A frequent inquiry from homeowners and potential buyers in Grimsby revolves around the dynamism of the mortgage market. The response hinges entirely on the market’s current status and performance.
To stay on top of mortgage market dynamics, including pertinent topics like interest rates and government schemes, explore our “Mortgage Market Update” playlist on YouTube. We consistently share videos to keep our customers well-informed.
Mortgage rates represent the interest level imposed by a lender on your mortgage balance, dictating the cost of your monthly payments, which typically cover both interest and capital. Lower mortgage rates equate to more affordable monthly payments.
Numerous factors influence your mortgage rates, with personal elements within your control being important qualifiers for mortgage eligibility. Elements like your credit score and deposit impact the risk level, directly influencing the rates.
Transparent mortgage brokers in Grimsby can analyse your situation, helping in securing the best mortgage deal aligned with your goals.
Our dedicated mortgage advisors in Grimsby possess the capability to sift through thousands of deals, including specialist mortgage options for those with more intricate cases.
The ultimate determinant is the prevailing market position, economic conditions, and the Bank of England’s base rate.
A thriving economy spurs demand for goods and services, including properties, typically prompting an increase in the Bank of England base rate, consequently affecting mortgage rates. Lenders often set rates as a percentage above the base rate.
During economic downturns, demand contracts, potentially leading to lower interest rates to stimulate property market activity. However, mortgage lenders, despite market conditions, need to balance affordability with their financial constraints.
Changes in the Bank of England base rate significantly influence mortgage rates, with lenders typically setting their rates as a percentage above this benchmark. Inflation fluctuations can also impact the base rate, influencing the cost of living.
While exceeding the inflation target can lead to increased living costs, it may adversely affect those with expiring fixed-rate mortgages. In such scenarios, the guidance of a mortgage advisor in Grimsby proves invaluable.
Tracker mortgages, tethered to the Bank of England base rate, offer flexibility in aligning with market movements. When the base rate is low, monthly mortgage payments are economical. However, if rates rise, payments increase rapidly.
Fixed-rate mortgages, a popular choice, allow borrowers to lock in a set interest rate for a specified period, shielding them from fluctuations. This stability offers certainty, especially in uncertain economic climates.
Choosing between fixed and variable rates hinges on predictions and individual circumstances. Personal factors like a higher deposit can secure lower rates.
Fixed-rate mortgages provide stability and certainty, shielding homeowners from immediate market changes. However, it’s important to weigh the potential advantages against the fact that rates may decrease after the fixed period ends.
Experienced mortgage brokers in Grimsby can guide you through this decision-making process, considering your unique situation.
Interest rates can change unpredictably based on economic conditions, market dynamics, and the Bank of England base rate.
Booking free remortgage advice in Grimsby or seeking guidance for first time buyer mortgages in Grimsby, allows you to leverage the expertise of professionals who can navigate the complexities of the mortgage market, ensuring you secure the most favourable rates aligned with your circumstances.
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 cancelled at the end of the trial.
Try it FREE for 30 days, then £14.99 a month – cancel online anytime.
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 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 in Grimsby, 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 in Grimsby 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 in Grimsby 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!
The majority of people will perhaps not even consider taking out a second mortgage. As it is, one mortgage can stress people, nevermind having a second one! Furthermore, it can also be even more costly to do so as well.
That being said, surprisingly, they are still pretty common with homeowners. Here are a selection of reasons as to why someone may wish to invest in an additional mortgage.
Quite often, people who have built up a portion of equity within their home may find that they would like to make some additional changes to their home. This isn’t a second mortgage in a sense of having two run alongside each other, but more of your second go around.
In order to release equity, you will need to remortgage from your current deal, onto a new one. We most frequently see people using the equity within their home to cover the costs of things like home improvements, modifications or alterations.
Additionally, whilst releasing equity can be an option, you may also be able to use your equity in other ways. Some may release it to fund the deposit of an additional purchase, whilst others may use the equity in their home to open themselves up to better deals.
