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Do I Have To Use My Estate Agent’s In-House Mortgage Advisor in Coventry?

Whether you are a first time buyer in Coventry who are viewing properties on the market you may have come across estate agents who are keen for you to use their in-branch mortgage advisors in Coventry and recommended conveyancers. We tend to receive a lot of feedback as to what sales tactics can be used. Examples of this are:

Stories about in-house Mortgage Advisors in Coventry

We’ve heard of cases where the agent has tried to insinuate that you could lose the property if you go with someone else. That is not the case. Some estate agents might even state that the seller would prefer you to arrange an in-house mortgage, but this is unlikely to be true either. The seller only cares that you are in a financial position to proceed.

Why do they push their in-house Mortgage Advisor?

Obviously, the estate agents earn extra commission from you when you use their additional services. So, there is an incentive for them to try and persuade you. If you don’t like being sold to, here are some of the tactics to look out for:

There are several other ways you can arrange a mortgage without using the in-house mortgage advisor at your estate agent. In this article, we will try and help you decide who to use for your mortgage and how to make sure you are receiving value for money.

Do it Yourself Online

Some people are confident using price comparison websites to get an idea of the rates available. And this is totally understandable from a cost-saving point-of-view. However, please remember that it’s important to take advice at some point in the process. This is because buying a house is a very big deal, especially as a first time buyer in Coventry, and it’s important you get it right.

Here are some things to look out for if you want to have a go at applying online:

Go to Your Own Bank

You could arrange a mortgage directly with your bank. Lots of people used to do this but not so much anymore. People’s trust in the advice they receive from banks is much less than it used to be.

What do you need to be aware of?

Find Your own Mortgage Broker in Coventry

Some buyers are reluctant to hand over their financial details to an Estate Agent. They are worried that the vendor might find out what financial position they are in.

If you use a Mortgage Broker in Coventry not connected to the estate agent, you can seek an agreement in principle. You can then provide this document to the estate agent to prove you are in a position to proceed. The agent will then most likely ask that you evidence your deposit too, along with ID.

A good Mortgage Broker in Coventry will guide you through the full process of buying a home and give you open and honest advice. Here at Coventrymoneyman, we can access 1000s of deals from across the market and aren’t tied to any particular lenders. Therefore, we can get the best deal most suited to you and your personal circumstances.

If you decide to find your own Mortgage Broker in Coventry, make sure to take up any offer of a free mortgage consultation. Taking the time to find an advisor you like and trust can have immeasurable benefits in the long run.

Shared Ownership – What is it? How does it work?

The Shared Ownership scheme was introduced following the credit crunch in 2012, the scheme gives first time buyers and home movers the chance to buy a share of a property and then rent the remaining part of it.

Shared Ownership Mortgage Advice in Coventry

What is shared ownership?

Shared Ownership will let you take out a mortgage/purchase a share of a property. This is a percentage-based share; usually, you will have to own a share of at least 25%-75%. However, in recent times, some properties are letting you have a share as low as 10%.

You will also have to pay rent back on the remaining share of the property. Your mortgage bills should be lower as you’ve taken out a mortgage on a lower share, so you should be able to compensate for the rent payments.

Furthermore, since you’re taking out a lower share in the property, your initial mortgage deposit should be lower. Maybe partial homeownership is the route that will help you get onto the property ladder.

How does the scheme work?

Although it can differ based on your credit history, since it’s likely that you’re only purchasing between 10%-75% of the property, the minimum deposit required should be lower.

Here’s an example of how Shared Ownership would work. If you take out a 50% share of a property that’s valued at £250,000, you’ll only need to borrow £125,000 for your mortgage. In addition to this, say that you’re required to put down a 5% deposit, you’ll only have to supply £6,250 rather than the whole £12,500 if you were to take out a 100% mortgage on the same property.

Once your Shared Ownership papers have gone through and you’ve put down your deposit, just like any other mortgage type, you’ll start paying back your mortgage each month. You’ll also be paying rent to the housing association that is linked to the property.

In theory, your combined mortgage and rent payments shouldn’t be as much as if you were to have taken out a 100% mortgage. Your mortgage advisor in Coventry can go through the costs with you.

