Whether you decide to use a Mortgage Broker in Liverpool or go direct to a lender, there are good reasons for both but the majority of people often use a Mortgage Broker in Liverpool rather than the latter. Nowadays, a person has the option of either going into the branch or going online which makes it easier and more accessible for going forward with a mortgage application.
In regard to going direct to a Bank or Building Society, the biggest reason people choose to follow this route is that they are simply saving money but they don’t have the security that they would have had in the past. Years ago, a bank manager would have known the finances in and out but this disappeared when credit scoring was introduced.
Another potential advantage is that a few lenders offer exclusive mortgage products that may only be available when going direct. The reason behind this is so that they are to do business with both customers and Mortgage Brokers in Liverpool as sometimes these options are available via brokers but not the branch.
From 2014, lenders had become banned from selling mortgages on a non-advised basis when customer interaction is involved. Until then, some applicants were under the impression that they had received advice when in actual fact, they hadn’t. As a result of this, they weren’t able to benefit from some of the consumer protection that is included with proper advised mortgages sales.
Towards the end of 2014, lenders had become accustomed to this change but it was a common occurrence for applicants to be kept waiting for a month or more just for an appointment. This isn’t ideal if you’ve just had your offer accepted on a house. These service issues had led to more applications being made via brokers due to Mortgage Brokers in Liverpool such as ourselves offering a same day Mortgage Advice in Liverpool. When you’re after a Mortgage Advisor in Liverpool with us, we try our hardest to offer a same day mortgage service.
With the convergence of the internet and information being rapidly available, it’s a lot easier to compare mortgages, however, the difficulty is finding a lender whose criteria and mortgage features are tailored to your circumstances. It’s important to remember that deals that offer the lowest rates tend to carry high arrangement fees.
Another point would be Affordability. It won’t matter how good a lenders’ deal is if they won’t lend you the right amount of money. Remember buying a house is a big deal and you need security during the process.
Most mortgage applications that we say day-to-day aren’t simple and there are a lot of factors that make a case more complicated. For example:
· Poor credit history
· Self-Employed Income
· Mixed source of deposit (savings/gift)
· Let to Buy (keeping your current house and buying another)
· Contract workers/zero hours contracts
When looking at lenders, it’s apparent that they differentiate themselves by offering a deal better than the lender closest to them. These days, it’s different because they differentiate themselves on lending criteria. For example, some lend more to self employed applicants or take a more sympathetic view on certain parts of a credit report.
When you explain your scenario to a Mortgage Broker then they will have usually come across a similar case and hopefully they can reflect on this and find the best ways to help and offer the lowest rate possible.
However, It’s not just about getting a Mortgage. The application can sometimes be straightforward but out customers rely on us for so much more. For example, we discuss how much should be offered on the property they are buying, the different types of surveys and protection available and also able to recommend other professional services such as Solicitors, Conveyancers, etc.
Another key aspect is that a Mortgage Broker in Liverpool tend to be far more responsive than lenders’ direct propositions. When you approach a Mortgage Broker in Liverpool then you’ll be able to access out of hours and weekend appointments.
One of the overlooked factors in why applicants use a Mortgage Broker in Liverpool is down to time. Everyone is busy these days and if that’s the case you’ll want someone to handle the full transaction to take the stress out of the situation. We often see Professional applicants appreciating the benefits of this the most. They have clients of their own and can therefore see the reasons to have an expert on board.
If lenders feel they want to improve their services then it will have to be by improving their customer service in order to speed up appointment times, so they this will mean making investments in technology to transact with customers online. That’s great for customers who want to get their mortgage application on the way but it means there wouldn’t be options where you’re able to talk to your Mortgage Advisor in Liverpool as and when you need to face-to-face.
In order to start the Moving Home process, most people will want to sell their current home first. The equity from this property (the difference between the amount you sell the property for versus the amount left on your mortgage balance) will be your deposit for your purchase. If you would like to put money towards this, you can either use your savings or be gifted a portion of/the full deposit by a family member.
