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9 Questions to Ask When Buying a House in Birmingham

As a first time buyer in Birmingham or someone looking to move home, the whole mortgage process can often seem daunting. It shouldn’t be like this; your mortgage journey can run smoothly with the correct preparation and help through the process.

Prepare yourself for your mortgage journey by exploring these nine crucial queries every first time buyer or person moving home should ask.

Most Common Questions When Buying a Home in Birmingham

1 – Has there been significant interest in the property or development?

The popularity of the property among potential buyers can serve as an indicator of how quickly you need to finalise your decision.

Be prompt and pre-emptive, especially when it comes to properties that are in high demand, to avoid a heartbreaking last-minute slip-up.

2 – Is the property part of a chain?

A “Property Chain” situation arises when the current occupant of the property you are considering cannot move out until they secure a new property, and so forth.

A long property chain could potentially delay your property acquisition, particularly when many people are waiting on one individual’s move to kickstart the process.

You’ll be in a stronger negotiating position if you don’t rely on selling your property first for the move. This advantage can be valuable during any negotiation rounds with the seller.

3 – Does the deal include any add-on items?

When you purchase used property in Birmingham, unlike a new-build, it’s fairly common for the previous owners to leave behind various appliances or furniture. However, if you do not want any of these things you will need to dispose of them yourself.

With new builds, you can customise your purchase to include extras such as appliances and furniture.

4 – What is the neighbourhood like?

When moving to an unfamiliar locality in Birmingham, it’s wise to enquire about the potential neighbours as they could significantly impact your living experience.

In case of new developments, you and your fellow residents will set the tone for the community.

5 – What are the running costs?

As every property has different operational costs, you must gather data on the Council Tax and average utility bills.

This research will help you grasp your budgeting necessities before committing to an offer.

6 – Which way is the property facing?

If you love being able to enjoy the summer sun in your back garden, the house’s direction could be a crucial deciding factor.

South-facing gardens will provide extra sun throughout the day, however their prices may be slightly higher.

7 – How much renovation is required after the move?

This aspect can wear into your financial plans. Hence, it’s essential to know how much work the property is going to need in the future.

8 – Is the seller open to negotiations?

Negotiating your property price is recommended during a home purchase, especially if you feel like the house is being listed for more than it’s worth.

Learning how to negotiate an offer on a property in Birmingham can help you through your current and future mortgage processes.

Contact us and speak with a trusted mortgage advisor in Birmingham, to learn of key negotiation skills and seller tactics.

Additionally, a conversation with the seller or their estate agent will shed light on the value range of accepted offers and provide insights into previous offer rejections.

9 – When can I move into the property in Birmingham?

Knowing the move-in date allows you to commence other tasks such as securing a solicitor, packing up your current residence, and organising a moving van.

Creating a checklist of these questions to ask when moving home in Birmingham could take some of the stress out of the buying process. Once you have all of your answers to these questions, you can confidently make an offer on a property.

If you need further mortgage advice in Birmingham, feel free to reach out to our team. Even if you have had an offer accepted, there is still time to get everything checked over by one of our mortgage advisors in Birmingham.

Can I Get a Mortgage With a 5% Deposit in Birmingham?

Accumulating a deposit can be one of the most challenging steps to property ownership, particularly for first time buyers in Birmingham.

House prices have been steadily climbing over the last 20 years, making it harder to afford the necessary deposit for a mortgage. So, how much money do you need to secure a mortgage and can it be as low as 5% in Birmingham?

Can you get a mortgage with a 5% deposit in Birmingham?

On average, lending firms ask for a minimum deposit equivalent to 5% of the property’s worth. For instance, if you aim to purchase a property valued at £200,000, you’d need a £10,000 deposit.

As a mortgage broker in Birmingham, we’ll evaluate your earnings and financial capacity to determine if you afford a 5% deposit or need to provide a larger sum.

Can you get a mortgage with a 5% deposit with bad credit in Birmingham?

It can be achievable to secure a mortgage with a 5% deposit with adverse credit in Birmingham. However, it largely depends on the duration and extent of your credit issues.

Usually, applicants with poor credit scores are asked to provide a higher deposit, generally in the range of 10%-15% of the property value.

Is there anything else to help me buy a property in Birmingham?

Each with its unique set of benefits. Some of the more popular options include:

Mortgage Guarantee Scheme

Mortgage Guarantee Scheme: This programme can support you as a first time buyer in Birmingham in securing a 95% mortgage, i.e., with a 5% deposit. This scheme may be useful in improving your chances of securing a mortgage with a 5% deposit, depending on your financial situation and credit health.

Shared Ownership Scheme

Shared Ownership Scheme: This scheme offers a practical and affordable route to homeownership, allowing individuals to partly own and partly rent a property. Participants can purchase a share of the property, typically ranging from 25% to 75%, while paying rent on the remaining quota. Over time, they have the option of increasing their share, on a step-by-step basis, eventually leading to full ownership.

