Though it would be nice if we could all have the same experience, getting a mortgage can be quite difficult from time to time and often needs a little thinking outside of the proverbial box.
As an experienced and long-standing mortgage broker in Coventry, there are many different complex situations we have come across, leaving us scarcely surprised when a customer gets in touch with something considered to be an “out of the ordinary” case.
Worry not, as it is very likely we have seen something similar before, using our knowledge of a prior encounter to further your chances of mortgage success.
Here at Coventrymoneyman, we have an extensive mortgage lender panel, with many of these lenders offering specialist mortgage deals for customers in particularly niche circumstances. These customers are often finding it rather difficult to obtain a mortgage, as they likely are unable to meet the standard mortgage criteria necessary to apply for a specific product.
Utilising the skillsets of a specialist mortgage advisor in Coventry to work alongside you during your property buying or remortgage journey, especially if you are finding yourself in need of a bridge over troubled water, can be incredibly beneficial to you and your situation.
As an open and honest mortgage broker in Coventry, it is the job of our team to ensure that you hold the line and make it through your mortgage process, happy, free from stress and with a favourable outcome on your property goals, be it your home or somewhere you’re looking to let out.
We regularly come across customers who perhaps have been rejected by their own or another high street bank, oftentimes at the very last minute. This has been known to happen when the customer is already well into their mortgage process, being dropped by the lender with no given reason.
In situations akin to these, the high street mortgage advisors really should have had to ability to prevent the case in question from progressing too far at the outset, by undertaking preliminary checks, to ensure that you are on a mortgage deal that you qualify for.
Because of the oversights that the banks have, we find that our customers can even end up being out of pocket, in a great amount of stress and understandable frustration at the situation. Without knowing ahead of time that you are absolutely going to match up with a mortgage lenders specific criteria, you could actually be harming your ability to obtain a mortgage altogether, especially if you do end up being declined.
There need not be any reason to worry though, as we here at Coventrymoneyman have a profusion of complex mortgage experience, helping many a customer who have walked in similar shoes to you and yours. Book your free mortgage appointment today and speak with a trusted mortgage advisor in Coventry, who will take a look at your case and see how we are able to be of assistance.
When a customer finds themselves experiencing a particularly difficult process and can’t seem to find a lender that is willing to accept their mortgage application, we will make sure we are on hand to provide expert mortgage advice in Coventry, using our knowledge to guide them throughout their mortgage journey.
As an open & honest mortgage broker in Coventry with a strong reputation for working hard for mortgage customers, we have spoken to countless individuals over the years, each with a wide variety of mortgage circumstances. Here are some of the more frequent specialist mortgage hurdles we encounter as a mortgage broker in Coventry:
If somebody has come out to the property and performed a property survey on your potential new place to live, only to find out that you have offered (and had accepted) more than the property is worth, this is called a Property Down Valuation.
These situations are not entirely impossible to work with, they can just make the process a little more complicated than it would have been initially. There is a chance when this happens, that your lender may actually pull out of your deal. Luckily this can be worked around if you are able to make up the difference between your offer and the true value of the property.
If your relationship suddenly goes awry and you end up divorced or separating, making arrangements for any joint finances you have together, especially if one of those is a mortgage, can be quite a difficult process. It is important to make sure you sort all of this out as soon as you can. The longer you leave it, the more difficult it becomes.
If we segue from the previously mentioned scenario, you may look at the possibility of removing either yours or your ex-partners name from your current mortgage. Depending on whether or not one of you can afford this mortgage on your own, you may have limited options. Mortgage lenders will prefer two incomes and reluctantly reduce some of their own security.
If you are currently married and find yourself in the market for a mortgage on a home for both you and your partner, you will notice that a mortgage lender would much prefer to have two incomes if they can, for their own security, though it certainly is possible to obtain a mortgage in just a sole name.
The Shared Ownership Scheme is quite a helpful tool for potential mortgage applicants to be able to take out their mortgage as a share of the property instead of the full purchase price, as a percentage of the property. Generally speaking, this will be somewhere between 25-75% of the property purchase price, though this can be different.
Whether it’s the local council or the housing association, the third party who owns the remaining share will be paid back on a monthly basis as a rental fee, alongside the monthly mortgage repayments you make back to your mortgage lender.
Professional mortgages are only accessible by very specific professions across the United Kingdom. It is a specifically niche area of the mortgage market, so it is absolutely recommended that you get in touch with a qualified mortgage advisor in Coventry to learn more about this type of mortgage.
