How to Improve your Credit Score in York?

When you apply for a mortgage, having a high credit score improves your chances of being successful. That being said, a high credit score alone won’t guarantee that the financial institution will approve your mortgage.

Every mortgage lender has its own unique mortgage lending criteria, meaning a high credit score in the eyes of one, might not necessarily be a high score in the eyes of another.

Speaking to a mortgage broker in York, like ourselves, is just one of the great ways to improve your chances of success. Using our knowledge of mortgages, we’ll look to get you matched up with a suitable lender for your circumstances.

If you want to get a much more in-depth knowledge of your credit score, you can take a look at a wide variety of credit scoring agencies. For people seeking mortgage advice in York, you will probably come across the bigger names, such as Experian or Equifax.

It is important to check more than just one of these though, so you can get a more accurate look at how your credit file is currently. It also helps to spot any mistakes or inconsistencies amongst the different platforms.

Limit Your Credit Search to a Reasonable Amount 

Of course if you’re doing multiple credit searches, you may also harm your chances of getting a mortgage approved by a mortgage lender, especially if you are doing too many.

Instead, try to limit it to a small selection of trusted credit scoring websites, in order to prevent doing any potential harm to your mortgage chances.

Ensure That You’re on the Voters’ Roll 

People on the voters’ roll are considered to be much more stable and organised than people who are not, and it is something that will reflect positively on your credit score.

If you have not done this before or have not updated your information, it may be worth doing so in order to possibly improve your credit score and consequently, your chances of being accepted for a mortgage.

Don’t Max Out Your Credit 

Another way to improve your credit score is to know your maximum credit limit and make sure you don’t go over that amount.

Maxing out your credit limits your credit score may not help with your mortgage lenders perception of your ability to stabilise your finances.

A mortgage lender will prefer to work with individuals of whom they know can maintain their finances responsibly, with minimal to no risk of falling into arrears.

Ensure to Update Your Address History Properly 

It is very important to update your address history to ensure that your provider knows where exactly you live at a given time. Failure to do so could give the impression that you’re living in two places at once.

Ensure that the details are correct, especially if you live in a flat- which could be quite difficult due to different address formatting.  

Terminate Dormant Credit Accounts 

If you have any old credit accounts that you no longer use, contact the providers to close the accounts. Doing so will be sure to streamline your finances, protects you from fraud and reduces the risk of harming your credit score.

End Your Financial Links to Others  

If you have family, an ex-wife or husband, or any other person that you are financially linked to, it is important to sever those ties prior to a mortgage application.

The truth is, those links may potentially harm your credit score, especially if that person develops a poor credit score of their own. Due to the link, your score will also go down.

Get in Touch with a Mortgage Broker in York

Whether you’re a first-time buyer in York, looking to remortgage in York, moving house in York or any other kind of mortgage scenario, your credit score should always be one of your top priorities.

Book online to speak with a mortgage broker in York. A dedicated advisor will talk you through any necessary steps for you to take.

Can I Have a Second Mortgage in York?

Second Mortgage Advice in York

There is the option out there for someone to have a second mortgage, however, this all depends on the individual’s circumstances with some situations requiring a person to have a second mortgage. Like with any mortgage, you need to know if you are eligible to do this.

Many people decide to go for this option for a number of reasons like:

• Perhaps you are looking to rent out your existing home and purchase a new one to live in.
• As a way to raise money for your existing home
• You’re maybe looking at your options to obtain a second mortgage in order to help your children out.
• You need to have a second mortgage in order to purchase a buy-to-let in York.
• Maybe your name is already on an existing mortgage and you are looking at buying a new property?
  
  

Second Mortgage to Raise Money

In the circumstance where you have built some existing equity in your home, you may look at taking out a second mortgage. You might look to do this so you can release some of the equity to fund another purchase. Our expert Mortgage Advisors in York can help you out with this.

In this situation, a second mortgage is also referred to as a secured loan.

If you are currently on a lenders standard variable rate, you might find that a dedicated mortgage broker, like us, will be able to look around in the hopes to find you a more competitive deal for you along with helping you to release some capital.

Another option that may benefit you is further advancement with your current lender.

Second Mortgage to Rent Out Existing Home to Purchase a New One

When people move home, usually they onto their new mortgage leaving their existing one behind by simply transferring to another deal. On the flip side, you may find that some people prefer to keep on to their current mortgage and property as a way to rent it out. As a result, your new second mortgage will now be your residential one. This is known as a Let to Buy and will only occur when you are Moving Home in York.

