Obtaining a mortgage in Grimsby occasionally be quite challenging, especially for those who have never done so before. There are hundreds of different mortgage lenders out there all with their different lending criteria that you need to match up against.
We have been working within the mortgage industry for well over 20 years now, learning in that time the best ways to help a customer save both their time, and their money. After all, customer satisfaction is at the heart of what we do.
As a trusted and experienced mortgage broker in Grimsby, we have the knowledge to overcome most mortgage hurdles. We love taking on a good challenge, so even if it’s a situation we haven’t directly come across, it’s likely we’ll have gone through at least something similar before.
We specialise in providing expert Mortgage Advice in Grimsby. No matter if you are a First Time Buyer in Grimsby, looking at Moving Home or wanting Self-Employed Mortgage Advice in Grimsby, we are here to help you in any way we can!
Whilst it can go fairly smoothly for some, there are instances where obtaining a mortgage may become a challenge.
Our dedicated team of mortgage advisors in Grimsby will always work hard, using their knowledge to overcome as many mortgage hurdles as we can. Below we have put together a list of the most common situations we encounter with customers who are struggling to be accepted for a mortgage.
A mortgage lender will always want to know that you have a suitable income and are able to afford the monthly repayments on your mortgage. They will perform affordability checks, reviewing your income and outgoings, to make sure that a mortgage is right for you.
If a mortgage lender isn’t willing to accept you for a mortgage on the amount you need, you may need to look at putting down a higher deposit. Doing so will reduce the amount you need to borrow, possibly allowing for lower monthly repayments over a longer term.
Relating to the previous point, you may not be able to save enough for the initial deposit. Generally speaking, you will need between at least 5-10% to be in with a shot at obtaining a mortgage, though if you can go higher, this would be recommended.
The reason we recommend a higher deposit, is because it can open you up to much better deals, with a wider variety of mortgage lenders. Doing so will put you in a much better position than you otherwise would be.
Unfortunately not everyone can save the right amount, which will obviously put a halt on plans for the foreseeable, until that amount is saved. There are a few saving graces though, especially for first time buyers in Grimsby.
The first of these is the Bank of Mum & Dad, otherwise known as a gifted deposit. This is a gift, donated from a family member (typically parents, adopted parents, carers or legal guardians), allowing their loved one to get onto the property ladder.
This is an increasingly popular option, being a large factor into so many young people getting onto the property ladder these days. You must remember though that this is gift and not a loan, something which the lender will need to see in writing, along with proof of deposit.
The other helpful tool for first time buyers, is the government Help to Buy Equity Loan Scheme. The aim of this scheme is to boost a first time buyers deposit up to 25%, with a loan from the government.
So long as you have saved up 5% by yourself, the government will loan an additional 20%. This works within that 25% amount, so if you have 10%, they’ll loan you 15%. This too is a loan, and will need to be paid back.
Not having enough deposit initially can create challenges, but with the right help you may be able to still obtain a mortgage, especially if that is the only hurdle in your way and the rest of your case looks fine.
Credit score is one of the biggest factors in obtaining a mortgage. Whether it’s from a poor track record of handling credit, obtaining defaults and missing payments, or from simply not having enough of a credit score (common in younger applicants), this can present challenges.
We have a large panel of specialist lenders on panel, so even if your case is a little more complex, there may still be mortgage options for you, though they will often require a more substantial deposit from you, closer to at least 20%.
It’s not just things like defaults and missed payments that affects your credit score, as there are other aspects that may affect that also. Making sure all your addresses are in line is a common one some applicants forget about.
You should update all addresses to your current address and register on the electoral register, so that lenders are able to confirm you’re living where you say you are. Also, avoid applying for too many mortgages yourself, without speaking to an expert.
If you are applying for mortgages by yourself and constantly getting declined, this can seriously harm your credit score. There is the potential that one of these mortgage lenders will have been assessing you using a hard credit score.
A hard credit score, unlike a soft credit score, is a lot more in-depth but also leaves a visible footprint on your credit file. A mortgage broker in Grimsby will match you up with the right lender, so you don’t run the risk of this happening.
As an experienced and reputable mortgage broker in Grimsby, we have lots of valuable experience and we know exactly what lenders are looking for in mortgage applicants.
