Across the nation we now find that people are paying a lot more attention to their credit rating they might have done in previous years. We find that a large majority of the people who call us for mortgage advice in Leeds perhaps have already researched online to find a copy of their credit report.
There are a wide variety of different credit reference agencies to choose from, but the two most common companies you may be aware of are Experian or Equifax.
We would highly recommend that new customers who get in touch look to use Check My File. In doing so, you’ll find a report that offers customers a collation of information from various sources (the aforementioned two included) in an easy to understandable colour-coded report.
Check My File offers a 30-day free trial. After this 30 days, you will be charged £14.99 a month, although you can cancel this at any time prior to the end of those 30 days.
When speaking with our customers, our mortgage advisors are often asked if they will be doing a credit search on them, as they have done their research and know that too many searches can negatively affect their credit score.
The lender will always run their own credit checks but our mortgage advisors will always ask the customer for permission before doing so. You’ll find that credit searches will come in two forms; hard searches and soft searches. Here we will discuss the difference between the two and how they can help.
A hard credit search is a way to take an in-depth look at your credit report. No matter who they are, any financial institution carrying out one of these will have to seek your permission to do undertake one of these.
The main advantage of a “hard” search would be how in-depth it actually goes. The chances are, if you can pass a hard credit check, it is likely that you will go on to be successful with a mortgage (though this is of course never a guarantee).
From this point on, all that can go wrong with your mortgage process is if for some reason you cannot provide the required documentation to backup the information that you have presented to the lender, or it turns out you have provided incorrect information altogether.
Looking at it from the other hand, another benefit is that having a hard search taken out on you will leave a ‘footprint’ on your credit file, which would mean that anyone taking a look at your report can see that it has been carried out.
This is not a bad thing at all, but let’s say that for some had multiple searches included in your credit file in a short period of time. This could come across to the mortgage lender that you are applying for a lots of credit at the same time and this may put them off.
The footprint will not leave a note as to whether or not your application was successful, so if you have several searches in a short amount of time, the lenders’ systems may assume wrongly that you are being declined regularly. Think about it; why would you apply for credit with a second lender, unless you’d been declined by the first?
Having the occasional hard footprint on your record isn’t too big of an issue, so you really don’t need to worry about it too much. Just be careful not to have too many of these taken out
The alternative to the hard search, would be a soft credit search. This would be a much straightforward search which takes a look at your financial situation and would be the type of search that you might come across when using a price comparison website, so that you can find out what options may be available to you.
Alternatively it can be used to verify your identity. You’ll find that some mortgage lenders will carry out soft searches of their own. We find that nowadays, even more lenders are changing to this type of credit search.
Whilst it will give whoever is carrying out a soft search less information than they would’ve gotten from a hard search, if you managed to obtain an Agreement in Principle from a lender, it is still a very good indicator that your full application will be accepted for a mortgage.
One of the things that appeals to customers regarding soft searches is that you have the ability to see soft searches that others have carried out on you (people are often surprised by how many have been carried out on them), though these searches will not be visible to other financial institutions such as a bank or lender.
This means that you have the ability to apply for an Agreement in Principle ahead of a mortgage in Leeds, without causing any damage to your credit score, regardless of whether it is successful or not.
If you are thinking of making any offers on a property as a first-time buyer in Leeds, our trusted and dedicated mortgage advisors in Leeds would very much suggest that you obtain a mortgage Agreement in Principle in place prior to getting in touch with an estate agent.
You should ideally look to give yourself the best possible chance of securing your dream property at the lowest possible price. With this in mind, if you present yourselves as having your finances in order, you will definitely give yourself the upper hand in your mortgage situation.
Being in possession of an Agreement in Principle could also help prevent an estate agent from trying to cross-sell any of their own mortgage products to you.
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.
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.
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!
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.
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!
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.
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.
There are other ways besides using government schemes to get a mortgage with a smaller deposit.
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!
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.
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.
