If you are a First Time Buyer in York taking that first step onto the property ladder or Home Mover in York looking for a change in location but are unsure on where to live in York, we are here to help. Our expert Mortgage Advisors in York have created a list of the top things to keep in mind when deciding on a location.
To start, you need to establish whether you are looking for a city or rural landscape to live in. The bustling city centre of York may be the perfect place for you if you are looking for a lively atmosphere or the quiet and quaint rural areas to escape the city centre could be your thing.
Transport links can be an important element to some, especially if the reason for moving or locating within York was to be closer to family or work. Therefore, checking how close you are to the train station or bus stops or even main roads in and out of the city if you do drive could be a factor you need to look at.
Sometimes, people look for a property to be there ‘forever home’ where they want to start a family or where they want their family to live in for a long time. As well as the size of the property, it’s best for you to look at the schools around the area. There are plenty of authority websites and school league tables where you can look at how schools are performing.
It can be handy if you are located in an area where lots of facilities are just a short walk from your home. Obviously, everyone’s priorities and situations are different, you may want find a gym being close is more important to you or a certain food shop you prefer, this is where you can highlight your priorities when comparing areas. Again, people with children may want a local park to be within close proximity of where your home is.
Speaking to an estate agent can be good if you are wanting to know what is nearby, however, Google Maps does have helpful information regarding the facilities in the area and can provide you with an insight into how reputable these facilities are.
The deciding factor on a property could be whether you are close to your friends and family. Sometimes, this can be convenient as you can help each other out whether it be for childcare or transport. However, some prefer their own space and don’t need the help of their family and friends, this all comes down to your preferences.
When it comes to house prices, as well the property size, this comes to location. If your goal is to get somewhere that is value for your money, it can be best to look at an area in York that is a bit more reasonable. Because of this, you may need to compromise on additional preferences that you have decided on.
A thriving and friendly community may be your priority especially if you are looking to make some friends in the area. Facebook groups can be great for this with a number of communities also having their own websites. To truly feel the community spirit, it can be helpful to visit the area a couple of times before making a final decision.
Normally, the main reason for people to Move House in York is due to a career change which in turn means a location change. It’s likely that you are wanting a short commute to your work which could be the deciding factor on a property. If you are looking for jobs after the move, researching the business parks and the types of employers around the area can help you and can give you an idea of what is available to you in the area.
With a large selection of houses out there, there is plenty of properties to look at that could fit your preferences. You may decide an urban apartment just for you is the place or an end terrace with a beautiful garden would be perfect for you and your family. Exploring the various property options out there can be brilliant to find which one fits you and your circumstances.
When you have got an offer accepted, it’s good to be sure that your property is actually the amount it’s worth. Getting a property survey carried out on your property can truly determine whether or not your property is the amount it’s worth. There many types of property surveys out there which is why our handy guide on the types of property surveys could be helpful to you. Alternatively, a member of our team is more than happy to help you with this.
If you are looking to stay in your new home for a long time, it can be best to research if there is any planned investment within the area. You need to see whether potential investments will benefit you and not take away any of the other previous factors. For instance, if you are interested in a property in an overall quiet area but there are plans for further housing development near you, would this effect you?
Towards the end of your fixed mortgage terms, you might decide you want to stay in your current property instead of moving. This is when you can look at starting your Remortgage application!
In the current climate where many have gone full remote working since the coronavirus pandemic, having an area where you can work is important. A remortgage can give you the chance to make developments and modifications in your home like converting your kitchen, living room or even remortgaging for a home office in York.
When you have built up a large amount of savings for a deposit on your first property and are in a position where you can behind your mortgage journey. It’s then time to prepare for a mortgage in York!
It can make a significant difference if you do overpay your mortgage even if it is in small increments as well as the interest you pay back during your mortgage. The quicker you begin paying this, the sooner these extra payments can take effect.
As a First Time Buyer in York, you may be aware of the difference when you overpaying your mortgage and the impact it can have on interest when you pay it back regardless of whether you are only over by small amounts. The reason why overpaying early can be better is because the extra payments have a longer period to take effect.
