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Over the years as a Mortgage Broker in Leeds, we have found an increase in people paying a lot more attention to their credit rating. As a result of this, we have found that many people who get in touch with our team have already researched online to find a copy of their credit report.
There are many different credit reference agencies to choose from, but the two most popular companies you may know are Experian and Equifax.
Our team highly recommend that new customers who contact us look to use Check My File. By doing this, you’ll find a report that offers customers a collation of information from various sources (the aforementioned two included) in an easy understandable colour-coded report.
You sign up for a 30-day free trial with Check My File and after the 30 days, you will be charged £14.99 a month. This can be cancelled at any time before the end of those 30 days.
Try it FREE for 30 days, then £14.99 a month – cancel online anytime.
When dealing with customers, our Mortgage Advisors in Leeds are often asked if they will be doing a credit search on them. This is usually a customer who knows that too many searches can negatively impact their credit score.
Our mortgage advisors will always get permission for the customer to run a credit check, whereas the lender will run their own checks. There are two types of credit searches, one is hard searches and the other is soft searches. Below we will explain the difference between the two as well as how they can help.
A hard credit search is a type of credit check that provides an in-depth look at your credit report. All financial institutions that carry out one of these will need to seek your permission before undertaking this check.
One of the benefits of a ‘hard’ search would be how detailed it goes. Having this carried out and passing it can increase the chance of you being successful with a mortgage, however, this is not always guaranteed).
After passing this, the only thing that could go wrong with your mortgage process is if you cannot provide the required documentation to back up the information that you have presented to the lender, or it turns out you have provided incorrect information altogether.
Another advantage to having a hard credit search carried out will leave a ‘footprint’ on your credit file meaning that anyone looking at your report can see that this search has already been done on your file.
Having this mark on your file is not a bad thing at all, however, if your credit file shows that there have been multiple searches carried out in a short period of time. By having these displayed, it could give the impression to the mortgage lender that you are applying for lots of credit at the same time which wouldn’t work in your favour.
An important point you need to know about the ‘footprint’ is that it will not leave a note to confirm whether or not your application was successful. Therefore, having several searches highlighted on your report can result in the lenders’ systems assuming 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?
If you have the occasional hard footprint on your record it’s not going to be a massive issue which is why you don’t need to worry about it too much. It’s best to be careful not to have too many of these taken out.
The other type is a soft credit search. Opposite to a hard credit search, this would be a more straightforward approach by looking at your financial situation. These are normally done through price comparison websites, so you can find out what options may be on offer for you.
Another way it can be used is to verify your identity. Some mortgage lenders will carry out soft searches of their own. It can be common to find these days that even more lenders are changing to this type of credit search.
Even though the one drawback of a soft search is that you will get less information out of it in comparison to a hard search, if you managed to obtain an Agreement in Principle from a lender, this still can be a positive indicator that your application will be accepted.
The one factor that makes soft searches appealing to customers is that you are able to see soft searches that others have carried out on you (many are often surprised by how many have been carried out on them), but these searches will not be visible to other financial institutions like a bank or lender.
Because of this, you will be able to apply for an Agreement in Principle ahead of a mortgage in Leeds, without causing any damage to your credit score, whether you are successful or not.
In the case where you are a First Time Buyer in Leeds looking at making any offers on a property, our expert Mortgage Advisors in Leeds would highly recommend you get a mortgage Agreement in Principle before getting in touch with an estate agent.
It can be ideal to give yourself the best possible chance of securing your dream property at the lowest possible price. Therefore if you present yourselves as having your finances organised, it’s likely you will give yourself the upper hand in your mortgage situation.
Having an Agreement in Principle to hand can also help stop an estate agent from trying to cross-sell any of their own mortgage products to you.
Property chains can be a common hurdle for homebuyers going through the process. The moving home journey can be interrupted if you are in a property chain as some factors can stall the process.
Having said that, you may encounter a range of problems and hurdles when obtaining a mortgage. It could be that your application is stuck in the pipeline or there might be an issue with your offer not being accepted, it’s possible that you can encounter issues when going through the journey of moving home in Leeds.
A property chain involves a group of sellers that are connected so will be relying on each other for each purchase to go through. In the case where you are a first time buyer in Leeds, you will always be at the beginning of the chain, unlike a seller who would be placed at the end.
