How to Remove a Person from a Mortgage in Coventry

Would you like to remove a person from a mortgage in Coventry?

As a Mortgage Broker in Coventry, we have customers who get in touch to remove a name from a mortgage due to divorce or separation. In this situation, it’s common for homeowners to remove their own name or ex’s name from the mortgage.

If you are going through a divorce or separation, financial commitments should be at the top of your list to sort out. This is something that does seem to be left until last. It’s key to sort this out earlier in the process as it can come with its challenges and be a time-consuming task to complete.

To start, you need to see if you are eligible to be on the mortgage as a sole applicant. A lender, building society or a Mortgage Broker in Coventry will need to assess this as they need to know if you will be able to manage the finances with just your income. Along with this, the person who is staying on the property will need to be able to keep up with the mortgage payments on their own.

Prior to removing a name from a mortgage, both parties must agree. If one party doesn’t agree, this could result in the case being taken to court before they can proceed. This can result in the process becoming time-consuming and costly.

Therefore, seeking specialist Mortgage Advice in Coventry can be helpful to those who are going through a divorce or separation. By doing this, you are able to speak to an expert which can be beneficial further down the line.

Need help removing a name?

In the case where you are looking to remove a name from a mortgage, seeking support and help with the process through getting specialist Mortgage Advice in Coventry can be a beneficial option.

Here at Coventrymoneyman, you can speak to a trusted Mortgage Advisor in Coventry who can provide you with a tailored service. Again, the individual that you want to remove off the mortgage will need to agree to be off the mortgage. It can be challenging if they don’t agree to be removed.

We are here 7 days a week to answer any of your mortgage questions and provide a helping hand on your mortgage journey. Contact our team today to book your free mortgage appointment.

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”.

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.

A Guide to Remortgages in Coventry: Top Reasons to Consider

Going through the mortgage journey will prove to be beneficial. The process can come with its ups and downs, however, you will finish the process with one potential outcome when your term ends.

Getting a mortgage is a major financial commitment, for example, you’ll need to keep on top of your payments and know when your fixed-term is ending.  

When it comes to the length of fixed-term mortgage, this varies depending on the product you take out. Generally, mortgages will come in 2-year, 3-year or 5-year fixed terms. You may find that you take out an even longer fixed term like 7 or 10 years, however, this is down to your circumstance.

If you are coming to the end of your fixed term, it will be time for you to take out a new product because your current one has ended. This is when a remortgage occurs.

In some instances, you may be able to remortgage early, however, this could result in you having to pay a bigger fee ( early repayment charge) because you are switching early.  

What is a Remortgage?

Let’s begin with looking at what a Remortgage actually is. A Remortgage involves you taking out a new mortgage to pay off a mortgage that you already have. You may have a variety of options when taking out a Remortgage, some options being bigger than others.

When you take out another mortgage product to replace your current one, this is called a remortgage. You may know this is a product transfer, however, the big difference is that a remortgage is when you take out a product with a different lender and a product transfer involves you taking out a new product with your current lender.

This sounds pretty straightforward when you put it that way, however, it’s finding the right product that makes it challenging. There are a plethora of varying deals and rates on offer, which means you may need to do a lot of looking around so that you can find the most suitable deal for you. 

There are a number of reasons why people choose to remortgage, you might want to find a better rate, improve your home or consolidate debts or something else. 

Remortgage For Better Interest Rates

Usually, an average fixed mortgage term lasts between 2 and 5 years. Within this time, you will be paying off capital as well as interest. Therefore, 2-5 years later, you may find yourself in a lower loan-to-value bracket which allows you to access better rates.

With this in mind, this is why people choose to remortgage, as they risk falling onto their lender’s standard variable rate of interest (SVR). Tracker mortgages “follow” the Bank of England’s base rate. If interest rates fall, you’ll make lower payments to your lender.

If interest rates rise, your payments will increase. Along with this, lenders will put an additional percentage onto this base rate so you’re usually a rate between 2-4%. Tracker mortgage will work similarly to your lender’s SVR mortgages.

Remortgage For Home Improvements

You might feel that your current home could do with some improvements like a new extension or conversions. This might be an option if you decide to remortgage.  

