During your university years, you will gain independence, freedom but also get the realisation that the experience costs a lot of money! Not only will you have course fees and accommodation to pay for, you will also want to use your money to go out and enjoy yourself.
Do you miss the days when university was free?
Living as a student tenant can go one of two ways, you can either get a great landlord that looks after you and your housemates and sorts your repairs on time etc., or you will get a landlord that never replies to your emails and texts and leaves you with a broken washing machine for over 2 weeks! Unfortunately, more often than not, it is example B that most people are faced with!
This can be frustrating when you are paying so much for your monthly rent and getting nothing back from it. Where does this leave you then? You could accept the fact that this is student life and how you will be treated by landlords, or you could become your own landlord…
Yes, this can be made possible by taking out a student mortgage on your property. It will not only save you money in the short term but also years and years further down the line!
If you take out a student mortgage, you will save money on your accommodation costs and you will also be getting your foot on the property ladder. As you can imagine, you are required to make a huge investment in order to take out a student mortgage. Usually, it is those studying their third year at university looking to stay on board for their masters/PhD who take out a student mortgage. This is because they are going to be living in student accommodation for another 2-3 years, and rather them paying a landlord, they decided to take out a mortgage and get paid themself.
The bonus of taking out a student mortgage is that after you have finished your course, you will still own the property. Whether you choose to remain living inside of the property or you choose to let it out to other students, it is your choice!
After years of living within the property, it is more than likely that you have built up quite a bit of equity in the property. You could withdraw some of this equity to fund a deposit for a new home. If you are happy living inside of the property, you could still withdraw equity and treat yourself to a holiday, a new car… it’s up to you! Remember, this could benefit you both short-term and long-term.
To qualify for a student mortgage, you will have to meet strict requirements. The process is not as straightforward as the regular mortgage process.
As a mortgage broker in Birmingham, when we come across a customer looking to take out a student mortgage, we will often find that they have already been saving for a deposit. This is because, if you don’t have a deposit at the ready, it is unlikely that you’ll be able to progress much further in the process.
You will not be able to start your mortgage process if you approach a mortgage broker in Birmingham with a loan as your deposit; you would be accountable for 3 loans: your new loan that covered the deposit, your mortgage, and course costs.
When we refer to ‘deposit in place’, we are talking about savings, a lifetime ISA or even gifted deposits. Some older applicants may have always had plans to take out a student mortgage so that they don’t have to deal with landlords and renting.
The most important thing about student mortgages is that you will need to have a source of income. Most lenders will require you to have a full-time job alongside your studies in order to accept your application. Depending on your income, you may be able to take one out with a part-time job. Borrowers with a stable full-time position will appear much more reliable to a lender.
Reliability is the key to getting a mortgage. Lenders need to know that you are going to meet your mortgage payments each month.
There are many different ways to show your reliability as a student looking to take out a mortgage:
Larger deposit – Increasing your initial deposit reduces the total amount that you need to borrow, which will also decrease monthly mortgage payments.
Utilising a government scheme – Taking advantage of a government-led scheme such as the ‘Own Your Home’ scheme could allow you to access a larger deposit. For example, the Help to Buy scheme can allow you to increase your overall deposit to 25% and the Shared Ownership scheme lets you purchase a share in a property. Take a look at the government Own Your Home website to learn more about the schemes available.
Have an agreement in principle ready – Having an AIP in place could potentially give your mortgage application a boost as it proves that a lender has already said that they’re willing to let you borrow from them. This does however rely on you providing evidence of your income and credit history.
Here are just a few pointers, and some may not benefit you as much as others. If you are wanting further advice on student mortgages, you should get in touch with one of our mortgage advisors in Birmingham – they would be more than happy to try and help you through your process and answer your questions.
Like other mortgages, your options are limited when it comes to what type of property you can take your student mortgage out on. Your property will have to match these terms and conditions:
With these points in mind, you will have to find other tenants to move into the property with you. Once you have your tenants, you will move quickly through the mortgage process as your lender will know that you will have a regular source of income.
Your lender will always look at the risks involved with lending to a student and that is why they need to be 100% sure that you can afford their payments. This is why they need a backup in case something goes wrong.
When taking out a student mortgage, they will ask for a guarantor. A guarantor is someone who will step in and be responsible for your mortgage payments if you cannot afford them. You will have to provide their details during your application. There are some rules when it comes to choosing your guarantor:
Think of it like the lender has to always view it from the worst possible scenario. It’s just a precaution in case things go wrong.
If you need a hand kickstarting your student mortgage application and want first time buyer mortgage advice in Birmingham, get in touch with a mortgage broker in Birmingham like us today. We will check whether you match the requirements or not.
Here at Birminghammoneyman, we believe that there are many positives to using the services of a Mortgage Broker in Birmingham, instead of going direct. That is just our opinion though, of course, we would say that!
There are loads of positives going elsewhere, so it is worth exploring your mortgage options. Thankfully for us, most people will opt to speak with a Mortgage Broker in Birmingham. In this article, we will look at the pros and cons of both routes.