For example, a person is ready to move into a property they’re buying. From this, the buyer needs to wait for the seller to move out first. Then if that seller is in the same situation, they will also be waiting for them to move out to move in.
This all comes down to the seller’s situation which you will be unaware of.
Sometimes, you may not even know that you are in a property chain, and the full process could run smoothly. This is the ideal situation for everyone because it makes the moving home process go smoothly and straightforward.
On the flip side, if things don’t run as well, this can involve waiting. This is why our team recommend you start your process with at least six months of preparation. Within this time, you can look for that perfect home and provide some time if you get stuck in a property chain.
The full chain could suffer if you are linked with a property chain and one purchase does not go through. Therefore, if this chain breaks, you will either have to wait or look for another property.
In the case where the property chain breaks at your purchase, there can be a way to stop it from damaging the overall chain if you act fast.
An option for sellers could be to contact the people planning to buy your property by speaking to your estate agent. By doing this, you can inform them of the situation sooner rather than later.
It’s best to prepare for a break in the property chain regardless if you are on a seller’s level or your level.
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.
There could be a number of reasons why a property chain can break. This could happen at your’s, your seller’s or even your buyer’s level:
Above is just a small number of examples, there are many more reasons. As mentioned, the length of the property chain you are in will depend on how these situations impact your ability to move home.
Avoiding a property chain can be difficult, especially if you are buying at a busy time of year or when the market is hot.
Furthermore, you could research and speak to your estate agent to get an idea of your position in the midst of the application stage. It is best that you organise your finances as early in the process as possible. Being prepared for things that could go wrong, the better.
In the case where you avoid a property chain (also known as ‘chain-free), the moving process will more likely be straightforward. This is obviously factoring in that you provide evidence that you can afford a mortgage and deposit the property.
Our moving home Mortgage Advisors in Leeds can help you through the process if you are looking to buy and sell your property.
If you are looking for help with the moving home process, book yourself in for a free mortgage appointment.
With the right help and guidance, your mortgage process should go smoothly. In some cases, it’s not always guaranteed to go so well. Speaking to customers some applicants had face various hurdles along there mortgage journey. As a Mortgage Broker in Leeds, below we listed some of the most frequent mortgage hurdles that we came across in the past.
You shouldn’t be declined a mortgage because of childcare costs. But depending on the amount, having child care costs can sometimes be a large outgoing and having these costs, may reduce the mortgage amount you can borrow.
Most lender class childcare costs as a loan or a credit commitment. Which means even if you didn’t have these costs, having children in general means you will have large outgoings going out each month.
Because of this, you are likely to borrow less than a mortgage applicant with the same income, that doesn’t have any kids of their own. There are some mortgage lenders out there who will take child care costs into account, which can increase this amount, though this isn’t always guaranteed.
Nobody ever buys a home with a partner, only to result in divorce or separation. It’s does happen, and leaves the family finances in need of a drastic reorganisation. Some of the most frequently asked questions we receive include:
All of the above can be done, though this will depend on a case by case basis. You will need to seek out expert mortgage advice and speak to a experienced Mortgage Advisor in Leeds. In some cases, if you rece any child maintenance, this can sometimes be used as assessable income for a future mortgage.
It all depends on the mortgage lender, some lenders will require you to have been in work continuously for a certain period of time, whereas there are others with different criteria.
You will also find that it is entirely possible to get a mortgage. If you are soon going to start a new career. A signed contract and written job offer communication will often be a good way of helping you achieve this.
There could potentially be some hurdles if you have had any gaps in employment, as some lenders will flag that up. In other cases any probationary periods should be okay.
Anti-Money Laundering precautions are very strict. All Lenders will require evidence of your deposit, and you will need to prove the origins of your savings. You may also be asked for this by an estate agent or solicitors, depending on who you go with.
Cash deposits are not ideal at all. Any red flags in your bank statement will be heavily questioned and it is entirely possible your mortgage application will be rejected.
You may be able to utilise a gifted deposit, with some of or all of the deposit being gifted by a family member or friend. That person needs to confirm in writing that it is not intended to be paid back as a loan, becasue as the name suggests it’s a gift.
If you’re facing hardships as a first time buyer in Leeds, stressed because of moving home in Leeds, book your free mortgage appointment to speak with one of our expert Mortgage Advisors in Leeds.
