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How To Make An Offer On A Property in Liverpool?

How to make an offer on a property?

When you are at the point of being ready to make an offer on a property, it’s important that you put your circumstances across to the seller or estate agent in such a way that gives you the best chance of having your offer accepted. Whether you are a First Time Buyer or Moving Home in Liverpool, it’s always key that you know how to make an offer on a property.

A cash buyer will always have the advantage, though if you have a mortgage agreement in principle in place you will definitely be in a better position than other potential buyers who have yet to get in touch with a Mortgage Broker in Liverpool and get this sorted.

Buying a property is a negotiation process, and so if the seller rejects your initial offer you will be asked whether you want to increase your offer. So don’t be afraid to offer less in the first instance than you are willing to pay for the property you’re interested in.

If your increased offer is also rejected sometimes it just boils down to whether you are willing to pay the asking price, especially if the property in question has just been placed on the market, or whether you are prepared to walk away and find another property to live in.

As part of our dedicated mortgage advice service, we offer you a free initial mortgage consultation. So, please feel free to give us a call if you want to speak to an expert Mortgage Advisor in Liverpool. They will try their best to attend to all of your mortgage needs.

Mortgage Advice in Liverpool

Mortgages for the Self Employed in Liverpool

Self Employed Guidance

Gone are the days of someone leaving school at 18 and working for one employer all the way through to their eventual retirement. The rise in new engineering and digital occupations has, in particular, allowed for the popularity of self employed roles. But the uncertain nature of this type of work can make banks nervous Self Employed Mortgage Advice here.

If you are Self-Employed, it’s not impossible to get a mortgage, though it certainly is considered a specialist area. So we will take the opportunity to help you get prepared if you’re thinking of buying a house whilst working as Self-Employed.

Self Employed Mortgage Advice in Liverpool

How many years’ accounts do I need?

Most lenders will only require a minimum of one year’s trading, with some lenders having stricter rules and wanting a minimum of two. The reason for this is that so many businesses fail within their first year and it’s a lot of risk that the banks aren’t willing to take.

How is my income assessed?

Generally speaking, lenders will take the average of your last 2 years’ earning, however, there are some who go off the latest year. This could be very good news for you if your profits are on the increase.

I’m a director of my own Limited company – does this mean I’m employed?

This is a little trickier to answer. Technically yes, you are employed, however, unless you own less than 25% of the shares, the lender will not recognise you as an employee of the business. Most lenders add your salary to your declared dividend to calculate your annual earnings, with the occasional lender using net profit, something which can be good if your business retains some profit.

My net profits don’t reflect the true picture of my business – what can I do?

This is a question we hear regularly, but unfortunately there’s not a lot we can do. Your mortgage application is assessed on the income that has been declared (net profit or salary/dividend) to the revenue. If you want to get a mortgage then you will have to have paid at least some tax.

How much deposit do I need?

No matter whether you’re a self-employed applicant or a standard employed applicant, this remains the same. You will need a minimum of 5% although it may be more than that if you only have one year’s accounts.

Will a bigger deposit help me?

Putting down more deposit will likely open you up to a better deal than you otherwise would’ve had to choose from, and you will have a wider choice of lenders too. That being said, it doesn’t make any difference to the amount of mortgage you would be granted to borrow.

I’m a contractor – am I treated differently?

Admittedly, leenders do seem to like contractors a little more at certain times, especially if you’ve built up a good track record. With that, the lenders can consider taking your “daily rate” and applying a multiplier to this rather than your net profit. There have been lenders in the past who have offered bigger mortgages to contractor applicants using this method, especially for IT contractors.

Can I self-certify my income?

Unfortunately, “self-certs” were widely abused by applicants in the pre-credit crunch days and there is no sign of this type of mortgage ever returning.

Taking out a mortgage for the self employed can certainly be more complicated than it would be for an standard employee, though some lenders may be more flexible than others when it comes to this.

That’s why It’s a good idea to speak with an experienced Mortgage Broker in Liverpool early on in the process. You’ll have realistic aspirations right from the start.

Long gone are the days when your bank manager could “take a view” on your circumstances just because you are a loyal customer. The lenders lean increasingly upon their computerised credit scoring systems and like lots of things, it’s just knowing where to look.

How to get a Mortgage Agreement in Principle in Liverpool

What is an Agreement in Principle?

What is a mortgage agreement in principle?

The purpose of a mortgage agreement in principle (AIP) document is to prove that you do have a mortgage in place. To the estate agent, it proves you have good enough credit to proceed, as you have passed the lenders credit scoring system. That being said, getting a mortgage can never be guaranteed, as a full application will still require further background checks.