Second Mortgage to Purchase a Home For Your Children

This has become an option that has become increasingly popular. In the current climate of property prices and inflation constantly rising, many First Time Buyers in York have found getting on the property ladder a challenge.

Because of this, many parents and grandparents see their challenging situation and provide a helping hand. You could see this as a different form of a gifted deposit, they could even give them their property and move out themselves.

Second Mortgage for a Buy to Let

Sometimes, people look for a second mortgage for a Buy to Let. This is perfectly acceptable, with landlords having multiple mortgage. Through our time providing Buy to Let Mortgage Advice in York, we have helped many landlords and built strong relationships with them to find them the best Buy to Let mortgage product. Our team are happy to help do the same for you!

Named On Existing Mortgage and Want to Buy a New Home

Some of our customers are in situations in which they are currently named on another mortgage and are looking to purchase another property.

Normally, these types of customers are going through a divorce or separation. The good news is that we have extensive experience and rich knowledge in dealing with these cases. Therefore, one of our open and honest Mortgage Advisors in York will work hard to help you with this.

Whatever situation you are in that would lead to enquiring about a second mortgage, we can help you as a fast & friendly Mortgage Broker in York. We have access to a large panel of lenders which allows us to search through 1000s of mortgage deals for you.

This means you will be provided with a service where you will be recommended the most appropriate product that is perfect for your situation.

The Pros & Cons of Using a Mortgage Broker in York

First Time Buyers in York who are looking to put their foot onto the property ladder, or finding themselves once again at the end of their fix term, might find the process a little daunting.

Depending on the homeowner and homebuyer circumstances there are many different routes to take. Ideally, you’ll want a service that gets it right the first time, saving you time and money.

Here at Yorkmoneyman, we firmly believe that First Time Buyers in York like yourselves will find our service beneficial during the entire process.

Rest assured, you are in safe hands with us, we have absolute confidence in our ability to help customers. We also understand that some people may be wondering how a Mortgage Broker in York can actually help.

This is why we felt it was best to put together a balanced summary of why speaking with a Mortgage Broker in York will be beneficial, as well as why others instead choose to directly to a mortgage lender.

What are the pros & cons of using a mortgage broker in York?

Cost-Effectiveness

We promise to try our best to save money by going direct and finding your own mortgage deal. This isn’t entirely untrue, as a mortgage broker in York may charge a fee, though this is very much circumstantial.

If you’re experienced in doing it yourself, have a straightforward case and knowledge of lender criteria, by all means, this will be easier and more cost-effective. The downside to this comes with more complex cases and people who don’t understand the lending criteria.

If you have the basic understanding of doing it by yourself, have a simple case and have knowledge of the lending criteria, by all means, this will be a walk in the park and more cost-effective.

However, those with a complicated case and people who don’t understand the lending criteria could either end up on the wrong deal or unsuccessfully apply for a mortgage deal.

Both situations could poorly result in you spending more money than what’s needed, or harming your credit score, resulting in your overhaul chances of obtaining a mortgage in the future.

Our Mortgage Advisors in York aim to recommend the most suitable deal for your circumstances. Whilst again, this may come with a service fee, you could be saving yourself a lot more money in the long run.

Local Bank Branch Relationships

Another point that many more senior customers think works in their favour of going directly to the bank, is the way the mortgage process was previously run. Before online banking and the ever-increasing popularity of technology, you would be a loyal customer of your nearest branch regularly, often communicating to the same people.

Back then before credit scoring, you would sit with the bank manager themselves, who understand your finances inside and out, and would accept you for a mortgage. Whereas in the present, a lot has changed since.

Now, the bank manager won’t run through your case personally. Instead, it goes through an online system, to determine if you are eligible to qualify for a mortgage. These days, more people get given a good chance to apply for a mortgage, it no longer matters which company you bank with for years.

Exclusive Mortgage Products

You may have heard that you can get better access to better deals by going direct. This may be somewhat true, they can offer good deals, but these deals are only exclusive from their own company.

Not all mortgage lenders are banks and there are many other deals out there to choose from. The most suitable deal your bank can offer, might not be the best deal overall that you could have got, by going elsewhere.