The first benefit of going to a Mortgage Broker in Birmingham is that whilst most high street banks can be approached directly, not all mortgage lenders can be.
This means that to get the best deal across all lenders on our panel, you will benefit from speaking with a Mortgage Broker in Birmingham, though a mortgage lender may still have some deals you cannot get going to a mortgage broker.
An experienced Mortgage Broker in Birmingham will typically require a fee, whereas this may not be the case when going direct. That said, we can help to recommend other services that you may need for much cheaper than they might be with a lender.
In previous arguments some would say that “the bank manager knows my finances inside out,” but this was no longer the case once credit scoring was introduced.
If you know what you are doing and what you are looking for, going direct can be a quick and straightforward process. On the other hand, if you do not know what you are doing, you could harm your chances of ever obtaining a mortgage, as you will not match all lender’s criteria.
A trusted Mortgage Broker in Birmingham will be able to go over the different lenders’ mortgage criteria and will be able to match you up with the most suitable mortgage deal. We always aim to get this recommendation right first time.
Back in the day, mortgage advisors from high street banks would approve you for a mortgage, regardless of circumstances. You would not benefit from correct Mortgage Advice in Birmingham or any consumer protection.
In 2014, the government banned this type of practice. Now, only experienced Mortgage Advisors in Birmingham could go about providing expert Mortgage Advice in Birmingham to customers and making recommendations for products.
The only downside is speaking with specific individuals at a bank, which means you could be waiting months, just to speak with someone.
Because of this, the usage of a Mortgage Broker in Birmingham became more popular. As a company ourselves, we offer various time slots seven days a week, allowing you to pick a time that is convenient to you, and not months in advance!
Quite often, if you book your free initial mortgage appointment early, you may be able to speak with one of our Mortgage Advisors in Birmingham on the same day.
Nowadays, the most difficult part of the mortgage process is matching up against the right mortgage lenders’ criteria. It is also essential to remember that deals with the lowest rates often have higher arrangement fees.
You may have come across a really good deal, only to find that you need to pass affordability checks and be eligible for that deal in the first place. With the help of a Mortgage Broker in Birmingham, we will be able to find the most suitable deals that are suitable for you.
Thanks in part to the regulations that followed after the credit crunch back in 2008, mortgage applications perhaps are not as straightforward as they used to be.
This is not necessarily a terrible thing, however, as it makes lenders have less of a chance of anyone falling into arrears, which both customers and mortgage lenders do not want to occur.
There are still a lot of situations that could cause some issues for applicants, some of which a Mortgage Broker in Birmingham may be able to help with.
As an expert Mortgage Broker in Birmingham, we have seen mortgage lenders demonstrating their competitive prowess, trying to offer better interest rates than their fellow mortgage lenders.
Because of the changes to regulations, the other difference between these lenders is their mortgage lending criteria and whether the customer can match up with them.
Examples of how these can differ, is that some mortgage lenders may have more products for self employed applicants than others, whereas others may not but will be more lenient to something like bad credit mortgages. If you are looking at getting a mortgage as a self-employed applicant, check out our article all about getting a mortgage as a self-employed applicant in Birmingham.
Our trusted mortgage advisors in Birmingham will always keep you in the loop, with availability from early until late, every day of the week, responding as soon as they can.
With our services as a Mortgage Broker in Birmingham, is that nowadays people are so busy. It is often easier to use a professional service, to take the stress off your shoulders.
This is especially beneficial for professional applicants who are dealing with customers of their own, not having the time to run through their process themselves.
From your first initial touch we will discuss your case, and will use our knowledge to help. We like to go above and beyond with customers that need our help.
During your process, one of our Mortgage Advisors in Birmingham will be able to discuss the maxium amount you can borrow and supply you with an agreement in principle, which can help when making an offer on a property. As well as recommend additional services like solicitors and property surveys.
We can also reccomend any potential insurance options with you, helping prepare you and your family for the future, in the event of anything unfortunate that affects your financial state.
If you would like to go direct, that that’s fine, but wether a customer is a First Time Buyer in Birmingham, Self Employed in Birmingham, or looking to Remortgage in Birmingham, they prefer to enlist the services of an expert Mortgage Broker in Birmingham.
Book your free mortgage appointment today with our Mortgage Broker in Birmingham and our Mortgage Advisors in Birmingham will see how we can help you along your mortgage journey.
A credit score is a three-digit number that use to help decide whether you get accepted for a mortgage.
Utilising the information displayed, lenders will look at your credit report, application form as well as any other information they hold on you (if you are an existing customer). With this data, the lender can calculate your credit score representing your credit history mathematically.
By calculating this, the lender can see what kind of borrower you are and how likely it is to manage your repayments. Your score is not a specific number. Different lenders will look at other factors in potential customers, therefore, it might be best that you approach another lender as you may not be ideal for one lender.
Typically, the higher your score, the better your chance of being accepted for your circumstance ‘best’ deal.
