Burger Menu

Mortgage Advice in Leeds for Newly Qualified Teachers

Newly Qualified Teacher Mortgage Advice in Leeds

If you have reached your goal of completing all the required exams to become a Newly Qualified Teacher, you are probably looking at the next step. With all your new skills and qualification, you will be looking at finding yourself a teaching position.

You may find a teaching position that is based in an area that is too far to commute which could mean you looking at option available for you with Moving House in Leeds.

With this in mind, you may be looking at finding yourself a place to live. Due to keeping the balance between homeownership and settling into your new role, you may find this an exciting yet stressful time.

Throughout our time as a Mortgage Broker in Leeds, this situation has happened to numerous home buyers and homeowners who were wanting the process to be stress free and smooth while they focus on their new career.

Newly Qualified Teacher Mortgages

As a Newly Qualified Teacher, it can be a challenge to look for a mortgage lender who will be happy to offer a mortgage to an individual who is a newly qualified teacher.

This could be for a number of reasons, one being a lack of or no work history to show or because they only have a temporary contract.

Despite these being an issue, there are numerous options for Newly Qualified Teachers who are looking to get a mortgage. Here at Leedsmoneyman, our knowledgeable team of Mortgage Advisors have helped a lot of NQTs on their journey of obtaining a mortgage with a Mortgage Broker in Leeds by their side.

On your mortgage journey as a Newly Qualified Teacher, it can be common to find that there are a small number of lenders who have deals suited to public sector workers like teachers.

In order for everything to run as smoothly as it can, it’s important that you choose the best mortgage lender for your circumstance. This part of the process can be the most difficult out of the full mortgage journey.

This is where a mortgage advice team in Leeds can help by searching through thousands of mortgage deals for you in order to get the most suitable deal for your circumstances.

What mortgages for NQTs may be available?

Even though mortgages can be complex for New Qualified Teachers, there are still options out there available to you on the mortgage market.

Below are the types of mortgages that we find regularly come up when we are dealing with cases involving Newly Qualified Teachers.

  • Help-to-Buy Schemes – A government backed scheme that is designed to help first time buyers who are in the market looking to purchase a new build home.
  • Fixed-Rate Mortgages – A mortgage types that we find is used quite a lot and keeps the interest the same throughout the term therefore keeping the monthly payments the same.
  • Shared Ownership Mortgages – Also referred to as ‘part buy part rent’, that gives first time buyers a chance to buy a share of the property. The other part of the share is owned by a third party like a housing association. This type could make your monthly outgoings easier to manage.
  • Tracker Mortagage: A type of variable rate mortgage, which the interest rates follow the Bank of England’s base rate. This can cause a fluctation into your montly mortgage payments.

When it comes to NQT mortgages, there are more other factors lenders might consider. In some cases, depending on the lender, they might not ask you to evidence previous employment and may let you get up to a 95% LTV (loan to value).

Some mortgage lenders may treat a 12-month first contract the same as a permanent job role, instead of seeing it as a temporary contract.

A small majority of mortgage lenders around the country could get you on your mortgage prior to beginning your job. This does mean you have to show them a signed contract and a confirmation of your start date.

This can be helpful for you, especially if you are preparing to start making your first mortgage payments at the same time as your first month’s wages from your new job is due, around the time your mortgage has completed.

How a Mortgage Advisor in Leeds may Help

At Leedsmoneyman, we have a team of knowledgeable mortgage advice experts in Leeds all with a vast amount of knowledge and experience in helping customers in the world of mortgages and the property markets, helping numerous first time home buyers with their mortgage needs.

Having a dedicated Mortgage Broker in Leeds by your side in the mortgage process can have many benefits. Our goal is to take the stress away and provide a tailored service through searching thousands of mortgage deals to find the one that is fitting for your situation. We also can recommend possible conveyancing solicitors for you to use and more.

If you are wondering what options are out there for you as a first time home buyer, book online for a free mortgage appointment with one of our expert mortgage advisors in Leeds. In this appointment, your dedicated advisor will ask you about your situation and help you with the next part of your journey.

Buying a Property With a Partner or Friend(s) in Leeds?

Mortgage Advice in Leeds

Purchasing with friends/partner

When you’re a First Time Buyer in Leeds and you’re struggling to get onto the property ladder by yourself, the best and most practical solution can be to move in with a partner or friend. There are many benefits to doing this, for example, you would be able to make up your deposit faster, your application will look stronger with two sets of incomes and your mortgage payments will be equally split.

There are also downsides to taking a mortgage with friends or a partner, as you’re now financially linked with the person(s) that you take one out with. If one of your friends or your partner has adverse credit, a CCJ/default in their name or something that reflects badly on their finances, it could also affect you.

How many people can jointly own a property?

Up to four people are able to co-own a property. Joint owners have the legal right to stay in their home unless a court rules otherwise.

All homeowners will have to give consent before a party can sell or take out extra borrowing against the property.