Even if we haven’t listed a situation your in, it’s possible we’ve helped another customer in a similar situation. Let our trusted expert Mortgage Advisor in Leeds help you with your mortgage application.
If you are wanting to know the maximum amount you can borrow for a mortgage, you can book yourself a free mortgage appointment to speak with one of our expert Mortgage Advisors in Leeds.
From our experience, the two most popular questions we find that first time buyers in Leeds in and home movers in Leeds ask us are; can I get a mortgage in my situation and if so how much can I borrow?
Here we will take a closer look at the latter of the two, which has changed a lot in the past decade, followed by what happens now during your mortgage process.
Looking back to the 90s, before credit scoring was a thing, people would manually underwrite all mortgage applications, which means that the process of approving mortgages got left to real people and not just computers.
You would book an appointment for an interview with your local building society to speak to the building society manager. From there, you would present and discuss your case.
Back then, you could probably guarantee that this would turn into a sales pitch, where they would assist you to start saving with them for a while until you can prove to them that you are creditworthy.
The manager would then grant you what a past equivalent of today’s Agreement in Principle was. Following this, the customer would then be given some advice on the amount they could borrow.
While sounding like a highly personalised process with a simple and common-sense approach, there were many wrong decisions. The manager had the discretion to interpret the lending manual in the way that they wanted to.
In other words, you could have gone to the same building society in a different location and left, having obtained an entirely different outcome than the previous branch you visited.
To prevent this and to cut any costs that weren’t necessary, lenders started using automated affordability, so when lending to customers, only provide them with a figure three or even four times their annual income.
Going forward to the early 2000s, lenders relaxed, even more, becoming arguably even too generous in how much they would be willing to lend their customers.
Some lenders would offer out self-certified mortgages, a process that meant no background checks would take place, and the customer could self-certify their income, even if the buyer falsely inflated the amount they were declaring.
The market fell apart, and these kinds of practices brought about the infamous Credit Crunch of 2008. The years that followed, between then and 2010, were incredibly challenging times.
This was especially the case if you were trying to get onto the property ladder for the first time. At this point, lenders had to change, and much stricter lending criteria had to be put in place.
Through lots of dedication and perseverance, the market recovered. In 2014 the regulator launched the Mortgage Market Review (MMR), a brand new and completely revised set of guidelines for lenders to follow to prevent the Credit Crunch from happening again.
No longer were the old-style income multipliers available, which took little account of household spending habits.
It may come as quite a surprise, but before 2014, whether their credit histories were good or bad, two applicants earning the same income could more or less be able to borrow the same as each other.
This was also not factoring in how much they were regularly spending. All-new affordability models came from that point, taking a much more forensic view of how exactly those applying for a mortgage handle their finances.
As well as this new cap, typically, most mortgage lenders will no longer go past 4.75 times your annual income, and they prefer to have an in-depth analysis of your spending habits.
Your habits may entirely depend on your situation, such as having high childcare costs, a potentially large amount of credit commitments, and in some cases, any student loans to pay off. In cases like these, a mortgage lender will most probably offer you less than, say, your work colleague who has far fewer outgoings.
Nowadays, there are significant differences between lenders in how much or little they will lend to some customers. From time to time, some lenders have been known to penalise low-earners.
It could just be that they are not looking for that type of applicant. Some take pension contributions as a fixed outgoing, so may lend, for example, a public sector worker with a significant pension deduction, less than a private-sector worker.
Each of these different lenders has its unique lending criteria, and each customer has its own situation. Suppose you need to maximise your borrowing capacity to have a chance at buying your dream home.
You will highly benefit from expert Mortgage Advice in Leeds. Our team will search the market on your behalf to try and match you to various lenders criteria.
If you want to know exactly how much you should borrow for a mortgage and are ready to go, please get in touch and book yourself in for a free mortgage appointment to speak with one of our Mortgage Advisors in Leeds today. We will talk to you and work out your finances with you to ensure you are comfortable with the maximum amount you can borrow and what your monthly payments will be.
It can be a very difficult time when you have to close the door to a relationship. Moving on, trying to arrange finances and finding where you’re going to live can be very stressful. Your financial commitments to one another must be attended to first. This may not go as smoothly as you would hope and you may encounter some bumps along the way.
Our job is to help you through the financial hardship that you and your ex-partner are facing, in particular, the mortgage side of things. We have a history of helping applicants in this situation and experience helping customers in other specialist situations such as debt consolidation, equity release and buy to let investments.