A lender will need to see your bank statements to learn more about you and your spending habits. How you have acted lately, and the presentation of your bank statements can affect how much a lender will let you borrow, if anything at all.
The lender needs to know you’re responsible with your money and can be trusted to handle finances appropriately. After all, a mortgage is likely the most significant financial commitment you will ever make in your life.
Your bank statements are easily obtained either in the post from your bank, over the counter from your local bank, or, as often seen these days, as a printable version from your bank’s online platform.
Again, they need to know you’re responsible for your finances. One of the things they’ll be looking at is if there are any overdrafts. Using this often is not necessarily a bad thing, but if you exceed your limit regularly, this will put your level of trust into question.
More factors to be careful with are potential returned Direct Debits, showing a lender you are not consistently reliable and not disclosing loans at the application stage. It won’t look good if the lender finds outgoings on your bank statements that you failed to mention. Once again, this is a process of trust.
Other things include missed payments for personal loans and items such as credit cards. If you can prove you handle your money well and meet monthly payment deadlines, a lender will be more likely to lend you an amount closer to what you would like to borrow.
Customers find themselves stuck when they have a history of gambling. The occasional bit of fun is harmless, but if you are frequently betting large amounts of money, whether you’re making it back or not, a lender will not look at your situation favourably at all.
To learn more, please see our article on “Do Gambling Transactions Look Bad on My Bank Statements?”
From our experience working with many First-Time Buyers in Leeds & Home Movers in Leeds, we have found that most mortgage lenders will want at least three months of bank statements from an applicant.
With that in mind, it’s time for you to forget the past and think about the future. You have at least three months to work on your finances. The first thing we’d suggest is that if you are a frequenter of the local bookmakers or online gambling scene, you take a break for some time. Not only does this benefit your financial state, but it can benefit your mental health too.
The following steps we would recommend taking are to trying to save money. For example, cooking instead of eating out, treating yourself to unnecessary purchases and cancelling unneeded subscriptions are great ways of freeing up additional cash to ensure you can pay bills on time.
Again, this boils down to simply being sensible and planning with plenty of time ahead of what you’re looking to do. The further away you find yourself from bouts of debt and financial uncertainty, the better your chances will be with a lender.
Following on from the Help-to-Buy Scheme, many builders started selling houses on a leasehold basis when traditionally homes had always been sold on a freehold basis. Over time this became a hotly debated topic, of which the Government eventually felt the need to step in.
Some of the country’s home builders had fingers pointed at them for putting profits before their social conscience. Whilst they were aware that they needed to build homes for families, they also have to answer to the shareholders.
The media has been very vocal about the fact that there have been situations with land banking. Land banking is a property investment scheme that involves buying vast amounts of undeveloped land with a view to selling the land when it has been approved for development and is more profitable.
Thanks to consolidation, some builders have inherited land into their companies which is on a leasehold basis. Many debate that they should offer both leasehold and freehold properties for sale, so that buyers have the ability to choose the route they’d like to go down.
Many people felt that the market had been heading too far into the territory of leasehold, especially when it became public knowledge just how much profit the builders were making from their leases.
Things drastically changed, when the Chief Executive of one of the UK’s most noteworthy Builders received a bonus of over £100,000,000. At that particular time, this was one of the most significant premiums paid in the history of a corporation.
Some Leasehold Homeowners were shocked when they found themselves being quoted thousands of pounds in fees, even if it was only something like seeking permission to make small alterations to their homes.
These high end fees were being charged by their Leasehold Management Companies. Some of the annual ground rents were set to double every decade and owners could see that selling their home in the future once these increases have kicked in would be a very difficult process to undertake.
After homeowners notified their MP’s and the subject being heavily debated in Parliament, the Government agreed that if you were buying a house (flats or apartments excluded), then it is entirely reasonable that you should own the freehold.
If you happen to find yourself in this situation, owning a leasehold houses and you weren’t aware, then you absolutely should have been made aware.