In some cases, homeowners may not be able to make these extra payments but you could say that many decide not to overpay as they would instead use the remaining money on something more interesting and exciting!
With this in mind, we suggest you arrange a standing order payable to your lender each month. It would be wise if you do organise this standing order to go out on the same date as your standard mortgage repayment, this additional payment will hopefully start to feel a part of your standard mortgage payment.
The advantage of going for a standing order is that, instead of a direct debit, you are able to manage this, not the receiver. Therefore, if you have a financial emergency you can easily log into your online banking and cancel the standing order as this doesn’t go out the next month. As much as it’s not the best to stop overpaying, you still will be able to benefit from the overpayments make up until that point.
Getting into the routine of overpaying your mortgage is a great habit, the amount you overpay doesn’t have to be a large amount, however, you’ll be happy when you are at the end of your mortgage repayments and find you have taken off a year or two.
Sometimes, lenders will allow you to make reduced mortgage repayments or take a payment holiday if you provide evidence of a history of overpaying. Prior to taking a payment break, however, it’s key that you check with your lender that you are eligible. If you don’t, this could mean you end up with a negative mark on your credit report and this is something you should strive to avoid.
If you are looking to overpay your mortgage, you should speak to your mortgage lender to see if this is doable.
Another option for people who have already been overpaying and are seeking Remortgage Advice in York ahead of releasing their equity to remortgage onto a better deal, take advantage of our free remortgage review. Here at Yorkmoneyman, a designated Remortgage Advisor 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.
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.
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.
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.
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.
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.
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.
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.
Congratulations, you have now passed all of the necessary exams and now class yourself as a Newly Qualified Teacher. Now it’s time for the next step, which is for you to now make use of your new skills and find yourself a teaching job using your well-earned qualification.
Depending on where you’ll be working, you will need to start looking into the different options that are available for you with Moving House in York, as you could be working further away from where you currently live.
Later down the line, you may find yourself looking to move somewhere else, perhaps maybe finding it a little more challenging between finding the balance between homeownership and getting into your new role.
Throughout our time as a mortgage broker in York, we have worked with a lot of home buyers and homeowners, all of whom benefitted from speaking with one of our expert Mortgage Advisors in York, to take the stress away whilst they keep their minds focused on their new career.
We tend to find, that it’s not always so straightforward to search for a mortgage lender who will be happy to offer a mortgage to someone who is a newly qualified teacher. Problems tend to appear when there isn’t any work history they can look at or because they only have a non-permanent contract.
Although these can be an issue, there are still many options out there for Newly Qualified Teachers who are looking to obtain a mortgage. Over our time as a mortgage broker in York, our responsive team of Mortgage Advisors in York has helped many newly qualified teachers (NQTs) obtain a mortgage.
We aim to make the process goes smoothly, we have access to many mortgage lenders, whose criteria will be suitable for your situation, which in this case is usually what would be the most challenging part of the mortgage process.
When issues like these crops up, our experienced mortgage advice team in York will search through 1000’s of mortgage deals for you, doing everything we can to find you the most suitable deal for your situation.
Make sure to bear in mind that whilst yes, mortgages can sometimes be complicated for Newly Qualified Teachers, it doesn’t mean you are restricted in what is available to you on the mortgage market.
Below we have listed some of the different types of mortgages that crop up when working with cases alongside Newly Qualified Teachers:
There are some known mortgage lenders out there who do not need to see previous employment and may allow you to obtain up to a 95% LTV (loan-to-value).
Depending on the mortgage lender that you go with, you may find that a 12-month first contract is treated the same as a permanent job role, rather than just being seen as a temporary contract.
We tend to find, that there may be a selection of mortgage lenders around the country who are willing to get started on your mortgage before you officially start your job, though to do this you will have to provide evidence of a signed contract and a confirmation of your start date.
This can come in quite handy, as you may potentially be prepared to start making your first mortgage payments at the time when you are due your first month’s wages from your new job, by the time your mortgage has been completed.
