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Understanding mortgage rates is essential for any prospective home buyer in Birmingham.
In this article, we’ll explore what mortgage rates are, how they’re determined, and the differences between fixed-rate mortgages and tracker mortgages, all while focusing on the Birmingham housing market.
Mortgage rates are the interest rates charged on a mortgage loan. These rates determine the cost of borrowing money to purchase a home and can significantly affect your monthly payments and the overall cost of your mortgage.
In Birmingham, mortgage rates fluctuate based on a variety of economic factors. Keeping an eye on these rates can help you make informed decisions about when to apply for a mortgage or refinance your existing loan.
Mortgage rates in Birmingham, like elsewhere, are influenced by several key factors. Understanding these can help you better navigate the housing market and secure a favourable rate.
1. Economic Indicators: Mortgage rates are closely tied to the broader economic environment. Key indicators such as inflation, employment rates, and economic growth impact interest rates.
When the economy is performing well, with high employment and spending, interest rates tend to rise. Conversely, in a sluggish economy, rates may decrease to stimulate borrowing and investment.
2. The Bank of England’s Base Rate: The Bank of England sets the base rate, which is the interest rate at which banks borrow money. This base rate is a significant determinant of mortgage rates in Birmingham.
When the base rate goes up, mortgage rates typically follow suit. The Bank of England adjusts this rate in response to economic conditions, aiming to control inflation and support economic stability.
3. Lender-Specific Factors: Individual lenders in Birmingham also influence mortgage rates based on their lending policies, risk assessments, and operational costs.
Factors such as the borrower’s credit score, loan amount, and loan-to-value ratio (LTV) also play crucial roles. A higher credit score and a lower LTV can often result in more favourable mortgage rates.
4. Market Competition: The competitive landscape among mortgage lenders in Birmingham can also impact rates. Lenders strive to attract customers by offering competitive rates and terms.
As a result, it’s beneficial to shop around and compare offers from multiple lenders to find the best deal.
5. Global Economic Conditions: Events and trends in the global economy can also affect mortgage rates in Birmingham.
For instance, geopolitical tensions, changes in international trade policies, and economic performance in major economies like the US and China can influence interest rates worldwide.
When considering a mortgage in Birmingham, it’s essential to understand the difference between fixed-rate and tracker mortgages, as each has distinct advantages and potential drawbacks.
A fixed-rate mortgage offers stability and predictability. With this type of mortgage, the interest rate remains constant throughout the loan term, ensuring that your monthly payments remain the same.
This can be particularly advantageous in times of economic uncertainty or when interest rates are expected to rise. For many home buyers, particularly first time buyers in Birmingham, a fixed-rate mortgage provides peace of mind, allowing for precise budgeting and financial planning.
Advantages:
Disadvantages:
A tracker mortgage has an interest rate that follows, or “tracks,” the Bank of England’s base rate plus a set percentage.
This means your payments can vary over time, reflecting changes in the base rate. Tracker mortgages can be attractive when rates are low or expected to decrease.
Advantages:
Disadvantages:
As a home buyer in Birmingham, deciding between a fixed-rate and a tracker mortgage depends on your financial situation, risk tolerance, and expectations about future interest rates.
Speaking with a mortgage broker in Birmingham can provide tailored advice to help you make the best decision for your needs.
By staying informed about mortgage rates and understanding the factors that influence them, you can navigate the Birmingham housing market with confidence and secure a mortgage that aligns with your financial goals.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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?
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.
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.
Each with its unique set of benefits. Some of the more popular options include:
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: 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: 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.
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.
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.
Whether you are a first time buyer in Birmingham or are looking to move home in Birmingham, you will not only be finding your dream home but also the perfect location!
The atmosphere and general landscape of a location can play a big part in where you want to live. You may find you thrive better in the hustle and bustle of the city of Birmingham or you like to switch off and live in a more rural, peaceful landscape. Each option both have their own positives and negatives.
Checking what transport links are about is important if you are limited to public transport to get from A to B and if you are looking to live in areas near main roads like motorways. Therefore, take a look at areas where there is plenty of bus or train links if this is important to you or if you are close by to a main road for those who are driving.
If you are looking to start a family or have plans to in the future, finding a property that is within a catchment area of a variety of schools can be helpful towards making a decision. You can find this information through local authority websites which will show how certain schools perform e.g Ofstead reports.