Costs and Fees

With any type of mortgage, you’ll be faced with a few different costs and fees; the same costs should apply to Shared Ownership.

You’ll have to consider obvious set-up/mortgage arrangement fees and possibly booking fees. There may also be a stamp duty charge on your property, it depends on the property price and how much you’re buying it for. You can speak to your mortgage advisor in Coventry about stamp duty to find out which threshold your property is in. Don’t forget about solicitor and legal fees too.

Costs may vary depending on the property that you’re buying. Deposit size, monthly payments, arrangement fees will differ from property to property.

How can I Apply?

You’ll have to match the Shared Ownership criteria before you can move forward with your application:

Although this may seem like a long list of requirements, you must remember that most of the other home buying schemes are the same or have an even longer list! At the end of the day, the scheme was made for a specific target audience, so if you don’t match it, it probably isn’t for you.

Speak to a Shared Ownership Mortgage Advisor in Coventry

Our team has been working as a mortgage broker in Coventry for over 20 years now. Along the way, we have helped many applicants secure Shared Ownership mortgage products – it’s one of our many specialities.

Shared Ownership fits within the government-led ‘Own Your Home‘ project. There are many different schemes available through this project; you can find out more information here. We offer a free Shared Ownership mortgage appointment to every customer. Book online today and speak with a mortgage advisor in Coventry at a time that suits you.

Should I buy a Property Outright or Take out a Mortgage?

Once you decide that you are ready to move and buy a new home, there are two different routes you can take. You can pay the house off upfront or take out a mortgage on the property and pay the rest off over a fixed term.

Both options will come with high costs, however, obviously buying a house with cash is the most expensive option. Paying with cash will mean that you pay the exact price of the property, whereas, if you take out a mortgage, you’ll be paying off the property over a long period of time.

Why should I buy with cash if I can?

If you can afford it, buying with cash is an excellent investment. Whether you’re planning to live inside the property yourself or you want to use it as a buy to let in Coventry, buying with cash can sometimes speed up your moving home process and potentially put you in front of others who are want to take out a mortgage.


If you’re approaching a property with a cash offer, it’s likely that you’ll have an advantage over applicants who are planning to take out a mortgage. One of the reasons why this is the case is due to reliability.

When a seller looking for a quick sale, they will usually choose a cash buyer over anyone. Having a cash offer often eliminates the chance of getting trapped in a property chain. A property chain occurs when a property is being sold to a buyer, however, they can’t move in yet as they’re still trying to sell their current home and sort out their mortgage. This process can repeat, resulting in homeowner after homeowner struggling to move out as they’re waiting for their buyer to move out.

Not being caught up in a property chain shows your reliability, you can progress straight through the affordability part of the process. As a mortgage broker in Coventry, we would still advise having a property survey carried out on your property. You won’t need a mortgage valuation though.

Easy and Fast Process

A quick and easy process of moving home in Coventry is what everyone wants. Making a cash offer often means that you’ll get through the process a lot quicker than had you taken out a mortgage.

You will not need a mortgage if you are paying via cash. However, as a mortgage broker in Coventry, we can safely say that on some occasions the mortgage process can be just as quick as paying by cash. It’s our job to provide a fast and friendly service in Coventry.

You Don’t owe Anthing

When you take out a mortgage, you’re essentially taking out a loan. You’re tieing yourself into a deal with 25+ years of potential mortgage payments. When you choose to purchase through cash, you won’t be making this commitment.

Also, you will not receive any interest. If you don’t have fixed mortgage payments, it’s likely that they’re going to increase slightly over time due to the internet on your mortgage. If you’re a cash buyer, this can never happen as you’ve already paid it all off.

Why should I get a mortgage and save my cash?

If you don’t have the funds available to pay by cash, you’ll have to take the mortgage route.

Cheaper in the Short Term

If you would rather save your life savings than use it on an upfront property purchase, you could save money short term by taking out a mortgage instead. Depending on your credit score/file, getting a mortgage will usually require a minimum of a 5% deposit (5% of the property’s value).

Getting a mortgage will let you pay off your home in monthly instalments. Paying monthly will allow you to pay back a small amount at a time rather than the whole chunk at once.

