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Can I Have a Second Mortgage in York?

You may find that there are a lot of different circumstances wherein you are eligible for a second mortgage, as well as certain situations where a second person may be required to have more than one mortgage.

Some of these reasons for this can include:You are wanting to take out a second mortgage so that you can raise money for your existing home.

  • Perhaps you are looking to rent out your existing home and purchase a new one to live in.
  • 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

If you have any existing equity that is in your home and you are looking to possibly take out a second mortgage as a means of releasing some funds, then our dedicated team of mortgage advisors in York will work hard to try and help you out.

In this kind of setting, a second mortgage is also called a secured loan.

You’ll likely discover that if you are currently on a lenders standard variable rate, a trusted mortgage broker such as ourselves will have the ability to shop around and find a more competitive deal for you, whilst helping you to release some capital.

A further advance with your current lender may also be an option that works well for you.

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

Perhaps you are wanting to move hold but would like to still retain ownership of your existing property, aiming to utilise it as a buy to let. Speaking with a specialist buy to let mortgage advisor in York will definitely work in your favour if this is the case.

The second mortgage that you end up with will be a new residential mortgage. Doing this is what is referred to in the mortgage world is a let to buy, which is always growing in popularity.

Second Mortgage to Purchase a Home For Your Children

In some cases you might actually be exploring what options could potentially be available to you for helping your children or grandchildren in achieving their own goals of getting on the property ladder.

This is again something that is quite common these days and there are lots of products for people to choose from. Get in touch and this is something we will be quite happy to run through with you.

Second Mortgage for a Buy to Let

Perhaps you are looking to purchase a property that is a buy to let in York. In this circumstance you will be asked to put down a much larger deposit than you otherwise would’ve with a residential mortgage.

Named On Existing Mortgage and Want to Buy a New Home

A lot of the customers who get in touch, tell us that they are currently named on another mortgage and are maybe looking to purchase another property.

Our mortgage advisors in York have come across this often enough to say we are well versed in dealing with a situation like this. A regular comment we hear is that this is due to divorce or separation. A member of our mortgage advice team will work hard to help in any way they can.

No matter the situation you find yourself in that would require a second mortgage, as an experienced, open & honest mortgage broker in York, we are able to take a look through 1000s of mortgage deals for you and on your behalf.

We will do all this so that we are able to recommend the most suitable product for you based on your personal and financial circumstances.

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?

What is a Fixed-Rate mortgage? | MoneymanTV

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?

What is a Tracker mortgage? | MoneymanTV

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?

What is a Repayment mortgage? | MoneymanTV

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?

What is an Interest-Only mortgage? | MoneymanTV

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?

What is an Offset mortgage? | MoneymanTV

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.

What is a 95% Mortgage?

A 95% mortgage is as simple as the name would suggest; you are borrowing against 95% of the price of a property, and then you are covering the remaining 5% with your deposit. An example of this is if you looked at buying a property that was worth £150,000 with a 95% mortgage, you would be putting down £7,500 as your deposit and borrow the remaining £142,500 from the lender. 

95% Mortgage Advice in York

Off the back of the March 2021 Budget, Boris Johnson announced a Mortgage Guarantee Scheme for mortgage lenders, making 95% mortgages more readily available from the bigger high street banks.   

This is fantastic news for First-Time Buyers and Home Movers alike, as this scheme will continue running until December 2022. Certain terms and conditions will apply though, which is something your Mortgage Advisor in York will be able to look at, to see if you qualify.    

All our customers who opt to Get in Touch will receive a free, no-obligation mortgage consultation where one of our dedicated mortgage advisors will be able to make a recommendation on the best possible route for you to take.

Can I get a 95% mortgage?

95% mortgages are usually accessible by both First-Time Buyers in York & those who are Moving Home in York. Whilst saving for a 5% deposit sounds like a pretty straightforward concept, you’ll still need to have an acceptable credit score and prove that you are able to afford your monthly mortgage repayments, in order to access a 95% mortgage.

Improving your credit score

A good credit score is essential in the process of obtaining any mortgage, especially a 95% mortgage. Things like paying any current credit commitments on time, ensuring your addresses are updated and checking that you’re on the voters roll, can all help with your credit score.