When you start the process, you will get an estimation of the costs of the improvements. As soon as you have an estimate of how much the work would cost, you might be able to incorporate these costs into your mortgage when you take out a new product. This could make your monthly payments increase it, however, you will be able to fund that extension or loft conversion. 

This can be an easier option compared to going through the process of Moving Home in Coventry as this can be a stressful experience. Therefore, if you are looking to grow your family, want to add value to your home or just want to revamp your home, remortgage for home improvements might be the option for you.  

Remortgage for Changes to Your Term

You might find that you want to extend or shorten your whole term in order to switch to a more flexible product.  

In the event that you want to shorten your term, you will be able to pay off your mortgage a lot quicker. On the other hand, a shorter term can also result in higher repayments. If you decide to lengthen your term, this can lower your payments but does mean you will be paying off your mortgage for longer. 

You usually decide if you want to extend your term or not when it comes to remortgage time. Choosing to shorten your term may also give you the option to overpay, which can help you pay off your mortgage quicker.  

A flexible mortgage deal may sound appealing to you but, they do usually come in the form of a tracker mortgage. This type of mortgage is tracks the Bank of England’s base rate of interest, with this rate potentially fluctuating depending on the overall economic performance. Because of this, your payments may change each month. When the interest rates change, so do your payments.  

Remortgage to Release Equity

If you have owned a property for a lengthy amount of time, it’s very likely there is a lot of equity within it. Equity is the difference between what is still owed on the mortgage and the current value of the property. You might find that you can remortgage and release some of the equity to turn it into a lump sum of cash.  

This cash can be used for anything you want. This cash could go towards a deposit on another home, buy a new car or even pay for a wedding with it – it’s your choice! 

Through our experience as a Mortgage Broker in Coventry, we find that Buy to Let landlords release equity in order to put forward a deposit onto another property which then expands their portfolio. 

If you are aged 55+ and have a property valued around at least £70,000, it may be worth looking at your options for Equity Release in Coventry. Speak to an open & honest later life mortgage advisor to learn more about this.

Remortgage to Consolidate Debt

In the circumstance where you have built up some unsecured debt and are looking to incorporate this in to your mortgage, in some cases, this can be possible. We always advise you to speak with an expert Mortgage Advisor in Coventry because of the complexity that comes with debt consolidation. 

The reason this option can be challenging is that it is not only based on how much you owe and your property value, your credit rating is also factored in. You need to regard the fact that you’re trying to incorporate large sums into your mortgage which means your total mortgage amount will increase. 

Please don’t hesitate to contact us, if you are in need of a mortgage expert because you have bad credit. Here at Coventrymoneyman, we have debt consolidation experts that will be happy to help with your needs. 

Experienced Mortgage Advisors in Coventry – Get in Touch

When you are coming towards the end of your fixed mortgage term, you might want to start looking at your remortgage options. It’s best to begin looking around 6 months before your deal ends, it may be time to begin looking around for deals. Our team can help take as much stress away by helping you through the process. 

Book a free remortgage appointment online today. Within this appointment, you can speak to one of our knowledgable advisors who are here 7 days a week to provide open and honest Remortgage Advice in Coventry. Our goal is to provide help and support throughout the process and find you a suitable deal for your personal and financial circumstances. 

What is Gazumping & What Should I Be Aware Of?

The first place we should visit is the question of what is exactly is gazumping? The term gazumping is used as a way to describe an instance where a property seller accepts accepts an offer from another buyer, even if you’ve already started applying for your mortgage.

A lot of people may understandably ask the question; “Surely this isn’t legal? Especially if the seller has already accepted your offer to buy the property?”

Whilst yes, it is highly immoral and we do not condone the act ourselves, the unfortunate case is that it is not illegal and thus nothing can be done if that happens.

Gazumping happens all too often and for better or worse is a regular occurrence across the English & Welsh property markets.

The reason for this, is because until there have been written contracts exchanged by the lawyers, the agreement is not legally binding. Verbal agreements will not hold up in the court of law.

For first-time buyers in Coventry, being gazumped can be especially difficult and demoralising. You’re on your way to finally achieving your home owning dreams, when it all suddenly comes crashing down.

You may also find yourself caught up in a property chain that breaks, resulting in you having to push back your moving day. If you end up losing money because of this (perhaps you’ve already paid for non-refundable survey costs, conveyancing fees etc.), it can be even more frustrating.