Something Wrong with House

If a property listing reads “cash buyers only”, we’d advise that you take caution with the property. This won’t affect you if you’re taking out a mortgage, you’re probably dodging a bullet anyway!

It’s likely that the property has been listed as this as it needs lots of repairs doing on it. Lenders won’t want to lend you money for a mortgage on a property that is in very bad condition.

Despite the fact that it’s not required, we always advise that you get a property survey carried out on any property, no matter which type of buyer you are.

A Mortgage Advisor in Coventry by Your Side

Going into a cash purchase without help from an advisor may put you at a slight disadvantage to someone who has one by their side. Our mortgage advisors in Coventry will make the process as simple and as easy-going as possible.

It’s our job, as a mortgage broker in Coventry, to deliver you with fast and friendly mortgage advice service. Contact our mortgage team and we can assist you through the whole moving home process in Coventry.

Did you know that we can also help you make an offer on a property, arrange an AIP within 24-hours and perform a free affordability assessment on you? Get in touch today for a free consultation in Coventry.

Fixed-Rate Mortgages in Coventry

Fixed-rate Mortgage Advice in Coventry

What is a fixed-rate mortgage?

Typically, you’ll find that the highest interest rates come with long-term fixed-rate mortgages. This is why it sometimes may be best to fix your mortgage in short term.

Even though a short term fix could potentially save you money further down the line, you’ll have to frequently review and renew your mortgage because of it. When you’re remortgaging in Coventry, depending on how the economy is and what deals are available on the market, you may be able to access a good rate during every point of remortgaging.

At the point of remortgage, you may end up finding a better deal than your previous, or you could end up being on one that’s a little more expensive, you’ll never know until you start looking!
What is a Fixed-Rate Mortgage | MoneymanTV

Medium & Long Term Fixed Mortgages

If you’re looking to fix your rate for longer than 2 years, you may be better at looking for products with a fixed term between 3 and 5 years.

As a mortgage broker in Coventry, we’ve found that the most popular fixed-rate products are in 5-year terms. These deals are neither too short nor too long. A 5-year term will also add the security of constant monthly payments for the foreseeable future.

There’s really only one negative to fixing into a 5-year term. Overall, your payments may work out more expensive than if you had taken out a 2-year product and then a 3-year product, but not by much.

If you wanted to take out a fixed-rate mortgage for even longer, for example, a 7 to 10-year fixed-rate product, you may need to try and approach specialist lenders as there are a limited number of these deals on the market. By choice, these deals aren’t the most popular of choices amongst home buyers and owners. This is down to the length of the term. Also, you won’t get much flexibility whilst being fixed into a mortgage with a long term; they may also come with expensive setup fees and rates.

Fees to Consider

You also need also consider the additional fees that come with remortgaging. Be aware of costs such as booking and arrangement fees. Usually, a booking fee will be charged upfront, whereas an arrangement fee will be charged upon completion. You may get the option to incorporate these fees into your mortgage payments, this will not only increase your payments each month but also increase the total amount paid for the fees as their costs will increase due to the interest.

Did you know that if you have the funds in place to so do, you can pay off some of your mortgage early? If you want to remortgage now rather than waiting till the end of your term, you can pay off your fixed-term total and remortgage early.

However, if you choose to do this, it’s likely that you’ll be charged with an ERC (early repayment charge). This is because you are tied into a deal for a set period of time, so paying it off early and remortgaging will cost you. You should continue if you are okay with paying the ERC.

Your ERC total is taken from a percentage of the amount that you still owe on your mortgage, not your term. For example, if you have £200,000 left on your mortgage, you may get something like a 2% ERC which is £4,000. If a current deal is available on the market that is better than your current one, it may be more beneficial for you to take the ERC and remortgage early as the product may go.

Remortgage Advice in Coventry

As a mortgage broker in Coventry, we always advise not to chase ‘headline’ deals. You should know that more often than not, the deals with the lowest rates come with the highest arrangement and setup fees.

For further fixed-rate and remortgage advice in Coventry, please get in touch today. We have helped 1000s of customers secure competitive fixed-rate products in the past, and we want you to be next!

