What are the Best Places to Live in Coventry?

The best areas to live in Coventry

Are you a first time buyer in Coventry looking to buy your first Home and are undecided on a location? Have your living circumstances changed, and you are looking for a change of location?

To help guide your decision, we have come up with our top list of places to live in Coventry.

1 – Earlsdon

Located 1 mile southwest of Coventry, Earlsdon offers the best of both upscale and most sought living areas. Earlsdon is an ideal location for all types of homeowners, with local schools for families, plenty of shops, bars, sports clubs and eateries at your leisure. You’ll find that all different types of people live around Earlsdon. You’ll find a bit of everything in Earlsdon, the trendy area is also becoming a popular location for first time buyers in Coventry.

Supported by excellent housing prices, Ecclesall is a great place to live in Coventry. Make sure that you don’t sweep this option under the rug.

2 – Willenhall

Willenhall, Coventry is a charming suburban area that offers a fantastic quality of life to its residents. With its friendly community, affordable housing options, and excellent amenities, it’s no wonder that Willenhall has become a popular location for people looking for a peaceful yet vibrant neighbourhood to settle in.

One of the best aspects of living in Willenhall is the strong sense of community that exists in the area. The locals are incredibly welcoming, and there are many community groups and events that bring people together. This creates a friendly and inclusive atmosphere that makes it easy to meet new people and build meaningful relationships with your neighbours. The area is also well-connected, with good transport links to Coventry city centre and surrounding towns, making it an ideal location for commuters.

Whether you are a first time buyer in Coventry or are looking to move and want to call Willenhall home, get in touch with us as your expert mortgage broker in Coventry.

3 – Stoke/Ball Hill

Stoke/Ball Hill is a vibrant and diverse neighbourhood located in the heart of Coventry, making it an excellent place to live for people who enjoy being close to the action. The area is home to a large student population due to its proximity to the University of Warwick, which adds to its lively atmosphere and makes it an exciting place to live. The neighbourhood is also well-connected, with easy access to public transport and major roads, making it an ideal location for commuters.

A significant advantage of living in Stoke/Ball Hill is the range of amenities on offer. The area has a wide selection of local shops, supermarkets, and eateries, providing residents with plenty of options for their daily needs. The neighbourhood is also home to a number of green spaces, including Stoke Green Park and Spencer Park, offering plenty of opportunities for outdoor recreation. Additionally, the city centre is just a short distance away, providing access to a wide range of cultural and entertainment venues, making Stoke/Ball Hill an ideal location for those who enjoy city living.

If Stoke/Ball Hill sounds like the perfect place for you, get in touch with our friendly team for trusted mortgage advice in Coventry.

4 – Hillfields

Hillfields is a vibrant and multicultural neighbourhood located in the heart of Coventry, making it an exciting place to live for people who enjoy urban living. The area is rich in history and culture, and is home to a diverse mix of people from all over the world. This creates a unique and dynamic atmosphere that is hard to find anywhere else in the city.

One of the main advantages of living in Hillfields is its central location. The neighbourhood is just a short walk from Coventry city centre, providing easy access to a wide range of cultural and entertainment venues. There are plenty of local shops, cafes, and restaurants, offering a diverse range of goods and services. Hillfields is also well-connected, with good transport links to the rest of the city and beyond, making it an ideal location for commuters.

With several schools and healthcare facilities in the area, Hillfields is a brilliant place for families. As well as this, Hillfields provides a strong community feel which is perfect if you are new to the area. Overall, Hillfields offers a unique and exciting lifestyle that is hard to find elsewhere in Coventry.

5 – Barras Heath

Barras Heath in Coventry, is an excellent place to live for many reasons. Firstly, the area is conveniently located near the city centre, which means that residents have easy access to all the amenities and services that the city has to offer. This includes restaurants, cafes, shops, and entertainment venues, all of which are within walking distance or a short drive away.

Coombe Country Park is only a 10 minute drive down the road and provide an area full of green space and history with Coombe Abbey nearby! If you are looking to move to Barras Heath to start a family, the rea has many schools nearby as well as many play parks.

Get in touch with our friendly mortgage broker in Coventry if you are looking at obtaining a mortgage for a mortgage in Barras Heath.

6 – Bell Green

Located a short distance away from the city centre, Bell Green provides a variety of amenities and transport links. The area incorporates the neighbourhoods of Bell Green, Hall Green and Alderman’s Green.

Riley Square and the Gallagher Retail Park is the main hub for shopping with the centre being home to many well-known retail shops. Moreover, the area is home to several beautiful parks and green spaces, such as the nearby Longford Park, providing residents with plenty of opportunities for outdoor activities and relaxation.