At this point, seeking Mortgage Advice in York will be very beneficial. Our Mortgage Advisor in York will go through your case and find you the most suitable deal with one of the many lenders we have on the panel, rather than from just one source.

It’s also worth noting on the topic of exclusivity, that you may also find deals with a mortgage broker in York, that you can’t find anywhere else. Whether you are a First Time Buyer wanting to put your foot onto the property ladder, looking to Remortgage in York or have a specialist case, there will be more options for you when going with a Mortgage Broker in York.

Changes to Regulation & Consumer Protection

Prior to the 2007-08 credit crunch, as summarised in the 2014 Mortgage Market Review, lenders were no longer allowed to sell mortgages to their customers on a non-advised basis.

What we mean is, you cannot just walk into a bank, tell them you want a mortgage and be accepted without any background checks.

These modifications also brought about consumer protection, that a bank otherwise would not have given you. Nowadays you are now in a position to complain to the Financial Ombudsman if you feel misadvised in any way. You also can make a claim via the Financial Services Compensation Scheme.

Whichever journey you are going down, going to either a mortgage broker or mortgage lender, you will be in safe hands, secure and professionally advised.

Booking an Appointment with a Mortgage Advisor in York

What gives a Mortgage Broker in York an upper hand is it can sometimes take time to try and speak with an advisor at the bank. Once you have made that contact and started your process with your bank, you’re not always guaranteed to be kept in the loop.

A benefit of using a Mortgage Broker in Durham is that we work around your busy schedule and arrange a time that suits you. Our dedicated teams of Mortgage Advisors in York are here from morning until late, every single day of the week, including weekends and certain bank holidays too.

Not only can you book yourself on a day and time that suits you, but sometimes we offer same-day appointments, subject to availability.

Don’t panic if you work a 9-5 job and need to speak with a qualified Mortgage Advisor in York. We’ve got you covered! With the help of our booking feature, it’s never been easier to speak with a Mortgage Advisor in York!

Here at Yorkmoneyman, we pride ourselves on being open and honest with our customers. All new and existing customers will always be kept in the loop no matter what stage of the mortgage process they’re in. Any changes made, you will be notified as soon as possible.

Over time the public perception of Mortgage Broker in York has changed. It’s thanks to our high level of customer service, had led to more people choosing brokers over going to a bank for Mortgage Advice in York.

Handling of Complex Scenarios

Everyone’s mortgage situation can be more challenging than the ‘average’ case. Recurring examples of this that our team have encountered over the years working in the industry include (but are not limited to):

• Putting down a deposit from various sources.
• Zero-hour contract workers want to know if they are eligible for a mortgage.
• Existing homeowners looking if they can take out a second mortgage.
• Self employed applicant with no fixed income.
• Being declined for a mortgage due to having a poor credit history.
• Most importantly affordability, can you afford a mortgage in your current situation?

Previously, mortgage lenders could easily compete with one another by offering deals that were better than the other. Times have changed since then, and now the main difference in which deal you go with, is whether or not you match their lending criteria.

You may come across a cheap deal you aren’t eligible for. The lender will either do a hard or soft credit search, to see if you are eligible to have a mortgage.

If you apply for the mortgage and the lender declined you an agreement in principle, this may damage your credit file. The worst part is you will be given no reason as to why you were declined.

A Mortgage Broker in York like ourselves will be able to run through your case beforehand, ensuring that everything is good to proceed and inform you of anything you need to increase your odds of being accepted for a mortgage.

Utilising the vast amount of lenders of our pane, we can match you with deals that fit your eligibility and supply you with an Agreement in Principle. We aim to supply you with an Agreement in principle within 24 hours after your free mortgage appointment.

However, this doesn’t mean you’re guaranteed to be agreed, but it’s much safer for your credit file to be organised and get everything sorted beforehand. As expert Mortgage Advisors in York, we aim to get our recommendation right the first time.

In Conclusion; Should I use a mortgage broker in York?

As an expert Mortgage Broker in York, who has been in the industry for over 20 years, we have helped many customers achieve their mortgage goals. From First Time Buyers in York getting onto the property ladder for the first time, to people at the end of their fixed period, looking to Remortgage in York, it’s safe to say you are in safe hands with us.

As you can see, there are indeed pros and cons to going with a Mortgage Broker in York. Likewise, there are also pros and cons to going direct as well. It comes down to how quick you want your service to be, and how secure you want to be.

