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.
If you are a First Time Buyer in Birmingham whos looking to begin a chapter in your life in a new property? You may be looking at Moving Home in Birmingham. In this article, we have collated the top ten factors to consider where you should live next.
Firstly, you need to think about what you are looking for when finding the perfect place to live. You may be into the hustle and bustle of the city and may work in the city centre of Birmingham. On the other hand, you may be looking for a more rural landscape that is peaceful. Either way, there are both positives and negatives to each lifestyle.
Transport links usually are a massive factor when people are looking for a location to move to. With this in mind, it can be helpful to link at the transport links available whether it’s train, bus or even motorway links.
For those looking to start a family or are looking to further down the line, finding a property that is located in a catchment area of a secondary school or a range of schools can be an important point in the decision process. If you are looking at living within an area of a reputable school, there are local authority websites available that can give you insight into how certain schools perform e.g Ofstead reports.
You may want to live in an area where a lot of the facilities you need are a short walk or drive away from your home. The important factor is whether the facilities available are essential to you which can help you when comparing different areas. These desired facilities could include a local park for your children or a gym that is located close to home or on your route from work. You may even like a bank close to you to 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!
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.
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.
Before you take a further step on the property ladder, you will need to think about getting your existing property put on the market and sold. Once you have finally sold your current property, the equity will be used for your deposit for your next purchase. Additionally, you can top up this total from savings or a gifted deposit.
There is always that ‘magic number’ and a seller will always have a minimum asking price for their property, but are willing to hear out other offers. From a buyer and sellers’ viewpoint, a big factor that plays in all this is how the property is marketed and presented. Here are our mortgage advisors in Birmingham recommendations on how to how to sell your home quickly:
When deciding on your asking price, make sure to pick a sensible estimate that goes with the local area. An estate agent will inform you about the property’s highest value. However, this does not mean that it will get sold at that price. As soon as your listing is live, you want to attract as many buyers as you can. If you are finding it difficult to gain any interest, it may be because your asking price is too high.
If you have found a property and are looking to make an offer, but still currently living in your house, you will need to try and get a quick sale. This is why asking for a ‘fair’ price is a great way to start your Moving Home in Birmingham journey and fast.
As an open and honest mortgage broker in Birmingham, we have worked in this industry for 20 years, we tend to find one of the first things buyers look for in presentation. This is why how the property looks from the outside needs to look appealing to engage buyers. Remember, first impressions count, so you need to be aware of how your home looks from the outside.
It’s as simple as freshly jet-washed the drive and cutting the front lawn. This shows that you really look after your home and you want people to be impressed by it. This may also get people to think that the interior of your home will also provide that “feel-good factor”.
You never get a second chance to make a first impression. So, to improve your chances of selling your home quickly, you should try and make your house a great attraction.
Make sure to tidy up before you open your house up for viewing. In order for the viewer to feel welcome and comfortable inside your home. Removing all clutter that is lying around, especially from the front garden. When your viewer walks in, you want them to feel like the place has been looked after. This could be from making sure that your doorbell works to buying a cheap new doormat.
Go around your house, room by room and pay extra attention to your kitchen and bathroom as these are some of the most important parts of a house. Cupboards and wardrobes should be neatly stacked and free of clutter. If you are a smoker sometimes the smell of smoke can linger, so it may be an idea to open all windows and give the house a good airing before your potential buyer arrives.
Make sure that each room is well lit too, make sure to open all curtains and blinds in darker rooms. Your home should feel nice and warm but not too hot. All light bulbs should be tested before viewing to see if they are working.
You want potential buyers to feel as relaxed as possible. Sometimes putting out some family pictures or paintings to decorate the house a little bit. It’s just another friendly reminder that this is a family home. You should also let them explore on their own, don’t crowd them too much as they will want to discuss between themselves in private.
Again, make sure your kitchen and bathroom are completely spotless. Anything that isn’t in daily use should be put away hidden and make sure all towels should be neatly stacked away and not left on hooks of the floor.
Double-check everything too, your whole house needs to be cleaned from top to bottom. Make sure clothes are not lying around and the bedrooms are dust free. Even cleaning the floors and windows. All repairs should be up to date too and clean bedding on the beds, all these little things can make a huge impact in the long run.
Some people don’t realise that sometimes having empty space is good. This is because it allows your potential buyer to personalise their home a bit more. For example, an empty wall in a bedroom could actually benefit you, the buyer now knows that they will be able to do whatever they want to it.