It can be common for customers to get in contact with our team asking if they Can Get a Mortgage With a CCJ, after being declined for having a ‘low’ credit score. Sorting out these types of cases is something we deal with daily as a Mortgage Broker in Birmingham. We also encounter many applicants who are the subject of a county court judgment (also known as a CCJ).
If you fail to repay a loan/borrowed money, you will likely get a CCJ. Having a CCJ can leave a severe mark on your credit for 6+ years. It would be wise to pay off your debt before applying for credit. The CCJ will show up on your file, making the lender ask questions. Even the little things can sometimes cause damage, such as:
The above are only several examples that could have a negative impact; there might be other reasons you could have bad credit. Whatever situation it is, our team is here to help you improve your score to increase your chance of your mortgage application passing the Lenders criteria!
There are numerous ways to improve your score to try and get you up into that next bracket, and the good news is it may still be possible to secure a mortgage in some cases!
It can be a time-consuming task to try, however, this handy guide may help you go up another bracket. An important point you need to know is that each lender has its lending criteria, so your score may impact what deals you can access. Even if you have an excellent score, it doesn’t always that you will match every lender’s criteria. Sometimes, it’s down to your circumstances and up to your lender’s criteria.
When you go directly to a lender and their in-house mortgage advisor puts you through for a deal, they will perform a soft or hard credit search on you. This search will be shown on your credit file. In the case where your application is declined, the credit search performed could harm your credit score.
Carrying out numerous searches may lower your chances of getting accepted for a mortgage in the future. Having a responsive Mortgage Broker in Birmingham will be helpful. We always aim to get it right the first time by looking at your credit score and only approach lenders that hold criteria we know you will pass.
One thing that can sometimes backfire on you is applying for credit, especially if you don’t have a reason for doing so. Paying back the credit that you’ve borrowed may look good on your application. On the other hand, your credit score could end up in trouble if you fail to meet the credit payment deadline.
Amid your mortgage application, we strongly recommend that you hold off applying for credit. You might be able to get away with it, however, lenders may believe that you are struggling for money in other scenarios. Lenders could be under the impression that you are putting it towards your deposit or using it to aid your mortgage payments.
One beneficial and easy way to improve your credit score is to make sure you are registered on the voter’s/electoral roll. By being registered on the roll, you are proving who you are. It’s simple, you just go to the government’s electoral roll: and it’s easy to register from there.
When registering on the voter’s/electoral roll, you must provide accurate information. You need to make sure everything is filled out correctly and you will need to use your current living address, not your previous address.
Our team recommends that you make sure that all of your accounts and details are linked with your current address during the mortgage application process. If you are a First Time Buyer in Birmingham, this won’t impact you as much because this is your application.
On the other hand, if you Moving Home in Birmingham from rented accommodation and you still have your parent’s address linked with any of your accounts, your Lender will identify this straight away. Because of this, you need to change your addresses and make sure they’re up-to-date before applying. Your credit score could be affected if you are linked to the wrong address.
In the circumstance where you decide to approach a broker, our expert Mortgage Advisor in Birmingham will support you with this. Your dedicated advisor will check that everything is updated with you to make sure that you are in the best position for being accepted for a mortgage.
Running too close to your maximum limit on your card(s) each month will massively affect your credit score. Lenders like to see that you can pay off your credit card balance each month as it shows that you can manage your finances.
If you are exceeding credit card limits and constantly dipping into your overdraft, the lender will see you as an applicant who isn’t taking their finances seriously.
In the circumstance where you are still financially linked to an ex-partner or family member, you might be unaware of your credit score being potentially harmed. You won’t be able to remove your links if the account is still active and live. Make a request with the credit reference agencies to clear your connection.
In some cases, the lender may be lenient, however, this depends on the lender and how strict their lending criteria are. If there are some personal reasons involved, your lender may be considerate and factor them into your application. As mentioned, it all depends on the lender.
As a Specialist Mortgage Broker in Birmingham, we will always be open and honest with you as well as factor in every bit of detail. Regardless of whether you have a score on the lower end of the spectrum or not, our knowledgeable team of Mortgage Advisors in Birmingham will work hard in finding you a deal that will be suitable for you. With access to a large panel of lenders, some of who offer specialist mortgage products, we will work hard in finding you the one that will achieve your mortgage goals.
A default is a notice that you will receive if you are in breach of a credit agreement.
When taking out credit, you will have to confirm that you will be able to pay the funds back. If you cannot do this, you are breaching the agreement between yourself and the creditor. The default will appear on your credit file; once it does, your overall credit rating and score will be severely impacted.
When issued a default, you will get the opportunity to “satisfy” the default, or in other words, pay it off. A satisfied default will still have a negative effect on your credit rating.
During your mortgage application, one of the main things that your lender/mortgage broker in Birmingham will look at is your credit history. You should know that the better your credit history, the easier it should be to obtain a mortgage.
A mortgage is a huge financial commitment that can last over 25 years. Your credit history will show that you have received default and have breached a credit agreement; they will even be able to see why you have received a default.
