We tend to find that the majority of high street mortgages are portable. That said, you will have the capability to move it from one property to another without incurring any penalty.
Portable mortgages are beneficial if you are looking to move into a new home and are currently involved in a contract with a fixed rate. It may lead you to potentially avoid any early repayment charges that could have occurred.
While many mortgages available to customers are indeed portable. It doesn’t apply to all mortgages. For example, some specialist lenders will not allow this to happen. By getting in touch and speaking to your mortgage lender for a quick discussion can give you some confirmation on this.
Even though it will be there as an option more often than not, in many cases, homeowners may choose not to. Possibly the lender isn’t willing to lend them the necessary additional funds needed to move home.
It’s important to know that the additional funds will be at a different rate to the rate that your current mortgage deal is currently on.
Depending on what your lender offers you, it may even be more beneficial to take on those early repayment charges rather than staying where you are.
A sub-account on your mortgage gets created at the point where you decide to port your mortgage, with the additional funds placed onto a different deal than the one you have on your current mortgage.
In any case, although you have a single mortgage and a single direct debit in your name, different interest rates will apply to each.
Further down the line, having sub-accounts can be known to cause a bit of trouble. The reason for this is because different products will eventually overlap one another.
Managing to get them aligned once again could mean that one of the sub-accounts has to fall onto the lender’s standard variable rate for a particular amount of time. For more information, don’t hesitate to contact us to speak with a mortgage advisor in Coventry, and we’ll see how we can help you.
No matter if you’re moving house in Coventry, working with a buy to let mortgage or require help with a self employed mortgage. You can book yourself a free appointment around a time/date that suits you to discuss your options with a mortgage advisor further.
Buying a home can be a stressful experience, which is why home movers and first time buyers in Coventry use a mortgage broker to help make sure their home buying process go as smoothly as possible. It’s comforting for our customers to know they have someone on their side, on hand to answer any enquiries they have.
A mortgage advisor in Coventry will ensure you obtain the cheapest mortgage to suit your needs. We take full responsibility for recommending the most suitable mortgage for you and package your application to the Lender in such a way to give it the best chance of success.
The same applies when you come to remortgage too, we like to know our customers are on the cheapest deal for the entire mortgage term.
If you’re looking at taking out mortgage advice when buying a home, we recommend talking to a mortgage advisor in Coventry. Your committed member of the Moneyman team will be able to help you work out how much your payments will be, as well as how much you may be able to borrow.
That said, different lenders have their own strict lending criteria, so it does help to speak to an expert. If you know what you can afford well in advance of making an application, it may help you avoid any potential future disappointment.
We aim to ensure all customers are informed about their mortgage application progress so you are fully aware of what is going on. If you have any questions, we are available seven days a week, ready to help you out in any way we can.
Mortgage Brokers work for the customer, not the Lender. This is something that is important to remember throughout your process. Our team are firmly in your corner, sometimes having to argue how strong an application may be, in order to ensure it goes through.
Our company process of requesting and checking your proof of income and bank statements ahead of time allows us to try and avoid any hurdles that may arise, hopefully before they can become a factor.
We also can help you choose the right type of survey for your property, as well as instruct a Solicitor on your behalf to carry out the legal aspects of your transaction.
We love to build up customer relationships and assist with future mortgage enquiries, whether as a Buy-to-Let landlord with your portfolio or remortgage when your term ends. This often starts with an affordability assessment and Agreement in Principle prior to even finding a house.
Once your purchase is complete, a member of our team will keep in regular contact, and we will get in touch once more to discuss your remortgage options. We can then compare the market on your behalf as we did before to help you obtain the best remortgage deal available for your circumstances.
Now and again, we receive calls from tenants when the landlord has notified them and is considering selling their properties.
That said, it is much easier for landlords to sell to existing tenants than the open market. Tenants sometimes have the opportunity of deciding whether to accept or reject it before the landlord offers it to others.
The Government has re-evaluated tax reliefs previously afforded to landlords, leading many landlords to pay more tax than before, hence selling their properties. A prevailing situation for landlords.
On the other hand, more severe investors often keep their properties as they view it as a long-term arrangement and a sound investment despite legislative changes.
There are various reasons why a landlord might choose to sell their property to you. These include and are not limited to:
Not only are there advantages to landlords, but there are potential advantages to sitting tenants who are considering buying the property as a first time buyer in Coventry:
Some lenders will allow any discount the landlord offers you as part/all of your deposit if the agreed price is well below the open market value. It may even be possible for a tenant not to have to put down any deposit at all.
