When you and your partner decide to end a relationship, it is never easy, especially if you have made a joint financial commitment.
Times like these our mortgage advisors in Liverpool will take the challenge of these specialist mortgages, aiding you whether you’re moving home in Liverpool or looking to take out a remortgage in Liverpool on the property once it’s in your name.
Below here are the three primary mortgage-related questions that our mortgage advisors in Liverpool get frequently asked when it comes to divorce and separation mortgage advice in Liverpool:
Of course, nobody goes into joint name home buying to split up, but these things are known to happen sometimes and to try to make changes to such a substantial financial commitment can prove challenging.
Regardless of gender, there may come a time when whoever is currently in the property will want to take over the mortgage as their own.
You may be able to demonstrate your ability to pay the mortgage on your own, without any help from your ex. However, this doesn’t change the way the lender will see your case. At the point of application, you bought the property jointly, and in the event of arrears, they will be allowed to pursue either of you.
Before going ahead with a sole applicant on the mortgage, the Lender will have to go through all the initial checks from scratch, whether you’ve kept up payments or not. In any case, this is to fully ensure you can afford it as they can’t just take your word for it.
If need be, there is the ability to have a family member or new partner step in to replace your ex-partner on the mortgage. There are different ways of assessing your affordability with various lenders, so if your existing Lender says no we may still be able to help you out.
One thing you must remember when it comes to separation or divorce is even if you leave the family home and live somewhere else. You’re still liable for any joint financial commitments (i.e. your mortgage) that you both took out together.
Agreeing with the ex makes no difference either until you get officially removed from the mortgage. You’re still liable for repayments if the balance falls into arrears.
When it comes to buying a new property, lenders will take the payments towards your old property into consideration. Because of this, it’s essential to speak with a Mortgage Advisor in Liverpool before you go ahead with making an offer.
Some lenders may be more generous when it comes to the amount they’re willing to lend you compared to others. When it comes to our recommendation on whom to apply for a mortgage agreement in principle with, we’ll consider this.
Depending on your circumstances, this is entirely possible. Lenders’ credit scoring systems analyse a significant number of factors before they offer you a mortgage.
One of these, of course, is ongoing financial commitments. In any case, this includes the mortgage payment you currently hold with your ex; alongside any other obligations, you may have.
Once we’ve taken all this information and uploaded it to our system. We’ll be able to provide an outline as to the maximum you may be able to borrow. This gives you a rough idea of your budget at the outset and the amount of deposit you’ll be needing to put down.
Moving on from previous joint financial commitments can be quite tricky. Just bear in mind that as far as lenders are concerned, it’s all about the risk. They ideally look to avoid repossession situations at all costs.
Most people take out a single mortgage, but there are plenty of reasons why you may want to take out a second mortgage. Here in this article, we will cover some common scenarios our mortgage advisors in Liverpool have come across to why you may require another mortgage:
If you currently have equity in your home and are looking for a second mortgage to release some of this equity, then we can help whether you are looking to release equity to fund another purchase, home improvements or something else.
If you are looking for remortgage advice in Liverpool, we can help explore all of your options. In any case, if you are currently on your lenders’ standard variable rate of interest, we can find a more competitive deal along with releasing your capital. A further advance from your current lender could also be an option here.
Suppose you are looking to help your children or grandchildren onto the property ladder in Liverpool. There are many products out there on the market that could help you achieve this. For a free mortgage consultation and to run through your options, please don’t hesitate to get in touch.
If you are looking for an additional mortgage to purchase an investment property, we can help you through the whole process. Whether you are a first time landlord or portfolio investor, we can offer to buy to let mortgage advice in Liverpool.
Firstly, this is a situation that we come across quite often, usually due to divorce or separations. Whatever your situation, if you are currently named on another mortgage and would like to purchase a new property to live in.
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.
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 Mmortgage broker in Liverpool, especially if you are a first time Buyer in Liverpool, they will sort everything out for you and check that your application has the best chance of being accepted before submitting it with you.
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.
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. 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 in Liverpool 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.
Once you have had an offer accepted, it time to move onto the next stage and arrange a property survey. A property survey will establish the condition of the property and ensure that it is worth what you are paying for it.
If something is found on the survey which wasn’t mentioned to you that could potentially affect the property price. You in a position by law to approach the seller and renegotiate a price.
There are quite a lot of different types of property surveys and it’s just the case of narrowing them down for you and finding which one will benefit you most.
Here’s a short video from the Royal Institution of Chartered Surveyors (RICS) that explains the different types available to you:
There are 3 main types of property surveys available to you:
A basic mortgage valuation is your cheapest option. You will be required to have one before you receive your mortgage offer. You can’t confuse this with a full survey. The mortgage valuation confirms to the lender that the property is worth at least what they are lending you.
Your mortgage lender may even offer you a free basic valuation as part of your deal. This really depends on the lender but they may add extra arrangements fees down the line if they offer you a free valuation.
Unfortunately, a basic mortgage valuation will not highlight any repairs that are needed. It will only point out obvious defects and recommend that you investigate further. If the defects could end up costing a lot to repair in the future. Then you may be able to negotiate a price reduction with the seller.
A homebuyer’s report will cover the health and safety side of things. For example, it will include structural safety and show if there are any leaks, etc. Most importantly it will state if the property does or does not meet current building regulations. This kind of report will give you an independent report of your property by an expert.
To ensure you are not paying for two surveys it is advisable to ask the mortgage companies surveyor to carry out this report for you – it will usually take a couple of hours to complete.
A full structural survey is recommended for older properties and for those of a non-standard construction.
Depending on the property size and type, a full structural survey can take as long as a day to complete but they will give you the best insight into your new property.