Joint tenancy or tenancy in common – what’s the difference?

Joint tenancies are typically taken out by civil partnerships or married couples. If one party passes away, the property rights and ownership is transferred to the other owner. Joint tenants are seen as one owner, which means that you cannot sell the property or remortgage without an agreement from other parties.

Tenants in common are popular amongst relatives or friends who are buying together. Each party will have ownership over the property, however, they may not have equal shares. You can freely sell or give away a share of the property if you want, without an agreement from other parties. Some lenders may even let you take out a mortgage on your share, although, finding one that allows this may be difficult.

Joint mortgages & removing names

What happens if you have a joint mortgage, but the other parties stop paying their share of mortgage payments?

Unfortunately, since you are jointly reliable for the mortgage and meeting the payments, if one party stops paying their share or misses a payment, the other parties will have to make up for the shortfall.

When you take out a mortgage, you will be expected to keep up to date with your payments. If a lender doesn’t think that you’re reliable, they won’t lend to you.

It can be more beneficial to speak to an expert and Specialist Mortgage Advice in Leeds for help on this subject.

How do I remove my ex-partner’s or my name from a mortgage?

Removing your own or an ex-partner’s name from your mortgage can be difficult, it’s not as easy and approaching your mortgage lender and taking off the name. Removing financial links as a whole can be tricky, and it’s usually because one of the parties cannot afford to live on just one income or there are children involved.

When it comes to mortgages, even if there is an agreement that one of the parties will not contribute towards the mortgage payments, if their name is still listed on the mortgage, they’re still responsible for them. Furthermore, in the event of mortgage arrears, both parties are responsible.

If your ex-partner is the party keeping the mortgage, the lender has to be adamant that the remaining applicant can afford the payments, and vice versa, if you are the one with the mortgage, they need to know that you can afford the payments by yourself.

More often than not, in a situation like this, there is a family member or another partner ready to step in and help with the payments. As a Mortgage Broker in Leeds, we are here to help you through this difficult time and help you sort the mortgage side of the process.

Mortgage Broker in Leeds

Planning to Get a Mortgage in Leeds?

Getting Ahead of the Mortgage Game

Taking out a mortgage will be one of the most significant financial commitments that you will ever make. You will want to get your dream property for the best deal you can get. 

The good news is that you have the chance to plan ahead of other buyers to help improve your chances of getting your mortgage application accepted. – One of these examples will be having an Agreement in Principle before you start viewing properties.  

You may come across a point where it is unlikely to plan for a mortgage, for example, if you and your partner decide to split up. It’s unfortunate when this happens. However, if you are in this situation, you may need to move from a joint to a sole name mortgage.

We recommend that all new customers start planning their mortgage for up to six months before you begin Moving Home in Leeds.

Why Planning for a Mortgage is Important

Preparing your application for all possible situations will prove beneficial further down the line. If you encounter a problem, in theory, you should be able to figure out what to do to resolve it.

Utilising over 20 years of experience within the sector have allowed us to come across various mortgage problems. When it comes to the end of the mortgage process, some hurdles could crop up, and our Mortgage Advisors in Leeds may be able to rectify them if you prepare right.

Here are some general hurdles our customers frequently come across.

  • You haven’t saved enough deposit for your mortgage.
  • Failing to maintain a good credit score because you thought it wasn’t necessary.
  • Being too relaxed with the way you manage your bank account.
  • You are a self employed applicant, and you don’t have a sturdy income at the moment.

With up to six months of preparation and planning, you may be able to avoid some of these problems.

Deposit

Saving up for a deposit can be tricky, especially if you’re stuck renting. It can take some First Time Buyer in Leeds several years worth of savings to save for a deposit.

Location varied; some might find it challenging to save up for a ‘5% deposit’ as you don’t know the exact amount you need until you find a property you like. Each 5% total will vary from property to property.

Customers who struggle to meet that initial deposit total will often get help from their parents through a gifted deposit. A gifted deposit is an extra cash boost given to a homebuyer to help buy a property and can equate to some, or all, of their deposit. 

Gifted deposits were given with the understanding that the money doesn’t need repaying.

If eligible, you could also apply for one of the Help to Buy schemes if you need a deposit boost. These Government schemes got explicitly made for applicants that needed help to buy a newly built home. If you’re a First Time Buyer in Leeds looking for help getting onto the property ladder, one of these schemes could be suitable for you.

Credit Score

Your credit score is fundamental when it comes to applying for a mortgage. Having a poor credit score can lower your chances of getting accepted for a mortgage. Of course, it depends on what is the cause for you having a low credit score. 

If it is because of a CCJ or bankruptcy, your chances of being accepted can be lowered further, depending on how long ago these issues occurred.

If you want to look at your credit score, we recommend using Check my File. Check my File allows you to get a copy of your credit report, from there on you can establish whether you have any credit issues that might be flagged up or prevent you from borrowing from a lender. Once you have this, feel free to send it to us, and we will take a look at it free of charge.

