Moving Home Archives - Coventrymoneyman

Do Gambling Transactions Look Bad on My Bank Statements?

Lenders will look out for a variety of things when it comes to assessing your bank statements. They do this in order to see what your spending behaviours are like to determine whether or not you will keep up with your mortgage payments or not. A common question we find crops up when speaking to customers is: “do gambling transactions look bad on my bank statements”.

What Do Lenders Look For On My Bank Statements? | MoneymanTV

Mortgage Questions to Consider

What has it got to do with the lender whether I gamble or not?

You might enjoy putting down an annual bet on the grand national or regularly use internet betting sites, as you can tell, there is nothing illegal about properly licensed gambling. It is known to be a popular hobby or pastime with many bookmakers advertising it on mainstream TV and radio.

If you have seen these adverts, you have probably noticed that they always urge customers to ‘please gamble responsibly’ and this is an important point you should think about when applying for a mortgage. It’s not the lender’s job to dictate your spending habits or moralise the ethical pros and cons of gambling, however, they do have a duty (underscored by mortgage regulation) to lend responsibly.

Think about it this way, if lenders need to prove to the regulators that they are making well-judged lending decisions, it’s fair for them to expect a similar approach when it comes to their personal finances. If you were lending your own money would lend it to the applicant who gambles or the one who doesn’t?

Is it still possible to get a mortgage if I’ve got gambling transactions on my recent bank statements?

As stated previously, it is not illegal to gamble. With this in mind, you will not be declined by a mortgage if you have the odd gambling transaction on your bank statements. The lender will decide whether these transactions are reasonable and responsible. They will look in detail of how frequent these transactions are, the size of the transactions in connection with the person’s income and the impact upon the account balance.

Having infrequent small gambling transactions that make little difference on a regular credit bank balance will not likely be seen as important. On the flip side, placing bets most weeks or being constantly overdrawn, the lender will view your spending behaviours as irresponsible and decline your application.

Is there anything else lenders wouldn’t want to see on my bank statements?

As you know, lenders will look at your bank statements to basically see how you manage your money and to help them determine whether they are confident in you managing payments or not.

Lender are financial institutions that either directly or as part of a wider group, usually sell current accounts, overdraft facilities credit cards and personal loans, therefore, you need to know that these factors all go towards wise financial planning. It’s good for a mortgage applicant to know how these facilities are managed. You might have an overdraft facility and occasionally use it, which is not essentially a bad thing, however, exceeding the overdraft limit regularly which is not so good. If you have excess overdraft fees or returned direct debits, these would be things lenders will look for and will show them that your account is not being managed well.

As well as this, lenders will also look for credit transactions from pay-day loan companies; “undisclosed” loan repayments (i.e. if you said on the application that you have no other loans but there is regular loan payments appearing, this could be an issue). They would also look out for any missed payments and they see how much of a typical month is spent in overdraft – i.e. you might go into credit on payday and for the rest of the month you are overdrawn, you need to wonder how you would manage with a mortgage.

What can I do to improve things?

You can be sensible and plan ahead if you can. Usually, a bank still request up to three months of your most recent bank statements. These documents will show your salary credits and all your regular bill payments. Because of this, it’s best that you avoid any of the situations above, especially if you are looking to apply for a mortgage in the near future. You could avoid gambling for short period and work on presenting your bank account in the best way.

Seeking help and support from Mortgage Broker in Coventry can be helpful because there are some lenders who may ask for fewer bank statements than others or may not request them at all. Despite this, lenders do still have the right to reserve the right to request bank statements in particular circumstances so it’s best that you be as prudent as possible when you are in the midst of any mortgage application. Remember, if you do gamble, please gamble responsibly!

Get in Touch With a Mortgage Broker in Coventry

In the circumstance where you are a First Time Buyer in Coventry who doesn’t have a lot of knowledge about mortgages, it’s you get some specialist advice from an expert Mortgage Advisor in Coventry. Throughout the process, your dedicated advisor will provide a helping hand with your application and work hard in getting you up to date so that lenders will be impressed.

Buying a Property With a Partner or Friend in Coventry?