It can be convenient to have amenities within a short distance of where you live. You may have a list of facilities you would like close by, however, one area has some that will benefit you more than others. This is where it’s best to break these into what you need and what you would like. These desired facilities are things like a local park for your children or a gym near home or on the route from work. In some cases, living near a bank can help make financial management easy and convenient.
Being close to your family and friends could be the factor that determines whether a location is perfect for you. Especially if you want to be close to them to help them out or you may need to some help. You may need support with things like childcare which may include them coming around regularly.
What you consider value for money may differ from another person. The main deciding factor you may have could be a property that you get the most out of your money meaning somewhere a little cheaper and better value for money. In some cases, you may need to compromise on some other factors if you are looking for somewhere that is better value for money.
The community in an area could be a factor that determines whether you have a positive or negative experience. One of your desired factors may be living in a small neighbourhood with a strong community spirit. Many communities have a dedicated website or Facebook group that has a lot of local people. On the flip side, you may find community is not a determining factor but you are looking to find somewhere quiet. Either way, it can be a good idea to research the area and speak to the local estate agents.
A new work venture can be one of the most common reasons as to why people move home. Having a short commute to work would be ideal for many people as it can be a lot more cost-effective. When you are job hunting after the move, it can be good to research the area before moving. You can find out if there are any business parks close by or big companies that may have some vacancies.
These days, there is a large range of different types of property on the market for people to choose from. You might be looking for an end terrace with a lovely garden, or a modern, urban apartment. Either way, it can be good to look at different options available and find the one that is fitting for what you are looking for and can live comfortably for a good length of time.
Futher in the process once you’ve had an offer accepted, but sure it’s actually worth what you’ve paid for. Tp establish the true value as well as the overall condition, a property survey in Birmingham will be carried out. We do have a handy guide on what is a property survey and how a member of our team will be more than happy to reccomend the right survey for you.
Your new property may be your forever home which means it can be wise to look into whether there is any proposed investment in the area. If you find there are some proposed investments in the area, you need to think about whether this will you benefit you and the lifestyle you are looking for. You may find these changes could impact your perspective further down the line. For example, you may have found a quiet area that you like but there are plans for more housing development on the next street which could impact the overall environment.
Once you start to reach the end of your fixed mortgage term, if you’re not looking to sell up and find a new property, then it’s time to enquire about starting your Remortgage application!
Working from home has now become a popular option in the workplace. This might have been something that people never thought they would do and have preferred it when it’s been the only option for working. This has resulted in converting their kitchen, living room, or even remortgaging for a home office in Birmingham.
Once you’ve accumulated a large amount of savings for a deposit on your first property and are ready to take that first step on the property ladder. It’s now time to get you prepared for a mortgage in Birmingham!
When buying your first, second, third or even fourth property, it’s essential to conduct your research to ensure that you are buying in an area best suited to your current but also changing personal and financial circumstances.
Buying a house isn’t a quick process. From making that first offer on a property to moving in, the whole process could take up to 6 months. This is why you need to be certain about the property that you buy.
There are going to be lots of factors that you look at before making an offer on a property. Some of these factors could include transport links, nearby schools/colleges, closeness to your workplace or things to do in the area.
Finding the best area to live in Birmingham can be tricky. To help you out, we have compiled a list of the 7 best places to live in Birmingham:
Location:
North Birmingham
Avg. House Price:
£230,000
Erdington is a small suburb situated in north Birmingham. It sits just south of the Royal Town of Sutton Coldfield.
The area caters to all types of buyers and homeowners, making it an ideal choice for many.
The types of houses available in the area range from terraced to detached, offering a diverse range of sizes for different types of applicants.
If you are a first time buyer in Erdington, you may find that a terraced house may be more suited to your situation due to the lower price of these types of properties. However, if you can afford a little more a semi-detached or detached may be better suited.
If you are looking at moving home to a larger property, Erdington could be the perfect area for you. Whether you are looking for a modern new build or a large Victorian-styled property, we are sure that you will find what you are looking for in the area of Erdington.
Landlords looking to invest in a property in Birmingham should also consider Erdington. The suburb offers a variety of rental opportunities and is filled with potential for profitable investments.