We can talk you through some simple steps you can take to improve your chances of your mortgage application being successful.
These steps can be very simple and easy to do. Speaking to an expert mortgage advisor in Grimsby could get you a couple of steps closer to securing a mortgage deal.
Book your free mortgage appointment today and we’ll get the ball rolling on achieving mortgage success for you and your future home.
By the time your mortgage ends, you will have ended up with one of these outcomes; a dream family home, a stepping stone property you’ll later leave to climb the property ladder, or a buy to let investment property.
No matter which path you took primarily, soon enough you’ll find that your fixed period is ending. At this point you might be wanting to look at the options you have for moving into a bigger or smaller home. Sometimes a landlord may look to sell up their portfolio.
As a mortgage broker in Grimsby, however, we tend to find that most people will look to take out a remortgage.
Before we get on with the topic, let’s look at the definition of a remortgage in Grimsby. To summarise, a remortgage is the process of using funds that you have raised from taking out a new mortgage, to pay off an existing mortgage in your name. .You can do this a lot of different ways and there are a lot of different benefits to each.
The “Moneyman” Malcolm Davidson (host of MoneymanTV, our YouTube Channel) has well over 20 years of experience in the mortgage world. Using his knowledge, we have compiled a helpful guide to all the remortgage options that a homeowner may have access to.
Your fixed period will usually last within the range of 2-5 years. The fixed rates or potential discounted rates here tend to be lower. Depending on the situation you are in, you may even find yourself placed onto a tracker mortgage, which will fluctuate based on the Bank of England’s base rate.
Once you reach the end of your fixed period, you will most likely be put onto the lenders Standard Variable Rate (typically shortened to SVR). In simple terms, an SVR is a mortgage with an interest rate that can completely change depending on what the lender wishes to charge.
Whilst this mortgage type does not change with the Bank of England’s base rate as a tracker mortgage would. These changes often occur at times when the base rate or the market changes. For example, if the base rate goes up, your lender may choose to increase their rate too.
Because of this, Standard Variable Rates are often considered to be pretty expensive choices to stick with, which is why a lot of homeowners often choose to remortgage their property for better rates. The hope is that this will save you money down the line.
A couple of years into occupying your property, you may have something different in mind. Rather than finding a new place to live that covers what you would like in a home, many homeowners instead prefer to remortgage to release equity, in order to cover the costs of upgrading their current home.
We hear of customers looking to achieve all kinds of things in their homes. Some like to create more space to live in. Others are unhappy with their kitchen and would like it refurbishing. An increasingly popular one is converting the loft into another room or something else.
The prospect of planning and managing your own project, as well as getting permission from the authorities when necessary, can seem daunting. That being said, a lot of customers who have done just that would argue it’s a lot less stressful than finding a new house, and is a lot more rewarding.
This may benefit you further down the line too, as creating more space and having a solid, well built home is something that will likely increase how much the house is worth. In the event you did decide to sell up and move home, this would come in handy.
Depending on the situation you are in, you may just prefer to take out a remortgage in Grimsby in order to access a better mortgage term. This can be achieved either by reducing how long your mortgage term is or by switching onto a product that is more flexible.
When you reduce your mortgage term, you won’t be paying back, nor will you be restricted for as long. That being said, it tends to mean higher monthly mortgage payments for you. The longer you make your mortgage term, the less you’re likely to have to pay per month.
A lot of the time, customers may choose a more flexible mortgage term at remortgage time. This may give you the option to overpay more than usual (this comes with a cap typically), meaning you could pay your mortgage off quicker. Also if you wish to move, you may be able to carry that mortgage onto a new property.
Though this could be the best route to take, they will typically come in the form of tracker mortgages. As we looked at before, this will correlate with the Bank of England’s base rate. This means your monthly payments could be a little unreliable, as they may change.
Unless the country were to experience another serious market crash, every homeowner will have a certain amount of equity existing within their home. This can be worked out with the difference between what you still owe on the mortgage, and the value of the property.
As mentioned previously, people usually look at taking out a remortgage to release equity as a way of assisting with the funding of home improvements, though you may have something else you wish to use this for.
Popular choices include to cover long-term care costs, provide an income boost, cover the costs of a large holiday, pay off an interest-only mortgage or to simply free up some extra disposable income.
