Top 5 Mortgage Hurdles You May Come Across in Scunthorpe

Specialist Mortgage Advice in Scunthorpe

The mortgage process can come with its highs and lows with many people encountering challenges on the way. You may find that people fail to match the lending criteria in situations like failing to match lending criteria or going through a divorce/separation.

Mortgages can be complex! You can’t get a mortgage instantly. First of all, you will be required to pass lender credit checks and affordability assessments to show that you’re eligible for a mortgage. In the case that you come across a hurdle around this time, we do recommend that you seek the assistance of a mortgage specialist to progress your application. As a First Time Buyer in Scunthorpe, the issue may be complicated but we can explain these problems and direct you towards the best solution.

Below is a list of the most popular mortgage hurdles that home buyers may encounter through the mortgage process.

Common Mortgage Hurdles

Childcare Fees

You may find that applicants are turned away because you have children, however, it is an unlikely case. If you are in this situation, your overall offer may be a little higher than if you didn’t have them.

Lenders will account for childcare costs in your expenditures when they are assessing your affordability. The reason why they do this is to be sure that you can afford a mortgage so they need to consider all your outgoings. When it comes to childcare costs, (depending on the number of children you have) they can go into the hundreds each month and they don’t go down! They’ll see these costs as recurring payments and will treat them as they treat a car loan or hire a purchasing agent.

Regardless if you don’t pay for childcare, like a nursery, you still may be offered less than other buyers who don’t have children.

Divorce/separation

It’s a sad case when this happens, however, when you and your partner go your separate ways and you’re both linked to a mortgage, you may need to solve your financial situation first. Keep in mind that the longer you leave it, the more complicated it can get.

If you’re still financially linked to someone else, lenders may find it difficult to carry on your application, especially if you’re linked through a mortgage. Because of this, you will be managing two sets of mortgage payments each month, which could be difficult to take on.

For those in this situation, it’s best to approach us for Specialist Mortgage Advice in Scunthorpe. This is something many customers have approached us for and below is the most common questions we get:

• How can I remove my ex’s from my mortgage?
• How do I remove my name from my ex’s mortgage?
• Can I have two mortgages?

Speak to a professional advisor if these are the type of topics you are wondering about because they may be able to help you with these problems. Going through a divorce is stressful enough so adding extra stress of your mortgage can make it worse. Get in touch with our team if you are looking to obtain Divorce & Separation Mortgage Advice in Scunthorpe.

Benefit income

A variety of lenders will have different perspectives on benefit income and will assess it differently. Additional benefits that could be assessed include child tax credit, working tax credit, disability benefit or pension. Every lender will differ in what they choose to assess.

We have a variety of different specialist lenders that all have their own unique lending criteria and will measure a range of income. This type of lender may benefit your case.

New job

Starting a new job, generally, will mean you are on a higher salary. Having more money will mean you can afford finances like a new mortgage. Because of your new higher salary, you may feel like getting a mortgage will be easier, but this isn’t always the case.

Probation periods may not work in your favour when it comes to the lenders and will depend on the likelihood of you staying on. On the flip side, others may not be bothered by this. To fully get an idea of how committed you are to a job, lenders may look into your work history to see how long you were employed in the previous workplace, making sure that you are not the type to jump between workplaces.

Lenders want to be sure that you are an applicant who will not be employed within months so gaps in employment can have a negative effect on a successful mortgage application.

Depending on the lender, you may be qualified for a mortgage before even starting the job. This will be no more than a month in advance.

Evidencing a deposit for a mortgage in Scunthorpe

When you’re applying for a mortgage in Scunthorpe, you will need to make sure you evidence your deposit and be able to prove where you obtained it from. In the circumstance where you’ve simply built it over time, you will need to show this through your bank statements. We do find customers are given a gifted deposit meaning the person gifting you the money will need to prove where they have got the money from.

By doing this you are keeping in line with the anti-money laundering regulations which will show a lender that the funds have been legally raised. As well as the lender, your solicitor and estate agent may also ask for this evidence.

We do find many applicants can easily slip up on this part of their mortgage application. Not evidencing your funds correctly can put you at risk for the lender to begin questioning where the money actually came from. Having a Mortgage Broker in Scunthorpe by your side will guide you through how to evidence your deposit correctly. We can provide support through this step with you so you are in the best position for mortgage success.