Lifetime ISA

Lifetime ISA: It’s an incentive, not a scheme per se, designed to assist first time buyers in saving up for their deposit. It offers a tax-saving opportunity for those aged between 18 and 40 planning to buy their first property. Contributions can reach up to £4,000 per year, with the government providing a 25% bonus (£1,000 maximum) to support property purchases.

Visit OwnYourHome

For a comprehensive list of such schemes, visit OwnYourHome.gov.uk. Alternatively, reach out to our mortgage advisors in Birmingham for a discussion regarding your mortgage options.

You might discover that with your financial capability, a 5% deposit mortgage may already be within your reach, even without resorting to an aid scheme.

If you are a first time buyer in Birmingham, schedule your cost-free mortgage consultation and initiate your journey online today.

Why Should I Use a Mortgage Broker in Birmingham? 

The Benefits of Using a Mortgage Broker in Birmingham

Why use a Mortgage Broker? | MoneymanTV 

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.

Mortgage Broker in Birmingham vs Going Direct in Birmingham

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.

Mortgage Advice Past vs Present 

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.

Modern Day Challenges 

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.

Newer Regulations 

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. 

Lending Criteria 

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.

Still, need more convincing?

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. 

The Benefit of a Mortgage Broker in Birmingham

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.

Book Your Free Mortgage Appointment 

If you would like to go direct, that that’s fine, but wether a customer is a First Time Buyer in BirminghamSelf 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.

How to Improve Your Credit Score in Birmingham

Credit Score Mortgage Advice in Birmingham

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.

Knowing Your Credit Criteria

Typically, the higher your score, the better your chance of being accepted for your circumstance ‘best’ deal.

Reasons why your credit score dropped?

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!

Credit Score Mortgage Advice Birmingham | MoneymanTV

Look at Ways to Improve Your Credit Score

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.

1. Avoid Unnecessary Credit Searches

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.

2. Avoid Credit Applications

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.

3. Are you registered on the voter’s roll?

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.

4. The Importance of Updating Your 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.

5. Don’t Run Too Close to Your Maximum Limit

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.

7. Is it all about your credit score?

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.

10 Factors to Help You Decide Where You Should Live in Birmingham

Factors To Consider When Moving Home in Birmingham

Whether you are a first time buyer in Birmingham or are looking to move home in Birmingham, you will not only be finding your dream home but also the perfect location!

1. Hustle and Bustle of the City or Relaxing Countryside

The atmosphere and general landscape of a location can play a big part in where you want to live. You may find you thrive better in the hustle and bustle of the city of Birmingham or you like to switch off and live in a more rural, peaceful landscape. Each option both have their own positives and negatives.

Checking what transport links are about is important if you are limited to public transport to get from A to B and if you are looking to live in areas near main roads like motorways. Therefore, take a look at areas where there is plenty of bus or train links if this is important to you or if you are close by to a main road for those who are driving.

3. Schools & Education

If you are looking to start a family or have plans to in the future, finding a property that is within a catchment area of a variety of schools can be helpful towards making a decision. You can find this information through local authority websites which will show how certain schools perform e.g Ofstead reports.

4. Facilities

It can be convenient to have amenities within a short distance of where you live. You may have a list of facilities you would like close by, however, one area has some that will benefit you more than others. This is where it’s best to break these into what you need and what you would like. These desired facilities are things like a local park for your children or a gym near home or on the route from work. In some cases, living near a bank can help make financial management easy and convenient.

5. Friends and Family

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.

6. Value for money

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.

7. Community

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.

8. Jobs

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.

9. Property Type

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.

10. Investment

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.

Where to Live Mortgage Advice 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!

Getting Prepared for a Mortgage in Birmingham

Preparing First Time Buyers 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.

Get Mortgage Ready in Birmingham

Up to date Credit Report

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.

Agreement in Principle

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.

Budget Planner

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.

Document Checklist

When it comes to beginning your mortgage application in Birmingham, it’s key that you have all of our documents prepared.

Proof of ID

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.

Proof of Address

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.

Last Three Months’ Bank Statements

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.

Evidence of Deposit

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.

Proof of Income

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.

Getting a Mortgage as a Newly Qualified Teacher in Birmingham

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.

NQTs Mortgage Advice in Birmingham

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.

What mortgages for NQT teachers are available?

Below is a list of various types of mortgages that are available to NQTs:

Different Thing to Consider

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:

How Our Mortgage Advisors in Birmingham Can Help

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.

The Different Costs of Buying a Property in Birmingham

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.

What is a Property Survey Should I Choose in Birmingham?

Property Survey Mortgage Advice in Birmingham

Different Types of Property Surveys in Birmingham | MoneymanTV

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.

