You may find that going into the mortgage journey will prove to be rather fruitful. It can have both its ups and it’s downs, though regardless, you will end up with one potential outcome once your term ends.
You’ll either have a home that you have been able to settle down in, an initial property that you can use to propel yourself up to a better property, or a property that you can invest in to boost your income.
No matter which route you went down, you’ll eventually reach the point where your term comes to a close and you’ll need to look at your options. Some people look to sell their home and upsize/downsize into a new property.
Others may sell their portfolio to the tenant or another buyer, with a view to look alternative ventures. However, we mostly find that people choose instead to Remortgage their home.
First of all, let’s take a look at what a Remortgage actually is. A Remortgage is basically where you take out a new mortgage to pay off a mortgage that you already have. There are a wide variety of different options when taking out a Remortgage, some of which are minor, others of which are major.
By using over two decades of mortgage industry knowledge from the “Moneyman” himself, Malcolm Davidson (host of our YouTube channel MoneymanTV), we put together a useful Remortgage guide for those looking at what they can do next, when their term nears its end.
The mortgage deal that you start on will typically last around 2-5 years and feature low fixed rates, with the rates potentially discounted. Sometimes though you may find that you’ve been placed onto a tracker mortgage, which will follow along with the Bank of England’s base rate.
Once your term comes to an end, it’s likely that you will be put onto the lenders Standard Variable Rate (this may be shortened to SVR). To explain what this is, an SVR is a mortgage that has an interest rate that may change depending on the amount that your lender wants to charge for it.
The Standard Variable Rate will not follow the Bank of England’s base rate like you would see with a tracker mortgage.
Because of this, SVR’s are generally perceived to be the most expensive paths that customers could take, leaving many to instead take a look at Remortgaging to open themselves up to better rates, something which may hopefully save you money on future monthly mortgage repayments.
Once you’ve gotten about 2-5 years into being a homeowner, you may feel like something needs to changed. Some people might want an extra room or much more living space, possibly a new kitchen, a new office to work from home in, or even a new loft conversion.
Rather than find a bigger home to move into, a lot of homeowners instead look at releasing their equity with a Remortgage, so that they can cover the costs of home improvements.
Obtaining planning permission and both funding and managing your own project can seem quite stressful. Some other homeowners would say that it is less stressful and a lot more rewarding than it would be trying to get a new home, selling your current home and moving everything between properties.
In the long run, you may be able to reap even more benefits, as opening up lots of space within the property and having a top level of craftsmanship will very likely increase how much the property is worth, which is useful if you ever decide you want to sell your property or make it a rental.
Sometimes you’ll find that people are looking to Remortgage in Leeds so that they can gain access to a better mortgage term, whether this be achieved by reducing the length of the term or switching to a more flexible mortgage product.
By reducing your terms length you’ll be cutting short how long you pay back your mortgage for, so aren’t tied down, though it does mean that your monthly repayments will be higher. The longer you set your term for, the lower your payments will be.
Some homeowners may choose to take out a more flexible mortgage term when they look to remortgage. They may do this due to the amount of benefits they may have for doing so.
In having this mortgage, you may be able to overpay, meaning you could pay your mortgage off a lot quicker, as well as being able to take the same mortgage and rates with you across to another property, if you ever do decide to move.
You might feel like a flexible mortgage sounds near perfect, though they tend to be tracker mortgages, which as we said before will follow the Bank of England base rate. This means your payments could differ depending on interest, which some may think is unreliable.
Everyone will have some amount of equity existing within their property. The amount can be worked out by looking at the difference between what is left on the mortgage and how much the property is currently worth.
As talked about before, the equity can be used for home improvements, though you can use it for more than that too. Some use their equity to cover long-term care costs, to boost their income, to go on holiday, to pay off an interest-only mortgage or to just give them some spare money to spend.
Occasionally, we see Buy-to-Let landlords using Equity Release as a way to cover their deposit for buying any future property portfolio additions.
Whilst speaking of Equity Release, we also find that there are a lot of people who will pay off any unsecured debts that you may have gained over time.
Though it may seem like a really straightforward process, Debt Consolidation not only factors in the amount that you owe for your debts and how much the property is worth, but also the state of your credit rating. This means the amount you could borrow is limited.