If you’re selling your property, you will always have an ideal number you’re looking for. How quickly a home sells though completely depends on how the property is marketed and presented.
You should always be realistic with your asking price, opting for one close to the average price of the area you’re in. If the average property is worth £100,000, then asking for something in the way of £350,000 is just too much and you likely won’t make a sale. The estate agent will suggest the highest potential sale price, but their options aren’t always the best so it’s worth doing your own research.
With websites like Zoopla and Rightmove now aiding home buyers and sellers, making that initial leap onto the market is of great importance. Your primary focus should be generating as many property viewings as possible within the first 2 weeks of your property being listed. If after those first two weeks there’s been little to no interest, it’s likely your property was overvalued.
We find that some potential sellers would rather identify a property that they’d like to buy first before they go ahead and sell their own. If this is you and you’re in need of a quicker sale, we have some tips that may hopefully increase your chances of selling your property.
People buy from people, so always remember that when it comes to preparing your property. If it appeals to you, it’ll likely appeal to a potential buyer. There’s no greater feeling in the world of buying and selling homes. Than showcasing a well-presented home that truly showcases the hard work you put into it.
Mentioning any minor issues you’ve had truly goes a long way. Furthering the bond of trust you build with the potential buyer, as they walk around your home. This includes things such as broken leaks that you’ve since fixed. It presents a balanced view and goes down well with most. Estate agents will want to earn a commission, but nobody knows your property as you do.
Finally, remember the emotions you felt when buying your home and all the happy memories you shared there. Trying to convey that back across to the viewer
If you have a higher credit score, you have a higher chance of having your mortgage application accepted. There are no guarantees of acceptance though, due to lenders having their own internal scoring systems.
Over the years, each lender will have developed its own scoring system. If you fail with one, don’t worry as you’ll still find other lenders who may be more forgiving. It’s the job of your dedicated Mortgage Advisor in Liverpool to match you up with the right lender.
Ideally, this happens the first time, though it’s not an exact science. Ultimately both you and your Mortgage Advisor in Liverpool have the same end goal; Find the best deal possible for you.
Throughout the UK there are various different credit reference agencies, including big names like Experian and Equifax. We’d recommend looking into getting credit reports from as many of these agencies as you can, to give you a better idea of your credit score.
There is a possibility that one of these agencies may have incorrect data on their system, so checking with multiple agencies helps identify such discrepancies.
Undertaking multiple credit searches can have a negative effect on your credit score, so we advise you to be careful when doing this. Price comparison websites are major culprits of credit searching individuals.
If you’re certain that you want to apply for a mortgage soon, it’s advisable to stay away from applying for other types of credit. Whilst, in the long run, having some credit and paying it back is great for your credit score, lenders aren’t too keen on seeing your borrowings increase prior to making an application for a mortgage.
Lenders love stability and being on the electoral roll indicates this, adding a lot of points onto your score. Make sure your name is spelt correctly and that your address is up to date, rather than being left at an old one. These days it’s really easy to change this online, so if you’re not registered or have details to change, this shouldn’t be any trouble.
Maxing out your credit score will reduce your credit score. It’s much more preferable to just use the card and pay off the balance in full each month, as it shows you’re good at managing your money. Worst case scenario includes exceeding an agreed card limit or overdraft. Lenders need to know that you take your finances seriously.
If you forget to tell one of your credit providers that you’ve moved to a new house, it can appear as though you’re living in two different places at the same time on your credit report, something which does happen often.
Double-check that all your addresses are spelt correctly. If you’ve lived in a flat this can prove tricky, as the flat/apartment numbers can be formatted differently.
If you have store or credit cards that you no longer use, get in touch with the providers and close down the accounts. During the short term after it may have a negative effect on your credit score as the credit reference can’t completely tell if it’s you or the provider who shut down the account.
