Every mortgage lender works differently, using various ways of deciding who gets accepted for a mortgage and who unfortunately doesn’t.
Some lenders criteria are more challenging to match up against than others. To succeed, it all depends on how stringent the lender is and, most importantly, how good your credit score is. We have often found that mortgage applications are declined because the customer does not meet the criteria for that particular deal.
This highlight the importance on why it’s always worth ringing up and seeking the right advice from a dedicated mortgage broker in Bristol. Our team of experienced and dependable advisors in Bristol will search the market to find you the most suitable lender for you and your circumstances.
The first thing you should always do is look at your credit file to see whether or not it is of a high standard. If it needs improving, you will need to look at various ways to improve your credit score. Speaking with a knowledgeable mortgage broker in Bristol, to learn what to prioritise when improving your credit score.
Nowadays, very few people are eligible for every available deal on the market. Remember, just because you have seen a cheap and eye-catching deal doesn’t mean that you will pass the lenders’ criteria and qualify for that particular deal.
As Mortgage Broker in Bristol, we have industry knowledge of all the various types of mortgages available. Get in touch, speak with one of our teams, and benefit from the free initial mortgage consultation that we offer to new customers.
A regular occurrence over our years of mortgage advice is customers using price comparison websites to find a mortgage in Bristol. Whilst there may be nothing wrong with this, you need to remember that the price comparison websites can only analyse the different costs of mortgage deals instead of matching you to all the various nuances of a lenders criteria.
This process can end up wasting time, as the mortgage lender may decline your case weeks down the line. Because of this, you may end up losing the property you were hoping to buy or breaking down a property chain that you were a part of.
You may also find yourself getting declined because you picked the wrong mortgage, an act that could damage your credit score due to a failed application.
It doesn’t matter if you’re a first time buyer in Bristol or looking at moving home in Bristol; we always believe that getting in touch for some expert mortgage advice will help you out during your mortgage process. Our dedicated team will support you throughout your journey and try to find you the most appropriate mortgage deal for your circumstances.
Over the years, we have worked alongside thousands of customers, assisting with specialist mortgage cases to help them find a level of success with mortgages that they otherwise thought they’d never achieve.
By approaching a trusted and dedicated Mortgage Broker in Bristol, you’ll also be able to learn how best to improve your credit score in the event of any unfortunate financial circumstances.
If you need help with a Specialist Mortgage situation, get in touch today with a Mortgage Broker in Bristol for your free initial mortgage consultation.
As a dedicated mortgage broker in Bristol, our job is to support you through your mortgage process from beginning to end, making it a stress-free and easy-going experience. We aim to find you the most suitable mortgage product tailored to your specific financial and personal circumstances.
We feel the customer should know exactly how our service works and what different order parts of the process come in. So, to give you an insight into our process and how it works, we have put together a handy guide that we think you will find helpful.
First of all, once you have contact and speak to one of our responsive teams, they will take some details from you. This is to help build a profile to get a picture of who you are and what you’re looking to do. All this information will help us, partner, you up with a suitable mortgage advisor in Bristol.
Following the chat, we will get you booked in for your free mortgage consultation with your dedicated mortgage advisor in Bristol.
During your free consultation with your dedicated advisor, they will ask you a few more questions. This will give them a closer look into your mortgage needs. From here on out, this advisor will help you find the ideal mortgage deal for you!
If they manage to find you a great deal that benefits both your personal and financial situation and you’re happy to take it up, we are ready to continue to step 3.
This step continues right after your consultation. Your advisor will arrange a mortgage agreement in principle (AIP) for you within 24-hours of your consultation.
Having an agreement in principle in place early on in the process is crucial. It shows a seller that a lender is willing to let you borrow from them. Of course, this can provide evidential documents to back up your income and credit score.
During this part of the process, if you haven’t already found a home to make an offer on. You can start hunting for houses with your agreement in principle to back up any offers.