From time to time, we also find that Buy-to-Let landlords will look to remortgage to release equity from one of the properties in their portfolio, as a way to cover the deposit for a future purchase.
For homeowners who are aged 55+ and have a property that is worth at least £70,000, it may be beneficial to take at your options for Equity Release in Grimsby. Speak to a trusted later life mortgage advisor to learn more about lifetime mortgages and equity release.
Following on from the latter section, some may remortgage to release equity, to pay off any built up, unsecured debts.
Though it sounds simple, how much you can borrow for a debt consolidation remortgage depends on how much you owe a creditor, the value of your home and the current state of your credit rating. This means you could be limited in how much you are allowed to borrow.
In addition to this, in order to pay your previous mortgage off entirely, as well as the debts you have accrued, you will have to borrow more than you actually require for a mortgage. This will most likely mean higher monthly payments.
It’s not at all an ideal situation, but you’ll at least have comfort in knowing that should you find yourself struggling, there are some options out there that you can take.
If you have a damaged credit rating, you’re not completely out of options. That being said, it will be a challenge and you will require specialist remortgage advice in Grimsby before you can go forward with it. Even then, you are not guaranteed to get a mortgage.
Homeowners should always seek out the advice of a specialist mortgage advisor in Grimsby before they consolidate any debts against their home.
If you are reaching the end of your initial fixed period and wondering what your options may be for a remortgage in Grimsby, please do get in touch.
Book your free remortgage review to speak with an open & honest mortgage advisor in Grimsby today. We work around your schedule, so you can speak to someone at a time that is convenient for you, whether it be early in the morning or later in the evening.
A trusted mortgage advisor in Grimsby will be able to go over your case and any plans you may have, in order to create a suitable plan of action for your mortgage journey. We always aim to make sure that this time around is as quick, if not quicker than your last process.
A Debt Management Plan (DMP) is a formal agreement between you and your creditors to help you pay off your debt. To create your plan, you will need to declare how much debt you’re in and how long you’ve been in debt. This will allow your creditor to get an idea of what situation you are in and how severe it is.
You will then need to supply some financial documents so that they can back up your income and take a look at your expenditures. This will help them to take a closer look at your spending habits and see whether you can cut back on anything.
The next step is to issue you with a DMP that is tailored to you and your financial situation. Once you start your DMP, you will begin receiving monthly payments at a reduced and more affordable rate in order to pay off your accumulated debt over time.
Throughout this article, we are going to look at how a DMP can benefit you and your mortgage in Grimsby.
A DMP could help you build back up your credit. If you have a poor credit score at the time of starting your DMP, meeting your new monthly payments and slowly paying off your debt can have a gradual positive effect. If you think of it as that you’re clearing debt from your name and are meeting recurring payments each month, you can see why it can help you a little bit.
A higher credit score could potentially open you up to slightly better mortgage products. On the other hand, you will still need to put down a higher deposit as you’re on a DMP and lenders may see you as a potential risk.
If you come up with a DMP before receiving a default or a CCJ, you may be able to avoid them if you act quick enough and accumulate what you owe into a DMP. Once you are issued with a default or a CCJ, it won’t be cleared from your file for 6 years, regardless of whether you’ve paid off the debt or not.
Having a default that is in your name can have an adverse effect on your credit score. As a Mortgage Broker in Grimsby, we would highly recommend avoiding a default if it is possible.
If you speak with a Specialist Mortgage Advisor in Grimsby, they may be able to point you in the right direction to get your DMP together. When lenders see a default or a CCJ on your file, they will question it straight away and may not lend to you because of it.
If you’ve got a default, you may be able to incorporate the amount owed into your DMP. Remember, this doesn’t mean that the default will go away, it will still appear on your credit file.
A DMP can help you sort your finances and could get you back on track to where you need to be. It’s always recommended that you take a look at your finances during the build-up to your mortgage application anyway; reorganising a couple of things here and there could massively benefit you in some cases.
For example, in this situation, you could cut back on gambling to make sure that you’re portraying yourself as a reliable and responsible applicant. If you’re on a DMP and are spending large sums of money gambling, it will negatively affect your chances of getting a mortgage.