Bank Accounts

During the approach to your mortgage application, you need to think about how you conduct your finances. Lenders will be carefully analysing your bank statements and will see everything that’s going in and out of there. An example to look out for would be gambling transactions.

Lenders aren’t keen if they see frequent and erratic gambling transactions on your bank statements. They will see gambling with large sums of money unreliable and possibly decline your application.

If you’ve been lucky enough to receive a gifted deposit, we advise keeping that sum of money in the gifter’s account. 

Because your lender will see a large bank transfer into your account and ask questions, sometimes it’s better to leave the gifted deposit inside your family member’s or friend’s account.

Self Employed

Self employed applicants often have a hard time when it comes to getting a mortgage. Usually, this is because they are required to evidence more than a usual mortgage applicant.

You will have to submit at least one year of accounts’ and three months of bank statements to prove your income and affordability.

Depending on the lender, you may get asked to provide even more evidence if they are unsure of your affordability.

Other Mortgage Hurdles

In situations you can’t prepare for, know that a Mortgage Broker in Leeds like us is here to help. Each person could counter all different kinds of mortgage hurdles and it’s our job to guide you through the entire pricess.

People who have encountered all different types of specialists and complex situations often come to us for expert Mortgage Advice in Leeds. We offer a helping hand and back you up during the entire process you don’t have to go through this process alone!

Getting Prepared For a Mortgage Application in Leeds

First-Time Buyer Mortgage Advice in Leeds

After saving for months/years, you are now at a point where you can put all your hard-earned savings down for a deposit on a flat/house. Now it’s time to get mortgage ready!

You might be a First Time Buyer in Leeds stepping into the mortgage world for the first time or you have experience in the home buying journey as a homeowner and are looking at moving home in Leeds. Either way, our tailored service would prove beneficial. Below is some helpful information that will help you have a grasp on what the mortgage process entails and provide you with information on what you need in order to be mortgage ready for your application.

Get mortgage ready in Leeds

Know where you stand

Firstly, getting Mortgage Advice in Leeds should be at the top of the list. Having an experienced Mortgage Advisor in Leeds by your side guiding you through the process, advising the best route for you in terms of your personal and financial circumstances can be very beneficial.

If you are looking at the amount you may be able to borrow for a mortgage and the amount it will cost, seeking Mortgage Advice in Leeds can help indicate this. Before your Mortgage Advisor in Leeds can begin the process of looking into competitive mortgage deals for you, affordability and a borrowing capacity assessment will need to be carried.

A Mortgage Broker in Leeds, like ourselves, can provide a helping hand throughout the process as well as support you in getting the basics prepared for your mortgage application. In order for your Mortgage Advisor in Leeds to understand your financial position from the very beginning, they will request an up-to-date credit report.

Getting organised for your mortgage

At the start of your mortgage journey, you will need to obtain an agreement in principle. This should be your first priority because without it you won’t be able to make an offer on a property.

Here at Leedsmoneyman, we work hard to provide you with a fully credit-checked agreement in principle sorted for you in 24 hours to take some weight off your shoulders. We would need you to prove who are you are by providing the following:

  • Name,
  • Where you live,
  • How much you earn.

It’s good to be organised as there is a lot of paperwork you will need to collate. Therefore, it’s best to create a file for yourself and start collecting this in advance.

Proof of ID

In order to start the mortgage process, you will need to provide some form of identification. This needs to be a photographic ID like a Driver’s License or a Passport.

Proof of address

As well as the aspects mentioned above, you’ll need concrete evidence that you live at the address that you say you do. Evidence you’ll need could be a utility bill or original bank statement dated within the last three months.

Last three month’s bank statements

One of the most determining factors that can massively contribute towards whether you’ll qualify for a mortgage or not is your spending habits. Your bank statements are something your lenders like to take a look at because they can get an idea of what goes into your account and what goes out. This provides an insight into if you’ll be able to manage your monthly mortgage payments as well as your other expenditures.

One of the main things that lenders look for on your bank statements is gambling transactions. This factor can cause risk further down the line which is why lenders will look at if you do frequently gamble and will be cautious towards this. If you are constantly gambling, lenders won’t risk the chance. Another thing lenders will see as a drawback is if you are regularly going over your overdraft limit or if your direct debits bounce consistently.

Proof of the deposit for your mortgage

For anti-money laundering purposes, you will need evidence that you have the funds in place for the deposit. It’s best that you try not to move the monies around your various accounts too much because it will make evidencing the audit trail more challenging. Your savings building up is something lenders like to see, therefore, you’ll need to account for any extensive credits in your accounts.

There has been a recent increase in the popularity of gifted deposits, we have seen that they contribute towards many people’s 5%. Usually, gifted deposits are generally from a family member or friend of the applicant. In order for these funds to be evidenced properly, the “donor” of the funds will need to sign a letter confirming and evidencing that this is a gift and not a loan.