How does gazumping happen?

As mentioned further up, until there has been a legal exchanging of contracts with your lawyers, any agreements made verbally won’t be legally binding. The seller is under no obligation to take the moral high ground and does not need to keep their word.

Between the point of having your offer accepted and exchanging deals, there can unfortunately be a good number of weeks. Whilst dedicated mortgage advisors in Coventry will aim to work as quick as they can, it’s not an instantaneous process and does take time.

The reason that the mortgage process can take as long as it does, is down to varying factors, such as having someone come out to do a property survey, arranging for a conveyancer to carry out the required searches and then also waiting to receive your mortgage offer.

Whilst you’re waiting for all this to go through, other first-time buyers in Coventry may come in and make the seller a better offer than what you had both previously agreed on, leading them to accept and leave you without a property to buy.

It’s difficult to pinpoint a specific cause of gazumping, as it varies per situation. Sometimes it’s financial preference, but it can also be anything from a buyer who’s process may be quicker, to someone who isn’t reliant on a property chain.

The term ‘gazumping’ is used as an umbrella term for any of these situations, wherein the seller takes up another offer after already verbally agreeing to yours.

Ways to Prevent Gazumping

There’s not a lot that can be done initially. A lot of the steps that might occur may not even become factors until you have decided to make an offer on the property.

Those steps, for reaffirmation of the points mentioned earlier, are having someone take out a property survey, finding a conveyancer to do searches, and the point where your mortgage is offered.

Even though you have limits as to what you can do to start with, you may still be able to quicken the pace between making an offer and exchanging your contracts. These are a few ways in which you can do this:

• Conduct some research and find yourself a conveyancing solicitor and surveyor ahead of time.
  
• Move swiftly at each step of your journey, presenting all the required information needed when asked for, with haste.
  
• Make sure that you obtain a mortgage agreement in principle prior to making offers. Be as prepared as you possibly can be!

Additionally, there are a few other tips and tricks that may be quite useful to you and give you some additional security prior to the point of making contract exchanges with the seller.

First of all, make sure you ask the seller if they can possibly take the property down from the open market whilst you’re sorting out your mortgage, as this will lower the chance of someone else jumping in with an offer the seller can’t refuse.

The property owner is not obligated to agree to this request, though we generally find that many homeowners will agree to this request out of respect, especially if they’ve struggled in getting offers on the property in the first place.

Second of all, you should definitely look up your options for setting up a Lock-in-Agreement, as this means the seller has something to lose too as they will have to put down a deposit down as well.

If one of the party decides to pull out of the deal with one of these agreements in place, the other side will take their deposit. Sorting this out on the legal front can cost a pretty penny, but for that added security you may find it to be very beneficial.

Last of all, you may have the option of taking out insurance in order to protect yourself against being gazumped. These policies will be an agreement that in the event you are gazumped, you will receive a lump sum payout.

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?

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

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.

Capital Raising Mortgage Advice in Coventry

Specialist Mortgage Advice in Coventry

If you have been looking at getting a mortgage or more specifically have been looking at your options for a Remortgage in Coventry, it’s likely you will have seen the term Capital Raising before.

You may see such a term and be wondering what that means, what exactly is Capital Raising? The answer is simple; Capital Raising is the act of raising money, in this case referred to as Capital. This is done through a few different methods and can be used for various reasons. 

Capital Raising Methods 

Remortgage to Release Equity 

A common way for this to occur is for customers to take out a Remortgage as a means of releasing the equity in their property. Equity is the difference between what you have left to pay on your mortgage and the true value of the property. 

Further Advance Mortgage 

If your property happens to increase in value over the duration of your mortgage, rather than Remortgaging to Release Equity, you may find yourself looking to do this with a Further Advance. This is where you take out an additional mortgage on your property to borrow even more, as a means of once again releasing equity.

This mortgage will typically be over a longer term and have interest rates that are lower than a standard personal loan, although it will be paid back alongside your existing mortgage.

This can be a great option for those who do not wish to Remortgage, or maybe tied into their existing deal. However, there are risks, such as a higher risk of repossession if you cannot keep up the significantly larger number of monthly repayments.  

