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.
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:
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.
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.
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.
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.
Should you get Mortgage Advice in Coventry? It really depends on your personal & financial situation, however, sometimes it’s always best to get a second opinion from an expert.
As a Mortgage Broker in Coventry, our job is to try and help you save both time and money. Whether this is saving money on your current deal when it’s time to Remortgage in Coventry or finding you a great deal for your new property, most of the time we are able to help. We have over 20 years of experience within the mortgage world, so we know exactly where to look for the best deals.
There are lots of different reasons to why people may want to come to a Mortgage Broker in Coventry like us for mortgage advice. Quite a few of our customers come to us after being declined by their bank and need an expert’s opinion on their mortgage situation. Also, we get a lot of First Time Buyers in Coventry that need help getting the ball rolling.
Remember, no matter your mortgage situation, we are still here to help. Whether you are Moving Home in Coventry, Self Employed and struggling to get a mortgage, remortgaging or even interested in Buy to Lets, we may be able to help! All you need to do is get in touch and claim your free initial mortgage consultation in Coventry. We specialise in lots of different areas, once we know your situation, we will pass you onto a Mortgage Advisor in Coventry, and before you know it, your mortgage journey will be on the move.
Once we have taken some details off you during your free mortgage consultation, you will be passed onto one of our expert Mortgage Advisors in Coventry. They will help you through the process and even help you get an agreement in principle arranged if you need help with that. All you have to do is find a property that you want to make an offer on and then the rest will fall into place.
After you make your offer, we will compare mortgage deals for you. Your Mortgage Advisor in Coventry will look at your personal and financial circumstances and then try and find deals that will benefit you most. Throughout the whole process, we will right by your side to provide our full help and guidance whenever you need it.
As a reliable Mortgage Broker in Coventry, we always aim to provide an excellent level of customer service. Through a fast and friendly service, to being responsive at all times, we always go above and beyond for our customers, no matter their mortgage situation. When someone approaches us for Mortgage Advice in Coventry, we always consider every situation that we are faced with; no one gets turned away.
If you want to see more of our amazing customer reviews, feel free to check out our reviews page. We take pride in our customer service, it’s what keeps us moving forward as a business.
Your Mortgage Broker in Coventry is available 7 days a week! So, don’t ever hesitate to get in touch; our advisors will be waiting by the phone for your call.
Customer service is at the heart of our company, we work solely for you. For a free mortgage consultation, fill out our form on the contact us page or give us a call. We can’t wait to hear from you!
These days, people pay much closer attention to what their credit rating is. Consumer awareness of credit scoring is much higher than it used to be and we can confidently say that at least half of people who contact us for the first time have already looked at their credit report online.
There are many different credit reference agencies out there. The majority of people looking to use these services will have heard of Experian or Equifax, but we recommend potential new clients to use Check My File for a 30-day free trial. After your trial ends, it will be £14.99 a month and can be cancelled at any time. This report “sweeps” several of those reference agencies and brings together the information into an easily understandable colour-coded report.
Often when customers get in touch, we receive questions about if we will be doing a credit search on them. This is because they are aware that too many searches can have negative effect on their credit score. Lenders always run credit checks but we always seek a client’s permission before proceeding with one. There are 2 different types of credit searches that banks can run on a customer: hard credit searches or soft credit searches.
A hard credit search is a detailed analysis of your credit report. Any financial institution carrying out one of these needs to be granted your permission to do so. Because the lender is looking into your situation quite closely with a hard search, if you pass the credit score then it’s fairly likely that your application will also be successful. This of course, is a big advantage.
The only thing that can really go wrong from that point going forward, is if for some reason you cannot provide satisfactory documentation to backup the information you have given them or it turns out you have provided false details.
The part that really stings about a hard search though is that it leaves a “footprint” on your credit file. This means that anyone who looks at your report in the future can see you have had a search carried out. This isn’t a bad thing immediately, but if you have several footprints registered in a short period of time then it could look like you applying for lots of credit at once.
The footprint left behind does not state whether your application was successful or not, though lenders’ systems could wrongly assume you are being declined on a regular basis. In their minds they would think “Why else would you go to lender number 2 unless lender number 1 had said no?”.
Leaving a hard footprint on your record every now and again is no big deal so there’s no need to worry too much about this, just be careful not to have too many within a short space of time.
A soft credit search is a much simpler approach towards analysing your financial situation. Soft searches are usually carried out on price comparison websites to give you an indication of what products might be available to you, or if someone wants to verify your identity.
Some mortgage lenders do soft searches in the first instance, with more lenders switching to this type of search. Whilst the financial institution doing a soft search obtains less information about you than if they had done a hard search, being granted an agreement in principle from one of these lenders is still a strong sign that your full application will be accepted.