Affordability 

Affordability is another one that is important to take note of. By giving the lender details of your income and monthly outgoings (things like your bank statements will be necessary for this) and any pre-existing credit commitments, your lender will be able to get a general overview of whether or not you are able to afford this type of mortgage.

Can my family help me get a 95% mortgage?

Nowadays we see lots of family members helping each other get onto the property ladder, especially parents looking to further their children’s lives. The way this usually happens is by gifting the person looking to find their home, the deposit required. Known through the industry as the “Bank of Mum & Dad, Gifted Deposits are only intended to be a gift, and not as a loan. The lender will need proof that this has been agreed, before it can be used towards your mortgage. 

How do I choose the right 95% mortgage?

When looking for a 95% mortgage, you want to make sure you have the right type of mortgage. Each mortgage type works differently, with that choice allowing you to find one that is most appropriate for your personal and financial situation. 

Some homeowners and home buyers prefer Fixed Rate or Tracker Mortgages, mortgage types which mean you either keep interest rates at a set amount for the term given or have your interest rates tracking the Bank of England base rates.

Alternatively, you might find that Interest-Only or a Repayment Mortgages are more your style. Interest-Only allows cheaper payments until you need to pay a lump sum at the end (mostly now used for Buy-to-Lets), whereas a Repayment mortgage (a normal mortgage if you’d like) means you’ll be paying interest and capital combined per month.

How can a bigger deposit help with my mortgage? 

Seeing as a mortgage is such a large financial outgoing, you need to be prepared and need to be aware. You might find things like higher interest rates, remortgaging difficulties due to less equity and then negative equity all cropping up if you’re not. 

There is no need to worry though, as all these can be avoided if you’re savvy enough with your process to begin with. The more deposit you put down for a property, the less risk the lender will see you as. 

A larger deposit, of say 10-15%, would not only reduce the rates of interest by a noticeable amount, but would also give the property more equity and reduce the risk of negative equity, thanks in part to you borrowing less against the property. 

So, whilst the risks may seem intimidating, planning ahead and saving for a bigger deposit to access something like a 90% or even an 85% mortgage will be a massive help in your mortgage journey and something you’ll be able to reap the rewards from in the future. 

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.

How to Improve your Credit Score in York?

Way to improve your credit score | moneymanTV

When applying for a mortgage, having a high credit score improves your chances of being successful. But then, a high credit score alone doesn’t guarantee that the financial institution will approve your mortgage because different lenders have their internal grading system that determines the approval of mortgage applications.

Because each lender has its unique set of criteria for approving a mortgage, another could accept you if one lender rejects your application. This trial and error kind of occurrence is the reason why you need a Mortgage Advisor that can direct you to the right lender that will approve your application. A good mortgage advisor will also help you assess your chances with the different lenders and help you get the best deal.

If you want to get an explicit knowledge of your credit score, you can contact lots of credit reference agencies to know your credit scores. For people seeking mortgage advice in York, we always recommend consulting Equifax, Experian, and several other credit reporting agencies to get your credit report. It is necessary to consult more than one, just if any of these agencies make an error in your credit report.

To get a higher credit score, below are some recommendations we have for people seeking mortgage advice in York:  

Limit your Credit Search to a reasonable amount 

If you’re always searching for credit multiple times, you could ruin your credit score and chances of having your mortgage application approved. Instead of damaging your credit score with repeated searches, it is best to use approved price comparison websites to get the best prices and know what’s available for you.

The truth is, if you’d be applying for a mortgage soon, it may not be wise to do credit searches within that period. Although lenders know that you will repay your credit, they do not want you to have debts when applying for your mortgage.  

Ensure that you’re on the Voters’ Roll 

People on the voters’ roll are considered more stable and organized than people who are not, and it reflects positively on their credit score. To improve your credit score, you may need to update your current address and provide correctly every necessary information to enlist yourself on the electoral roll. This enlistment will improve your credit score, and lenders will rank you higher.

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 get there. Maxing out your credit limits your credit score and makes lenders regard you as one who can’t manage their resources. Lenders want only to do business with financially responsible people, so exceeding a card limit or overdraft is considered a red flag.  

Ensure to update your address history properly 

It is necessary to update your address history to ensure that your provider knows where exactly you live at a given time. Ensure that the details are correct, especially if you live in a flat- which could be quite tricky due to different address formatting.  