Buying a Property with Other in Coventry

Beginning the journey of finding a property and obtaining a mortgage can be daunting for many homebuyers, particularly if they are going through the process on their own.

As a Mortgage Broker in Coventry, we have spoken to a number of First Time Buyers in Coventry who have decided to buy a property with a friend or partner if they are able to.

A part of the process will involve the advisor carrying out an affordability assessment in which they will ask you about your financial situation. This will give us an idea of the maximum mortgage amount. In the case where there is two applicants, lenders will factor in both of the applicants’ income. Due to two sources of income being on the mortgage, it can increase your chance of getting a mortgage offer.

In the event that you were to default, your co-borrower could also be responsible for the full mortgage, and vice versa.

Below is a list of helpful tips we advise you consider when moving into a property with a friend or partner.

Should I Buy a House With a Friend or Partner? | MoneymanTV

How many people can jointly own a property?

This all goes down to which lender you are with, however, you will usually be able to co-borrow with up to four people jointly.

As much as having more people involved can work well with getting accepted, it’s best to keep in mind that this does increase your chance of someone pulling out before the term ends. Therefore, you need to be mindful of the people are choosing to buy a property with.

There is the option to increase your mortgage later if you want to, however, all parties need to agree to this. Keeping this in mind, it’s best to plan ahead for your future and your plans for the property.

Joint tenancy or tenancy in common – what’s the difference?

Joint tenancy is an option that is more popular with civil partnerships or married couples. In the eyes of the law, joint tenants are two halves of one whole, one borrower. Therefore, in a tragic event where one half of the party passes away, the property would automatically be given to the other half.

In the circumstance, where you are looking to remortgage or sell the property, both of you would have agreed prior to proceeding with the mortgage.

A ‘Tenancy in Common’ can be an option if you and your co-borrower are friends or family. This means that you both own your part of the property.

You don’t need to split your shares equally either. Therefore, if you find that one of you is on a higher income, for example, one of you will own more of the property than the other.

One benefit of being a ‘Tenant in Common’ is that you can have the freedom to act independently so it’s your choice if you want to sell or give away your share.

Joint mortgage & removing names

What happens if you jointly own a mortgage, but your co-borrower(s) stop meeting the mortgage payments?

A mortgage lender will stress that all borrowers are jointly and severally liable. Due to this, you will be responsible to keep up the payments if one person decides not to pay their part of the mortgage.

How do I remove my ex-husband/wife from my mortgage?

If you are looking to buy a home with your other, you never really expect that you’re going to split up before the term ends. It is a big financial commitment to make, let alone with someone else, and can be a difficult process if you want to make changes.

This can be even more challenging if children are involved because it is likely that one parent will stay with them whilst you are the one who will move out and possibly find your own mortgage. Regardless of whether you are staying or going, both parties will need the help of a Mortgage Advisor in Coventry.

Even if the person has been paying the mortgage with the input of their ex or not, this doesn’t change the fact that it was applied for in a joint name. This means that in the event of arrears, they will still chase both parties.

Prior to removing your ex-partner from a mortgage, the lender will need to be sure that you will be able to maintain mortgage payments by reassessing your income before they proceed.

It can be common for people to apply jointly for the second time with a friend, family member or new partner if they are will struggle to afford a mortgage on their own. In this circumstance, it can be beneficial to obtain Mortgage Advice in Coventry.

How do I remove my name from my ex-partner’s mortgage?

As mentioned, in the circumstance where you may end up divorcing or separating from your partner while on a mortgage, you are both still responsible for the property and its mortgage payments.

Firstly, you would need to get in touch with your lender if you were the one who wanted your name removed from your mortgage. You can’t just make an agreement between the two of you.

In the situation where you are looking to get a mortgage of your own, the lender would take into consideration the property you are currently tied to. Therefore, it’s important to make sure that you are removed from the previous mortgage.

Circumstances like these will require you to look at getting Mortgage Advice in Coventry.

You will find that some lenders will be more generous than other when it comes to how much they will be willing to lend you. This is something your allocated Mortgage Advisor in Coventry will factor this in when recommending the best mortgage lender for you to approach.

