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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!

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.
UK Moneyman Limited registered in England, registered number 6789312 and registered office 10 Consort Court, Hull, HU9 1PU.

© 2021 Hullmoneyman

Hullmoneyman, 410 Wincolmlee, Hull, HU2 0QL.

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