The Pros & Cons of Using a Mortgage Broker in Scunthorpe

When it comes to navigating the mortgage journey, whether you’re a first time buyer in Scunthorpe or looking to move or invest in property, it’s essential to have the right support and guidance. At our company, we offer a personalised and friendly service tailored to your specific mortgage needs.

With our extensive experience and expertise, we understand the complexities of the mortgage process. Our team is dedicated to providing expert mortgage advice in Scunthorpe, ensuring that you make informed decisions from the start and save both time and costs in the long run.

In this article, we’ve compiled a comprehensive overview of the advantages and disadvantages of working with a mortgage broker in Scunthorpe. We pride ourselves on delivering a high level of service and have built trust among many individuals who rely on us for their mortgage advice needs.

With our knowledge, guidance, and personalised approach, you can embark on your mortgage journey with confidence. Discover why we are the trusted choice for mortgage advice in Scunthorpe and let us help you navigate the path to homeownership or property investment.

Why use a mortgage broker in Scunthorpe?

Cost-Effectiveness

The decision of whether to go direct or work with a mortgage broker in Scunthorpe comes with its pros and cons. While it is true that going direct may seem more cost-effective at first, the benefits of working with a mortgage broker can outweigh the potential savings.

A mortgage broker in Scunthorpe has the expertise and industry knowledge to navigate the complexities of the mortgage market. They can provide valuable guidance and support, especially in more complex cases or for individuals with limited knowledge in this area.

Choosing the wrong deal or having a mortgage application rejected due to lack of knowledge can lead to financial consequences and impact your credit score.

With a dedicated mortgage advisor in Scunthorpe, their focus is on helping you achieve your mortgage goals by providing tailored recommendations that align with your needs.

While there may be a service fee involved when working with a mortgage broker, the potential long-term savings and the peace of mind that comes with expert advice can make it a worthwhile investment.

So, before making a decision, it’s important to weigh the benefits and costs associated with going direct or seeking the assistance of a mortgage broker in Scunthorpe.

Local Bank Branch Relationship 

In the past, customers often chose to approach their banks directly due to a sense of loyalty and familiarity with the traditional mortgage process. They valued the personal touch and the expertise of their local bank manager, who had a deep understanding of their financial situation.

With the rise of technology and online banking, the mortgage process has evolved significantly. The introduction of digital credit scoring has standardised the evaluation process, removing the need for manual assessments by bank managers.

Nowadays, the mortgage application is assessed through a sophisticated online system that applies objective criteria to determine eligibility. This ensures fairness and consistency across different banks, regardless of the institution you choose.

While the shift to digital assessments may have reduced the personal interaction with bank managers, it has streamlined the process and made it more efficient. Customers can now expect a standardised evaluation based on objective criteria, ensuring a fair and consistent experience.

Exclusive Mortgage Products 

While approaching a lender directly may grant you access to exclusive deals, it’s important to consider the limitations of these options, as they are often restricted to that specific company. Banks may offer their best deals, but they may not take into account the offerings of other lenders.

Expanding your search beyond banks can reveal a multitude of alternative options. By seeking specialist mortgage advice in Scunthorpe, you can unlock a wealth of opportunities.

Our expert mortgage advisors in Scunthorpe will carefully assess your case and leverage our extensive panel of lenders to find the most competitive deal tailored to your unique needs.

Choosing to work with a mortgage broker in Scunthorpe also opens the door to exclusive deals that are not accessible elsewhere. Whether you’re a first time buyer in Scunthorpe, moving home, or considering a remortgage in Scunthorpe, we are committed to presenting you with a diverse range of options.

Our goal is to ensure you secure a mortgage solution that is perfectly suited to your circumstances.

Changes to Regulation & Consumer Protection  

Following the credit crunch of 2007-08, significant reforms were implemented in the mortgage market to enhance consumer protection and ensure responsible lending practices.

One notable change was the introduction of the 2014 Mortgage Market Review, which mandated that lenders provide mortgages with extensive expert advice.

Gone are the days when mortgages could be granted without proper checks or qualifications. The new regulations require lenders to assess each customer’s situation carefully and provide tailored advice that aligns with their financial circumstances.

These measures also introduced avenues for consumer protection. If you feel you have received misleading advice, you now have recourse to file a complaint with the Financial Ombudsman or seek compensation through the Financial Services Compensation Scheme.

This increased focus on consumer protection not only benefits those seeking mortgage advice in Scunthorpe but also ensures that mortgage lenders adhere to these strict guidelines.

It fosters an environment of trust and reliability, providing customers with the confidence that they will receive appropriate guidance throughout their mortgage journey.

