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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.
The happy days of 100% and even 125% mortgages seem a long time ago. Now the credit crunch is behind us, lenders tend to be more confident again to offer 95% mortgages.
We feel that it is reasonable that you should show you can save each month. It also gives lenders comfort that you have some “skin in the game”. In other words, you have something to lose should it start to become more challenging to keep up your mortgage repayments.
We know it’s challenging to save up a deposit for many people, and this is their primary barrier to entry into the property market. It is daunting if you have a family or are in rented accommodation. We do get many questions about deposits so we’ll try to answer as many as I can for you here.
Short answers, yes. The higher the deposit the lower interest rate you will receive and this usually is more cost-effective and helps you.
Reasons being you appear more reliable to them. Products offered in bands of five. These bands differ in price depending on various factors such as your deposit.
The percentage of your mortgage provides lenders with an idea of how invested you are to your mortgage, although considering – the higher the interest rate, the more expensive. This means that the higher your deposit, the more secure you will be when it comes to purchasing your dream home meaning you will be happier in the long term.
In a limited number of circumstances, it can be successfully achieved. The lender will make the monthly payment as an additional credit commitment, therefore, grant you a smaller mortgage.
As a result, one will qualify if you hadn’t borrowed the deposit. Most lenders oppose this as you are essentially borrowing 100% of the purchase price.
Yes, most accept gifted deposits from family members and friends can be acceptable too. The sender of the gift will need to confirm it’s a gift, rather than a loan, and need to produce ID and proof of funds for anti-money laundering purposes.
Others have turned to the bank of Mum and Dad, this is where the parents of the applicant (often common with first time buyers in Liverpool) gift their children funds towards the deposit.
For anti-money laundering purposes, providing bank statements help to evidence funds. Lenders like to see how the money is being built up as this provides more genuine insight.
If you have deposited a large amount into your account, you may need evidence to support this.
For example, if you have sold a car, then you’ll need a receipt and the amount you have sold the asset for would match the amount paid into your bank account. This will highlight reliable sources backing up your finances.
If you are selling a property, then the memorandum of sale provided by the estate agent is your proof.
Usually, if it is a genuine discounted purchase, i.e. the house is worth £100,000, and you have been offered it, for example, £90,000, then some lenders will accept this as your guaranteed deposit.
This works well if you are looking at right to buy in Liverpool from the local authority or another social landlord.
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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
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