Proof of income

Proving your income is one of the most important things when it comes to affordability. Employed applicants usually will need to evidence this through the last three months’ payslips and most recent P60. Regular overtime, commission, shift allowance and bonuses is another thing lenders can factor in. Whereas self employed will need help from their accountant by requesting your tax year overview.

A list of your expected outgoings

Looking into an estimated amount of your anticipated outgoings after you move house can always be helpful. Furthermore, you can work out an estimation of how much the council tax and utility bills will be. On top of this, you can work out regular expenditures like food and drink. Taking all these into account will show how much disposable income you have available to your mortgage.

When applying for a mortgage, it can be a challenge if you are doing everything on your own as things can become complicated. With a Mortgage Advisor in Leeds being there every step of the way can be very helpful. Impressing your lender by showing them you have done all you can within your power to get prepared for your mortgage application can be challenging. We can assist you with this by providing the best impress of you to your lender and we would have everything prepared for you within 24 hours of free mortgage consultation depending on your circumstance.

What is a Property Chain and How Can You Avoid Them?

Moving Home Mortgage Advice in Leeds

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.

What is a property chain?

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.

How long will the process take in a property chain?

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.

What happens if my property chain breaks?

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.

How can a property chain break?

A property chain can break for many different reasons. It could happen at your’s, your seller’s or even your buyer’s level:

  • The lender declined the buyer’s mortgage application
  • A seller decides that they don’t want to sell their property
  • A buyer/seller loses their job or becomes ill
  • The property survey that was carried out on the property highlighted some significant damages and structural issues.

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.

How can I avoid a property chain?

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.

Are you thinking of moving home to Leeds?

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. 

Agreement in Principle: All About Hard & Soft Credit Searches in Leeds

Credit Score Mortgage Advice in Leeds

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.

What is a hard credit search for a mortgage?

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

What is a soft credit search?

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.

Top Tips on How to Sell Your Home Quickly in Leeds

Make The Most of Selling Your Home in Leeds

First Impressions Count

The majority of home buyers will decide within seconds of arriving at the property they are viewing, whether or not they want to proceed with the purchase. This is especially the case if your viewer is an existing homeowner and needs to decide quickly, so they can move forward with the sale of their own property.

Your equity is the amount at which you sell for, minus your current mortgage balance. This will be used to contribute towards a security deposit for the next purchase that you make if you are moving home in Leeds. By utilising savings or a gifted deposit, you are able to top this up.

There is always a very specific minimum amount that the seller of a property is willing to accept for a sale to be agreed. Even still, when you list your home for sale, it is important to market and present your home in the best light possible. This can make a large difference in how quickly you’re able to sell it.

Be Reasonable

Your asking price should always reflect the standard of those in the local area. Be reasonable with the amount you’re looking to sell for, as some estate agents may just suggest the highest possible price without any credibility behind the suggestion.

Nowadays everyone has the ability to advertise on Zoopla and Rightmove, so we would definitely recommend that you make the dive into the market and get as many viewings as you possibly, primarily within the first two weeks of it being listed.

If interest in your property seems to below, it’s probably quite like that the property has been overvalued and the price needs to drop.

Before they look to put their current property on the market, many homeowners prefer to research and visit other properties to identify which one they might call home down the line. If you find yourself in that same or a similar position, here are some helpful tips for you to sell your home as quickly as possible.

Home Selling Tips for Homeowners

Attention to Detail

First of all, this can be quite a strange one and quite difficult to do if you’ve spent a long time in there, but you need to look at your own house as if you were viewing it for the first time yourself. Make sure it looks great from the outside, as that’s the first thing people will see when driving or walking up to it.

Simple actions make a big difference, so ensuring you have a freshly jet-washed drive and neatly cut front lawn indicates that you have put a lot of time and effort into looking after your home. You need to aim for that feel-good factor, as this may help the viewer in their hopes that the inside will be just as good as the outside.

Do you have children?

If you have any kids, it is recommended that you tidy away any bikes or loose toys that have been left about in the front garden. Make sure your front door looks clean and well maintained, and that your doorbell (if you have one) works well. Spend a little bit of cash getting a nice new doormat or welcome sign to give it a nice, new home vibe.

Upkeep

Take a look around all of your rooms, paying close attention to rooms like kitchen or bathrooms. You should make sure that they are spotless and have a high level of hygiene. Cupboards and wardrobes should be tidied up, arranged neatly and free from unnecessary clutter.

You should absolutely ensure your home is pristine and clean; this is a very important step to remember! Wash your curtains & blinds, wipe down your walls and clean all your floors and windows. Any repairs that need work should be up-to-date and fixed, and you should put clean bedding out on the beds.

Clean all of your windows, making sure they’re nice and sparkling clean both inside and out. New carpets in smaller rooms can be a reasonably low-cost way of creating a welcoming impression, showing that the home has been well cared for.