When looking at areas to live in Birmingham, you should also consider factors such as local amenities, to get an idea of what it is going to be like to live there. For example, if you are looking to live in a busy, lively area, you want to live somewhere where there are shops, restaurants, communities and even local events.
First of all, Erdington is home to the Fort Shopping Park. This huge shopping park offers locals easy access to high-street shops and retailers. Unlike other similar Birmingham suburbs, having a large, popular shopping park around the corner can make weekly shops much easier.
If you have a family or are planning to start one, Erdington offers a great selection of local schools and colleges. Depending on the age of your children, finding a great school will be no hassle.
Transport links in and out of Erdington come frequently. Whether you usually travel by train, bus or car, getting around the area is easy and accessible to all types of people. For train goers, the main station is located in the centre of Erdington. Most bus routes will also stop by the station too, allowing you to easily use two different methods of transport.
If you prefer to drive yourself, to get to the Birmingham city centre you can take the A38 south and be there within 20 minutes. This provides a quick, direct route for commuting to and from work. Getting onto the motorways is also simple; you can get into the M6 within 15 minutes!
If Erdington sounds like an ideal location for you to start a new chapter of your life, start by looking at recently listed properties in the area.
Once you find a property that you want to make an offer on, feel free to reach out to our team and we can look at finding a mortgage product that fits the property and your unique circumstances.
Moving to Erdington?
Let us help you find a mortgage for your new home that fits your personal and financial circumstances.
Location:
North East Birmingham
Avg. House Price:
£341,000
Situated 11 miles northeast of Birmingham, The Royal Town of Sutton Coldfield is a great location for all types of homebuyers looking to move into outer Birmingham.
The cost of buying in Sutton Coldfield is generally quite affordable. The average house price of a property can change depending on the type of property you are looking to buy.
For example, the average terraced house price last year was £236k, but the overall average (including all property types) was £341k.
This makes Sutton Coldfield a popular location for first time buyers trying to get onto the property ladder. When compared to other areas surrounding Birmingham, this one definitely stands out.
Sutton Coldfield houses all different kinds of homeowners. The area is perfect for couples, families, professionals and even retirees.
There are many reasons why the Sutton Coldfield residents love the area, such as the wide range of amenities, highly-rated schools and colleges, strong transport links and the diverse community.
Transport links are such a huge factor when it comes to choosing the best place to live in Birmingham. Whether this involves the commute to work or getting the children to school, you need to know how easy it is going to be to get in and around the city.
Commuting to the city centre by train will take you approximately 25 minutes, which can sometimes be much quicker than travelling by car. And, there are 5 train stops in Sutton Coldfield, meaning you will always be nearby for a quick journey to the city centre.
Busses frequently run into the city centre too, making it nice and easy to travel in and around the Sutton Coldfield area!
The area of Sutton Coldfield offers locals a mixed bag of amenities, making it a convenient and enjoyable place to live. For shoppers and diners, you will have a variety of restaurants, local markets and cafes to choose from. You will find many options in the town centre.
For active locals, you will benefit from the leisure centres, golf courses, gyms and the beautiful Sutton Park. Sutton Park is one of the largest parks in Europe, offering walking trails, cycling paths, lakes and even fitness classes!
Spanning over 3.75 square miles, Sutton Park provides a vast and varied natural landscape for residents and visitors alike to enjoy. Having this park at your doorstep helps you enjoy the fresh, suburban life.
If you have a family or have plans to start one, you will also be happy to know that Sutton Coldfield homes many highly rated schools and colleges. We are sure that you will find the perfect fit for your young or older children.
Now that we have talked a bit about buying a house and living in Sutton Coldfield, what do you think?
We love the area and we think that it is a great place to live in Birmingham. When compared to other towns, Sutton Coldfield is up there with one of the best places to live in Birmingham.
Moving to Sutton Coldfield?
Let us help you find a mortgage for your new home that fits your personal and financial circumstances.
Location:
Central Birmingham
Avg. House Price:
£193,500
Digbeth is located in the heart of the Birmingham city centre. With lavish apartments to buy or rent, Digbeth is the ideal location if you’re looking for a busy, modern lifestyle.
Digbeth is considered to be the city’s most vibrant neighbourhood, with shops, bars and restaurants on your doorstep.
Being located in the city centre, you will not find terraced, semi-detached or detached housing. The type of properties in Digbeth are mostly apartments or flats.
