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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!

A Guide to Buying a Property in Joint Names in Leeds

Purchasing a Property in Joint Names

Over the years, we have seen property prices increased at a far faster rate than wages have. Through speaking to many customers, we have found a common occurrence, in that many people look to purchase in joint names with a partner or friend, as a means of being able to afford a suitable home at a more reasonable price.

Purchasing in joint names will usually increase the maximum capacity of what you are able to borrow, as the lender will look at all parties income, rather than just one, taking this into account when running calculations on affordability.

How Many People Can Co-Own a Property?

We have known and we do work with some lenders who will accept up to four people as co-owners of a property. If throughout the duration one of the co-owners of the property decides that they would much rather not contribute to the mortgage repayments, any of the other joint owners will still have the legal right to reside in the property, unless this is ruled otherwise by a court.

If you would like to increase the mortgage amount later down the line, you must gain full consent from all your fellow co-owners. It’s therefore essential that you make long term plans with each other, discussing what you’d like out of this, so you can stay on the same page and avoid future disputes if you end up wanting something different.

Joint Tenancy or Tenancy in Common?

Commonly, for married couples or those still in civil partnerships, a ‘Joint Tenancy’ is something we have seen customers choose quite often. With this type of tenure, if for some unfortunate reason one of the party were to pass away, the property would be handed over to the other owner of the property. If you have taken out relevant life insurance, at this point, your mortgage would be covered and repaid.

With ‘Joint Tenancy’, you would still need all owners of the property to agree if you decided you wanted to Remortgage later down the line.

If choosing to purchase with relatives or friends, we find that ‘Tenants In common’ is the most popular route that customers take. You will still remain as a co-owner of the property, along with your cohorts, but you also have the flexibility to do this without the need to have completely equal shares. This works well if one party is making a more significant financial contribution than the other, as you could split the shares, for example if there were 3 of you, 60%, 30%, 10%.

With ‘Tenants in Common’, another positive aspect for the co-owners is that you have the freedom to act independently. An example of this, is that you can then choose to sell or give away your share of the property to someone else, without the need to consult with your fellow co-owners

Do I have to pay the mortgage if we separate?

All mortgage borrowers are jointly and severally (responsible for their own decisions) liable for mortgage payments. IF at any point in the future you find yourself paying all of your mortgage payments without a co-owner, you will still be liable to prevent the mortgage from falling into arrears.

This is because mortgage arrears showing on your credit file could have the potential to stop you from obtaining a mortgage at any point in the future. The best way to think of it is like this: You don’t own 50% of a property, you own 100% jointly.

How do I remove my ex-partner from a Joint Mortgage?

When purchasing a home with a partner, it’s a whole new chapter starting in your life and can be a great way to start fresh with another individual. In all the excitement of moving home, it can make you wonder about what will happen if things go a little wrong.

The primary thing to remember is that lenders will always need to have the utmost confidence that you can keep up with monthly payments on your own before they will approve you removing a partner and taking on the mortgage alone. As seen from above, a mortgage is a big financial commitment and making changes is going to be a challenge.

If you are able to prove that you can maintain mortgage payments following on from your partner leaving, the lender may agree to your request to put the mortgage into your single name. However, lenders like the idea that there are two people to pursue in the event of arrears occurring. To remove someone, they will carry out a brand-new affordability assessment, just like they would’ve done originally at the point of purchase.

Whilst a lender may not always accept a request, it’s always beneficial to speak with a mortgage advisor in Leeds prior to taking this route, as there may be other lenders who could agree to your transfer request.

It can also be worth talking to family members to see if they can help you out to make your financial and personal life a little easier. They can do so by replacing your ex-partner on your mortgage or by gifting you a lump sum, in a bid to reduce the amount owed. This will hopefully mean that your savings are able to contribute to easing your future mortgage payments.

Can I Remove My Name From a Joint Mortgage?

If you and your partner split up and you leave the family home, then your responsibility is still shared for mortgage payments. Even if you agree that you will send your partner the money to cover the costs, in the event of potential arrears, you will still be chased for payments.