On top of this, in order to pay off your previous mortgage and your debts, you need to borrow a much higher amount than your mortgage, making your monthly repayments much higher. Though it isn’t great, at least you know there are some options should these problems arise.
If you have a damaged credit rating, there are still options out there for you, though these aren’t easy and require very Specialist Remortgage Advice in Leeds before you go ahead with these. Even with those options, you’re not guaranteed to get a mortgage.
It is always recommended that you get mortgage advice before you look to consolidate and secure any debts against your home.
If your mortgage term is coming to an end and you would like to learn more about your Remortgage options, we definitely recommend getting in touch with an experienced Mortgage Broker in Leeds and booking your free mortgage appointment.
A dedicated mortgage advisor will take a look at your situation and look at your future goals, in order to help you to determine the next step of your mortgage journey. We aim to ensure that your mortgage process this time around is a lot smoother and quicker than it was before.
Porting a mortgage takes place when you are looking to move home at the time of your fixed-rate deal. It’s actually possible as a homeowner to transfer your mortgage product and you will potentially have the option to port your mortgage if necessary.
Instead of paying the early repayment charge (ERC), the lender might give you the option to pick up the remaining amount on your current mortgage and move into the property. This option is not available to all applicants moving home as it depends on where you’re looking to move and if the lender will let you proceed with porting the mortgage.
Taking out a Second Charge mortgage can be an option if the property is valued more than what you will be paying back. If you are wanting more information about this, check out our MoneymanTV YouTube channel with our video: What is a Second Charge Mortgage?
You may find that not all mortgages are portable, especially if you are with a specialist lender as the option to port may not available to you. To find out if you can port your mortgage or not, contact your lender who can confirm this for you.
Despite porting be an option for some customers, many decide not to. The reason for this might be that your lender will not lend you extra money so you can move. If you are provided with additional funds, this will be at a separate rate from the one on your current deal. You might turn down the new deal you have been offered and decide to take the early repayment charge and go to a different lender.
When you port your mortgage, a sub-account on your mortgage is created. The additional funds will go onto a different deal to the one you have on your current mortgage. Regardless of you having one mortgage and one direct debit, two different rates of interest will apply to each.
The annoyance that can come with having sub-accounts is that down the line you may the different products will overlap. Aligning the accounts could mean that one of the sub-accounts will have to go onto the lenders’ standard variable rate for a certain period of time.
Here at Leedsmoneyman, we can offer mortgage advice when it comes to porting mortgages. Therefore, if you are moving house in Leeds and dealing with a buy to let mortgage or you are in need of support with a self employed mortgage, booking a free appointment with one of our dedicated mortgage advisors can help explore your options.
A common dilemma that some homebuyers come across is property chains. Being stuck in a property chain could slow down your home moving journey, if not put it to a halt.
That said, you may come across all sorts of different problems and hurdles when obtaining a mortgage. Whether your application is stuck in the pipeline or there’s something to do with your offer not being accepted, there’s always something that comes up when you are in the process of moving home in Leeds.
A property chain is a link of house purchases that rely on each other for each purchase to go through. If you are a first time buyer in Leeds, you will always be at the start of the chain. Whereas, if you are selling a property, you will be placed at the end.
Imagine someone that is ready to move into the property they’re buying. The buyer needs to wait for the seller to move out first. That said, if the seller is in the same situation, they too, are waiting for their seller to move out to move in.
The answer to this question is entirely situational, as you are unaware of your seller’s situation.
You may not even know that you are in a property chain, the whole process could run smoothly. Everyone hopes for this situation; who doesn’t want a quick and straightforward moving home process?
If things turn sour, you may be stuck in a waiting scenario. We recommend beginning your process with at least six months of preparation. Leaving you plenty of time to search for that dream home and time just in case you get stuck in a property chain.
Unfortunately, if you are linked with a property chain and one purchase does not go through, the whole chain behind it could suffer. When a property chain breaks, you will have to wait or look for another property.
If the property chain breaks at your purchase, you may be able to stop it from damaging the entire chain if you act quickly.
If you’re selling, you could contact the people planning to buy your property by speaking to your estate agent; this way, you can inform them of the situation sooner rather than later.