The value of a mortgage agreement in principle

Now you have your mortgage agreement in principle, what do you do with it? Well, having your mortgage agreed at the outset can help you negotiate on asking price with the owner of the property. It is relatively easy to obtain and is something we can arrange for all of our clients. Almost all lenders offer an Agreement in Principle.

To proceed further with a mortgage application, you will require further background checks to cover things like evidence of income, as well as a satisfactory valuation of the property itself.

Getting one in advance can really put you in a better position for negotiating, can help you avoid disappointment and allows you to figure out your limits.

Negotiating power with a mortgage agreement in principle

When you reach the point of being ready to make a formal offer on a new home, the majority of estate agents will undertake due diligence and ask you to prove that you can in fact afford to complete the purchase. Sufficient evidence of this include bank statements and also an agreement in principle certificate, which our team can provide for you. Once you have provided them with all this documentation, the estate agent will usually cease marketing the property and put a “sold” or “sale agreed” board up to let people know a deal is currently being processed.

If you already have a mortgage agreed before you make an offer, you are instantly more appealing to a seller as this proves you are not making this choice lightly and you’ve thought about how you’re going to afford the purchase. This might persuade a seller to accept an offer you put forward on their property that may be underneath their initial asking price.

Avoid disappointment with a mortgage agreement in principle

When it comes to buying a house some customers go full steam ahead and make an offer on a property without first checking that they have the means to proceed with the purchase. This can understandably leave people feeling very disappointed if this doesn’t quite work out how they’d hoped.

By that point they may have already got their heart set on their new potential family home. By getting in touch with us early on, this disappointment can be avoided. Sometimes there are things that are causing a mortgage to decline that can be overcome over time.

For example, there may be a small issue on your credit report that is proving to be a nuisance, perhaps a disputed mobile phone bill which can be easily fixed. Maybe you thought you were on the voters roll and you’re not, something that over time can be solved. In any case, it’s better than you know ahead of time, rather than mess people about. Our team will be able to tell you what you need to do to improve your credit score for the future.

Knowing your limits with a mortgage agreement in principle

Ok, so you know you’ve got a good credit rating because you’ve never been turned down for credit, you’re registered on the voters roll and you’ve always made your credit card payments on time – so what can go wrong?

Well, you could approach 10 different lenders these days and get 10 different maximum mortgage amounts! They all calculate affordability in their own unique ways. If you’re self-employed it really is a minefield: some lenders take your net profit, others your salary and divided. Some use your latest year, others an average over 3 years.

Knowing your borrowing limits is important as then you know for sure what your price range is. We’ll be able to advise you of the maximum mortgage available to you. Also, more importantly, together we’ll work out how much you can afford to pay back each month.

Mortgage Advice in Liverpool

Types Of Mortgages Explained | Mortgage Advice In Liverpool

The Different Types of Mortgage

At the start of your mortgage process, you will soon realise that there are many different options available. If you are First Time Buyer in Liverpool, you are probably thinking “How could there be so many different types of mortgage?”

In this article we will provide a list of the most popular types of mortgages available on the market and hopefully answer any questions you have about them.

What is a fixed-rate mortgage?

What is a Fixed-Rate mortgage? | MoneymanTV

A fixed-rate mortgage means that your mortgage payments are not going to change for the length of your term. You are able to choose the length of this yourself, with common choices being 2, 3 or 5 years or longer. Regardless of what happens to inflation, interest rates or the economy, you have the security of knowing that your mortgage, likely your biggest outgoing payment each month, will remain the same.

What is a tracker mortgage?

What is a Tracker mortgage? | MoneymanTV

A tracker mortgage means that your interest rate will track the base rate set by the Bank of England. What this means is, the lender that you are with does not actually choose the rate that will be applied, and you will be paying a percentage above the Bank of England base rate. In an example, if the base rate is 1% and you are tracking at 1% above base rate, you will be paying a rate of 2%.

What is a repayment mortgage?

What is a Repayment mortgage? | MoneymanTV

When you take out a repayment mortgage this means that each month you are paying back a combination of both interest and capital. Providing that you keep your payments going for the full length of the mortgage term, you are almost guaranteed to have fully paid off the mortgage by the end of your term, resulting in the property becoming solely yours.