First Time Buyer Mortgage Advice in Coventry

The Reasons People Move House

Moving Home Mortgage Advice in Coventry

Moving home can often be quite stressful for homeowners, as well as a process that takes a lot of time and money. It can beg the question of why so many people actually choose to do it?

From having little space to grow in, to wanting new scenery to look at, this article will look at some of the main reasons why some people instead look at moving home in Coventry.

Bigger Living Space

We regularly find that our customers, especially those who are first time buyers in Coventry, will typically choose to live in a smaller property at first. Plans may change down the line though, leaving the homeowner in need of a bigger space to live in.

To give an example of this, you may decide in the future that you want to start a new family, something which may be difficult in your current smaller sized property. This isn’t always the case though, as some just simply want a bigger home to live in.

Although moving home in Coventry is a viable option here, it’s worth noting that some homeowners instead choose to raise capital by remortgaging to fund some necessary home improvements, perhaps an extension on the property, a loft conversion or a home office. 

Remortgaging to fund home improvements is a very popular option these days, especially with growing families and could help to provide the desired extra space, whilst allowing you to keep the home you’ve built over time.

People may also take on these sorts of projects in order to raise the property’s value, just in case they ever decide to sell the property and want to make a nice profit from the sale.

Change of Scenery

Another one that we also regularly hear about in these situations, is that the homeowners had grown tired of the same sights and very much needed a change of scenery, choosing to seek out a possible new location altogether to live in.

This is again quite a common occurrence with a section of borrowers who are maybe first time buyers, as they may have been limited with where they could live due to budget and were stuck with a lower-end property until they could afford something better.

Chances are that these borrowers will have a much higher income than they did when they first applied for a mortgage and now they want to live in a much better area in a potentially bigger property that is more to their liking.

Family & Friends

We also quite often hear from customers that one of the main reasons they were looking to move home, was so that they could be closer to their family and friends, who they maybe previously lived further away from. This is even more common with people who want to start a family.

If both parents are in regular employment, this would mean that they will probably need to enquire about childcare services. Unfortunately, many Private nurseries nowadays cost quite a lot of money, which results in a lot of parents reaching out to family for support.

Speak to a Mortgage Advisor in Coventry

If you are considering the prospect of moving home in Coventry, you will need to make sure that you are aware of all the costs involved with this sort of process.

Book a free mortgage appointment to speak with a mortgage advisor in Coventry. They will sit and work out what your maximum borrowing capacity might be, as well as an estimated cost of your monthly repayments.

If moving home doesn’t sound right and instead you would like to remortgage, get in touch today and book a free review with an expert remortgage advisor in Coventry.

Can I Port My Mortgage to a New Property in Coventry?

When it comes to porting mortgages, you will find that pretty much all high street mortgages are portable. By doing this, you will be able to move it from one property to another without incurring any penalty.

What advantages are there to porting a mortgage?

A porting a mortgage can be helpful if you are looking to move into a new home and are currently involved in a contract with a fixed rate. Furthermore, you potentially avoid any early repayments charges that could have occurred.

Are all mortgages portable?

Generally, most mortgages that are available to customers are portable, however, it doesn’t mean all are. Some specialist lenders will not allow this to happen. To find out if this is an option for you, speak to a mortgage lender who can confirm this for you.

Should I port my mortgage?

As much as this is likely to be an option that is available to many homeowners, some may decide not to. This may be due to the lender not willing to lend them the required additional funds that are needed to move home.

Keep in mind that the additional funds will be at a different rate compared to the rate that your current mortgage deal is on at the time.

It may be helpful to take on those early repayments charges instead of staying where you are, however, this does come down to what your lender offers you.

What is a Sub Account?


When you decide to port your mortgage, a sub-account is created. This is where the additional funds are placed onto a different deal than the one you have on your current mortgage.

Even though you have a single mortgage and a single direct debit in your name, the different interest rates will apply to each.

When it comes to a sub-account, you may find you will be in some difficulty with it in the future. This is because different products will overlap one another over time.

In order to get your accounts aligned once again could result in one of the sub-accounts falling onto the lender’s standard variable rate for a certain amount of time. For further information regarding this, speak to an expert Mortgage Advisor in Coventry.