Our open & honest team of dedicated mortgage advice experts in York have extensive knowledge and experience of helping customers across the mortgage and property markets, providing help to lots of first time home buyers with their mortgage needs.
There is a great deal of benefits to using the services of a trusted Mortgage Broker in York. We always strive to take away your stress, looking through thousands of different and tailored mortgage deals for you, our customer, suggesting possible conveyancing solicitors for you to use and more.
Find out what you may have available to you as a first time home buyer, by getting booked in online for a free mortgage appointment with an experienced and reputable mortgage advisor in York, who will collect information from you and help you onto the next step of your journey.
When lenders are requesting your bank statements, they will be looking into various things. By assessing these bank statements, the lender can get an idea of the type of person you are and how well they would be able to manage their mortgage payments. Through our experience, we have encountered numerous enquiries asked by applicants wondering if gambling transactions look bad on their bank statements.
As much as gambling can be a risky activity, we are not saying that it is an illegal act, however, lenders do judge applicants in a less favourable light if there are a large amount of gambling transactions in a shot space of time on their bank statements. You might have seen many gambling adverts on TV where they always urge customers to ‘gamble responsibly’, this is something in the mortgage industry we persuade too.
Obviously, it’s not the lender’s job to tell you what to do with your life with your finances or to lecture you on the rights and wrongs of gambling but, they do have a duty to lend responsibly.
Lenders need to demonstrate to the regulators that they are making judicious lending decisions. Therefore, it isn’t entirely unreasonable of them to have similar expectations of the people who are looking to borrow from them. Put it in this perspective, if you were to lend your own money, would you lend money to the individual who gambles or the one who doesn’t?
It is not illegal to gamble, therefore, the odd gambling transaction on your bank statement does not automatically mean you will be declined for a mortgage. On the other, these transactions will be judged by the lender as to whether these transactions are rational. Along with this, they will look at the frequency of these transactions, the size of the transactions in relation to the applicant’s income and the overall impact on the balance.
When the transactions are infrequent small amounts that make no big impact on a regular credit bank balance, then they are not likely to be regarded as important. On the other hand, if an applicant gambles most weeks and is constantly in their overdraft, the lender will see this as irresponsible and decline your application.
The reason lenders like to look at your bank statement is for them to understand your financial behaviour with managing money and can conclude whether or not they are confident in lending to you.
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. With this in mind, you need to understand that these all factor in prudent financial planning. It’s important for a mortgage applicant to look into how these facilities work.
For example, if you occasionally find yourself in overdraft, this is not inherently a bad thing. Whereas regularly exceeding the overdraft limit is not so good. Furthermore, lenders will look for excess overdraft fees or returned direct debits as these would usually show that the account is not well conducted.
Credit transactions from pay-day loan companies; “undisclosed” loan repayments (e.g. if you said on the application that you have no other loans but here appear to be regular loan payment, this could be an issue) is just some of the things to look out for. They would also look out for outstanding missed payments and they might see how much of a typical month is spent overdrawn – i.e. if you only just go into credit on payday and for the rest of the month is overdrawn, how sustainable is this mortgage?
Be sensible and plan ahead, if possible. Usually, a bank would request up to three months of your most recent bank statements. This will show the lender your salary credits and regular bill payments. Therefore, if you are thinking of applying for a mortgage in the distant future make sure that you avoid any of the above pitfalls. It’s best that you take a break from gambling for a short time and work on presenting your bank account in the best possible light.
There are a number of lenders out there who may ask for fewer bank statements than others or some may not ask them at all, this is something a mortgage broker could help you with. Despite this, these lenders do still have the right to request bank statements in particular circumstances so it’s best you are prudent in the run-up to any mortgage application. It’s important you if you do gamble, please gamble responsibly!
Getting some specialist mortgage advice in AREA will benefit First time Buyer in York like yourselves, especially if you have little knowledge about mortgages. They can provide a helping hand with your application and look impressionable to lenders. Simply book online your free mortgage appointment to speak with one of our mortgage advisors in York today.
If you have been saving up for a property and are ready to finally put a deposit down on a potential new home, it is now time for you to get prepared for a mortgage!