Bell Green also has a strong sense of community, with friendly locals who are welcoming to newcomers. This makes it an ideal place to live for those who enjoy building connections and feeling a part of a community. Overall, Bell Green offers a fantastic balance between convenience, amenities, and community, making it an excellent choice for anyone looking to settle down in Coventry.

7 – Canley

Canley, located in Coventry, UK, is an excellent place to live for a variety of reasons. One of the most compelling aspects of this neighborhood is its affordability. Compared to many other areas in the UK, Canley offers more affordable housing options, which can be a significant advantage for those who are on a budget or looking to save money. Additionally, there are plenty of amenities available in the area, including a local shopping center, restaurants, and pubs, which makes it a convenient place to live.

Another benefit of living in Canley is its proximity to the University of Warwick, which is one of the top-ranking universities in the UK. This means that the area is home to a diverse and vibrant community of students and faculty, which can create a stimulating and intellectually engaging environment. The university also offers a variety of cultural and recreational activities, such as music concerts and sporting events, which can be enjoyed by residents of Canley.

Furthermore, Canley has excellent transportation links, with easy access to the M42, M6, and M40 motorways, which can be advantageous for those who need to commute to work or travel for leisure.

8 – Spon End

Furthermore, Spon End is a very diverse and multicultural area, with a thriving community that is welcoming to all. It is also known as one of the oldest areas in Coventry with the area being historically known as being an independent community that was located outside of the City Wall.

Spon End is where the Butts Park Arena where Coventry RFC is based as well as the Coventry Bears who play rugby league. Furthermore, the area is brilliant for amenities with Spon End being only a 10 minute drive to the city centre of Coventry which has plenty of shops and eateries.

There is plenty of transport links to get in and around Coventry including buses and trains. As well as this, Spon End is a short drive to the M6 which is great if you are looking to commute or travel further out of Coventry. If Spon End sounds like the perfect fit for you, get in touch with our friendly team who can help you with the mortgage aspect of the homebuying process.

First time buyer mortgage advice in Coventry

Are you considering buying your first home or planning to move home in Coventry and need mortgage advice? If so, Coventrymoneyman is here to help!

Your mortgage journey is made easy with Coventrymoneyman – your Mortgage Broker in Coventry. Utilising over twenty years of expertise within the mortgage industry has allowed us to access a large panel of deals. We can search thousands of these deals and pick out one that matches your personal and financial situation.

Get in touch, and let’s get you booked in for a free mortgage consultation to speak to a mortgage advisor in Coventry today. We understand the mortgage process can be stressful, but it shouldn’t have to be. We want to offer a helping hand and assist you in the world of mortgages. 

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.

Mortgages After Separation & Divorce | MoneymanTV

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.

The Costs of Buying a Home in Coventry

Moving Home Mortgage Advice in Coventry

As a Mortgage Broker in Coventry, we have had the opportunity to help many first time buyer in Coventry and those looking at moving home. Through this time we have found that the most common question we get asked is ‘How much will this all cost?’.

In this article, we have collated a list of the fees you can expect to pay to help you organise the costs accordingly when buying a new home (and when they become payable).

Estate Agency Fees

This cost is one for people who are looking at selling their house. These days, we have found a growing interest in online estate agencies with the price of a basic Rightmove listing being as low as £500. On the other hand, for a more tailored and local service with a dedicated sales negotiator, the fee will be roughly around 1-2% of the property price.

Valuation Fees

Having a valuation carried out on your chosen property will be something your mortgage lender will want you to do. The reason for those is so they know they are lending against adequate security.

When it comes to the price of a property surveys can differ starting from nil (for a basic valuation with some lenders) up to a few hundred pounds for a more in-depth homebuyers’ report. It could be even more for a Full Building Survey.

The importance of working around the cost is that you always have an element of choice when it comes to the level of detail your survey goes into. This is likely down to the age and the type of property you are looking to buy along with any fears/concerns you have about it.

For more information about property surveys, which survey is best for you and how we can help as a Mortgage Broker in Coventry, check our article on ‘what is a property survey’.

Mortgage Arrangement Fees

You might find that some mortgage products offer cheaper rates, however, keep in mind that this would come with an arrangement fee which could end up outweighing the benefit. This doesn’t apply to all mortgage lenders, so you may not need to pay anything.

In some cases, you may need to pay these fees upfront or you may be able to add these onto the balance of your mortgage. Keep in mind, that it would mean further interest charges.

Our Mortgage Advisors in Coventry have access to a panel of lenders all offering a range of mortgage products. From this, they will be able to compare mortgage deals with all fees added so we can compare on a like for like basis.