Whether it’s something wrong on the seller’s level or your level, there are still ways to prepare for a break in the property chain.
For example, you could buy a property that isn’t in a chain or a small chain, sell your property, rent temporarily, buy a new-build property, etc.
A property chain can break for many different reasons. It could happen at your’s, your seller’s or even your buyer’s level:
These are just a few examples, and there are many more reasons. The length of the property chain that you are in will depend on how drastically these situations impact your ability to move home.
It can be challenging to avoid a property chain, especially if you’re buying at a busy time of year or when the market is hot.
Moreover, you could research and talk to your estate agent to know your position during the application stage. Arranging your finances as early in the process as possible would be wise. The more that you are prepared for things that could go wrong, the better.
If you avoid a property chain (also known as ‘chain-free), you should be able to continue straight through the moving home process. This assumes that you provide evidence that you can afford a mortgage and deposit the property.
If you are considering buying and selling your property, why not let our moving home mortgage advisors in Leeds step in and help you through your process.
You can book yourself in for a free mortgage appointment. Get started today, and we may be able to help you get through the moving home process stress-free.
Across the nation we now find that people are paying a lot more attention to their credit rating they might have done in previous years. We find that a large majority of the people who call us for mortgage advice in Leeds perhaps have already researched online to find a copy of their credit report.
There are a wide variety of different credit reference agencies to choose from, but the two most common companies you may be aware of are Experian or Equifax.
We would highly recommend that new customers who get in touch look to use Check My File. In doing so, you’ll find a report that offers customers a collation of information from various sources (the aforementioned two included) in an easy to understandable colour-coded report.
Check My File offers a 30-day free trial. After this 30 days, you will be charged £14.99 a month, although you can cancel this at any time prior to the end of those 30 days.
When speaking with our customers, our mortgage advisors are often asked if they will be doing a credit search on them, as they have done their research and know that too many searches can negatively affect their credit score.
The lender will always run their own credit checks but our mortgage advisors will always ask the customer for permission before doing so. You’ll find that credit searches will come in two forms; hard searches and soft searches. Here we will discuss the difference between the two and how they can help.
A hard credit search is a way to take an in-depth look at your credit report. No matter who they are, any financial institution carrying out one of these will have to seek your permission to do undertake one of these.
The main advantage of a “hard” search would be how in-depth it actually goes. The chances are, if you can pass a hard credit check, it is likely that you will go on to be successful with a mortgage (though this is of course never a guarantee).
From this point on, all that can go wrong with your mortgage process is if for some reason you cannot provide the required documentation to backup the information that you have presented to the lender, or it turns out you have provided incorrect information altogether.
Looking at it from the other hand, another benefit is that having a hard search taken out on you will leave a ‘footprint’ on your credit file, which would mean that anyone taking a look at your report can see that it has been carried out.
This is not a bad thing at all, but let’s say that for some had multiple searches included in your credit file in a short period of time. This could come across to the mortgage lender that you are applying for a lots of credit at the same time and this may put them off.
The footprint will not leave a note as to whether or not your application was successful, so if you have several searches in a short amount of time, the lenders’ systems may assume wrongly that you are being declined regularly. Think about it; why would you apply for credit with a second lender, unless you’d been declined by the first?
Having the occasional hard footprint on your record isn’t too big of an issue, so you really don’t need to worry about it too much. Just be careful not to have too many of these taken out
The alternative to the hard search, would be a soft credit search. This would be a much straightforward search which takes a look at your financial situation and would be the type of search that you might come across when using a price comparison website, so that you can find out what options may be available to you.
Alternatively it can be used to verify your identity. You’ll find that some mortgage lenders will carry out soft searches of their own. We find that nowadays, even more lenders are changing to this type of credit search.
Whilst it will give whoever is carrying out a soft search less information than they would’ve gotten from a hard search, if you managed to obtain an Agreement in Principle from a lender, it is still a very good indicator that your full application will be accepted for a mortgage.
One of the things that appeals to customers regarding soft searches is that you have the ability to see soft searches that others have carried out on you (people are often surprised by how many have been carried out on them), though these searches will not be visible to other financial institutions such as a bank or lender.