You may be a first time buyer in York, jumping into the world of mortgages with no experience. You could be moving home in York, looking to get a mortgage on another property you have your eye on.
In any case, obtaining open and honest mortgage advice in York will be beneficial ahead of your mortgage process, as one of our trusted mortgage advisors will guide and support you all throughout.
Below are some helpful tips on how to get mortgage ready, including information that can help you be prepared for the mortgage application process.
Here at Yorkmoneyman, a member of our dedicated mortgage advice team in York will be on hand to provide you with help and guidance all throughout your journey.
They will be there to answer all of your mortgage questions, suggesting the most appropriate course of action for you to take.
A true benefit of obtaining mortgage advice in York is that you will be able to take a look into the amount you will be able to borrow for a mortgage, as well as gaining an understanding of your monthly costs.
Once we have carried out an affordability and borrowing capacity assessment, your designated mortgage advisor in York will take a look through 1000’s of mortgage products in order to find the best one for your circumstances.
In order to do this, they will request that you provide them with an up-to-date credit report, so that they can understand your current financial position.
In the beginning of your mortgage process, you will need to look at obtaining an agreement in principle. This should be a priority for you, as you won’t be able to make an offer without one.
As a mortgage broker in York, we are typically able to obtain this for you, within 24 hours of your initial mortgage appointment. This will hopefully mean you have one less thing to stress about.
In addition to this, you will need to provide some proof of your identity. This includes your name, where you live and how much you earn.
With a lot of paperwork required, it is best that you keep organised. Collect documents in advance and create a file for these, so that you don’t lose them.
As mentioned, you will need to prove who you are in order to get started with the mortgage process. It needs to be photographic like a driver’s license or a passport.
A driver’s license can also be used for proof of address, though if you use it for this, you will need a separate document as proof of ID.
Once again, as discussed above, you will also need to provide evidence of where you currently live. You can do this by sending in a utility bill or original bank statement that is dated within the last 3 months.
Other big factors in whether or not you qualify for a mortgage, are your spending habits and how well you manage your finances.
Bank statements will be able to showcase both of these to your lender, going into detail about what comes in and what goes out of your account.
Lenders will prefer looking at your bank statements as it shows you would be able to meet your monthly mortgage payments along with your other expenses.
Another factor that lenders may look at, is if you have any gambling transactions on your bank statements.
If you are a frequent gambler, this is something lenders will not like seeing because it is a spending habit that could potentially cause issues in the future.
If you happen to be a regular gambler, the lender likely won’t want to risk it affecting your ability to pay back a mortgage. Exceeding your overdraft on a regular basis or having consistent bounced direct debits will also be detrimental.
Further to the above point, you will also need to evidence where your deposit funds have come from. Doing this is important, and keeps everything in line with anti-money laundering regulations.
You will be required to answer questions about your deposit and how exactly you were able to raise the funds to cover that amount.
To avoid questions and looking suspicious, we would highly recommend that you avoid moving larger funds around from account to account. This would confuse the audit trail and flag up to the lender.
They like to see that you saved up your money for the deposit, preferably inside a savings account of some kind.
Throughout our time working as a mortgage broker in York, we have seen an large increase in the popularity of gifted deposits, especially amongst first time buyers in York, looking to find their footing on the property ladder.
When it comes to gifted deposits, you need to evidence this correctly, regardless of your mortgage scenario.
Gifted deposits are typically donated from a family member or friend. Whomever the donor is, they must verify in writing that this is strictly a gift and not a loan to be paid back.
In order to prove that you actually can afford a mortgage, you must also evidence your income. You will be required to show your last 3 months’ payslips and your most recent P60.
Elements such as regular overtime, commission, shift allowance and bonuses are something else that a mortgage lender will need to know about ahead of time.
If you are self employed in York, proving income is a little different to other applicants, as you will need help from your accountant by requesting a tax year overview.
It is recommended that you look into what your estimated outgoings are as this can help you with being prepared for a mortgage in York.
Looking at your outgoings, such as council and utility bills. This will be helpful when comparing with your other monthly expenses such as food and drink.
