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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.
When buying your first, second, third or even fourth property, it’s essential to conduct your research to ensure that you are buying in an area best suited to your current but also changing personal and financial circumstances.
Buying a house isn’t a quick process. From making that first offer on a property to moving in, the whole process could take up to 6 months. This is why you need to be certain about the property that you buy.
There are going to be lots of factors that you look at before making an offer on a property. Some of these factors could include transport links, nearby schools/colleges, closeness to your workplace or things to do in the area.
Finding the best area to live in Birmingham can be tricky. To help you out, we have compiled a list of the 7 best places to live in Birmingham:
Location:
North Birmingham
Avg. House Price:
£230,000
Erdington is a small suburb situated in north Birmingham. It sits just south of the Royal Town of Sutton Coldfield.
The area caters to all types of buyers and homeowners, making it an ideal choice for many.
The types of houses available in the area range from terraced to detached, offering a diverse range of sizes for different types of applicants.
If you are a first time buyer in Erdington, you may find that a terraced house may be more suited to your situation due to the lower price of these types of properties. However, if you can afford a little more a semi-detached or detached may be better suited.
If you are looking at moving home to a larger property, Erdington could be the perfect area for you. Whether you are looking for a modern new build or a large Victorian-styled property, we are sure that you will find what you are looking for in the area of Erdington.
Landlords looking to invest in a property in Birmingham should also consider Erdington. The suburb offers a variety of rental opportunities and is filled with potential for profitable investments.
When looking at areas to live in Birmingham, you should also consider factors such as local amenities, to get an idea of what it is going to be like to live there. For example, if you are looking to live in a busy, lively area, you want to live somewhere where there are shops, restaurants, communities and even local events.
First of all, Erdington is home to the Fort Shopping Park. This huge shopping park offers locals easy access to high-street shops and retailers. Unlike other similar Birmingham suburbs, having a large, popular shopping park around the corner can make weekly shops much easier.
If you have a family or are planning to start one, Erdington offers a great selection of local schools and colleges. Depending on the age of your children, finding a great school will be no hassle.
Transport links in and out of Erdington come frequently. Whether you usually travel by train, bus or car, getting around the area is easy and accessible to all types of people. For train goers, the main station is located in the centre of Erdington. Most bus routes will also stop by the station too, allowing you to easily use two different methods of transport.
If you prefer to drive yourself, to get to the Birmingham city centre you can take the A38 south and be there within 20 minutes. This provides a quick, direct route for commuting to and from work. Getting onto the motorways is also simple; you can get into the M6 within 15 minutes!
If Erdington sounds like an ideal location for you to start a new chapter of your life, start by looking at recently listed properties in the area.
Once you find a property that you want to make an offer on, feel free to reach out to our team and we can look at finding a mortgage product that fits the property and your unique circumstances.
Moving to Erdington?
Let us help you find a mortgage for your new home that fits your personal and financial circumstances.
Location:
North East Birmingham
Avg. House Price:
£341,000
Situated 11 miles northeast of Birmingham, The Royal Town of Sutton Coldfield is a great location for all types of homebuyers looking to move into outer Birmingham.
The cost of buying in Sutton Coldfield is generally quite affordable. The average house price of a property can change depending on the type of property you are looking to buy.
For example, the average terraced house price last year was £236k, but the overall average (including all property types) was £341k.
This makes Sutton Coldfield a popular location for first time buyers trying to get onto the property ladder. When compared to other areas surrounding Birmingham, this one definitely stands out.
Sutton Coldfield houses all different kinds of homeowners. The area is perfect for couples, families, professionals and even retirees.
There are many reasons why the Sutton Coldfield residents love the area, such as the wide range of amenities, highly-rated schools and colleges, strong transport links and the diverse community.
Transport links are such a huge factor when it comes to choosing the best place to live in Birmingham. Whether this involves the commute to work or getting the children to school, you need to know how easy it is going to be to get in and around the city.
Commuting to the city centre by train will take you approximately 25 minutes, which can sometimes be much quicker than travelling by car. And, there are 5 train stops in Sutton Coldfield, meaning you will always be nearby for a quick journey to the city centre.
Busses frequently run into the city centre too, making it nice and easy to travel in and around the Sutton Coldfield area!
The area of Sutton Coldfield offers locals a mixed bag of amenities, making it a convenient and enjoyable place to live. For shoppers and diners, you will have a variety of restaurants, local markets and cafes to choose from. You will find many options in the town centre.