The benefit of soft searches is that whilst you will be able to see that someone has carried out a soft search on you if you check your credit file, these searches are not visible to other Financial institutions like banks.
This means that you can apply for an agreement in principle for a mortgage with it being very unlikely that this would damage your credit score, no matter if it’s successful or fails.
If you are looking to make an offer on a property, we always recommend that you have your mortgage agreement in principle in place prior to contacting the estate agent.
You want to give yourselves the best possible chance of securing the property you want at the lowest price so if you can present yourselves as having your finances in place then you are definitely putting yourself in a better position going forward.
Having the agreement in principle also sometimes puts the agent off trying to “cross-sell” their own in-house mortgage services to you.
Specialist Mortgage Advice in Coventry by Coventrymoneyman.
In simple terms, the higher your credit score is, the higher the chance you have of your mortgage application being accepted. But how exactly do you improve your credit score?
It’s worth remembering that no one is guaranteed to be accepted for a mortgage. This is because each lender has developed their own credit scoring system over the years, meaning you need to showcase a variety of different things to different providers. With this in mind, don’t worry too much if you fail with one lender as there are other mortgage lenders who may be more forgiving with their criteria.
It is the job of your dedicated Mortgage Advisor to match you to the right lender. The hope is always to get this done first time, though this can vary between the case and sometimes it requires a little more work than expected. Both you and your Mortgage Advisor in Coventry want the same thing which is for you to end up with the most appropriate and favourable deal for what you’re looking to do.
There are various different credit reference agencies in the UK, including Experian and Equifax. It would be a smart plan for you to check as many of these agencies as possible to get a better idea of your credit score. Also, there could be a chance that one of the agencies may be holding incorrect data. Checking with several agencies will help you identify anything that is wrong and allow them to be rectified.
There are some good practices listed below regarding things you can work on to improve your credit rating.
Having too many credit searches can have an negative effect on your score. This is because it shows lenders that you’re looking to borrow more money from other places, something they’re not fond of seeing.
Be especially careful when using price comparison websites, because they are major culprits of performing discreet credit searches on people. If you know you want to apply for a mortgage soon, it would be smart to avoid applying for any further credit until your mortgage is underway.
Being on the electoral roll adds a lot of points onto your score as it is a sign of stability, something the lender likes to see. Please make sure that your name is spelt correctly and that it’s your current address you are registered at, not a previous address. If you are not registered, doing so online is very easy.
If you max out your limit on a credit card each month, that will reduce your credit score. Using a credit card and paying off the balance in full each month will indicate to a lender that you are good at managing money, which works in your favour. Remember though, that maxing out your limit or even worse, exceeding an agreed card limit, does not look good to a lender at all.
Sometimes your credit score can make it seem like you’re living in two places at once. This happens if you have forgotten to tell one of your credit providers that you have moved to a new house. Make sure that all addresses are spelt correctly. If you have lived in a flat this can be tricky as the flat/apartment number can be formatted in a variety of ways.
Owning too many credit cards can also have a negative affect your score. If there are any cards you don’t use, contact the providers and get the account closed. In the short term, this can be a downside, as the credit scorers can’t tell if you closed the account or the credit provider. It’s one step back for two steps forward however, and this has benefits in the long run.
This is also a good practice as it reduces your chance of falling victim to fraud as you might not be aware that you have lost a card you don’t use often.
If you have a family member or ex-partner connected to you, their credit actions could also have an affect on your credit score, especially if they’re bad at handling their money.
Unfortunately, you won’t be able to get the financial association removed if the account is still live. To remove one of these links you need to make a request with one of the credit reference agencies. It may be worth receiving Specialist Mortgage Advice in Coventry from a Mortgage Broker as removing a family member or an ex-partner could be a difficult task without someone available to help you through it.
Many consumers feel credit scoring is an unfair way for lenders to assess applications. Lenders see it differently than this, as it is much cheaper for them to operate this way and computers give more consistent outcomes. Either way, this is the most common approach within the industry, so utilising these tips should help put you on the path to improving your credit score.
If you’re looking to increase your chances of your mortgage application being accepted the first time, then send an up to date copy of your credit report to your Mortgage Advisor in Coventry in advance. The more your advisor knows about your finances the better it is for you and the easier the process may be. Also, there are still some smaller lenders out there that do not use credit scores, instead opting to do it the old-fashioned, manual way, though they will still have certain rules about the number of defaults and CCJs they will allow.
At the start of the Coronavirus pandemic, the Government gave us the promise that all borrowers would be granted a three-month mortgage payment holiday if deemed necessary. Most lenders followed the Government’s guidelines and did everything in their power to help their borrowers during these hard few months.