As a Mortgage Broker in Leeds, we are often able to help applicants going through a divorce or separation. Here are the most common questions asked by customers when it comes to Divorce & Separation Mortgage Advice in Leeds:
If there are children involved in this situation, it is usually the mother who stays inside of the property; this isn’t always the case though. Regardless of gender, it will be the same process for you if you want to remove your ex’s name from the mortgage.
Once you have decided that you are going to be the applicant to remain living inside the property, you will need to try and remove your ex-partner’s name from the mortgage. This is where you and your ex-partner will need to prove that they’re financially stable with their sole income alone. This can be demonstrated in different ways; measuring affordability, costs of living, and eligibility.
If you manage to remove their name from the mortgage and you have demonstrated that you are able to meet your repayments without your ex’s contribution, if by any chance you fail to meet a payment, they can chase your ex for the money. This is because, at the time of taking out the mortgage, you were registered as a second applicant so they can legally still ask for the money from you.
If you cannot demonstrate that you are able to afford your mortgage repayments on your own, then you may need to ask a family member to help out, or in some cases, an applicant will already have another person ready to move in.
It also makes no difference if you and your ex-partner create a verbal agreement that one party will not contribute towards any payments. Until you have successfully removed the name from the mortgage, that party will still remain liable for any payments, should the balance fall into arrears.
The process works exactly the same, however, you are trying to move out of the property and take your name off the mortgage. A recurring problem here is that the applicant remaining inside of the property could refuse to have your name taken from the mortgage. This could mean that you are still liable for any outstanding repayments that are not met by your ex-partner.
We deal with customers in both scenarios in Leeds, and most of the time it can be a complex and difficult situation, as it’s not that easy to remove a name from a mortgage. It also means trying to get a mortgage of your own as a sole name applicant or trying to get a mortgage still linked to another one. Even though you may not be paying anything towards the repayments, it doesn’t mean that you are not responsible.
If your name is still on your ex-partner’s mortgage, you may be asking the question “can I get two mortgages”. The simple answer is yes, however, it is down to your current financial and personal situation.
If you are still financially linked with your partner, your Mortgage Broker in Leeds or lender will assess this situation and be able to determine whether you can afford to be linked with two sets of repayments. Lenders always check ongoing financial commitments, which can include the mortgage payment you currently hold with your ex and any additional commitments you have, such as car payments, phone bills and more.
Our Mortgage Advisors in Leeds will try their best to help you in your situation. We know that not every scenario is the same, therefore, we will make sure that we are fully aware of the full picture before continuing.
Don’t be ashamed of getting Specialist Mortgage Advice in Leeds, we can work out how much you are able to borrow by checking your affordability and then take a look at some potential deals that could be perfect for you. If we work out your budget, you will be able to get an idea of where you stand.
Moving on from previous joint financial commitments can be difficult, and that is why we want to take the stress away and offer a helping hand. Remember that as far as lenders are concerned, it’s all about the risk. They would prefer to avoid repossession situations at all costs.
If you have reached your goal of completing all the required exams to become a Newly Qualified Teacher, you are probably looking at the next step. With all your new skills and qualification, you will be looking at finding yourself a teaching position.
You may find a teaching position that is based in an area that is too far to commute which could mean you looking at option available for you with Moving House in Leeds.
With this in mind, you may be looking at finding yourself a place to live. Due to keeping the balance between homeownership and settling into your new role, you may find this an exciting yet stressful time.
Throughout our time as a Mortgage Broker in Leeds, this situation has happened to numerous home buyers and homeowners who were wanting the process to be stress free and smooth while they focus on their new career.
As a Newly Qualified Teacher, it can be a challenge to look for a mortgage lender who will be happy to offer a mortgage to an individual who is a newly qualified teacher.
This could be for a number of reasons, one being a lack of or no work history to show or because they only have a temporary contract.
Despite these being an issue, there are numerous options for Newly Qualified Teachers who are looking to get a mortgage. Here at Leedsmoneyman, our knowledgeable team of Mortgage Advisors have helped a lot of NQTs on their journey of obtaining a mortgage with a Mortgage Broker in Leeds by their side.
On your mortgage journey as a Newly Qualified Teacher, it can be common to find that there are a small number of lenders who have deals suited to public sector workers like teachers.
