There are so many mortgage products out there, that it can be a very confusing and stressful time for potential house movers trying to assess what’s best, wasting hours of precious family time.
Which is why at Birmingham Money, we take the time to make sure we know everything about your situation. Right from the initial telephone call or meeting, through to the application, offer and completion, we will make the whole process as straight forward as it can possibly be.
We work with the whole of the UK’s panel of lenders, so you can rest assured that we will align you to the best Birmingham Money representative who will in turn, align you to the best product to set you on your journey.
Birmingham Money’s guide for First Time Buyers
As a first time buyer, it’s quite possible that you’ve already spent years saving up for the deposit for your first home and with lenders changing the percentage of deposit criteria on a regular basis, you are probably wondering if you will ever get on the ladder.
At BirminghamMoney, this is a market we know extremely well. So if you’re still saving, or have been lucky enough to receive support from your relatives, then talk to us before setting out on your house-buying journey.
There are lots of schemes available for first time house buyers, such as the shared ownership scheme, which you could possibly take advantage of. Or, perhaps consider buying with a partner.
What about my deposit?
Put simply, the more deposit you have, the better, as a higher deposit will generally attract a lower mortgage rate. However, do talk to us, because mortgage products change rather often these days and the percentage deposit you need will vary.
Mortgage lenders will generally have a maximum LTV (loan to value) that they’re prepared to offer you. For example, if you’re looking at a property with a value of £200,000 and the lender offers you £170,000, this means your LTV is 85%, so your deposit would be 15% which equates to £30,000.
When saving for your deposit, don’t forget to save extra for things like solicitor fees, surveys, stamp duty, home insurance, removal costs, mortgage arrangement fees, etc.
What do I need to be aware of when applying for a mortgage?
Lenders will assess whether or not you can afford a mortgage, by looking in detail at things like your salary, any other income you receive, but, they will also need to know about any other outgoings such as car loans, credit card debt, personal loans, utility bills, childcare, general living costs. All this is taken into consideration when applying for a mortgage. At Birmingham Money, we can help with all of this for you and guide you through the complete process.
Also, be mindful that lenders will look at your credit score too – this is to make sure they’re confident that you pay back any credit, i.e. you’re a reliable borrower.
Home Movers
As a home mover, you’ve already got a mortgage in place, but, with all things moving home, it can turn into a rather complicated procedure. For example, you may not know whether to use your existing mortgage, or perhaps to get a new one and increase your debt.
Talk to us at Birmingham Money and we can guide you through the complete process. Right from the initial chat to collecting your keys. We’re extremely unflappable and experienced in the mortgage arena, with access to hundreds of mortgage lenders and thousands of deals, so it makes sense to talk to us and put your energy into finding your new home.
What exactly is a Home Mover mortgage?
This is when you change your mortgage provider, move to a larger/more expensive property or perhaps downsize resulting in reduced payments.
You may also have come across Porting. This just means that you transfer your current mortgage to your new property, hence being portable. If you’re up-sizing, this may mean an additional mortgage application as you may be borrowing more money. This also means that there will be another arrangement fee which becomes payable plus potentially higher interest rates. At Birmingham Money, we can check all this out for you and make sure you end up with the right mortgage product for your circumstances.
Can Birmingham Money help?
Absolutely yes. We have the experience, the knowledge and friendly, helpful colleagues who like nothing more than taking a brief from you of your requirements, undertaking all the leg work for you and completing the puzzle, culminating in the absolute best product. After all, a mortgage is something that lasts for years, so it needs to be right.