Apartment and flat living spaces have been designed to be modern and spacious. Most buildings also house gyms, mini cinemas and social spaces. This is just one of the incentives of living in a flat or apartment in Digbeth.
Digbeth has recently been subject to a regeneration project. With more commercial and living spaces being built in the area. There are plans to create up to 2000 more homes for Birmingham residents.
Modern, vibrant and unique are three words we would describe Digbeth.
The bustling city centre life gives locals easy access to a variety of shops, bars, cafes, restaurants and independent music venues. Perfect for socialising and spending time out with friends!
In recent years, there has been an influx of media organisations popping up in the area and commercial spaces being built for new businesses. This has created hundreds of jobs in the area and modernised the whole city centre. If you are looking for a new job or have recently found a new job in the city centre of Birmingham, perhaps moving to Digbeth could be for you!
The area is also home to some famous historic landmarks, such as the Custard Factory, Digbeth High Street and the River Rea. With bright graffiti canvases bringing the streets to life, Digbeth is also a charming place to walk around and explore!
Birmingham Coach Station, which is operated by National Express, is located in Digbeth, meaning that taking that trip out of the city is easy, but also more tempting! Busses also run from this station. You can grab a bus that runs in and around the city right on your doorstep.
In a 20-minute walk from the coach and bus station, head to the West of the city centre and you will find Birmingham New Street Train Station. This is considered one of the busiest train stations in the country, providing travellers with transport links to the rest of the country.
In less than a 15-minute walk from the coach and bus station, in the East of the city centre, you can find Birmingham Moor Street Train Station.
Getting out of the city by car is also simple, just head for the B4100 Eastbound and find yourself on the A45 within 10-15 minutes. However, there may be faster transport options if you are looking at getting around the city.
Being located in the heart of the city centre, there are still plenty of education choices available.
Most primary and secondary schools are located slightly further out on the outskirts of Digbeth, meaning that you will have to rely on transport to get there.
On the other hand, if you have slightly older children, there are a handful of colleges in the Digbeth area. Some of which have been considered to be the best in the city.
Digbeth allows residents to have a busy and modern lifestyle; something that most areas in Birmingham and even other cities do not have.
If you are looking for a new area to live in Birmingham and want to feel part of the city, Digbeth is definitely the place for you.
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Location:
South Birmingham
Avg. House Price:
£254,000
Stirchley is a charming neighbourhood located just a few miles south of the Birmingham city centre. Known for its vibrant community and a mix of modern and traditional housing, Stirchley offers an appealing balance of urban convenience and suburban tranquillity.
Stirchley is known for its independent shops, cafes, and eateries, making it a lively and appealing area to live in Birmingham. It’s an ideal location for families and young couples
Stirchley offers a variety of property types, including terraced houses, semi-detached homes, and modern apartments. This diversity in housing means there is something to suit everyone, whether you’re a first time buyer or looking to upsize.
The area has seen significant investment and development in recent years, with many properties being refurbished to meet modern living standards. This blend of old and new adds to Stirchley’s unique charm and makes it an attractive option for potential homeowners.
Stirchley’s thriving high street is home to numerous independent businesses, including craft breweries and artisanal bakeries. This gives residents plenty of options for socialising and shopping locally. The area is also known for its lively food scene, with a variety of restaurants and cafes offering a range of cuisines.
The Stirchley community hold frequent local events and markets to bring residents together. It’s a place where you can enjoy the benefits of city living while feeling part of a close-knit community.
Stirchley is well-connected to Birmingham city centre via train, bus and ring roads. This makes getting in and out of the city much easier.
Bournville train station, located nearby, provides regular services to Birmingham New Street, making commuting straightforward and convenient.
For those who prefer to drive, the area is easily accessible via the A441. Additionally, numerous bus routes run through Stirchley, offering flexible options for public transport.
Stirchley offers a range of educational opportunities for families. Several well-regarded primary and secondary schools are located within the area, providing quality education options for children of all ages.
For further education, there are a number of colleges and training centres in the surrounding area, ensuring that older students have access to a broad range of academic and vocational courses.
Stirchley is an ideal location for those seeking a vibrant community with a blend of modern amenities and traditional charm.
Its excellent transport links, diverse property options, and strong sense of community make it one of Birmingham’s most appealing neighbourhoods.