The process of renting out your existing property in order to raise the funds to purchase a new home, is called a let to buy mortgage in Grimsby. This requires remortgaging your existing home onto a special let to buy mortgage, whilst you take out a new residential one.
We are starting to see more and more first time buyers taking out first time buyer mortgages in Grimsby and getting onto the property ladder, though there are still plenty out there who are finding it difficult. It’s not an easy transition to go from renting to buying!
One of the bigger factors we have seen in younger people doing this, is by having the help of a family member. Gifted deposits is the act of gifting money, either from savings or from the aforementioned remortgage to release equity, to a family member, to help them achieve their home buying goals.
In addition to this, there may also be the option of simply purchasing a new home for your family member to live in. For this to work, the mortgage would be taken out in your name, making it a literal second mortgage, though you would not be living there.
A mortgage lender may prefer you to live in a residential property you are going to be paying for, though there are mortgage lenders who will allow this. In order to have two mortgages running side by side, you will need to meet a mortgage lenders strict lending criteria and affordability requirements.
If you are already a landlord with a buy to let mortgage in Grimsby, you may be looking at expanding your investments into even more properties. The good news is that this is very common, with many landlords owning more than one property.
We have helped thousands of buy to let landlords over the years, securing them amazing buy to let mortgage deals and forming relationships, that see many of them returning for remortgages and additional purchases.
Book online and we’ll get the ball rolling on any further buy to let mortgages in Grimsby you are looking at taking out.
If you are currently named on another mortgage but do not want to be financially tied to another person anymore, you may be considering your options. This scenario is common with divorce and separation. In this case, you need to remove the financial ties as soon as possible.
You can achieve this by either yourself (if you’re planning to stay in the property) or your ex-partner (if they are staying within the property) remortgaging into your sole name. This has to be done with the consent of the other party.
If the mortgage lender determines that one party cannot afford the current mortgage in their sole name, you may not be able to get your name removed from their mortgage. As such, you will still be legally responsible for it, even if you agree that only one of you will maintain payments.
From here, you may want to purchase a home of your own, in your name. Though it can be tricky with affordability, there are specialist mortgage lenders who are willing to help customers who are looking to have a second mortgage in their name due to this circumstance.
Book your free mortgage appointment today and benefit from expert specialist mortgage advice for specialist mortgages in Grimsby, today.
Whether you’re a first time buyer in Grimsby looking to step onto the property ladder or someone who’s moving, you’ll soon discover that there’s a diverse array of mortgage types available. Some are widely known and readily accessible, while others are more niche. To help you better understand the variety of mortgages at your disposal, we’ve compiled a list of the most common options offered by lenders. We’ve also created informative videos for each mortgage type to make them more comprehensible, as some can initially appear quite complex.
A fixed-rate mortgage is quite straightforward. With this type of mortgage, your monthly payments remain constant for a predetermined period that you agree upon with your lender. Typically, people opt for fixed-rate mortgages with durations of 2-5 years, but you can choose longer terms, such as 10 or even 15 years.
It’s essential to consider that long-term fixed-rate mortgages lock you into the same payments for an extended period, and significant changes can occur over 10 or 15 years. The economy and interest rates are unpredictable over such extended periods. To potentially save money in the long run, opting for a 2-year fixed-term mortgage and renewing it with a different rate every 2 years could be a more flexible and advantageous approach.
A tracker mortgage is where the interest rate closely mirrors the Bank of England’s base rate. Unlike fixed-rate mortgages, the lender doesn’t set the interest rate but ties it directly to the Bank of England’s rate. Your interest rate is usually expressed as a percentage above the Bank of England base rate. For instance, if the base rate is 1% and your tracker mortgage is set at 1% above the base rate, your effective interest rate would be 2%.
During periods of high Bank of England interest rates, lenders may be less inclined to offer tracker mortgages since they can result in higher interest payments for borrowers. Fixed-rate mortgages tend to be more popular in such circumstances because they provide stability and protection from rising interest rates. If you choose a tracker mortgage when the Bank of England rates are high, it may lead to higher mortgage payments over time, which might not be suitable for borrowers seeking predictability and affordability.