If you would like to speak with one of our Mortgage Advisors in York, feel free to book yourself in for a free mortgage appointment or remortgage review. Everyone here at Yorkmoneyman is here to help with all your mortgage needs, around a time that is most suitable for you, subject to availability.

For more information, please feel free to take a look at our genuine customer reviews. They are a reflection of the high-end levels of service that we provide to all new and existing customers.

The Different Types of Mortgages Explained

The Different Types of Mortgage

Whether you are looking to buy a home as a first-time buyer in York, are moving home in York, or are ready to remortgage in York, you’ll quickly begin to realise there are a lot of options out there for you when it comes to taking out your mortgage.

In this article we have put together a comprehensive list of the most popular types of mortgages available to customers on the mortgage market.

If you have any questions regarding any of the mortgage options that we talk about below, then please do not hesitate to get in touch with a dedicated mortgage advisor for expert, open & honest mortgage advice in York & surrounding areas.

What is a Fixed-Rate Mortgage?

A fixed-rate mortgage will mean that your monthly mortgage payments will remain unchanged for the duration of your mortgage term.

The length of which you want to fix your payments for is your choice, with typical choices being somewhere around 2, 3 or 5 years or longer.

No matter what happens with inflation, the interest rates or the nationwide economy, you know that your mortgage payment, which is usually a person’s single biggest outgoing, will always be routinely consistent.

What is a Tracker Mortgage?

A tracker mortgage will serve the purpose of providing you with a mortgage interest rate that basically mimics the Bank of England’s base rate.

This means that neither yourself or the mortgage lender will set the rate and it will change as and when the base rate does. If the base rate goes up, your interest rate goes up. If it goes down, yours will go down too. Of course, this happening is beneficial to you.

You will be paying back at a percentage that is above the Bank of England base rate. If we use this in an example; Let’s say the base rate is 1% and you are tracking at 1% above base rate, that means you will be paying back your interest a rate of 2%.

What is a Repayment Mortgage?

When you take out a repayment mortgage this means that each month you will be paying back a combination of both the interest and capital. This is the standard mortgage people think of when looking to buy a home.

Going off the basis that you are able to keep your payments going for the mortgage term duration, you will be guaranteed to have paid it off in full and own the home of your dreams by the end of it.

This is generally, across the industry and wider world, considered the most risk-free way to pay your capital back to the mortgage lender. Early on in your term, the amount you’ll be paying will be mostly the interest, with your balance reducing at a slower rate. This is especially the case if your term is 25, 30 or 35-years.

The process quickens up within the last ten years or so of your mortgage, where you will be paying back more capital than interest, with the balance reducing at a far quicker rate.

What is an Interest-Only Mortgage?

Whilst we do still regularly encounter many buy-to-let mortgages being set up on an interest-only basis (this is an option that works out much better for many landlords), it is increasingly more difficult these days to get a residential property on an interest-only mortgage.

The reason for this is because once you reach the end of your term, you will still have the full mortgage amount to pay off all in one go, with no additional income to fund the amount you’re required to pay.

That being said, there are various unique circumstances where this can be a suitable option for customers, including downsizing when you are older or if you happen to have other investments you are able to use to pay back the capital.

Lenders are often incredibly strict when it comes to offering these products now and the loan to values tend to be much lower than they were in previous years.

What is an Offset Mortgage?

The way an offset mortgage works is that your mortgage lender will set you up a savings account that will work in tandem with your mortgage account.

To explain this using an example, let’s say that you have a mortgage balance of £100,000 and you deposit £20,000 is into your savings account, you will only be paying interest on the difference between those figures, which in this instance would work out at £80,000.

This can be a very efficient way of managing your finances, especially if you are wont to be paying higher rates of tax.

Information on Agreements in Principle and Credit Searches

Mortgage Advice in York for First-Time Buyers

Nowadays, First-Time Buyers in York are becoming more attentive to their credit score than they used to be. The public seems to be more conscious of their credit score role in obtaining a mortgage, so most people who contact us for Mortgage Advice in York seem to have already checked their credit report.

Credit Reporting Agencies

Credit reporting agencies like Experian, Equifax, and many others have come in handy in helping people get their credit report. However, for first-time homeowners, we often recommend Check My File. They offer a 30-day free trial and monthly £14.99 subscription package, which you can cancel at any time. Check My File provides a detailed credit report arranged in color-codes for ease of reference and understanding.