Do Gambling Transactions Look Bad on My Bank Statements?

When lenders look at your bank statements they will be highlighting various factors. They do this to establish whether you are the best applicant to lend to. Generally, an ideal applicant will be able to show how well they manage their finances and prove that they can keep up to date with their monthly payments.

If you are wondering what lenders look for on your bank statements, check out below how one aspect of your bank statement can impact your ability to get a mortgage in Scunthorpe.

Mortgage Questions to Consider

What has it got to do with the lender whether I gamble or not?

If you enjoy gambling once every couple of months or it’s a daily occurrence, be aware that gambling in a massive amount usually impacts your mortgage application. Being a frequent gambler, regardless of losing money or not, you may be declined because of your gambling habits.

Obviously, no one can dictate how you live your life, however, the media does advise that you ‘gamble responsibly’. Keep in mind that a lender needs an applicant that doesn’t oppose risk to them. They want to lend to someone who will keep up with their mortgage payments so there is less risk of repossession.

Looking at the perspective of the lender, would you want to lend some money to someone who frequently gambles with a large amount of money or someone who’s always on top of their payments and doesn’t gamble?

Is it still possible to get a mortgage if I’ve got gambling transactions on my recent bank statements?

Gambling is not an illegal act, however, the one-off gambling transaction on your bank statements will not mean that you’ll get automatically declined. They will assess the gambling transactions to if they are reasonable and responsible. The things they will look out for are how frequently you gamble, the number of transactions and how they relate to your income.

For those who are infrequently gambling in small amounts, this shouldn’t impact significantly to if you get accepted or not. On the flip side, if you are a regular gambler, this could affect your application. Going into your overdraft because of gambling can reflect badly on your application.

Is there anything else lenders wouldn’t want to see on my bank statements?

Lenders will take a thorough approach to your bank statements. There are a variety of things they will look into, however, generally, they want to look at your bank statements and be confident that you are a reliable applicant to lend to.

In the case where you exceed your overdraft limit every month, your lender might conclude that you are finding it difficult to manage your finances. We would always advise that you are always aware of this even though it’s likely that you will be okay doing so. As well as this, they will look at additional credit commitments that you have like like credit card or loan payments, etc. This is a key point as you will need to put aside a set amount every month to pay back the loan just like you would a mortgage payment.

We strongly recommend that you look out for credit transactions from pay-day loan companies or known as ‘undisclosed’ loan repayments. This can raise issues if you told them that you had no additional loans to account for but it is evident on your bank statements. With this in mind, you need to be fully honest with your lender and tell them everything before they view your bank statements.

What can I do to improve things?

As a Mortgage Broker in Scunthorpe, our team always suggest that the best way to improve things is to be rational and organised.

First of all, plan ahead! Normally, your lender will ask for a minimum of three months’ bank statements.
Therefore, before you apply, put yourself in a position where you are financially able and slow down on things like gambling and dipping into your overdraft. Little changes in your finances can help.

Approaching a Mortgage Broker in Scunthorpe, like ourselves, our team will help you with this process and find you the product that will help you the most. We do find there is some specialist lenders out there who will request fewer bank statements than others, a mortgage might be able to access one of these deals.

Get in touch with a Mortgage Broker in Scunthorpe

As a first time buyer in Scunthorpe and you are stepping into the mortgage world for the first time, we strongly recommend that you seek specialist mortgage advice from a mortgage advisor in Scunthorpe.

Buying a Property with a Partner or Friend(s) in Scunthorpe?

Tips for Buying a House/Apartment with a Partner or Friend(s)

It’s common for First Time Buyers in Scunthorpe to find it difficult to get their footing on the property ladder on their own so will look at the easier option of moving in with a partner or friend. There are plenty of benefits from going down this route. For instance, it won’t take a long time to save for a deposit, and lenders favour two or more people to buy a property together, splitting the equity in it and being responsible for the mortgage payments.

How many people can jointly own a property?

It’s likely to find that some mortgage lenders will allow up to four people to co-own property together. Due to multiple parties being involved, this will involve some discussion if something changed in circumstances. Be aware that if one borrower ends up not putting forward their contributions to the mortgage payments, the lender will go to the rest of the group for payment.

Each joint owner will still hold a legal right to live within their home unless a court rules otherwise. This still applies if an individual withholds their contribution, they still own part of the property.