We have thought carefully about the likely possibilities for your mortgage over the next few months and are working very closely with all of our lenders to ensure that if any changes occur, we are able to inform you right away and recommend the most ideal option for you to take so that you still feel safe and happy with your mortgage.
We feel like now is a good time to talk about mortgage payment holidays as everyone is asking about them and how they work.
A mortgage payment holiday is simply a period where you don’t have to pay your monthly mortgage payments. This is agreed between you as the borrower and your mortgage lender, bank or building society. In this current situation, it should be about three months.
You will still have to make all of these payments. The interest that you defer over the set period will be added on top of your loan amount whilst your capital balance will not decrease. So both your total mortgage amount and the interest on it will increase.
When you feel that you are ready to continue with your mortgage payments, either your monthly payments are recalculated at a slightly higher level or your mortgage term is extended. Lenders tend to prefer in recalculating your repayment as extending your mortgage term could put you past their standard retirement ages.
Some lenders may allow you to pay off a lump sum later on in the year to let you get back to what you were paying monthly before the mortgage payment holiday. Mortgage payment holidays are accessible for borrowers with both residential and Buy to Let mortgages in Coventry. This really helps out landlords as they have some assistance if rental payments are affected.
Here is what the Government has said after the COVID-19 outbreak:
Before you go directly to your lender, we recommend that you talk to your Mortgage Advisor in Coventry first. This is because they can look through everything for you and talk you through the options available for you that will benefit you most financially. As a Mortgage Broker in Coventry, we know all about mortgage payment holidays and the dos and don’ts, so get in touch and receive a free mortgage consultation before anything else.
If you want to go directly to your lender and you are up to date with your mortgage payments, not in arrears and have been directly affected by COVID-19, here are the steps you should take:
Yes, it can produce a negative impact on your credit score, but it shouldn’t in this situation. You are applying for a mortgage payment holiday because of a virus so your lender should make sure that it will not do any damage.
Before rushing into this, you will need confirmation that it will not damage your score. To do this, you need to contact your lender directly and ask this question, making a record of the date and time and the name of the person that you spoke to. This way, if anything changes in the future, you have a reference to what was originally said.
The answer to this question has changed over the last couple of days. Even when the virus wasn’t seen as a threat, you could still remortgage and transfer products as usual. Now, everything has changed and lenders are no longer offering any remortgage deals and product transfers. Things have changed so quickly!
This means that borrowers who are coming up to the end of their existing product could be forced to move onto the higher lender variable rates as there are no other lower deals available. So people who act too early could find themselves on a mortgage payment holiday that accrues a high-interest variable rate.
This is why we recommend speaking to us, your expert Mortgage Broker in Coventry. We are here to provide you with open and honest Mortgage Advice in Coventry through these next few tough months for you and your mortgage. In general, it helps if you can arrange your mortgage transfer first then enquire about your mortgage payment holiday.
There are other options available for you to take to help you meet your monthly mortgage payments over these next few months. Your lender may be generous and offer you a temporary switch over to an interest-only to help you save some money on your monthly payments. This will not add any further to the loan amount by still servicing the interest each month.
On the other hand, you may not need to switch all of your mortgages to interest-only and it may be that putting your mortgage on this basis could give you that extra bit of breathing space that you need.
If you have savings, remortgaging onto an offset basis is another option. You could end up reducing your monthly payments whilst keeping your savings untouched.
An example would be that if someone had a £200,000 loan and savings account with £50,000 in, they would only pay interest on £150,000. This option could massively reduce your monthly mortgage payments.
Other options include a straight remortgage to another lender, working out costs of any repayment charges or simply extending the term of your mortgage. It’s completely up to you and you should choose whatever you think suits you better. This is where a Mortgage Broker in Coventry will come in handy, as they will talk you through all of your options and help you make a choice. They want the best for you and want to make sure that you feel comfortable and secure at all times during these tough few months.
Get in touch with a Mortgage Advisor in Coventry and discuss all of your mortgage options regarding mortgage payment holidays. We love mortgages and we love helping you! Get through these few hard months of mortgage payments with help from your Mortgage Broker in Coventry, Coventrymoneyman.
As you probably guessed, the coronavirus has hit the mortgage market hard. Everything is changing so quickly and sometimes it’s hard to tell what’s actually going on. That’s why we thought that it would be best to calm things down and catch you up with the latest news on the coronavirus and its impact on the mortgage market. Here is a short video from Malcolm, the moneyman himself:
Before a lender accepts a mortgage application, the property that their borrower is looking to buy will need a valuation. However, since surveyors and mortgage valuers can’t go and visit the property, lenders have put a pause on processing applications.