Terminate dormant credit accounts 

If you have old credit accounts that you no longer use, contact the providers to close the accounts. At first, lenders may be skeptical in the bid to determine if you requested for the termination or if the providers closed it themselves. However, it will be beneficial in the long run as it streamlines your credit score and protects you from fraud.  

End your financial Links to others  

If you have family, an ex-wife or husband, or any other person connected to the spending of your finances, you need to remove those links. The truth is, those links weaken your credit score without making it obvious. Reach out to reference agencies and request to terminate the connections between you and these persons. Doing this will surely improve your credit score.

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. Get in Touch with a Mortgage Broker in York and a dedicated advisor will talk you through any necessary steps for you to take.

Why Should I Use a Mortgage Broker in York?

Fast & Friendly Mortgage Advice in York

Why use a Mortgage Broker in York? | MoneymanTV

Your best interests at heart

First Time Buyers and Home movers in York use a Mortgage Broker to help purchase a property go as efficiently as possible. Buying a home can be a highly stressful experience, and our customers like to know they have got someone by their side, on hand to answer all their mortgage-related queries and questions. 

Our Mortgage Advisors in York will ensure you obtain the most affordable mortgage that suits your circumstances. We take complete responsibility for advising the most suitable mortgage for you and package your application to the Lender to provide you with the best chance of success. The same applies if you choose to come back to us when looking to Remortgage in Hull too, we like to know our customers are on the cheapest deal for the entire mortgage period. 

When to get Mortgage Advice in York?

We think talking to an experienced Mortgage Advisor in York early in the process is a great idea. We may help you work out what you could afford to pay and how much different Lenders will let you borrow. You would be amazed at the vast differences between each Mortgage Lenders to the maximum mortgage amount you are likely able to borrow.

Straightforward Mortgage Advice in York can play a large part. We keep all new and existing customers notified about their application’s progress by email. It’s good to know that we are also at the end of the phone when you need us, or something goes wrong during the process, our Mortgage Advisors in York can keep you updated on every step.

No Ties to Estate Agents, Banks, or Building Societies

Mortgage Brokers work for the customer, not the Lender. We are in your corner throughout your entire Mortgage journey, sometimes having to argue the strengths of an application to ensure it goes through. We understand our customers’ financial situation inside out. By requesting and checking your proof of income and bank statements well in advance of a Lender seeing them, we look to avoid any potential hurdles before we hit then carefully. 

We can also help you choose the right type of survey for your transaction and instruct a Solicitor on your behalf to carry out the legal aspects. We are experts in completing application forms on behalf of our clients to ensure accuracy and give your application the best chance of completion.  

Building Customer Relationships

Finally, a great Mortgage Advisor will love to build up an ongoing relationship with a client. It frequently starts with an affordability assessment and Agreement in Principle before even finding a house. Even after the purchase is complete, we keep regular contact via email and re-engage by phone in the six months running up to the initial mortgage product coming to its end. We then compare the market on your behalf once again to obtain the best remortgage deal available.  

Expert Mortgage Broker in York

Divorce & Separation Mortgage Advice in York

Trusted Mortgage Broker York

Divorce & Separation Mortgage Advice | MoneymanTV

What happens to your Mortgage when you are going through a divorce or separation?

Divorce or separation from a partner is always a daunting experience. However, if you and your ex-partner have finally decided to part ways and bear a joint mortgage, you would be worried or confused about how to work around a solution.

Here are three main questions that most ex-couples thinks of while receiving Divorce & Mortgage Advice in York regularly:

  • How can I remove my ex-husband/wife from my Mortgage?
  • How can I remove my name from my ex-partner’s Mortgage?
  • Can I have two mortgages?

To help you understand the basics of working around a solution, we’ve put together the following guide to make things a little clearer and, hopefully, a little easier for all concerned. Often the case gets complicated if there are kids involved. It’s often the mum who stays in the property, but there may come a moment that whoever is in position wants to take over the Mortgage in their own hands.

When you are trying to remove your ex-husband’s name from the Mortgage, you’ll need to provide sufficient evidence that you’ll be able to meet your mortgage payments successfully on your own. Lenders are instructed to review your salary and your disposable income and then decide if you are financially strong enough to manage the load of instalments or not.