If you are a smoker it’s always air the rooms out before the potential buyer arrives to view it. Ensure there are no bad smells lingering, as any pet smells or cigarette smells can put off a viewer from wanting to buy your property.

Atmosphere

You will ideally want your viewer to feel as relaxed as possible whilst they look around your property, so try and avoid having pets or young children getting under their feet as they try to take it all in.

That being said, if you are selling a family home, leaving up a selection of nice family pictures and paintings can help as it will give them an image of what it may be like to raise a family in that home.

You will find that home buyers, especially those who are first-time buyers in Leeds, will prefer to walk around the property on their own. If it’s a couple walking around, allow them some breathing space to discuss with each other, but also be on hand to answer their questions.

Always clean your bathroom, removing any items like cosmetics left out. You should coordinate your towels and flannels, maybe consider putting a small amount of money into making it look nice and appealing. Also make the floor space is spotless.

Lighting

A well-lit house is always going to be more appealing to prospective buyers. This can be achieved through making sure lights are turned on to brighten up rooms if it’s darker outside or keeping all curtains and blinds open to let in natural daylight.

Plants can often block out light so place these strategically around your house.

Fresh Coat of Paint

White walls look clean and fresh, and also come with the added benefit for the buyer of being extremely to paint over when the time comes to decorate. It gives the viewer a blank canvas to work with. It will also help to avoid scraping previous wallpaper off the walls.

Give a fresh coat of paint to all interior doors. Polish the brass fixtures and ensure all doors are able to open and close nicely, with no broken locks or strike plates. Buyers will want to look at making the most of space, so it’s recommended that you store objects into cupboards and have clean and tidy worktops in the kitchen.

Gardening

In terms of your garden the viewer may ask you if they can take a look inside your shed (if you have one), so it’s recommended that you don’t just throw everything in there. Once again, a running theme here, keep it neat and tidy.

  • Keep your lawn well maintained.
  • Weed the paths and any walkways.
  • Make the garden look lively with more vibrant alternatives to the plants you have.

Pay attention to your fences, make sure all the slats are in place, and that they are nicely painted or creosoted. Tidy up any visible items such as outdoor barbecues, removing any utensils left around.

People do still like to see a colourful garden so ensure its beautifully turned out. Flowering plants are lovely to see if the season is conducive. It is also recommended that you make your garage space more efficient, therefore providing more space for a vehicle.

Another Perspective

People buy from people, so it is recommended that you always take conduct the viewings yourself if you can. You will be able to accurately convey the emotions you feel about your home and can show it off in the best way you can, whilst still also pointing out any small issues that have cropped up and how you managed to fix them. Transparency goes a long way!

Estate Agents will always be wanting to earn their commission, but compared to you, who has potentially lived there for years, maybe even raised a family there, they will not know as much about the property. Your knowledge and experience of living in that property will lend well to a property viewing.

Last of all, always remember the emotions attached to buying a home. If you have a family, it really helps to put an emphasis on how much of a happy family home this has been for you. This will almost certainly rub off on the viewers if they are thinking of raising a family in that same home.

Moving House Mortgage Advice in Leeds

Can I buy a home in Leeds with a small deposit?

So, you’ve saved up your minimum of a 5% deposit and you want to start making offers on properties, however, you are still being let down and being asked for a larger deposit. This could be down to anything, e.g., sellers’ preference, other competition or your credit history.

From in-depth discussions about utilising the government schemes to simple points such as saving more money and waiting, here are some ways that can help you obtain a mortgage with a small deposit.

Utilising government schemes

Taking advantage of government schemes can really help you through your mortgage journey. There are lots of schemes available that come under the ‘Own Your Home’ umbrella. These schemes were designed to allow opportunities for first time buyers and home movers to get themselves onto the property ladder.

Help to Buy Equity Loan

The Help to Buy Equity Loan is a scheme that allows you to increase your total deposit size, hence increasing your chances of your offer being accepted.

The scheme works like so; you take out a Help to Buy mortgage with a minimum of a 5% deposit and your total deposit is topped up by the government to make a total of 25%. The percentage that they give you is the ‘Equity Loan’. This amount will eventually need paying back as it is a loan and not a gift. The loan will be interest-free for the first five years, then, if it hasn’t been paid off, the remainder of the loan will begin gaining interest starting at 1.75%.

Please note that this scheme is only available for new-build purchases and for first time buyers only. Therefore, if you’re a first time buyer in Leeds, this scheme could be perfect for you and help improve your chances of securing a property with just a 5% deposit!

Shared Ownership

The Shared Ownership scheme is very different. Shared Ownership lets you take a mortgage out on a percentage share of a property (usually between 25%-75%) and then pay the rest back via rent.

Since you are only taking out a mortgage on a smaller percentage of the property, your total deposit amount should be lower. Also, it’s worth knowing that you can increase the share of the property that you own further down the line if you want to. This can be a great stepping stone to get you onto the property ladder.

