Open & Honest Mortgage Advice in Wolverhampton

If you are taking on the mortgage process for the first time, as a first time buyer in Wolverhampton, you may be unsure of which steps you need to take.

You will be going through what is undoubtedly one of, if not the largest financial commitment you will ever make, which when you realise this, can understandably be quite an intimidating thought.

As trusted and experienced mortgage advisors in Wolverhampton, it is our job to ensure you are able to find your place on the property ladder, giving you mortgage advice on all the appropriate steps you need to take, on your way to becoming a first time homeowner in Wolverhampton.

For a lot of the customers that we speak to, especially those who are first time buyers in Wolverhampton, a big reason for the anxiety of getting a home, is being unsure of the amount that they are able to borrow and what the monthly mortgage payments could be.

As a dedicated mortgage broker in Wolverhampton, we will be able to give you a general estimate as to what each of these could be, which will hopefully provide you with a much clearer picture and answer some of your mortgage questions and concerns.

Generally, once you have found a property you would like to purchase and call home, the next step is to look at getting an agreement in principle.

This may also be known as a decision in principle, DIP or AIP. Regardless of the name you hear it under, it will do the same thing every time.

Having an agreement in principle to your name will mean that you have passed the initial credit checks that a mortgage lender has done on you and that they are, in principle, agreeing to lend you the funds for to purchase a property, with a mortgage.

Having this to hand will show the seller of the property that you are looking to buy, that you are in fact in a very good position to move forward if they are happy to accept your offer.

This puts you miles ahead of possible other home buyers who are not in this same position, giving you the opportunity to even negotiate on property price.

As a mortgage broker in Wolverhampton, we are typically able to get this turned around within 24 hours of your initial mortgage appointment.

From the first time you get in touch with us, all the way through until you achieve mortgage completion and beyond, your mortgage broker in Wolverhampton has got your back.

If you are looking to speak with a mortgage broker in Wolverhampton and already live in or near the area by the time you head towards the end of your initial mortgage deal, you may be considering your options for moving home in Wolverhampton.

There are many different reasons as to why you may consider your options for moving home in Wolverhampton, over just taking out a remortgage on your current home.

It could be that you are moving home to create more space for yourself or perhaps for family plans. Maybe you are looking to create better living costs for yourself or even just looking for a change of scenery. As a trusted and experienced mortgage broker in Wolverhampton, we know that home moving process can prove to be a little stressful.

You will have the stress of trying to find a buyer, packing up all of your belongings and arranging everything else on your new home purchase. The last thing you want is to be dealing with the stress of a mortgage as well. That is where a mortgage broker in Wolverhampton can help!

We work hard to take the weight off your shoulders and help you get through the mortgage process stress-free, whilst you work on the home move.

If you’re looking to make a purchase for a buy to let property, whether you’re a new landlord looking to make a splash on the scene or an existing buy to let landlord, we may be able to help!

Our mortgage team always look to give the same high levels of professional mortgage advice in Wolverhampton, to all who get in touch with us, whether new to this or with an existing property portfolio.

As an experienced mortgage broker in Wolverhampton, we have a great deal of experience in working on buy to let mortgages in Wolverhampton, building relationships with landlords and helping them as their portfolios look to grow.

In addition to looking at standard residential buy to let mortgages in Wolverhampton, we also have the ability to help with HMOs (House of Multiple Occupancy) and holiday lets, if this is something you are looking to achieve.

HMO mortgages are typically taken out on properties with 5 or more occupants, typically seen with things like student accommodation.

These types of buy to let mortgages in Wolverhampton are not always readily available, as not all mortgage lenders will offer them, though we still have plenty on our panel who are willing to lend for a HMO mortgage in Wolverhampton.

For existing landlords looking to grow their property, there may also be the option to take out a remortgage in Wolverhampton on one of your properties.

This can be done to potentially release some equity from within your property, as a means of putting down a deposit on an additional purchase.

The Financial Conduct Authority does not regulate some types of buy to let or commercial mortgages.

For those who are already existing homeowners, you’ll eventually find yourself heading towards the end of your mortgage deal, considering your options for what to do next.

From this point, you may wish to enquire with a mortgage broker in Wolverhampton for remortgage advice in Wolverhampton, so that you can take out a remortgage on your home.

A remortgage in Wolverhampton is where you will switch from your current mortgage with your current mortgage lender, to a new mortgage with a new mortgage lender.

This is typically done to obtain a better mortgage deal or with a view to release equity from within your home.

