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The general consensus when it comes to moving home in Coventry is that a homeowner will need to sell their current home initially. By selling your home, you will release the equity within it ( the amount at which you will sell it for minus your current mortgage balance), then use this amount as a deposit towards your next purchase.
In spite of this, lots of homeowners will not look to sell their property until they have found the new one they would like to buy. As soon as you have found that property, it’s very likely you’ll be selling your home in no time.
It’s all about how you want to market and present your home when it is listed for sale. This can have a significant effect on how quickly your home sells. Below are some key points that can help quicken up the sale process when you are moving home in Coventry.
Even though many sellers do know that selling your home over the price can become problematic, we do still find people go for the Estate Agents recommendation. They will usually suggest the highest potential sale price.
With websites like Zoopla and Rightmove increasingly at the forefront of the property market, buyers can easily view newly listed properties at attractive prices. Keep in mind that if you have no interest at the start, there’s a high chance that your home has been overvalued.
In terms of your property viewings, it’s best that you have a look around your own home from the perspective of someone who is looking at your home for the first time. Your property needs to have that “kerbside appeal”. This is when the first impression a viewer has on your home, needs to be a positive one.
Little details go a long way so consider freshly jet-washing your drive and cutting any hedges and grass in the front garden. Obviously, these won’t be the main factors that will sell the property, however, it shows a buyer that you have taken great care of your home.
Furthermore, this will help build an attractive approach to your home and will mean the buyer will generally expect the inside to be just as nice. While you are washing the drive and cutting the garden, it’s a good time to have a good tidy up and clean up too. If there is anything left in the front of the property like bikes or toys, make sure you put these away.
When you have sorted out the exterior of your home to make it tidy, then you need to begin looking at the inside of your home. Make sure you have a thorough inspection of each room, in particular, your kitchen and bathroom.
Below are some key points to consider:
The overall atmosphere in your home should be welcoming and relaxing for your buyer, therefore, maybe look at arranging for any pets or young children to be out of the house when the viewing happens. This can also minimise any distractions.
If you do have a family and live in a property that is perfect for someone to grow a family, look at adding these touches to your property. Placing family pictures around the home can be a brilliant way for a buyer to build a picture of what it may be like to bring up a family in the home.
Visuals are key throughout property viewing. Build up an appealing aesthetic throughout your home by adding little details like colour-coordinated towels and other bits of home decor. To push this further, remove any clothes or items you don’t use daily to make the rooms look spotless and clean.
It’s very likely that the back garden will be the final place buyers will look, therefore, it’s important you live an excellent lasting impression. It’s likely that the viewer would want to look at the inside of your garage or shed, therefore, don’t just put everything in there, make sure you give it a good tidy.
As mentioned for the front of the garden, it’s good to cut the grass in the back garden and trimming any overgrown hedges to make it look tidy. Something else to keep in mind is looking at weeding along the paths and walkways to make it even neater.
If you have it, maybe look at the current state of your fences. Try and make them tidier by covering any holes and adding a fresh coat of paint.
Many viewers like to hear a first-hand experience of what it’s like living in the property they are interested in. With this in mind, it’s best to carry out viewings in person. You can sell it in the most personal way possible and will be likely more passionate about your home.
By doing this, you will be able to provide an honest experience by highlighting any small issues you have found over the years. It’s best to balance out the good and the bad of the home to the buyer so this will definitely help achieve this.
If you are showing the buyer around yourself, it’s important to give them space. Give them time to walk around on their own when appropriate so they can feel comfortable talking amongst themselves about their opinions of the place.
The final point to keep in mind is the emotions attached to buying a home. You may find that your viewers have experienced owning a home before so could be looking at moving home in Coventry themselves.
For an emotional touch to their viewing experience, it’s good to mention how living in the home has been an important part of your life whether it’s where you have raised a family or it was your first home. This can impact viewers on the emotional impact the home has had and adds a personal touch to the property overall.
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.
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.
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.
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.
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.
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 in Coventry 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.
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.
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.
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!
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.
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.
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.
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.
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.
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.
The general rule around your credit score is that the higher it is, the higher the chance you have of your mortgage application being successful. In light of this, you may be wondering what you need to do in order to improve your credit score.
First of all, not everyone is guaranteed to be accepted for a mortgage. This is due to the fact that every lender has built their own credit scoring system which results in an applicant needing to demonstrate various things to a range of providers. Therefore, if your application gets declined by one lender, don’t panic, as there are lots of other mortgage lenders who may be lenient with their criteria.
This is where an expert mortgage advisor can help. They can look at your situation and financial background in order to match you to the most appropriate lender. Here at Coventrymoneyman, we always aim to pair you with the right lender the first time around and work hard in overcoming any obstacles that may occur in your situation.