For active locals, you will benefit from the leisure centres, golf courses, gyms and the beautiful Sutton Park. Sutton Park is one of the largest parks in Europe, offering walking trails, cycling paths, lakes and even fitness classes!
Spanning over 3.75 square miles, Sutton Park provides a vast and varied natural landscape for residents and visitors alike to enjoy. Having this park at your doorstep helps you enjoy the fresh, suburban life.
If you have a family or have plans to start one, you will also be happy to know that Sutton Coldfield homes many highly rated schools and colleges. We are sure that you will find the perfect fit for your young or older children.
Now that we have talked a bit about buying a house and living in Sutton Coldfield, what do you think?
We love the area and we think that it is a great place to live in Birmingham. When compared to other towns, Sutton Coldfield is up there with one of the best places to live in Birmingham.
Moving to Sutton Coldfield?
Let us help you find a mortgage for your new home that fits your personal and financial circumstances.
Location:
Central Birmingham
Avg. House Price:
£193,500
Digbeth is located in the heart of the Birmingham city centre. With lavish apartments to buy or rent, Digbeth is the ideal location if you’re looking for a busy, modern lifestyle.
Digbeth is considered to be the city’s most vibrant neighbourhood, with shops, bars and restaurants on your doorstep.
Being located in the city centre, you will not find terraced, semi-detached or detached housing. The type of properties in Digbeth are mostly apartments or flats.
Apartment and flat living spaces have been designed to be modern and spacious. Most buildings also house gyms, mini cinemas and social spaces. This is just one of the incentives of living in a flat or apartment in Digbeth.
Digbeth has recently been subject to a regeneration project. With more commercial and living spaces being built in the area. There are plans to create up to 2000 more homes for Birmingham residents.
Modern, vibrant and unique are three words we would describe Digbeth.
The bustling city centre life gives locals easy access to a variety of shops, bars, cafes, restaurants and independent music venues. Perfect for socialising and spending time out with friends!
In recent years, there has been an influx of media organisations popping up in the area and commercial spaces being built for new businesses. This has created hundreds of jobs in the area and modernised the whole city centre. If you are looking for a new job or have recently found a new job in the city centre of Birmingham, perhaps moving to Digbeth could be for you!
The area is also home to some famous historic landmarks, such as the Custard Factory, Digbeth High Street and the River Rea. With bright graffiti canvases bringing the streets to life, Digbeth is also a charming place to walk around and explore!
Birmingham Coach Station, which is operated by National Express, is located in Digbeth, meaning that taking that trip out of the city is easy, but also more tempting! Busses also run from this station. You can grab a bus that runs in and around the city right on your doorstep.
In a 20-minute walk from the coach and bus station, head to the West of the city centre and you will find Birmingham New Street Train Station. This is considered one of the busiest train stations in the country, providing travellers with transport links to the rest of the country.
In less than a 15-minute walk from the coach and bus station, in the East of the city centre, you can find Birmingham Moor Street Train Station.
Getting out of the city by car is also simple, just head for the B4100 Eastbound and find yourself on the A45 within 10-15 minutes. However, there may be faster transport options if you are looking at getting around the city.
Being located in the heart of the city centre, there are still plenty of education choices available.
Most primary and secondary schools are located slightly further out on the outskirts of Digbeth, meaning that you will have to rely on transport to get there.
On the other hand, if you have slightly older children, there are a handful of colleges in the Digbeth area. Some of which have been considered to be the best in the city.
Digbeth allows residents to have a busy and modern lifestyle; something that most areas in Birmingham and even other cities do not have.
If you are looking for a new area to live in Birmingham and want to feel part of the city, Digbeth is definitely the place for you.
Like the Sound of Digbeth?
Let us help you through your moving process and find that perfect mortgage product for your new property.
Location:
South Birmingham
Avg. House Price:
£254,000
Stirchley is a charming neighbourhood located just a few miles south of the Birmingham city centre. Known for its vibrant community and a mix of modern and traditional housing, Stirchley offers an appealing balance of urban convenience and suburban tranquillity.
Stirchley is known for its independent shops, cafes, and eateries, making it a lively and appealing area to live in Birmingham. It’s an ideal location for families and young couples
Stirchley offers a variety of property types, including terraced houses, semi-detached homes, and modern apartments. This diversity in housing means there is something to suit everyone, whether you’re a first time buyer or looking to upsize.
The area has seen significant investment and development in recent years, with many properties being refurbished to meet modern living standards. This blend of old and new adds to Stirchley’s unique charm and makes it an attractive option for potential homeowners.