If you feel that the Solicitor acting for you did not give you a more thorough and complete analysis of what the lease you signed entailed, you should re-contact them immediately to investigate why this was the case. You can contact the freeholder at any time if you are interested in buying the freehold from them.
The costs of the service charges may very well go up. Sometimes the residents in the area can group together to form an association, which can give them the collective freedom to choose a different service provider. If you are considering buying a leasehold property, take advice from your Solicitor regarding the lease.
It’s so very easy to get carried away with the excitement of purchasing a home, but you also need to realise it’s a significant investment decision and something that you need to think about very carefully.
If you would like advice regarding something like this, please do Get in Touch and we’ll see how we may be able to help you.
In 2013, to help boost the market after the credit Crunch left many home buyers and sellers in a difficult situation, the Government introduced Help to Buy. Help to Buy is a series of schemes to help First Time Buyers in Leeds struggling to save enough for a deposit to put their foot onto the property ladder.
This scheme is an excellent gateway into the mortgage world and could be just what you need to get the ball rolling with your mortgage application. To qualify for the Help to Buy Equity Loan scheme, you have to be a First Time Buyer, and you can only use the scheme for new builds only.
This Help to Buy scheme relies on you to have a deposit of 5% or more. The Government will top up the deposit percentage that you have to make a 25% deposit. For example, if you have a minimum of a 5% deposit, you will receive a 20% Equity Loan.
You must know that this is a loan and not a gift. This loan will be interest-free for the first five years; if you don’t quite manage to pay it off within these five years, you will start receiving interest on the amount left on the loan. This interest rate will increase every year. So, you will have your 75% mortgage to pay for, as well as the 20% Equity Loan each month.
As a Mortgage Broker in Leeds, we know that sometimes it can be challenging to balance your mortgage payments and equity loan repayments simultaneously. If you are struggling to meet your payments or have doubts about being able to, it may be a good idea to look into remortgaging to raise capital. If you are able to remortgage and raise capital, you could then consolidate a proportion of your equity loan by paying it off with the capital raised. This will likely increase your monthly mortgage payments and your term may slightly extend. However, it should reduce your equity loan payment, and you may end up in a somewhat better position than you were before.
Shared ownership allows applicants to buy a share of a property. How the scheme works is you own a percentage of a property that typically has to be between 25%-75%, and then you pay the rent on the remaining percentage.
The remaining percentage of the property is likely to be owned by the housing association. However, you can eventually repurchase this percentage further down the line if you wanted to. If you like the property and have long-term plans to stay there, you could buy the remaining share. People usually do this once they have the money and have settled into the property.
With the Help to Buy Shared Ownership scheme, you will still likely have to pay 100% of the ground rent and the property’s service charges, irrespective of what percentage you own.
This scheme was introduced off the back of the Help to Buy Equity Loan scheme in 2014. It aimed to help Armed Forces members get onto the property ladder as a thank you for serving their country.
If you are struggling to get yourself on the property ladder and are a member of the Armed Forces, this scheme could be perfect for you. The Government reviews the scheme in December 2022, and they will decide whether or not it should continue running. As a Mortgage Broker in Leeds, we know how much this scheme is valued, and we hope that the decision is to keep it available.
The Lifetime ISA is a great way to get yourself on the property ladder. You can use this scheme to help purchase your first home. If you are a First Time Buyer in Leeds, this scheme might appeal to you.
The Lifetime ISA is a savings account where your money grows tax-free. As well as your tax-free savings, the Government will also top up whatever you have saved by an extra 25%. The maximum amount that you can save each year is £4,000, so if you manage to save this much, overall, with the government’s 25% top-up, you will have £5,000 each year. If you save a little less, the Government will still top up your savings by 25%.
Here are the criteria for the Lifetime ISA:
We hope this information was useful, if you have a question or want Help to Buy Mortgage Advice in Leeds, don’t hesitate to get in touch with our friendly advisors, 8 am – 10 pm, 7 days a week! We also offer a free mortgage consultation to every customer no matter their mortgage situation.