Similarly, the lenders will evaluate your ex-partner’s affordability and decide whether he’ll be able to afford mortgage payments forward or not.  So a thorough check will be performed on both parties regardless of whether you have stayed up to date with your mortgage payments in the past or not.

Quite often in these situations, someone can intervene to replace the ex-partner such as a family member or indeed your new partner. You can also reach out to Mortgage Lenders for help.

How do I remove my name from my ex-partner’s Mortgage?

If you decide to remove your name from the Mortgage, it’s a more similar process to how you removed your ex-partner’s name. But since you choose to vacate yourself from the property and move on, it might create difficulties for you at times.

This might need consent from your partner that you want to call off your name from the Mortgage. Your lender will also perform an affordability check on your partner to find out if he can afford the future mortgage payments or not.

Once you get given consent to remove your name from the Mortgage, you’ll undoubtedly start looking for a new house of your own. The mortgage payment for your old property will be considered if you want to buy a new property in the future. Hence, it’s essential in these instances that you take Specialist Mortgage Advice in York before making an offer. You’ll find some lenders as more generous while others are strict.

Can I have two mortgages?

The answer to this one is yes, you can. Lenders & their credit scoring systems consider many factors before they offer you a mortgage. Continuous and timely financial payments are just one of these. The lenders will scrutinize how much you are contributing to the existing mortgages and whether you will be able to manage additional mortgage payments on top of them or not.

They will also consider the risk factor, for instance, how likely your home gets repossessed because you could not afford your mortgage payments. They will not take any risks either. The monthly payment of the Mortgage you still hold with your ex will need to be input alongside any other loans & credit commitments you may have.

Once we have keyed all this in for you the various Lenders’ systems will confirm the maximum amount you can borrow so you know your budget at the outset & how much deposit you will need to put down.

Mortgage Advisor in York

Sales Tactics of Estate Agents & Builders

Regardless of whether you are a potential First-Time Buyer in York actively seeking out your first home or a Home Mover in York with your house on the property market, you may have noticed that some of the larger estate agents and builders would prefer that you use their in-house mortgage advisor and conveyancing services.

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

We have spent many years working as a dedicated and individual mortgage broker in York. We don’t work with banks, building societies or estate agents, we work solely for the customer. As such, we do often find ourselves speaking with customers who have been pressured by some estate agents to use their own in-house financial services. Some of the stories we have heard include;

Refusal To Put Forward an Offer

Many estate agents out there have track records of refusing to put an offer forward if you choose to use a different mortgage advisor instead of their own. At times they have also refused to put offers forward to the vendor, because someone who has used their in-house mortgage advice service has also made an offer that they’d rather show favouritism towards, even if it’s lower.

Overpriced Service Costs

Another sales tactic we see often, is the estate agents quoting immensely overpriced conveyancing fees. In the past we have had clients who have unfortunately had this happen to them. One was quoted more than £1,500 for a regular purchase.

With our dedicated mortgage advisors helping out, we got this cost down. Following this, we suggested that the client use another conveyancer in the nearby area and were able to get this down to £750. That’s exactly half of the quoted price.

Demanding Information & Being Pushy

Once you’ve made an offer, you might then expect a phone call detailing whether or not you’ve been accepted. It seems like the next logical step right? However, what tends to happen with some cases, is the estate agent will call up and demand to know which conveyancer you have used.

What follows is the estate agent refusing to take the property off the market, unless you agree that you will use their own in-house service. As you might imagine, their quotations will be extortionately overpriced and completely unfair to the customers, but they will put you on the spot and make you feel like you have no choice to take enlist their services. This is something a mortgage broker in York can absolutely help you be prepared for. So the questions that need answering then are…

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

Absolutely not, they are highly illegal. You have the freedom to go wherever you wish when it comes to your mortgage process. You can use any broker, any conveyancing or any other financial service. It’s all down to what you would personally prefer. You are under no obligation to use the services on offer from the estate agent, as their job is simply to foresee the sale between yourself and the vendor.

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

Always remember, when negotiating a purchase price… Is it really within your best interests for the person selling the property you’re interested in buying, to know your personal financial situation and potentially know how much you’re able to borrow in order to pay for that property? Something which they can then use against you to convince you to use their own financial services?