Divorce & Separation Mortgage Advice in Coventry

Specialist Mortgage Advice in Coventry
Divorce & Separation Mortgage Advice in Coventry | MoneymanTV

No one wants a divorce, but these things happen, for better or for worse. Divorces and separations are devastating and can easily spiral out of control when legal and financial matters get involved. As these things aren’t planned, there’s a lot of things to resolve before you go your separate ways and a lot of things that could go wrong along the way. In order to keep the divorce or separation as smooth as possible, it’s always best to know what lies ahead so you can prepare accordingly.

Here at your specialist mortgage broker in Coventry, we know just the kind of mortgage issues you face during a separation or divorce. This is why we have compiled this list of the most common questions that we get from customers going through a divorce or separation and just how to deal with them. Rest assured, you’re not the only one going through these problems so we have extensive knowledge on the situation and know just how to help.

  1. How can I remove my ex-husband/wife or partner from my mortgage?
  2. How can I remove my name from my ex-husband’s/wife’s or partner’s mortgage?
  3. Can I have two mortgages?

Removing an Ex-Partner’s Name

Agreeing to buy a home together is a huge financial commitment and is usually intended to be lifelong. This makes getting your name removed from a mortgage a lot harder as a matter of fact; making any changes to your mortgage is always a tedious task regardless of the situation. The only exception is at the end of your mortgage term when changing the agreement is easier.

When there are children involved, the property usually remains with the mother as she needs a place to raise the young ones, however, in some cases, it’s the other way around but either way, it may come down to whoever is “in situ” to take up the responsibility of the mortgage.

Removing an ex-partner’s name from a mortgage requires you to provide solid evidence that you will be able to meet your mortgage payments on your own. Every lender will look at your salary and your disposable income and then work out whether or not it’s realistic that you’ll be able to hold the mortgage payment fort on your own.

The lenders will also take a look at your ex-partner’s affordability and check whether or not they will be able to afford a mortgage on their own after the split. A full affordability assignment is carried out for both you and your ex-partner regardless of whether you have kept up-to-date with your mortgage payments in the past or not.

Keep in mind that since the property was bought jointly with an ex-partner, your lender can pursue either of you in the event of mortgage arrears.

Removing Your Name

Taking your name off the mortgage is quite similar to how you remove your ex-partner’s name. Although, in this situation, you are the one that is trying to vacate the property and move on which can sometimes create some unique difficulties.

Removing your name usually creates difficulties as you will need consent off your ex-partner that you can take your name off the mortgage. There’s also the issue of your lenders having to approve of you taking your name off. They decide this after a full affordability check on your ex-partner to check whether they’ll be able to afford their mortgage payments or not.

If your ex-partner gives consent for you to take off your name from the mortgage and are also capable of making the mortgage payments on their own, you will inevitably have to start looking for a place of your own. When you eventually find a place, your lender will consider your mortgage payments from your old property into consideration. There are a number of lenders that will have strict lending criteria while others may be even stricter. This why getting a suitable lender for yourself can prove to be quite difficult. Luckily, Coventrymoneyman takes your situation into consideration squarely which is why you should approach us when going through a divorce or separation.

Getting Help

In a lot of recorded cases, a third party may come in to offer a helping hand with the mortgage payments. This third party is usually a family member that may decide to help out or in other cases, there may be a new partner that is willing to step in.

This isn’t always the situation as you might want to make all of the mortgage payments by yourself. There’s no problem with this choice, but don’t be ashamed of reaching out and getting specialist mortgage advice in Coventry from an expert! Our Mortgage Advisors in Coventry are experienced in this specialist field. Getting help with your finances or with removing your/ex-partner’s name off a mortgage could take a heap of the stress off your back. We want the best for you at the end of the day.

Can I have two mortgages?

This is another common question and the answer is yes, in fact, you can own multiple mortgages, however, before getting accepted for another mortgage, your lender will have to take a closer look at many different factors. When they are checking your file, they will be able to see that you are still linked to another mortgage (or have been recently).

They will examine just how much you are contributing to these mortgage payments and check whether or not you’ll be able to manage additional mortgage payments on top of them. Lenders also expertly factor in any other credit commitments that you have.