The scheme is a little complex in some cases. So, we’d recommend that you speak to a mortgage advisor in Leeds like us before diving headfirst into the scheme.

Lifetime ISA

A Lifetime independent savings account should be introduced when you’re thinking of moving or buying your first home in Leeds.

This is because it’s a savings account where your money grows year on year interest-free. You can put as much money in it as you’d like each month, as long as it doesn’t exceed a total of more than £4,000 over the year. This is the maximum that you can save each year.

Each year, the government will top up what you’ve saved by 25%. So, if you save up to the maximum you will get an extra £1,000 for free. The savings from the account can be used for one of two things: buying your first home or saving for later in life.

If you set up a Lifetime ISA at the very start of saving for a deposit, you may only require a small deposit as the lifetime ISA can cover some of it for you!

Right to Buy

If you’re currently living in a council house and planning to make an offer on the property, you may only be required to put down a small deposit, or in some cases not one at all.

This is because some lenders offer a right to buy discount through the government since you’ve already been living in the property.

95% mortgage guarantee scheme

This government-led scheme allows you to get a mortgage with just a 5% deposit. Therefore, if you go down this route, there shouldn’t be many reasons why you’ll be declined.

Of course, getting a mortgage is not guaranteed in any way shape or form. You’ll still be required to pass credit checks, affordability assessments etc.

Alternative to using government schemes

There are other ways besides using government schemes to get a mortgage with a smaller deposit.

Have an agreement in principle at the ready

An agreement in principle (AIP) or also known as a decision in principle (DIP), can boost your chances of getting a mortgage with a smaller deposit.

An AIP shows that a lender is willing to lend to you given that you can provide sufficient documentation to prove that you’ll be able to afford a mortgage. If you’re making an offer on a property, you may be putting yourself in front of someone who’s also put in an offer who doesn’t have an AIP in place.

In this situation, it’s not really about the deposit. The indication to the seller will be that they’ll be able to continue through the process quicker by choosing you. Either way, they’re selling their home, choosing you will just speed up their process!

Keep saving!

An obvious alternative would be to carry on saving up. Even pushing back your home buying journey for a further 6 months could boost up the total amount of your mortgage deposit.

Your small deposit could become much bigger if you knuckle down and save for just a little longer, in fact, it could get you over the edge that you need.

If there aren’t that many houses on the market that are appealing to you, there’s even more of a reason to wait for a little longer.

Remember that the 5%-mark changes depending on the property. If you want to move into a larger home, you may need to save up more anyway.

Taking out a loan to cover your deposit

This is a very specialist situation and often, lenders will not allow it. As a mortgage broker in Leeds, we’ve seen it happen before, but it’s always on rare occasions.

Taking out a loan to cover your deposit can sometimes affect your ability to get accepted and this is because you are essentially borrowing 100% of the mortgage.

This results in having to account for multiple repayments. Lenders will question whether you’ll be able to afford it or not. They can’t risk lending to you if that loan is going to affect your ability to keep up to date with your mortgage payments.

Again, this is a specialist topic, and we would advise that you speak to a mortgage advisor in Leeds and get in touch with us first. Taking out any sort of loan during the months leading up to your mortgage application could potentially be a bad idea.

What is a Property Survey?

Property Survey Mortgage Advice in Leeds

The good news, you have had your offer accepted on a property. However, is the house actually worth what you said you would pay for it?

A property survey will carry out to find out the actual value and the property’s overall condition. Then, the surveyor inspects the property and highlights any concerns, such as structural damages like uneven walls or subsidence. 

They will highlight any significant repairs or alterations needed, such as repairing the roof.

Different types of property survey

There are numerous survey options available. The three main types of property surveys are mortgage valuations, homebuyer’s report and a full structural survey. Depending on the Lender, the survey might be free of charge. Read on for a more vital explanation of the different types of survey available.

The outcome of your survey report will vary depending on the survey that you choose. Some provide you with in-depth detail, whereas others will only brush upon certain aspects. You’ll find that the more in-depth a survey is, the more costly it will be.

Nevertheless, navigating the property market can be complex, and it can be tempting to choose the cheapest solution. But attempting to save money on a survey may lead to far more expensive in the long term. 

If you discover something on your survey about your property that you weren’t told about, by law, you are allowed to approach the seller and negotiate a fairer price.

Mortgage Valuation

Mortgage Valuations are the simplest type of property survey. These are carried out to work out how much a property is worth. Your lender will need to ensure that the property price matches how much you are set to borrow from them. 

For example, if you put an offer above the property’s actual value, the seller will likely accept your offer. However, your lender won’t. Unless you have the funds to make up the difference, the lender will pull out of the deal. This is called a down valuation.

Unfortunately, this type of survey doesn’t point out apparent repairs and damages. However, it can inform you of obvious structural defects that will require a further look at. For additional property investigation, you will be required to pay more to upgrade your survey. In the long run, this may be worth it.