In other scenarios, we’ve seen some applicants incorporate some of their owed debt into their mortgage through debt consolidation. Your overall mortgage amount will increase, but you’ll be ensuring that your unsecured debt becomes secured against an asset.
Debt consolidation is a very specialist subject, and you may require a Mortgage Advisor in Grimsby to help you through the process. We always recommend that you seek advice before consolidating your debt into your mortgage.
Book your own free mortgage appointment online today. Use our Get Started process and choose a date and time that best suits you.
Your credit score is something that plays a significant factor in the process of submitting your application. This is because the likelihood of your application being successful lies in how high your credit score is. In some instances, this may not be the case because it is down to how the lenders go by their internal scoring systems.
Each lender’s criteria is data-driven and, it will develop over time. There is no need to worry if you have been unsuccessful with one lender as they will be more lenders who may be more accepting. Our mortgage advisors in Grimsby might be able to match you with the right lender so, get in touch so we can strive for the same thing you want- to get the best available deal.
There are a plethora of credit reference agencies within the UK with the most popular being Experian and Equifax. It’s best that you look into as many of these agencies as possible prior in order to get a more generalised overview. Check My File is a platform we suggest our customers use. It collates data from major agencies, including the aforementioned two, which then provides our customers with a broader view of how your credit score is performing. When you sign up, you will have a 30 day free trial on the platform then this will become a monthly fee of £14.99, however, your account can be canceled at the end of the trial.
Below are some ways you can improve your credit score:
Carrying our multiple credit searches can have a detrimental effect on your score. The first thing you need to do when you have registered with one of the credit reference agencies is not to start applying for new items of credit. A simple search of comparing car insurance on a price comparison website can register unwanted credit searches.
Applying for more credit later can be a wise decision if you’re applying for a mortgage anytime soon. Borrowing credit and paying it back later works out in the long run and lenders don’t want to see this just before you apply for a mortgage application.
A way to increase your credit score in a significant way can be to update your address and enlisting yourself on the electoral roll. By doing this you can give a good sense of stability and organisation, which lenders are impressed by. Make sure all information is correct .e.g. your name and your current address. You can register online if you aren’t on the voter’s roll.
Maxing out your credit each month is something you make sure you don’t do. This will reduce your score,therefore, it’s best to keep consistent with your payments each month. This way you can get in the lender’s good books as it shows you are responsible and can manage your money.
Exceeding an agreed card limit or overdraft can be a deterrent to a lender. This is because lenders want to know you’re taking your finances responsibly hence why they look over it.
Updating your details with your providers is important as it can sometimes appear that you’re living in two addresses at once.
You need to make sure that the addresses that you detail are correct. It can be difficult in terms of formatting if you live in a flat.
Getting in contact with the providers of the credit cards which you no longer use to close the accounts can provide you with extra security. Initially, it might have an effect as lenders wouldn’t be able to find who closed the account .e.g. you or the provider.
This will help you in the long run and reduces the risk of being a victim of fraud.
Removing any previous financial links with people like your family members or ex-partner can improve your credit score. As long as the financial association is still active, then the account will always remain in operation.
In order to remove this financial link, it’s best that you contact the reference agencies and make a request. The quicker you get this done, the more beneficial it will be.
Credit scoring can be seen as an unfair way for applications to get assessed by many consumers. The lender, however, sees this as a way to make their job easier but following these tips will help improve your credit score over time.
An up to date copy of your credit report is something you can give to your specialist mortgage advisor in Grimsby in order for them to have a detailed idea of your financial situation so they can then recommend you the most appropriate mortgage for your circumstances.
Today, we find that most schools only offer newly qualified teachers (NQT’s) a 12-month initial contract as standard. Therefore this becomes an issue for any teachers looking to get onto the property ladder. Most of the high street mortgage lenders will see them as being a “contract worker”.
Due to this factor, taking out a mortgage as a teacher will require you to have been in your role for 12 months. Luckily, some smaller lenders are understanding towards these circumstances and may consider your application without a 12-month history.
If you are a newly qualified teacher and would like to discuss your mortgage options, then please do not hesitate to get in touch and we will book you in with an experienced mortgage advisor in Grimsby. Whether you are a first time buyer, a home mover, or looking to remortgage, we will do our best to help.