Lenders will also account the risk factor, for example, how likely is it that your home is repossessed because you couldn’t afford your mortgage payments. They won’t take any risks either.

Mortgage Broker in Coventry for Advice on Divorce & Separation

If you’d rather get an affordability check before you directly approach a mortgage lender, you can approach a Mortgage Broker in Coventry like us. We will perform our own credit check and affordability measures to find out whether it’s realistic that you’ll be able to afford another mortgage.

We have mortgage advisors in Coventry that specialise in this field, so don’t hesitate to get in touch with us. We are more than happy to help.

How Much Deposit Are First Time Buyers in Coventry Putting Down?

First Time Buyer Mortgage Advice in Coventry

As a Mortgage Broker in Coventry, we often see that First Time Buyers struggle to get onto the property ladder. Sometimes it’s down to personal circumstances, however, we commonly see that first time applicants don’t actually know how much to put down for their deposit and how much they should save for. If you apply for a mortgage and get turned away due to not having enough deposit, you could potentially damage your credit score.

As a First Time Buyer mortgage applicant, it can be hard to wrap your head around all of the different things that you need to prepare for a mortgage. To give you an insight into some of the costs that come with a mortgage, we have collected some data based on First Time Buyer mortgage applications in Coventry. We chose to cover the average deposit amount, purchase price and loan-to-value percentage (LTV%).

Average Deposit Amount

When looking at the data that we collected, Coventry and Birmingham are very similar. For example, the average deposit for first time buyers in Coventry is £35,200. In Birmingham, the average is £32,200. There is no significant difference between the two average deposits.

This is around a 17% deposit average, which is quite a lot when compared to other areas around the UK. You have to remember though that this is an average and doesn’t represent every single house in Coventry.

More often than not, First Time Buyers receive help from family members or friends through a gifted deposit. So, even if you feel that £35,200 is a big deposit, you may get a part of that through the aid of a gifted deposit. If you are lucky enough to receive a gifted deposit, you now have your portion of your deposit plus whatever you have been gifted.

This can often push the applicant’s deposit above the minimum that the lender wants, boosting your chances of being accepted greatly. In turn, this may then allow the applicant to access a lower-to-value panel where they will be more competitive deals and lower interest rates.

Average Purchase Price

Despite the average deposit amount for First Time Buyers in Coventry being very similar to Birmingham, it isn’t the same for the average purchase. Coventry’s average purchase price for First Time Buyers is £205,720 and Birmingham’s is £181,000, with the county average being £193,000. This shows that it is more expensive to live in Coventry than in Birmingham.

When comparing this to somewhere in the north of England, for example in Yorkshire the average is £157,000. So, according to our data, it’s more expensive to live in the West Midlands over Yorkshire.

Average loan-to-value (LTV)

Once you have your deposit amount and your purchase price, you can work out your loan-to-value percentage. A lower loan-to-value percentage normally comes with more competitive rates.

In Coventry, the average loan-to-value percentage sits at 83%. Birmingham has a slightly better loan-to-value, but then again, they are very close which doesn’t make that much difference.

This infographic below shows you how to work out your loan-to-value percentage:

Are you a first time buyer in Coventry?

Coventry is a big city with a large variety of housing choices available. As a First Time Buyer in Coventry, you should have no problem with finding a property that is right for you. Coventry could be the perfect location for you to start your mortgage journey.

If you are wanting to take that first step onto the property ladder but are wanting some help and guidance, it may be within your best interests to approach a Mortgage Broker in Coventry, like us.

What is a Cashback Mortgage?

Mortgage Advice in Coventry

Many mortgage applicants, particularly first time buyers in Coventry, don’t realise that there are lots of different types of mortgages available. There are both advantages and disadvantages to each mortgage type, however, you will always go for the one that is best suited to your individual circumstances. This is where we come in, as your Mortgage Broker in Coventry we will find the perfect deal for you; we know the ins and outs of mortgages so we will know exactly where to start once you send us your details.

In this article, we are going to look at cashback mortgages and how they work. We will also look at how a cashback mortgage benefits borrowers and how it compares to other mortgage options.

