With the largest population in the South West of England, Bristol is a historic city situated on the River Avon, between Somerset and Gloucestershire. There are a wide range of locations, attractions and events that occur in Bristol, making it a perfect area for families.
You can learn more about things to do in Bristol by taking a look at the Visit Bristol website.
It’s ever growing population is clearly a testament to it’s value, with many seeking to move home and call Bristol their home. If you’re one of the many people looking at moving home in Bristol or perhaps buying a first home as a first time buyer in Bristol, you may be wondering just which areas to look in.
From central locations to surrounding areas, we have put together a list of the 7 best places to live in Bristol, to help you make that all important decision on where you want to call home!
An inner city ward within Bristol itself, Southville is a very popular place for people to live!
Jokingly referred to by the locals as “Lower Clifton”, Southville is home to the Tobacco Factory theatre, a former industrial site turned multi-use building, home to animation and performing arts schools, apartments, a cafe bar, offices and a theatre.
Speaking of arts, there’s also many artists within Southville, with the local skateboard park being home to lots of regularly updated graffiti. Add all of that in with a growing nightlife of new bars, restaurants and more, there’s a lot that attracts people to Southville.
This strong and vibrant community is also home to the Southville Community Centre and Southville School, as well as a nursery, after-school clubs and Greville Smyth Park, the largest local park and is always a popular spot for sports, dog walkers and families.
Overall, if you’re looking to find the perfect place to call home in Bristol for community vibes, family entertainment and with easy access to all other surrounding areas, Southville could just be the place for you.
Found a house you want to make an offer on? Get in touch with a mortgage broker in Bristol today and we’ll help you get started with your mortgage journey in Southville!
Clifton is a highly sought-after area in Bristol, UK, known for its charming Georgian and Victorian architecture, upmarket shops, and lively atmosphere. The area is situated on a hill overlooking the city and the River Avon, providing stunning views of the surrounding area.
In addition to its picturesque surroundings, Clifton is also home to several top-rated schools, including Clifton College, which is one of the most prestigious independent schools in the country. The area is also a popular destination for students attending the University of Bristol, which is located nearby.
Clifton is well-known for its vibrant nightlife, with a wide range of bars, pubs, and restaurants to choose from. The area also boasts a number of cultural attractions, including the Clifton Suspension Bridge, Bristol Zoo Gardens, and the Victoria Rooms concert hall.
Despite its reputation as an affluent area, Clifton is also home to a diverse range of residents, including families, young professionals, and students. The area is well-connected to the rest of Bristol, with regular bus services and easy access to the M5 motorway.
Overall, Clifton offers a unique blend of history, culture, and modern amenities, making it a highly desirable place to live for many people.
If you’re looking to buy a home as a first time buyer in Bristol or are looking at moving home in Bristol and find that Clifton is the place for you, get in touch and we’ll look to get your mortgage journey underway!
Redland is a highly desirable area located in the northern part of Bristol. Known for its elegant Victorian and Georgian properties, the area offers a quiet residential lifestyle with easy access to a variety of amenities.
One of the main draws of living in Redland is its proximity to some of Bristol’s best schools. Redland Green School, Bristol Grammar School, and Clifton College are all within walking distance or a short drive away. This makes the area a popular choice for families with school-aged children.
Residents also benefit from easy access to some of Bristol’s best shopping, dining, and entertainment options. Gloucester Road, one of the city’s main thoroughfares, runs through the heart of Redland and is home to an array of independent shops, cafes, and restaurants.
The area also boasts several green spaces, including Redland Green and Cotham Gardens, where locals can enjoy picnics, dog walks, and leisurely strolls.
For those who work in the city centre, Redland offers convenient transport links, with regular bus services and train connections from nearby Clifton Down station. The M4 and M5 motorways are also easily accessible by car.
Overall, Redland offers a peaceful and picturesque residential neighbourhood with easy access to all the amenities that Bristol has to offer. Its leafy streets, excellent schools, and bustling high street make it a popular choice for families, professionals, and retirees alike.
Book a free mortgage appointment and we’ll help you make a start on your mortgage journey in Redland today!
Redcliffe is a vibrant neighborhood in Bristol that offers a mix of residential, commercial, and cultural amenities. The area is situated just south of the city center and is known for its diverse community and rich history.
One of the main attractions of Redcliffe is its proximity to Bristol’s bustling city center, making it an ideal location for those who work or study in the area. Residents can enjoy a wide range of entertainment options, from live music venues to theaters and cinemas.
Redcliffe also boasts a variety of green spaces, including the Queen Square Park and the Harbourside, which is perfect for jogging, cycling, or simply enjoying a walk along the waterfront. The area is well-connected to public transportation, with easy access to bus and train services.
For those who enjoy dining out, Redcliffe has a range of options, from traditional English pubs to fine dining restaurants. The area is also home to a number of independent shops, boutiques, and galleries, making it a great place for shopping and exploring.
Overall, Redcliffe is a vibrant and diverse neighborhood that offers something for everyone. Its proximity to Bristol’s city center, combined with its cultural and recreational amenities, makes it a popular choice for those looking to live in a lively and exciting part of the city.
Homeowners and home buyers looking to find a property in Redcliffe can benefit from speaking to a trusted mortgage advisor in Bristol. Get in touch today and we’ll see how we can help!