Stirchley’s thriving high street is home to numerous independent businesses, including craft breweries and artisanal bakeries. This gives residents plenty of options for socialising and shopping locally. The area is also known for its lively food scene, with a variety of restaurants and cafes offering a range of cuisines.
The Stirchley community hold frequent local events and markets to bring residents together. It’s a place where you can enjoy the benefits of city living while feeling part of a close-knit community.
Stirchley is well-connected to Birmingham city centre via train, bus and ring roads. This makes getting in and out of the city much easier.
Bournville train station, located nearby, provides regular services to Birmingham New Street, making commuting straightforward and convenient.
For those who prefer to drive, the area is easily accessible via the A441. Additionally, numerous bus routes run through Stirchley, offering flexible options for public transport.
Stirchley offers a range of educational opportunities for families. Several well-regarded primary and secondary schools are located within the area, providing quality education options for children of all ages.
For further education, there are a number of colleges and training centres in the surrounding area, ensuring that older students have access to a broad range of academic and vocational courses.
Stirchley is an ideal location for those seeking a vibrant community with a blend of modern amenities and traditional charm.
Its excellent transport links, diverse property options, and strong sense of community make it one of Birmingham’s most appealing neighbourhoods.
If you’re looking for a place to call home in Birmingham, Stirchley is definitely worth considering.
Stirchley Sound Right for You?
Let us help you through your moving process and find that perfect mortgage product for your new property.
Location:
South Birmingham
Avg. House Price:
£313,000
Moseley is an attractive, affluent suburb situated just a few miles south of Birmingham city centre. Known for its calm and leafy streets, Moseley is a popular choice for buyers and homeowners seeking a quiet lifestyle.
The housing types in the Moseley area cater to all types of buyers and homeowners. The types of houses available in Moseley range from Victorian terraced houses to spacious detached properties, offering a diverse selection for different types of buyers.
For first time buyers, Victorian terraced houses in Moseley can be an attractive option due to their relatively lower prices compared to larger properties. However, if your budget allows, semi-detached and detached houses in Moseley offer more space and modern amenities, making them suitable for growing families or those seeking more living space.
If you’re looking to move to a larger property, Moseley could be the perfect area for you. Whether you’re interested in a stylish new build or a charming period home, Moseley offers a variety of options to meet your needs.
Landlords looking to invest in property in Birmingham should also consider Moseley. The suburb’s vibrant community and desirable location make it a hotspot for rental opportunities.
When looking at where to live in Birmingham, it’s essential to think about local amenities to understand the lifestyle the area offers.
Moseley is well-known for its bustling high street filled with independent shops, cafes, and restaurants, making it an ideal location for those who live a busy lifestyle.
Moseley also hosts the popular Moseley Farmers’ Market, which is held monthly and offers a variety of local produce and goods. This market adds to the community feel and provides residents with the opportunity to support local businesses.
For families, Moseley offers a great selection of local schools and colleges. Whether you have young children or teenagers, finding a reputable school in Moseley will be straightforward.
Transport links in and out of Moseley are frequent and convenient. Whether you travel by train, bus, or car, getting around the area is easy. The main train station, Moseley Station, provides direct routes to Birmingham city centre. Bus routes are also well-serviced, allowing for flexible public transport options.
If you prefer to drive, Moseley offers easy access to Birmingham city centre via the A435, which takes about 15 minutes. The area is also well-connected to the motorway network, with the M42 and M6 reachable within a short drive, making commuting straightforward.
If Moseley sounds like the ideal location for you to start a new chapter of your life, begin by exploring recently listed properties in the area.
Once you find a property that you want to make an offer on, you’ll be one step closer to enjoying all that Moseley has to offer.
Moving to Moseley?
Let us help you find a mortgage for your new home that fits your personal and financial circumstances.
Location:
South West Birmingham
Avg. House Price:
£317,000
Edgbaston is a suburb situated just southwest of Birmingham city centre.
Known for its leafy streets and grand Victorian homes, Edgbaston is a prime location for all types of buyers looking to live in Birmingham.
As one of Birmingham’s most desirable suburbs, Edgbaston offers a wide range of properties on the market. Buyers will find an array of options, from elegant Victorian terraces to spacious semi-detached and detached houses, with prices reflecting the area’s premium status.
The average property price in Edgbaston is higher than in many other Birmingham suburbs, due to its prestige and the quality of homes available. However, for first time buyers who can afford to invest a bit more, Edgbaston provides excellent value in terms of lifestyle and amenities.