It’s all about risk. Lenders need to know that you are a reliable applicant before lending to you. This is why they will also consider how long ago the default was issued. If the default has recently been issued, your chances of getting a mortgage are very low. Lenders will be more likely to accept your application if your default was issued a long time ago. On the other hand, this is not guaranteed, it depends on your circumstances and the mortgage lender.
A default in your name immediately impacts the lenders you can and cannot access. You will have to limit yourself to specialist lenders and those accepting applicants with bad credit in Birmingham.
As a Specialist Mortgage Broker in Birmingham, we have a large panel of specialist lenders, each with their own unique mortgage deals. Some of these products may be able to help you get a mortgage with a default.
Generally, these products come with high rates of interest early on. When it comes to the time, there are many reasons to consider a remortgage, you may be able to find a new product with a competitive rate of interest. Your default may be cleared from your file by this point too.
Remember that lenders can see the reason why you have been issued with a default. This could make a difference in your ability to get accepted for a mortgage.
Some lenders may be more lenient with you if you have received a default due to missing a mobile phone payment over a mortgage payment. The more serious the default, the less likely a lender is going to accept you.
Usually, most lenders treat defaults equally. At the end of the day, you have received a default for failing to meet a credit agreement. Most lenders will not want to take the risk in case this happens with your mortgage payments.
If you have not satisfied your default, your mortgage options in Birmingham may be even more limited. You may need to opt for a bad credit mortgage in Birmingham. Contact us for First Time Buyer Mortgage Advice in Birmingham in this case, we can also look into helping applicants who are Self Employed in Birmingham too.
Lenders mainly focus on the date that the default was issued over whether or not it has been satisfied. You may have more chance of being accepted if your default was years ago rather than if you received it last week. If you do satisfy your default, your lender will be able to see “satisfied” next to it on your credit file.
Typically, a default will remain on your credit file for 6 years. Even if you have satisfied this default, it will still remain on your file.
This does not mean that you will be unable to get a mortgage during this period. There are sometimes alternate mortgage options available through specialist lenders. At the end of the day, you have a default on your file, you may have to be patient.
There is no exact length of time, you will just have to find the right lender. We can try and help with this. As a Mortgage Broker in Birmingham, we have many different specialist lenders on panel that we can access for you.
As time passes, if you do not manage to get a mortgage with a default in your name, you can spend time rebuilding your credit score. This will show lenders that you are improving how you manage your finances and it could allow you to access better rates.
Upon receiving a default, your credit score will massively dip. It may stay like this for a long time too. This is why we suggest trying methods to Improve Your Credit Score in Birmingham within the 6 years of the default being associated with your name. A good way to start is to satisfy it straight away.
You may need to wait for the 6 years to pass until you see a difference. If this is the case, you should make sure that you are registered for the electoral roll and that your addresses are the same across your credit and store accounts.
You could even take out the lowest limit credit card available to you at your bank, and only use it for essentials such as shopping and paying it back in full each month. It may take some time, but you should see your credit score improve.
If you have a default in your name and want to see whether you are able to get a mortgage, feel free to get in touch with our team or alternatively, book a free mortgage appointment online to speak with one of our Specialist Mortgage Advisors in Birmingham today. We are available 7 days a week, so choose a date and time that suits you and your personal situation.
Whether you are a first time buyer in Birmingham or are looking to move home in Birmingham, you will not only be finding your dream home but also the perfect location!
The atmosphere and general landscape of a location can play a big part in where you want to live. You may find you thrive better in the hustle and bustle of the city of Birmingham or you like to switch off and live in a more rural, peaceful landscape. Each option both have their own positives and negatives.
Checking what transport links are about is important if you are limited to public transport to get from A to B and if you are looking to live in areas near main roads like motorways. Therefore, take a look at areas where there is plenty of bus or train links if this is important to you or if you are close by to a main road for those who are driving.
If you are looking to start a family or have plans to in the future, finding a property that is within a catchment area of a variety of schools can be helpful towards making a decision. You can find this information through local authority websites which will show how certain schools perform e.g Ofstead reports.
It can be convenient to have amenities within a short distance of where you live. You may have a list of facilities you would like close by, however, one area has some that will benefit you more than others. This is where it’s best to break these into what you need and what you would like. These desired facilities are things like a local park for your children or a gym near home or on the route from work. In some cases, living near a bank can help make financial management easy and convenient.
Being close to your family and friends could be the factor that determines whether a location is perfect for you. Especially if you want to be close to them to help them out or you may need to some help. You may need support with things like childcare which may include them coming around regularly.
What you consider value for money may differ from another person. The main deciding factor you may have could be a property that you get the most out of your money meaning somewhere a little cheaper and better value for money. In some cases, you may need to compromise on some other factors if you are looking for somewhere that is better value for money.
The community in an area could be a factor that determines whether you have a positive or negative experience. One of your desired factors may be living in a small neighbourhood with a strong community spirit. Many communities have a dedicated website or Facebook group that has a lot of local people. On the flip side, you may find community is not a determining factor but you are looking to find somewhere quiet. Either way, it can be a good idea to research the area and speak to the local estate agents.