Homebuyer’s Report

A Homebuyers Report focuses on safety. How safe is the property? Is it suitable for living? These things need to be checked as there could be a mould problem, damp issues or something that does not pass the current building laws.

A property expert will carry out the report. They will examine the property from top to bottom, ensuring that it’s safe for you to move into.

Full Structural Survey

As a Mortgage Broker in Leeds, if you’ve made an offer on an older building, we would strongly advise that you take up a Full Structural Survey.

This is the most expensive property survey because the whole property is surveyed. It will also provide the most significant insight to the property out of the three primary surveys, highlighting what condition the property is in and what changes need to be made if the property purchase goes through.

A Full Structural Survey can take as long as a whole day, depending on the property size.

Do I need to get a survey on a new build?

New build properties work slightly differently. There is a property survey specialised for them called a Snagging Survey. This survey will point out both minor and significant issues, and it could be anywhere from a crack in the ceiling to a missing hinge on the door.

If the new build has already been built and it’s ready for you to move into, ideally, you want to get a snagging survey carried out on it before moving in. This way, you have the power to negotiate to price if there is anything wrong with the property.

Mortgage Advice in Leeds

If you need guidance on which survey to choose, don’t hesitate and get in touch to speak with one of our reliable mortgage team. We’ve helped hundreds of First Time Buyers and Home Movers in Leeds select the most suitable property surveys for previous customers – you could be next!

You can receive the services of a surveyor to carry out a Homebuyers report or building survey through the Royal Institution of Chartered Surveyors.

What are the 7 best places to live in Leeds?

The best areas to live in Leeds

Have you thought about Moving Home in Leeds? Have you thought about which areas are the best places to live in Leeds?

To help you make a decision, we have made up a list of the best areas to live in Leeds.

1 – Bramhope

The village of Bramhope is located just nine miles north of Leeds City Centre. Bramhope’s luxurious homes, which feature multiple bedrooms, remarkable views and capacious plots, earn the village the title of the ‘priciest postcode in Leeds’. Access to top schools and a wide diversity of shopping centres add to the appeal of Bramhope. 

There is always something to do in Bramhope. For example, you could head out to The Golden Acre Park, which encompasses over 130 acres of beautiful gardens surrounding a large lake. What a great place to have an afternoon stroll or a picnic. Meanwhile, the nearby Holt Park Leisure Centre offers a vast selection of fitness classes, and for those who are more active, The Memorial Hall has tennis courts, a bowling green and a badminton court. 

The village hall hosts the farmers’ markets, an autumnal flower show, and various performances. Additionally, the farmers’ market at Memorial Hall provides residents with an array of fresh produce and hand-made crafts. Other businesses include dentists and physicians, banks, spas and cinemas. 

Throughout the village are several shops and amenities. The Shopping Parade on Breary Lane features a beauty salon, a pharmacy, a flower shop and a gift shop. The Tredgold Avenue shopping centre is home to some fascinating shops too!

No wonder this place comes with a heavy price tag, it’s the perfect place for First Time Buyers in Leeds!

2 – Chapel Allerton

This village-like suburb of Leeds is a historical, diverse and overall great place to live. Chapel Allerton is a popular suburb that is home to all different types of people. You’ll come across families, young people and even the older generation – there is something for everyone. 

If you’re up for a night out, you’re in luck; there are plenty of choices of bars and restaurants in Chapel Allerton. If you enjoy the quieter side of life, you’ll still love Chapel Allerton; away from the nightlife, you’ll find that there are always community events going on. Whether an art and cultural event is taking place or there is a family, food and live music day going on in the local market, you’ll fit right in no matter what you enjoy. 

Chapel Allerton is often described as a chirpy location. There always seems to be something going on in this suburban village. We love it! 

3 – Guiseley

Guiseley is an excellent place for families, with an abundance of schools and outdoor space. The village has lots of places to eat and drink and home to the famous Guiseley AFC team. 

The bustling town of Guiseley has vast leisure and retail by beautiful countryside, and young families are now choosing the area thanks to its abundance of amenities proximity to Leeds city centre and open country.  

Plenty of transportation to choose its railway station offers a 15-minute train journey into Leeds city centre, and bus links. You can always take the railway station, it has regular services into Leeds, and Bradford International Airport is just a 10-minute drive away.

4 – Headingley

This busy, lively suburb is a great place to live if you are looking for reasonable housing prices. Headingley has attracted First Time Buyers in Leeds and students due to its affordability and closeness to restaurants, bars and having easy access to the city. Described as a laid-back place to live by the locals, Headingley will be ideal for you if are itching to get a part of the city life, yet not experience it every single day. 

Yorkshire County Cricket Club’s home ground Headingley Stadium is located at the heart of the suburb. However, this is not it for all of your sports fans out there, Headingley is also home to Leeds Rhinos Rugby League Club and Yorkshire Carnegie Rugby Union Football Club. 