If you’re looking for a place to call home in Birmingham, Stirchley is definitely worth considering.
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Location:
South Birmingham
Avg. House Price:
£313,000
Moseley is an attractive, affluent suburb situated just a few miles south of Birmingham city centre. Known for its calm and leafy streets, Moseley is a popular choice for buyers and homeowners seeking a quiet lifestyle.
The housing types in the Moseley area cater to all types of buyers and homeowners. The types of houses available in Moseley range from Victorian terraced houses to spacious detached properties, offering a diverse selection for different types of buyers.
For first time buyers, Victorian terraced houses in Moseley can be an attractive option due to their relatively lower prices compared to larger properties. However, if your budget allows, semi-detached and detached houses in Moseley offer more space and modern amenities, making them suitable for growing families or those seeking more living space.
If you’re looking to move to a larger property, Moseley could be the perfect area for you. Whether you’re interested in a stylish new build or a charming period home, Moseley offers a variety of options to meet your needs.
Landlords looking to invest in property in Birmingham should also consider Moseley. The suburb’s vibrant community and desirable location make it a hotspot for rental opportunities.
When looking at where to live in Birmingham, it’s essential to think about local amenities to understand the lifestyle the area offers.
Moseley is well-known for its bustling high street filled with independent shops, cafes, and restaurants, making it an ideal location for those who live a busy lifestyle.
Moseley also hosts the popular Moseley Farmers’ Market, which is held monthly and offers a variety of local produce and goods. This market adds to the community feel and provides residents with the opportunity to support local businesses.
For families, Moseley offers a great selection of local schools and colleges. Whether you have young children or teenagers, finding a reputable school in Moseley will be straightforward.
Transport links in and out of Moseley are frequent and convenient. Whether you travel by train, bus, or car, getting around the area is easy. The main train station, Moseley Station, provides direct routes to Birmingham city centre. Bus routes are also well-serviced, allowing for flexible public transport options.
If you prefer to drive, Moseley offers easy access to Birmingham city centre via the A435, which takes about 15 minutes. The area is also well-connected to the motorway network, with the M42 and M6 reachable within a short drive, making commuting straightforward.
If Moseley sounds like the ideal location for you to start a new chapter of your life, begin by exploring recently listed properties in the area.
Once you find a property that you want to make an offer on, you’ll be one step closer to enjoying all that Moseley has to offer.
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Location:
South West Birmingham
Avg. House Price:
£317,000
Edgbaston is a suburb situated just southwest of Birmingham city centre.
Known for its leafy streets and grand Victorian homes, Edgbaston is a prime location for all types of buyers looking to live in Birmingham.
As one of Birmingham’s most desirable suburbs, Edgbaston offers a wide range of properties on the market. Buyers will find an array of options, from elegant Victorian terraces to spacious semi-detached and detached houses, with prices reflecting the area’s premium status.
The average property price in Edgbaston is higher than in many other Birmingham suburbs, due to its prestige and the quality of homes available. However, for first time buyers who can afford to invest a bit more, Edgbaston provides excellent value in terms of lifestyle and amenities.
For those looking to move into a larger space or upgrade their home, Edgbaston’s grand houses and contemporary new builds make it an ideal choice. The area is perfect for families seeking more room and a higher standard of living.
Edgbaston is well-connected to Birmingham city centre and other parts of the West Midlands, making it a convenient location for commuters.
The suburb boasts excellent transport links, including regular bus services and nearby train stations such as Five Ways and University, providing easy access to the city and beyond.
For those who prefer to drive, Edgbaston’s proximity to major roads like the A38 and A456 means that travelling around Birmingham and the surrounding areas is straightforward. The suburb’s location just outside the city centre also ensures that residents can enjoy a quieter, more relaxed lifestyle while still being close to urban amenities.
Edgbaston is home to some of Birmingham’s top-rated schools, making it a popular choice for families. The suburb offers a variety of educational institutions, from primary schools to prestigious private schools and colleges, ensuring that children receive a high-quality education close to home.
Edgbaston is a prestigious and desirable area to live in Birmingham. With its excellent schools, convenient transport links, and a variety of property types, it offers something for everyone.
Whether you’re a first time buyer, a family looking for more space, or an investor seeking a profitable opportunity, Edgbaston could be the perfect location for you.