For those looking to move into a larger space or upgrade their home, Edgbaston’s grand houses and contemporary new builds make it an ideal choice. The area is perfect for families seeking more room and a higher standard of living.
Edgbaston is well-connected to Birmingham city centre and other parts of the West Midlands, making it a convenient location for commuters.
The suburb boasts excellent transport links, including regular bus services and nearby train stations such as Five Ways and University, providing easy access to the city and beyond.
For those who prefer to drive, Edgbaston’s proximity to major roads like the A38 and A456 means that travelling around Birmingham and the surrounding areas is straightforward. The suburb’s location just outside the city centre also ensures that residents can enjoy a quieter, more relaxed lifestyle while still being close to urban amenities.
Edgbaston is home to some of Birmingham’s top-rated schools, making it a popular choice for families. The suburb offers a variety of educational institutions, from primary schools to prestigious private schools and colleges, ensuring that children receive a high-quality education close to home.
Edgbaston is a prestigious and desirable area to live in Birmingham. With its excellent schools, convenient transport links, and a variety of property types, it offers something for everyone.
Whether you’re a first time buyer, a family looking for more space, or an investor seeking a profitable opportunity, Edgbaston could be the perfect location for you.
If you’re interested in buying a home in Edgbaston, get in touch with our team. We can arrange a free consultation with our mortgage advisors to discuss your options and guide you through the process.
Thinking of Moving Home to Edgbaston?
We’re here to help you find your ideal property and make your move to Edgbaston as smooth and straightforward as possible.
Location:
West Birmingham
Avg. House Price:
£229,000
Smethwick is a vibrant, modern town located west of Birmingham city centre.
Known for its rich history and diverse community, Smethwick is a great place for all types of buyers to live in Birmingham.
Being a town and not a suburb, Smethwick will always have a significant amount of properties available on the market. This leaves buyers with a variety of choices when it comes to buying a property in the area.
You will find terraced, semi-detached and detached housing in this Smethwick, with prices overall averaging around £229,000. In comparison to other towns in Birmingham, this is fairly reasonable.
As a mortgage broker, we would recommend this area to first time buyers in Birmingham looking to get onto the property ladder. If you are looking to move into a larger space or start a family, perhaps other areas may be better suited.
This does not mean that the area is not for you if you are looking to move home, some circumstances differ and it may turn out that the area is perfect for your situation!
Landlords considering investing in a buy to let in Birmingham should not overlook Smethwick. Due to the sheer number of properties in the area, there will likely be many investment opportunities that present themselves.
Smethwick sits just under the M5, which can be great for those who commute by car or often travel around the West Midlands area. Depending on where you live in Smethwick, accessing the M5 could take less than 10 minutes.
If you do not travel by car, public transport links are strong throughout Smethwick, meaning that you can still work your way around the area easily. For instance, Smethwick train station runs to surrounding areas and direct to the Birmingham city centre.
Getting the bus is nice and easy too! Providing locals with quick routes in and around the Smethwick area.
The area consists of many high-rated schools. If you have a family and plan on moving to Smethwick, this makes the school run much easier! There are also a few colleges in the center of Smethwick, meaning your older children don’t have to travel far each day.
There is always something going on in Smethwick. The community regularly hosts a variety of events, ensuring there’s always something interesting on the calendar.
Among these are local fairs, which provide a fantastic opportunity for people to come together, enjoy entertainment, and support local businesses.
The area of Smethwick is a great area to live if you are looking at moving home in Birmingham. With low crime rates, affordable house prices, this area could be perfect for you.
If you want to learn more about buying a home in the Smethwick area, make sure to get in touch with our team. We can arrange a free chat with our mortgage advisors and talk through how the process works.
We can even help you make an offer on a property if that is something that you need assistance with.
Moving to Smethwick?
Let us help you find a mortgage for your new home that fits your personal and financial circumstances.
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!
Whether you are a first time buyer or looking at moving home in Birmingham, get in touch with our team and we can get you in touch with our mortgage advisors in Birmingham. Here at Birminghammoneyman, we strive to provide you with a tailored service and work hard to relieve any stress you may find in the mortgage process.
If you are not looking to buy 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 you’ve lived previously. 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.
Congratulations, you have just passed your exams and are now a newly qualified teacher. You have found your dream teaching position and are ready to get started in the classroom, but it means you’ll be looking to Move Home to Birmingham. From this, you are now beginning the exciting yet stressful process of finding a place to move to whilst beginning your new teaching role. The good news is that you are not the only person in this situation.