This is probably the most risk-free way to pay your capital back to the lender. Early on into your mortgage term, it is mainly the interest that you are paying and your balance will go down at a rather slow rate, especially if you have taken out a 25, 30 or 35-year term. The benefits of this arise in the last ten years or so of your mortgage, where your payments are covering more capital than interest and the balance will go down at a much quicker pace.

What is an interest-only mortgage?

What is an Interest-Only mortgage? | MoneymanTV

Whilst many Buy to Let Mortgages are set up on an interest-only basis, it is much harder task to get a residential property on that same basis.

The likelihood for lenders to offer an interest-only product now is a lot less than it was.  That being said, there are certain circumstances where this can be a viable option, including things like downsizing later on in life, or having other investments what you will use to pay the capital back. Lenders have stricter rules when it comes to offering these products now and the loan to values are a lot lower than they used to be.

What is an offset mortgage?

What is an Offset mortgage? | MoneymanTV

With an offset mortgage, the lender will set you up a savings account to work alongside your mortgage account. How this works is that, for example, if you have a mortgage balance of £100,000 and £20,000 is deposited into your savings account, you would only be paying interest on the difference, which in this case would be £80,000. This can be a much more efficient way of managing your money, especially if you pay a higher rate of tax.

Mortgage Broker in Liverpool

Gifted Deposit Mortgage Advice in Liverpool

What is a gifted deposit?

A Gifted Deposit can either be the full amount or a partial amount of the required deposit to put towards a property, gifted to you with an agreement that it is not a loan and you do not owe them any money down the line.

How can gifted deposits help?

Gifted deposits come in very handy for those who have saved enough money for their monthly repayments, but possibly due to a lower income, aren’t able to afford the initial deposit that is required for the property you are hoping to purchase. Having more gifted deposit available may also allow for you to receive better mortgage rates.

Who can gift The deposit?

Commonly, it’s parents (birth and adopted) and carers who are able to gift you the deposit. This is often known in the industry as the “bank of mum & dad”. There is the potential for other family members to gift you the deposit, though this is dependent on specific lenders and would require care when trying to find the most appropriate mortgage lender.

Do your parents know you need help?

When speaking to customers, we sometimes find that they aren’t aware that their parents can help with their mortgage, or don’t feel like they can ask them for help. The reality is that most parents are willing and ready to help out their children, helping them to take that first step onto the property ladder.

Statistically, taking out a mortgage works out a lot better for people than renting does, thanks in part to you being able to possibly pay less per month on your repayments over your rent. The deposit could come from inheritance, with some parents known to gift it earlier on in life if they already have enough in savings or have released a certain amount of equity from their own family home.

Gifted deposit vs loans

A lot of lenders won’t accept a loan as a means of paying your deposit due to the lender being unsure that you’d have enough free income to pay back both the loan and the mortgage simultaneously.

Is there a maximum or minimum gifted amount?

There isn’t a limit on the maximum amount you can receive as a gift, although there is at least one lender that insists you put in at least 5% deposit from your own personal funds.

Who can benefit from a gifted deposit?

The people who will receive the most benefits from this tend to be First Time Buyers and Home Movers. It can also be useful when used alongside the Help to Buy Scheme, as the required 5% deposit, depending on the lender, can be paid through the means of gifted deposit.

What proof is required?

Generally speaking, all lenders will require a gifted deposit form. Depending on the lender, you may be asked to provide further proof and ID (things like a passport or bank statements).

Offering Gifted Deposit Mortgage Advice in Liverpool

What do Lenders Look for When Assessing my Bank Statements?

When lenders ask for your bank statements, you can expect them to look for a wide range of things. However, their main goal is to assess whether you are the kind of person who handles money responsibly and is likely to keep up to date with their mortgage payments.

In recent months one question is being asked by applicants speaking with one of our Mortgage Advisors in Liverpool: “do gambling transactions look terrible on my bank statements”.

Questions to Consider | Mortgage Advice in Liverpool

What has it got to do with the lender whether I gamble or not?

Whether you have an annual bet on the grand national or regularly use the internet betting sites. Clearly there is nothing illegal about properly licensed gambling.

Many people can see gambling as a mainstream hobby or pastime similar to many others. Still, it shouldn’t get forgotten that even the gambling advertisers urge customers to “please gamble responsibly” and this is the key to bear in mind when applying for a mortgage.

Consequently, whilst it is not a lender’s job to tell you how to live your life, how to spend your money or indeed to moralise on the ethical rights and wrongs of gambling, they do have a duty (underscored by mortgage regulation) to lend responsibly.