Many people will look to take out a remortgage in Wolverhampton once their initial mortgage deal, often a fixed-mortgage period of 2-5 years, is coming to an end.

This is to prevent mortgage payment increases by lapsing on to the mortgage lenders standard variable rate of interest, which is usually much higher.

At Birminghammoneyman, we always make sure that we put our existing customers first and give them a complete guidance and support system, allowing them to make a well-informed decision regarding their mortgage.

Further to this point, we will also make sure that we give you an early reminder, around 6 months before your fixed-period is due to come to an end, so that you have plenty of time to take a look at your mortgage options and so you can make the appropriate arrangements.

We believe in a full, transparent service here at Birminghammoneyman, so if we, as an expert mortgage broker in Wolverhampton, feel like it benefits you more to stay with your current mortgage lender and perhaps take out a product transfer (new mortgage deal, same mortgage lender), we will let you know!

As a mortgage applicant who is self employed in Wolverhampton, you may find that the most challenging part of your mortgage process (more so than is would be for a regular employed applicant) is being able to evidence your income.

This is because a mortgage lender needs to know that your income is both sufficient and consistent enough, before they will consider lending to you.

Whilst it can be a challenge sometimes, it is far from impossible to get a self employed mortgage in Wolverhampton!

Our open & honest team of mortgage advisors in Wolverhampton have an in-depth knowledge of self employed mortgage criteria for the different mortgage lenders we have on panel.

Over our time in the world of mortgages, we have worked with all kinds of self employed mortgage applicants, helping them to find the most suitable mortgage deals for their personal circumstances, from 1000s of different mortgage deals.

Your dedicated mortgage broker in Wolverhampton will take the time to run through your case alongside you, advising on the best steps for you to take so that you can tackle the mortgage process with confidence and a higher chance of achieving mortgage success.

Homeowners who happen to be over the age of 55 and meet the right criteria, such as for property value, could find it worthwhile looking at their options for a equity release in Wolverhampton.

Equity release in Wolverhampton is typically taken out either as a home reversion plan or more commonly, as a lifetime mortgage in Wolverhampton.

Beyond this, for customers over the age of 50, you may find that there are other potential mortgage options for you, as you head towards later life.

These can include options such as retirement interest only (rio) mortgages, term interest only (tio) mortgages, hybrid mortgages, as well as standard mortgages and remortgages in Wolverhampton.

Mortgages for over 50s and especially equity release in Wolverhampton, tends to be a very specialist area and it is key that you get in touch with a qualified and professional mortgage broker in Wolverhampton, to understand your options.

We will always look to see if an alternative is more suitable for you first, before we look at equity release in Wolverhampton. To understand the features and risks, ask for a personalised illustration. Equity Release may come in the form of a lifetime mortgage or home reversion plan.

A lifetime mortgage may impact the value of your estate and it could affect your entitlement to current and future means tested benefits. The loan plus accrued interest will repayable upon death or moving into long term care.

A home reversion plan involves selling all or part of your home to a plan provider in exchange for a tax-free lump sum.

Life insurance in Wolverhampton is something that will pay out when you die.

It is important that homeowners especially, think about their finances and what would happen after they are gone.

A mortgage is no small commitment, it is a large financial outgoing and your family could find themselves struggling to continue with these payments, without a financial support system in place.

There are lots of types of life insurance in Wolverhampton you can look at, with varying terms and conditions.

Having life insurance in Wolverhampton of your own, allows you to worry less, knowing your family are future-proofed against potential financial burdens.

Critical Illness Cover in Wolverhampton is a lump sum payout that will be of benefit to you financially, even when you are able to return to work, if you were to have suffered a serious health event such as a heart attack, stroke or even cancer.

The major downside to this type of cover, is that not every illness will automatically be listed under this type of cover, it entirely depends on the policy that you take out.

Despite this pitfall, it can still prove to be a brilliant way of helping to protect yourself and your family from future financial uncertainty.

Whilst you are able to use your payout for anything you see fit, we often find that many homeowners will use the payout to help them cover monthly mortgage payments, in the absence of any regular income whilst they are out of work.

Income Protection Insurance in Wolverhampton will work in a similar way to Critical Illness Cover in Wolverhampton, though there will be some notable differences between the two.

Whilst there are no limits to what is covered, you are only able to receive a payout if you find you are unable to continue working.

Additionally, instead of a lump sum payout, it typically pays out as a monthly sum, to cover your monthly finances.

Having this type of insurance can be costly, though it can be incredibly beneficial.

Speak to an expert insurance advisor in Wolverhampton to learn more about this and other types of insurance that could be helpful.