This is not the case!
In fact, we have helped many applicants who’ve been declined by their bank, have come to us and have managed to get a mortgage. Our specialist Mortgage Advisors in Hull always want to help struggling mortgage applicants move into their dream home.
Just because you cannot access high street products, doesn’t mean that you can’t get a mortgage. There are alternative options, such as specialist products, that can help you get a mortgage.
Some of these deals may be more suited to your personal and financial situation, meaning that you are coming out with a deal that’s more beneficial to you.
Once you book your free mortgage appointment with a Mortgage Advisor in Hull, they’ll run through some specialist products and explain how they work and why they will benefit you.
We have a large number of specialist lenders on panel and each of them holds hundreds, if not thousands of specialist deals. It’s our job to try and pick out the perfect deal for you!
If you’ve been declined for a mortgage, we would advise that you stop applying to different lenders, as the more that you apply and declined, the more damage that you do to your credit file.
Getting Mortgage Advice in Hull could be extremely beneficial if you’re stuck in a complicated situation. We may be able to get by the problem and help you get a mortgage, even when you thought that it was impossible!
Over our 20 years of working within the mortgage industry, we’ve come across many different mortgage scenarios. Here are some examples of frequent situations we encounter:
When a property survey shows that the sale price is higher than the true value of the home, the lender may pull out of the deal. This is called a property down valuation.
Lenders will not want to lend you more than you agree to. If you act quickly by getting in touch with the property owner or can make up the difference with your own funds, you may still be able to continue with your lender.
Although it may be difficult, during a divorce or separation, it’s important to sort out your financial arrangements with your ex-partner sooner rather than later. If you’re financially linked to your ex-partner and they stack up debt or have a bad credit score, it can also negatively affect your credit score if you’re not careful.
Our team will try and help you through this tough time by arranging the mortgage side of the process.
When you’re married and want to take out a mortgage in your sole name, you’ll have to prove that you can afford it. This will be measured through your lender’s affordability calculator.
Shared Ownership is a scheme that allows you to buy a percentage of a property and then pay the remainder back on rent. The share percentage that you can take out is usually between 10%-75%.
You can own the whole 100% in the future if that’s what you want to do.
Professional mortgages are only accessible by certain professions. To find out if you fit within the requirements, contact us and we will be happy to help.
To take out a second mortgage, you’ll first have to show that you can afford two sets of mortgage payments.
Whether it’s for your own use or it’s going to be used for a buy to let, you’ll have to put down a larger deposit on the property.
If you’re wanting to purchase a holiday home, you’ll need to think about whether you’re going to let it out or not. If you’re letting it out whilst you’re at home, you may be able to make some extra money from the property.
If you aren’t planning to let out your home, you want to buy it for your own use, we can still help, so feel free to get in touch.
New builds will usually be more expensive. If you aren’t quite managing to save up for that minimum deposit mark, it may be worth utilising the Help to Buy Equity Loan scheme.
Anything described as a ‘non-standard’ construction property means that the property isn’t made of brick and mortar. You may need a specialist mortgage product for a ‘non-standard’ construction property.
We would also recommend carrying out a full structural property survey.
These mortgages are typically taken out by landlords. They can allow multiple applicants to sign onto a mortgage (usually 6 people).
Getting Buy to Let Mortgage Advice in Hull is recommended for these options.
You can take out a mortgage after your retirement to release a lump sum of cash in the form of a lifetime mortgage.
Equity release and lifetime mortgage advice is available at Hullmoneyman. This subject requires specialist help and it’s advised that you speak to an expert.
Offset mortgages allow you to link your savings to your mortgage. You’ll have to meet strict requirements to be able to access this type of mortgage as they can often have competitive interest rates.
If you need Mortgage Advice in Hull, then you’ve come to the right place, we’re here to help!
Connecting you directly to a Mortgage Broker in Hull is very important to us. We want to get you the advice that you need, as soon as possible!
Our free initial mortgage consultation will last roughly one hour. Lucky for you, as an experienced Mortgage Broker in Hull, we can turn around an Agreement in Principle within 24 hours. All we need is a quick phone call to gather the necessary information. A formal mortgage offer takes about three to four weeks on average.
If you’re an employee, you will usually have to supply three payslips and the latest P60 to prove your income. If you are Self Employed in Leeds, it is typically the latest two years’ tax calculations and correspondings overviews. You will also need to provide proof of ID (Driving license or Passport). Proof of Address (Utility bills, tax bills or credit card statements) and three months’ bank statement. You are proving the deposit built up with an explanation for any significant credits.
The good news is it may be possible to get a mortgage if you are self-employed in Hull. To qualify, you need to submit at least one years’ accounts. Doing so will help to increase the likelihood of obtaining a mortgage. Most lenders take a look at your salary plus dividend to calculate the maximum mortgage amount. Others may go off your net profit. It all depends on the lender.
The good news is that you may find it a bit more challenging to obtain a mortgage despite having previous credit issues on your record. But it doesn’t mean it’s impossible, and you may still be able to get one! It just means that some Lenders may ask for a slightly higher deposit of around 10-15%.
Most high street mortgage lenders will usually ask for a minimum of a 5% deposit. This percentage may be higher depending on your previous circumstances, e.g. if you’ve had any past credit issues.
The good news is it is possible to have two mortgages in Hull running simultaneously, as long as you can afford to repay the monthly instalments on each of them. If you’re looking to accomplish something like debt consolidation or home improvements, you may be able to place a second mortgage on your home.
An Agreement in Principle typically lasts for 30-90 days. However, this timeframe is up to the Lender. If your Agreement in Principle expires, worry not; you can renew it by getting back in touch with your Mortgage Advisor in Hull.
As a Mortgage Broker in Hull, we recommend that you obtain an Agreement in Principle (AIP) as soon as you can, preferably before you start viewing properties. Having an Agreement in Principle in place when you are viewing houses could potentially allow you to negotiate prices.
Our mortgage process consists of multiple different steps. The first step is to get in touch, and one of our trusted mortgage advisors in Hull will carry out a Fact Find to get a bigger picture of your mortgage situation.
Secondly, you’ll undergo your free mortgage consultation, and your assigned dedicated Mortgage Advisor in Hull will begin searching for mortgage deals that match your circumstances. If they find you an offer that you are happy to proceed with, we can get the ball rolling with your mortgage application.
Next, they will perform a credit check on you to obtain an agreement in principle. Some evidential documents will be required from you to help back up your mortgage application.
Lastly, they will submit your mortgage application and wait for a formal mortgage offer to be issued.
Your free initial mortgage consultation with your dedicated Mortgage Advisor in Hull will last around an hour. During this consultation, we will get to learn a bit more about your mortgage needs and what you are looking for. Once we know more about your personal and financial situation, we will start looking for mortgage deals that will match you perfectly.
A telephone call where we can take some initial details and find out about your plan of action.
Enjoy finding a property in Hull!
Make an offer on the property you set your heart on – we’ll finalise your figures and help you to get a good deal.
Our mortgage recommendation. We’ll try to find you the best mortgage deal. We’ll be there to support you, right through to you getting your keys.
A telephone call where we can take some initial details and find out about your plan of action.
Enjoy finding a property!
Make an offer on the property you set your heart on – we’ll finalise your figures and help you to get a good deal.
Our mortgage recommendation. We’ll try to find you the best mortgage deal. We’ll be there to support you, right through to you getting your keys.