When offering clients Mortgage advice in York, they always inquire to know if we will check their credit score. We understand that excessive credit search could reduce one’s credit score, so we do not do any search unless with their permission.  

What is Hard Credit Search?

A hard credit search entails detailed scrutiny of your credit report. Financial institutions should seek a client’s permission before conducting a hard credit search. Lenders always want to get a more exact and in-depth knowledge of your financial history to know if you meet their requirements.

Meeting their credit criteria after a hard credit search highly improves your chances of getting your credit approved. You need to ensure that you can provide evidentiary support of the satisfactory documentation and ensure that there is no falsification or error in the details contained therein.

The downside of hard search is that it will be indicated in your credit report, which would be evident whenever someone performs a credit search on your account in the future. This isn’t such a bad thing, but when lenders see that you have multiple credit searches on your report within a short time, they could misinterpret it to mean that you’re applying for different credits concurrently.

They may not inquire to know the circumstances that led to these hard credit searches. Instead, they may conclude that other lenders performed these searches, and after their investigations, they threw away your application, so you had to move on to other lenders.  

What is Soft Credit search?

Soft credit search only assesses your finances to know what you can afford with your available credit. It basically applies to price comparison websites and identity verification.

In recent times, some lenders prefer to conduct a soft credit search, although it doesn’t provide them as much information about a client’s financial history as a hard credit search does. However, obtaining an Agreement in Principle from the lenders is a strong pointer that your mortgage application will be approved.

The significant advantage of soft searches is that banks and other financial institutions will not see how many soft searches have been done on your account. However, the number of soft searches will be visible to only you- and you’d be amazed at how many have been carried out on your account. Since banks and lenders cannot see this information, you can apply for an Agreement in Principle for a mortgage- and it won’t damage your credit score irrespective of the outcome of the application.

Speak with a Mortgage Advisor in York

Every aspiring homeowner wants to present themselves as financially responsible individuals. Therefore, it is pertinent to explore all legal routes of improving your chances of getting the property you desire at the lowest possible price.

This is the reason why the bulk of our mortgage advice in York revolves around helping people increase their credit score and keep their record in good standing to make them attractive for lenders and other financial institutions.

Sales Tactics of Estate Agents & Builders

If you are a First Time Buyer in York or are Moving Home in York with your house on the property market, you may be aware of the bigger estate agents and builders that have an in-house mortgage advisor and conveyancing solicitors that they would want you to utilise.

Estate Agent Sales Tactics For Pushing You To Take Their Mortgage Advice

Over the years as a Mortgage Broker in York, we have worked as a trust and strived in providing a personal, caring service for all our customers. In order to provide this type of service, we don’t work with banks, building societies or estate agents meaning we work solely for you as our customer. When speaking to customers, we find that there are affected by increasing pressure from their estate agent to use their in-house financial services. Below are just some of the stories we have encountered:

Refusal To Put Forward an Offer

It’s known that many estate agents out there are known to refuse to put an offer forward if you decide to use a different mortgage advisor instead of their own. In some cases, they have refused to forward an offer to the vendor due to someone who has utilised their in-house mortgage advice service and have an offer they’d rather show favouritism towards, even if it’s lower.

Overpriced Service Costs

A reputation that we have heard about estate agents is how they quote ridiculously high when it comes to conveyancing fees. This is something many of our customers have experienced before. One significant case had the customer being charged £1,500 for a regular purchase with a particular estate agent.

The good news was our expert mortgage advisors helped with lowering this cost. From this, we recommend that the client approaches another conveyancer within the area and they were able to get this down to £750 which is half the quoted price.

Demanding Information & Being Pushy

When you have made an offer, you would expect to get a phone call confirming whether or not you’ve been accepted which seems logical. Unfortunately, this isn’t always the case. The estate agent will get in touch and demand to know which conveyancer you have used.

Furthermore, the estate agent will refuse to take the property off the market until you agree that you will use their own in-house service. As you probably have guessed, their quotation will be very overpriced and very unfair to the customers, however, they will put you on the spot and make you feel it’s your only choice to take. A Mortgage Broker in York can very much help you prepare for this. One question that you may be thinking at this point is…

Are These Tactics Legal? Do I Have To Use My Estate Agents In-House Mortgage Advisor?

They are highly illegal. As an individual, you have the freedom to use whichever companies you feel the best suit you in the process. You choose which broker, conveyancing or another financial service you want to use.