Don’t worry though as with one step back comes two steps forward. It’s also great for reducing your chance to fall victim to fraud, in the event you didn’t realise you’d lost a card you haven’t used regularly.
Having a family member or ex-partner connected to you could also affect your score. The issue here is that if the account is still live, you won’t be able to get the financial association removed. Contact a credit reference agency and make a request to remove one of these links.
In the eyes of many consumers, credit scoring is an unfair way for lenders to assess mortgage applications. On the other hand, lenders feel it’s much cheaper for them to operate this way and the help of the computer gives more consistent outcomes.
From the beginning, send your Mortgage Advisor in Liverpool an up to date copy of your credit report, as this will increase your chances of being accepted the first time. The more details of your finances that your advisor knows, the better off you’ll be.
There are still a few small lenders out there who don’t need your credit score. They do things the old-fashioned way, manually, though they still have certain rules about the number of defaults and CCJ’s that are allowed.
Whether you’re a First Time Buyer, Home Mover or looking to Buy to Let in Liverpool, our team will stay by your side throughout the whole process. Please get in touch if you’d like to discuss your mortgage options.
Demand for Offset mortgages has decreased since the 1990s. Although they’re still a great option for customers who are able to put something aside each month. They’re also helpful if you are due to receive a lump sum in the near future.
When you take out an offset mortgage, the lender will present you with a savings account to go along with it. This being the sole purpose of the mortgage. Rather than attracting interest, the money offsets against your mortgage balance. For example, if your mortgage is worth £90,000 and you have £10,000 in savings. Then you only pay interest on the final £80,000.
Offset Mortgages are usually very flexible arrangements. Until the mortgage is completely offset, you can put as much money in there as you would like. The money you save is always instantly accessible. So comes in handy if you need somewhere to store any emergency funds.
One of the amazing things about it is that it saves interest, as opposed to attracting it. So you won’t pay tax on anything that goes in there.
If you feel you are due a lump sum for any reason, such as future inheritance, this can be helpful as you can store your money until you decide what to do with it due to it being interest-free. This also applies to any annual or quarterly bonuses from your current job – If you don’t rely on any of it.
Because this is freely accessible at any time, you could always dip into your additional savings for other uses, whilst leaving the rest towards your mortgage. You must remember to keep a considerable amount in though to make your offset worth your time!
An Offset is a great opportunity for First Time Buyers who plan to overpay on their mortgage. Over time, additional payments can reduce your mortgage payments for your next term, thus reducing interest rates too. With other mortgage types, the money you put in isn’t able to be withdrawn again until the end of your term, which can be less than ideal if you change your mind or need to take some of it out early.
Because your Offset allows you to use a savings account, you can take out the funds at any time, then put them back in when you’re ready. So, if you’re looking to make further payments on your mortgage over time, we’d recommend taking advantage of your Offset savings account.
You should consider all your options when speaking to a mortgage advisor in Liverpool. Many customers who like Offset Mortgages tend to keep on using them and are less likely to remortgage as other customers. They can be rather hard to understand though, so not everyone goes with this option.
Your advisor will be able to show you the impact of how an Offset can save you money over the course of the full term. If you have any questions about Offset Mortgages or Remortgages, please get in touch and we’ll be happy to discuss the topic further.
Off the back of Help to Buy, many builders started selling houses on a leasehold basis when traditionally homes had always been freehold. Over time this became a debatable topic at which the Government felt the need to step in.
Some of the country’s housebuilders got pointed the finger of putting profits before their social conscience while they are aware that they need to build homes for families they also have shareholders to answer.
The media had made it publicly known that there was a situation with land banking.
Land banking is a real estate investment scheme that involves buying large blocks of undeveloped land with a view to selling the land at a profit when it has been approved for development. Thanks to consolidation, some builders have inherited land into their organisations which is on a leasehold basis.
It’s a debatable topic that they offer both leasehold and freehold properties for sale so that buyers can make an informed choice.