It can be difficult to find a lender who is looking to offer a mortgage to newly qualified teachers. This is because newly qualified teachers have no work history, or have been on temporary contracts. Don’t worry though, it is still possible to get a mortgage as a newly qualified teacher. You might find that various lenders may lend with some even offering reasonable deals to those working in the education section.
Below is a list of various types of mortgages that are available to NQTs:
When it comes to obtaining a mortgage as a NQT, here is a list that as a Mortgage Broker in Birmingham we feel you should considered:
Here at Birminghammoneyman, we have a team of Mortgage Advisors in Birmingham who have extensive knowledge about the lending criteria and they have many years under their belt helping many people with their mortgage situations.
If you are a newly qualified teacher that’s looking to begin their mortgage journey, get in touch with us. We will take some details from you and look at the options available as well as see if you are eligible for a mortgage.
Buying a property can be the most expensive commitment of your life, therefore, it’s important that you know exactly what you’re paying for. All of the different costs of buying a home in Birmingham can blend into one if you’re not careful, and you may be paying more for some parts of the process than you originally thought, which is why we’ve broken down those costs into an article.
If you are a first time buyer in Birmingham, and recently have had an offer accepted on a property but, is the house actually worth what you’ve said you’ll pay for it? In order to establish the true value of a property as well as the overall condition, a property survey will be carried out. This survey will highlight any issues with the property like major/minor damages.
Buying a property can be the most expensive commitment of your life, therefore, it’s important that you know exactly the costs of buying a home in Birmingham. If you’re not careful, you may be paying more for some parts of the process than you originally thought.
The different types of property surveys include Mortgage Valuations, Homebuyer’s Report and Full Structural Survey. In some cases, a property survey can be carried out free of charge depending on the lender that you use.
The type of survey differentiates depending on the outcomes of the survey report. You might want one that is more in-depth, whereas others will only briefly speak about certain aspects. The survey will be more pricey depending on how in-depth the survey is. In the event that you find something on your survey about your property that you weren’t informed about, by law, you are allowed to approach the seller and work out an alternative price, if necessary.
The simplest type of survey is Mortgage Valuations. This is carried out to determine how much a property is actually worth. It’s helpful for the lender as they need to be sure that the property price matches how much you are set to borrow from them. For instance, if you put in an offer above the property’s actual value, it’s likely the seller will accept your offer, but your lender won’t. Unless you have the funds to make up the difference the lender will put out of the deal. This is called a down valuation.
The one drawback with this type of survey is that it will only point out obvious repairs and damages so will lack depth. On the other hand, it does highlight any clear structural defects that will require a further look at. If you are wanting a more in-depth property assessment, you will need to pay more to upgrade your survey. It may be more expensive but, it may benefit you in the long run.
This type of report focuses on safety. A Homebuyer’s Report answers the questions of whether the property is safe and if it’s suitable to live in. The surveyor will look at any mould problems, damp issues or something that does not pass the current building laws. A property expert will carry this out. It’s their job to examine the property thoroughly to make sure it’s safe to live in.
When it comes to making an offer on an older building, as a Mortgage Broker in Birmingham, we strongly advise you to take up a Full Structural Survey.
Because the whole property is surveyed, this is the most pricey of property surveys. A Full Structural Survey will also provide an in-depth insight into the property compared to the three main surveys. The survey will highlight what condition the property is in and what changes need to be made if the property purchase goes through. It can take as long as a full day to carry out a Full Structural Survey, however, this does depend on the size of the property.
If you have accepted an offer on a new build, the survey will work slightly differently. There is a type of survey especially for new builds called a Snagging Survey. It points out both minor and major issues, like a missing hinge on a door to cracks in the ceiling.
When the new has already been built and it’s ready for you to move into, it’s wise for you to get a snagging survey carried out on it before moving in. By doing this, you are giving yourself the option to negotiate to price if there are any issues with the property.
Feel free to contact our mortgage team if you are unsure about what property survey is the right one for you. Our experience has given us the opportunity to help many first time buyers and home mover in Birmingham get onto the property ladder, we’ll help you recommend and choose the right property survey for you!
If you are looking for a surveyor to carry out a Homebuyer report or building survey, you can obtain these services through the Royal Institution of Charted Surveyors.
Whether you are first time buyer in Birmingham beginning the mortgage journey or you have gone through this before and are looking to to move home, our fast and friendly service could help you. We’ll provide a tailored service that can help you get prepared for a mortgage in Birmingham.