Whether you’re Moving House in Coventry, looking into getting a buy to let mortgage, or need assistance with your self employed mortgage, book yourself in for a free mortgage appointment to discuss your options with a Mortgage Advisor in Coventry further.

Why Use a Mortgage Broker in Coventry?

Why Use A Mortgage Broker UK? | MoneymanTV

We Aim to Take Your Stress Away

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.

When Should I Get Mortgage Advice in Coventry?

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.

Free From Estate Agents, Banks or Building Societies

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. 

Building Customer Relationships

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. 

What is a mortgage agreement in principle and how can it help with my mortgage?

Agreement in Principle Mortgage Advice in Coventry

What is an Agreement in Principle?

First things first; What is a mortgage agreement in principle?

If you are a first time buyer in Coventry, you may not aware of what a mortgage agreement in principle is. A mortgage agreement in principle (sometimes shortened to AIP or DIP – decision in principle) is a document that demonstrates the lender believes, so far, you are a good candidate for a mortgage and are ready to go.

This shows both the estate agent and the person selling their home, that you are creditworthy as you have passed the lenders initial credit score. It’s important to remember though that this is not a guaranteed mortgage, as going for a full application will require even more in-depth background checks.

However, it is a good idea to get one done at the earliest opportunity for the following reasons:

  1. Negotiating Power
  2. Avoiding Disappointment
  3. Knowing Your Limits

Negotiating Power with a Mortgage Agreement in Principle

When you are at the point where you would like to make an offer on a new home, you’ll find that the majority of estate agents will undertake due diligence and ask you to provide them with proof that you do in fact have the means to proceed with the property purchase.

Your proof will usually come in the form of bank statements, but can also be done using an agreement in principle. This is something that we can provide for you, usually within 24 hours of your initial appointment.

Once you have provided them with all this documentation, the estate agent will generally cease marketing the property and put a “sold” or “sale agreed” board up outside of it.

If you already have a mortgage agreed prior to making an offer on a property, this will definitely appeal to the seller, as this proves you are not making an offer on the fly and have actually put a lot of thought into how you’re going to fund the purchase.

This might persuade a seller to accept an offers you make that could possibly be under their asking price.

Avoid Disappointment with a Mortgage Agreement in Principle

When it comes to purchasing a new or additional home, some customers like to try and run before they can even walk. They charge ahead all guns blazing, making an offer on a property without actually making sure they can proceed in the first place.

If the application then goes ahead and fails, this can result in disappointment that could’ve been avoided. The last thing you want to be doing is having your heart set on a new family home and then feeling down when it doesn’t work out the way you had hoped.

This can all be prevented by getting in touch with us at an earlier stage. Sometimes there are factors that may cause an application to fail, that given time and care with the help of a mortgage broker in Coventry, can be solved over time.

An example of this is, let’s say you have a disputed mobile phone bill that keeps cropping up. This is something that can be sorted with the appropriate action. Some think they’re on the voters roll when they are not. Give it a few weeks and that can be sorted too.

In some cases you might not be able to get a mortgage at all. If that does happen to be the case, it’s better that you are made aware of that now rather than mess people about. One of our dedicated mortgage advisors will be able to tell you what you need to do to improve your credit-worthiness for the future.

Knowing Your Limits with a Mortgage Agreement in Principle

Let’s say in theory, you know that you have got a good credit rating and have never been turned down for credit, you’re registered on the voters’ roll and you’ve always keep up your monthly credit payments. What could possibly go wrong?

Well the truth is, you could approach 10 different lenders these days and get 10 different results from each of them! They all have their own lending criteria and calculate affordability in their own unique ways.

If you are Self Employed in Coventry it can be complicated further, as some lenders may take your net profit, whilst others are known to use your salary and divided. In some cases, you’ll find that lenders may even use your latest year, whilst others prefer an average over 3 years.

Expert Mortgage Advice in Coventry

Being mindful of your borrowing limits is important as this will help you determine what your ideal price range will be. Ou dedicated mortgage advice team will be able to advise you of the maximum mortgage available to you. Also, more importantly, together we’ll work out how much you can afford to pay back on a monthly basis.

How a Mortgage Broker in Coventry can Take Away the Stress of Moving Home

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.

How we can help you through your moving home journey?

