Mortgage Hurdles in Coventry | Mortgage Advice in Coventry
Getting Past Mortgage Hurdles in Coventry
It is more than likely that you will go through a sticky mortgage situation at some point in your life. Whether it’s as a First-Time Buyer in Coventry or the second, third or even fourth time that you want to move house. No one should have to deal with the stress of having to get by mortgage hurdles on their own. This is where your local Mortgage Broker in Coventry steps in. We can take all of that stress off your shoulders and offer you a helping hand through the mortgage process. It doesn’t have to be as difficult as it is made out to be. Here are some mortgage hurdles that you could come across whilst trying to get a mortgage in Coventry:
It is very unlikely that you will turned away by a lender due to you having children. Childcare costs are very expensive so you will be offered a lower mortgage amount than competitors who hold an equal amount of income but don’t have any children. This is only fair on your behalf as you have more people living within the property.
However, lenders may take factors like child benefits into account which can actually affect the maximum amount that you are allowed to borrow.
Getting a mortgage after divorce or separation
Things can get complicated very quickly with a matter like this and we don’t want you to go about it on your own. Often speaking to a Mortgage Broker in Coventry like us who specialise in solving complex situations, could help you out.
When faced with a situation regarding a divorce or separation, we often get asked these questions:
- How can I remove my ex-partners name from my mortgage?
- Can I remove my name from my ex-partners mortgage?
- Can I have two mortgages?
Yes, you can do all of these although it can be hard to do it all by yourself. Speaking to a specialist Mortgage Advisor in Coventry could make everything so much easier. At Coventrymoneyman, we will provide you with help and guidance throughout the whole process and help you get by this problem smoothly. Mortgage Hurdles can be tricky and stressful, we would love to help you out!
Starting a new job in Coventry?
This is a mortgage problem that seems to come about a lot. Lenders prefer it when applicants are in a stable job rather than them just starting. It depends on the lender and your job but we usually find that most lenders don’t mind it. If you are due to start your new job soon, you are more likely to be able to get a mortgage if you have signed a contract and a job offer letter.
Probationary periods are usually okay but the biggest problem can be gaps in employment.
Proving your deposit
Lenders have to be sure that they know exactly where you have got your money for the deposit from. They do this for anti-money laundering purposes, they can’t accept a mortgage if the applicant cannot prove where their money is from. You will find that your solicitor and the estate agent will also ask for you to evidence where your money has come from.
When you are putting down a deposit for a mortgage, you need to be careful when depositing large amounts of cash as lenders are put off by it. You need to prove how much you got in cash, where you got it from and prove that it matches exactly what you have in your account. This is why getting a receipt for every transaction is so important. So, make sure you are careful with large deposits in general.
Gifted deposits are getting very popular. A gifted deposit is when a family member or friend gifts you a portion or all of the 5% minimum deposit. The lender must ask the family member or friend to prove where the money has come from and provide ID and confirmation in writing that it is a gift and not a loan. You can find more information on gifted deposits here and find out how much you need for a deposit here.