Customers looking to obtain a mortgage will need to get an Agreement in Principle first from a mortgage lender. As the name suggests, an Agreement in Principle is a simple way to find out the maximum amount you can borrow to buy or Remortgage in Birmingham.
You will receive an Agreement in Principle before the final checks, and whilst you won’t be guaranteed to be accepted for a mortgage. It means you are on the right path. First Time Buyers in Birmingham will find these benefits because it gives them a better idea of which properties you can afford and makes it easier to make offers.
Despite what others may say, a Mortgage in Principle can be known as a Decision in Principle (DIP), Agreement in Principle (AIP). They are all just different abbreviations depending on where you are located.
Armed with an Agreement in Principle, you have opened yourself up to negotiating on any offers. As you have shown the seller that you are a ‘serious’ buyer who owns that property, you have the funds to proceed.
Nowadays, more lenders choose soft credit searches as they leave your credit score unaffected instead of a hard credit search which can leave a severe imprint, especially if you don’t pass each time.
Weren’t not saying that a soft search will not affect you either, but it is not something that tends to happen often as soft searches don’t go quite as in-depth. However, your lender will have reasons for choosing one of the two.
If you do not have hard searches done regularly, then having one done shouldn’t make too much difference. What starts becoming a problem is when you start having a lot of different hard searches taken out on you within a short time.
If you are already aware of how good your credit rating is, don’t be put off by the idea of having a soft or hard credit search done, especially if the lender suggests doing so is the most suitable option for you.
Unfortunately not, even armed with an Agreement in Principle, we cannot guarantee you’ll be successful with a mortgage as your lender will still need to see all documentation to make a final decision.
We have spoken to a handful of customers after their application declined, as they have to miss the small print that requires them to obtain an Agreement in Principle beforehand.
To demonstrate to your lender that you can handle your money responsibly and someone who looks like a good candidate to start your mortgage process, you will provide them with proof of ID, the last three months payslips and bank statements.
Please remember that Self Employed Birmingham mortgage applicants looking to obtain a mortgage have slightly different lending criteria to meet.
Most estate agents will ask you for one of these as they will need to know you can proceed with your mortgage application. It’s worth trying, but we believe you would be far better off having on in hand.
As a fast and friendly Mortgage Broker in Birmingham, one of our mortgage advisors has a track record of obtaining you an Agreement in Principle within 24 hours from the start of your initial appointment.
Take your time and care when looking for that ‘dream’ property. There is plenty of time not to jump at the first house you see as an Agreement in Principle sometimes expires after the 30-90 days mark.
Need a little bit longer, no problem, our team of Mortgage Advisors in Birmingham can quickly turn around a new one once you find a property that looks right for you and is ready to put down an offer.
To counteract the feeling of disappointment if your lender comes back and declines you, we recommend getting an Agreement in Principle as early as possible to ensure you are mortgage ready for the process.
Have you been on the same mortgage rate ever since you’ve bought your property? If so, it may be time to spring clean your finances and get a mortgage review. Doing so may even allow you to access a more suitable mortgage deal!
To put it simply, getting a mortgage review is a look-over of your current mortgage product to check if you can get a better deal or not.
When applying for a Remortgage in Birmingham, your Mortgage Advisor in Birmingham will want to know all about your current deal so that they can compare products.
They will look at your current rate of interest, monthly payments, etc. as well as factoring in your current financial and personal situation. If your dedicated Mortgage Advisor in Birmingham can’t find a better deal for you, they’ll be honest with you and recommend that you stick with your current deal.
Spring cleaning your finances by getting a mortgage review could help you secure a competitive mortgage product. If you’ve been managing to keep up-to-date with your mortgage payments and have kept improving your credit score to make sure it stays in the green, you may be able to get a better mortgage deal.
Having a mortgage review and then switching products to a new lender is called a remortgage, whereas having a mortgage review and then switching to a new deal with the same lender is called a product transfer. Depending on the deals available to you, it may be better to choose one over the other, or none at all, and stay on your current deal.
You must know that you are never guaranteed a better deal when you go for a mortgage review. It’s always worth the look though since you can receive a free mortgage review with one of our expert Remortgage Advisors in Birmingham.
As a Mortgage Broker in Birmingham, we would recommend that you take up our offer on a free mortgage review. When you choose Birminghammoneyman for a mortgage review, we will search through 1000’s mortgage deals on your behalf, trying to find the perfect one for you.