After your agreement in principle is in place, we’ll begin collecting evidential documents from you to back up your mortgage application. This will include things like payslips, bank statements, photographic ID. These documents and the amount that you need to supply do vary if you are a self-employed applicant.
As soon as everything looks good on our end, we can move to the mortgage application submission stage!
We will only submit your mortgage application if we know that you’ll pass your lender’s credit scoring criteria; we don’t want it to be declined. Once your application is with your potential lender, it’s just a waiting game now. During this time, we’ll be regularly informing you on the progress of your mortgage application.
As soon as we get the green light, we will be in touch straight away to give you the confirmation that you’ve had your mortgage application accepted. Congratulations, you’re now on the road to moving into your new home!
At Bristolmoneyman, we want you to have the most straightforward mortgage process possible and come out with a great mortgage deal. However, we also deal with complex cases, so if you are struggling to get a mortgage through the traditional mortgage route, our service is in place to offer help when needed.
Our mortgage advisors in Bristol have been helping customers overcome complex cases for over 20 years now. We have had customers in the past who been turned away from their bank, and we’ve still been able to get them a mortgage offer. We love a good challenge, and our team would love to help anyone struggling with a complicated mortgage situation.
Now that you’ve learnt more about our service, it’s your job to get in touch. We are available 7 days a week. Therefore, you can choose when to contact us.
Customer service means everything to us, and we want to ensure that you’re delighted with every part of our service. But, of course, it would help if you took advantage of our free consultation. So whether you’re a first time buyer or moving home in Bristol, we recommend getting in touch now.
Now and again, our team come across applicants with various mortgage hurdles. They’re not entirely impossible to work around but can often drag out the process. There’s always going to be a chance that first time buyers in Bristol like yourself will come across some problem(s) that’s stopping you from getting a mortgage.
Below we have compiled the top 5 common hurdles customers have encountered in their time as a mortgage advisor in Bristol.
We have found that families don’t get turned down for a mortgage because of childcare fees through our encounter. That said, it is prevalent for a lower mortgage amount to be offered.
This becomes more apparent when parents go back to work and pay out for childcare costs, as sometimes these can be costly every month. Lenders will treat these as the same regular outgoing as they would with vehicle repayments.
Even if you pay no nursery fees, parents on lower incomes might get offered less than those who do not have children. The good news, though, is that families using this service can often receive tax credits. Again, some lenders will also take these into account and child benefits.
It’s always sad to hear when a partnership ends. As the situation is already difficult, it can get much more complex when you have both made joint financial commitments. These sort of situations does not always run as smoothly as you maybe would like.
Here are the common mortgage questions we get asked regularly;
More often than not, there are ways around these and are somewhere we may be able to help, providing that you have enough income available and are young enough for the mortgage payments to be affordable.
All lenders have their views on benefit income and how much of it can be assessed. You may be pleased to find that all benefit income such as:
All this can be taken into account in some form when it comes to a mortgage. This is where the help of an expert mortgage advisor in Bristol can prove beneficial in helping you throughout the process.
Usually, a new job comes with a higher salary or/and a change of location, and the extra income helps contribute towards the mortgage. However, having any gaps in employment may cause some dilemmas with various mortgage lenders.
Some lenders will work from a newly signed employment contract, even if you’ve only just started or are soon starting a new job. They are also okay with probationary periods.
For any purchase, all mortgage lenders require you to prove your deposit as a means of showing you can proceed. This is to satisfy UK Anti-Money Laundering Legislation. Your solicitor and estate agent may ask you to provide evidence of your deposit also.
We believe that evidencing your deposit can often be the most complicated part of applying for a mortgage. Whether your deposit is from savings, premium bonds, the sale of another property, gifted from a family member or friend, from an overseas family, or is from a personal loan, you are required to show exactly where your funds came from before you can go forward with a mortgage.
Mortgage Protection Insurance helps to encompass different kinds of cover. This cover is here to limit your financial stress, and help your loved ones from any unexpected circumstances that may occur and leave you financially unstable to keep up mortgage repayments.