Make sure everything is put away or thrown away if not needed. This can save you a job anyway for when you move! Having lots of room on your kitchen worktops too helps ensure that there is nothing lying around.
Having a garden can be the deciding factor for many property viewers. You need to make sure that there is no rubbish left outside.
We tend to find some people love seeing colorful gardens, so even flowers could do the trick. Anything to liven up your garden could really help you out. Removing weeds and dead flowers, cutting the grass, removing grass clippings also help.
First impressions count, remember to be welcoming, honest and most importantly yourself. There is just one set of potential buyers at the end of the day, there will be plenty more.
Sometimes creating a balanced view on every problem that you have encountered with the house can help, for example, if you had a problem with a leak, say how you easily fixed it and that it’s very unlikely to happen in the future again.
Estate agents will want to earn their commission by talking to the property viewers as much as possible, however, you need to remember that no one knows as much about the house as you do, so don’t be afraid to jump in and tell them more.
Remember if you are selling to a First Time Buyer in Birmingham and have a family it helps to mention how a happy home it has been for you, this is sure to rub off on the viewers if they are thinking of raising a family also.
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.
We often find that there are a lot of questions within the mortgage industry that crop up regularly with our Mortgage Advisors in Birmingham. So, we have compiled a list of some of the more popular subjects to ease customers worries:
Usually, there is no risk of getting turned down for a mortgage if you have childcare costs involved, as most people who Remortgage in Birmingham would tend to have had children after Moving Home for a bigger space.
When you submit a mortgage application, you will need to provide evidence of your income, as well as details of all your outgoings, such as your childcare costs and utility bills.
If your childcare costs are enormous, then this is likely to have an impact on the maximum amount you’ll be able to borrow.
When it comes to childcare costs, lenders affordability assessment varies. Meaning that your maximum borrowing capacity will differ from lender to lender, this is where a Mortgage Broker in Birmingham can help you.
Some lenders will also consider child benefits and other state benefits, sometimes squeezing up the maximum mortgage allowable.
Choosing us to help you in your mortgage journey, our Mortgage Advisors in Birmingham can search thousands of deals and find you the most suitable lender who is likely to take a more flexible approach to your circumstances.
Nobody takes out a mortgage with their partner only to end up separating further down the line, and the process can be pretty upsetting. Unfortunately, not everything works out, and you end up in this situation. You will need to sort out many things, mainly sorting out your financial situation.
Being linked with one another, you will need to remove that link and prove you can be financially independent, and this isn’t as easy as it sounds; removing your financial relations from others can be complicated.
As a Mortgage Broker in Birmingham, we’ve seen many different situations where a divorce or separation has impacted a mortgage. You need to prove to the lender that you are financially stable and can keep up all the repayments by yourself.
When people come to us for Specialist Mortgage Advice in Birmingham, here are usually the questions we receive regarding this topic:
Just bear in mind that it’s all about the risk as far as lenders are concerned. They ideally look to avoid repossession situations at all costs.
We recommend you get in touch for Specialist Mortgage Advice in Birmingham. Please book your free mortgage appointment to speak with one of our fantastic mortgage team today.
Some lenders require you to have been at work continuously for a particular time, whereas others are more lenient with this.
If you are at the stage of starting a new job shortly, you may still be eligible to obtain a mortgage if you have a signed contract and job offer letter. Although it’s essential to remember that gaps in employment may be a problem with lenders – probationary periods are usually okay.
These days, Anti-Money Laundering precautions are pretty stringent. To abide by these precautions, all lenders will need you to evidence your deposit and where the money originated. Your lender, solicitor and the estate agent you are buying from may ask you for this too.
Cash is not acceptable. The bank will question any significant cash deposit, which could lead to a rejection of your application.
All of your deposit coming from a gift can be a regular occurrence and is possible. There needs to be written evidence from the person gifting you the money that it is a gift, not a loan.
As an experienced Mortgage Broker in Birmingham, we have lots of valuable experience, and we know what lenders are looking for in mortgage applicants.
They are constantly relying on different way to improve your credit score, which most high street lenders now do to save them time and money and produce consistent decisions.
If you find it challenging to match with lenders criteria, it could be the perfect time to speak to a Mortgage Broker in Birmingham, like us. We can talk you through some simple steps you can take to improve your chances of your mortgage application being successful.
Speaking to a Mortgage Advisor in Birmingham could get you a couple of steps closer to securing a mortgage deal. These steps can be straightforward to do. We will help you all of the ways through the mortgage process. Get in touch to speak to an expert Mortgage Advisor in Birmingham today.