Good news for military personnel, according to Army Families Federation Defence Secretary Ben Wallace. There has been an extension on the current Help to Buy scheme devised to help military personnel get onto the property ladder.
Originally introduced back in 2014, this £200 million scheme was intended to boost anyone from the forces who needed help buying a home. The project was meant to end in December 2019. As a thank you to everyone’s commitment to their Queen and country. The Government has extended this until the end of 2022.
People who have served in the military have access to borrow a deposit of up to half their annual salary (a maximum of £25,000), interest-free. This can be used to either purchase their first home purchase or to move into a new home.
The most satisfying part is that you don’t need any current savings to get onto the property ladder. The money gets raised from the loan you’ll receive via the scheme can be used to put towards your deposit or other costs, such as:
🏠 Stamp duty
🏠 Estate agent fees
🏠 Solicitors fees
In fantastic news for forces personnel, a large majority of lenders will accept the loan towards the deposit for a new home. More relaxed than some other schemes, the Forces Help to Buy loan can be paid back over 10 years, so you don’t have to feel rushed.
Whether you thought you had a chance or not, you are eligible to purchase your home using this scheme, only if you have served your country and can meet the right criteria (length served, service term left and medical categories).
Click here to read through further details from the government.
Our experienced mortgage advice team in Leeds has your back from day one. Right from the beginning of your process when you call up, right through until competition and beyond, your dedicated advisor will make sure you are taken care of, ensuring that you end up with the most relevant result for your individual circumstances.
As a company that prides itself on a fast and friendly customer experience that is stress-free, contact us today and see how we might be able to help you achieve your home-owning dreams.
Please note, the Forces Help to Buy is not the same as the standard UK Help to Buy scheme.
A Mortgage Agreement in Principle is essentially a document to prove you have a mortgage in place. It is something we obtain for all our clients, and almost all lenders offer them. It demonstrates that you are creditworthy because of the Agreement certificate to be issued, you must pass the Lender’s credit score.
A Mortgage Agreement in Principle is not a guarantee that you will definitely get a mortgage as your full application will require further background checks (such as evidence and income) and a satisfactory valuation of the property itself. However, we think it’s a good idea to get one done at the earliest opportunity for the following reasons:
1. Negotiating Power
2. Avoid Disappointment
3. Knowing your Limits
When you are ready to offer a new home, most Estate Agents will undertake due diligence and ask you to produce evidence that you have funds available to complete the purchase. This will take the form of bank statements and an Agreement in Principle certificate that we can provide for you.
Once you have provided them with enough documentation the Estate Agent will naturally stop marketing the property and put a “Sold” or “Sale Agreed” boar outside the property to let other people know it’s off the market.
Suppose you already have a mortgage agreed upon before you make an offer. In that case, you are making yourself appear as an attractive proposition as this proves you are not making an offer on a “whim”, you’ve thought about how you’re going to fund the purchase and have done something about it. This might persuade a seller to accept an offer you put forward on their property underneath the asking price.
When it comes to buying a house some clients have always “put the cart before the horse” to say they go full steam ahead and make an offer on a property without first checking that they are actually in a secure financial position to proceed. This can lead to terrible disappointment if the mortgage application fails because, by that time, they have got their heart set on their new family home.
Furthermore, your mortgage getting refused isn’t always down to the offer you put in. It can sometimes be something else. For example, there may be a niggling issue on your credit report, perhaps a disputed mobile phone bill that can easily get rectified. Maybe you thought you were on the voter’s roll and you’re not – once again that can be sorted out given a few weeks.
Maybe you can’t get a mortgage at all, and if that’s the case, it’s better that you know now rather than mess people about, though we may be able to help if you contact us and we’ll be able to tell you what you need to do to improve your credit-worthiness for the future.