Suppose lenders need to prove to the regulators that they are making sensible lending decisions. In that case, it isn’t entirely unfair of them; therefore, to expect the people to whom they lend to adopt a similar approach when it comes to their finances.

Think about it. If you were lending your own money. Would you lend it to the applicant who gambles or the one who doesn’t?

I’ve got gambling transactions on my recent bank statements?

As mentioned above, it is not illegal to gamble so just because you have the odd gambling transaction on your bank statements it doesn’t automatically mean you will get declined for a mortgage.

However, the lender will consider whether these transactions are reasonable and responsible. Thus they will mainly look at the frequency of these transactions, the size of the transactions about the person’s income, and the impact upon the account balance.

If these transactions are infrequent small amounts that make no significant impact on a regular credit bank balance, then they are not likely to be regarded as necessary.

However, if you bet most weeks or you get overdrawn the lender continuously, therefore, expected to see that as being irresponsible and decline your application.

Is there anything else lenders wouldn’t want to see on my bank statements?

As we’ve seen, essentially lenders are looking at your bank statements to show how you manage your money and to help them establish whether this gives them either the confidence that you are financially sensible or the evidence that you are not.

Remember, lenders are financial institutions that, either directly or as part of a wider group, often sell current accounts, overdraft facilities credit cards and personal loans, so understand that these things can all play a considerable role in prudent financial planning.

The key for a mortgage applicant is how these facilities get managed. For example, having an overdraft facility and occasionally using it, is not inherently a bad thing; regularly exceeding the overdraft limit – not so good.

Consequently, lenders will look for excess overdraft fees or returned direct debits because these would generally show that the account is not being well conducted

Other things to look out for include credit transactions from payday loan companies; “undisclosed” loan repayments (i.e. if you said on the application that you have no other loans but there appear to be regular loan payments, this could be a problem).

They would look out for any missed payments; finally, they might also consider how much of a typical month get spent overdrawn – namely if you only go into credit on payday and for the rest of the month are exaggerated, how sustainable is this mortgage?

What can I do to improve things?

The simple answer is – be sensible and, if possible, plan. Typically, a bank would ask for up to three months of your most recent bank statements.

These will show your salary credits and all your regular bill payments. Thus, if you know you’re likely to want to apply for a mortgage in the not-too-distant future. Try to make sure that you avoid any of the above pitfalls.

Take a break from gambling for a short while. Then work on presenting your bank account in the best possible light.

Your mortgage broker can help you as some lenders may ask for fewer bank statements than others. Or indeed some may not even ask for them at all.

However, even these lenders would reserve the right to request bank statements in certain circumstances. So your best bet is to be as prudent as possible in the run-up to any mortgage application.

Remember, if you do gamble, please gamble responsibly!

If you are a first time buyer in Liverpool who doesn’t know a lot about mortgages. You should get some specialist mortgage advice from a Mortgage Advisor in Liverpool.

We can guide you through the whole mortgage process and help you with your application. To get you on track so that lenders will be impressed.

How Much Can I Borrow For My Mortgage In Liverpool?

How Much Can I Borrow For A Mortgage | MoneymanTV

How much can you borrow?

Are you a budding First Time Buyer in Liverpool? Maybe you haven’t thought about Moving House for quite a while? In either of these cases you are probably asking yourself one of, or both of the following questions; “Can I get a mortgage in my situation?” and “How much can I borrow?”. These are two questions we hear regularly when providing mortgage advice in Liverpool. In this article, we explain the latter, something that over the last 10 years has changed quite a bit.

How much were you used to be able to borrow?

If we look back at the ’80s and ’90s, most mortgage applications were underwritten manually. This means there was lots of “human intervention” in the mortgage application approving process. You’d make an appointment with your local building society manager, and he or she would interview you about your circumstances.

They would encourage you to save with them for a while until you prove yourself to be good enough to handle credit. The manager would then grant you what was the equivalent of today’s Agreement in Principle. Following this you would receive mortgage advice and an estimation of how much they would be able to lend you.

At face value, this sounds very much like a highly personalised process with a common-sense approach. That being said, it could often lead to inconsistent decision-making. The manager had the discretion to interpret the lending manual as they saw fit. What this means is that you could possibly approach the same Building Society in a different town or city and the result would come out different.

To make sure things like this stopped happening and more importantly, to cut costs, lenders moved to automated affordability calculations. “Caps” were applied so they would lend you more than, say, 3 or 4 times your standard household income.

As the 2000s went onwards, lenders were becoming more and more generous in the amount they would lend customers. Some lenders would even offer self-certified mortgages, meaning no background checks were taken so they were taking the applicants word on how much they were earning!