There are a variety of different credit reference agencies in the UK, such as Experian and Equifax. It would be best if you check as many of these agencies as possible in order to have a good idea of your credit score. As well as this, you may find that one of the agencies could be holding incorrect data which means you can see if there is anything incorrect information and will be able to get it rectified.
Below are some helpful ways when it comes to improve your credit rating.
Running a large number of credit searches can have a negative impact on your score. From a lender’s point of view, they will see this as you’re looking to borrow more money from other places which is something that will not work out in your favour.
Be conscientious when it comes to price comparison websites as they do have a reputation for carrying out discreet credit searches on people. If you are looking to apply for a mortgage in the near future, it would be best to avoid applying for any further credit until your mortgage is underway.
One way to gain lots of points on your credit score is being on the electoral roll as it shows stability which is something a lender favours. It’s important to check all your information like your name is all correct and you’re registered at your current address, not a previous one. You can easily register to be on the electoral roll online.
Going over your maximum limit on a credit card each month can harm your credit score. Therefore, using a credit card and paying off the balance in full each month will demonstrate to a lender that you are good at managing your finances. Keep in mind that maxing out your limit or even worse, exceeding an agreed card limit, will not look good from a lender’s perspective.
A credit score can make it look like you’re living in two places at once, which can be down to a number of things. You may have forgotten to tell one of your credit providers that you have moved to a new house or you may have not spelt your address correctly. This can be an issue if you have lived in a flat as the flat-apartment number can be formatted in many different ways.
Having too many credit cards can also have a negative impact on your score. Therefore, you need to go through the cards and see which ones you don’t use anymore. From this, you will need to get your account closed which can be done by getting in touch with the providers. Initially, this can be a disadvantage, because the credit scorers won’t be able to differentiate whether you close the account or the credit provider. Despite this, it’s a temporary issue that will reap its benefits in the future.
By doing this, you are reducing the risk of falling victim to fraud as you might not be aware that you have lost a card you don’t use often.
In the case where you are financially linked to a family member or ex-partner, their credit actions could also have an impact on your credit score, in particular, if they aren’t the best at handling their money.
The unfortunate case is that you won’t be able to get this financial link removed if the account is still live. In order to detach yourself from this link, you will need to make a request with one of the credit reference agencies. Seeking specialist mortgage advice in Coventry from a mortgage broker can be really beneficial as it can be a challenge removing a family member or an ex-partner, therefore, having an expert by your side to guide you could be the best option.
There is a general argument from consumers that credit scoring is an unfair way for lenders to assess applications. The counter-argument from lenders is that it is much cheaper for them to work this way and computers give more consistent outcomes. Regardless of this, it is the most common method in the industry which is why it’s best that you look at utilising these tips to help you with improving your credit score.
One way to increase your chance of your mortgage application being accepted the first time, send an up to date copy of your credit report to your dedicated mortgage advisor in Coventry beforehand. Your advisor wants to know the ins and outs of your finances and this will help towards making the process more straightforward. Furthermore, there are still some smaller lenders in the industry who do not use credit scores, as opposed to going for the older, manual way, but they will have set rules in terms of the amount 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.
Many mortgage applicants, particularly first time buyers in Coventry, don’t realise that there are lots of different types of mortgages available. There are both advantages and disadvantages to each mortgage type, however, you will always go for the one that is best suited to your individual circumstances. This is where we come in, as your Mortgage Broker in Coventry we will find the perfect deal for you; we know the ins and outs of mortgages so we will know exactly where to start once you send us your details.
In this article, we are going to look at cashback mortgages and how they work. We will also look at how a cashback mortgage benefits borrowers and how it compares to other mortgage options.
If you would rather watch our video, feel free to watch “What is a Cashback Mortgage?” below. MoneymanTV is our new virtual hub for everything mortgage, so make sure to check our channel on Youtube for weekly mortgage tips and tricks. We also have made a dedicated playlist for videos like this, it’s called “Mortgages Explained”, find it here.
If you haven’t already guessed it by now, a cashback mortgage works as a normal mortgage, but once you pay off / finish your mortgage term you will get some money back.
The amount that you get is usually based off a percentage of what you have borrowed, this is normally about 1 or 2%. In some cases, a fixed price may be stated in your contract. This amount cannot be increased over time, it will always be that amount.
Cashback mortgages have pros and con, but again, it really depends on your individual circumstances. Most cashback mortgages come with free property valuations or some sort of fringe benefits on the side. This is good as you could be saving money in areas that you didn’t think you could.
Cashback mortgages will best suit applicants who are looking at borrowing lower end mortgages. The obvious benefit is that you get some money back, which could really benefit you in the long run. As a Mortgage Advisor in Coventry, we would advise that if you get offered a cashback mortgage, you should take it into consideration as taking it up could benefit you more than you realise.