If you are considering taking out a mortgage on any additional properties, you will need to be able to prove to the mortgage lender that you are financially able to cover the costs of these mortgage payments at the same time. We are able to help you prepare for this.
Holiday lets are similarly functioning to buy to lets in Coventry, though the difference between the two is that a buy to let will usually have long term tenants, whereas holiday lets are known for having multiple short term tenancies.
Because of the nature of a holiday let, you may not be able to rent out your home at all during the off-seasons, as potential tenants may not be interested. The mortgage lender will need to have the utmost confidence in your ability to repay your mortgage in any situation, whether you have a tenant or not.
New builds are often quite a deal more costly to invest in than properties from other periods. If you are finding the initial step of saving up for the deposit to be quite a difficult step and you are a first time buyer in Coventry, you may benefit from using the Help to Buy Equity Loan Scheme as a way to find your footing on the property ladder.
A ‘non-standard’ property is what you would call a property that has not been built in a conventional way, say with bricks and mortar.
For a home buyer to take out a mortgage on a property such as this, you would need to be applying for an incredibly specialist mortgage deal. We would also very much recommend that you get a full structural property survey if you’re looking to buy this sort of property.
HMO mortgages are another variation of a buy to let in Coventry that will typically have between 4-6 tenants, functioning similarly to that of student housing. HMOs are often quite complex investments to work with. We would suggest obtaining specialist buy to let mortgage advice in Coventry prior to taking on a HMO property.
You may be able to release the equity that you have built up over a length of time. To convert that into personal funds, you’ll need to take out a Lifetime Mortgage, though this only applies to people past the age of 55, with properties worth over £70,000.
To learn more about this type of mortgage, speak with a specialist Later Life Mortgage Advisor in Coventry.
Offset mortgages will open up a savings account to run alongside your mortgage. This type of mortgage is generally considered to be quite a useful way of helping you to access competitive interest rates and various mortgage products that are available with different mortgage lenders.
Here at Coventrymoneyman we are able to choose from a wide variety of specialist mortgage lenders on panel, each who have their own strict mortgage lending criteria that we are able to match our customers against.
Our expert team of mortgage advisors in Coventry are able to use their knowledge and experience that they have been able to gather over their multitude of years within the world of mortgages, in order to recommend a customer the absolute best available deal for their situation, that they qualify for.
If you happen to be concerned about your credit score at all, we would highly suggest that you look to obtain for yourself an up-to-date credit report.
This will be incredibly useful when it comes to your free initial mortgage appointment, as your personal credit report gives us a much better overview of you as a person, what you are looking to achieve and what might be the best route to take when looking to find you the best mortgage deal.
We always work hard for our customers, making sure they’re put first and with their best interests at heart. We aim to keep all of our customers well informed and looked after throughout their process, providing them with the best service we can possibly provide and answering any questions they have.
As a company that truly prides itself on being able to provide everyone who gets in touch with fast, friendly, clear & simple mortgage advice in Coventry, we will be there throughout your entire mortgage journey. Book your free mortgage appointment and we will see how we are able to help you.
5.00 Rating30 Reviews
Gurjeet
Really helpful and clear.
Gemma
From first discussions with Tom to being passed over to Lyndsey, the whole process was easy and seamless. Everyone I have dealt with at Moneyman have been really helpful and friendly, which has helped take the stress out of applying for a...
Matthew
Jenny has been extremely helpful throughout the process and resolved any issues quickly. Thanks!
Susan
Very good service over the moon Wayne and Megan no there stuff
Dean
4 weeks and got my offer very good service from Wayne and Megan can not fault them
Anonymous
Great service
karan
Fantastic service. From start to finish I had everything clearly explained and the broker always had my best interest in mind. I highly recommend for first time buyers!
Anonymous
The service provided is personal and efficient. The team are willing to help and will try hard to meet tough timings to support an application. Would recommend
Thomas
Brilliant! Really helpful, did everything for us, explained the process clearly and made it all so easy! We wouldn't have gotten a mortgage without them!
Joshua
Really friendly advisors who are happy to answer any questions. Leo walked us through the entire process, and was happy to go over things to make sure we fully understood and were happy with everything.
Manpreet
Helen was really warm and friendly.