If you’re interested in buying a home in Edgbaston, get in touch with our team. We can arrange a free consultation with our mortgage advisors to discuss your options and guide you through the process.
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Location:
West Birmingham
Avg. House Price:
£229,000
Smethwick is a vibrant, modern town located west of Birmingham city centre.
Known for its rich history and diverse community, Smethwick is a great place for all types of buyers to live in Birmingham.
Being a town and not a suburb, Smethwick will always have a significant amount of properties available on the market. This leaves buyers with a variety of choices when it comes to buying a property in the area.
You will find terraced, semi-detached and detached housing in this Smethwick, with prices overall averaging around £229,000. In comparison to other towns in Birmingham, this is fairly reasonable.
As a mortgage broker, we would recommend this area to first time buyers in Birmingham looking to get onto the property ladder. If you are looking to move into a larger space or start a family, perhaps other areas may be better suited.
This does not mean that the area is not for you if you are looking to move home, some circumstances differ and it may turn out that the area is perfect for your situation!
Landlords considering investing in a buy to let in Birmingham should not overlook Smethwick. Due to the sheer number of properties in the area, there will likely be many investment opportunities that present themselves.
Smethwick sits just under the M5, which can be great for those who commute by car or often travel around the West Midlands area. Depending on where you live in Smethwick, accessing the M5 could take less than 10 minutes.
If you do not travel by car, public transport links are strong throughout Smethwick, meaning that you can still work your way around the area easily. For instance, Smethwick train station runs to surrounding areas and direct to the Birmingham city centre.
Getting the bus is nice and easy too! Providing locals with quick routes in and around the Smethwick area.
The area consists of many high-rated schools. If you have a family and plan on moving to Smethwick, this makes the school run much easier! There are also a few colleges in the center of Smethwick, meaning your older children don’t have to travel far each day.
There is always something going on in Smethwick. The community regularly hosts a variety of events, ensuring there’s always something interesting on the calendar.
Among these are local fairs, which provide a fantastic opportunity for people to come together, enjoy entertainment, and support local businesses.
The area of Smethwick is a great area to live if you are looking at moving home in Birmingham. With low crime rates, affordable house prices, this area could be perfect for you.
If you want to learn more about buying a home in the Smethwick area, make sure to get in touch with our team. We can arrange a free chat with our mortgage advisors and talk through how the process works.
We can even help you make an offer on a property if that is something that you need assistance with.
Moving to Smethwick?
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So, if you are looking at buying your first home or thinking of moving home in Birmingham and are in need of mortgage advice, Birminghammoneyman is here to help!
Whether you are a first time buyer or looking at moving home in Birmingham, get in touch with our team and we can get you in touch with our mortgage advisors in Birmingham. Here at Birminghammoneyman, we strive to provide you with a tailored service and work hard to relieve any stress you may find in the mortgage process.
If you are not looking to buy in any of the places mentioned, we can still help you as a mortgage broker in Solihull, a mortgage broker in Worcester and a mortgage broker in Wolverhampton. Simply get in touch with our team today!
If you are definitely up for taking a further step on the property ladder and moving to one of the following surrounding areas, you will need to think about how to sell your property and fast.
There is always that ‘magic number’ and a seller will always have a minimum asking price for their property, but a big factor that plays in all this is how the property is marketed and presented.
When moving home to Birmingham or a surrounding area, you will have to make sure that all of your information is up-to-date and correct.
You will need to check that all your accounts have the right address and not somewhere you’ve lived previously. We cannot highlight enough the importance of updating your address in Birmingham as this will help with your mortgage application.
Hopefully, you have accumulated a large amount of savings for a deposit on your first property and are ready to take that first step on the property ladder. What you are trying to achieve and how your financial situation looks determines How Much Deposit You Need to put down to purchase a property in Birmingham.
Whether you are First Time Buyer in Birmingham beginning the mortgage journey or you have gone through this before and are looking to at Moving Home in Birmingham, our fast and friendly service could help you. This helpful guide can provide you with the information you need to put yourself in a position where are you mortgage ready and in a serious position to begin your mortgage application.
The first thing you need to do is obtain Mortgage Advice in Birmingham is to obtain an up-to-date credit report. Having this with you can provide an insight of your financial situation which is something your dedicated Mortgage Advisor in Birmingham will need an idea of. Along with this, they will be able to see your overall credit rating which can help them match you to a range of mortgage deals when it comes to taking one out.