Book an Appointment with a Mortgage Advisor in Scunthorpe

When it comes to the mortgage process, timing and communication are essential factors to consider. Opting to approach a mortgage broker in Scunthorpe rather than a bank can offer distinct advantages in these aspects.

At Scunthorpemoneyman, we prioritise responsiveness and convenience for our valued customers. Our team of dedicated mortgage advisors in Scunthorpe understands the importance of timely assistance and ensures that we are available when you need us.

Unlike banks, which can often take months to get in touch with a representative, our team will reach out to you promptly. We offer flexible availability, including early mornings, late evenings, weekends, and even some bank holidays, to accommodate your busy schedule.

We recognise that each customer has unique needs and commitments, which is why our advisors are accessible beyond traditional working hours. With our easy-to-use online booking system, you can conveniently schedule an appointment that suits your availability.

But our commitment to responsiveness doesn’t end there. Throughout your mortgage journey, our friendly team will keep you well-informed, providing regular updates and addressing any questions or concerns you may have. Our goal is to ensure that you are supported and informed every step of the way.

This dedication to exceptional service has earned us the trust and loyalty of many customers in Scunthorpe. Rather than relying on impersonal national banks, more individuals are choosing knowledgeable local experts who offer personalised support and guidance tailored to their specific needs.

Handling of Complex Scenarios 

Our extensive experience in the mortgage industry has exposed us to various scenarios that can present unique challenges compared to standard mortgage cases.

One such scenario is when a mixed deposit is involved, where funds from different sources, such as a gifted deposit and personal savings, need to be carefully evaluated and accounted for.

Additionally, individuals on zero hour contracts may require additional considerations to ensure the stability of their income.

For those looking to make a second property purchase, assessing their affordability and financial capability becomes crucial. Self employed individuals in Scunthorpe without a fixed income face their own set of challenges in obtaining a mortgage.

A poor credit history can also impact an applicant’s eligibility, as lenders may view it unfavourably. It’s important to note that affordability remains a key factor, determining if applicants can comfortably manage their mortgage repayments.

In the past, mortgage lenders primarily competed by offering better deals, but the focus has now shifted towards meeting specific criteria. While you may come across cheaper deals, it’s essential to ensure they align with your unique circumstances and requirements.

Applying for a mortgage involves a hard search, which leaves a footprint on your credit file. Declining a deal in principle without clear reasons can be frustrating and detrimental to your credit standing.

At Scunthorpemoneyman, we understand the complexities of these situations and have the expertise to guide you through them.

Our team of mortgage advisors in Scunthorpe will leverage their knowledge and experience to help you navigate these challenges and find suitable mortgage options tailored to your needs.

We are committed to providing personalised advice and support throughout the application process, maximising your chances of securing the right mortgage for your specific circumstances.

Agreement in Principle

A mortgage broker in Scunthorpe plays a crucial role in simplifying the mortgage application process and improving your chances of approval.

With their extensive network of lenders, they have access to a wide range of options and can find the most suitable deal that aligns with your specific criteria and requirements.

After carefully assessing your case, our team at Scunthorpemoneyman can swiftly initiate the process of securing an agreement in principle for you. We prioritise efficiency and aim to provide you with an agreement in principle within 24 hours of your free mortgage appointment, saving you valuable time.

It’s important to understand that an agreement in principle does not automatically commit you to a mortgage. It offers the advantage of having an expert review your credit file in advance, which can help protect your credit score.

Our dedicated team of mortgage advisors in Scunthorpe is focused on getting our recommendation right the first time. We strive to maximise your chances of a successful mortgage application, providing you with expert guidance and support throughout the process.

Should I use a Mortgage Broker in Scunthorpe? 

When it comes to finding the right mortgage solution, there are various factors to consider, including the choice between approaching a mortgage broker in Scunthorpe or going directly to lenders.

At Scunthorpemoneyman, we are a dedicated mortgage broker with extensive experience helping clients at different stages of their mortgage journey in Scunthorpe.

Whether you’re a first time buyer, reaching the end of your fixed period, or considering a remortgage in Scunthorpe, our knowledgeable team of mortgage advisors is here to provide expert guidance tailored to your needs.

You can easily book a free mortgage appointment or remortgage review to speak with our advisors, and we make every effort to accommodate your availability.

We take pride in the exceptional customer reviews we have received, which reflect the high level of service we consistently provide to our satisfied clients. Additionally, our YouTube channel, MoneymanTV, offers valuable mortgage-related content to help you make informed decisions.