By now you know you’ve got a good credit rating because you’ve never got turned down for credit, you’ve registered on the voter’s roll and you’ve always made your credit card payments on time.
You could approach ten different Lenders these days and get ten different maximum mortgage amounts; they all calculate affordability in their own unique ways. If you’re self-employed in Leeds: some Lender can take your net profit, others your salary and dividends. Some use your latest year, others an average over three years.
Knowing your borrowing limits is essential as then you know for sure what your price range is.
Our team of Specialist Mortgage Advisors in Leeds may be able to advise you of the maximum mortgage available to you. Even more importantly together, we’ll work out how much you can afford to pay back each month.
Why get Mortgage Advice in Leeds? Why go to a Mortgage Broker? If you are asking yourself these questions, then it’s time to take a look at all of the benefits of getting Mortgage Advice in Leeds.
There are lots of different reasons to why someone might use a Mortgage Broker in Leeds. We offer advice in a variety of different areas and will try and find you a great mortgage deal for your specific mortgage scenario.
Even though we cover lots of different mortgage types, our usual customers consist of struggling First Time Buyers or people that have been declined by their bank. So, if this is the same as or a similar situation to your own, make sure to get in touch as you may need specialist guidance from an advisor.
So you are ready to approach your Mortgage Broker in Leeds and you are ready to get the ball rolling… but which mortgage types do we cover?
Are wanting to set off on your mortgage journey to get yourself onto the property ladder? Well, our First Time Buyer Mortgage Advisors in Leeds are here to help!
Leedsmoneyman will search through thousands of First Time Buyer mortgage deals in order to try and find the perfect one for you. We know exactly how to save your time and your money, we have been in the broker industry for 20 years after all! We want the process to run as smoothly and as stress-free as you do.
If you are thinking that it is time to move on and want to start the process of Moving Home in Leeds, then why not get the help from a Moving Home Mortgage Advisor in Leeds.
As a Mortgage Broker in Leeds, we know that people sometimes outgrow their home. Whether it’s down to wanting more living space, starting a family, or something else, it’s normal for people to want to start a new chapter and move home. Having a professional by your side could allow you to access the latest mortgage deals on the market and it will take all of the stress away from the process!
We always aim to save your time and your money, even when it may not seem possible.
Is your current mortgage deal approaching its end? Do you want to switch onto a more competitive deal that could save you money? If so, then it’s time to Remortgage!
Your expert Remortgage Advisor in Leeds is here to help! Rather than switch over online to make things ‘easier’, you should get in touch with us and we can compare external deals for you through over lenders. With a large panel of lenders to hand, we are able to search through thousands of deals for you.
Are you a current landlord wanting Buy to Let Mortgage Advice in Leeds? Maybe you are considering dipping your feet into the Buy to Let mortgage world? If this is your situation, then it may be time to get Mortgage Advice in Leeds.
We have been working with local and budding landlords in Leeds for over 20 years now, and we want you to be next! Get in touch for a free Buy to Let mortgage consultation.
We know that it can sometimes be hard getting a mortgage when you are Self Employed, and that’s why we want to offer a helping hand.
As an experienced Mortgage Broker in Leeds, we have helped thousands of Self Employed customers achieve their mortgage goals. Even if we are faced with some bumps along the way, we will always try and get over them and get you a great mortgage deal that is best suited to your personal and financial circumstances.
Being faced with a tricky mortgage situation is not ideal, especially when you have to deal with it on your own. Having a Specialist Mortgage Advisor in Leeds by your side would take all of the stress off you back and since we have been in this game for over 20 years, it’s likely that we’ll be able to solve your issue straight away.
In Leeds, we deal with new, specialist mortgage situations every single day. We love a good challenge at Leedsmoneyman, so don’t hesitate to get in touch, even if you think that your personal situation is too complicated.
Interested in going down the Help to Buy route? Need Help to Buy Mortgage Advice in Leeds to help you choose a scheme? You are in luck because Leedsmoneyman specialises in Help to Buy mortgages too and can offer you a free Help to Buy consultation too!