Westbury-on-Trym is a suburb located in the north of Bristol, UK. It is known for its picturesque streets and charming village atmosphere, making it a popular place to live for families and professionals alike.
One of the key advantages of living in Westbury-on-Trym is its proximity to open green spaces, including Westbury Park, Blaise Castle Estate and The Downs. These areas provide ample opportunities for outdoor activities such as hiking, picnicking, and cycling.
The community also hosts an annual Westbury-on-Trym Village Festival, which offers a variety of family-friendly activities and entertainment.
Residents of Westbury-on-Trym also benefit from a variety of local amenities, including independent shops, pubs, cafes, and restaurants, offering a diverse range of options for dining, shopping and entertainment.
The area is well-served by public transport, with regular bus services connecting it to the city centre and beyond. It is also close to the M5 motorway, making it easy to travel to other parts of the country.
Housing in Westbury-on-Trym ranges from traditional Victorian and Edwardian properties to modern apartments and new build developments.
Prices are generally higher than the Bristol average due to the area’s popularity, but there are still opportunities for first-time buyers and those looking for more affordable options.
Overall, Westbury-on-Trym offers a peaceful and community-focused lifestyle, with easy access to green spaces and local amenities, making it an attractive place to live.
If you’re looking for a community vibe and a nice, more affordable area, Westbury-on-Trym could be just the place for you! Get in touch and we’ll get you with your new mortgage experience!
Bedminster is a vibrant and diverse neighborhood located in the south of Bristol. It is situated close to the city center and has a great mix of residential areas, independent shops, restaurants, and cultural amenities.
One of the best things about living in Bedminster is its strong sense of community. There are a variety of community events and activities throughout the year, such as the annual Upfest street art festival, the Bedminster Lantern Parade, and the Bedminster Winter Lantern Parade.
Additionally, there are several community groups and organisations that residents can get involved in.
Bedminster is also a great place for foodies, with a wide range of restaurants and cafes offering a diverse range of cuisines. The famous North Street is home to several independent shops, boutiques, and businesses, including vintage stores, bookshops, and art galleries.
The neighborhood also has a rich history, with several historic landmarks and buildings, such as the iconic Tobacco Factory, which is now a hub for the arts and cultural events. The community-led regeneration of the Bedminster Green area is also set to bring new life and development to the area.
Transport links in Bedminster are excellent, with regular bus services running to the city center and surrounding areas. The nearby Bedminster train station provides direct links to other major cities, including London.
Overall, Bedminster is a diverse and welcoming neighborhood with a strong sense of community and a variety of amenities, making it an attractive place to live for people of all ages and backgrounds.
Those looking for an area that has great transport links, a strong sense of community and lots of diversity might feel drawn to Bedminster. Contact a mortgage broker in Bristol and get started on your journey!
Portishead is a coastal town located in North Somerset, England, about 8 miles from Bristol. It has a population of around 25,000 people and is a popular place to live due to its picturesque location and proximity to Bristol.
One of the biggest draws of living in Portishead is its stunning waterfront location. The town is situated on the coast of the Severn Estuary, providing residents with spectacular views and access to beaches and coastal walks.
Portishead Marina is also a popular spot for water activities, such as sailing and paddleboarding.
Portishead is known for its excellent schools, both primary and secondary, making it an ideal location for families. The town also has a good selection of shops, restaurants, and cafes, providing residents with plenty of amenities and entertainment options.
Transport links in Portishead are good, with regular bus services to Bristol and surrounding towns. The M5 motorway is also easily accessible, making it easy to travel further afield. Bristol Airport is only a short drive away, making it convenient for international travel.
Overall, Portishead is a lovely place to live, particularly for those who enjoy coastal living and outdoor activities. It offers a good quality of life, with good schools and plenty of amenities, while still being within easy reach of Bristol and other nearby towns.
For coastal living, plenty to do and wonderful views, you may wish to call Portishead home. Speaking with a trusted mortgage advisor in Bristol will give you the best chance of securing your dream home!
Whilst the home moving, home buying and mortgage processes can be stressful, a mortgage broker in Bristol can help you to achieve all of your home owning goals.
We have access to a wide range of mortgage products and lenders, and can provide expert mortgage advice in Bristol throughout the entire process. They can also help you obtain an agreement in principle, which can be a valuable tool when making offers on properties.
Once you have found a property you like, in your desired area, give us a call and we’ll get the ball rolling on your mortgage process!
This is an age-old question that we find ourselves asked about all the time from both existing homeowners and budding home buyers alike. The answer is always entirely dependent on how the market is performing at any one time.
In order to keep yourself up-to-date with how the market is currently performing, including any changes to interest rates, government schemes and more, take a look at our “Mortgage Market Update” playlist on YouTube. We regularly post mortgage market updates as and when news comes out.
Mortgage rates are basically just the standard rate of interest that a mortgage lender will look to charge you against your mortgages balance.
This interest rate will be a contributing factor to your overall monthly mortgage costs. If you have lower interest rates, it’s likely that your monthly mortgage payments will be much lower also.
There are numerous factors that will go towards determining your mortgage rates, some you can control, some you cannot.
One of these factors that you definitely will be able to have control over, are the personal aspects of qualifying for a mortgage. Things like what your credit score is or how much deposit you have saved and can put towards the purchase of a property.