In order for everything to run as smoothly as it can, it’s important that you choose the best mortgage lender for your circumstance. This part of the process can be the most difficult out of the full mortgage journey.
This is where a mortgage advice team in Leeds can help by searching through thousands of mortgage deals for you in order to get the most suitable deal for your circumstances.
Even though mortgages can be complex for New Qualified Teachers, there are still options out there available to you on the mortgage market.
Below are the types of mortgages that we find regularly come up when we are dealing with cases involving Newly Qualified Teachers.
When it comes to NQT mortgages, there are more other factors lenders might consider. In some cases, depending on the lender, they might not ask you to evidence previous employment and may let you get up to a 95% LTV (loan to value).
Some mortgage lenders may treat a 12-month first contract the same as a permanent job role, instead of seeing it as a temporary contract.
A small majority of mortgage lenders around the country could get you on your mortgage prior to beginning your job. This does mean you have to show them a signed contract and a confirmation of your start date.
This can be helpful for you, especially if you are preparing to start making your first mortgage payments at the same time as your first month’s wages from your new job is due, around the time your mortgage has completed.
At Leedsmoneyman, we have a team of knowledgeable mortgage advice experts in Leeds all with a vast amount of knowledge and experience in helping customers in the world of mortgages and the property markets, helping numerous first time home buyers with their mortgage needs.
Having a dedicated Mortgage Broker in Leeds by your side in the mortgage process can have many benefits. Our goal is to take the stress away and provide a tailored service through searching thousands of mortgage deals to find the one that is fitting for your situation. We also can recommend possible conveyancing solicitors for you to use and more.
If you are wondering what options are out there for you as a first time home buyer, book online for a free mortgage appointment with one of our expert mortgage advisors in Leeds. In this appointment, your dedicated advisor will ask you about your situation and help you with the next part of your journey.
When you’re a first time buyer in Leeds and you’re struggling to get onto the property ladder by yourself, the best and most practical solution can be to move in with a partner or friend. There are many benefits to doing this, for example, you would be able to make up your deposit faster, your application will look stronger with two sets of incomes and your mortgage payments will be equally split.
There are also downsides to taking a mortgage with friends or a partner, as you’re now financially linked with the person(s) that you take one out with. If one of your friends or your partner has adverse credit, a CCJ/default in their name or something that reflects badly on their finances, it could also affect you.
Up to four people are able to co-own a property. Joint owners have the legal right to stay in their home unless a court rules otherwise.
All homeowners will have to give consent before a party can sell or take out extra borrowing against the property.
Joint tenancies are typically taken out by civil partnerships or married couples. If one party passes away, the property rights and ownership is transferred to the other owner. Joint tenants are seen as one owner, which means that you cannot sell the property or remortgage without an agreement from other parties.
Tenants in common are popular amongst relatives or friends who are buying together. Each party will have ownership over the property, however, they may not have equal shares. You can freely sell or give away a share of the property if you want, without an agreement from other parties. Some lenders may even let you take out a mortgage on your share, although, finding one that allows this may be difficult.
Unfortunately, since you are jointly reliable for the mortgage and meeting the payments, if one party stops paying their share or misses a payment, the other parties will have to make up for the shortfall.
When you take out a mortgage, you will be expected to keep up to date with your payments. If a lender doesn’t think that you’re reliable, they won’t lend to you.
It can be more beneficial to speak to an expert and specialist mortgage advice in Leeds for help on this subject.
Removing your own or an ex-partner’s name from your mortgage can be difficult, it’s not as easy and approaching your mortgage lender and taking off the name. Removing financial links as a whole can be tricky, and it’s usually because one of the parties cannot afford to live on just one income or there are children involved.
When it comes to mortgages, even if there is an agreement that one of the parties will not contribute towards the mortgage payments, if their name is still listed on the mortgage, they’re still responsible for them. Furthermore, in the event of mortgage arrears, both parties are responsible.
If your ex-partner is the party keeping the mortgage, the lender has to be adamant that the remaining applicant can afford the payments, and vice versa, if you are the one with the mortgage, they need to know that you can afford the payments by yourself.
More often than not, in a situation like this, there is a family member or another partner ready to step in and help with the payments. As a mortgage broker in Leeds, we are here to help you through this difficult time and help you sort the mortgage side of the process.