Such practices of course failed, and the market crashed. 2008-2010 were very difficult years if you were trying to get on the property ladder, as the market was in a poor state. Lenders stopped lending for the time being and created a very cautious (over-corrected) lending environment.

How much can I borrow nowadays?

The market eventually (and thankfully) recovered, and in 2014 the regulator launched the Mortgage Market Review (MMR). This was a brand new set of rules for lenders to follow. The old-style income multipliers which took little account of household expenditure were now gone.

Before 2014, two applicants earning the same could borrow roughly the same as each other, regardless of the little details and differences, including how much they spent each month. Then came brand new affordability models. These took a much more forensic view of how mortgage applicants managed their money on a monthly basis.

There is still a “cap” in place (most lenders will not go past 4.75 times your annual income) but your spending habits are also analysed more harshly. So, for example, if you have high childcare costs, lots of credit commitments and a student loan, it is likely you will be offered less than your work-colleague who doesn’t have any of these things to pay for.

We still find ourselves regularly surprised by the large variances lender to lender in how much or little they will lend customers. Some lenders seem to penalise low-earners (they may only want one type of applicant) and some take pension contributions as a fixed outgoing, so would often lend the likes public sector worker with a big pension deduction less than a private sector.

If you need to maximise your borrowing capacity to obtain the home you need to buy then you’ll need the help of a trusted and experienced Mortgage Broker in Liverpool on your side. Our advisors are able to research the market on your behalf to see if anyone will lend you the amount you need.

Before you take out a mortgage you should sit down with a Mortgage Advisor in Liverpool and work out your finances together to ensure that the repayments are to the level you were expecting.

Mortgage Broker in Liverpool

Here at Liverpoolmoneyman, we offer a free initial mortgage consultation for all customers. Contact us and we’ll get you booked in as soon as possible.

Self Employed Mortgages in Liverpool

More and more these days we see people switching to a Self-Employed career. They are not looking for “get rich quick” schemes, they just work different schedules than they normally would.

Though not unheard of, it is not very likely that you would stay with your first employer all the way through to retirement. Usually, people change jobs to improve their own personal and financial situations.

Digital and engineering sectors for example give rise to self-employed and freelance roles. Understandably so, people who work from home can be concerned as to whether or not they are able to obtain a mortgage.

Fortunately, lenders are now more aware of the changes to employment and bringing forward new products that have help if you are Self-Employed. This means if you were hoping but not sure, now is the time to speak with a Mortgage Broker in Liverpool. Though possible, it is still considered rather specialist, so in this article we will dip into what you will need to ensure you are one step closer to a mortgage.

How many years’ Books do I need? 

The minimum required for a Self-Employed applicant is 1 year’s books, though that’s usually specific Self-Employed applicant based Lenders. The majority of High Street Lenders will require 2 years’ worth.

Statistically, many new business ventures are not destined to succeed, so Lenders will want proof that you are able to keep up repayments. 

How will a Lender assess my income? 

Most lenders will take the average from your last 2 years’ worth of income. That being said, if you have a growing business, some lenders will just take the 1 year. 

I am a Director of my own Limited company 

Though technicalities would state you are an employee of your own company, most lenders will not recognise this unless you have 25% of the shares in your name. Most Lenders would add the dividend you have drawn to your annual salary to calculate what your annual earnings are, a figure of which the amount you can borrow will be based on a multiple of.

Every so often you will find a Lender who will work from net profit rather than salary/dividend. This works in the favour of Directors who keep their drawings low. 

My Accounts do not reflect the true success of my business – what can I do? 

This is a question we often get asked, though unfortunately you “can’t have your cake and eat it”. We recognise that when you have your annual meeting with your Accountant, part of the chat you will have is around how to minimise your tax liability. For getting a mortgage, the opposite is more the way to go. If you declare more income, you can claim a bigger mortgage.

How much deposit do I need to put down? 

The deposit required for self-employed mortgage applicants does not differ from that of regular employees. Usually this means the required deposit is around 5%. If you only have one year’s Accounts though, you could be required to put down a bit more.

Contractor Mortgages 

You might be surprised to learn there are a lot of mortgage options available for contractors. Nowadays more and more people are working from short term contracts.

If you are able to show the lender that you have a good track record, then they may consider taking your “daily rate” rather than your net profit. The handy thing about being a Contractor though, is that if putting you through the process as Self-Employed works out better, they will roll with that instead.