Typically speaking, the lower the risk, the better the rates.
As an open & honest mortgage broker in Bristol, we have the ability to run through your case, looking to find the most suitable mortgage deal for your home ownership plans. Our trusted mortgage advisors in Bristol ae able to search across 1000s of deals, including specialist one, for you.
What it all boils down to though, is how the market is performing at that particular time, as well as the state of the economy and position of the Bank of England base rate. A well-performing economy will usually see a higher demand for both goods and services, including properties as well.
In turn, higher demand usually means that the Bank of England base rate will rise, which will also see mortgage rates following suit. This is because mortgage rates that are set by your mortgage lender, will be at a percentage sitting above the Bank of England base rate.
Whilst having a better performing economy would mean people can theoretically afford more, mortgage lenders don’t have unlimited funds.
What this means, is that when the Bank of England base rate goes up, the cost of borrowing for a mortgage lender will also go up, which in turn sees mortgage rates also increase to a point where a mortgage lender can cover the cost of their own borrowing.
When the economy isn’t performing too well, this all work completely the opposite.
People will typically be unable to afford as much, which means interest rates will have to come down as a way to try and entice potential customers onto the property ladder, with the promise of possibly lower monthly mortgage payments.
As we have discussed above, one of the primary factors that can impact your mortgage rates, is the Bank of England base rate. As a general rule, a mortgage lender will set their own rates at a percentage above the base rate. This means fluctuations can take place, as the base rate rises and falls periodically.
Another factor that can impact the Bank of England base rate and see it fluctuate, is inflation. The UK government have a specific target that they like to reach, in order to make sure the cost of living is affordable for everyone. Unfortunately, these targets are not always met.
In situations such as these, we may see the cost of living going up. Unlike the typical cause and effect of seeing a stronger economy meaning people can afford more, when this happens, many are left in financial positions that are less than favourable, struggling to get onto the property ladder.
This is also unfortunate news for homeowners who have fixed-rates that are coming to an end. Someone may have, for example, fixed in at an incredibly low percentage, only to come out of their fixed-rate and be set to inherit double what it was before.
Having the help of a mortgage broker in Bristol here, can be truly beneficial.
The Bank of England base rate, generally speaking, will always fluctuate, though it’s not often by much. Tracker mortgages are a type of mortgage that will mirror the Bank of England base rate, sitting at a percentage above it and fluctuating alongside it.
This can be a great mortgage type when interest rates are sitting rather low, though when the rates go up, you could see your mortgage payments changing suddenly, making this a mortgage type without guaranteed consistency.
Whilst tracker mortgages can still be great for some people (your mortgage advisor in Bristol will help you to determine which mortgage deal is best for you), some may argue that a better option could be a fixed-rate mortgage.
These are always the more popular options and allow for customers to lock-in to whatever the interest rate is at that time, for a chosen duration. For example, if you lock-in at a 4% interest rate for 5 years, even if within the next year it jumps up to 6%, you’re still only going to be paying 4%.
On the other hand, if you locked-in for 6% and then it dropped to 4%, you’d be paying more than other homeowners and home buyers would. This is why for many, we see them fixing in for 2-5 years, in order to gauge how rates are changing and to make sure they are always on the best mortgage deal.
When you’re in periods of economic uncertainty, fixed-rate mortgages can provide consistency and ease stress for homeowners. You will have the freedom to choose your own fixed-period duration, which as we said is usually 2-5 years, though we do see customers choosing 7 or even 10 year fixed-rates.
The possibility of coming out a fixed-period into higher interest rates, can actually lead many to remortgage in Bristol earlier than they otherwise would, paying an early repayment charge, to fix-in for a rate that, whilst higher than they had, is much less than it is projected to be by the time their deal ends.
The answer to this is entirely dependent on the way that interest rates possibly change, as well as how your personal circumstances also are set to change. As we have discussed above, there are also personal factors that can have an impact on how mortgage rates possibly change.
Home buyers who have higher deposits may be able to open themselves up to a lower loan-to-value, which in turn can allow them to access much lower rates of interest.
If you find that you are currently in that situation, having taken out a mortgage with lower interest rates, you may wish to take out a fixed-rate mortgage for 5, maybe 10 years, in order to truly reap the benefits of your lower interest rates.
Of course this very much depends on circumstance and 10 years is a long time to wait.
In 10 years, you could see lots of things change; Interest rates could drop significantly lower than you were able to fix-in for, meaning you are paying much more than you would have if you’d only fixed-in for 2 years, remortgaging onto the lower rates much sooner.
A trusted and experienced mortgage broker in Bristol will work to ensure you are well prepared for your mortgage process and help you to make an informed decision. Using our knowledge, we will do everything we can to help you succeed.
Interest rates can change when you least expect them to, depending on how the economy is performing, as well as the state of the market and the Bank of England base rate. Pairing this up with your own personal factors, you might be a little uncertain about what to do next.
By getting in touch with us for expert remortgage advice in Bristol if you’re nearing the end of your initial mortgage deal, or first time buyer mortgage advice in Bristol if this is your first time buying a property, you will have the help of a qualified mortgage advisor in Bristol, who will find you the best deal.