When it comes to your mortgage goals, our team is committed to helping you every step of the way. Contact us today to discover how we can help you navigate your mortgage journey and find the right solution for you.

How a Mortgage Advisor in Scunthorpe Can Help You Navigate the Home Buying Journey

Embarking on the journey of securing a mortgage, whether you’re a first time buyer in Scunthorpe or planning on moving home in Scunthorpe, can be overwhelming due to the intricacies of the mortgage market. Fortunately, a mortgage advisor in Scunthorpe can serve as your reliable ally.

In this article, we will delve into the invaluable role played by a mortgage advisor in Scunthorpe. Discover how their expertise can guide you in finding the ideal mortgage solution, all while easing any worries or uncertainties you may encounter throughout the process.

Understanding Your Unique Needs

A mortgage advisor in Scunthorpe recognises the individuality of each person’s financial situation and homeownership aspirations.

They dedicate themselves to understanding your specific needs and goals, employing a tailored approach to assist you in discovering the ideal mortgage product that aligns with your circumstances.

By listening attentively and considering your unique requirements, they strive to provide personalised guidance throughout the mortgage process.

Expert Guidance through the Mortgage Market

In the dynamic and expansive mortgage market, staying informed can be a daunting task for both first-time buyers and experienced homeowners in Scunthorpe. This is where a mortgage advisor in Scunthorpe excels, armed with extensive knowledge and local market experience.

A mortgage advisor in Scunthorpe remains up-to-date with the ever-evolving mortgage landscape, including the latest products, interest rates, and lender requirements.

By enlisting their support, you can tap into their expertise and gain access to a broader selection of mortgage options beyond what is typically available through direct mortgage lenders.

Their comprehensive understanding of the market empowers you to make well-informed decisions that align with your specific needs and financial goals.

Finding the Best Mortgage Deal

Collaborating with a mortgage advisor in Scunthorpe offers a significant advantage: their adeptness in conducting market research on your behalf.

With an extensive network of lenders at their disposal, including renowned high street banks and specialised lending institutions, they possess the ability to scour the market.

This unique capability allows them to identify and present you with the most competitive mortgage deals available, customised to suit your individual circumstances.

By leveraging their expertise, you can potentially save valuable time and money, as they streamline the search process and present you with tailored options that align with your requirements.

Navigating Complex Financial Situations

When faced with a unique financial situation, whether it’s being self-employed, having a less-than-perfect credit history, or contemplating a buy to let investment, a mortgage advisor in Scunthorpe can be your trusted guide.

Their specialised knowledge allows them to evaluate your circumstances comprehensively, navigating the complexities of various lender criteria.

With their expertise, they can identify mortgage options that are specifically tailored to your requirements, ensuring a suitable solution that accommodates your unique financial situation.

By working closely with a mortgage advisor in Scunthorpe, you can confidently explore viable pathways and make informed decisions that align with your goals.

Saving You Time and Effort

When it comes to securing a mortgage, there is often a significant amount of paperwork, documentation, and coordination required with mortgage lenders. By enlisting the support of a mortgage advisor in Scunthorpe, you can offload the administrative burden and streamline the application process.

A mortgage advisor in Scunthorpe will take charge of organising and managing the necessary paperwork, ensuring that all documents are completed accurately and submitted promptly. They have the expertise to navigate the complexities of the application process and work closely with lenders on your behalf.

By handling the administrative tasks, a mortgage advisor in Scunthorpe saves you valuable time and effort, allowing you to focus on other important aspects of your home buying journey with peace of mind.

Supporting You Beyond Mortgage Approval

A mortgage advisor in Scunthorpe’s role goes beyond just securing mortgage approval. They serve as a reliable source of support, answering your questions, and offering guidance throughout the entire home buying and mortgage processes.

Whether it’s deciphering complex terminology or coordinating with solicitors and surveyors, a mortgage advisor in Scunthorpe acts as your trusted advisor, ensuring you have a clear understanding of each step involved.

By partnering with a mortgage advisor in Scunthorpe, you gain access to their expertise and personalised approach. They take the time to understand your unique needs and financial goals, providing tailored advice and presenting you with a wide range of mortgage options.

From navigating the market to negotiating the best deal, a mortgage advisor in Scunthorpe is dedicated to finding the perfect mortgage solution for you. Furthermore, they offer ongoing support and assistance, addressing any concerns that may arise along the way.

Don’t underestimate the impact a mortgage advisor in Scunthorpe can have on your homeownership journey. Contact a reputable mortgage advisor in Scunthorpe today and take the first step toward turning your dream of owning a home into a reality.

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.

Can I Port My Mortgage to a New Property in Scunthorpe?