This means that you have the ability to apply for an Agreement in Principle ahead of a mortgage in Leeds, without causing any damage to your credit score, regardless of whether it is successful or not.
If you are thinking of making any offers on a property as a first-time buyer in Leeds, our trusted and dedicated mortgage advisors in Leeds would very much suggest that you obtain a mortgage Agreement in Principle in place prior to getting in touch with an estate agent.
You should ideally look to give yourself the best possible chance of securing your dream property at the lowest possible price. With this in mind, if you present yourselves as having your finances in order, you will definitely give yourself the upper hand in your mortgage situation.
Being in possession of an Agreement in Principle could also help prevent an estate agent from trying to cross-sell any of their own mortgage products to you.
University: a place to enjoy freedom, independence and time away from the parents! However, as you know, university life comes with costs and lots of different fees. With constant bills, it can sometimes be hard to see what you’re actually paying for, particularly with student accommodation.
When it comes to student accommodation, you may feel like you’re getting your money’s worth yet sometimes you may feel the complete opposite. You’re in luck if you manage to get a landlord that looks after you and your property and takes care of damages and repairs quickly. On the contrary, you could get a landlord that isn’t responsive at all and leaves you with broken appliances for weeks on end.
Unfortunately, more often than not, students will end up getting a landlord that doesn’t give much back to them and treats them poorly. In this situation, it can make you question, is it really worth spending all of this money to get nothing back? If you’re asking yourself this question, why not consider becoming your own landlord?
When you are your own landlord, you’ll avoid all the hassle and be able to sort things out yourself. You can become your own landlord by taking out a student mortgage. Although it can be expensive in the short term, it can save you money as soon as you get the keys and start living in the property!
A student mortgage will not only allow you to save money on your accommodation but will also give you an early chance to get yourself onto the property ladder. Usually, these mortgages are more popular amongst students who are planning to carry on their education to a masters/PhD level.
Even if living within the property is temporary, you can always sell it in the future and make money back on it. Alternatively, you could turn it into a buy to let in Leeds to rent out to other students.
When your university journey comes to an end, you will have built up a large amount of equity within the property. This equity, when released, can be turned into a lump sum of cash. You can use this cash on whatever you want, whether it’s for another deposit, a wedding, a car, etc. Since it’s your money and your equity, you can spend it how you want.
There are many different things that you could do with your property in the future!
Sometimes, it can be hard to obtain a student mortgage because you’ll need funds in place to afford one, and for a student, this can be difficult.
As a mortgage broker in Leeds, when a student enquires about a mortgage, we have to ask them some questions to learn about their financial situation and see whether they’ll be able to qualify for one or not. Firstly, we will need to find out whether you have a deposit at the ready. Your deposit can be a gifted deposit, from a Lifetime ISA or even as simple as funds from a savings account.
Secondly, we need to make sure that you can actually afford a mortgage. One of our mortgage advisors in Leeds will measure this by working out your mortgage affordability. You will certainly need a form of income to get a mortgage as a student. Depending on your lender, you may be able to get a mortgage with a part-time job, however, most lenders will only accept a full-time job.
Showing reliability is key. You need to show the lender that you’re a reliable applicant that will be able to afford a mortgage. Here are a few examples of how you can increase your reliability:
Increasing initial deposit – By putting down a higher deposit, the overall amount that you’d need to borrow for a mortgage would decrease. This would also mean that your mortgage payments would decrease.
Utilising government schemes – Government-led schemes are a great way to increase your reliability for a mortgage. The schemes are under a program called “Own Your Home”, they were introduced to help first time buyers get onto the property ladder.
Through these schemes, you may be able to access a larger deposit. Some of the schemes include the Help to Buy Equity Loan, Lifetime ISA and Shared Ownership. There are many more if you visit https://www.ownyourhome.gov.uk/all-schemes/.
Have an AIP ready – A mortgage agreement in principle (AIP) can benefit your student mortgage application. An AIP proves that a lender is willing to lend to you based on you providing evidential documents to support your income, mortgage affordability, etc.
This is just a few examples, there are more ways to show your reliability as a student. Get in touch with our mortgage advisors in Leeds today to find out even more ways to improve your reliability.