We always want the best for all of our customers, working alongside you to make sure you are well protected from potential future interest rate rises, if we can do so. If the cost of living is concerning to you, a fixed-rate mortgage might be your best option.
Book yourself in for a free mortgage appointment or remortgage review today, and we will see how we can help, recommending the most suitable mortgage option for you.
An agreement in principle, known as an AIP, DIP, mortgage in principle and decision in principle (depending on where you look), is a document that shows a seller that you are ready to proceed with a purchase and mortgage. It also allows you to make an offer on the property in question, proving to be useful when negotiating on the asking price.
Once you have passed the lenders initial credit checks, you will be able to obtain your own agreement in principle. Many first time buyers in Bristol aren’t too sure of how they work, however, so below we’re going to explain how they work, how they affect your credit score and the length of time they last for.
The effect an agreement in principle has on your credit score entirely depends on the type of credit search the lender decides to use. Generally you’ll find they will either perform a soft credit search or a hard credit search.
Understandably, especially for a first time buyer, you may not know the difference between the two. Allow us to explain;
For the most part, lenders these days will now carry out a soft credit search over a hard credit search. The reason for choosing this one is because they typically require less information and there is a lot less chance of your credit score being affected by a soft credit search.
Whilst whoever is undertaking the soft search will be gaining less information about you from it, than they otherwise would’ve gotten from a hard search, an agreement in principle from one of these lenders is usually still a very strong indication to the seller of the property you’re interested in, that your application is likely to be accepted.
Hard credit searches tend to be a lot more in-depth than soft searches are. The main difference between the two credit search types is that hard credit searches can have an effect on your credit score, by leaving what is known as a credit footprint. This means that previous credit searches will be visible to anyone else looking at your file in the future.
If you have a good credit score, this won’t really be a problem. Where it can be an issue, is if your score is lower and you have had multiple hard searches on your file. This is because, to a lender, it can look like you are trying to apply for lots of credit at the same time. It’s likely that this will put them off.
As much as we would like it to be so, nobody can ever be guaranteed a mortgage, but having an agreement in principle arranged in advance will definitely work in your favour.
Once you have given the lender with all your documents, an underwriter will review your case and proceed to make a final decision. Agreements in principle will often include small print that applicants can easily miss. It’s reasons like this why getting in touch with a mortgage broker in Bristol can be helpful to you.
We often find that in some cases when people get in touch, enquiring about an agreement in principle, they’ve been turned away at full mortgage application stage.
The documents that you’ll need to give the lender include, but are not limited to, forms of ID, payslips and bank statements. As a dedicated and experienced mortgage broker in Bristol, we take a lot of pride in helping you be prepared for your mortgage process. Once you start your mortgage process, it may be worth looking at how to get prepared for a mortgage in Bristol.
Making sure you have your agreement in principle in place when you’re ready to make an offer is a necessary step. Any estate agent with an ounce of credibility will ask for evidence that you are able to proceed with the purchase of a property.
Your agreement in principle will typically expire around 30-90 days. When this happens, your mortgage advisor can renew it for you. We are usually able to obtain one an agreement in principle within 24 hours of your initial mortgage appointment.
As an experienced mortgage broker in Bristol, we would suggest that you obtain one of these as early as you can. We say this so that you can try to avoid being told you aren’t eligible for a mortgage on your dream home.
The good thing about having your agreement in principle and it lasting a good length of time, is that you don’t just need to apply for the first home you see. You have time to look around and find one that suits you best.
If you are a first time buyer in Bristol or are looking at moving home in Bristol, please get in touch and take advantage of our mortgage advice service. We offer a free initial mortgage consultation, where you will get to speak with one of our expert mortgage advisors.
Following on from the 2008 credit crunch, our government decided that they needed a backup plan, in a bid to try and kickstart the heart of the mortgage market. Their primary focus were on first time buyers, bringing in “Help to Buy Schemes” to help them get onto the property ladder.
There are lots of different ways to take out a Help to Buy in Bristol, with a variety of schemes available. Some may be more appropriate for you, others you won’t meet the criteria for. Below we have listed the Help to Buy Schemes that are available to homebuyers.
The Help to Buy Shared Ownership Scheme was also brought in as a way of helping applicants to purchase their home as only a percentage, rather than the full house, with the remaining percentage being paid as a rental amount to a local authority.
Typically speaking you will own between 25-75% of the property you are looking to purchase, with the percentage that is remaining being owned by a local council or housing association (known as a local authority).
This mortgage schemes works in a way where you will be paying back your monthly mortgage payments, but also a rental fee per month to the local authority, which means that you are paying 100% of the ground rent and service charge on your new home (even if you own the smallest amount.)
The good news is that this rental charge will not have interest, generally making it cheaper than paying the full mortgage amount. If you come into more money as your term progresses or if your property increases in value, you can increase your shares.
The Armed Forces Help to Buy scheme was brought forward back in 2014 after the vast success of the Help to Buy Equity Loan Scheme after the credit crunch.
This government ran scheme was created with the aim to build upon the foundations of the original Help to Buy Scheme, with a view to help members of the Armed Forces get onto the property ladder.
If you match the criteria for the Armed Forces Help to Buy Scheme, this is something that could prove to be incredibly advantageous when you are looking to get onto the property ladder as a first time buyer in Bristol.