Many people felt that the market had swayed too forward towards leasehold, when it came into light just how much profit the builders were making off back the leases.
Things took a turn when the Chief Executive of one of the UK’s most prominent builders received a bonus of over £100m. At the time, this was one of the most significant premiums paid in corporate history.
Some leasehold homeowners were surprised when they were being quoted thousands of pounds in fees when they sought permission to make small alterations to their homes. The fees were being charged by their leasehold Management Companies.
Some of the annual ground rents were to double every ten years and owners could see that selling their home in the future once these increases have kicked in would be more difficult.
After notifying their MP’s and getting the subject debated in parliament, the government agreed that if you were buying a house (not a flat or apartment), then it is reasonable that you should own the freehold.
If you are in this situation of owning one of these houses and you weren’t aware if it was leasehold, then you should have been made aware.
If you feel that the Solicitor acting for you did not give you the full facts about the lease you signed, you should re-contact them immediately to investigate why.
You can contact the freeholder at any time if you are interested in buying the freehold from them.
The costs of the service charges can go up. Sometimes the residents in the area get together to form an association. This might allow them to choose a different service provider.
If you are considering buying a leasehold property, take advice from your Solicitor regarding the lease.
It’s straightforward to get carried away with the excitement of purchasing a home, but you also need to realise it’s a significant investment decision that you need to think about carefully.
Moving to a new house can prove to be quite the task for some as it often comes with a great amount of stress and costs. There are many reasons people may choose to do this despite those ‘cons’. These can range from needing more space to moving into a school catchment area.
Nowadays most people would rather buy than rent, especially due to the monthly costs likely being a lot less than your monthly rent payments. Moving Home can prove to be a tough choice for some due to having an emotional attachment to a property. There are also the pros and cons of moving home versus staying in your home for longer and making improvements to the property.
If this applies to you, then getting in touch for a free mortgage consultation may be worth your time. We’ll book you in when you’re free to speak with one of our expert Mortgage Advisors in Liverpool.
They’ll assist in comparing the costs of raising money to improve your home versus the costs of moving. They’ll also calculate the approximate maximum borrowing capacity and you’ll receive a quote on your monthly payments.
Speaking with a local Mortgage Advisor in Liverpool may be a popular option, as your Advisor may have a good knowledge of the local area. They may be able to share with you what kind of options their other clients have been taking recently.
More often than not, applicants who are married tend to apply for joint mortgages instead of sole name mortgages. In many cases, this is because two salaries are needed to qualify for larger mortgages.
Having said that, there are situations where one salary is enough to justify the borrowing amount. There may also be a reason why one applicant doesn’t want to go on the application.
It may be smart to not include one applicant for the reason that they have previous credit problems such as bankruptcy or a CCJ which might hamper the chances of being approved for a mortgage. In situations like this, a sole name mortgage could be the right option providing that the spouse or partner is not connected to the issue.
It is worth noting that the person applying would need to be careful to avoid creating a financial association with the other non-applicant if they want to guarantee that their own credit score would remain unaffected by the issue.
When one of the applicants isn’t working, this would be another scenario when it may be worth making a sole named application. As a rule, the maximum borrowing capacity as a couple is lower than if the working applicant took out the mortgage in their sole name.
This is a similar situation when one applicant is older, and the younger applicant is a higher earner. It is possible the younger applicant may be able to borrow more as a sole applicant.
Stamp duty and other tax implications can mean that it is more worthwhile having a single applicant.
Some Lenders are quite strict about married applicants having to apply together. This is most probably because they are concerned that their security in the future could be affected, especially if the couple were to divorce. Luckily not all lenders share this (slightly prejudicial) view.
Our experienced Mortgage Advice Team in Liverpool are able to search 1000’s of mortgage offers for you. This way they can find the perfect one for you that matches your individual circumstances. Get in touch with an amazing Mortgage Advisor in Liverpool today.