Porting Mortgage Advice in Scunthorpe

If you are a homeowner with a mortgage to your name, you may notice that a certain amount of high street mortgages that are on the market are portable.

A portable mortgage in Scunthorpe works by taking your mortgage from one property to another if you decide to move home and want to avoid the penalty charge for doing so.

For those looking to move into a new home and are already going through your fixed rate mortgage deal, a portable mortgage could be helpful as you will have the potential to avoid having an Early Repayments Charge (ERC) for moving.

Are all mortgages portable?

Remember, not every mortgage deal that is available on the market is portable. This is even less likely if you are on a mortgage with a specialist mortgage lender because their mortgage is probably more complex to qualify initially and they would discourage you to port it.

In order to find out if porting a mortgage will be available to you, we would highly suggest that get in contact with your mortgage regarding this.

Should I port my mortgage?

In some cases, a homeowner may decide that option is not fit for them and choose not to even if their mortgage is flexible enough to achieve this.

There is a range of reasons why customers may not look to port their mortgage. For instance, the mortgage lender may not be willing to provide the additional funds or the different interest rate in those funds.

With this in mind, it may be best to accept the Early Repayment Charge (ERC) and move to a different mortgage lender altogether, however, this only applies if it works out cheaper to go to that new deal.

What is a sub-account?

This is when an account will be attached to your mortgage when you look to port it and the extra funds will move onto a deal different from your original mortgage.

Due to this, each of these will be on two different rates of interest that are applied on both the mortgage and the direct debit.

Keep in mind that because products can overlap, it can become an issue further down the line which means it might need looking into in the future so they are realigned. With this, it may mean one of the sub-accounts falls onto a lender’s variable rate briefly.

Mortgage Advice in Scunthorpe for Porting Your Mortgage

For those looking to Move Home in Scunthorpe or are looking for a Buy to Let in Scunthorpe, contact and speak to a mortgage expert.

Through our 20-plus years of experience as a Mortgage Broker in Scunthorpe, we take pride in helping thousands of mortgage applicants in circumstances like this and will work hard in supporting you towards achieving your mortgage goals.

The Main Reasons People Decide To Move House in Scunthorpe

Home Mover Mortgage Advice

There are plenty of different reasons why a homeowner may look to move home. Here, we look into the most common reasons that we have seen through our time as a reputable Mortgage Broker in Scunthorpe.

More Living Space

Homeowners will sometimes look to move home as they are in need of more living space. This is especially the case if you are a First Time Buyer in Scunthorpe as it’s likely you bought a much smaller home initially.

From this, you may find your circumstances change further down the line which could lead to you looking for a larger one because you are looking to start a family for example or you generally might want more space.

If you are looking at having that extra but would prefer to stay in your home instead of Moving Home in Scunthorpe, you may have the option to raise capital through a remortgage as a way to build the space you need.

This is usually popular with homeowners who are looking to grow their families but want to build up the family home that they already love.

Many parents decide to convert their loft into a bedroom for one of their children which could result in further free space for them to use for a home office, gym and whatever they fancy!

By remortgaging for home improvements, you are potentially increasing the value of your home which is helpful if you ever decide to sell your home. Contact our team today for Remortgage Advice in Scunthorpe if you are interest in this option.

Change of Scenary

As a Mortgage Broker in Scunthorpe, we often have customers contact us regarding moving home in Scunthorpe as they are looking for a change of scenery instead of looking at different areas altogether. Again, this is common in homeowners who previously had first time buyer mortgages in Scunthorpe.

They may be looking into this option as they had a limited budget at the time so decided to settle for a cheaper property in order to get that first step onto the property ladder. From this, they may have more money coming in and are looking to move to a more prosperous neighbourhood.

Choice in schools is not in the forefront of people’s mind when they moving into their first home because they may not want to start a family at this point. With this in mind, those who have started or are planning to start a family, will consider this when they are looking at where to move.

Family & Friends

A number of home movers usually decide to move home in Scunthorpe cause they want to be slower to their friends and family. We do find this situation usually crops up when a couple looks at starting their own family or after a significant loss.

In the situation where both parents are working full time and are looking to start a family, it is likely that they will ask their family to help them out with childcare. This can be helpful as nurseries can be pricey and working this into your schedule be challenging.

Speak to a Mortgage Advisor in Scunthorpe

If you are considering Moving Home in Scunthorpe, you may benefit from the help and support of an expert Mortgage Broker in Scunthorpe. Our team will be able give you a rundown of the costs that come with the moving home process.