This is why you need to be selective when it comes to who you are buying with.

In the circumstance where one of the co-owners would like to increase the mortgage in the future, all borrowers need to consent. It’s good to plan for down the line in case someone ends up with a different plan in mind or a change in circumstance.

Joint tenancy or tenancy in common?

Joint tenancy is an option that is popular amongst couples who are married, in civil partnerships or just cohabiting. Usually, tenants are relatives or friends that are interested in buying a house together. This does involve needing the applicant’s consent if you decide to sell or remortgage the property in the future.

When it comes to a tenancy in common, both co-owners will jointly own the property, however, there isn’t any legal requirement to do so in equal shares regardless of whether one party earn a lot more per month than the other.

For those that you a tenant in common, they have the freedom to sell or give away their share of the property t someone else if they decide to remove themself from the situation.

In the unfortunate event that one of you were to pass away, the property will be owned by the other owner on the mortgage. As a Mortgage Broker in Scunthorpe, we always recommend taking out Life Insurance in Scunthorpe within the mortgage process. By taking this out, it’s possible to use life insurance to pay off a mortgage.

What happens if one party stops making mortgage payments?

Each mortgage borrower is jointly and equally responsible for paying their mortgage payments on time. Therefore, if one party stops paying, the parties left have to make up for the remaining to prevent possible mortgage arrears.

It’s important to keep up to date on each payment in order to prevent the risk of falling into arrears which could stop you from getting a mortgage in the future. Go into this deal with the idea that you don’t own 50%, you own 100% jointly.

Removing a Name From your Mortgage

In the case where it doesn’t all go to plan, due to maybe being in a disagreement with your co-owners or the breakdown of a marriage/relationship, you may be exploring the option of removing others from your mortgage or removing yourself from their mortgage.

If you are in this situation, it’s best to speak to an expert Specialist Mortgage Advisor in Scunthorpe who can look at your options. Check out our article about ‘divorce & separation mortgage advice‘ for more information on divorce and mortgages.

Help to Buy Mortgage Schemes

Help to Buy Mortgage Advice in Scunthorpe

After the unfortunate events of the 2008 credit crunch, the government needed something to try and bring the mortgage market back to prominence. One of the ways they did this, was introducing “Help to Buy Schemes” to help first time buyers onto the property ladder.

There are a various different Help to Buy Schemes available, some which may be more applicable to your circumstances than others. Here is a list of the schemes that may be useful for you.

Help to Buy Shared Ownership Scheme

The Help to Buy Shared Ownership Scheme was brought in to give mortgage applicants the ability to buy some of their property, and pay rent on the remaining percentage.

You will typically own between 25-75%, though this is not always the case. The remaining percentage is likely to be owned by a local authority, such as council or housing association. When you come into more funds, you may be able to increase the percentage you own.

The way that your payments work is that you will be paying both mortgage and rent. This basically means you are paying 100% of the ground rent and service charge on your home. This is still the case, even if you have the minimum share amount.

Bonus: Lifetime ISA

Though not technically a Help to Buy Scheme, the Lifetime ISA often is forgotten. It isn’t typically a first port of call, though it can be very handy for anyone looking to secure a property as a first time buyer in Scunthorpe.

It works as a type of savings account where your money can grow tax-free. The government will also top up your savings by a further 25%, so if you can meet the the £4,000 maximum amount, you will get a nice little £1,000 bonus.

You have to meet specific criteria in order to use the Lifetime ISA. More information about this can be found by clicking the link below or booking in to speak with a mortgage advisor in Scunthorpe.

9 Questions to Ask When Buying A House in Scunthorpe

Homebuyer Mortgage Advice in Scunthorpe 

First Time Buyers in Scunthorpe stepping into the mortgage world for the first time may find the experience a bit overwhelming. This is why it’s good to be prepared in order to make the most out of your house buying experience. Below are 9 questions to ask yourself as a First Time Buyer in Scunthorpe who’s looking to purchase a property.

1. How much interest has there been in the property? 

Before committing to any property, it’s a good idea to ask how many people have looked and enquired about the property. Because a mortgage will be one of the biggest financial commitments in your life, you need to know how you have left to make a final decision. If the property is getting a lot of attraction, you’ll need to make that final verdict sooner, rather than later.