Bearing all of this in mind, you will be able to get a rough estimate of the amount of disposable income you will need to pay out mortgage payments.
If you are at the point of applying for your mortgage in York, it can be challenging to do alone. Going through the mortgage journey with an expert mortgage advisor in York can make this easier for you.
Book your free mortgage appointment using our online booking feature today. Choose a time slot that suits you, and speak to an experienced mortgage advisor in York, subject to availability.
Are you a First Time Buyer in York on the lookout for your colourful, dream home? Have you yet to decide on the perfect location in York? There are many wonderful residential areas in and around York, it is just finding the right one for you!
To help you make the right decision, we have put together our top list of places to live in York.
Fulford is a lovely, small village just two miles southward of the York city centre. If you journey east of the York Racecourse and the River Ouse, you will find yourself in Fulford.
Fulford allows local residents to enjoy the calming life of the North Yorkshire countryside as well as the charming city life right on the doorstep. Fulford Ings park and gardens is a must-visit for all who enjoy a walk by the river. If you head south on the walk, you will end up at York Designer Outlet and if you head north, you will find yourself at the Millennium Bridge, Millenium Fields and Danesmead Wood.
Known for its verdant streets and rich background, Fulford could be the best place for you to live in York. Although, property demand in this area is very high because of the affordable housing prices. Home Movers and First Time Buyers should keep their eye out on websites like Rightmove if they are thinking of purchasing in the near future.
Situated on the opposite side of the city is Clifton; this is a large, lively residential area that also holds the city’s hospital. This suburb is considered to be one of the best places to live in York.
In Clifton, you’ll find cafes, bars, restaurants, cinemas, a shopping park and gardens. If you have a family, there is also a wide section of top-standard primary and secondary schools in the local area. There are many different property types in Clifton; terraced, semi-detached and detached are the most common.
If Clifton sounds like an area that you would like to live in in the future, we would recommend getting in touch with us. We can arrange an AIP within 24 hours of your application to give you the best possible chance of securing a property when making an offer in Clifton.
Badger Hill is a small, residential area in York, located east of the city centre. This area is ideal for all different types of people, such as couples, families, the elderly and single homeowners.
The stunning York University is located next door to Badger Hill. You’ll find that both campuses are within a 10-minute walk from the area. This also means that there are many transport routes in and around the city. This is ideal for getting to and from your place of work, dropping the kids off at school and picking up your weekly shop!
Rather than heading into the city centre, in Badger Hill, if you head further out of York via the A64 Northbound, you will find yourself at the North Yorkshire Moors National Park. This car journey is less than 30 minutes!
The historic town Osbaldwick is a peaceful, green area that is perfect for all First Time Buyers in York and home movers! Its location is north of Badger Hill and east of the York city centre. If you are entering the city from Hull road or Murton, you will pass through Osbaldwick.
Being connected with Hull Road and the A64, Osbaldwick residents have easy access to the city centre and the motorway. Similarly to Badger Hill, the transports links in this area will suit your working and personal commitments.
Boarded by the countryside, lake by walks and playing fields, Osbaldwick is a stunning area to live. We would recommend this location to anyone!
Previously mentioned Hull Road is a popular residential area in York. The long street sits 1.3 miles east of the York city centre. It connects the A64 to the York city centre, allowing easy access in and out of the city.
The area is mostly filled with terraced housing, therefore, it is perfect for small families, couples, single homeowners and the elderly. You will also find that students have warmed to this area due to the housing types and affordability.
There are many different types of eateries and amenities along the Hull Road stretch, each having a lively, friendly atmosphere. Families and children will also love the local community events and activities held in Hull Road Park.
Heworth is north of York, touching the border of the marvellous northern city walls. Described as a pleasant place to live, Heworth is a pretty suburb that homeowners in York should consider as a place to live.
Perhaps more suited to the elderly in some parts, Heworth’s most common housing type is semi-detached. There are great transport links to the city centre, with Heworth only being 10 minutes away by car or frequent public transport.
