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How to get a Mortgage if You’re Over 40

Open & Honest Mortgage Broker in Bristol

Jumping straight into it, we can say that yes, depending on the circumstances surrounding your application, you will be able to obtain a mortgage over 40 years old.

If the mortgage term is going to extend beyond the age of retirement, the mortgage lender may wish to see a projection of what your expected pension income is going to be.

Over the years we have noticed that a lot of the instances we face with customers in or over their 40s tend to be with First Time Buyers in Bristol. When speaking to these customers, we also heard from a large majority that they were previously declined due to their age.

Why are over 40s being declined mortgages and what can be done?

First of all, let’s take a look back at the past. Prior to the introduction of computerised credit scoring and the levels of regulation that are commonplace today, if you visited a building society in search of a mortgage, you’d probably speak to your branch manager.

From here they would take a look at your personal circumstances, including how well you have been able to manage your current account. Based on their findings, they would then decide whether or not to approve your application.

If you were accepted, you would then receive advice on the amount you could borrow, typically presented as multiple of your gross salary.

The issue here is that these income multiples didn’t account for the age of the applicant. Therefore, no matter if you were 30 years old or 50 years old, you could borrow the same mortgage amount either way.

Now at this point, you may be thinking “issue”? What issue, that seems fair? The truth is that if both applicants were due to retire at the age of 65, the outcome would be different for both individuals.

If we take a look at an example using a £70,000 (capital and interest combined) mortgage using a national interest rate of 5%:

  • First the 30 year old. If they had a 35 year mortgage term they would be paying £252pm approx.
  • Then let’s look at the 50 year old. If they had a 15 year mortgage term they would be paying £395pm approx.

In this example, we have two applicants who earn the same, set to retire at the same age, with the same mortgage interest rate and the same overall amount to pay back.

Where it differs, is that applicant two’s monthly payment is a lot higher. Because of this, if mortgage rates happened to rise, they would be at a much greater risk of arrears and repossession.

This is the reason why modern mortgage calculators now factor in the maximum term of the mortgage (i.e., how old you are) as well as the income you bring in and how much you have regularly going out.

Retirement Age

Even though it’s always made very clear that we will continue to work until an older age due to State Pensions, but the banks don’t seem to bear this in mind when it comes to giving out mortgages to applicants.

Lenders may potentially consider granting mortgages beyond the age of retirement, though this only tends to be if you can demonstrate your ability to afford the payments post-retirement. You are normally able to evidence this with a letter from your pension provider and a projection of your future income.

This does come with it’s own problems though, as the majority of people reading this article will likely take a reduction in income when they reach retirement. Because of this, lenders will need you to prove that even with a reduced income, you would still be able to afford your mortgage.

In practice, this hardly ever works unless you are only needing a smaller mortgage, though that would also mean you likely wouldn’t need to stretch the mortgage past your retirement age anyway as a shorter term could be affordable.

If you cast your minds back, you may recall that the default retirement age was scrapped in 2011 and you can no longer be forced to retire by your employer. As a result of this, fewer lenders are using the State Retirement age as the standard age they want mortgages to be paid off, with some even letting people self-declare their intended retirement age.

Preparing for a mortgage at over 40 years old

Regarding what you could be doing in order to obtain a mortgage over 40, you must prepare yourself for questions about how you will afford your mortgage later down the line.

Remember, the regulations have been put in place so they can protect consumers and encourage more careful lending from lenders.

If you need the mortgage term to run past the State Pension age, you will need to prove to the lender your expected income, so that they have confidence in your ability to maintain your monthly mortgage payments.

Please remember that the above information is purely for reference only and should not be viewed as personal financial or mortgage advice.

Getting Prepared for a Mortgage in Bristol

First Time Buyer Mortgage Advice in Bristol

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.

Get Mortgage Ready in Bristol!

Up to date credit report

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.

Agreement in principle

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.

Proof of ID

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.

Proof of address

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.

Last 3 months’ bank statements

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.  

Evidence of deposit

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.

Proof of income

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.

Budget planner

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.

Moving House Mortgage Advice in Bristol

The Importance of Changing Your Address

Mortgage Advice in Bristol

When it comes to applying for a mortgage, it is important to keep an eye on your credit score. The higher your credit score, the more likely that it is that you will be successful when applying for a mortgage with a lender. There are a variety of different elements that can have some kind of effect on your credit score.