Remember, to access most of the schemes you either need to be a First Time Buyer or moving into a new build. For more information, you can also check out the government’s official Help to Buy page.
If you are wanting to buy your council house, you will need to take the Right to Buy mortgage path. Firstly, you need to check if you qualify. You can either do this entirely on your own or a Mortgage Broker in Leeds like us can help you out.
If you want to buy your council house, getting Right to Buy Mortgage Advice in Leeds could be your best option.
As of Thursday 5th, November to Wednesday 2nd December England will enter its second lockdown. British Prime Minister Boris Johnson has predicted that these additional restrictions will help to reduce the spread of the coronavirus.
However, this lockdown is a little more relaxed than the first, allowing more industries and educational settings to remain open. Our biggest worry was what would happen to the property market. However, from our viewpoint, we can say that everything seems promising, and the property market stays open.
There have been some minor modifications to parts of the home buying process, considering social distancing measures. The property market remains standing strong, here we compiled a list of what you are allowed to do over the lockdown:
For more information, click here to read the Government’s guidance and regulations.
Already, First-Time Buyers and Home Movers in Leeds been sending enquires regarding Lockdown 2.0 and how will this affect them getting a mortgage, so we put together a list of frequently asked questions that got asked:
Lots particularly asked it of homeowners during the first lockdown. In this lockdown, even though it’s much shorter, you can take a mortgage payment holiday if you need to.
We understand that many people need help meeting their mortgage payments, if this is your situation, then taking one out could be your best option.
To find out more helpful information about mortgage payment holidays and whether you should take one out, check out our mortgage payment holidays article.
If you took out a mortgage payment holiday during the first lockdown and are currently still on the scheme, you can extend your holiday so that it comes to a total of six months holiday.
However, if you have already had a six month payment holiday, you have already reached the six-month limit and therefore unlikely that you will be able to access this scheme once again.
Compared to the first lockdown, where the limitations imposed were a lot tighter, you are still able to move home. Household moving services, rental service, everything needed will be made available.
As previously mentioned, the home moving process will need to get completed under the social distancing guidelines. It’s going to be of most significance if you’re looking at other people’s home and taking house viewings regularly.
The Government are permitting you to visit your estate agent’s office. However, some estate agents have chosen to work from home and have closed their local branches, so check to make sure whether they will be open or not.
It would be easier to transact over the phone, and there is nothing wrong with this, you can still get the process started over the phone and even online.
We advise that you take your time if you are doing everything online, and make sure that communication is straightforward and easy to understand.
You can proceed with your house viewings, however, if it’s possible maybe you could try your estate agent’s virtual house viewing (if they are offering that).
Most home buyers are shifting towards today’s digital age and use this new method to house viewings; as a Mortgage Broker in Leeds, we also believe that the number of virtual viewings will rise over lockdown.
We know that this is a massive life decision, there is absolutely nothing wrong with opting out virtual option, but it is the safest option for the meantime.
Your estate agents will also check with the property owners that a socially distanced property viewing is serviceable and sanitised, if so, then you can arrange a date and time.
Depending upon the time of day and the homeowner’s situation, they may leave the property so that there as few people in the household as possible.
The property market isn’t on a pause like the first lockdown; you will be able to continue the home selling process as usual.
You will need to think about everything that comes with selling a property, and this will involve choosing an estate agent and a property valuation, getting pictures of the property taken, and so on.
With the guidelines and restrictions in place, there may be some delay in the process. Estate agents are very busy at the moment with enquiries, and with all of the different measures in place.
Things that are usually easy to complete are taking a little longer.
Yes, conveyancing solicitors will stay open during the lockdown. They are going to be available to support your property sale.
Once Again, most solicitors are working from home, and we recommend that you be patient while due to the demand in the property market, things may come more slowly than usual.