Additionally, if you’re looking for things to do, the possibilities are plentiful in Heworth. Two pubs, a selection of restaurants and takeaways, as well as a nearby shopping centre, superstores, pharmacies and more! If you’re into sports, you can enjoy local golf, rugby, cricket and football.
Sitting only 3 miles to the west of York, lies the popular suburb of Acomb. Covering the site of the original village of Acomb from the 11th century, Acomb is actually one of the largest areas of York, with six primary schools, a secondary school, various sporting clubs and a sports centre.
There are a wide variety of house prices in Acomb, ranging from affordable to high end, giving you plenty of options for places to live. You’ll have everything you need in one place, with plenty of supermarkets and a busy high street, as well as parks and outdoor facilities. It’s a great choice for families!
Many of the locals are fond of Acomb, attributing their enjoyment of living there to the community spirit. Events like Christmas lights switch-ons, Acomb Green activity days and other assorted entertainments allow for a wholesome, strong community vibe.
Are you thinking of buying your first home or moving home in York and need Mortgage Advice? If so, Yorkmoneyman is here to help!
20 years of experience within the mortgage industry has allowed us to access great mortgage deals. We will go through thousands of these deals and pick out one that perfectly matches your personal and financial situation. Your mortgage journey is made easy with Yorkmoneyman – your Mortgage Broker in York.
To speak to a First Time Buyer or Moving Home Mortgage Advisor in York, get in touch today and receive a free mortgage consultation. We know that the mortgage process can be stressful and that’s why we want to offer a helping hand. We would love to hear from you and assist you on you in the world of mortgages.
During your mortgage process, you will need to provide evidentially documentation to prove that you can afford your mortgage repayments. The documents that you’ll be asked to provide, include bank statements, proof of address, latest P60, payslips and photographic ID.
Lenders need to be certain that you are financially stable to afford your monthly repayments. If given an Agreement in Principle this will signify that you have been agreed in principle you providing substantial documentation to back up everything that you’ve said about yourself.
Your bank statements can say a lot about a person, they highlight your latest spending habits like the commonness of going to the pub, making gambling transactions, going shopping on a betting app. Everything transaction, even bank transfers to and from different accounts will need to be shown.
The lender needs to know whether they are lending to dependable applicants or not. For example, if the lender can see that an applicant spends too much money or exceeds their arranged overdraft limit every month, they will question whether you will be able to afford a mortgage or not.
It’s all down to risk. If the lender thinks that you are going to struggle with your mortgage payments due to how you spend your money, they are unlikely to accept your application.
The question is, what exactly are they looking for? What do lenders not want to crop up on my bank statements during your mortgage application?
The first thing your lender will look for on your bank statements is any gambling transactions.
Gambling transactions are one of the first things that your lender will look for on your bank statements. Believe it or not, depending on how frequently and how much money you gamble, gambling can affect your chances of getting a mortgage.
Don’t worry, the occasional gambling will be harmless. That said, if you are continually gambling enormous quantities of money, you will not be in the lender’s favour and you may be seen as irresponsible.
This is because lenders need to trust you and know that you will be able to meet your repayments on time.
Lenders need to know that you can afford a mortgage, so going in and out of your overdraft and reaching its limit every month is something that lenders won’t take lightly.
That said, there is nothing wrong with going into your overdraft, we have seen it happen with different applicants all the time. But if you have to do this every month, it might stop you from getting accepted.
Be aware that lenders will look out for any bounced direct debits. A bounced direct debit is when a company tries to take money from your account through direct debit, but your account doesn’t have the necessary funds to cover the bill, this usually occurs with monthly bills/subscriptions.
Whether this is a complete accident but if you accidentally missed a mortgage payment, this will be more detrimental than missing a Netflix subscription. But having repeated bounced direct debits will reflect badly on your credit file, so be wary in the future.
Lenders will be making a note to check for any personal loans and credit card commitments. You need to make sure to declare any expenditures and that you will still be able to meet your mortgage payments on time with these expenditures.
Here at Yorkmoneyman, we have worked with many First Time Buyers and Home Movers in York. We tend to find that most lenders will ask for at least three months worth of bank statements from their applicants.