Here at Scunthorpemoneyman, we have access to a large panel of lenders which allows us to search through 1000s of mortgage deals to find you the most appropriate one for your financial situation. Book your free mortgage appointment today!

As mentioned, there is the alternative of remortagaing for home improvements instead of Moving Home in Scunthorpe. This is something we have rich knowledge and experience in. Simply book yourself in for a free remortgage review by contacting our team or booking online.

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. 

Divorce & Separation Mortgage Advice in Scunthorpe

It may be complicated when you want to divorce or separate and have a joint mortgage, you are both tied into a huge financial commitment. The divorce and separation process is one thing that nobody would wish to undergo, for it is very daunting. Your mortgage commitments may end up being very complicated with your ex-partner.

Our mortgage experts in Scunthorpe are here to ensure you do not struggle to manage everything alone. They have handled so many specialist cases for longer periods of working within the mortgage industry. Some of the cases they have handled involve assisting customers to do away with their doubts about mortgage by divorcing or separating and assist them in removing their ex-partners or their names off their mortgage.

As a Mortgage Broker in Scunthorpe, when people contact us, they will always ask these questions regarding a divorce or separation and their mortgage: how to remove their ex-husband or wife from the mortgage, ways of removing their name from an ex-partner’s mortgage, and whether or not you can possess two mortgages.

What are the ways of excluding your wife or husband’s name from the mortgage?

It is not that easy to make some changes to your mortgage after a divorce or separation as both your names are included on the mortgage. You cannot just go ahead and write off one of the names. This may be more difficult when children are involved too. In most cases, mothers are usually the ones to remain with the children, but it can be different sometimes. So as long as your partner’s name is in the mortgage together with yours, it will never matter if you were paying for it alone without his or her help.

How do I remove a name?

Dealing with this involves two ways; first, you can head directly to your lender to question about removing a name on your own, or secondly, you may get some assistance from an expert Mortgage Broker in Scunthorpe. Nevertheless, they have to be sure that the applicant left on the mortgage will be in a position to afford a mortgage independently in the coming days.

This can be carefully confirmed through an affordability assessment. This assessment is mandatory even if you have always been maintaining your mortgage payments or not. Sometimes, there is a replacement to step in for your ex-partner at this point, who can be a member of the family or a different partner.


You should have it in mind that all lenders usually have their own ways of assessing your affordability, and therefore, you should not be worried or surprised if you get declined as there is still chance to get accepted elsewhere. This is where a Mortgage Broker in Scunthorpe will be of great help to you.

How remove your name from your ex-partner’s mortgage

The basic rules used in removing your name and removing a different person’s name is equally the same. Both names are included in the mortgage in that when you decide to leave the family home; you remain answerable for any joint financial commitment you performed with your ex-partner.

A Mortgage Broker in Scunthorpe will play a big role in helping you remove your name. Once your name is removed, the payment of your mortgage will be considered in the future if you are planning to purchase a new property. Therefore, it is very key to consider this before making an offer.

This is the point where a professional Mortgage Advisor from Scunthorpe is highly recommended. You should always have in mind that your current property’s mortgage payment will be considered before making an offer in the future. This is why it is very important to get Specialist Mortgage Advice in Scunthorpe. Sometimes, you may encounter lenders that are very strict compared to others, having a helping hand could benefit you greatly.

Can you have two mortgages?

It is possible to have two and in some cases more mortgages. After the lenders and their credit scoring tools have considered various factors during your application for your second mortgage, they ill choose whether to let you have another one or not.

One of the main things that will contribute to the lender’s decision is your current financial commitments. In a case where you have other ongoing credit commitments, and you fail the lender’s affordability assessment, this may end up damaging your credit score. So be wary of your other commitments before rushing into it and applying.

You can always consult the Mortgage Broker in Scunthorpe like us before you take the step of applying directly with a lender for your safety. Scunthorpemoneyman can search for you without interfering with your credit score to confirm if you will be in a position to afford a mortgage or not.

We can calculate your maximum borrowing capacity and can give you a rough estimation on your budget. The total cost of your monthly mortgage payment will be added to your current financial commitments.

Mortgage Advice in Scunthorpe

To conclude, it is very important to always have an expert Mortgage Advisor in Scunthorpe by you in every process when you have separated or divorced, and you have a mortgage together with your ex-partner.

Our Mortgage Broker in Scunthorpe offers you a free mortgage consultation. A divorce or a separation is very stressful, and hard to tell what will happen to your finances; you do not have to be stressed anymore about how you will split the mortgage you built together with your ex-partner. Contact us today, our Specialist Mortgage Advisor in Scunthorpe have got you covered.