A full structural survey provides a detailed report on the condition of the property and highlights issues that should be investigated further before going ahead with the purchase, providing you with peace of mind about the condition of your property.
You can find a surveyor to carry out a Homebuyer’s report or building survey through the Royal Institution of Chartered Surveyors.
Are you a first time buyer in Liverpool or a current homeowner planning on moving home in Liverpool and want to know more about which property survey to choose? No problem, your local Mortgage Broker in Liverpool is just a phone call away to answer all of your property survey questions.
Get in touch for a free mortgage consultation today. Where we can pass you onto a Mortgage Advisor in Liverpool who can arrange everything out. To help you choose the best property survey for your new dream home in Liverpool.
Most high street mortgages are portable. This means you can move it from one property to another, without penalty. This becomes especially useful if you are moving to a new home and are in the middle of a fixed rate, as it allows you to potentially avoid early repayment charges.
Whilst it’s true that most are portable, this isn’t the case for every mortgage. Some specialist lenders don’t allow this option. Calling your mortgage lender for a quick discussion can help confirm this.
Even though it’s often available as an option, customers sometimes choose not to. Maybe the lender won’t lend you the extra money you need to move. Also, the additional funds will be on a different rate to the one you have on your current deal. Depending on the deal you’re offered, you may decide to take a hit on early repayment charges and switch to a different lender.
A sub-account on your mortgage is made when you port your mortgage, with the additional money ending up with a different deal than the one you had originally. This means that although you have only one mortgage and one direct debit, there are different rates of interest that apply.
Later down the line, having sub-accounts can prove to be quite annoying. This is because different products will overlap each. Getting them aligned once again will mean one of the sub-accounts having to drift onto the standard variable rate given by the lender, for a set period of time.
For more on porting mortgages onto new properties, please get in touch with a mortgage broker in Liverpool and we’ll see how we can help. Whether you’re moving home in Liverpool, a Buy to Let landlord or self employed in Liverpool, we’d love to try and help you.
In order to start the process of moving home in Liverpool, 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.
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 in Liverpool, home mover in Liverpool 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.
Moving house in Liverpool 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 in Liverpool 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 mortgage advisor in Liverpool may be a popular option, as your advisor may have a good knowledge of the area. They may be able to share with you what kind of options their other clients have been taking recently.
If you’re looking at moving home in Liverpool or purchasing your dream home as a first time buyer in Liverpool, 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 be dreaming of quiet village life but a new housing development planned on the next street could ruin your dream property.
Whether you’re a First Time Buyer in Liverpool or a Home Mover in Liverpool looking to buy a house, there’s probably a lot racing around your mind. To help you out, here are our top 9 questions to ask when buying a house.
It’s not uncommon for new homes to only be on the market for a short period of time. So be prepared to act quickly, especially if the listing has seen a lot of interest. By determining the interest, you can judge how much ‘thinking’ time you have available to decide.
If the property is not part of a chain it’s likely you’ll be able to move quickly, especially if you yourself are not part of a chain. This is common with new homes and situations such as bereavements or emigration. It’s also worth noting that without a chain you’ll have more leverage as a buyer. This is because you won’t delay the buying process so be sure to use this to your advantage during negotiations.
Sometimes when buying an older property, it’s not uncommon to find that the previous owner is leaving stuff behind which is part of the deal. For example, the garden shed or white goods might not be following the seller.
Although this might be a huge benefit to buying the property, it can also be a burden. If you don’t want the added extras, you will have to work out a way to dispose of them.
If you’re moving to an unfamiliar location, it’s worth trying to find out about the neighbours. If you choose to move to a development of new homes, you and your neighbours will all be moving in around the same time. Although this can create a lot of uncertainty, it also creates an advantage when it comes to building a friendly new community.
Running costs can differ greatly from house to house depending on age and work that has been done to it already. By researching online, or asking the seller, you can find out costs such as council tax and utility bills which will help you budget more effectively.
If you’re the type of person who enjoys relaxing in the garden on summer evenings or reading books in natural light, then the direction the house faces can make a big difference. For these types of people, you want to be looking at a south-facing garden. You could either ask for this information or have a compass app installed on your phone ready for your viewing.
This question can have a big impact on your decision to buy or not. Generally, older houses require more work than new homes, but that’s not always the case. Things to look out for include:
Negotiation is part of the house-buying process. Therefore, if you’re interested in buying the house, it’s worth finding out how to make an offer. To avoid going in too low or high, try and chat with the seller or estate agent to gauge what seems like an appropriate offer. It’s also worth enquiring about whether any other offers have been made and rejected.
If you’re set on the property and you’re planning on making an offer, ask when the house would be available to move in to. By having a date to work towards, you can plan your other jobs – such as instructing a conveyancing solicitor, packing your belongings and arranging a removal van. This can also be an important question if you are part of a chain yourself.
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Liverpoolmoneyman.com & Liverpoolmoneyman are trading styles of UK Moneyman Limited, which is authorised and regulated by the Financial Conduct Authority.
UK Moneyman Limited is Registered in England, No. 6789312 | Registered Address: 10 Consort Court, Hull, HU9 1PU.
Authorised and Regulated by the Financial Conduct Authority.
We are entered on the Financial Services Register No. 627742 at www.register.fca.org.uk
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Liverpoolmoneyman.com & Liverpoolmoneyman are trading styles of UK Moneyman Limited, which is authorised and regulated by the Financial Conduct Authority.
UK Moneyman Limited is Registered in England, No. 6789312 | Registered Address: 10 Consort Court, Hull, HU9 1PU.
Authorised and Regulated by the Financial Conduct Authority.
We are entered on the Financial Services Register No. 627742 at www.register.fca.org.uk