Here we have a video for you from Malcolm to discuss the significance of having the correct insurance in place for your situation.
There are variations of Insurance to choose from when it comes to protecting you and your family. Here our dedicated Specialist Mortgage Advisors in Bristol can compare different providers to determine the best policy for your circumstances. The following insurance policies that they might be able to offer you are:
For more information, speak with one of our experienced Protection Advisors in Bristol today. Our team will always be available 8am – 10pm. Give us a call or email when you are ready to talk, we are happy to try to answer all of your questions
Life insurance is an insurance policy that minimises your loved ones’ financial impact in the event you or another joint policyholder pass away. Our Mortgage Advisors in Bristol can run through all the different life covers accessible to you and advise the most suitable plan for you.
Critical illness cover is an insurance policy that covers serious illnesses detailed within a policy. Typically, these will include Stroke, heart attack, certain types and stages of cancer, and more.
Some illnesses will not be covered, for example, certain types of cancers. And you are unlikely to be covered for pre-existing health issues you knew you had before taking out the Insurance. As mentioned, the specific illnesses covered and not covered will be detailed in your policy.
The most important thing is that the benefit gets paid if you fall victim to one of several specified critical illnesses and pays out whatever the long-term prognosis of that illness. The type of conditions covered vary from company to company; that’s why this type of Insurance cannot be solely price-driven, and seeking advice is always advised.
In practice, many businesses will offer Life and Critical Illness cover as a combined policy and would usually payout on the “first event,” namely whatever happens first – either death or a severe illness.
Whereas Life and Critical Illness cover pay out a lump sum, Income Protection pays out a monthly sum intended to replace your wages if you are unfit to work. In contrast to the Critical Illness cover, there are no limitations on the illnesses or injuries covered, the only factor being whether they make you unfit to work.
There are, however, restrictions on how much you can cover and how quickly benefits would start to get paid. Such As Life and Critical Illness cover, these policies are underwritten based on your health and lifestyle when you apply.
You can combine Life Insurance, Critical Insurance and Income Protection into what’s called a menu plan. The providers give you a discount each time you add a benefit in, which can be a cost-effective way of taking cover.
With a Menu Plan, you can mix and match a range of cover and benefits to tailor a plan that suits your needs and budgets. We strongly advise all our customers should the worst happen, least you have covered yourself and your family, to find out more speak to one of our mortgage Advisors in Bristol today.
The least common mortgage protection policies can often be helpful, especially for young households. These plans can be applied to Life and/or Critical Illness Cover.
However, in contrast to the traditional forms of policy, rather than paying out a lump sum, the cover would pay an annual or monthly income for the remainder of the plan’s term. Consequently, it can replace the primary worker’s payment for several years, dependent upon a particular client’s circumstances. This would usually be written on a level or basis or an index-linked basis designed to keep up with inflation.
Self-Employment is always on the rise, which brings a surge in Self-Employed Mortgage Applicants in Bristol. There are now more opportunities than ever to work from work, start a business, and more. As an expert Mortgage Broker in Bristol, we rarely see people planning to stay with their first employer from their first year through to retirement. They want to change their jobs to improve their personal development and financial situation.
There are lots of opportunities for the self-employed and freelancers within the many sectors available. We can thank the world for becoming more interconnected. We are constantly learning, which opens more and more opportunities for the self-employed within these industries.
It used to be difficult for Self-Employed applicants to obtain a mortgage. Additionally, with Self-Employment now becoming a lot more common and a lot more opportunity opening up in the market, lenders have become more relaxed and lenient with self-employed applicants. The process of applying for a mortgage as a Self-Employed applicant is now a lot easier than in previous years.
To get you prepared for your mortgage, we have compiled a small collection of helpful mortgage guides to support anyone from Self-Employed mortgage applicants to those considering Moving Home in Bristol. In any case, if you are a First-Time Buyer in Bristol, we are sure that you will find the assistance of a dedicated mortgage Advisor in Bristol beneficial.