If you’re looking to move to a new home soon, then there are some key factors to consider when choosing the perfect property. Here is our list of the top 10 things to consider when deciding where to live.
Choosing between urban life and rural living can have a big impact on the type of property and lifestyle you end up with. Do you enjoy the hustle and bustle of the city? Or do you prefer looking out over rolling landscape?
There are certainly pros and cons to both lifestyles, but you need to decide which is best for you.
If you’re commuting to and from a specific place of work, transport links will be a priority. Is there a central public transport interchange or motorway access nearby? How long will your commute take?
Working these things out will give you an idea of what kind of work-life balance you can expect.
If you have kids or plan to in the future, then being within the catchment zone of a great school, or a choice of schools is something you might want to bump up your priority list. The best place to look is on local authority websites or school league tables to discover which are the best schools in an area.
Although you need to look at the amenities in the area, you need to decide which amenities you rank high on your list of priorities. Maybe you want a park for the kids? A gym on your route home from work? Or a bank within walking distance?
Whatever it is that you need, make sure you find out if these things are nearby.
How near to friends and family and family do you want to be? Do you need to be close enough to help them out, or will you need help from them? Are they going to be popping by every night to see how you are, or would you rather keep them at arm’s length?
Prices of similar or equivalent houses vary from location to location. If you’re looking to get the most for your hard-earned savings, then it could be worth looking somewhere that’s a little cheaper. However, this might mean a compromise on some of the other factors.
If you want to live as part of a close-knit community, spend some time researching different locations. You’ll likely find all the information you need through a dedicated local website or Facebook group.
You might be moving because of your job. But if you’re going to be job hunting once you move, do some basic research beforehand. Look if there are any business parks nearby or who the big employers are in the area.
There are plenty of different styles of property available nowadays. So if you don’t know whether you’d prefer an end terrace with a nice garden, or a modern, urban apartment, make sure to look at different options and determine what you could see yourself living in.
If you’re planning to stay in your new home for years to come, then it’s worth researching if there is any planned investment in the local area. If there is, make sure this is going to benefit you. You might b dreaming of quiet village life but a new housing development planned on the next street could ruin your dream property?
Every month as a company, we reflect upon each employee’s hard work from the previous month. Rewarding the chosen few who have gone above and beyond in the workplace. Everyone gathers round in a moment of celebration for the selected individuals.
It helps with staff morale in the workplace. It’s also a huge confidence booster to not just those selected, as well as everyone else in the company. It highlights how our hard work gets appreciated by not only our customers. But also to other work colleagues at our Mortgage Brokers in Liverpool
Kayleigh encouraging and positive can-do attitude has helped amongst her peers. She has been described by her colleagues as a determined and robust member of our Mortgage Administrator team. To ensure all our customers get their deals finalized.
Kayleigh always stayed on board to ensures her customers can leave a review. It’s these genuine reviews that you can see on our site. That encourages people like you to come to us when you have an enquiry.
Dedicated to the company. Brilliant and hardworking what else can we say about our champion Mortgage Advisor. With many years of experience, she has achieved her award by receiving fantastic customer feedback.
Annie has also been accepting appointments at an exceedingly quick rate, speaking to customers as soon as she possibly can. From both an internal and external perspective. This is an incredible level of excellent customer service, ensuring people get the answers they need. Not too long after they’ve asked for it.
Also known in the professional workplace as ‘Advising Machine’ and these results prove it. One of our hardest working, longest-serving, and highest achieving Mortgage Advisors.
Like Annie, Nathan has been accepting appointments almost as soon as they come in, even when they’re last-minute customers. Nathan has been known to work during days off. Even after hours if it means ensuring the customer gets the 5-Star Service. We know they deserve while making sure his cases completed promptly and efficiently.
Michael also is known as Mikey, started in early 2018 as an apprentice in the marketing department. Since every working, he’s spent the past year and a half working hard to achieve everything in this path. Just recently Mikey received his certificate for completing his Level 3 apprenticeship in Digital Marketing. Not to mention If there’s an IT-related issue, nine times out of ten Mikey is there to fix it.