The government has thankfully rolled this into an enduring policy and we here at Bristolmoneyman genuinely hope it stays around, as the scheme is massively beneficial to Armed Forces members who want to buy their first home.
The Lifetime ISA, whilst technically not a Help to Buy Scheme, is a very helpful scheme that often slips people’s minds. It’s not high on everyone’s priority as a go-to scheme, though it could prove to be the scheme that helps you buy your home as a first time buyer in Bristol.
A Lifetime ISA is pretty much a savings account where your money is able to grow, completely tax free. You are also provided with a government top-up of an additional 25%!
This means that if you can put the maximum £4,000 in savings each year, you would receive a much welcomed and rather handy £1,000 bonus amount in your savings, to use later down the line.
In order to access this type of mortgage scheme, you have to meet rather specific mortgage lending criteria, which our dedicated mortgage advisors in Bristol can discuss with you. All of the information on this scheme is available on the government Lifetime ISA website.
The benchmarks for passing a credit score differs depending on the lender. Sometimes it can be easy; other times it can be strict and challenging to pass. If a lender likely has failed you, you might not have been told why you failed. In some cases, this is because it was a combination of little things, and in truth, they aren’t sure why you had been declined.
It’s at this moment where you will feel the advantages of a mortgage broker in Bristol. We are here to help you and guide you everywhere in the early stages, right through to the end of your mortgage journey. Beforehand, it is strongly recommended that you obtain a copy of your credit file to show your Mortgage Advisor in Bristol.
They will be able to go through it with you and try to match you with the most suitable lender for your situation. The more deposit you have available for you to put down, the easier your chances will be to pass a credit score for a mortgage.
There are things you are able to do to improve your credit score, such as using a credit card regularly (if you have one) and ideally paying off the balance in full each month. You will also need to be on the voters roll for the area of which you live. That one can often be overlooked but is incredibly helpful. You can also close down old bank accounts and credit and store cards that you have since stopped using.
If you fail one lender’s credit score, do not give up! There may still be another lender willing to accept you, though please be wary about having too many hard credit footprints registered against you, as too many hard searches can affect your credit score.
The different lenders have their own individual ways of calculating how much you can borrow. It’s entirely plausible that you could approach 10 different Lenders and each one give different answers. Some lenders are more generous than others depending on the circumstance, with some, for example, known to be fairer to those who are self-employed.
Some mortgage lenders can consider assessing 100% of an employee’s overtime and bonuses, though this is not the case with every lender. Depending on the lender, some will also accept “unearned” income such as tax credits, child benefit and maintenance.
A mortgage broker in Bristol who deals with First-Time Buyer Mortgage Advice in Bristol can approach several different lenders without the need for a credit check, in order to perform an affordability assessment. If you are looking to buy a home, we would highly recommend that you have an affordability assessment carried out before you start viewing properties to avoid potential disappointment in the future.
If you are Moving Home in Bristol, proving that you have maintained mortgage or rent payments in the past is not an immediate guarantee that you will pass a lender’s own affordability test.
All lenders have their own specific, strict mortgage lending criteria, with some being better than others in certain situations. Lenders look to carve out niches for themselves to fit into, as a means of attracting good quality mortgage borrowers who might not tick all of the right boxes for their competitors.
Some examples as to why your application has been declined for being outside of policy are:
An experienced Mortgage Broker in Bristol will use their experience of lenders and criteria tools to recommend the most suitable mortgage for you, based on your own personal circumstances. If your situation is a little more complex, then you should look for mortgage advice as being declined elsewhere may affect your chances of being accepted for a mortgage going forward.
fter the introduction of the Help-to-Buy Scheme in Bristol, a large number of home builders decided it best practice to start selling their newly built houses on a leasehold basis, as opposed to a freehold one. What does this mean exactly?
Well, the basic overview is that you own the property, but the land on which your property is on, is owned by the freeholder. Generally these leases are for hundreds of years, usually beyond the lifetime of the original leaseholder.
The catch with Leaseholds, is that you only own the property, not the land. This means you may have to pay ground rent, various service fees and at the end of your term, if the lease has not been extended, the freeholder takes back control of the property.
Regarding the end of the lease and the service charges, you should always have the right to extend if you wish and challenge any fee changes, though for more clarity it’s always worth speaking to a Conveyancing Solicitor, as it’s their job to cover the legalities of property.
Some of the fees can fluctuate as and when the leasehold management company wants to change it, so it’s always worth making sure a Conveyancing Solicitor reads over your agreement carefully, to ensure it is fair.
For the length of your term, yes, you own the property. As explained, the freeholder may be able to take their property back at the end of a term, but if your term is taken out over the course of a few hundred years, that property is effectively yours for the rest of your life.
One area that may require some thought, is if you were planning to make any home extensions or improvements. Whilst this may not always be the case with every freeholder, the majority will require you to seek permission for any changes that take place on their land.
Obtaining a mortgage on a leasehold is an interesting one. Not all lenders will accept this kind of deal, however those who do usually will only accept it if your term is at least a minimum of 60 years. The reason for this is down to resalability in the event of repossession.
If your term is shorter than 60 years, you most likely will have to discuss the possibilities of renewing the lease with the freeholder via a legal representative.