The minimum you will need to obtain a mortgage is one year’s accounts. If you go with a specialist self-employed lender, you will find that they often work off a single year, whereas high street lenders tend to be a little stricter and will want two year’s accounts from you.
Unfortunately, statistics show that most new attempts at running a business end up being unsuccessful, and this is why lenders always need you to evidence your track record to prove you are reliable and stay open for business.
Most lenders will look at the average of your last two years’ worth of income. Although your business has grown over the past year, and the lenders can see that you will be able to afford a mortgage and run your company, they will go off the latest year and ignore anything that has happened previously.
If you are a director of your own limited company, you are technically an employee of your own business. However, lenders will not view it this way and will only assess you as an employee if you own less than 25% of company shares.
Lenders often add the dividend you have drawn to your annual salary as a way to work out your earnings for the year. The amount you can borrow for your mortgage will get based on many of these particular figure.
You will find that some lenders will work from your net profit from time to time rather than your salary/dividend. It works in favour of company directors who like keeping their drawings low.
As a committed Mortgage Broker in Bristol, this is a question that we find ourselves getting asked frequently. During the meeting you have with your accountant each year, you will discuss how to minimise your tax liability. It works the other way when it comes to taking out a mortgage as a Self-Employed Mortgage applicant, where the more income you have declared, the bigger the mortgage you may find yourself able to obtain.
Whether it’s a Self-Employed Mortgage or not, a minimum of a 5% deposit is still required. It’s the same as employees. If you only have one year’s accounts, you might find it more beneficial to put down a bit more deposit than what you initially would’ve to increase your chances of succeeding. See our article to find out more on how much you need for a deposit in Bristol.
When it comes to looking at mortgage options for contractors, there are lots available. Nowadays, it’s a more common occurrence to find people working from short-term contracts. If you can evidence that your company has a good track record, your lender can consider taking your ‘daily rate’ rather than going by your net profit. It will be beneficial to contractors significantly, as lenders will consider treating you as if it’s more likely to work in your favour doing so. They’ll treat your case as self-employed instead.
Lenders will need you to provide information on how long your current contract is left, as this can influence their decision. They need to be confident that your income will continue as it is to get an accurate indication of whether or not you will be able to afford your mortgage. Even when you’re on your very first contract, it may still be possible to obtain a mortgage, though this all depends on your specific circumstances.
It is no longer possible to get a self-cert mortgage. These got heavily abused and caused significant problems for both the mortgage market and the economy. There are zero plans for these to make a return in the future.
We know that trying to get a mortgage as a sole trader, partner, or company director can be a tricky process, primarily down to evidence of your income. Whilst it can be much easier for an employed applicant, know that you have the same chance of getting a mortgage as anyone else with a similar income and credit score. Depending on the lender you take out a mortgage with, some may have stricter criteria than the standard lender. Just another reason why approaching a trustworthy Mortgage Broker in Bristol could be genuinely beneficial to you and your goals.
We may be able to give you a realistic expectation from the start, guiding you through the self-employed mortgage process and providing support even beyond. Our reliable and determined mortgage advisors in Bristol can search through thousands of mortgage deals on your behalf. Every customer has access to a free initial Mortgage Consultation, so make sure that you get in touch with one of our Mortgage Advisors in Bristol today. We will talk you through the most appropriate route for you to take based on your self-employment history.
Yes, there is most likely an option where you can have two mortgages as there are many situations that require a person to have more than one mortgage. Our Mortgage Advisors in Bristol can typically help with this.
If you have equity in your home and are looking for a second mortgage to release some of this to fund a purchase, then we may be able to help. Quite often at this time if you are currently on a lenders standard variable rate, our advisors will be able to shop around and find a more competitive deal at the same time as releasing capital. A further advance with your current Lender is also an option.
If you are looking to move house but keep hold of your existing property with the view to let it out, we may be able to help. Your second mortgage will be a new residential one.
If you are exploring the options available to you of helping your children or grandchildren with getting on the property ladder, there are now many products that we can run through to achieve this.