When you have a repayment mortgage, you’re making monthly payments that cover both the loan’s interest and principal. If you consistently make these payments throughout the mortgage term, you’ll ensure that the loan balance is fully paid off, and the property becomes entirely yours.
Repayment mortgages are the most secure way to repay the borrowed capital. In the early years, the majority of your payments go toward interest, causing the balance to decrease slowly, especially if you’ve chosen a longer-term mortgage, such as 25, 30, or 35 years. However, this pattern changes in the last decade of your mortgage, where your payments start to pay off more of the principal than interest, resulting in a quicker reduction of the remaining balance.
While many buy to let mortgages in Grimsby are commonly structured as interest-only, obtaining an interest-only residential property mortgage has become considerably more challenging. Lenders are now less inclined to offer interest-only products. However, there are specific situations in which this option may still be available.
Such situations include downsizing in later years or having alternative investments earmarked to repay the principal. Lenders have become much stricter in their criteria for offering these products, and the loan-to-value ratios are significantly lower than in the past.
An offset mortgage involves the setup of a linked savings account alongside your mortgage account by the lender. The concept is simple: if you have a mortgage balance of £100,000 and maintain £20,000 in your linked savings account, you only pay interest on the reduced amount, which is £80,000 in this scenario. This approach can be highly effective for managing your finances, particularly if you fall into a higher tax bracket.
Whether you are a first time buyer in Grimsby searching for a perfect home or current home-owner wanting to move house, we can help! You may be looking to remortgage, interested in buy to let mortgages, need mortgage advice in Grimsby. Guiding you through these situations is what we do best and it is our service to you as our consumers.
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 in Grimsby. 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 you pass the lenders credit score to qualify for a mortgage, you will be given an agreement in principle or an AIP for short. By having an AIP in place allows you to make an offer on a property. It’s also quite handy for asking price negotiations, as the seller now know that you are serious and ready to start.
This independently relies on the type of search the lender decides to take. These include both soft and hard credit searches:
It is now more common for lenders to carry out soft credit searches than it was in the past. This is because they need less information out of it and can leave your credit score Unaffected. Whilst the financial institution doing a soft search obtains less information about you than if they had done a hard search, an agreement in principle from one of these lenders is usually still an extremely strong signal that your full application will be accepted.
Hard Credit Searches go more in-depth than Soft Searches. The main difference between Hard and Soft searches is that Hard Searches can affect your Credit Score. Anyone who looks at your file in the future will be able to see that you have had a Hard Search on your Score. This won’t really affect you if your Credit Score is high. If your score is lower and you have more than one Hard Search on your file, it could look like you are trying to apply for lots of credit at the same time.
You will never be guaranteed a mortgage, but an AIP will certainly help. Once you provide the lender with all your documents, an Underwriter will make a final decision. Agreements in principle usually include small print that can easily be missed. When customers reach out for help about their agreement in principle, in some cases we find they’ve been turned away at full mortgage application stage.
The documents required include ID, Payslips, Bank Statements, etc. As your expert Mortgage Broker in Grimsby, we take pride in helping you get all of this ready.
You can get away with it, however, most estate agents will want you to provide evidence that you are able to proceed with the purchase.
Usually, your AIP needs renewing after around 30-90 days. As an experienced Mortgage Broker in Grimsby, we still recommend getting one early so that you can avoid finding your dream home only to be told a Mortgage isn’t available for you. You don’t always need to buy the first house you see after you get your AIP. It’s a simple process, so don’t worry if it expires, you can get another one quite easily.
You may be a First Time Buyer or you might be thinking of Moving Home and are seeking Mortgage Advice in Grimsby. If so, we think that you may benefit from our Mortgage Advice Services in Grimsby. We offer a free initial mortgage consultation with one of our amazing Mortgage Advisors so feel free to get in touch today!
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