Now, you can’t alter what your past bank statements show, but you can change what appears on them in the future. Before you decide to submit your final mortgage application, you need to get prepared and be mortgage ready so your finances mirror you in the right way. Here are some of our recommendations:
If you need help with making your application stand out, book your free mortgage appointment today with one of our expert Specialist Mortgage Advice in York. We have worked in the industry for over 20 years and helped many First Time Buyers in York achieve their mortgage goals.
We are confident to say that we know exactly how to help. You could be next, so if you have any mortgage questions, we have likely helped many applicants in your situation before.
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.
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.
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.
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.
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.
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.
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):
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.
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.
Here at Yorkmoneyman, we understand that getting onto the property ladder for the first time can be a daunting process for many, in particular, when you’re planning to purchase a property by yourself. Through our experience in dealing with First Time Buyers in York, we find a number of them look to buy a property with a friend or partner if it is appropriate to do so. This is because having two applicants can result in increasing the likelihood of being offered a mortgage as the costs will be split between the two of you.
When it comes to working out your maximum mortgage amounts, lenders will take into account the two incomes. It’s important to understand that if one defaults, the other could also be responsible for the full mortgage. Below we are going to talk about a few points we recommend as a Mortgage Broker in York to be aware of when moving into a property with someone else:
Many lenders will allow a maximum amount of four people to co-own a property. This might sound appealing to some as you will be paying a lot less towards the mortgage, however, there is a higher risk of someone backing out. This is why you need to be careful when choosing who you are purchasing a property with.
You may consider increasing your mortgage further down the line, however, all borrowers will need to agree. From this, it’s important to consider your future and establish the duration you are looking to stay within the property.
This option is commonly popular with civil partnerships or married couples. In the unfortunate event of one of you passing away, then the property will automatically be passed to the other owner. The law treats joint tenants act like one. Because of this, joint tenancy can be favoured amongst married couples or applicants.
In instances where you are looking to remortgage or sell the property, both parties need to agree to the decisions prior to proceeding with anything. ‘Tenants in Common’ can be a potential option to choose if you are sharing with a friend or relative. This option is where you both equally own the property.
You aren’t obliged to do so in shares. This is where one party makes a more significant financial input than the other. As a ‘Tenant in Common’, you can act of your own volition. For example, you do have the right to sell or give away your share of the property to another person.
In the case where one of you fails to pay their share of the mortgage, the other(s) will have to contribute to the shortfall in order to pay the full amount. From the start, a mortgage lender will state that all borrowers are mutually and severally liable.
When you buy a house with a partner it isn’t with the intention of splitting up in the future. It’s a big financial commitment, therefore, any potential changes you want to make in the future can often become a complex situation.
In the circumstance where children are involved, only one person will be staying in the home. There might be a point in time when that person would like to manage the mortgage on their own so will need to seek expert Mortgage Advice in York.
Regardless of whether you have been paying the mortgage without the assistance of your ex, this doesn’t change the point of the application being processed in joint names. Therefore, in the case of mortgage arrears, both of you will be responsible despite only one person keeping up with the payments.
Prior to removing a party from a mortgage, the lender will need to be sure that the remaining applicant can keep up the affordability on their own going forward which will then lead to a full assessment of income. This will still be carried out regardless of whether you have kept up mortgage payments in the past or not.
In some cases, someone can step in to replace the ex-partner such as a family member or a new partner. Through this change, an expert Mortgage Advisor in York is able to help you with this change.
Remember, all parties remain responsible for any joint financial commitment, even in the case of a separation/divorce. This is regardless of whether a person leaves the family home and even if both parties come to an agreement that one person will make up the payments.
In terms of purchasing a new property, the mortgage payments on the old property will be accounted for. This means that it’s key that a person should get Mortgage Advice in York before making an offer if you are in this situation. When it comes to the amount you could borrow does depend on how generous the lender is. Here at Yorkmoneyman, we will keep this in mind when recommending the most appropriate lender to apply for a Mortgage Agreement in Principle with.