If you are looking to purchase a Buy to Let our Mortgage Advisors in Bristol will advise you on the best way to go about this. You will get asked to produce a higher deposit for this than a residential mortgage.
Are you currently named on another mortgage and would like to purchase a new property? In any case, this is a situation that our Mortgage Advisors in Bristol come across regularly, mainly due to divorce or separation and we are often able to help.
Whatever your situation is to get a second mortgage. As an Experienced Mortgage Broker in Bristol, we can search 1000’s of mortgage deals on your behalf. Additionally, recommend the most suitable product for you based on your situation.
An (AIP) Agreement in Principle or as some people call it a Decision in Principle, is where you pass a lenders credit score to qualify for a potential mortgage.
It’s handy for the first-time buyer in Bristol to have an Agreement in Principle ready, and this will help support any offer they made.
In some cases, you may be able to negotiate a lower price if you obtain one of these as it gives the seller confidence that you are serious about having the funds to proceed.
We see more Lender choose to go with a soft credit search. However, some may still affect your credit score. Additionally, this can be the case if you decide to go with a hard inquiry, but from our experience, a soft search should leave your credit score unaffected.
Soft searches don’t dig as deeply as hard searches, though you can trust that the Lender made the correct choice either way.
As long as you don’t do it regularly, then the odd hard search should not male too much of a difference. It only becomes a problem if you start having multiple hard searches within a small space of time.
In any case, if your credit rating is right and you know it, do not let this put you off, especially if taking a hard search with that Lender is the best deal.
Sadly there are no guarantees that having an Agreement in Principle will get you a mortgage. The Lender will still need to see all your documents, and only then will an Underwriter make the final decision.
Often customers have gotten in touch getting because they get declined at the application stage, due to missing some small print in their Agreement in Principle.
You will need to provide ID to prove that you are genuine, payslips to prove you earn the amount you claimed, and bank statements to prove you conduct your finances before a lender offers your case.
It is possible to make an offer without an Agreement in Principle. However, we strongly would not recommend it. An Estate Agent with credibility will want you to prove you can proceed.
It is possible to obtain an Agreement in Principle within 24 hours of speaking with a Mortgage Advisor in Bristol.
Usually, an Agreement in Principle will expire after 30-90 days. You do not need to worry, though as this does not mean you should apply for the first house you find.
If your Agreement in Principle expires, you can quite easily have it refreshed when you are ready to make an offer.
Finding a mortgage only to be declined a mortgage can understandably be disappointing. As such, we recommend getting an Agreement in Principle as early as possible.
Especially for First-Time Buyers in Bristol the higher your credit score, the more chance you have of your mortgage application will be accepted. No one is guaranteed to get a mortgage though, and Lenders have their internal scoring systems.
Each Lender has developed its system of scoring over the years. Do not worry if you fail with one Lender. Other mortgage lenders may be more forgiving. It is your Mortgage Advisor’s job to match you to the right Lender, hopefully, the first time, but this is not an exact science. Both you and your Mortgage Advisor want the same thing, which is that you end up with the best deal available to you.
There are several different credit reference agencies in the UK, including Experian and Equifax. It is a good idea to check as many of these agencies as possible to get a rounded picture of your credit score. Also, one of the agencies may be holding incorrect data. Checking with several agencies will help you identify any such discrepancies. We personally would recommend the use of Check My File as this brings these varying scores under one platform for you to look at.
Multiple credit searches can harm your score. Be careful when using price comparison websites which are significant culprits of credit searching on individuals. If you know you want to apply for a mortgage soon, it is wise to avoid using for any other credit. While having some confidence and paying it back is a good thing for your score, in the long run, Lenders do not like to see you increasing your borrowings just before making a mortgage application.
Being on the electoral roll adds many points onto your score. It indicates stability and Lenders like that. Ensure your name gets spelled correctly and that it’s your current address is registered, not an old one. If not logged, it is easy to do so online.