Likewise to other mortgage options, you will have to meet certain requirements before securing your student mortgage:
With these points in mind, we suggest that you have a think about what you are going to do with the extra rooms. It makes sense to rent them out to help support your mortgage payments each month.
Lenders won’t take any risks when it comes to offering a mortgage student. They will take careful precautions with all student applicants.
When signing off the papers for your mortgage, you’ll be asked to give a name for a guarantor. This is someone who will cover your payments if you cannot meet them at any time. There are some limitations to who your guarantor can and can’t be:
You’ll find that every lender will always have some sort of backup.
For expert help with achieving your mortgage dreams as a student and first time buyer mortgage advice in Leeds, contact our brilliant team today. We will help you see whether you qualify for a student mortgage and perform a free affordability check on you and your file.
Most people don’t even realise that they can get two or more mortgages. The idea of having one mortgage stresses people out, never mind two!
In any case, the good news is buyers who have enough income can carry two mortgage payments at once if they still meet the lender’s criteria. Then you might qualify for two mortgages at once if your credit score and job status are strong.
There are lots of different costs that come with a second mortgage, and there are many various reasons why someone might want more than one:
???? Are you looking to rent out your existing home and purchase a new one?
???? Are you looking to help your children out with a second mortgage?
???? Do you want a second mortgage to raise money for your existing home?
???? Do you require a second mortgage to purchase a Buy to Let property?
???? Maybe your name on an existing mortgage, and you are looking to buy a new property?
We have in-depth knowledge of Buy to Let mortgage criteria and worked with many lenders, including some specialist ones, each with various lending criteria.
Some people who choose built-up equity in their home might consider looking for a second mortgage, and this is because they want to release some of their equity to fund another purchase.
If this is you and you are thinking about releasing your equity for another mortgage, you will need a deal to transfer. If you are currently on a lenders standard variable rate, we would advise that you shop around before rolling straight onto this rate. You can either shop around by yourself or approach a Mortgage Broker in Leeds, like us.
At Leedsmoneyman, we can search through thousands of mortgage deals through our extensive panel of lenders. We will try our best to find you a competitive deal and, at the time releasing capital. You can continue with your current lender, but you will only access to their limited products. Remember, lenders don’t reward loyalty to offer better deals to First Time Buyers over you.
When people want to move home, they usually replace their existing mortgage with their new one. However, some people may keep their current mortgage and property to rent it out. When this is the case, your second mortgage will be a new residential one.
This option is becoming very popular. Due to inflation and the value of properties constantly rising, First Time Buyers in Leeds find it hard to get onto the property ladder and rely on a Gifted Deposit. We often see that applicants have had help from their parents or grandparents by offering to pay for a new home or at least the mortgage deposit.
If you are interested in purchasing a second mortgage for a Buy to Let, we will be more than happy to help you with that. We have helped hundreds of Buy to Let landlords secure amazing mortgage deals in the past, and we want you to be next.
Are you currently named on another mortgage and would like to purchase a new property? This situation does come around a lot, and unfortunately, it is because of a divorce or separation. Worry not; we can help. Having a Specialist Mortgage Advisor in Leeds by your side could help and take all of the stress off your back.
We can search through thousands of second mortgage deals on your behalf and find the best one for you and your personal and financial situation. Receive a free mortgage consultation today at Leedsmoneyman, your expert Mortgage Broker in Leeds.
A 95% mortgage is when you borrow against 95% of a property’s price, covering the remaining 5% with your deposit. For example, if you looked at buying a property worth £150,000 with a 95% mortgage, you would put down £7,500 as your deposit and borrow the remaining £142,500.
With the March 2021 Budget, Boris Johnson declared a Mortgage Guarantee Scheme for Lenders, making 95% mortgages more promptly available from banks.
This is excellent news for both first-time buyers and home movers, as this will run until December 2022. Specific terms and conditions will apply. Your Mortgage Advisor in Leeds will be able to see if you qualify.
All our customers receive a free, no-obligation mortgage consultation from recommending the best mortgage deal tailored to your circumstances.