If you would rather watch our video, feel free to watch “What is a Cashback Mortgage?” below. MoneymanTV is our new virtual hub for everything mortgage, so make sure to check our channel on Youtube for weekly mortgage tips and tricks. We also have made a dedicated playlist for videos like this, it’s called “Mortgages Explained”, find it here.
What is a Cashback Mortgage? | moneymanTV

What is a Cashback Mortgage

If you haven’t already guessed it by now, a cashback mortgage works as a normal mortgage, but once you pay off / finish your mortgage term you will get some money back.

The amount that you get is usually based off a percentage of what you have borrowed, this is normally about 1 or 2%. In some cases, a fixed price may be stated in your contract. This amount cannot be increased over time, it will always be that amount.

How will a cashback mortgage benefit me?

Cashback mortgages have pros and con, but again, it really depends on your individual circumstances. Most cashback mortgages come with free property valuations or some sort of fringe benefits on the side. This is good as you could be saving money in areas that you didn’t think you could.

Cashback mortgages will best suit applicants who are looking at borrowing lower end mortgages. The obvious benefit is that you get some money back, which could really benefit you in the long run. As a Mortgage Advisor in Coventry, we would advise that if you get offered a cashback mortgage, you should take it into consideration as taking it up could benefit you more than you realise.

The only negative with cashback mortgages is that they usually come with higher interest rates than other mortgages.

Different Types of Mortgages

The cashback mortgage tends to get shed from the limelight when compared to other mortgages. Despite the fact that this mortgage option is not the most popular, we still get enquiries about them and will always recommend them to an applicant if we think that it will benefit them most. They are still worth considering and are a great back up option if your primary option doesn’t go ahead.

We have been working within the mortgage broker industry for over 20 years now, so we will do our best to recommend you with the most appropriate outcome, based off your personal and financial situation. If your situation is a little more complicated and you are looking for specialist mortgage advice in Coventry, don’t hesitate to call us. We have dealt with almost every mortgage scenario possible, it’s more than likely that we come across a similar or if not the same situation before.

Feel free to get in touch to have a chat with a mortgage advisor in Coventry about your mortgage options.

Getting Prepared For A Mortgage in Coventry

Moving Home Mortgage Advice in Coventry

You are finally ready to take a step further up the property ladder. Whether you are a first time buyer in Coventry who is new to this or a home movers in Coventry with experience, you will still need help in order to start getting prepared for your new mortgage. Here are some tips from your expert Mortgage Broker in Coventry:

Get Mortgage Ready!

Know Where you Stand

As a Mortgage Broker in Coventry, we highly recommend in getting Mortgage Advice as early on in the process as possible. This will allow you to get an idea of how much you can borrow for a mortgage and how much everything is going to cost you

You need to prioritise getting an up-to-date credit report as you need to get an idea of what your credit score looks like. The better your score, the more chances that you have in securing a mortgage. There are many ways that can you improve your credit score and surprisingly, it can sometimes be easier than you would think. In some cases, it is even possible to get a mortgage with a low credit score, this all depends on a lot of different factors and of course your lender.

Taking these two factors into account, having both a Mortgage Advisor in Coventry and an up-to-date credit report could prove extremely beneficial to you and your mortgage application. A Mortgage Advisor in Coventry will sort everything out for you and guide you through the process, what more could you want?

Getting Organised

Here at Coventrymoneyman, we are able to obtain a fully credit-checked agreement in principle on your behalf. A Mortgage Advisor in Coventry will get you prepared for everything before submitting your application. This means that they will ask for some proof of identification. You will need to prove you are who you say you are, along with your living address and how much you earn.

With this in mind, you can start getting all the documents you need ready!

Proof of ID

In terms of proving who you are you’ll need to produce some photo ID such as a driving license or passport.

Proof of Address

In addition to the above, you’ll need to prove where you live. You’ll need to produce a utility bill or original bank statement dated within the last 3 months.

Last 3 Months’ Bank Statements

Lenders will always take more interest in your spending habits than anything else. They need to be 100% sure that you will be able to meet your monthly mortgage payments on top of all of your other outgoings. They will look very carefully at your bank statements and take everything into account.