Stay vigilant and make sure that if you don’t want to use it, they know this and do not guilt you into a trap. It’s your mortgage, your offer, your potential home. Getting in touch with a trusted mortgage advisor in York will help you be as prepared as possible, in advance of encountering these tactics.

Why use a Mortgage Broker | MoneymanTV

Fast & Friendly Mortgage Advice in York

How to Negotiate on a Property Price in York

How to make an offer on a property?

The first thing First-Time Buyers in York need to remember when making an offer on a property is to remember that there are other potential buyers. Therefore, it is vital to get your portfolio looking as good as possible to get yourself ahead. Additionally, this will give you the advantage of getting your offer accepted.

Despite all your best efforts, if a cash buyer makes an offer, they will gain priority. The reason for this is because there are fewer variables that can go wrong, and the process can get completed faster. Luckily, cash buyers seem to be not as apparent these days.

The most recommended pathway is to send over a copy of your Mortgage Agreement in Principle to the Estate Agent. Additionally, this will get you ahead of the other potential buyers who are also in the running if they haven’t yet got theirs sorted.  We can produce an Agreement in principle very quickly. If it appears that you have a straightforward case, then we are also able to offer a “same day service”.

What’re the best ways to go about offers?

Getting a mortgage is about negotiating. It will most likely turn out that your initial offer will get rejected but rest assured, this gets expected. If this happens, you will be given an option by your Estate Agent to increase the bid. It is best to be sensible and go for the amount, which seems the most reasonable price to which you can afford.

If your second offer is also not accepted, one of the reasons could be down to willingness towards the payment of the asking price. Therefore, if the property is new to the market and the asking price seems too high, sometimes the best option is to be prepared to find another property.

“Sold” prices on Property websites such as Zoopla and Rightmove can be a great insight to giving you a right estimate on correct asking prices depending on the area. A lot of this data is compiled from the Land Registry, meaning it should be reliable.

Individual properties may stand out because they may seem much lower in price compared to the other houses that surround them; there will be an underlying reason for this. The most common causes include:

  • The house has been repossessed.
  • The landlord has sold it for a discounted price.
  • It was sold between family members.

In our service, we will guide you with your offering strategy. It may seem nerve-wracking, but it is also a fascinating part of the process.

How to make an offer on a property?

Making a reasonable offer is an integral part of getting the property you liked, but there are certain things you need to consider when you are making an offer on any property that you wish to purchase. It is not enough just to be giving asking price to be the right buyer and stand out from other buyers, but there are other things the seller considers while deciding on choosing the buyer.

Make An Offer On a Property | Submitting an offer:

While you can get submit a verbal offer either in person or on the phone, most of the agents now ask for you to send your request via email these days, for records for both parties. This offer is then taken to the seller who chooses to accept or reject your bid. An agent is liable to pass any offer he received to the seller for their consideration.

How to Stand Out:

The all-set buyer

The seller will take you more seriously if you come across as a well-prepared buyer who can show evidence that they can afford the property with a ‘mortgage agreement in principle’. It would help if you also had a solicitor in place. So you can advance their details when the offer on the property is accepted.

Chain-Free Buyers

Any buyer without the baggage of previous mortgages, first-time buyers in York or buyers with pre-organised mortgages will have a benefit of preference from the seller.

Swift and Easy Processing

Your transactions and agreements will process more swiftly if you are a chain free and organised house, the buyer.

Tip: If the seller is in a hurry to sell or has been trying to sell the property for some time. They might accept a lower offer than the asking price as well. Especially if your purchase will pass through quickly.

Property Value

Some sellers are not constricted by time or other factors and hence will wait for the buyers who can offer a higher price to maximise the value of the property.

Confidence

No matter what price you are offering for the property, do it with assertiveness and confidence. Most negotiations include several rounds of offers and counter-offers.

Things to Remember When Making an Offer:

While you might be attracted to a particular property, you should always have a budget ceiling in mind. Additionally, this will help you decide the maximum you can offer for a property and if the investment is worth for you in the long term. An agent is required to be transparent and will let you know if other parties are interested in the properties. To help you make your case.

Once the offer is made:

Ensure that it is clear to all parties that the offer is:

  • Subject to Contract (STC) – the final sale gets made when lawyers have exchanged and signed contracts.
  • Subject to Survey – allows any cost for faults and issues to be taken into account.