Taking out a mortgage will be one of the most significant financial commitments that you will ever make. You will want to get your dream property for the best deal you can get.
The good news is that you have the chance to plan ahead of other buyers to help improve your chances of getting your mortgage application accepted. – One of these examples will be having an Agreement in Principle before you start viewing properties.
You may come across a point where it is unlikely to plan for a mortgage, for example, if you and your partner decide to split up. It’s unfortunate when this happens. However, if you are in this situation, you may need to move from a joint to a sole name mortgage.
We recommend that all new customers start planning their mortgage for up to six months before you begin moving home in Leeds.
Preparing your application for all possible situations will prove beneficial further down the line. If you encounter a problem, in theory, you should be able to figure out what to do to resolve it.
Utilising over 20 years of experience within the sector have allowed us to come across various mortgage problems. When it comes to the end of the mortgage process, some hurdles could crop up, and our Mortgage Advisors in Leeds may be able to rectify them if you prepare right.
Here are some general hurdles our customers frequently come across.
With up to six months of preparation and planning, you may be able to avoid some of these problems.
Saving up for a deposit can be tricky, especially if you’re stuck renting. It can take some First Time Buyer in Leeds several years worth of savings to save for a deposit.
Location varied; some might find it challenging to save up for a ‘5% deposit’ as you don’t know the exact amount you need until you find a property you like. Each 5% total will vary from property to property.
Customers who struggle to meet that initial deposit total will often get help from their parents through a gifted deposit. A gifted deposit is an extra cash boost given to a homebuyer to help buy a property and can equate to some, or all, of their deposit.
Gifted deposits were given with the understanding that the money doesn’t need repaying.
Your credit score is fundamental when it comes to applying for a mortgage. Having a poor credit score can lower your chances of getting accepted for a mortgage. Of course, it depends on what is the cause for you having a low credit score.
If it is because of a CCJ or bankruptcy, your chances of being accepted can be lowered further, depending on how long ago these issues occurred.
If you want to look at your credit score, we recommend using Check my File. Check my File allows you to get a copy of your credit report, from there on you can establish whether you have any credit issues that might be flagged up or prevent you from borrowing from a lender. Once you have this, feel free to send it to us, and we will take a look at it free of charge.
During the approach to your mortgage application, you need to think about how you conduct your finances. Lenders will be carefully analysing your bank statements and will see everything that’s going in and out of there. An example to look out for would be gambling transactions.
Lenders aren’t keen if they see frequent and erratic gambling transactions on your bank statements. They will see gambling with large sums of money unreliable and possibly decline your application.
If you’ve been lucky enough to receive a gifted deposit, we advise keeping that sum of money in the gifter’s account.
Because your lender will see a large bank transfer into your account and ask questions, sometimes it’s better to leave the gifted deposit inside your family member’s or friend’s account.
Self employed applicants often have a hard time when it comes to getting a mortgage. Usually, this is because they are required to evidence more than a usual mortgage applicant.
You will have to submit at least one year of accounts’ and three months of bank statements to prove your income and affordability.
Depending on the lender, you may get asked to provide even more evidence if they are unsure of your affordability.
In situations you can’t prepare for, know that a Mortgage Broker in Leeds like us is here to help. Each person could counter all different kinds of mortgage hurdles and it’s our job to guide you through the entire pricess.
People who have encountered all different types of specialists and complex situations often come to us for expert Mortgage Advice in Leeds. We offer a helping hand and back you up during the entire process you don’t have to go through this process alone!
After saving for months/years, you are now at a point where you can put all your hard-earned savings down for a deposit on a flat/house. Now it’s time to get mortgage ready!
You might be a first time buyer in Leeds stepping into the mortgage world for the first time or you have experience in the home buying journey as a homeowner and are looking at moving home in Leeds. Either way, our tailored service would prove beneficial. Below is some helpful information that will help you have a grasp on what the mortgage process entails and provide you with information on what you need in order to be mortgage ready for your application.
Firstly, getting Mortgage Advice in Leeds should be at the top of the list. Having an experienced Mortgage Advisor in Leeds by your side guiding you through the process, advising the best route for you in terms of your personal and financial circumstances can be very beneficial.