When you are applying for a mortgage, you always need to know how your credit score is looking before you rush into your application. The higher your credit score, the more likely that it is that you will get accepted for a mortgage. There are lots of different ways to improve your credit score, so if you have a low to medium score, you should hold off applying for now as you may get declined which will also look bad on your file.
One factor that affects your credit score is your address and whether it’s up-to-date or not. Also, the fewer addresses that you have registered to you increases your chances of getting a mortgage. However, we are seeing that people are taking this the wrong way.
Some applicants who have moved out of their parents address into rented accommodation are leaving their bank statements, credit card and electoral roll information registered at their previous address. This is because they think that it’s going to have a positive effect on their application, whereas it will actually harm their score. Even if you have just forgotten to change your address, the information is still outdated, which could go against your application.
Before you perform a credit search and apply for a mortgage, you have to check that nothing will go against you. You will need to get all of your accounts (credit cards / current accounts) and electoral roll switched over to your new address. This only really applies to you if you have already moved out of your parents home as when you are moving out to get a mortgage in a new home, you can change your details once you have moved in.
Either way, your address needs to be double-checked before you start the mortgage application process. It’s surprising how much of a difference it can make by having everything up-to-date.
It’s important that you get the dates right too, you need to know the exact date you moved into your rented apartment/new home and the day that you left it. If you do happen to make a mistake with these dates it can appear that you are living in two places at the same time.
You need to show the lender that you are taking this seriously and you know what you are doing. This is a more open and honest way of doing things which will also benefit your credit score.
If you still require a bit more help or just want an experienced Mortgage Advisor in Grimsby to check everything over for you, feel free to give us a call today; we are available from 7 days a week!
We know that being a First Time Buyer with no mortgage experience can be hard, this is why we are offering you a helping hand, get in touch with Grimsbymoneyman, your local Mortgage Broker in Grimsby today.
No one plans a divorce or a separation when you are buying a house, however, they do happen and things can turn the other way and become complicated. One thing that may turn complicated is your mortgage commitments with your ex-partner. If things do get out of hand and you’re struggling to manage everything on your own, just know that your expert Mortgage Broker in Grimsby is here to help.
Here at Grimsbymoneyman, we have dealt with thousands of specialist cases over our 11 years of working within the mortgage industry. This includes helping our customers overcome their mortgage doubts through a divorce or separation and trying to help them remove their name or their ex-partner’s name off of their joint mortgage. When our clients reach out to us for help with their mortgage and their divorce or separation, we usually get asked the same three questions:
1. How do I remove my ex-husband/wife from my mortgage?
2. How do I remove my name from my ex-partner’s mortgage?
3. Can I have 2 mortgages?
It can be tricky trying to make changes to your mortgage, especially during a divorce or separation. You have to remember that both yours and your partner’s names are on the mortgage and you can’t just take one off like that.
The situation can get a little more complicated if there are children involved as there are the questions of who will live with the children and will it be in the current or a different home. We usually see that it is the mum that stays in the current household but it can be either. There may come a time that whoever is “in situ” wants to take over the mortgage in their own right. Sometimes, both parents may want a fresh start in new homes of their own.
You need to be aware that even if you are able to prove that you have been paying your mortgage payments without any help from your partner, it will not change that their name is still tied into the mortgage deal. Even if they have moved out and aren’t helping out with any of the payments, their name is still on the mortgage and you need to get it removed.
You can do this one of two ways. You can either go directly to your lender to ask about removing a name by yourself or get the help of an expert Mortgage Broker in Grimsby, like Grimsbymoneyman. Either way, they will have to be certain that the remaining applicant on the mortgage will be able to afford a mortgage on their own in the future. The way that this will be checked is through an affordability assessment, you will have to take one of these regardless of whether you have been keeping up with your mortgage payments or not.
Normally, during this point in the process, there is already someone who can step in and replace the ex-partner. This is typically a family member, friend or another partner.
You need to remember that every lender has their own unique way of assessing your affordability so don’t worry if your current lender says no. There are other options available, for example, you should approach a Mortgage Broker in Grimsby, like us who will try their absolute best to help you!
Removing your own name is similar to removing someone else’s, the basic ground rules apply for both. Firstly, both of your names are on the mortgage, so even if you decide to leave the family home, you are still responsible for any joint financial commitments you took out with your ex-partner. The only way to get your name off the mortgage is by going directly to your lender or with through the help of a Mortgage Broker in Grimsby.