2. Is the property chain free?

A property chain is when several transactions are occurring at the same time for the sale and purchase to go through. If the property is a part of a chain, this will have a significant effect on your mortgage process. When it comes to a new home, there is no onward chain.

All this can increase the chance of you moving in quickly especially if you are not part of a chain yourself. You can have more of an advantage as a buyer if you don’t need to sell your own property first because you won’t be interrupting the home buying process. It’s good to utilise this benefit when negotiating the property price.

3. What’s included in the sale? 

In some circumstances, previous owners tend to leave some items behind. These items can include electronic goods like washing machines, fridges, freezers, or things like sheds that have been left for the next occupant. This doesn’t apply to new build properties as they come as standard or agreed upon before being built.

The downside is for those who don’t want these items you’ll have to find a way to dispose of them. In the circumstance where you buying a new build property, there might be items you can buy that can be fitted and ready on moving in day.

4. What are the neighbours like?

Knowing whether or not your neighbours are good people can be the final factor in making that decision if you want to live on the property or not. After all, you and your neighbours will be the ones building a community, so it’s always best that everyone gets along with each other.

5. How much does it cost to run? 

Depending on the house and the location will factor in the costs. This is why it’s important to do your research and ask the right questions. Even things like how much the Council Tax is as well as the average spending on utilities. All this can be checked online by researching online or asking the seller.

6. Which way does the house face?

The direction the house faces can be an important factor too. If you enjoy relaxing in the garden in late summer evenings or reading books in natural light. You may find that having a south-facing garden is an ideal choice, but sometimes it comes with a larger expensive.

7. How much work will be required after moving in? 

Below are some things you may want to look into. 

• How energy efficient is the property? 
• Does it have any damp? 
• Are you able to move around your furniture?

8. Are you open to offers? 

The house buying process starts with negotiating a property price. If you are wanting to build your skills on this, check out our how to make an offer on a property in Scunthorpe article. As soon as you are prepared, you can then begin negotiating.

To find out if your offer is too high or too low, it’s best to have a chat with the seller of the home or estate agent. From this, you can find out any other offers that have been made and rejected before your offer.

9. When can we move in?  

Having a date set in the diary can allow you to plan the other tasks you need to do in advance. These tasks could include instructing a conveyancing solicitor, packing your belongings and sorting out a removal van to bring your belongings to the new property.

Devoted Mortgage Advisors in Scunthorpe

Our devoted team of Mortgage Advisors in Scunthorpe can search 1000’s of deal. Before viewing any properties, we reccomend that you speak to a Mortgage Broker in Scunthorpe like ourselves. We can give you an idea of the maximum amount you can borrow for a mortgage as well as get you sorted with an Agreement in Principle, which can help you when making any offers on a property.

To speak to a Mortgage Advisor in Scunthrope today, book your free mortgage appointment today. Our team can get you in the best position of being ‘mortgage ready’. As well as this, you will be early on in the home buying process and could put you ahead of any other home movers who may not be as organised when offering on your property.

Making an Offer on a Property in Scunthorpe

First Time Buyer Mortgage Advice in Scunthorpe

Once you are all ready to make your first offer on a property, it is important that the seller or the estate agent knows all about your personal and financial circumstances. Telling them all of your details give you a higher chance of being accepted.

Mortgage agreement in principle

99% of the times, you will never beat a cash buyer, lenders love less paperwork and a quick home buying process, which wouldn’t be the case if they had accepted someone wanting a mortgage. If you can’t afford to go down this route, to improve your chances of being accepted for a mortgage, you should get a mortgage agreement in principle prepared before you make your offer.

Having a mortgage agreement in principle at the ready shows that you have planned ahead and really want to secure this property. Whereas, if you don’t have one, your lender will know that you weren’t prepared and that you aren’t fully aware of how to apply, which could go against you.

This is why approaching a Mortgage Broker in Scunthorpe could really benefit you during the home buying process. Once you find a property that you are interested in making an offer on, Scunthorpemoneyman can quickly get you together with a mortgage agreement in principle. Depending on your situation, we can sometimes offer the same day service.

Don’t give up!

Buying a property is a negotiation process. If your first offer gets rejected, don’t worry, it’s perfectly normal to not be accepted first time round, you will get another chance to increase your original offer.