If you are looking at the amount you may be able to borrow for a mortgage and the amount it will cost, seeking Mortgage Advice in Leeds can help indicate this. Before your Mortgage Advisor in Leeds can begin the process of looking into competitive mortgage deals for you, affordability and a borrowing capacity assessment will need to be carried.
A Mortgage Broker in Leeds, like ourselves, can provide a helping hand throughout the process as well as support you in getting the basics prepared for your mortgage application. In order for your Mortgage Advisor in Leeds to understand your financial position from the very beginning, they will request an up-to-date credit report.
At the start of your mortgage journey, you will need to obtain an agreement in principle. This should be your first priority because without it you won’t be able to make an offer on a property.
Here at Leedsmoneyman, we work hard to provide you with a fully credit-checked agreement in principle sorted for you in 24 hours to take some weight off your shoulders. We would need you to prove who are you are by providing the following:
It’s good to be organised as there is a lot of paperwork you will need to collate. Therefore, it’s best to create a file for yourself and start collecting this in advance.
In order to start the mortgage process, you will need to provide some form of identification. This needs to be a photographic ID like a Driver’s License or a Passport.
As well as the aspects mentioned above, you’ll need concrete evidence that you live at the address that you say you do. Evidence you’ll need could be a utility bill or original bank statement dated within the last three months.
One of the most determining factors that can massively contribute towards whether you’ll qualify for a mortgage or not is your spending habits. Your bank statements are something your lenders like to take a look at because they can get an idea of what goes into your account and what goes out. This provides an insight into if you’ll be able to manage your monthly mortgage payments as well as your other expenditures.
One of the main things that lenders look for on your bank statements is gambling transactions. This factor can cause risk further down the line which is why lenders will look at if you do frequently gamble and will be cautious towards this. If you are constantly gambling, lenders won’t risk the chance. Another thing lenders will see as a drawback is if you are regularly going over your overdraft limit or if your direct debits bounce consistently.
For anti-money laundering purposes, you will need evidence that you have the funds in place for the deposit. It’s best that you try not to move the monies around your various accounts too much because it will make evidencing the audit trail more challenging. Your savings building up is something lenders like to see, therefore, you’ll need to account for any extensive credits in your accounts.
There has been a recent increase in the popularity of gifted deposits, we have seen that they contribute towards many people’s 5%. Usually, gifted deposits are generally from a family member or friend of the applicant. In order for these funds to be evidenced properly, the “donor” of the funds will need to sign a letter confirming and evidencing that this is a gift and not a loan.
Proving your income is one of the most important things when it comes to affordability. Employed applicants usually will need to evidence this through the last three months’ payslips and most recent P60. Regular overtime, commission, shift allowance and bonuses is another thing lenders can factor in. Whereas self employed will need help from their accountant by requesting your tax year overview.
Looking into an estimated amount of your anticipated outgoings after you move house can always be helpful. Furthermore, you can work out an estimation of how much the council tax and utility bills will be. On top of this, you can work out regular expenditures like food and drink. Taking all these into account will show how much disposable income you have available to your mortgage.
When applying for a mortgage, it can be a challenge if you are doing everything on your own as things can become complicated. With a Mortgage Advisor in Leeds being there every step of the way can be very helpful. Impressing your lender by showing them you have done all you can within your power to get prepared for your mortgage application can be challenging. We can assist you with this by providing the best impress of you to your lender and we would have everything prepared for you within 24 hours of free mortgage consultation depending on your circumstance.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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Leedsmoneyman.com & Leedsmoneyman are trading styles of UK Moneyman Limited, which is authorised and regulated by the Financial Conduct Authority.
UK Moneyman Limited is Registered in England, No. 6789312 | Registered Address: 9 Gallows Lane, Beverley, United Kingdom HU17 7FJ.
Authorised and Regulated by the Financial Conduct Authority.
We are entered on the Financial Services Register No. 627742 at www.register.fca.org.uk.
© Leedsmoneyman 2025.
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Leedsmoneyman.com & Leedsmoneyman are trading styles of UK Moneyman Limited, which is authorised and regulated by the Financial Conduct Authority.
UK Moneyman Limited is Registered in England, No. 6789312 | Registered Address: 9 Gallows Lane, Beverley, United Kingdom HU17 7FJ.
Authorised and Regulated by the Financial Conduct Authority.
We are entered on the Financial Services Register No. 627742 at www.register.fca.org.uk.
© Leedsmoneyman 2025.
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