Second Charge Mortgage 

A Second Charge Mortgage works similar to that of a Further Advance, wherein you will be taking out an additional mortgage alongside your existing one, as a means of releasing the equity in your home for future home improvements or anything else you wish to spend your newly acquired funds on.

The difference between a Second Charge and a Further Advance is that a Second Charge will often be with another lender and on a different rate. In the unfortunate event of a repossession, your initial mortgage lender will be paid back from the property’s sale, with any remaining funds used to pay off the Second Charge. 

Capital Raising Mortgage Reasons

You may find yourself needing to Capital Raise and release equity via a Remortgage, for all kinds of reasons. Popular choices for this include to fund any Home Improvements, Modifications or Alterations, such as a new home office, a possible home extension or even a loft/garage conversion, as well as to consolidate any debts that have been accrued over time.

Other options may include to gift a deposit to your children, to purchase a second home (usually an option with Buy to Let Landlords in Coventry), to fund large purchases such as a car, wedding or holiday. 

Saving your Time, Saving your Money – Mortgage Broker in Coventry 

If you have equity in your property and are looking to take out a capital raising mortgage, then a Remortgage in Coventry could be useful to you. Generally speaking, mortgage lenders will let you borrow up to 90% of the value of your property.

Please do Get in Touch and we will advise you of the most appropriate option for your circumstances. If remortgaging isn’t quite for you, taking out unsecured credit might be a more suitable option for you. A standard Remortgage can take roughly around 4 to 6 weeks to go through.

With Debt Consolidation there are some risks to take into account. That is why we always recommend you speak with a qualified Mortgage Advisor in Coventry, before consolidating any unsecured debts against your home.

Coventrymoneyman is an experienced Mortgage Broker in Coventry, here to help you find the best capital raising mortgage deal for both your financial and personal situation. All of our customers will benefit from a free Remortgage consultation. During this consultation we will make a full recommendation.

If you are over the age of 55, you may find yourself better suited for taking up Equity Release in Coventry. 

Why People Aren’t Overpaying Mortgages?

No matter if you are a First Time Buyer in Coventry, looking to take that initial step onto the property ladder, thinking of moving home in Coventry, or looking to Remortgage for any potential Home Improvements, the concept of overpaying, even by a minor amount, can make a huge difference in the amount on the interest you pay back over the course of your mortgage term. The earlier you look at overpaying, the better the effects of your extra mortgage payments.

Overpaying mortgages

Whether or not this is done, depends on the homeowner. Some may choose not to down this route, whilst some struggle to afford these additional payments. A lot of the time though, it comes down to life getting in the way.Even still, if you can, overpaying is the ideal thing to do when you take out a mortgage. Let’s be honest though, there’s always something new and flashy we’d rather buy, as opposed to making an extra payment on the mortgage.

Part of the problem here is remembering to overpay. It’s not something that’s particularly likely to cross your mind too often. Possibly when your mortgage only has a few years left, but the impact at that point isn’t as great as it could have been if you’d done it earlier.

So, if you would like to overpay what should you do?

An easy way to make overpaying part of your routine is to set up a standing order paying your lender each month. Even better, organise it so that it goes out the same day as your mortgage payments. This way, it just feels like one amount and you will become used to this.

By using a standing order, you’re in control. Unlike a direct debit which the receiver controls, you can easily cancel a standing order if your financial situation changes. Whilst it would be a shame to stop overpaying, at least you would benefit from the overpayments made up until that point.

Overpaying your mortgage is a great habit to get into. You don’t need to pay huge amounts unless you feel you can. But you’ll be grateful toward the end when you realise you’ve been able to shave a year or two off your repayments.

If you overpay, some mortgage providers will even let you make reduced payments or take a payment holiday if you have been overpaying for a while. Before taking a payment break though, it’s important to check with your lender that you are eligible to do so as you could face a negative mark on your credit report if you’re not.

If you need any extra Specialist Mortgage Advice in Coventry, make sure to get in touch and we will see what we can do to help!

Mortgage Advice in Coventry

Divorce & Separation Mortgage Advice in Coventry

Specialist Mortgage Advice in Coventry

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

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

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

Removing an ex-partner’s name

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

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

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

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

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

Removing your name

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

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

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

Getting help

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

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

Can I have two mortgages?

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

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

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

Mortgage Broker in Coventry for advice on Divorce & Separation

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

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