Our Mortgage Advisors in Birmingham will always try and match you with a deal that is best suited to your personal and financial situation. If we manage to find you a deal that we think will benefit your situation and you are happy to proceed, we will continue to the documentation process and submit your mortgage application.
If you prefer to do things on your own, there are price comparison websites out there that may help you find different types of mortgage deals. Although some products may look good, you should know that not every deal will have accounted for other costs that come with getting a mortgage.
In the past, we have seen customers who have switched online because they had seen a competitive rate, but have had to fork out extra money to compensate for additional costs that they weren’t aware of.
These extra charges may include product set-up fees, early repayment charges, etc. Furthermore, if you choose a Mortgage Broker in Birmingham, you will benefit from consumer protection.
If you want to, you can also go directly to your mortgage lender. If you want a mortgage review and want Remortgage Advice in Birmingham, this option may not always benefit your situation. This is because lenders can only offer you their own in-house products, they cannot access deals from anywhere else.
More often than not, lenders can also have long waiting lists, which is no good when your fixed-term is coming to an end and you want to switch products. A responsive Mortgage Broker in Birmingham like us will be able to get you booked in for a free remortgage consultation/review within 24 hours of your initial inquiry.
If you are tied into a mortgage deal and want to remortgage, you may have to pay a fee to switch deals. This fee is called an early repayment charge or an ERC. You’ll have to pay this when you pay off a loan too early or switch mortgage products mid-way through your fixed mortgage period.
In Birmingham, our Mortgage Advisors will take any ERC’s into account when assessing the financial benefit of applying for a remortgage.
Once you complete your fixed mortgage term, it’s likely that you’ll end up falling straight onto your lender’s standard variable rate of interest (SVR). When you are on this rate, it’s unlikely that you’ll have to pay an ERC when switching deals.
You should also know that the SVR for your lender is probably higher than your current fixed rate of interest. Lenders SVR tracks the Bank of England’s base rate plus their own percentage and that’s why it can be expensive to remain on this rate.
We have lots of experience in the remortgage game, we have been helping our customers remortgage for over 20 years now. Our Remortgage Advisors in Birmingham are just a call away from helping you through your remortgage application. Now is a great time to spring clean your mortgage!
Book your free mortgage appointment online with a Mortgage Advisor in Birmingham today. We are more than happy to help and can’t wait to hear from you.
Before we get onto what exactly a tracker mortgage is, first of all you may be wondering just how many different kinds of mortgages are out there for home buyers and homeowners alike.
There are a lot of different types of mortgages available to customers, with each of them being unique and demonstrating their own list of pros and cons.
Throughout our article here, we are going to take a focus on the tracker mortgage, what it is, how it can help and why it may be a better option for you to take when you are looking at all of your mortgage options in Birmingham.
If you have a tracker mortgage, this means that your interest rate will follow alongside the Bank of England’s base rate, with an additional percentage of interest being added on by the mortgage lender.
Your lender will not have the choice of how much they add on top of the base rate, as it is an external rate that they must follow.
For example, the Bank of England’s base rate might be somewhere around the region of 1%, with your lender being required to add on an additional 1%. So, depending on what the Bank of England base rate is, your mortgage will always be slightly higher than that.
Remember, a mortgage deal is only as good as the situation that it is put up against.
For example, you could get a tracker mortgage, only to figure out later on that you would be much better suited for working with fixed payments (utilising a fixed-rate mortgage), but you are already locked into a legal agreement with a mortgage lender.
It’s for reasons like this why we will always advise that you do plenty of research ahead of the mortgage process or look to obtain expert Mortgage Advice in Birmingham, to make sure that you are on the best deal for your circumstances. We do also feature an article on why use a Mortgage Broker in Birmingham, and list the benfits of having us on your side.
A Tracker Mortgage will work out well for you if the Bank of England’s rate is low. It will generally sit somewhere around 0-1%, though it will rise and fall as the year progresses. When the credit crunch happened, the market crashed and interest rates rose.
The highest point that it ever went up to was about 5%. Bearing in mind what we said earlier about your lender adding on an additional amount, you could’ve had 6% interest on your monthly mortgage payments!
If we head into more recent territory with March 2020, the mortgage market gave many in the industry deja vu. This time the panic surrounding interest-rates was brought in because of COVID-19.
This time though, things went a little differently, as the Bank of England’s rate dropped significantly, going down to a miniscule 0.1%. If you happened to be on a tracker mortgage during this time, it was likely that you went down to a 1.1% interest rate.