One of the big issues around the property market right now, and has been for a few years, is something known in the industry as “land-banking”. This refers to some freeholders who are sitting on their land, whether property is finished or unfinished and despite the need for more homes in the UK, purely because there have been changes to the market and they’re waiting for a chance to make lots of profit.
As you would expect, this kind of practice is frowned upon by most, seeing it as unfair and leading for many to request that the government abolish leasehold altogether, as a means of avoiding this going forward.
Coupled with the service fees, the need for renovation permissions and ground rent, it’s no surprise that leasehold housing can often seem like a bad deal, however if handled correctly, it could still be a viable option for you.
If you are looking at leasehold houses and debating whether to buy one, you should first & foremost speak to your Conveyancing Solicitor in regards to the lease and other legalities.
It’s very easy to get carried away with the excitement of buying a home but you need to also realise that this is a major investment decision that you need to think about it very carefully. If you would like to get the ball rolling on a leasehold house mortgage, please Get in Touch.
Making an initial step onto the property ladder for the first time, or taking the next step once your fixed term ends, can make you feel a little nervous from time to time.
There are lots of different routes that homeowners and home buyers can take, but if you can help it, it would be ideal to get it right the first time, especially when you’re dealing with a large amount of money.
Of course, we are strongly in the belief that our service as an open and honest mortgage broker in Bristol, will be beneficial to anyone who is going through their mortgage process, especially if you are a first-time buyer in Bristol.
Whilst we have confidence in our ability to help out our customers, we are also fully aware that it is not necessarily for everyone. Some may even be unsure of how exactly we can help.
With this in mind, we have compiled a balanced overview of why in some cases you might be better off getting in touch with a mortgage broker in Bristol, and how in some other cases, going direct might be your best choice.
It is the opinion of many, that you are a lot more likely to save some money by going directly to the bank and finding a mortgage deal yourself. There is indeed merit to this, as a mortgage broker in Bristol may charge you a fee, though this is circumstantial and depends on who you speak to.
If you are already experienced in finding your own mortgage, have a pretty simple case and have a knowledge of lender criteria, going it alone will probably be easier and more cost-effective.
Where a mortgage broker stands out, is the ability to help people with complex cases or those who don’t understand lender criteria.
Without the correct, up-to-date knowledge, you could possibly end up with a bad deal, or even being unable to successfully apply for a mortgage deal. In any case, this could cost you a lot of money or damage your credit score. The latter would in turn hinder your chances of applying for a mortgage at any point in the future.
A dedicated mortgage advisor in Bristol will always make sure that they get their recommendation right the first time, at the cheapest deal that is available to you. Again, this may entail you having to pay a service fee, though it will likely save you a lot more money in the long term.
Another point of view that customers who are older may think is a benefit of going to the bank directly, is the way you used to be able to get a mortgage. Prior to technology and online banking becoming a big deal, generally you would be a loyal customer of a local branch, typically speaking with the same members of staff.
When you wanted to apply for a mortgage, you would converse with the bank manager themselves. They would “know your finances like the back of their hand”, and would be the ones to personally approve a mortgage for you. Times have changed though, and credit scoring is now done via digital means.
The bank manager will no longer personally go through your case. Instead, your information will be put against a complex online system, to find out if you qualify for that mortgage. Nowadays, everyone gets the same chance as each other, no matter who your bank is.
Relating to the previous point, many are in the belief that there are better, exclusive deals only by going to the lender direct. Once again, there is an element of truth to this, but it is only part of the story. See, a lender can indeed offer great deals, but only deals that are from their own company.
One of the main problems here is that not all mortgage lenders are actually banks, meaning there are lots of options outside of what you are familiar with. The best deal you could get with your bank, might not be the best deal overall that you could’ve had access to.
That’s another benefit of enquiring for mortgage advice in Bristol. A trusted and experienced mortgage advisor will be able to take a look at your case, and have you matched up with a suitable deal from one of our panel of lenders, rather than one place.
It’s also worth mentioning that there may also be deals that can only be found with a mortgage broker in Bristol. Regardless of if you’re a first-time buyer, are considering your options for a remortgage in Bristol or have a complex case, a mortgage broker will have more options for you.
Following on from the 2007-08 credit crunch, the mortgage market was in dire need of a change. As was outlined in the 2014 Mortgage Market Review, lenders no longer had the ability to sell mortgages to customers on a non-advised basis.
This meant that you couldn’t just approach the bank, tell them you want a mortgage and be approved without any prior checks. You also couldn’t obtain a mortgage from any member of staff, as this used to happen regularly, whether they were qualified or not.
Further to this, these changes also introduced consumer protection, that you otherwise wouldn’t have gotten from the bank.
You now had the right to make a complaint to the Financial Ombudsman if you felt mis-advised for one reason or another. You also have the ability to make a claim via the Financial Services Compensation Scheme.
This is positive thing for both mortgage brokers and mortgage lender alike, as this means no matter who you choose to speak to or what your circumstances are, you’ll be safe, secure and advised professionally.
An area where a mortgage lender has the disadvantage, is that oftentimes it can quite literally take months to speak book an appointment. Once you can eventually speak to someone and kickstart your journey, you’re not always guaranteed to be kept up-to-date about your case progression.
A unique selling point here at Bristolmoneyman, is that we are able to speak with customers at a time that is convenient to them. Our mortgage advisors in Bristol work from early until late, 7 days a week, including weekends. We may also work on some bank holidays too!