The Arndale Centre, one of Leeds shopping locations, is also right in the middle of Headingley. The suburb doesn’t just attract sporting fans, it also attracts shopaholics! 

If the cool, suburban lifestyle of Headingley sounds like something you could be interested in, you should get in touch with a Mortgage Broker in Leeds like ourselves. We will help you through the whole Moving Home process in Leeds.

5 – Leeds Waterfront

Once upon a time, Leeds Waterfront was a derelict area, lacking vibrancy and life. After being regenerated, the Leeds Waterside area is now a popular place for people to visit. You’ll find it a great place to go for a walk, take part in canoeing, go fishing, spend time with your family, go shopping or learn about history in the museums. The local cuisine is a diverse range too, with options including hot drinks and snacks, pizza establishments, sweet treat huts and places to find seafood. 

The possibilities are seemingly endless as there will be at least something there that could appeal to everyone. Even more appealing though, is the housing opportunities. There are a variety of houses and flats around the area, with some incredible views of the waterfront. 

If modern waterside living is for you, with plenty to do nearby in and around the city centre, Leeds Waterfront might be an ideal place to live.

6 – Otley

Otley is a large, thriving market town located on the edge of Leeds. The town is only just 10 miles from the city centre, meaning that you can easily access the city through many different modes of transport such as train, bus and taxi. 

Otley is like most market towns on the outskirts of big cities, it comes with wonderful countryside and lakeside walks, camping sites, local shops and amenities, and plenty of pubs. The social aspect of life is very important to the people of Otley, every year they host the famous Otley run which is a 16-venue pub crawl! The students and people from all over go to Otley just take part. 

If you aren’t as keen on busy, social events, there are still plenty of things to do. The outdoor life in Otley features fields full of greenery, wildlife walks and bike tracks. There is also a lot of family-friendly activities to get yourself involved in, some of the local’s favourites include Tittybottle Park and Gallows Nature Reserve. 

If you are thinking of Moving Home in Leeds and feel like Otley could be the perfect place for your new home, then make sure to get in touch with a Mortgage Broker in Leeds like us who can run through the home buying process with you.

7 – Pudsey

Pudsey is a popular market town found in-between Bradford and Leeds City Centre’s. It has been famous throughout history for its manufacturing of wool in the 18th and 19th centuries, as well as being the location where notable iconic Cricket players learned to play the sport. 

When visiting Pudsey, you’ll be able to explore the recreational parks in the area. The largest of these is Pudsey Park, which includes a children’s playground, a skate park, a bowling green and a café, popular with the locals. You’ll also find Queens Park, where the Pudsey Carnival is held once every year. 

There are three secondary schools within or around the Pudsey area, providing a great opportunity for education into your children’s teen years. You may also find yourself able to take part in the local Pudsey Loyalty Scheme, wherein various local stores take part to offer stamps to customers, which puts the customer into a monthly draw to win shopping vouchers. 

West Yorkshire is well known for its diverse communities and Pudsey is no exception, being home to Indian Sikh, Hindu and Muslim communities. There’s also a Masonic community with Lodges that meet at the Pudsey Masonic Hall to support local community activities. 

A fun piece of trivia regarding the area too, as no doubt you’ve noticed Pudsey shares its name with the famous charity bear for Children in Need. This is because the Pudsey logo designer Joanna Lane’s grandfather was mayor of the town. 

If you’re looking for a location that looks great, has a rich history in manufacturing and sport, and has a diverse and friendly local community, Pudsey could be a great place for you to call home.

First Time Buyer Mortgage Advice in Leeds

We hope that our list helped point you in the right direction and summarised some of the best areas to live in Leeds.

If you are thinking of Moving Home in Leeds and want some help with getting the process started, feel free to get in touch with us. A Mortgage Broker in Leeds like us can guide you through the whole process, holding your hand during every step of the way.

Leedsmoneyman is a Mortgage Broker in Leeds that has been helping people Move Home for over 20 years now. We want to help you Move Home and secure a great mortgage deal next!

Leedsmoneyman.com & Leedsmoneyman are trading styles of UK Moneyman Limited, which is authorised and regulated by the Financial Conduct Authority.
UK Moneyman Limited is authorised and regulated by the Financial Conduct Authority.
UK Moneyman Limited registered in England, registered number 6789312 and registered office 10 Consort Court, Hull, HU9 1PU.

© 2022 Leedsmoneyman - Mortgage Broker

Leedsmoneyman, Wizu Workspace, 32 Park Cross Street, Leeds, LS1 2QH.

Moneyman Logo







Moneyman Logo




Moneyman Logo

Ask Your Question





    Moneyman Logo

    Moneyman Logo







    Moneyman Logo

    Book your Free Consultation

    7 Days 8am - 10pm

    Moneyman Logo

    Moneyman Logo