The mortgage payments for your old property will be taken into consideration if you want to buy a new property in the future so it is important that you take this into consideration before making an offer. This is why we always recommend getting help from a professional Mortgage Advisor in Grimsby.
Before you make an offer in the future, you must consider that your mortgage payments for your existing property will be taken into account. This is why we advise that you get Specialist Mortgage Advice in Grimsby; you may have forgotten this and your income may have changed meaning that you can’t really afford a mortgage as of yet. If you apply and get declined, you could potentially leave a negative effect on your credit file.
You will always find that some lenders are stricter than others which will affect how much they will lend you. If you come to us for Mortgage Advice in Grimsby, we will take this into account when recommending the most suitable lender to apply for a Mortgage Agreement in Principle with.
Yes, you can have multiple mortgages and even more than two if you want! Lenders and their credit scoring systems will take different factors into account when you apply for a second mortgage. One of the main deciding factors will be your current financial commitments. If you still have ongoing commitments and you fail the lender’s affordability assessment, you could potentially damage your credit score. This is why we always recommend that before you apply directly with a lender you should go to a Mortgage Broker in Grimsby.
A Mortgage Broker in Grimsby, like Grimsbymoneyman, can perform a search for you without damaging your credit file to check whether you will be able to afford a mortgage. We can calculate your maximum borrowing capacity which can allow us to get an idea of your budget and how much your monthly mortgage payments are going to be on top of your current financial commitments.
Having an expert Mortgage Advisor in Grimsby by your side through every step of the way could prove highly beneficial. Moving Home can already be stressful enough! An Advisor will be available to answer any questions that you may have along the way and be recommending you with the best route to take at all times. We want the best for you through these tough times! Contact your local Mortgage Advisor in Grimsby at Grimsbymoneyman today and receive a free mortgage consultation!
Most people don’t even think about having a second mortgage, one stresses them out, never mind two! Having more than one mortgage can prove quite costly it certain cases. Surprisingly, with that said, they are a lot more common than you would’ve thought. Here are some reasons why people may want to invest in more than one mortgage:
Sometimes, people who have built up equity in their home may start looking for a second mortgage and this is because they want to release some of their equity to fund another purchase or something else.
If this is the same situation that you are in and you are thinking about releasing equity for a second mortgage, then you are going to need another mortgage deal to transfer onto. You can either search round for your own deal or go to a Mortgage Broker in Grimsby and they will sort it for you.
As a trusted Mortgage Broker in Grimsby, we have over 38 different lenders on panel, each with unique mortgage deals. We can shop around for you, searching through thousands of different deals until we match the perfect one for you and your personal and financial circumstances. Remember that lenders do not reward loyalty and will probably be offering better deals to First Time Buyers in Grimsby over you!
This is called Let to Buy, you have probably heard of it. Sometimes people want to keep their existing property and the mortgage so when the move home, they keep it with the aim to rent it out. When you are Moving Home and you decide to go down the Let to Buy route, your second mortgage will become your new residential one.
More and more First Time Buyers are struggling to take that first step onto the property ladder without a helping hand. We are commonly seeing more and more Parents and Grandparents helping out. The most common situations that we see is that either the Parents or Grandparents of the applicant give up their home and move out to get a second mortgage or they actually purchase the second home for them (kind of like a gifted deposit).
Are you interested in purchasing a second mortgage for a Buy to Let in Grimsby? If so, you should speak to a Buy to Let Mortgage Advisor in Grimby at Grimsbymoneyman. We have helped hundreds of local Buy to Let landlords secure amazing mortgage deals in the past and we want you to be next.
Get in touch and let’s get the process started for you and your Buy to Let second mortgage in Grimsby.
Are you currently named on another mortgage and would like to purchase a new property to live in? This situation is very common, and unfortunately, it is likely due to a divorce or separation. In situations like this, 9 times out of 10 we are able to help. Having a Specialist Mortgage Advisor in Grimsby by your side during this tough time could really help take all of the stress off your back.
We are able to search through thousands of second mortgage deals for you and we will work endlessly until we have that 1/1000 perfect deal for you. Receive a free mortgage consultation off one our amazing mortgage advisors today at Grimsbymoneyman, your local Mortgage Broker in Grimsby.