If you’re quick enough and lucky enough, you might find that you can book an appointment on the same day, though you don’t always have to do that. If you would like to speak with someone in a few days time, you have the freedom to book a slot in advance!
We are here at time slots that best suit your lifestyle. If you work 9-5 and want to speak with someone in the evening, we can do that too! Using our online booking feature, it has truly never been easier to get in touch with a qualified mortgage advisor!
In addition to this, we are proud of our ability to be responsive with our customers. No matter what stage of your mortgage journey you’re in, we will always make sure you’re up-to-date. If your case changes at any point, your advisor will inform you as soon as they can.
It’s because of expert mortgage brokers in Bristol like us, who are able to offer a high level of customer service, that the public opinion of mortgage brokers has differed over the years. This has led to more and more people getting in touch with a local mortgage expert, instead of going to a big high street bank.
Sometimes a mortgage case may be a little more complex than the average case. Common examples of this that we have come across over the years, include (but are not limited to);
In the past, mortgage lenders were able to easily compete, by offering better deals than the others. Times have changed though, and now the main difference in choosing a deal, is whether or not you match their strict criteria.
A deal could be cheaper, but you may not qualify for it. The mortgage lender will perform either a hard credit search (leaves a footprint on your credit file) or soft credit search ( this leaves less of a footprint on your credit file), to see if you pass eligibility checks for that mortgage.
If you apply for a mortgage with a lender and are declined an agreement in principle, this will likely cause harm to your credit file. Worst of all, you probably will not be given a reason for why you were declined, which can be understandably disappointing and frustrating.
On the other hand, a trusted mortgage broker in Bristol will be able to take a look at your case beforehand, making sure everything is correct and prepared, informing you of any other steps you should take to better your chances of being accepted for the mortgage.
Using the lenders that we have on panel, you’ll be matched up with deals that you could be eligible for and we’ll look to get you agreed in principle. Obtaining your agreement in principle through Bristolmoneyman typically takes no more than 24 hours of your free mortgage appointment with one of our advisors.
Of course, this still doesn’t mean you are certain to receive an AIP, nor does it guarantee that you will get a mortgage, but it is a lot better for your credit file to have an expert analyse it beforehand. As expert mortgage advisors in Bristol, we always look to make the right recommendation first time.
At the end of the day , it’s your choice. As you can tell from the information above, there are both pros and cons to choosing a mortgage broker in Bristol. Conversely, there are also a lot of pros and cons to going direct with a lender. It all comes down to how quick of a service you would like, and how secure you want to be on your journey.
As a trusted mortgage broker in Bristol, led by 20+ year industry expert Malcolm Davidson, we have helped thousands of customers to achieve their mortgage goals. From first time buyers in Bristol taking a step onto the property ladder, to people reaching the end of their initial fixed period, looking to remortgage in Bristol, it’s safe to say we’ve seen it all.
To get in touch with a responsive, open & honest, FCA regulated mortgage team of experts, feel free to book yourself in for a free mortgage appointment or remortgage review, with a member of our amazing mortgage advice team. We’re here to help with all your concerns and queries during your process, with time slots that are convenient to you, subject to availability.
If you would like to learn more about our service, take a look at our genuine customer reviews. They are an amazing reflection of the service levels we provide our customers regularly. If you would like to learn more about the mortgage world, take a look at our YouTube Channel, MoneymanTV.
Once you’ve saved up for your money for a mortgage, the next step is preparation. You need to prepare for your mortgage application and get in a position where you are ready to start your process. If you are a first time buyer in Bristol, this guide will definitely help you progress with your mortgage application. Also, if you are Remortgaging or moving home in Bristol, you will still benefit from this article as it features some useful tips and tricks to help fast track your mortgage application.
One of the first things that you should obtain during the preparation process is an up-to-date credit report. Having an up-to-date credit report is essential for your mortgage application; ideally, you should try and get yours arranged prior to approaching a Mortgage Broker in Bristol. Your report will be reviewed by your Mortgage Advisor in Bristol before passing it onto the correct lender.
Another thing that you should get ready is an agreement in principle. You need one to make an offer on a property!
If you want a fully credit-checked agreement in principle within 24 hours of your application, you should get in touch with us. As an experienced Mortgage Broker in Bristol, we can often turn around an agreement in principle on the same day of your application.
In terms of proving who you are you’ll need to produce a photo ID. Most customers use a Driving license or passport for this element. You can’t use a Driving Licence for ID though if you are also using it for proof of address. If you are a non-UK national working over here on a Visa, you’ll need to produce that too.
When looking at proof of ID, the required documents will have to be photo identification such as a Driving Licence or Passport – though if you’re using one for proof of ID then it can’t be used as a proof of address. If you are a non-UK national working in England on a Visa then this will also need to be presented.
In addition to proof of identification, you will also be required to prove where you live. This is usually in the form of a utility bill or bank statement within the last 3 months.
Your bank statements should reflect your income and regular expenditures. It will be displeasure to Lenders if they see gambling transactions on your account and they will also not be happy if you are seen to have surpassed an agreed overdraft limit or your direct debits have bounced regularly. The key factor is to get ahead of the game and get prepared as best as you can.