Different Types of Property Survey Avaliable in Birmingham

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.

Mortgage Valuation

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.

Homebuyer’s Report

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.

Full Structural Survey

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.

Do I need to get a survey on a new build?

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.

Get in Touch With a Mortgage Broker in Birmingham

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.

Cost of Buying a Home 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 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.

How to Sell Your Property Fast in Birmingham 

Moving Home Mortgage Advice in Birmingham 

Before you make any further steps on the property ladder, you will first need to think about the process of selling your existing property on the open market, if that is your plan.

Once you have gone through this process and have sold your home, you’ll be able to use the funds from that to put down a deposit on your new home purchase. You are also able to top this up with savings or a gifted deposit.

There is always that ‘magic number’, a minimum asking price that the seller is willing to go for, when someone makes an offer to them.

From the point of view of both the buyer and seller, a big part of negotiations will be how the property is marketed and showcased. Here are some recommendations on ways you can look to sell your home quickly.

Tips to Sell Your Home in Birmingham 

Asking Price 

When you decide on what your asking price will be, you need to make sure that it is reasonable, based on other properties like yours in that area. Speaking to an estate agent will give you a good idea of the highest value a property like yours could sell for, though this doesn’t mean it will sell for that.

As soon as your property listing goes live on the open market, your goal is to attract as many potential buyers as you can, likely as quick as you can. If not many people are interested, it may be that your asking price is too high for people.

Quick sales are needed if you’ve already found a property yourself, that you perhaps want to purchase and call home, but are waiting on your current property to sell before you can make an offer. This is why asking for a ‘fair’ price is a great way to start your journey of moving home in Birmingham.

How does it look from the outside?

As an open and honest mortgage broker in Birmingham, we have been working in the mortgage industry for over 20 years, we often find that the outside of a property is one of the most important parts of selling a property. It’s the viewers first impression, and first impressions do count.

It’s can be as simple as jet-washing a driveway or cutting your front lawn. It will show that you really care about your home and want people to see it in the best light from the get go. It may also get them excited to see the inside, if the outside looks that good!

You never get a second chance to make that first impression, so you should make sure the outside looks as spotless and clean as you can, to give them a good sign of things to come.

How does it look from the inside?

You will also want to be making sure that the inside matches the expectations made from the outside too. This means tidying up and making it so that the inside feels comfortable, warm and welcome to the viewer. You’ll want to remove any clutter from the hallway and from outside the front door.

When the viewer walks in, you want their perception to be that you have really looked after the place. Buying a new doormat, replacing any broken doorbells, all of the little things. This will all work in your favour and give a good vibe to the viewer.

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 have everything inside neatly stacked and free of clutter.

If you are a smoker, sometimes you can become accustomed to lingering smells, so it would be worth going around to open all the windows, just to make sure the house is nice and aired out before a potential buyer shows up.

Make sure that you keep every room nice and well-lit, 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 viewings start, to make sure they all work properly.

Let Them Feel at Home

You want potential buyers to feel as relaxed as they possibly can. Sometimes leaving out any family pictures or paintings you have as decorations in the house, can showcase the warmth of family, allowing them to see future potential.

You should also let them venture out and have a look by themselves, don’t be crowding them too much, as they will likely want the space, especially if they are a couple, to discuss it all amongst themselves.

Make it Spotless

Once again, it is important to ensure that the kitchen and bathroom are completely spotless. If you don’t use something daily, you should put it away, so that the rooms don’t look cluttered. Make sure towels are neatly stacked away, not on hooks or on 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, with clean bedding on the beds, all these little things can make a huge impact in the long run.

Make Space

Some people don’t realise that sometimes having empty space is a good thing! This is because it allows your potential buyer to personalise their possible future home. For example, an empty wall in a bedroom could allow them to visualise what they plan to do with it.

Make sure everything is tidied away and anything that isn’t needed, is thrown away. This can save you a job for when you move!

The Garden

Having a garden can be the deciding factor for many property viewers. You need to make sure that there is no rubbish left outside, that it’s all clean and presentable.

Quite often, people will love to see colourful gardens, so even planting some new 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. 

Be Yourself

First impressions always count, remember to be welcoming, honest and most importantly, be yourself. A single view is just one set of potential buyers at the end of the day, you will no doubt have plenty more if an offer isn’t made first time.

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 happy of a home it has been for you, as this is sure to rub off on the viewers if they are thinking of raising a family also. 

What is a Tracker Mortgage?

Tracker Mortgage Advice in Birmingham

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.

What is a tracker Mortgage? | MoneymanTV

What is a Tracker Mortgage?

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.

Will a Tracker Mortgage benefit me and my situation?

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.

Tracker Mortgages Historically

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.

Different Types of Mortgages in Birmingham

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.

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