A new work venture can be one of the most common reasons as to why people move home. Having a short commute to work would be ideal for many people as it can be a lot more cost-effective. When you are job hunting after the move, it can be good to research the area before moving. You can find out if there are any business parks close by or big companies that may have some vacancies.
These days, there is a large range of different types of property on the market for people to choose from. You might be looking for an end terrace with a lovely garden, or a modern, urban apartment. Either way, it can be good to look at different options available and find the one that is fitting for what you are looking for and can live comfortably for a good length of time.
Futher in the process once you’ve had an offer accepted, but sure it’s actually worth what you’ve paid for. Tp establish the true value as well as the overall condition, a property survey in Birmingham will be carried out. We do have a handy guide on what is a property survey and how a member of our team will be more than happy to reccomend the right survey for you.
Your new property may be your forever home which means it can be wise to look into whether there is any proposed investment in the area. If you find there are some proposed investments in the area, you need to think about whether this will you benefit you and the lifestyle you are looking for. You may find these changes could impact your perspective further down the line. For example, you may have found a quiet area that you like but there are plans for more housing development on the next street which could impact the overall environment.
Once you start to reach the end of your fixed mortgage term, if you’re not looking to sell up and find a new property, then it’s time to enquire about starting your Remortgage application!
Working from home has now become a popular option in the workplace. This might have been something that people never thought they would do and have preferred it when it’s been the only option for working. This has resulted in converting their kitchen, living room, or even remortgaging for a home office in Birmingham.
Once you’ve accumulated a large amount of savings for a deposit on your first property and are ready to take that first step on the property ladder. It’s now time to get you prepared for a mortgage in Birmingham!
Through our years of giving our customers expert Mortgage Advice in Birmingham, our specialist mortgage advisors in Birmingham have found that enquiries from renters interested in becoming first time buyers in Birmingham are always on the rise. They can achieve this by purchasing their rental property from their landlord.
In the landlord’s eyes, selling a property to its existing tenant can be more manageable and straightforward. Because of this, some landlords may give the option for the tenant to buy the property off them before it goes on the open market.
If you are living in a rental property and would like to purchase it from your buy to let landlord, it is recommended that you seek, buy to let mortgage advice in Birmingham to discuss the offer with them directly on a priority basis.
In the current climate, many landlords are now required to pay more tax than they would have done before due to government tax relief clamps. This can result in many landlords finishing their housing ventures and seeking another investment in a different market.
Those who are investors and are looking at remaining in their role as a landlord which in turn keeps the property market going usually work around these legislative changes. In terms of buy to let landlords, they see their property as a long-term investment. However, amateur landlords are normally aiming to make a quick investment so will sell things if circumstances don’t benefit them.
Not only do landlords sometimes benefit from this option, but many sitting tenants also find it beneficial to buy from landlords. Some of these advantages include:
In the case where you both decide on the price and it is below the property’s value, a lender may choose to put the property’s equity towards your deposit. If there is enough equity, you may not require a deposit at all.
However, If a deposit is needed, you may be wondering how much deposit do I need? Here your open and honest Mortgage Broker in Birmingham will break down how much you might need given your situation.
Once you have gotten the hard part out of the way, that being saving up for your deposit (or if the equity has been utilised for a housing deposit), then the next step is to get yourself organised for a mortgage in Birmingham.
It’s better to prepare yourself in advance, making a collection of everything a mortgage lender might wish to see. Being organised can save you time and frustration further along the process, especially if it’s something that could’ve easily been arranged at the start.
If you are an individual who lives in a council property, you may have the opportunity to purchase your property through the Right to Buy Scheme in Birmingham. Regarding that you have lived there for a long period of time.
The Right to Buy scheme was introduced by the Government and provides the option to purchase your council property at a discounted price. Your deposit will be the proposed discount which gives you the chance to organise your savings left over to support you through the full process.
In the 80s, the Right to Buy scheme became a helpful option to many First Time Buyers in Birmingham because they were able to put their foot on the property ladder and become homeowners. However, not everyone agreed with the scheme which made it a controversial subject.
Many people saw the scheme as a way for the government to turn any home into privately owned properties meaning they will be taking off the public sector which wasn’t ideal when there was already not enough supply of housing. This resulted in a change among many council estates.
The process begins by seeing if the individual is eligible to purchase their property which is done by completing an RTB1 form.
Then you will need to see how much your property amounts to which will be done by your local council. By doing this, you will know the percentage discount you’re entitled to which can provide to with more of an idea of the figures involved with the mortgage.
You will then be required to fill out the appropriate forms included in a pack that you will get from your local authority. By doing this, you will be able to proceed. The lender will calculate the amount you’re able to borrow in the same way as any other mortgage: based on your income and expenditure.
Because lenders will be looking at these two financial factors, it’s important that you are sensible with your finances as well as checking your credit score. A credit score is a three-digit number that use to help decide whether you get accepted or declined for a mortgage. If your credit score is needs a boost, here are the different ways how to improve your credit score in Birmingham.