If you haven’t explicitly signed a contract in the beginning that you will only use their services (which you won’t be offered anyway), there is no obligation to use their services for anything besides the process between yourself and the seller of the property.

Popular Estate Agent & Builder Sales Quotes Include:

• “Keeping everything under one roof is easier with one point of contact”
• “If you use our services it will give the vendor peace of mind that everything will go through smoothly”
• “We will do all of the chasing of the solicitors for you and they’ll be more responsive to us due to the amount of work we send them”
• “You need to come in and see our mortgage advisor for your offer to be qualified”
• “Everything is likely to go through quicker if you use us”
• “We’ll give you a free carpet/washing machine if you use our (extortionately priced) recommended conveyancing service”
• “Your offer is more likely to be accepted if you use our mortgage advisor”
• “We get better deals than most brokers”

Be Careful & Stand Your Ground

It’s good to keep in mind that when negotiating a purchase price to think if the people selling the property you’re looking to buy need to know your personal financial situation and know the amount you’re able to borrow in order to pay for that property. This is something that they will use to their advantage when pushing their in-house service.

You need to be vigilant and stand your ground and not fall under pressure. Your future dream home and financial situation lie in how well your mortgage process goes.

Here at Yorkmoneyman, our team always have your best interests at heart, keeping you updated in the process and helping you overcome any hurdles you may encounter to try and relieve any stress you may have.

If you are looking for support on your mortgage journey, please get in touch and our team will see how they can help in the hopes to achieve your mortgage goals.

Fast & Friendly Mortgage Advice in York

Open & Honest Mortgage Advice in York

Business as usual for a Mortgage Broker in York

COVID-19 has had a noticeable effect on the mortgage market thus far, but that won’t stop us from providing the same level of Mortgage Advice in York our customers know and love. At Yorkmoneyman, we are still working the same way we were before these hardships.

We still have hardworking Mortgage Advisors in York working remotely from their homes in order to answer all of your mortgage questions. Our number one aim is to ensure all customers have the option to speak to a Mortgage Advisor in York if they need to.

Recurring mortgage situations

You may be worried you’re unable to meet your monthly mortgage payments or you’ve reached the point where you are looking for a better deal when you choose to remortgage in York. We have noticed that these two situations have been mentioned by quite a few customers.

As a Mortgage Broker in York, we would highly recommend speaking with one of our advisors before you go directly to the bank or lender. We’re able to assess your personal and financial situation, in order to recommend the best route for you to take.

We’ll do our best to help all those who come to us for help with their mortgage during these difficult months. We’re all in this together and look forward to it if you choose to get in touch.

Customer service – Mortgage Advice in York

Our Mortgage Advisors in York are still working through various different situations every day, keeping our business at our Mortgage Broker in York flowing normal as usual. We won’t let anything get in the way of us providing expert Mortgage Advice in York.

Customers have still been leaving excellent reviews over the last few weeks, something we’re incredibly proud of. We take great pride in our work and it warms our hearts to know that as a Mortgage Broker in York, we’ve done right by our customers.

Here is what a few customers have recently said about our service here at Yorkmoneyman:

“Absolutely fantastic service from Chris setting up my application, to Kayleigh sorting out the right remortgage for me, nothing was too much trouble. Cannot recommend them enough for sorting this out in a timely manner and during this pandemic. Thank you to each and every one of you.” – Mandy H

“Brilliant service from Jonathan and Megan, very smooth process and they have secured me a great mortgage deal. Will highly recommend Yorkmoneyman. Thank you.” – Daniel D

Speak to your Mortgage Advisor in York

Remember, our Mortgage Advisors in York are still available for you to get in touch 7 days of the week. Sincerely from everyone here at Yorkmoneyman, we hope you’re safe and well and we look forward to hearing from you soon to help with all of your mortgage needs.

We won’t let anything get in our way, especially during the COVID-19 outbreak. It’s still our aim to help with all your mortgage problems, it wouldn’t be fair to just leave you confused and concerned. Our Mortgage Advisors in York will do their best to get you over these hurdles and through the mortgage process with ease so that you get the property that you have your sights set on.

Brexit & Mortgages in York

Next Move For New or Existing Homeowners

With the October 31^st Brexit deadline behind us, it begs the questions as what our next move is as a country. With everyone in despair and uncertain about the things they hear in the news, it can be hard to find reliable advice.