If your increased offer is also rejected, you may have to raise your offer again to match the asking price. If the property has just been listed on the property market, it’s unlikely that the seller is going to budge from their asking price. If you aren’t prepared to match their asking price, you may have to walk away and start looking for more properties.

To get a rough idea of what you may have to pay for your property, you should check out Zoopla and Rightmove and take a look “sold” prices of houses that are similar to the one that you are looking at. These prices are pulled from the Land Registry so they are reliable and can be used as a comparison.

You will sometimes see that some houses end up selling for less than their actual worth and this is because they could’ve been repossessed, sold to a tenant at a discounted price or an inter-family sale.

Speak to a Mortgage Advisor in Scunthorpe today

If you are still unsure about how to make an offer on a property and need help getting on the property ladder as a First Time Buyer in Scunthorpe, you should get the help off an expert Mortgage Advisor in Scunthorpe. They will do all they can in order to try and get that dream home of yours secured.

We are available 7 days a week, so if you ever have any mortgage questions, you know who to call. Receive a free mortgage consultation today with your expert Mortgage Broker in Scunthorpe.

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 Scunthorpe

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 Scunthorpe 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 Scunthorpe & those who are Moving Home in Scunthorpe. 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. 

Getting Prepared For Your Mortgage in Scunthorpe

Mortgage Advice in Scunthorpe

So, you’ve saved up for your initial mortgage deposit, whether it be from your own savings or a gifted deposit from your parents. What’s the next step for you to take? It’s time for you to get prepared for your mortgage journey!

Know Where You Stand

First of all, we would recommend that you get in touch with an experienced mortgage broker in Scunthorpe as early on as you can, especially if you are applying for a first time buyer mortgage in Scunthorpe.

This is because you’ll be able to get a general idea of the costs and how much you could borrow. You should also look to get yourself an up to date credit report, to make sure you know you’re in good credit and are able to pass this on to your mortgage advisor in Scunthorpe.

The last thing you want is to have disputed payments holding you back, so it’s always handy to check in the early stages. Taking these steps will set you on a course where you have a good idea of what your budget will be and how likely you are to achieve mortgage success.

Agreement in Principle

Your mortgage broker in Scunthorpe will be able to get you an agreement in principle for you, on your behalf, typically within 24 hours of your initial mortgage appointment.

This helps you out greatly, as you will have this document to hand for making offers on properties. Having your agreement in principle shows the seller of the property and the estate agent that you are ready to go, allowing for a possibly quicker process.

Proof of ID & Address

There’s always lots of paperwork required for a mortgage process, so you’ll need to make sure you have a folder to keep all of these together. Two of these are your proof of ID and proof of address. For proof of ID you’ll need photo ID such as a driving license or passport.

Non-UK Nationals working in the UK will need to provide a Visa as well. For proof of address, you will need to use something like a utility bill or original bank statement that has been dated within the last 3 months.

You can also use your driving license, though it can only be used for one or the other. That means those using it for photo ID cannot use it for proof of address and vice versa.

Last 3 Months’ Bank Statements

The analysis of your spending habits will be one of the most important determining factors in whether you’ll qualify for a mortgage or not. You’ll need to provide the last 3 months bank statements, as that should evidence your income and regular expenditures.

Mortgage lenders will not be happy to see things like gambling transactions on your account, with the same being said if you go over an agreed overdraft limit or if your direct debits bounce regularly.

Proof of Deposit

For the purposes of anti-money laundering, you will also need to be able to prove that you do in fact have the funds in place for the deposit and where that money came from.

Try not to move money around various accounts too much, as it will make evidencing the audit trail more difficult. Mortgage lenders like to see your savings building up so you’ll need to account for any large credits that go into your accounts.

Quite often, the money for your deposit will be gifted by a member of your family. This is common with first time buyers in Scunthorpe. The funds for gifted deposits need to be evidenced, with the donor signing a letter to confirm it’s non-refundable and not a loan, purely serving as a gift.

A List of Your Expected Outgoings

It’s a good idea to do plenty of homework in advance and come up with an estimate of you expected outgoings once you have moved into your new house as a first time buyer in Scunthorpe.

You’ll need to work out things like council tax and what your general utility bills will be, as well as regular spendings such as food and drink, to be able to determine how much disposable income you will actually have available, to use towards your monthly mortgage payments.

As you can see from the above, it’s a real paper trail when you are applying for a mortgage, but if you want your application to run like clockwork you’ll need to put the time aside to get everything together.