The only negative with cashback mortgages is that they usually come with higher interest rates than other mortgages.
The cashback mortgage tends to get shed from the limelight when compared to other mortgages. Despite the fact that this mortgage option is not the most popular, we still get enquiries about them and will always recommend them to an applicant if we think that it will benefit them most. They are still worth considering and are a great back up option if your primary option doesn’t go ahead.
We have been working within the mortgage broker industry for over 20 years now, so we will do our best to recommend you with the most appropriate outcome, based off your personal and financial situation. If your situation is a little more complicated and you are looking for specialist mortgage advice in Coventry, don’t hesitate to call us. We have dealt with almost every mortgage scenario possible, it’s more than likely that we come across a similar or if not the same situation before.
Feel free to get in touch to have a chat with a mortgage advisor in Coventry about your mortgage options.
Managing one mortgage can come with its challenges so imagine having to juggle two.
Regardless of this, there are a large variety of reasons why an individual may look at managing another mortgage. Through our experience as a Mortgage Broker in Coventry, we find that the most common reason why someone may look at this option is that they are a landlord looking to take out another Buy to Let Mortgage in Coventry.
If you are in this situation or something similar, we have a team of Mortgage Advisors in Coventry who will work hard to achieve your goal of obtaining a second mortgage.
The process works by the lender getting an insight into your current mortgage affordability, income and expenditure so they can get a more financial picture of who you are before they potentially accept your offer for a second mortgage. Just like with your initial mortgage, they need to know that you can afford another mortgage.
Furthermore, you may need to put down a larger deposit on this mortgage, somewhere between 15-40%.
As mentioned there are plenty of reasons why people will look at taking out a second mortgage with some being more common than others. Below are a few of the more popular reasons we have come across through the years providing fast & friendly mortgage advice in Coventry.
A Buy to Let is a property that you rent out and do not live in. This is an option suitable for current or aspiring landlords.
When it comes to Buy to Lets, it’s very likely that you will need to put down a higher deposit amount. With any Buy to Let, you are required to put down an amount that is between 25-40% loan to value rate.
Buy to Let mortgage repayments and your current mortgage work the exact same. It will involve monthly bills and interest rates will apply.
In the case where you are taking out a second mortgage for a buy to let property, seeking a knowledgeable Buy to Let expert can be very helpful. Here at Coventrymoneyman, we have built close relationships with many landlords in the area for many years and have provided a helping hand with them when it comes to remortgages on their property.
Let to Buy goes through the same process as a Buy to Let. When it comes to moving home in Coventry to a property that you’re purchasing and renting out your current one. The deposits and payments will stay the same as a Buy to Let because you’re still taking out two mortgages.
As well as Buy to Let, our expert mortgage advisors in Coventry have many years in working with Let to Buys. Book your free mortgage appointment with one of our advisors to see whether you are eligible or not.
This situation is increasingly more popular, especially in recent years. We have found many parents being aware of the challenge of getting onto the property ladder and the costs of a mortgage.
Because of the ever-growing rise of inflation and property prices, first time buyers in Coventry are needing help and support to move home. In some cases, many people require a bit more than a gifted deposit.
We generally find that applicants get the help they need from grandparents and parents. This is due to the fact that it’s likely they have already paid off their mortgage and are able to afford it to help. If you do get help from a family member, they will also need to pass the lender’s affordability checks so they can afford to keep up payments for their child’s and grandchild’s mortgage.
If you are looking to take equity out of your home to raise funds, people normally use the money for home improvements, debt consolidation, pursuing a big purchase like a car or funding a wedding. Furthermore, some people look to release equity and take out another mortgage.
This circumstance is also known as a further advance. This is when you borrow more from your current lender to fund something like home improvements or a second mortgage.
You may be wondering how much can borrow, however, this all comes down to the amount of equity in your property and you will still need to show that you can afford the additional mortgage amount as well as your existing one.
We do find that removing a name from a mortgage can be a challenge to many which result in many people leaving their name on the mortgage. Your name may still be on the mortgage, there is a possibility that you can take an additional mortgage in your own name.
It’s likely you choose this option if you are going through a recent divorce or separation. Sadly, financial commitments should be at the forefront of your mind if you are in a situation like this.
If you are looking to take out a second mortgage in your sole name, you may find some difficult to get accepted. Your lender will be aware that you are a sole applicant and are still linked to another mortgage. Regardless of whether you’ve made agreements with your ex-partner that you will still contribute to their mortgage payments, they will view this as a potential liability.
This is where it can be very complex and stressful, however, speaking to a specialist mortgage advisor in Coventry could help with this. We have experienced advisors who can provide the appropriate divorce and separation mortgage advice in Coventry. If you are looking for further information regarding this, book your free mortgage appointment to speak to an advisor today.