95% mortgages are generally available to both First-Time Buyers in Leeds & people looking at Moving Home in Leeds. Whilst the idea of saving for a 5% deposit sounds easy enough, you’ll still need to have a good credit score and prove that you can afford your monthly mortgage repayments to be granted a 95% mortgage.
A good credit score is a key to obtaining any mortgage, especially a 95% mortgage. Things like paying any existing credit commitments on time, ensuring your addresses are up-to-date and that you’re on the voters’ roll can all help build this up. For a more in-depth look at what you can do and why, please see our How to Improve Your Credit Score article.
Affordability is another key one. By providing details of your income and monthly outgoings (things like your bank statements will be necessary for this) and any pre-existing credit commitments, your lender will get a good idea of whether or not you can afford this type of mortgage.
These days, it’s trendy for family members to help each other get onto the property ladder, especially parents looking to further their children. This can be achieved by gifting the person looking to find their home and the property’s deposit. Known by some as the “Bank of Mum & Dad, Gifted Deposits work purely as a gift and not as a loan. The lender will need proof that this is the case before it can be used towards your mortgage.
When looking for a 95% mortgage, you want to make sure you’re on the right one. Each different mortgage type works in its own unique way, allowing you to find one that is best suited for your personal and financial situation.
You could find that you prefer Fixed Rate or Tracker Mortgages, where you either keep interest rates at a set amount for the term or have your interest rates follow the Bank of England base rates.
Alternatively, you might find that you’re better suited for an Interest-Only or a Repayment Mortgage. The former allows cheaper payments until you need to pay a lump sum at the end (more suitable for Buy-to-Lets), and the latter means you’ll be paying interest and capital combined per month.
As with anything involving such a significant financial outgoing, you need to be prepared and need to be wary. Things that might crop up include higher interest rates, remortgaging difficulties due to less equity, and negative equity.
The good news here is that all these can be avoided if you’re savvy enough with your initial process. The more deposit you put down, the less risk you are to the lender.
A larger deposit, of say 10-15%, would not only lower your interest rate significantly but would also put more equity in the property and reduce the risk of negative equity as you would be borrowing less against the property in question.
So, whilst the risks seem daunting at first, planning ahead and saving for a bigger deposit to access something like a 90% or even an 85% mortgage will be a definite lifeline and something you’ll be able to reap the rewards from.
A Mortgage Agreement in Principle is essentially a document to prove you have a mortgage in place. It is something we obtain for all our clients, and almost all lenders offer them. It demonstrates that you are creditworthy because of the Agreement certificate to be issued, you must pass the Lender’s credit score.
A Mortgage Agreement in Principle is not a guarantee that you will definitely get a mortgage as your full application will require further background checks (such as evidence and income) and a satisfactory valuation of the property itself. However, we think it’s a good idea to get one done at the earliest opportunity for the following reasons:
1. Negotiating Power
2. Avoid Disappointment
3. Knowing your Limits
When you are ready to offer a new home, most Estate Agents will undertake due diligence and ask you to produce evidence that you have funds available to complete the purchase. This will take the form of bank statements and an Agreement in Principle certificate that we can provide for you.
Once you have provided them with enough documentation the Estate Agent will naturally stop marketing the property and put a “Sold” or “Sale Agreed” boar outside the property to let other people know it’s off the market.
Suppose you already have a mortgage agreed upon before you make an offer. In that case, you are making yourself appear as an attractive proposition as this proves you are not making an offer on a “whim”, you’ve thought about how you’re going to fund the purchase and have done something about it. This might persuade a seller to accept an offer you put forward on their property underneath the asking price.
When it comes to buying a house some clients have always “put the cart before the horse” to say they go full steam ahead and make an offer on a property without first checking that they are actually in a secure financial position to proceed. This can lead to terrible disappointment if the mortgage application fails because, by that time, they have got their heart set on their new family home.
Furthermore, your mortgage getting refused isn’t always down to the offer you put in. It can sometimes be something else. For example, there may be a niggling issue on your credit report, perhaps a disputed mobile phone bill that can easily get rectified. Maybe you thought you were on the voter’s roll and you’re not – once again that can be sorted out given a few weeks.
Maybe you can’t get a mortgage at all, and if that’s the case, it’s better that you know now rather than mess people about, though we may be able to help if you contact us and we’ll be able to tell you what you need to do to improve your credit-worthiness for the future.