We tend to find nowadays that more parents are gifting a deposit than ever before. Realistically, the “Bank of Mum & Dad” is now within the UK’s top 10 biggest lenders.
It’s no surprise how many younger people struggle to save enough for a deposit and lean on their parents or friends to help gift part of the entire housing deposit. Some parents or other family members, such as grandparents, are now gifting amounts upwards of £24,000.
Hundreds have become reliant on a family member every year, hoping to help them onto the property ladder. When speaking to some customers, we found that they felt a sense of personal responsibility.
It’s no surprise why many need that extra support, an increase of property prices, that has gone way over the average wage, leaving many unable to save for the deposit on their first home while coving the expenses of rent and utility bills. That said, it’s become more apparent if there is only one income supporting the household or being a sole applicant.
While renting may seem helpful in the short term, it can harm any chance people have to save for a mortgage deposit in the long run. Some decide to move back in with their parents to help save up the necessary costs for a larger deposit. Surveying 1600 parents who had helped their children out, many went on record as saying they had used their savings to do so.
Another concern is that some said they had withdrawn from their pension schemes or equity to gift a deposit. Essentially, this is them putting forward any inheritance their child would receive.
To read about what could be available to you, read our help to buy service page, or check out our first time buyer in Coventry service page. If you like to arrange to speak with a mortgage advisor in Coventry, please feel free to get in touch with us today.
If you are looking at buying a property in Coventry, choosing to do so is not something you should decide in a day. It requires careful planning and preparation over time.
You’d be surprised at the number of people we deal with regularly, who are more spontaneous in their buying habits and have therefore neglected to prepare for a mortgage.
First time buyers in Coventry have their reasons as to why they decide to jump into such a significant financial commitment, this includes:
By not preparing for a mortgage, you are leaving yourself open to potential issues with your mortgage application. Some of the standard mortgage hurdles we find customers face include:
Saving up your deposit for a mortgage can be a challenge, especially if you are renting at the moment from the council or private landlord.
As you have significant outgoings and essential purchases each month, limiting what you can save in-between.
Have you ever considered seeing if anyone can give you a hand with a gifted deposit? We find that this is a regular occurrence with first time buyers in Coventry, as family members or friends will try and help whenever they can.
That said, most lenders do prefer gifted deposits from family members rather than friends. If a family member or friend is looking to help, it’s best to give them as much notice as possible to get their finances in order! Just remember, a gifted deposit is a gift, not a loan.
Getting an up to date credit report is not an incredibly difficult task. We recommend Check My File, as they can collate the data from different sources into one for you to compare.
Once you have downloaded a copy of your credit report, you can send it to a mortgage advisor in Coventry, who will look at it for you.
They will know precisely what sort of things the lenders will like to see and what they do not want to see.
When lenders look at your bank statements, make sure there are not many unnecessary bank charges or gambling transactions. You will need to provide the lender with a reasonable explanation of what happened on your account and how you plan to resolve this going forward if any issues crop up.
We realise that Accountants try to minimise the tax liability for their customers. That said, there is nothing to stop you from submitting another set of accounts earlier than you might typically do.
Especially if your business has developed in the last 12 months, some lenders consider overlooking previous years’ figures if the latest ones are more beneficial to a lender.
If anything is covered related to you, we may be able to help. Our team of mortgage advisors in Coventry love a challenge, so do feel free to Get in Touch!
They say that homeowners rank moving home as one of the most stressful and daunting experiences to come across. But it doesn’t have to be this way!
Once we’ve assessed your situation, our job is to handle all the legwork of the process. For instance, with advice from a mortgage broker in Coventry, your mortgage journey can be made stress-free. We can utilise our extensive panel of lenders to make sure you come out with the most suitable deal.
Suppose you’re thinking about moving house in Covnetry, taking up property viewings or are ready to make an offer on the house. If you want trustworthy mortgage advice in Coventry, please feel free to get in touch with us. We can help you get your mortgage process started.
You won’t have to shop around. It’s our job to search through mortgage deals on your behalf to find one that matches your financial situation.
We will need some documentation like ID, proof of income etc. These will help back up who you are and if you can afford your mortgage payments.
We can get ready to submit your mortgage application for you. If we find one that matches your personal and financial situation that comes with a competitive rate and you want to continue with it.