More people are working from home now than ever. People are really warming to it, they’re waking up later, putting the tea on early so it’s ready at five, they’re really considering continuing like this after the lockdown ends.
Everything is accessible from home, technology has allowed us all to communicate even though we are all in different places. We can video call our coworkers anytime we want in just the click of a button, there has never been a better time to remortgage for a home office.
If you are looking at remortgaging for a home office, you will have to remortgage your property and find a new deal to raise additional funds. These funds will be used to convert your chosen room into a home office. Usually, people choose to convert a spare room or a garage. Converting a garage will cost more than a spare room as they tend to need a lot more work done on them and can sometimes be bigger than a spare room. You shouldn’t worry about the cost though as it is more than likely that you will save money in the future anyway, here are some benefits from having a home office:
To find a remortgage deal, you are going to have to either go directly to your current lender and choose one of their products or approach a Mortgage Broker in Coventry who will find a remortgage deal for you. To put it simply, your lender will only have access to their deals, whereas a Mortgage Broker in Coventry, like ourselves, will have access to thousands of remortgage deals.
A remortgage advisor in Coventry at Coventrymoneyman will search endlessly till they find that 1/1000 remortgage deal that matches your personal and financial situation perfectly. They will be right by your side and guide you through the whole remortgage process and be there to answer any question that you may have at any point during the remortgage process.
A Mortgage Advisor at Coventrymoneyman will always have your best interests at heart, whereas your local bank may not, they will probably be offering better deals to first time buyers in Coventry than to current borrowers looking to remortgage like yourself.
You need to get an estimate of how much you think the home improvements will cost, you will need to factor in the room size and how much work on the room is going to required, your advisor can help you with this. This could range anywhere from £5,000 – £15,000.
There has never been a better time to remortgage for a home office, the interest rates are some of the lowest in 20 years. Assuming you manage to get a typical 25-year mortgage term with 2% rate, if you borrow:
This isn’t a lot at all, you will barely notice the money going out. Like we said before, you could be spending £20 or more on travel per week anyway, so this is a great saving.
Are you liking the idea of working from home permanently? If so, it may be time to start shopping around for remortgage deals. If you want a no-hassle process and want to try and get the best deal available, we recommend that you speak with a Remortgage Advisor in Coventry.
Getting remortgage advice in Coventry could end up saving you time and money. Remember we offer a free mortgage consultation to every customer, so why not get in touch with one of our advisors and they will see what they can do for you. We can’t wait to hear from you!
People who have no plan in moving home in Coventry and have already found their ‘dream home’ may think about remortgaging for home improvements. The most popular home improvements are extensions, as it’s really easy to build out onto your garden or convert your loft.
People who have a growing family or plans to start one may want more living space and decide upon an extension. Surprisingly, remortgaging for an extension is much easier than people think.
To get the ball rolling, you will have to remortgage your property to raise additional funds. To remortgage, you will need to find a new remortgage deal to switch onto. You can either do this with your current mortgage lender or with a Mortgage Broker in Coventry.
The main difference is that if you go to your lender you will only have access to their deals and their deals only, whereas a Mortgage Broker in Coventry, like us, will have access to thousands of unique remortgage deals across many different lenders, not just one. Coventrymoneyman has multiple different lenders on panel, each with different lending criteria, meaning that we should be able to match you with a perfect deal that fits your personal and financial situation the best.
At the moment, the costs to remortgage for a home extension are very low. This is because of the impact that the coronavirus has had on the mortgage market. COVID-19 has made the interest rates plummet to some of the lowest that we have seen in over 20 years.
The costs can vary, it is down to factors such as the size of the extension and how much work will need to be carried out. Take this example, for remortgaging and raising £25,000 – £50,000 in additional funds, you may only have to pay back £100 – £200 a month on top of your current monthly payments, which really isn’t a lot. Of course, the less you borrow for the extension, the less that you will have to pay back every month. There has never been a better time to remortgage!
You will also need to consider that in order to remortgage, you will have to go through another affordability assessment, even if you switch deals through the same lender.
It doesn’t just have to be for an extension, sometimes people want to remortgage for a home office and there is nothing wrong with that. The main thing is to get a great remortgage deal that will benefit your personal and financial situation.
The good news is, a remortgage advisor in Coventry at Coventrymoneyman can help you achieve that perfect deal. They will go above and beyond for you, searching long and hard, for that 1/1000 remortgage deal. What’s better than having an expert Mortgage Advisor in Coventry by your side to guide you through the remortgage process and be there to answer any questions you may have along the way.
Get in touch with one of our amazing advisors today and receive a free mortgage consultation in Coventry. We hope that we hear from you soon!
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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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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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