Like with many mortgage, there are fees involved as you go through the mortgage process. Below is just a few to consider:
The costs of buying a home can be expensive, which is why you need to understand this when it comes to property investment. If you want to speak to a Moving Home Mortgage Advisor in Birmingham, feel free to get in touch and book your free appointment online today.
The reason why the Right to Buy Scheme was introduced was to allow people to become homeowners. In the case where you withdraw your application further into your process, you may be issued a penalty fee because of withdrawing your application.
The fee will need to be actioned by repaying a sum of money linked to the original property discount that was provided to you at the start of the process. On the flip side, many people do take this opportunity to utilise the scheme as you are in charge of what you want to do with the home and don’t have to wait for additional services to carry out any repairs.
Here at Birminghammoneyman, we have a reputation for providing expert Right to Buy Mortgage Advice in Birmingham and helping you throughout your mortgage journey. Our Mortgage Advisors in Birmingham work hard to support customers achieve their mortgage goals, Right to Buy customers included.
Whether you are a First Time Buyer in Birmingham looking to buy your first home and deciding on the location or a looking at Moving Home in Birmingham in an area that is new to you, we are here to help!
Check out our helpful guide below where we have collated a list of the best places to live in Birmingham.
The name Bournville is infamous throughout the U.K as being known as the popular dark chocolate known as Bournville chocolate. Many people don’t know, however, that Bournville is a historic town that was home to the Cadbury family. In the town stands the Cadbury family’s famous business ‘Cadbury World’ which still stands in the area to this day.
Bournville is a ‘model’ village founded by Cadbury and was initially a place where the employees of Cadbury World would live. Today, it’s an area full of students attending the University of Birmingham that is within close proximity. The area is full of employment opportunities, perfect for young people looking for new opportunities in Bournville.
If you are a First Time Buyer in Birmingham or are looking to move into your dream home in the infamous village of Bournville, speak to a Mortgage Advisor in Birmingham today to see how they can help you towards your mortgage goals.
If you go southwest of Birmingham, not too far away from Bournville stands Stirchley. This area has a rich history with its earliest known settlement dating back to 1658.
According to Condé Nast, Stirchley was known as of the “Coolest Neighbourhoods in the UK”. The area has picturesque scenery showing off its Victorian terracing across properties as well as its River Rea which runs through the area. With a quiet rural atmosphere and a plethora of Victorian-style properties, Stirchley could be the perfect place for you.
Erdington is a suburb that borders the Royal Town of Sutton Coldfield which is north east of Central Birmingham. Similar to many of the areas mentioned in this list and the surrounding areas of Birmingham overall, Erdington shows off its history through its beautiful Victorian-style properties
Spaghetti Junction is located within Erdington and a part of the M6 Motorway which is located in the southern areas. This area is also the starting pointing point of Britain’s longest bridge, Bromford Viaduct. If you are looking at living in an area full of amenities, Erdington is the home of The Fort Shopping Park which is full of well known retail establishments.
If you are a home buyer looking at buying a property in Birmingham but would like to live in a more rural area outside the busy city landscape, Erdington could be your perfect match. An expert Mortgage Broker in Birmingham will be available to go through your mortgage options.
If you are a JJR Tolkein fan, it’s likely that you are familiar with Moseley, famous for being the inspiration behind the ‘old forest’ in his books The Hobbit and The Lord of The Rings.
As well as this, Moseley is full of popular shops, pubs and cultural scenes. The village community has been recognised for a lot of factors like schools, crime rates, house prices and transport links.
Moseley is known to be a popular and desirable area to live in due to its abundance of facilities like independent bars and restaurants. Along with this, there are a handful of boutiques and specialist retailers.
For fans of tea and custard (but not together), Digbeth could be the place for you! The area was known as the industrial hub due to its proximity to both the Grand Union Canal and Digbeth Branch Canal. Now, the area is the place for the creative industry, due to the area being home to Fazeley Studios and The Custard Factory hosting a wide variety of digital and cultural businesses.
Showing off Birmingham’s past and future, Digbeth is full of modern apartments built into the area’s former warehouses and culture and is known as one of Birmingham’s most adapted places to live.
Edgbaston is a leafy suburban area in Birmingham and is known for its picturesque green spaces and Botanical Gardens.
If you are a sports fan thinking of moving into the area, this could be the perfect place for you. Edgbaston is home to Edgbaston Cricket Ground and the Edgbaston Archery as well as the Lawn Tennis Society which is one of the oldest lawn tennis clubs in the world.
As well as its sporting reputation, Edgbaston has many other attractions. The University of Birmingham includes a stunning Victorian campus as well as a plethora of Michelin-starred restaurants. The area has a range of different types of properties at reasonable prices making it a brilliant place to take that first step on the property ladder.
Situated 11 miles northeast of Birmingham, Sutton Coldfield has a variety of both upscale and most sought living areas. Whatever homeowner you are, Sutton Coldfield could be the place for you. If you have a family or looking to start one, there are local schools available. Looking for things to do in the area? Sutton Coldfield is full of shops, bars, and restaurants. as well as brilliant transport links into the city of Birmingham being a good option for commuters.