As you might expect during this time, it wasn’t possible to get a tracker mortgage. The reasoning for this, is that in reality, mortgage lenders are a business and need to make money too. This type of practice would’ve been poor business on their end.
As time has passed (as of December 2021), they have become readily available for customers, though they tend not to be as popular as they used to be.
Tracker mortgages rely heavily on the economy, so if the market is performing well, it’s a solid choice to go with. If the market is performing poorly, it’s probably not the best option for you to go with.
There are all-sorts of different types of mortgages out there for homeowners and home buyers in Birmingham, it’s all just about finding the right one for you and your circumstances.
Before you jump into something that might be harmful to you, it would be within your best interests to speak to an expert Mortgage Advisor in Birmingham about what your mortgage options might be.
They will be on hand to help you shop around for unique and suitable deals, ensuring that you have the best one you can possibly get for the situation that you are in.
Perhaps you are a First Time Buyer in Birmingham? Maybe you are looking to Remortgage in Birmingham or at your options for Moving Home in Birmingham? In any case, we believe that you will truly benefit from the mortgage advice of our experts here at Birminghammoneyman.
There is rarely a situation we haven’t come across. Utilising our knowledge and experience within the mortgage industry, we will be able to guide you onto the right path for what you are looking to achieve. Book your free mortgage appointment online and speak to a dedicated mortgage advisor in Birmingham today.
Buying a property can be the most expensive commitment of your life, therefore, it’s important that you know exactly what you’re paying for. All of the different costs can blend into one if you’re not careful, and you may be paying more for some parts of the process than you originally thought.
Let’s take a look at how much it costs to buy a home and the costs involved with property investment.
If you’re a First Time Buyer in Birmingham, you’ll find this article particularly useful as it will break down each cost for you and show what each one means.
On the contrary, if you’re Moving Home in Birmingham, it’s still useful to remind yourself of the costs involved so that you can prepare accordingly.
Once you’ve put down an an offer on the property in Birmingham and it’s been accepted, your lender will carry out a valuation on the property to make sure that your offer matches the true value of the property. Factors that could affect your valuation include structural damage, property age, the local market, etc.
Prices will vary for the valuation will vary from free of charge to several hundred pounds. Sometimes, you will be offered one for free as the price is incorporated into another cost or it could be a bonus for taking out a certain product.
They are also different types of valuations, and you will pay more depending on which one you need. For example, if you need a full building survey as you’re purchasing an older property, you may have to pay a lot more than someone who’s bought a new build.
Some lenders may charge you for taking out a mortgage with them. This type of fee usually comes with the products with the cheapest rates. It’s worth mentioning that not every mortgage will come with an arrangement fee, however, when they do, you may be expected to pay a large fee, such as £999, depending on the product and lender.
You may be asked to pay this fee upfront or have the option to add these to your mortgage balance. If you choose to add them to your mortgage, you may incur further interest charges. As a Specialist Mortgage Broker in Birmingham, we can compare 1000s of mortgage products on your behalf, trying to find a suitable one for your situation with minimal additional costs.
You’ll need a solicitor to arrange the legal side of the mortgage process. The fees quoted by various firms may differ enormously. An estimated amount for a low-value property would be £600. You will provide the solicitor with the new property’s address, whether it’s leasehold or freehold. You’ll also need to provide the purchase price to obtain quotations.
You need to make sure that:
You’ll only face estate agency fees when you are selling a home in Birmingham. Estate agency fees are rising alongside property prices; you can expect to pay between 1-2% of the property price. The minimum amount is usually £500 to sell your home. Prices may also rise when you look for a more personalised service.
Stamp duty is a tax that the solicitor will collect upon the competition of the property purchase, in addition to your solicitor’s fees and disbursements.
More stamp duty details can be found here: https://www.gov.uk/stamp-duty-land-tax.
A Mortgage Broker in Birmingham will usually charge a fee for their service. These fees will be disclosed upfront so that you know what you’re paying for and how much it’s going to cost.
We recommend trying to use a trusted company that charges upon completion only. Avoid any application fees where your money will be at risk.
The cost of moving all of your household items to another property can vary, it mainly depends on what service you want, how far you’re moving and how much stuff you have!
If you are happy to hire a van and transport your belongings to your new house by yourself, the service may cost significantly less. It can cost less than £500 in some situations. However, some people will prefer to pay for the full service and get someone to pick up their belongings and help them move. This service can be £1,000 plus.
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.
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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
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