Once the Offer is Accepted:

Ensure that the agent has taken the property off the market; otherwise, you risk a chance of being gazumped.

Trusted Mortgage Advice in York

The Costs of Buying a House and Moving in York

What Are the Major Upfront Costs of Buying a House in York?

There’s no doubt that buying a home can be an expensive business. It gets even more costly when you are buying and selling at the same time. In this article, we broke down for you some of the costs and further down the line which things become due for payment, this article will benefit First-Time Buyers in York let alone anyone interested in purchasing a property or looking to Remortgage in York to a new property.

Estate Agency Fees

You only need to pay for an Estate Agent if you are planning on selling a property. The fees vary widely from Agent to Agent. We tend to find that the cheapest agents tend to be online ones who don’t carry the expense of maintaining offices. If you are not as sensitive to fees and you would prefer a more personalised local service, then that might cost 1-2% of your selling price. The charges are usually negotiable, especially in a “seller’s market” – that means when Agents are fighting to get your instruction because there aren’t many houses on the market.

Valuation Fees

If you are taking out a mortgage, then the lender needs to know the property is worth what you re paying for it. Some Lenders offer this for free, although they may not send you a copy of the report. If the Lender is not offering a free valuation, then this could cost a few hundred pounds.

You can expect to pay roughly double that if you want to upgrade that to a more in-depth HomeBuyer’s Report. The top of the range survey is the most expensive option, and you can expect to pay a four-figure sum for one of those.

Your Mortgage Advisor in York can explain what each different survey consists of so you can make an informed choice. The older/worse condition the house is in, the more likely you should consider upgrading the survey. Whilst a useful review is indeed expensive, and it’s a fraction of the cost of buying a property blind and having to spend much money on repairs over the years.

Mortgage Arrangement Fees

By rule of thumb, the mortgages with the lowest interest rates tend to come with the highest fees. Fees to set up mortgages can range from zero to a few thousand pounds. Your Mortgage Advisor will recommend the cheapest product to meet your needs, calculating the total amount to pay over the product term, including all fees.

The higher the amount you are borrowing, the more likely it is that you will want to keep the interest rate as low as possible. If you are borrowing a small amount, then it’s usually cheaper to take out a mortgage without fees as a rule. Lender arrangement fees can often get added to your mortgage. If you elect to add a fee, then interest will be charged on the fee, and this can add up over the term of the mortgage. Being an expert Mortgage Broker in York, we compare mortgage deals with all prices added so we could compare on a like for like basis.

Solicitor’s Fees

You’ll need to engage the services of a solicitor, the fees quoted by various firms can differ enormously. Estimation for a straightforward purchase with a local company is £600 for a low-value property. You will need to give the property address, whether it’s leasehold or freehold and the purchase price to obtain quotations. Again your Mortgage Advisor in York can help you decide whom to go for The key points to cover when asking for a quote are:

  • Ensure the firm includes VAT
  • Ensure the firm includes the cost of any “disbursements.” These are fees such as Land Registry Fees and Local Authority Search Fees
  • Is your Solicitor on your mortgage lenders panel?

Stamp Duty

In addition to your Solicitor’s fees and disbursements, you’ll get required to pay this tax which the Solicitor collects on completion of the property purchase. Full details can get found here: – a residential purchase of £180000, the Stamp Duty would be £1100.

Mortgage Broker Fees

Most Mortgage Brokers charge fees for their work, the amount that you will pay will often depend on how much the Lender pays the Broker for the work they do on their behalf. Most Brokers will only charge a fee if they are successful in obtaining a formal mortgage offer for you. Check your Mortgage Brokers in York online reviews to see what other customers are saying about them.

Removal Fees

The cost of moving your furniture can vary significantly and will depend on the level of service you are expecting. If you are quite happy to hire a van and roll your sleeves up, this can cost less than £200. On the other hand, if you are looking for a company that provides the full service, this can be £1,000 plus.

First-Time Buyer Mortgage Advice in York

Yorkmoneyman.com & Yorkmoneyman are trading styles of UK Moneyman Limited, which is authorised and regulated by the Financial Conduct Authority.
UK Moneyman Limited is authorised and regulated by the Financial Conduct Authority.
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© 2021 Yorkmoneyman

Yorkmoneyman, York Hub, Popeshead Court Offices, Peter Lane, York, YO1 8SU.

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