Just recently, Mikey has been working even harder over the past few weeks training the companies two new marketing apprentices. Showing them the ropes, keeping patients, and making them feel welcome within the workplace. He has used his experience, explaining everything as clear and straightforward as possible.
You’ve already done great and saved most of the money for your mortgage. Now it’s time for the next step; getting prepared for a mortgage! We’ve put together a list of some helpful advice for First Time Buyers in Liverpool, in order to help you become ‘mortgage ready’.
Before you even come to a Mortgage Broker in Liverpool, you should always aim to get an up-to-date credit report. It’s recommended that you pay off any outstanding payments you have, even if you’re holding off on certain payments due to conflict of principles. Once you’ve done this, you’ll have less going against you financially, putting you in a better place for getting a mortgage.
Another recommended action is to make sure you’re on the voters roll, as that can seemingly have a positive effect on your credit score. Closing down old credit cards also will benefit you greatly. Your Mortgage Advisor in Liverpool will run through your credit report in the early stages, providing expert advice on what they feel you could do to further improve your credit score!
At the beginning of your home buying process, you’ll be asked to provide some photo ID. Our customers usually bring a driving license or passport.
Your driving license can be quite a useful tool in regards to your address too, although you can only use it for one of the options. This means that if you’re using it for photo ID, you’ll need something else to showcase proof of address. Any non-UK nationals now residing in the UK will need to show us a copy of their Visa.
You’ll also need some documents that prove you live where you say you do. The normal choices here are utility bills or original bank statements that are dated within the last 3 months. Alternatively, as mentioned before, if you’re using a passport for photo ID, you can use your driving license as proof of address.
Your bank statements should show proof of your income and regular expenditures. We would highly suggest customers don’t gamble leading up to this, as the lenders can hold this against you. The same goes for going past overdraft limits and letting direct debits bounce – It’s imperative to get prepared.
The majority of lenders will ask to see your bank statements, as they like to have concrete evidence that you will be able to keep up your monthly repayments. The bank statements usually needed are the ones that show your salary going in and your bills going out.
As a First Time Buyer in Liverpool, you will have to show that you definitely have the funds in place for the deposit and be able to provide evidence of this for anti-money laundering purposes. Audit trails can prove difficult if money has been moved between accounts too much, so it’s recommended this be kept to a minimum.
Lenders prefer to see you building up your savings, so you’ll need to account for any vast amounts that have been transferred into your accounts recently.
Nowadays, we find that deposits are often gifted by family members and are the most popular choice for First Time Buyers to take that step onto the property ladder. These need to be evidenced also, with the “donor” needing to sign a letter confirming it’s non-refundable.
The most important thing when it comes to affordability is proving where your income comes from. If you’re employed then this will usually come from your last 3 months of payslips, with some lenders needing to see your most recent P60. Lenders may also take into account regular overtime, shift allowance, bonuses and commission. If you have more than one employer (maybe you have a part-time job or are self employed), lenders will accept earnings from those also.
We find that most applicants are self employed and seeking Mortgage Advice in Liverpool. Self Employed applicants will need help from their accountants to request their last 2-3 years’ proof of earnings from the revenue. Our Mortgage Advisors in Liverpool are able to have a chat with you and explain what to download from the government gateway if you have access to those accounts yourself.
It’s always best practice to do your homework and write down an estimate of what you think your outgoings might be after you move to your new home. This will help you work out costs such as council tax and utility bills, as well as regular expenditures like food and drink.
It will also help determine how much disposable income you’ll have available to pay your mortgage from. Before we go forward with our appointment we’ll send you a copy of our budget planner, which hopefully can help you with this.
As you can see from all of the above, getting prepared for a mortgage is no easy feat, although with hard work and care it’s still achievable! Putting in the effort from the start, staying patient and being careful will hopefully increase your chances of securing your dream property.