Don’t panic if you are unable to obtain an up-to-date credit report in time, your advisor will be able to help with getting one.
Prior to beginning the mortgage journey, it’s important that you Get an Agreement in Principle. It’s a document you will need to make an offer on a property! Having an AIP with you shows the estate agent that a lender will agree to lend you a set amount from them in principle by showing them sufficient evidence of your income, credit history etc.
Be aware that AIPs can expire usually within 30-90 days. In the event that your AIP does expire or you need help obtaining one, our team can sort this out for you normally within 24 hours of your mortgage application. Here at Birminghammoneyman, we have a passionate team who are ready to take your call.
Before starting the mortgage journey, you may have already worked out a rough estimate of your expected outgoing after you move house. As a result, you can get an idea of the amount of disposable income you have to pay your mortgage. You may have expenditures and regular outgoings like credit agreements and bills to your weekly food shop. If you are struggling with balancing out all these financial outgoings, our team will be more than happy to send you our versions of a Budget Planner to help you out.
Having a Mortgage Broker in Birmingham by your side is more than just helping you with the mortgage journey and moving home. We have a team of brilliant Mortgage Advisors in Birmingham who will provide a tailored service that can help you become prepared for the mortgage journey.
When it comes to beginning your mortgage application in Birmingham, it’s key that you have all of our documents prepared.
In order to prove that you are who you say are, you need to provide a form of ID. Usually, this is confirmed with a driving license or a passport. You are not allowed to use the same form of ID twice, therefore, if you use your passport for this proof of ID, you cannot use it for another proof of ID evidence and vice versa.
For applicants who are non-UK nationals working over here on a Visa, you’ll need to provide that too.
As well as this, you will need to prove where you live. In order to show this, you may need to give ID and a utility bill/bank statement. Remember to put your current address on all of your accounts and memberships so they are up to date. By doing this, you are preventing any harm on your application as incorrect or previous addresses linked with your name can cause this.
This is an important document and can massively contribute to determining whether you will qualify for a mortgage or not. This is something you will need to provide and will need to be at least three months’ worth. From a lender’s point of view, they will be able to see your spending behaviour as well as what goes in and out of our account.
Some outgoings lenders do not favour are frequent gambling transactions as well as bad spending habits in general. Regularly being in your overdraft or direct debits have bounced consistently can also put lenders off.
For Anti-Money Laundering purposes, it is key that you are to provide evidence of where your deposit has come from. It would be wise to keep all your savings inside the one account and try not to move them around. This also applies to gifted deposits; leave the money inside of the gifter’s account instead of transferring it into your own.
Building up your savings over time in a savings account is something lenders like to see. You can have assistance with this through a Helpt to Buy and Lifetime ISA. If you are getting a Gifted Deposit in Birmingham, the person gifting you the deposit will have to prove where they have got the funds from too.
Proving your income is a significant part of the process. For applicants who are employed, they will need to provide the last three months’ payslips as well as their P60. Additional earnings like overtime, bonuses, commission and shift allowance are usually taken into consideration too. Applicants that are part time employees will normally need to provide additional evidence of their income. However, it does vary between lenders.
Any applicants looking to take out a Self Employed Mortgage Birmingham will have their income assessed in a slightly different way. They need to provide a minimum of 2/3 years’ accounts and earnings from the revenue. One of our expert Mortgage Advisors in Birmingham can help you with this.
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.
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Birminghammoneyman.com & Birminghammoneyman are trading styles of UK Moneyman Limited, which is authorised and regulated by the Financial Conduct Authority.
UK Moneyman Limited is Registered in England, No. 6789312 | Registered Address: 10 Consort Court, Hull, HU9 1PU.
Authorised and Regulated by the Financial Conduct Authority.
We are entered on the Financial Services Register No. 627742 at www.register.fca.org.uk
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Birminghammoneyman.com & Birminghammoneyman are trading styles of UK Moneyman Limited, which is authorised and regulated by the Financial Conduct Authority.
UK Moneyman Limited is Registered in England, No. 6789312 | Registered Address: 10 Consort Court, Hull, HU9 1PU.
Authorised and Regulated by the Financial Conduct Authority.
We are entered on the Financial Services Register No. 627742 at www.register.fca.org.uk
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