Sutton Coldfield is also full of green space for your daily exercise! This includes the Sutton National Park which has a heathland of over 2,000 acres of woodlands, seven lakes, wetlands, and marshes. Each area has its own large selection of plants and wildfire, some rarely seen in the region – you may even see cattle and wild ponies that live on the land. This is just another reason why Sutton Coldfiels is the best place for First Time Buyers in Birmingham.
So, if you are looking at buying your first home or thinking of moving home in Birmingham and are in need of Mortgage Advice, Birminghammoneyman is here to help!
With over twenty years of experience in the mortgage world, we have had the opportunity of accessing some brilliant mortgage products. These deals have resulted in us helping thousands of customers with varying circumstances find a product that is fitting for their situation. Our goal as an expert Mortgage Broker in Birmingham is to take the stress away and provide support on your mortgage journey.
Whether you are a First Time Buyer or a looking at Moving Home in Birmingham, get in touch with our team today who can connect you with one of our hard working and friendly Mortgage Advisor in Birmingham. Here at Birminghammoneyman, we strive in providing you with a tailored service and work hard in relieving any stress you may find in the mortgage process.
If you are not interested in any of the places mentioned, we can still help you as a mortgage broker in Solihull, a mortgage broker in Worcester and a mortgage broker in Wolverhampton. Simply get in touch with our team today!
If you are definitely up for taking a further step on the property ladder and moving to one of the following surrounding areas, you will need to think about how to sell your property and fast. There is always that ‘magic number’ and a seller will always have a minimum asking price for their property, but a big factor that plays in all this is how the property is marketed and presented.
When Moving Home to Birmingham or a surrounding area, you will have to make sure that all of your information is up-to-date and correct. You will need to check that all your accounts have the right address and not somewhere previous, we cannot highlight enough the importance of updating your address in Birmingham as this will help with your mortgage application.
Hopefully, you have accumulated a large amount of savings for a deposit on your first property and are ready to take that first step on the property ladder. What you are trying to achieve and how your financial situation looks determines How Much Deposit You Need to put down to purchase a property in Birmingham.
Whether you are First Time Buyer in Birmingham beginning the mortgage journey or you have gone through this before and are looking to at Moving Home in Birmingham, our fast and friendly service could help you. This helpful guide can provide you with the information you need to put yourself in a position where are you mortgage ready and in a serious position to begin your mortgage application.
The first thing you need to do is obtain Mortgage Advice in Birmingham is to obtain an up-to-date credit report. Having this with you can provide an insight of your financial situation which is something your dedicated Mortgage Advisor in Birmingham will need an idea of. Along with this, they will be able to see your overall credit rating which can help them match you to a range of mortgage deals when it comes to taking one out.
Don’t panic if you are unable to obtain an up-to-date credit report in time, your advisor will be able to help with getting one.
Prior to beginning the mortgage journey, it’s important that you Get an Agreement in Principle. It’s a document you will need to make an offer on a property! Having an AIP with you shows the estate agent that a lender will agree to lend you a set amount from them in principle by showing them sufficient evidence of your income, credit history etc.
Be aware that AIPs can expire usually within 30-90 days. In the event that your AIP does expire or you need help obtaining one, our team can sort this out for you normally within 24 hours of your mortgage application. Here at Birminghammoneyman, we have a passionate team who are ready to take your call.
Before starting the mortgage journey, you may have already worked out a rough estimate of your expected outgoing after you move house. As a result, you can get an idea of the amount of disposable income you have to pay your mortgage. You may have expenditures and regular outgoings like credit agreements and bills to your weekly food shop. If you are struggling with balancing out all these financial outgoings, our team will be more than happy to send you our versions of a Budget Planner to help you out.
Having a Mortgage Broker in Birmingham by your side is more than just helping you with the mortgage journey and moving home. We have a team of brilliant Mortgage Advisors in Birmingham who will provide a tailored service that can help you become prepared for the mortgage journey.
When it comes to beginning your mortgage application in Birmingham, it’s key that you have all of our documents prepared.
In order to prove that you are who you say are, you need to provide a form of ID. Usually, this is confirmed with a driving license or a passport. You are not allowed to use the same form of ID twice, therefore, if you use your passport for this proof of ID, you cannot use it for another proof of ID evidence and vice versa.
For applicants who are non-UK nationals working over here on a Visa, you’ll need to provide that too.
As well as this, you will need to prove where you live. In order to show this, you may need to give ID and a utility bill/bank statement. Remember to put your current address on all of your accounts and memberships so they are up to date. By doing this, you are preventing any harm on your application as incorrect or previous addresses linked with your name can cause this.
This is an important document and can massively contribute to determining whether you will qualify for a mortgage or not. This is something you will need to provide and will need to be at least three months’ worth. From a lender’s point of view, they will be able to see your spending behaviour as well as what goes in and out of our account.
Some outgoings lenders do not favour are frequent gambling transactions as well as bad spending habits in general. Regularly being in your overdraft or direct debits have bounced consistently can also put lenders off.