Not all lenders will ask to see your Bank Statements but it is an option that is available to them if they choose to utilize it – regardless of whether they do ask for your bank statements, they want to be confident that you take your finances seriously. The bank statements which you produce should consist if your salary going in and your bills going out.
A vital step in the mortgage application is evidencing your deposit for Anti-Money Laundering purposes. To help the process it is best not to move finances around your accounts too much as this will make it a lot more difficult and may delay the process.
Lenders like to see that you are saving your money responsibly, but that doesn’t exempt you from having to account for any large recent deposits into your accounts. If you have been gifted a deposit, then there will need to be written confirmation stating it’s a non-refundable gift.
The most pivotal point of the application is proving your income. If you’re in employment then sufficient evidence would be your last 3 months’ payslips, though some lenders will also ask for your most recent P60. Lenders will take into account regular overtime, commission, shift allowance and bonuses. Additionally, extra earnings may also be considered with some lenders such as part-time jobs or self-employment.
Many applicants are Self Employed in Bristol nowadays – if you are a self-employed applicant then you may mean you will need to acquire your Accounts’ help to request your last two or three years’ proof of earnings from the Revenue. If you submit your own accounts then feel free to get in touch and we will be happy to advise you on how to go about downloading from the Government Gateway.
By working out an estimate of your expected outgoings after you move house means you can gain an idea of how much disposable income will be available to you to pay your mortgage after such things as regular expenditures, council tax, and utility bills have been paid out from your account. To help you with this, we are happy to send you our version of a Budget Planner to get you started.
As seen, there are many steps you must take in order to prepare fully for your mortgage application deeming it not an easy feat but it doesn’t mean you should worry. If you approach the mortgage application with due timing and an organized matter along with a Mortgage Broker in Bristol, you will be in safe hands.
A gifted deposit is what it says on the tin, a deposit that has been gifted to you. It can either be the full amount or a portion of the deposit, and there has to be an agreement in place that you won’t be repaying the person gifting to you.
Gifted deposits are useful to have at hand when you have enough money to cover the costs of your monthly repayments but are unable to make up the amount required for the initial deposit.
The more deposit that you can have gifted to you, the bigger the potential for better rates from a mortgage lender. If you happen to be on a lower salary and are struggling to find a means of putting money into savings, this again can be very useful.
Generally speaking, gifted deposits are normally given out by your parents (adopted parents & carers may also fall into this category, depending on lender). On the internet this is regularly referred to as the “Bank of Mum & Dad”.
It may not just be parents though, as there are other potential family members who a mortgage lender may consider accepting for a gifted deposit. This once again depends on the different lenders that you approach, which would require care when looking for the right one. It’s because of this that you might benefit from a mortgage broker in Bristol.
We often hear from our customers that they were never aware of their parents ability to provide a boost to their mortgage. Many of them also don’t feel like they can ask their parents to help. The truth of the matter is that most parents are more than happy to help their kids get onto the property ladder.
For the most part, it is widely believed that taking out a mortgage is a better option for first time buyers in Bristol than renting, due to the possibility of being able to pay less money per month.
Setting out where your finances will be distributed as inheritance can often be contributed towards a deposit, though some parents do gift this to their kids earlier on in life if they have already saved enough to cover it or have released a certain amount of equity from their home.
The vast majority of lenders won’t accept you using a loan to fund your mortgage deposit. The reason for this boils down to the uncertainty that you’d have enough disposable income left over to cover the costs of both the loan and the mortgage at the same time.
There will be no maximum amount to how much deposit someone can gift you, though there are some lenders out there who would prefer their applicants to have at least 5% deposit saved themselves, with any gifts being used to increase this.
No matter whether you are a first time buyer in Bristol or you are moving home in Bristol, you will be able to reap the benefits of utilising a gifted deposit. It also comes in really handy when used alongside a Help to Buy in Bristol, as the required 5% deposit, depending on the lender that is used, can be boosted with a gifted deposit.
Usually you’ll find that all lenders will require a gifted deposit form to be filled in. Depending on the lender that you go with, you may also be asked to provide additional proof and ID (these can include such items as a donor ID or bank statements).
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.
This situation is known as a further advance. A further advance is when you borrow more from your current lender to fund something like home improvements or a second mortgage.
The amount that you can borrow from them will depend on the amount of equity in your property. Your lender will need strong evidence to prove that you can afford both mortgages. Our mortgage advisors in Bristol can access competitive second mortgage deals and options through our large panel of lenders.
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.
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Bristolmoneyman.com & Bristolmoneyman are trading styles of UK Moneyman Limited, which is authorised and regulated by the Financial Conduct Authority.
UK Moneyman Limited is Registered in England, No. 6789312 | Registered Address: 10 Consort Court, Hull, HU9 1PU.
Authorised and Regulated by the Financial Conduct Authority.
We are entered on the Financial Services Register No. 627742 at www.register.fca.org.uk
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Bristolmoneyman.com & Bristolmoneyman are trading styles of UK Moneyman Limited, which is authorised and regulated by the Financial Conduct Authority.
UK Moneyman Limited is Registered in England, No. 6789312 | Registered Address: 10 Consort Court, Hull, HU9 1PU.
Authorised and Regulated by the Financial Conduct Authority.
We are entered on the Financial Services Register No. 627742 at www.register.fca.org.uk