Hannah
Very helpful, very polite and knowledgeable! Would recommend to anybody
Mark
Charlie was thorough and informative. What we really liked is that he always asked if we understood what he was saying and would ask if we had any questions
Anonymous
Really pleased with there good work. Reliable and available when you contact them. Very good communication and customer service team. I will recommend to my friends any family member looking for morgage advise.
Anonymous
Very helpful, would definitely recommend
Anonymous
As a first time buyer, I was somewhat nervous of the unknown and wary. After choosing moneyman. I was really pleased with the service and the customer service. I got my mortgage as promised. Which was a relief. Each step of the way I was...
Peter
Very professional, helpful and friendly staff. Always available to offer required support and guidance. Great mortgage brokers
Paul
Just a friendly service really , felt comfortable talking to Megan, put me at ease with any questions x
Peter
A brilliant end to end service, we were looked after the whole way through and the staff are great, really lovely people, especially our case handler.
Amy
Great service from start to finish. Charlie Bryson and the application team, mainly Megan were very helpful throughout, to help with any queries, and kept me up to date with process at every stage. Could not recommend them enough
Once your free mortgage consultation is complete, we can arrange an Agreement in Principle for you. We can usually get you one within 24-hours of your application.
We will then try and find you a perfect deal for your individual situation. If you want to proceed, we can get your mortgage application ready for submission. Once submitted, a formal offer usually takes more than three weeks.
To back up your mortgage application, you’ll have to provide some evidential documents. This will include things like ID, bank statements, your latest P60 and payslips.
Your dedicated Mortgage Broker in Coventry will go through every step with you to make sure that you get it right!
Yes, you can get a mortgage as a Self Employed applicant, however, you must be able to submit at least one years’ accounts. Not all, but most lenders will use your salary plus dividend to work out the maximum mortgage amount that you can borrow. Sometimes, lenders will also go off your net profit.
It may require you to try and obtain a specialist product, however, yes, it can be possible to get a mortgage despite having bad credit. As a Mortgage Broker in Coventry, in the past, we’ve seen lenders request 10%-15% deposits.
This all depends on the property price and your credit rating. However, in most cases and if you have good credit, most high street lenders will require a minimum of a 5% deposit.
Yes, you can get a second mortgage in Coventry. Here are the most common reasons why people want a second mortgage:
– Debt consolidation
– Home improvements
– Buy to Let
– For a better deal
– Divorce/Separation
Even if your situation isn’t on this list, still feel free to get in touch and we will if we can help.
Usually, depending on the lender that you’ve used, your Agreement in Principle will last anywhere between 30-90 days. If your Agreement in Principle expires, you can easily renew it. If you get in touch with your Mortgage Broker in Coventry, they can arrange this.
Obtaining an Agreement in Principle (AIP) is a crucial part of the mortgage process. As a Mortgage Broker in Coventry, we advise that you get one prior to viewing properties.
Having an AIP in place nice and early could allow you to negotiate prices when making an offer. Of course, you will need to back up your affordability for a mortgage. You are only agreed in principle of providing evidential documents to support your application. Our team can help you with this.
The mortgage process can be made simple by using a Mortgage Broker in Coventry like us. Our mortgage process includes a simple fact find, a free mortgage consultation, then application submission. We can arrange an Agreement in Principle within 24-hours of all of this. We just need some evidential documents from you then we can get the ball rolling!
Your free initial mortgage consultation in Coventry will last around an hour. Firstly, your Mortgage Advisor in Coventry will get some information from you to find out about your mortgage needs and situation. Once we have some details from you, we can begin looking for mortgage deals.
Your dedicated Mortgage Advisor in Coventry will search through 1000’s mortgage deals, trying to find one that matches your personal and financial mortgage situation. If we find a deal, we’ll recommend you with the product. If you are happy to continue, we can get the ball rolling with your mortgage application.
A telephone call where we can take some initial details and find out about your plan of action.
Enjoy finding a property in Coventry!
Make an offer on the property you set your heart on – we’ll finalise your figures and help you to get a good deal.
Our mortgage recommendation. We’ll try to find you the best mortgage deal. We’ll be there to support you, right through to you getting your keys.
A telephone call where we can take some initial details and find out about your plan of action.
Enjoy finding a property!
Make an offer on the property you set your heart on – we’ll finalise your figures and help you to get a good deal.
Our mortgage recommendation. We’ll try to find you the best mortgage deal. We’ll be there to support you, right through to you getting your keys.