The Lender will also want to know how long is remaining on your current contract. A consistent contract length will give the lender the utmost confidence that you can fulfil your repayments. It could be possible to get a mortgage even if this is the first contract you have had depending on the circumstances around your current situation.

Can I still get a Self-Cert mortgage? 

Unfortunately, “self-certification” mortgages were widely abused in years gone by and as such they are likely never coming back. There is no doubt that getting mortgage as a sole trader, partner or Company Director can understandably be a more difficult process than it would be for someone regularly employed.

Some lenders can be a little more flexible when it comes to Self-Employed Mortgages in Liverpool, so it is always worth getting in touch with a Mortgage Broker in Liverpool to see what we can do to find the most appropriate deal for you.

Getting a self-employed mortgage can take a lot of future planning. At times, if an applicant has not earned enough in the past, we are able to make a prediction about how much they can borrow based on a projection for the following year. Those Accounts though, would have to have been submitted to the Revenue before the mortgage application was submitted.

The Importance & Benefits of Changing Your Address

Mortgage Advice in Liverpool

Before you apply for a mortgage, it’s always a good idea to check on your credit score to see how it is looking. The higher your credit score is, the more likely it is that you will get accepted for a mortgage, so if it’s low, you may need to look at ways to how you can improve your credit score.

Your overall credit score can be affected by a lot of different things. For example, the more addresses that you have registered to your name can sometimes negatively impact your credit score. Once applicants realise that this is the case, they sometimes go about it in the wrong way.

What you shouldn’t do

As a Mortgage Broker in Liverpool, we are seeing applicants that have moved out of their parents address are leaving all of their information registered to that address and not their new rented accommodation. Leaving information such as bank statements, credit card and electoral roll information registered at a previous address can actually have a negative effect on your application in the future.

It can affect your application because when your lender searches through your credit file, there will be some sort of record that shows that you have moved to a new address. For example, it could be something as simple as a change in delivery address that could get picked up on. Your lender will notice this and it could end up having a negative effect on your credit score, so always change your address when you move.

As a Mortgage Broker in Liverpool, we know that sometimes applicants completely forget to change their address and everything is by accident. That’s another perk of using a Mortgage Broker in Liverpool, especially if you are a First Time Buyer, they will sort everything out for you and check that your application has the best chance of being accepted before submitting it with you.

The Importance of Changing Your Address | Mortgage Advice in Liverpool

Check before you apply

We always recommend that you check everything you can before submitting your application. Things like the electoral roll and your accounts (credit cards/current accounts) can be easily changed and can make all of the difference. This mainly only affects people who are living in rented accommodation, however, there is nothing wrong with checking everything just in case. If you are moving straight from your parent’s address to a new property. You can do this once you move out.

Everything is always worth a double-check and sometimes a second opinion could help too. That’s why we think that speaking to a Mortgage Advisor in Liverpool would prove highly beneficial to you and your mortgage application.

It is very important that you know the exact date off when you moved to your rented apartment/new home and the date you moved out. This is because if you get the dates wrong, it can look like you are living in two different places at the same time.

Impress the lender

A lender doesn’t just look at your application and decide there and then, they will go into extreme detail in order to see if you are the right applicant for them. So if you show that you have updated all of your information correctly and changed everything recently so that your application was stronger, they will be impressed by it. Having everything prepared nice and early doesn’t do any harm, it can sometimes give applicants that boost that they need!

Changing your address and double-checking your application are both really easy processes that can positively affect your mortgage application. However, if you are still struggling to get everything sorted, feel free to get in touch with a Specialist Mortgage Advisor in Liverpool at Liverpoolmoneyman, we are always happy to help.

As an experienced Mortgage Broker in Liverpool, we know that being a First Time Buyer with no mortgage experience can be hard. This is why we want to step in and offer you a helping hand. Get in touch with Liverpoolmoneyman, your expert Mortgage Broker in Liverpool today.

Why Should I use a Mortgage Broker in Liverpool?

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 
· Affordability 

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.

Liverpoolmoneyman.com & Liverpoolmoneyman are trading styles of UK Moneyman Limited, which is authorised and regulated by the Financial Conduct Authority.
UK Moneyman Limited is authorised and regulated by the Financial Conduct Authority.
UK Moneyman Limited registered in England, registered number 6789312 and registered office 10 Consort Court, Hull, HU9 1PU.

© 2021 Liverpoolmoneyman

Liverpoolmoneyman, Rodney Chambers, 40 Rodney Street, Liverpool, L1 9AA.

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