If you are sending your partner money each month, you should also keep an eye on your credit report to ensure they are still actually paying the mortgage. If they default, then it will impact your own score due to the financial tether you have.

Get in Touch With a Dedicated Mortgage Broker

If your name is still linked with an existing mortgage, then the payments for that will be considered down the line if you buy a new home of your own. This means that lenders might not lend you as much as you would like.

Buying a home with someone is different than just renting with them. It’s always better to agree on what would happen to the house should things not plan out as expected.

For any First-Time Buyers in Leeds or those Moving Home in Leeds that are looking to purchase in Joint Names, you will absolutely benefit from speaking to a mortgage advisor. Even if you are looking to remove a name from a mortgage by looking into a Remortgage in Leeds in your sole name, a member of our mortgage advice team will be able to look into this with you. Please feel free to Get in Touch with our friendly Mortgage Team, we will be more than happy to answer all of your questions.

The Different Types of Mortgages in Leeds Explained

Mortgage Types Available in Leeds

Whether you are a First Time Buyer in Leeds looking to put your foot onto the property ladder or are going through the process of Moving House in Leeds, you will understand that there are lots of different types of mortgages. 

Some mortgages are more popular than others, and some may even be difficult to obtain. As your Mortgage Broker in Leeds, we have assembled a list of some of the most common mortgage types you might get offered. 

Here Malcolm has compiled a playlist of videos to explain the different types of mortgages available in Leeds. Below you will also find one of our moneymanTV episodes for each mortgage type, and we hope you find them helpful! 


youtubeWatch the Playlist

Fixed-Rate Mortgages in Leeds

What Is A Fixed-Rate Mortgage? | MoneymanTV

A fixed-rate mortgage means that your mortgage payments will stay the same for a set period. You can set the length you want to fix your costs for, typically 2, 3, or 5 years or longer. No matter what happens to inflation, interest rates, or the economy, you know that your mortgage payment, usually your biggest outgoing, will not change.

Tracker Mortgages in Leeds

What Is A Tracker Mortgage? | MoneymanTV

A tracker mortgage indicates that your interest rate will track the Bank of England’s base rate. Meaning, the lender that you are with does not set the rate themselves. You will be paying a percentage above the Bank of England base rate. For example, if the base rate is 1% and you are tracking at 1% above the base rate, you will be paying 2%.

Repayment Mortgages in Leeds

What Is A Repayment Mortgage? | MoneymanTV

When you take out a repayment mortgage, meaning each month you are paying capital and interest combined, as long as you keep your payments going for the entire length of the mortgage term. The mortgage balance is guaranteed to get paid off at the end, and the property becomes yours. 

A repayment mortgage is the most risk-free way to pay your capital back to the lender. It is mainly the interest that you are paying in the early years, and your balance will reduce very slowly, especially if you have taken out a 25, 30 or 35-year term. This situation switches in the last ten years or so of your mortgage, where your payments are paying off more capital than interest, and the balance will come down much faster.

Interest-Only Mortgages in Leeds

What Is A Interest Only Mortgage? | MoneymanTV

Whilst many buy to let mortgages in Leeds get set up on an interest-only basis, it is much more challenging to get a residential property on an interest-only basis. It is much less likely for lenders to offer an interest-only product now.  

However, there are certain circumstances where this can be an option. These include downsizing when you are older or have other investments that you will use to pay the capital back. Lenders are stringent when it comes to offering these products now, and the loan to values are a lot lower than before. 

Offset Mortgages in Leeds

What Is An Offset Mortgage? | MoneymanTV

Offset Mortgages are a flexible type of Mortgage Arrangement. Due to their complexity, this type of mortgages usually come with a higher interest rate and set up fees. Offset Mortgages give you the ability to potentially overpay your mortgage, underpay your mortgage or pay off a lump sum. 

The main attraction of these types is that your chosen lender will open up a savings account to run alongside your mortgage account. As an example, we’ll say that you take out a £100,000 mortgage, but in your savings, you already have £30,000. You can then put that £30,000 into your new savings account and only pay interest on the remaining £70,000. The idea behind this is that if you keep your payments up as average per month, then you’re able to pay off the mortgage earlier and with less interest.