Many people have been pondering on what the right path is to go down in terms of the property market, potentially losing out on chances which may have benefitted them in the future.

By overviewing the property market for many years and seeing how external factors have influenced it over previous years such as politics, our Mortgage Advisors in York are projecting their own ideas on the potential outcomes for customers post-Brexit. It would seem that there is a lot of pent-up demand at the moment.

It is for this reason that we are advising our clients to make sure they get the full advantage of all the options available to them, especially if they’re just waiting for the right time which may not work out in their favour. If you are thinking of moving in 2020, then we would advise you to come in and have a chat with us at your earliest convenience. We’ll try and get your home valued whilst Estate Agents are quiet.

The process of making sure your home is prepared and getting it on the market can take a few weeks. This is including the 2 or 3 valuations providing a secured opinion, the adequate time for you to decide on an Estate Agent, finalise your agency agreement and get the photos finalised.

Furthermore, if many other people thinking in the same way as you, waiting may hold you back. By the time new year approaches and your home is on the market – so is theirs. The more houses that are available on the market, the more options there are for potential homebuyers, which has the possible effect of lowering house prices.

The Benefits of Staying Ahead of The Market

By staying ahead of the market and not waiting to get your home valued now will mean many things, to list a few:

You’re prepared

When the decision of Brexit is finally announced you have all the information there available at your fingertips.

No obligation

The decision to sell is all yours, it is not a means to an end but it’s giving you a head start.

Improvements can be made

If you do decide to sell you have the incentive to spruce up your property but if you choose not to, you already know the figures and the feedback to possibly get the figure higher by carrying out a remortgage for home improvements.

So if you’re thinking of moving home in 2020 or the near future, contact us to discuss your mortgage options and if you are after Mortgage Advice in York. We offer all customers a free no-obligation consultation.

Mortgage Advice in York for All Situations

Sole Name Mortgage Advice for a Married Applicant in York

Are you married but wanting a sole name mortgage?

People who are married and seeking to be First-Time Buyers in York tend to opt for a joint mortgage rather than a sole name mortgage. This is because the combined salaries help them qualify for larger mortgages. This is beneficial because house prices have been increasing at a faster rate than wages.

Despite this, there are cases where it is best to only have one name on the application. Our Mortgage Advisors in York have provided information so we are able to explore these scenarios further in this article.

When Are Sole Name Mortgages Worthwhile?

Previous credit problems

If one applicant has had a previous credit problem which is stopping them getting a mortgage, a sole name mortgage could be the right option. This is 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 try and avoid creating a financial association with their partner. This is to guarantee that their own credit score remains unaffected by the issue.

Borrowing capacity

When one applicant is not working, you might also want to consider making a sole name mortgage application. This is because the maximum borrowing capacity of the couple will, generally, be lower than if the working applicant opted for a sole name mortgage.

Age can also come into the calculation if you have one applicant in their 50’s. For example, if you buy with a younger partner who is a good earner, then it’s possible they could borrow more like a sole applicant.

Tax implications

It may simply be that there are stamp duty or other tax implications which would lead to an applicant preferring to apply on their own.

How can a Mortgage Broker in York help?

Some lenders are quite strict about married applicants having to apply for mortgages in joint names. Luckily not all lenders share this view, but it can be an exhaustive task identifying which ones hold this view.

Which Property Survey in York? We’ll Help You Choose

What is a Property Survey?

When you have an offer accepted on a property your next job as a First-Time Buyer in York is to arrange a survey to establish the condition of the property and to ensure that it is worth what you are going to pay for it. If something is found on the survey you are then in a position by law to approach the seller to negotiate a price for the works required.

There are 3 main types of property survey available to you.

1. Mortgage Valuation
2. Homebuyer’s Report
3. Full Structural Survey

Mortgage Valuation

This is the basic valuation type and you will be required to pay for a mortgage valuation in order to secure a mortgage offer – this should not be confused with a full survey. The mortgage valuation confirms to the lender that the property is worth at least what it is lending you.

A Mortgage Valuation will not highlight any repairs that are needed, but it may point out any obvious defects and recommend that you investigate further.  You will be required to pay for this investigation.

Homebuyer’s Report

This survey will cover structural safety and highlights problems, including damp, as well as anything that doesn’t 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.

Full Structural Survey

This survey is advisable for older properties and 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.

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.

Dedicated Mortgage Broker in York