For Anti-Money Laundering purposes, it is key that you are to provide evidence of where your deposit has come from. It would be wise to keep all your savings inside the one account and try not to move them around. This also applies to gifted deposits; leave the money inside of the gifter’s account instead of transferring it into your own.
Building up your savings over time in a savings account is something lenders like to see. You can have assistance with this through a Helpt to Buy and Lifetime ISA. If you are getting a Gifted Deposit in Birmingham, the person gifting you the deposit will have to prove where they have got the funds from too.
Proving your income is a significant part of the process. For applicants who are employed, they will need to provide the last three months’ payslips as well as their P60. Additional earnings like overtime, bonuses, commission and shift allowance are usually taken into consideration too. Applicants that are part time employees will normally need to provide additional evidence of their income. However, it does vary between lenders.
Any applicants looking to take out a Self Employed Mortgage Birmingham will have their income assessed in a slightly different way. They need to provide a minimum of 2/3 years’ accounts and earnings from the revenue. One of our expert Mortgage Advisors in Birmingham can help you with this.
When it comes to the mortgage journey, it can be common for people to encounter some issues that can stall them and getting Declined for a Mortgage in Birmingham. It can sometimes become a challenge to overcome these obstacles, especially if you are in a complicated situation.
Here at Birminghammoneyman, our team has come across a variety of mortgage hurdles, especially with First Time Buyer or Home Movers in Birmingham with complex cases. Through our 20 plus years of experience in the industry, we have encountered a lot of challenging situations and know the ways to deal with them.
On the rare occasion that we face a situation we haven’t seen before, our team will work hard in overcoming this towards mortgage success. If you are a First Time Buyer in Birmingham, you might have little to no knowledge about these hurdles which is where we can help!
With an endless list of hurdles that people have encountered before out there, below are just a few that are more common and are hurdles that many applicants face in the midst of the mortgage process.
If you do have children, it is uncommon for you to be turned down for this. On the other hand, it may put you at a slight disadvantage when it comes to your offer as it may be a little lower because you have children.
From a lenders point of view, they want to ensure that you can afford all your mortgage payments along with your current expenses. These costs outgoing do include childcare costs. Lenders have to factor these in as childcare can usually be hundreds of pounds each month. Childcare costs rarely do down, they mostly increase! Therefore, lenders would see this in the same as they would with a loan or hire purchase.
You might have no nursery fees to pay, however, you may find that you still get offered less than buyers with no children. One factor that is good to know if you have children is that some lenders may take into account child benefits if you are in receipt of tax credits.
In the unfortunate event that you and your partner decide to go your separate ways, it’s likely that you will encounter some financially related issues, especially if you have a joint mortgage.
If you are financially linked with someone else, it may be difficult for lenders to accept you. This is because lenders don’t want you to have different sets of mortgage payments to meet each month, it could be a lot to keep up with.
Our team find we get asked the same questions when people approach us for Specialist Mortgage Advice in Birmingham when they are in need of help with their mortgage.
These types of mortgage hurdles can get it pretty complex, very quickly. Generally, there is a solution to these situations, and our team may be able to help overcome them. Having an expert Mortgage Broker in Birmingham by your side, we aim to take a lot of stress away as possible through these difficult times.
Benefit income can have mixed views with lenders. Child tax credits, working tax credits and disability allowances could be factored in as income with certain lenders. Get in touch with our team if you are looking for more information about mortgage and benefit income. Our Mortgage Advisors in Birmingham will review your situation and find you a lender who will consider your benefit income to match you. We aim to get it right the first time!
In most cases, applicants go into a new job with a larger salary. With this extra income, many put this towards a new mortgage. You may automatically think that this would mean you are more likely to get a mortgage but, this isn’t always the case.
Normally, starting a new job will come with a probationary period. These are usually fine, however, there will be a bit of uncertainty there. Many lenders might only accept you as soon as you have job security. This all depends on the lender and mortgage costs.
In order to determine your work patterns, lenders will also look at your employment history. This will show them if you are dipping in and out of work or not. Having gaps in your employment can harm your application. Many lenders will work from a newly signed employment contract even in your first month.
Every single mortgage lender and mortgage broker legally has to evidence where the borrowers’ deposit funds for any purchase have come from. This is to combat money laundering and show that the applicant has raised funds legally. You might find your solicitor and the estate agent will ask for evidence of your deposit also.
Regardless of where your deposit is from if it is savings, premium bonds, the sale of another property, gifted from a family member or friend, from family overseas, or a personal loan, you are required to have a paper audit trail for the accumulation of funds.
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Birminghammoneyman.com & Birminghammoneyman 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: 10 Consort Court, Hull, HU9 1PU.
Authorised and Regulated by the Financial Conduct Authority.
We are entered on the Financial Services Register No. 627742 at www.register.fca.org.uk
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Birminghammoneyman.com & Birminghammoneyman 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: 10 Consort Court, Hull, HU9 1PU.
Authorised and Regulated by the Financial Conduct Authority.
We are entered on the Financial Services Register No. 627742 at www.register.fca.org.uk