Solicitor’s Fees

You will need to factor in the services of a solicitor with their fees varying between firms and largely differ. As an estimate, a straightforward purchase with a local company is £600 for a low-value property.

This will involve you to provide the property address if it’s leasehold or freehold and the amount you are purchasing for it to get accurate quotations.

The key points to cover when asking for a quote are:

Stamp Duty

Along with the costs and disbursements that come with paying your solicitor, depending on your situation, you may need to pay this tax that the solicitor collects on the completion of the property purchase. Full details can be found on the gov.co.uk stamp duty page.

Broker Fees

Normally, a mortgage broker in Coventry will charge for their service. The amount you pay varies from company to company. Here at Coventrymoneyman where we provide open and honest Mortgage Advice in Coventry, your dedicated advisor will explain these in more detail within our free initial mortgage appointment.

We would suggest you approach a local company like ourselves instead of a big organisation. Usually, they will charge only on completion instead of any application fees and further costs that could be incurred.

Removal Fees

If you are moving home in Coventry, the cost of moving your furniture can differ significantly and still can be pretty costly. A cheaper alternative is to hire a van and carry out the work yourself. Finding a local man with a van could be slightly more in price than hiring your own van. On the flip side, a professional van service could cost you high hundreds, early thousands.

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 first time buyers in Coventry 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 in Coventry

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

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.

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

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

Stories about in-house Mortgage Advisors in Coventry

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

Why do they push their in-house Mortgage Advisor?

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

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

Do it Yourself Online

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

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

Go to Your Own Bank

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

What do you need to be aware of?

Find Your own Mortgage Broker in Coventry

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

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

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

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

The Reasons People Move House

Moving Home Mortgage Advice in Coventry

The general consensus there is around moving home is that it can be quite stressful for homeowners with the process taking a lot of time and money. Many, it can be a beneficial option.

For example, many people look to move home for circumstances like looking for a bigger property, a new scenery and many more! Check out these below:

Bigger Living Space

If you are looking to move home in Coventry, you may looking for a property that is bigger than the one you are currently in. This is especially the case if you are a first time buyer in Coventry and have initially settled with a smaller property but now are in need of some more space.

You may be looking for a property that lines up with your future plans including starting a family or wanting more rooms for facilities like a new office or home gym which would be restricting in a smaller home.

Even though moving home in Coventry is the best option here, we do recommend that you explore the potential options of raising capital by remortgaging to fund desirable home improvements like an extension on the property, a loft conversion or a home office.

Remortgaging to fund home improvements is a common option, especially with growing families and can help you towards developing extra space whilst allowing you to keep the home you’ve built over time.

The reason why it is a popular option is because these development can raise the property’s value which is beneficial if you are looking to sell the property and want to make a nice profit from the sale.

Change of Scenery

This is especailly the case if you are looking for a more quiet area that is more rural to settle down in but you are in the heart of a bustling city centre, you may look to move home to live in a desirable scenary.

Again, this is the case for those who are first time buyer as they have limited to their options because of their budget which may have resulted in them living in a low-end property.

As well as this, you may find that you are on a much higher income than you were intially one when you first applied for a mortgage and are now in a better position to look larger property that are more to your liking.

Family & Friends

Often, we find that the many customers are looking to move home in order to be closer to their friends and family as they may currently live too far to regaulrly visit them. This is especially the case for those looking to start a family.

In the circumstance where both parents are in regular employement which would mean they will probably need to look into childcare facilties. You may find that many private nurseries are quite expensive which means a lot parents will reach out to their family for support.

Speak to a Mortgage Advisor in Coventry

You will need to consider all the costs that come with the process if you are looking at moving home in Coventry.

We offer all our customers a free home movers review to speak with a moving home mortgage advisor in Coventry. Within this review, they will look at your how much you may be able to borrow along with estimating the cost of your monthly repayements.

For those who have found that moving home isn’t what they are looking to do and would like to look into a remortgage, get in touch to book yourself in with an expert remortgage advisor in Coventry.

Why Use a Mortgage Broker in Coventry?

Why use a mortgage broker in Coventry? | 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 in Coventry 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

Some homeowners agree that moving home is one of the most stressful and intimidating experiences. However, it does not have to be this way!

Once we have assessed your situation, our job is to take care of all the legwork of the process. For instance, with the advice of a mortgage broker in Coventry, we can deal with the aspects of your mortgage so you can focus more on the move itself. Making your journey stress-free. We can use our wide range of lenders to make sure you find the most appropriate moving home mortgage.

If you were thinking of moving home in Coventry, enjoying property viewing, or 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.

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

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