By now you know you’ve got a good credit rating because you’ve never got turned down for credit, you’ve registered on the voter’s roll and you’ve always made your credit card payments on time.
You could approach ten different Lenders these days and get ten different maximum mortgage amounts; they all calculate affordability in their own unique ways. If you’re self-employed in Leeds: some Lender can take your net profit, others your salary and dividends. Some use your latest year, others an average over three years.
Knowing your borrowing limits is essential as then you know for sure what your price range is.
Our team of Specialist Mortgage Advisors in Leeds may be able to advise you of the maximum mortgage available to you. Even more importantly together, we’ll work out how much you can afford to pay back each month.
Why get Mortgage Advice in Leeds? Why go to a Mortgage Broker? If you are asking yourself these questions, then it’s time to take a look at all of the benefits of getting Mortgage Advice in Leeds.
There are lots of different reasons to why someone might use a Mortgage Broker in Leeds. We offer advice in a variety of different areas and will try and find you a great mortgage deal for your specific mortgage scenario.
Even though we cover lots of different mortgage types, our usual customers consist of struggling First Time Buyers or people that have been declined by their bank. So, if this is the same as or a similar situation to your own, make sure to get in touch as you may need specialist guidance from an advisor.
So you are ready to approach your Mortgage Broker in Leeds and you are ready to get the ball rolling… but which mortgage types do we cover?
Are wanting to set off on your mortgage journey to get yourself onto the property ladder? Well, our First Time Buyer Mortgage Advisors in Leeds are here to help!
Leedsmoneyman will search through thousands of First Time Buyer mortgage deals in order to try and find the perfect one for you. We know exactly how to save your time and your money, we have been in the broker industry for 20 years after all! We want the process to run as smoothly and as stress-free as you do.
If you are thinking that it is time to move on and want to start the process of Moving Home in Leeds, then why not get the help from a Moving Home Mortgage Advisor in Leeds.
As a Mortgage Broker in Leeds, we know that people sometimes outgrow their home. Whether it’s down to wanting more living space, starting a family, or something else, it’s normal for people to want to start a new chapter and move home. Having a professional by your side could allow you to access the latest mortgage deals on the market and it will take all of the stress away from the process!
We always aim to save your time and your money, even when it may not seem possible.
Is your current mortgage deal approaching its end? Do you want to switch onto a more competitive deal that could save you money? If so, then it’s time to Remortgage!
Your expert Remortgage Advisor in Leeds is here to help! Rather than switch over online to make things ‘easier’, you should get in touch with us and we can compare external deals for you through over lenders. With a large panel of lenders to hand, we are able to search through thousands of deals for you.
Are you a current landlord wanting Buy to Let Mortgage Advice in Leeds? Maybe you are considering dipping your feet into the Buy to Let mortgage world? If this is your situation, then it may be time to get Mortgage Advice in Leeds.
We have been working with local and budding landlords in Leeds for over 20 years now, and we want you to be next! Get in touch for a free Buy to Let mortgage consultation.
We know that it can sometimes be hard getting a mortgage when you are Self Employed, and that’s why we want to offer a helping hand.
As an experienced Mortgage Broker in Leeds, we have helped thousands of Self Employed customers achieve their mortgage goals. Even if we are faced with some bumps along the way, we will always try and get over them and get you a great mortgage deal that is best suited to your personal and financial circumstances.
Being faced with a tricky mortgage situation is not ideal, especially when you have to deal with it on your own. Having a Specialist Mortgage Advisor in Leeds by your side would take all of the stress off you back and since we have been in this game for over 20 years, it’s likely that we’ll be able to solve your issue straight away.
In Leeds, we deal with new, specialist mortgage situations every single day. We love a good challenge at Leedsmoneyman, so don’t hesitate to get in touch, even if you think that your personal situation is too complicated.
Interested in going down the Help to Buy route? Need Help to Buy Mortgage Advice in Leeds to help you choose a scheme? You are in luck because Leedsmoneyman specialises in Help to Buy mortgages too and can offer you a free Help to Buy consultation too!