Everyone goes through a tough mortgage situation in their life. You may be faced with mortgage hurdles as a First Time Buyer in Grimsby or as a home mover. You may even encounter a problem through something else, they always come about and they can be hard to tackle if you don’t know what you are doing.
This is where your local Mortgage Broker in Grimsby steps in to help you through the process. We want to take the stress off of your shoulders and offer you a helping hand to give you that boost you need to get you back on track with your mortgage. It doesn’t need to be as difficult as it is made out to be. Here are some of the mortgage hurdles that you could come across whilst trying to get a mortgage in Grimsby:
It’s very unlikely that you will be turned away by a lender due to you having children. The lender will consider your childcare costs by reducing your first mortgage offer. This offer will be lower than what they offer competitors who hold an equal amount of income to you but don’t have children.
However, sometimes lenders could take factors like child benefits as a negative and this could actually affect the maximum that you can borrow.
Following a divorce or separation, things can get complicated very quickly with your mortgage. This is why we don’t want you to go about it on your own. We want to help you, a Mortgage Advisor in Grimsby will give you Specialist Mortgage Advice and help you through these tough times. We get asked the questions regarding divorce and separation all of the time:
You can do all of these but it will be hard to go about it all by yourself. This is why we recommend speaking to a specialist Mortgage Advisor in Grimsby like us. We can sort everything for you and make the whole process less stressful for you. All we want is for you to be at ease and feel comfortable during this difficult time, we would love to offer a helping hand!
We always get applicants coming to us asking whether they can get a mortgage as they are starting a new job. You can, however, lenders prefer you to be a stable job rather than just starting one. If you have signed a contract with your new employer and a job offer letter, you are more likely to be able to get one as you can prove to your lender that you have the job secured and they can see the start date etc.
What about probationary periods? Lenders are often quite relaxed when it comes to this. They are more concerned about gaps in employment.
For anti-money laundering purposes, lenders need to confirm exactly where you have got/will get all of your money from. They will start with your deposit and until you can prove where you have got your money for the deposit from, they can’t continue the process. Your solicitor and the estate agent will also ask for you to evidence whereabouts your money has come from.
Be careful when depositing large amounts of cash as lenders are put off by it unless you can prove where it has come from. We recommend getting a receipt for every transaction just to be safe.
We get lots of cases where a customer has come to us and said: ” I have a gifted deposit, can I use it?”. Yes, you can apply it to your mortgage as part of or all of the 5% initial deposit. Remember, the family member or friend who has given you it needs to prove where the money has come from. They will also have to produce ID and confirm in written form that is a gift and not a loan. You can find out more about gifted deposits here and how much you need to put down a deposit here.
When customers like first time buyers in Grimsby have an offer accepted on a property your next job is to arrange a property survey. This will establish the condition of the property and ensure that it is worth what you are going to pay for it. If something is found on the survey you are then in a position by law to approach the seller to negotiate a price for the works required.
Here’s a short video from the Royal Institution of Chartered Surveyors (RICS) that explains the different types available to you.
There are 3 main types of property survey available to you:
A basic valuation is the cheapest option and you will be required to have one of these before you receive your mortgage offer. Please don’t confuse this with a full survey. The mortgage valuation confirms to the lender that the property is worth at least what it is lending you.
Your mortgage lender may even offer you a free basic valuation as part of your deal.
A Mortgage Valuation will not highlight any repairs that are needed. However, it may point out any obvious defects and recommend that you investigate further.
A Homebuyer’s report will cover structural safety and highlights problems, including damp, as well as anything that doesn’t meet current building regulations. This kind of report will give you an independent report of your property by an expert.
To ensure you are not paying for two surveys it is advisable to ask the mortgage companies surveyor to carry out this report for you – it will usually take a couple of hours to complete.
A Full Structural Survey is advisable for older properties and those of a non-standard construction.
Depending on the property size and type – a full structural survey can take as long as a day to complete.
A full structural survey provides a detailed report on the condition of the property and highlights issues that should be investigated further before going ahead with the purchase, providing you with peace of mind about the condition of your property.
You can find a surveyor to carry out a Homebuyer’s report or building survey through the Royal Institution of Chartered Surveyors.