The property market is slowly catching up to speed and thankfully can keep trading through this lockdown.
If you are wanting to start the mortgage/home buying process and would like help from a professional. It may be within your best interest to get Mortgage Advice in Leeds.
As an experienced Mortgage Broker in Leeds, we have a wealth of knowledge in helping customers obtain their mortgage goals.
We want the whole process to run as smoothly as you do; don’t hesitate to get in touch today. We can’t wait to hear from you!
Some key points we would like to make to why to use a Mortgage Broker in Leeds, we believe there are a lot of more positives if you came to us rather than going straight to a Mortgage Lender.
Considered, it’s worth exploring your options, and we find that most people use a Mortgage Broker in Leeds. However, this article will balance the pros and cons of both paths.
A Mortgage Broker in Leeds like us, we likely charge a broker fee on top of other costs, whereas Lenders don’t require this payment saving you money.
You argued that “The Bank Manager knows my finances inside out,” but when credit scoring came in those statements were made redundant, you might find that the Lenders offers exclusive direct deals.
They did this to attract businesses from both consumers and brokers alike. These deals are sometimes available only via the Mortgage Broker and not the branch.
Back in the day, Lenders would be allowed to let any member of staff away from you towards a potential mortgage (that likely wouldn’t benefit you), without any proper mortgage advice or consumer protection.
By 2014 this got banned, with only experienced Mortgage Advisors allowed to provide Mortgage Advice and make recommendations for their products; customers ended up waiting on an extended period just for an initial appointment.
Sometimes this can happen, which isn’t great when you’ve had an offer accepted for a property. With issues like this application via Mortgage Brokers started to climb. We offer a same day service, aiming to put you through to a qualified Mortgage Advisors in Leeds within the same day or immediately after making a call.
Now the challenge is finding a lender whose criteria and features can get personalized based on your circumstances. Bear in mind, though, that the deals with the lowest rates tend to carry arrangement fees.
No matter how good a Lenders deal is, you’ll have to take note of the affordability, and this is such a big deal. Many people choose to go with a Mortgage Broker in Leeds as we can compare the criteria and find something tailored to your circumstances.
These days, thanks to regulations post Credit Crunch, mortgage applications are no longer straightforward. There are a variety of things that could potentially be a hindrance when you’re making your application. These can include:
Over the years, Mortgage Lenders would show their competitive side, often trying to offer better deals than the next Lender. Nowadays, because of tightened margins, their differences come from their lending criteria.
Examples of these include the amount some would lend to the self-employed compared to others, as well as being slightly more lenient to previous adverse recordings on your credit report.
Whatever the situation, it is unique to you. When you explain this to an experienced Mortgage Broker in Leeds, they will likely have encountered something similar before. Hopefully, they’ll use this experience to recommend the most appropriate mortgage for you at the lowest rate available to you.
Our service we go above and beyond to our customers, they rely on us, even if the application is straightforward. We can discuss how much they’re planning to offer on a property, recommend services such as solicitors and property surveys, and go through any available protection.
Another significant aspect of the service a Mortgage Broker in Leeds provides is the ability to be more responsive than the lenders’ direct propositions. Out of hours and weekends, appointments are commonplace, as are our Mortgage Advisors in Leeds working late on an evening to respond to customers’ emails.
Overlooked factors on why most applicants prefer a mortgage broker is that everyone seems to be busy, and you just might need someone to handle the entire transaction and take away your stress. Professional applicants will see the benefits of this as they have clients of their own that they’re able to charge their services.
Maybe in the future, lenders will want to take back more clients from brokers. If this happens, it’s relatively unlikely they’ll staff-up their branch networks. It’s more than likely they will make investments in technology to transact with customers online.
For clients who want to do business that way, with say a straight forward product switch, it’s great. Generally, whether they’re First-Time Buyers in Leeds, Self-Employed in Leeds, or looking to Remortgage in Leeds contact us now and speak to experienced Mortgage Advisor in Leeds today.