Some lenders rely on AVM’s (Automated Valuation Model) for valuations on properties. This means that lenders don’t have to rely on a surveyor or a mortgage valuer to physically go out and do everything in person. The problem with AVM’s is that they can only be used on restricted mortgages and on lower loan-to-values.
Recently, we have seen that lenders have decided to restrict their maximum loan-to-value down to 60%. This means that they are continuing to process these applications but not necessarily ones at higher loan-to-values.
We have seen that every lender is taking a different viewpoint. All that matters is that we haven’t seen any lenders withdraw a single mortgage offer yet. We estimate that they are just waiting it out and seeing what happens. A change could happen in the coming days, weeks or even months, it’s really hard to say at this point in time.
Furthermore, lenders have decided to extend the periods of their initial mortgage offers from six months up to nine. They are giving the economy and the mortgage market the opportunity to get back on track.
We talked about mortgage payment holidays last week in a recent article but we feel like we need to clarify a few things. Firstly, they are not free money, you should only take a payment holiday if you absolutely need to. You should get in touch with your Mortgage Advisor in Coventry who will go through all of your options and check whether you actually need to take one out before you go to your lender.
Lenders are more than likely to just extend the term of your mortgage anyway so it may be best to just hold off for a bit. If you are certain that you will not meet your monthly payments and you want to take a mortgage holiday, then you should get in touch with your lender as soon as possible. Lenders are asking for their borrowers to get in touch through their website rather than them phone up and this is due to the thousands of calls they are receiving every day. You are more likely to get through online too.
Make sure that you check with your lender that taking out a mortgage payment holiday will not damage your credit score or mark any arrears against your account. You must remember to not cancel your direct debit and that you will need to get permission from your lender to take out a mortgage payment holiday.
We know that everything is getting a little too much and becoming very stressful. That’s why your Mortgage Broker in Coventry, Coventrymoneyman is here to help. We want this to all blow over and for the mortgage market to resume as much as you do.
We can’t change anything though, so we got to get through this together. Your Specialist Mortgage Advisor in Coventry is available to answer all of your mortgage questions 7 days a week. We can check whether you need to take out a mortgage payment holiday or give you advice on anything mortgage that you are concerned about. We hope that we hear from you soon!
This article was originally published on 30/03/2020 and as of the 20/05/2020 the property market has now resumed and this information has become outdated. Everything was 100% accurate at the date that this article was published.
Before reading any further, stop panicking! We are here to help if you need any help with anything mortgage-related through this stressful time. Just know that we are still 100% committed to providing you with the exact same fast & friendly mortgage advice service that you are used to.
We are here to provide you with the help and guidance you need to get you through your mortgage problems during his tough time. Here are some things that we are going to go over in this article:
Our mortgage advice service is exactly the same. Nothing has changed from our advisors’ end either, everything is still done over the phone. Our excellent service will remain as it was prior to the coronavirus outbreak.
Remember, if you get in touch, you will receive a free, no-obligation Mortgage Consultation. A Mortgage Advisor in Coventry is available from 7 days a week.
Again, nothing has changed our team of hardworking advisors are working at the same pace as they always do, aiming to deliver you with fast and friendly Mortgage Advice in Coventry as usual.
When the Bank of England dropped its rates, lenders decided to also decrease their standard variable rates. If you are thinking of buying your first home in Coventry then this is a prime opportunity to get the ball rolling. The interest rates are down to the lowest that we have seen in a long time!
If you get the coronavirus, you will have to take sick leave, potentially affecting you meeting your recurring payments. Surprisingly, mortgage lenders can be very understanding in hard times like these and could agree on a mortgage repayment holiday to help you out.
Meeting your payments being Self Employed in Coventry could be quite challenging, you can always give us a call and we can talk you through your options.
The interest rates have dropped, lenders are not looking likely to raise them back up; there has never been a better time to contact your expert Mortgage Broker in Coventry. If you are a First Time Buyer in Coventry, Self Employed or Moving Home, you should capitalise on these rates as there hasn’t been an opportunity like this in a long time.
At the moment, we are advising that everyone sticks with their purchase if they are 100% sure that they will be able to afford it. On the other hand, if you are having doubts that you will or you are concerned about losing your job, you may need to consider pulling out of your payment. You are not committed to completing your purchase until the contracts are exchanged so you have time to think about your options or speak to a Mortgage Advisor in Coventry first.
At the moment, nothing has changed. Speak with your Mortgage Broker in Coventry and we will advise you on what to do once we have assessed your requirements.
Nothing has changed on our end. We still recommend that you speak with your Mortgage Advisor in Coventry who will advise you accordingly once they have assessed your requirements. We are able to do this for you, get in touch with your Mortgage Broker in Coventry today, we can’t wait to hear from you!