One thing that lenders don’t like to see is gambling, it’s a factor can catch people out because they don’t realise that it can affect your chances of getting a mortgage. Lenders also don’t like it when you go over your overdraft limit as you are essentially spending more than you originally had and then do it again when the money isn’t even there. This is why we always advise that you manage your money carefully and make sure that your bank statements are going to impress your lender and not put them off.

Proof of Deposit

You will have to prove you have the funds in place for the deposit and also evidence this for anti-money laundering purposes. Try not to move monies around your various accounts too much as it will make evidencing the audit trail more difficult. Lenders really like it when their applicants can evidence that they have been saving for their deposit. It shows that you know how to put money aside every month and not overspend. You’ll also need to account for any large credits into your accounts.

Quite often money for deposits has been gifted by family members. These funds need to be evidenced also and the “donor” will need to sign a letter. This is to confirm that the funds are strictly a gift and not a loan.

Proof of Income

In terms of affordability, the most important thing is to be able to prove your income. If you are employed this tends to be by way of your last 3 months’ payslips and most recent P60. Lenders can take into account regular overtime, commission, shift allowance and bonus.

If you are self employed in Coventry then you’ll need your accountant’s help. Following that, they will get the accompanying tax year overview.

A List of Your Expected Outgoings

Always, always do your research. Getting ahead and making a note of your anticipated outings after you move house puts you in a great position for starting the application process. You can work out an estimate of how much the council tax and utility bills will be. In addition to that, you can work out your regular expenditures, such as food and drink. This will demonstrate how much disposable income you have available to pay your mortgage from.

You need to accommodate lots of time to prepare for your mortgage application. However, sometimes it can be easier and much quicker to approach a Mortgage Broker in Coventry to sort everything out for you. A Mortgage Advisor in Coventry will work out how much everything is going to cost you and guide you through the whole process as well as trying to secure you a competitive mortgage deal!

Getting ahead and planning early will always impress your mortgage lender. Let us an expert Mortgage Broker in Coventry help you out today! Receive a free mortgage consultation and get in touch.

How To Make An Offer On A Property In Coventry?

First Time Buyer Mortgage Advice in Coventry

The Basics

When you are all good to go and ready to make an offer on a property that you want to buy, you have to make sure that the seller or estate agent knows about all of your personal and financial circumstances. This way, you are putting yourself in the best position you can in order to have your offer accepted. They need to know everything so that if anything comes up in the future, you are covered.

Mortgage Agreement in Principle

99% of the times, you will never beat a cash buyer, lenders love the fact that they can get a hold of the money there and then. However, you can have a better chance of competing with them if you have a mortgage agreement in principle in place prior to making your offer. You are potentially putting yourself in front everyone else who is looking at buying that home who doesn’t have one (your competitors!).

This is another benefit in approaching a Mortgage Broker in Coventry, like us. We can turn around a mortgage agreement in principle extremely quickly, it could even be on the same day if your situation is straightforward.

Don’t Give Up!

Buying a property is a negotiation process. If your first offer is rejected then you will be asked whether you want to increase your original offer. So, don’t be afraid to offer less in the first instance than you really are happy to pay as you should get another chance to make another offer.

If your increased offer is also rejected sometimes it just boils down to whether you are willing to pay the asking price, (especially if the property in question has just been placed on the market) or whether you are prepared to walk away and find somewhere else.

A way to get an estimate of what you might have to pay is to look at “sold” prices on Zoopla and Rightmove. Try to find properties that are similar to ones that you are looking at buying. The prices are pulled from the Land Registry so you should be able to rely on it.

If you come across houses that have gone for less than they’re worth, don’t worry as there will be a reason for it. It could’ve been repossessed, sold to a tenant at a discounted price or an inter-family sale.

Speak to a Mortgage Advisor in Coventry Today

If you need any help on making an offer on a property first time buyer in Coventry or just want an expert Mortgage Advisor in Coventry by your side to help you secure that property and get you a great mortgage deal, you should get in touch with Coventrymoneyman.

We are available from 7 days a week, so if you ever have any mortgage questions, you know who to call. Receive a free mortgage consultation today with your expert Mortgage Broker in Coventry. & Coventrymoneyman 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

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