Taking care of the ‘stressful’ parts of the process

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.

Fast and friendly process

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.

Happy to answer all questions

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.

Speak when it suits you

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.

Mortgage Advice in Coventry

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.

The Importance of Changing Your Address

Credit Score Mortgage Advice in Coventry

When you apply for a mortgage, you may get asked what your credit score is. A lot of different things can affect your credit score. For example, the fewer addresses you have on your record, the better your credit score. 

Again, fewer addresses on your file can help your mortgage application but don’t go about this in the wrong way.

Applicants, particularly first time buyers in Coventry, keep their previous address on their records. Whether it was accidental or done to try and keep their credit score from lowering, either way, it needs updating.

What information needs correcting?

Things to remember to update could be anything from; bank statements, credit cards and electoral roll information. Some may think that ignoring this information on their file won’t harm their credit score, when in fact, it can cause quite a vast amount of damage.

You could get an unpaid ticket sent through to your old. So unless you notify the post office to make sure all mail gets forwarded, the longer it goes unnoticed, it can lead to a CCJ.

To receive a CCJ on your credit file, you could lose many points on your credit file, which will ruin your credit history and make things more challenging for you to get your mortgage application accepted.

Check before you apply

Before you submit your application, always thoroughly check your application from start to finish. Start with your address; ensure that the address on all of your accounts (credit cards / current accounts) and electoral roll are all registered to your current address.

It primarily applies to applicants currently living in rented accommodation and hasn’t changed their address from their previous property.

Just in case you missed anything, it’s always a great idea to double-check everything when applying for a mortgage. Make sure to keep on top of your address. Having everything up-to-date can make a difference to your mortgage application.

You need to know the exact date when you moved into your rented apartment / new home and when you moved out. Not knowing the day may lead to a cross over and show that you were living in two different addresses at once.

This will lead to not only confusing the lender and may cause damage to your credit file or mortgage application.

Having a mortgage broker in Coventry by your side will be beneficial. That is a great perk of using a mortgage broker in Coventry. They won’t submit your application until it’s the best that it can be! They will make sure that everything is updated correctly to have the best possible chance of being accepted.

Impress the lender

Let the lender know that you have tried your best to get your application accepted. Whether you have evidenced your deposit and shown how you have saved it up or demonstrated that you’d made an effort to keep your address up-to-date, both ways will heavily benefit your application and impress them.

If you have an outdated address linked to one of your accounts, your lender will know that you didn’t check to see if any of your addresses needed updating. Some lenders may think that you haven’t taken things seriously.

Mortgage advice in Coventry

Now that you know the importance of changing your address and what lenders look for on your mortgage application, we hope you check up on your file to ensure that your application looks up to shape. Furthermore, for a second look at your application through a free mortgage consultation in Coventry, get in touch with us.

We have moving home mortgage advisors in Coventry ready to talk to you about your application a7 days a week. We would love to help you secure a great mortgage deal and to get your application looking perfect.

Buying a Property with Cash – Better than 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.

Reliability

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.

5 Top Tips on How to Sell Your House in Coventry

Moving home mortgage advice in Coventry

The general consensus when it comes to Moving Home in Coventry is that a homeowner will need to sell their current home initially. By selling your home, you will release the equity within it ( the amount at which you will sell it for minus your current mortgage balance), then use this amount as a deposit towards your next purchase.

In spite of this, lots of homeowners will not look to sell their property until they have found the new one they would like to buy. As soon as you have found that property, it’s very likely you’ll be selling your home in no time.

It’s all about how you want to market and present your home when it is listed for sale. This can have a significant effect on how quickly your home sells. Below are some key points that can help quicken up the sale process when you are Moving Home in Coventry.

How to sell a house in Coventry: our top tips

1. Attractive Property Prices

Even though many sellers do know that selling your home over the price can become problematic, we do still find people go for the Estate Agents recommendation. They will usually suggest the highest potential sale price.

With websites like Zoopla and Rightmove increasingly at the forefront of the property market, buyers can easily view newly listed properties at attractive prices. Keep in mind that if you have no interest at the start, there’s a high chance that your home has been overvalued.