Once you’re in contact with our team, we’ll pass your straight onto your dedicated mortgage advisor so that they can arrange your free mortgage consultation and get some information from you.
If you’re a first time buyer in Coventry who already found a property and are ready to put an offer, we can quickly help you find a competitive mortgage product to match your situation, allowing you to continue with your purchase.
We can also arrange an agreement in principle for you within 24-hours of your application. Not only can it help boost your application. But most importantly, it shows you’ll have a clear idea of your budget, and you’re a serious buyer.
Don’t be nervous about asking lots of questions. Your mortgage advisor in Coventry is here to be completely open and honest with you at all times. If you have any questions, your advisor will be sure to answer them and keep you posted on what’s going during every step of the process.
We want you to be able to communicate with us when you feel most comfortable. We’ll be available seven days a week and book you in for an appointment when there’s availability. You’ll be speaking to a mortgage advisor in Coventry in no time.
Our mortgage advice team are here to help you through the whole moving home process – from start to finish, seven days a week.
We offer a free mortgage consultation to new/existing customers, no matter their mortgage situation. Please feel free to get in touch with us. We can help you get your mortgage process started.
Preparing your home for viewers is essential. After all, the more buyers you can draw in, the greater your chances of selling the property reasonably.
If you’re ready to put your property on the market, you may have reason to want to sell it fast—such as a new job that starts soon in a different area. Whatever your intentions for selling, here are five ways that could help sell a house quickly.
There’s always a rough number when choosing what price you would like to put your property on the market. Getting the ideal balance between what you want and what a buyer is willing to pay is what you need to try and achieve.
If you need a second option, you can get your property surveyed. Your estate agent will recommend the highest possible sale price. It’s down to you whether you take their advice or not.
As a mortgage broker in Coventry, we would recommend using sites like Rightmove and Zoopla. Sellers can use these sites to compare houses that are similar to yours or on the same street.
Once you feel what others are charging, you may better understand how much to charge. You’ll know you made the right choice if you’ll start receiving property viewings.
Think about how your house looks from another person perspective can be challenging, but we recommend that you try it. Ask yourself this do you view your place in the same way that everyone else does? What is the first thing potential buyers will see when they walk up to your home?
Before you invite people into your home, the first thing that they will see is the front garden along with the exterior of the property. It may be a good idea to make your front garden presentable and tidy to welcome house viewers into the property—some suggestions to choose to spruce up the garden include replanting or adding flowers alongside to using a pressure washer for cleaning the driveway.
When it comes to selling your home, cleaning the inside is a priority. You need to look after the house and have everything kept in shape in your time living there and ensuring that every room is thoroughly clean.
We also recommend that you remove any obstructions that will get in the way. During a house viewing, the last thing you walk during a house viewing is for your guests to be stepping over clutter left on the floor and squeezing through doorways.
Every guest should feel relaxed and welcomed as soon as they enter your home. You want them to get the feeling that this is the right property for them.
It can be difficult for it not to happen; however, having pets or children around during a house viewing could discourage buyers.
On the other hand, a great way to send out a message that this is a ‘family home’ would be to have children around and pictures up on the wall of your family. Believe it or not, having family pictures up around your home can make the viewer feel welcome and comfortable. This can lead to helping a person view the property as a family home.
Sometimes, it can also be an excellent idea to let your guests view the property themselves. You could let them have a wander around on their own if it’s appropriate. In some cases, we’ve also seen people leave the house or go for a walk so that your guests can have time to explore the place without it being too crowded.
The back garden is usually the last stop of the house viewing. Therefore you want to make it as presentable as you can.
This means replanting flowers, tidying hedges and trees, running the lawnmower over the grass, painting your fences, etc. Anything that makes your garden look relaxing and welcoming could positively boost their overall opinion of your house.
We also advise that you don’t just put clutter and rubbish inside your garage because it’s likely that your house viewers could ask to see inside of it to see what sort of space there is in it. The last thing that they’ll want to see is a garage full of random things that you’ve tried to hide away.
In summary, make your home feel welcoming, make the person viewing the house comfortable and try to think, “what would I think if I were in their shoes?”. A potential buyer may become a guaranteed buyer if they are pleased with your home!
Minor damages and repairs may need to be carried out on the property. However, we do advise that you get this arranged before putting the house on the market. If you’re moving home in Coventry, you’ll know what to look for in a new home, so apply it yours too.
For moving home advice, speak to a moving home mortgage advisor in Coventry today. Get in touch for a free moving home consultation today.