If you max out your card each month that will reduce your score. Using a credit card and paying off the balance in full each month is preferable. However, this indicates that you are good at managing your money. Worst of all would be exceeding an agreed card limit or overdraft. Lenders want to know that you take your finances seriously.
Quite often it can appear that you are living in two places at the same time on your credit report. In any case, this occurs because you may have forgotten to tell one of your credit providers that you have moved to a new house. Check all addresses gets spelt correctly. If you have lived in a flat, this can be tricky as the flat/apartment number can get formatted in different ways.
You should contact the providers of store/credit cards you no longer use and get the account closed. In the short term, this can harm your score briefly as the credit reference cannot tell if it’s you are closing the account down or the provider. In any case, this is also a good thing to do to reduce your chance of falling victim for fraud should you not notice you have lost a card you do not use regularly.
If you have a family member or ex-partner connected to you, then this could be affecting your score. You will not be able to get the financial association removed if the account is still live though. To remove one of these links, you should contact the credit reference agencies and make a request.
Many consumers feel that credit scoring is an unfair way of Lenders assessing applications. Lenders feel differently as it is much cheaper for them to operate this way.
Send an up to date copy of your credit report to your Mortgage Advisor upfront, and you will increase your chances of being accepted the first time. The more your Advisor knows about your finances, the better. Also, there are still some smaller Lenders out there that do not credit score. These Lenders do it the old-fashioned manual way, although they will always have specific rules about the number of defaults and CCJs they will allow.
We had done mortgages for Jack a few times in the past for him and his wife. So it was sad to receive a call to say he and his wife Chloe had now separated. Jack wanted to transfer the house in Bristol into his sole name. They had agreed to split the equity in their home between them 50:50.
The idea then was for Jack to arrange a remortgage in Bristol to buy out Chloe. Pay off the current mortgage and also raise a small additional amount to pay off a credit card debt.
Jack is an HGV driver, and he was concerned about whether he would get a mortgage in Bristol or not. His credit history was excellent. However, he had changed employers a few times during the past 18 months, including a period of self-employment.
Back when Jack called, he was actually between jobs, but he had an offer of a new role with one of the companies he had worked for in the past.
I explained to Jack that while some Lenders need you to have been in your current job a certain length of time or require you to prove you have had 12 months’ continuous employment.
In any case, others can accept a job offer letter, coupled with a contract of employment signed by both employer and the new employee.
When you are removing someone from the deeds, this is called a transfer of equity, and there is more legal work to be done that if it were simple like for like remortgage.
Luckily, in this case, the split was reasonably amicable. The house got transferred into Jack’s name, and Chloe received her share of the equity. Which she went on to put down as a deposit on an onward purchase
If you can relate to this scenario and need some specialist mortgage advice in Bristol. Get in touch and we will see how a Mortgage Advisor in Bristol may be able to help.
A whole year has passed since Joe was introduced to the company back in 2019, over the years you may have spoken to or seen online, near 40-year veteran Wayne Dewsbury. Joe is his son, hoping to follow in the footsteps of his father. Soon to be Mortgage Advisor in Bristol, Joe has joined the technician team to lend a hand wherever he can.
Joe previously had worked at a high street bank for three years, before deciding to leap to the mortgage advisor world. With star advisor Matt Collinson as his tutor, Joe hopes to make quite the impact as a part of our brilliant mortgage team.
Ever the comedian, Wayne believes his son is working with Matt instead of himself due to the top brass wanting to “stick him with a proper advisor”.
One thing is sure, and if he can even slightly replicate the likes of Matt or Wayne, he will be a force to be reckoned with in the wide world of mortgages. We hope you will have a great connection with Joe, just like our customers have had with Wayne.
Being a Mortgage Advisor is rewarding in so many ways, we can help people at a very important stage of there lives, the satisfaction knowing that we made a difference for the better.
Like Wayne, Joe will be using his in-depth knowledge of their market to match mortgage products to customers. He will advise them on the different pros and cons of each product and help determine how much they should borrow.