Our view is that it’s better to get all this at the outset and collate everything that a mortgage lender could possibly ask for. This saves time and frustration later down the line. Book a free mortgage appointment today and we will help you to prepare as best as we can.

Sales Tactics of Estate Agents & Builders

Mortgage Advice in Scunthorpe

Whether you are a First Time Buyer actively viewing properties or a home mover with your house on the market, you may have noticed that some of the larger estate agents and builders are very keen for you to use their in-house mortgage advisor and conveyancing services. 

Being part of a stand-alone mortgage business we receive lots of feedback as to what sales tactics can be used, examples of this are:

• Refusing to put your offer forward to the vendor if you have not taken in-house mortgage advice or favouring another offer over yours because you already have your mortgage sorted.  Please note these situations are illegal. 
• Quoting extortionate conveyancing fees, I recently had a client who was quoted more than £1,500 for a straight forward purchase with an estate agent. They got this down to £750 with our help by using another conveyancer local to them. 
• From the big well known colourful online agents, within minutes of making your offer they may call you wanting the name of your conveyancer, not just the company, the actual individual acting for you! At the same time pushing their extortionately overpriced quotations, and refuse to take the property off the market without this. Don’t worry, we can help you be ready for this.

Don’t be fooled, 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”

“You need to come in and see our mortgage advisor for your offer to be qualified”

“Your offer is more likely to be accepted if you use our mortgage advisor”

“We get better deals than most brokers”

“Everything is likely to go through quicker if you use us”

“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”

“We’ll give you a free carpet/washing machine if you use our (extortionately priced) recommended conveyancing service”

Remember, when negotiating a purchase price, do you really want the seller of your property having access to your personal financial situation and potentially knowing your maximum borrowing? 

Here at Scunthorpemoneyman, we work solely for you!  We are genuinely open and honest and only have your best interests at heart, we’re here to save both your time and money. 

The Importance of Changing Your Address in Scunthorpe

Mortgage Broker in Scunthorpe

When it’s time to apply for a mortgage, you need to make sure that you have the best chance of being accepted without needing Specialist mortgage advice in Scunthorpe. This means that you need to be wary of credit file and make sure that it’s going to impress your lender. Remember, the higher your credit score is, the greater chance you have of being accepted for a mortgage. Improving your credit score can sometimes be easy, it’s just knowing how to go about it.

Did you know that keeping your address up to date actually increases your credit score? It’s true that having fewer addresses on your file improves your credit score but people take this the wrong way. We see that some people leave their living address as their parent’s address after they move into rented accommodation. This actually has a negative impact on your score as you are basically saying that you live somewhere that you don’t.

You need to make sure that everything has been switched over to your new address. This includes all current/old accounts (credit cards) and electoral roll information registered to your previous address. There is always some way of finding out that you don’t live where you say you do, this could be something like a delivery address from online shopping or from car/home insurance search, etc.

Check before your apply

The number one rule before anything though is to double-check your address is up to date. People seem to always seem to forget to change their address and lenders pick up on it very quickly.

When changing your address, it’s important that you get the dates right too. You need to know the exact date you moved into your rented apartment/new home and the day that you left it. If you do happen to make a mistake with these dates it can appear that you are living in two places at the same time.

As an experienced Mortgage Broker in Scunthorpe, we will provide our full help and support through the whole mortgage application process. Part of being a Mortgage Broker in Scunthorpe also allows us to perform a credit search for you without it affecting your file. We want you to try and have the best chances of being accepted for a mortgage so we sort everything for you with your best interests at heart at all times.

Impress the lender

You always want to impress your lender and show that you are doing your best to improve your chances of being accepted. Whether this is making sure that you are on the electoral roll or changing your address, etc. Having every bit of information on your file updated is essential to the home buying process. Even if you are a First Time Buyer in Scunthorpe, by now you should be aware of this.

If you are still confused and just need a little more help or insight from a Mortgage Advisor in Scunthorpe, feel free to get in touch. We do offer a free mortgage consultation to every customer, no matter how complex their mortgage situation is.

Our Mortgage Advisors in Scunthorpe know that Moving Home can be stressful, especially in a competitive area like Scunthorpe. We want the best for you and for you to move into your perfect home with a smile on your face. We hope that you contact your Mortgage Broker in Scunthorpe today.