2. Kerbside Appeal

In terms of your property viewings, it’s best that you have a look around your own home from the perspective of someone who is looking at your home for the first time. Your property needs to have that “kerbside appeal”. This is when the first impression a viewer has on your home, needs to be a positive one.

Little details go a long way so consider freshly jet-washing your drive and cutting any hedges and grass in the front garden. Obviously, these won’t be the main factors that will sell the property, however, it shows a buyer that you have taken great care of your home.

Furthermore, this will help build an attractive approach to your home and will mean the buyer will generally expect the inside to be just as nice. While you are washing the drive and cutting the garden, it’s a good time to have a good tidy up and clean up too. If there is anything left in the front of the property like bikes or toys, make sure you put these away.

3. Tidy up the inside of your home

When you have sorted out the exterior of your home to make it tidy, then you need to begin looking at the inside of your home. Make sure you have a thorough inspection of each room, in particular, your kitchen and bathroom.

Below are some key points to consider:

  • The inside of your cupboards and wardrobes are immaculate and organised.
  • If anyone smokes in the house, it’s good to let some fresh air in by opening the windows.
  • All interior doors look new and fresh by painting them.
  • Brass fixtures should be polished as well as making sure they open and close well.

The overall atmosphere in your home should be welcoming and relaxing for your buyer, therefore, maybe look at arranging for any pets or young children to be out of the house when the viewing happens. This can also minimise any distractions.

If you do have a family and live in a property that is perfect for someone to grow a family, look at adding these touches to your property. Placing family pictures around the home can be a brilliant way for a buyer to build a picture of what it may be like to bring up a family in the home.

Visuals are key throughout property viewing. Build up an appealing aesthetic throughout your home by adding little details like colour-coordinated towels and other bits of home decor. To push this further, remove any clothes or items you don’t use daily to make the rooms look spotless and clean.

4. Making your back garden presentable

It’s very likely that the back garden will be the final place buyers will look, therefore, it’s important you live an excellent lasting impression. It’s likely that the viewer would want to look at the inside of your garage or shed, therefore, don’t just put everything in there, make sure you give it a good tidy.

As mentioned for the front of the garden, it’s good to cut the grass in the back garden and trimming any overgrown hedges to make it look tidy. Something else to keep in mind is looking at weeding along the paths and walkways to make it even neater.

If you have it, maybe look at the current state of your fences. Try and make them tidier by covering any holes and adding a fresh coat of paint.

5. Personal touches

Many viewers like to hear a first-hand experience of what it’s like living in the property they are interested in. With this in mind, it’s best to carry out viewings in person. You can sell it in the most personal way possible and will be likely more passionate about your home.

By doing this, you will be able to provide an honest experience by highlighting any small issues you have found over the years. It’s best to balance out the good and the bad of the home to the buyer so this will definitely help achieve this.

If you are showing the buyer around yourself, it’s important to give them space. Give them time to walk around on their own when appropriate so they can feel comfortable talking amongst themselves about their opinions of the place.

The final point to keep in mind is the emotions attached to buying a home. You may find that your viewers have experienced owning a home before so could be looking at Moving Home in Coventry themselves.

For an emotional touch to their viewing experience, it’s good to mention how living in the home has been an important part of your life whether it’s where you have raised a family or it was your first home. This can impact viewers on the emotional impact the home has had and adds a personal touch to the property overall.

Experienced Mortgage Advisors in Coventry

Coventrymoneyman.com & 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 www.register.fca.org.uk

The information contained within the website is subject to the UK regulatory regime and is therefore primarily targeted at customers in the UK.
Should you have cause to complain and you are not satisfied with our response to your complaint, you may be able to refer it
to the Financial Ombudsman Service, which can be contacted as follows

The Financial Ombudsman Service, Exchange Tower, London, E14 9SR
www.financial-ombudsman.org.uk

© 2022 Coventrymoneyman

Coventrymoneyman – Sherbourne House, Humber Avenue, Coventry, CV1 2AQ

Moneyman Logo







Moneyman Logo




Moneyman Logo

Ask Your Question





    Moneyman Logo

    Moneyman Logo







    Moneyman Logo

    Book your Free Consultation

    7 Days 8am - 10pm

    Moneyman Logo

    Moneyman Logo