Remember, to access most of the schemes you either need to be a First Time Buyer or moving into a new build. For more information, you can also check out the government’s official Help to Buy page.
If you are wanting to buy your council house, you will need to take the Right to Buy mortgage path. Firstly, you need to check if you qualify. You can either do this entirely on your own or a Mortgage Broker in Leeds like us can help you out.
If you want to buy your council house, getting Right to Buy Mortgage Advice in Leeds could be your best option.
As of Thursday 5th, November to Wednesday 2nd December England will enter its second lockdown. British Prime Minister Boris Johnson has predicted that these additional restrictions will help to reduce the spread of the coronavirus.
However, this lockdown is a little more relaxed than the first, allowing more industries and educational settings to remain open. Our biggest worry was what would happen to the property market. However, from our viewpoint, we can say that everything seems promising, and the property market stays open.
There have been some minor modifications to parts of the home buying process, considering social distancing measures. The property market remains standing strong, here we compiled a list of what you are allowed to do over the lockdown:
For more information, click here to read the Government’s guidance and regulations.
Already, First-Time Buyers and Home Movers in Leeds been sending enquires regarding Lockdown 2.0 and how will this affect them getting a mortgage, so we put together a list of frequently asked questions that got asked:
Lots particularly asked it of homeowners during the first lockdown. In this lockdown, even though it’s much shorter, you can take a mortgage payment holiday if you need to.
We understand that many people need help meeting their mortgage payments, if this is your situation, then taking one out could be your best option.
To find out more helpful information about mortgage payment holidays and whether you should take one out, check out our mortgage payment holidays article.
If you took out a mortgage payment holiday during the first lockdown and are currently still on the scheme, you can extend your holiday so that it comes to a total of six months holiday.
However, if you have already had a six month payment holiday, you have already reached the six-month limit and therefore unlikely that you will be able to access this scheme once again.
Compared to the first lockdown, where the limitations imposed were a lot tighter, you are still able to move home. Household moving services, rental service, everything needed will be made available.
As previously mentioned, the home moving process will need to get completed under the social distancing guidelines. It’s going to be of most significance if you’re looking at other people’s home and taking house viewings regularly.
The Government are permitting you to visit your estate agent’s office. However, some estate agents have chosen to work from home and have closed their local branches, so check to make sure whether they will be open or not.
It would be easier to transact over the phone, and there is nothing wrong with this, you can still get the process started over the phone and even online.
We advise that you take your time if you are doing everything online, and make sure that communication is straightforward and easy to understand.
You can proceed with your house viewings, however, if it’s possible maybe you could try your estate agent’s virtual house viewing (if they are offering that).
Most home buyers are shifting towards today’s digital age and use this new method to house viewings; as a Mortgage Broker in Leeds, we also believe that the number of virtual viewings will rise over lockdown.
We know that this is a massive life decision, there is absolutely nothing wrong with opting out virtual option, but it is the safest option for the meantime.
Your estate agents will also check with the property owners that a socially distanced property viewing is serviceable and sanitised, if so, then you can arrange a date and time.
Depending upon the time of day and the homeowner’s situation, they may leave the property so that there as few people in the household as possible.
The property market isn’t on a pause like the first lockdown; you will be able to continue the home selling process as usual.
You will need to think about everything that comes with selling a property, and this will involve choosing an estate agent and a property valuation, getting pictures of the property taken, and so on.
With the guidelines and restrictions in place, there may be some delay in the process. Estate agents are very busy at the moment with enquiries, and with all of the different measures in place.
Things that are usually easy to complete are taking a little longer.
Yes, conveyancing solicitors will stay open during the lockdown. They are going to be available to support your property sale.
Once Again, most solicitors are working from home, and we recommend that you be patient while due to the demand in the property market, things may come more slowly than usual.
The property market is slowly catching up to speed and thankfully can keep trading through this lockdown.
If you are wanting to start the mortgage/home buying process and would like help from a professional. It may be within your best interest to get Mortgage Advice in Leeds.
As an experienced Mortgage Broker in Leeds, we have a wealth of knowledge in helping customers obtain their mortgage goals.
We want the whole process to run as smoothly as you do; don’t hesitate to get in touch today. We can’t wait to hear from you!