Capped Rate Mortgages in Leeds

What Is A Capped Rate Mortgage? | MoneymanTV

Like Fixed-Rate mortgages, Capped Rates have a maximum amount that a customer will pay each month with a maximum interest rate. With that in mind, if capped at 5%, you will never go higher than 5%. Where these can be more beneficial, however, is if interest rates start to drop. For example, if the rates dropped to 4%, 3% or 2%, your mortgage will do the same. 

Flexible Mortgages in Leeds

What Is A Flexible Mortgage? | MoneymanTV

Flexible mortgages allow you to underpay and overpay by unlimited amounts. Underpayments are only allowed if you’ve overpaid first and have agreed with a lender to do so. However, it is not something that we recommend. Overpayments can be beneficial, though, as you could end up paying off the mortgage early and with significantly less interest. Mortgage flexibility is usually a feature of Offset Mortgages. 

The Main Reasons People Choose to Move House in Leeds

Moving Home Mortgage Advice in Leeds

There are a number of reasons why someone may want to move home. In this article, we are going to narrow them down to the most common reasons that we see as a Mortgage Broker in Leeds: 

Main-reasons-people-move-birmingham

More living space

We’ve heard over the years that borrowers wanted to move home because they wanted somewhere bigger to live. It makes sense some First Time Buyers in Leeds like going for a smaller and more affordable property to start, and when their circumstances change down the line, like starting a family, they might need to think about more extensive living arrangements. 

Another way to make more living space, rather than Moving Home in Leeds, is to raise capital through a Remortgage to build an extension/conversion. This option is trendy amongst growing families and could give that extra bit of space you need. 

We often find parents convert their loft into a bedroom for one of their children, which could mean you have a spare room that you could make into a gym or home office. It’s up to you! People may also remortgage for home improvements to raise their property value when they sell it in the future.

Change of scenery

We also hear that some wanted a change of scenery and wanted to look at different areas. Most of this percentage of borrowers are likely First Time Buyers as they usually have a limited budget and settle for lower-end properties with reasonable prices. The chances are that these borrowers now have a higher income and want to live in a more affluent neighbourhood. 

People don’t consider the choice of schools when moving into their first home as they may have not even thought about starting a family yet. People who have started or are planning to start a family will factor in accessible education within the area when looking at relocation.

Family & friends

Some home movers inform us that they wanted to move closer to their friends and family. This situation often comes about when couples start a family. If both parents are working full time, they will be more than likely to ask their parents to help them with childcare. Private nurseries can be expensive, and sometimes parents find it hard to work around nurseries due to distance. 

Buying vs renting

Most First Time Buyers in Leeds will always choose to buy over renting; however, people moving home may consider the other side of the coin. Whether you are renting or buying, the monthly payments are usually roughly the same. Either way, moving home can be a tricky decision. 

Like we said before, if you don’t want to move out but want more living space, maybe it’s time to speak to one of our Remortgage Advisors in Leeds who will help you find a great deal to raise money for home improvements.

Speak to a Mortgage Advisor in Leeds

Are you thinking of Moving Home in Leeds? Do you want to know how much Moving Home could cost you? If so, you should speak to a Mortgage Advisor in Leeds at Leedsmoneyman. They will calculate your maximum borrowing capacity and give you a quote on your monthly payments. 

Even if you are looking at remortgaging, you can get in touch today, and we can pass you onto Remortgage Advisor in Leeds, and they will try to answer all of your remortgage enquiries. 

Can I Have Two Mortgages in Leeds?

Can I have two mortgages at once?

Can I Have a Second Mortgage? | MoneymanTV

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:

Why would you take out a second mortgage?

🏠 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.

Second mortgage to raise funds

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.

Second mortgage to rent out existing home to purchase a new one

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. 

Second mortgage to purchase a home for your children

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.

Second Mortgage for a Buy to Let

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.

Named on an existing mortgage and want to buy a new home?

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.

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.

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