One that is quite simple in theory but does has a larger impact than you might expect, is your address. Generally, the fewer addresses you have on your record, the better it will be. In the past though, we’ve seen people try to get around this in the wrong way.

A lot of the applicants we have dealt with are first-time buyers in Bristol who have moved out of their parents address into rented accommodation, but are keeping their bank statements, credit card and electoral roll information registered at their previous home.

For some bizarre reason, people think that it is beneficial to them and their credit score to keep everything under one roof. Whilst theoretically that would lean into the statement of “the fewer, the better”, this actually causes a lot more harm than good. Almost without fail, if you have moved to a new address; whether you change it or not, there will be a record of you living there somewhere.

Anything from a general eBay or Amazon order, to an ASDA delivery, to something like your car, contents or home insurance are all linked to your credit history and will appear with your address on in some way.

Check before you apply

Before you perform a credit search and apply for a mortgage, you have to be absolutely certain that as far as you’re aware, nothing will affect your credit score. You will need to make sure your current residential address is the one present on all accounts, be that electoral register, credit and debit cards, etc.

This only really applies to you if you have already moved out of your parents home, as up until that point you will be still only have your previous address to go off. Once you’re moved in, that’s when you should start moving everything over as soon as possible.

Regardless, when it comes to the point of applying for a mortgage, this all needs to be double and triple checked. We always find that people have a tendency to forget to update their address on their credit file and electoral roll. Please do your best to remember, it really does make a big difference!

Make sure that you definitely get the dates right too, knowing the exact date you moved into your rented property and the day that you moved out. Any mistakes made with these dates can sometimes give the lender the impression that you are occupying two properties at once.

Impress the lender

By keeping your credit file super up-to-date, you are giving the lender the proof they need that you really know what you are doing and you are completely serious about what it is you’re looking to do.

It’s a more open and honest way of handling the mortgage application process. Your goal should be to impress the mortgage lender in any way you possibly can and keeping up to date with your address is a good starting point for doing so.

If you are in need of any further help or are just looking for some handy tips from a professional mortgage advisor in Bristol, please do get in touch and take advantage of our free initial mortgage consultation.

We know that being a first time buyer in Bristol with no mortgage experience can difficult and stressful, which is why we’re here to help. Get in touch with a dedicated and trustworthy mortgage broker in Bristol today and we’ll see what we can do for you.

What is a Gifted Deposit?

Gifted Deposit Mortgage Advice in Bristol

What is a gifted deposit?

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. 

How can gifted deposits help?

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.

Who can gift the deposit?

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.

Do your parents know you need help?

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.

Gifted Deposit v Loans

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.

Is there a maximum or minimum gifted amount?

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.

Who can benefit from a gifted deposit?

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.

What proof is required?

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).

The Different Types of Mortgages Explained in Bristol

Mortgage Advice in Bristol for Different Situations

When you start out looking for a mortgage in Bristol you will soon realise that there are lots of different options available. Below you will see a list of the most popular types of mortgages available on the market and hopefully.  If you have any questions regarding any of the below mortgage options, then please do not hesitate to contact us.

What is a Fixed Rate Mortgage?

A fixed-rate mortgage means that your mortgage payments are going to stay the same for a set period of time. You can set the length of which you want to fix your payments for, typically this being 2, 3 or 5 years or longer. No matter what happens to inflation, interest rates or the economy you know that your mortgage payment, usually your biggest outgoing, will not change.

What is a Tracker Mortgage?

A tracker mortgage means that your interest rate will track the Bank of England’s base rate. So in other words, the lender that you are with does not actually set the rate themselves.  You will be paying a percentage above the Bank of England base rate. In an example, if the base rate is 1% and you are tracking at 1% above base rate, that means you will be paying a rate of 2%.

What is a Repayment Mortgage?

When you take out a repayment mortgage this means that each month you are paying capital and interest combined. So as long as you keep your payments going for the full length of the mortgage term, the mortgage balance is guaranteed to be paid off at the end and the property becomes yours.

This is the most risk-free way to pay your capital back to the lender, in the early years it is mainly the interest that you are paying and your balance will reduce very slowly especially if you have taken out a 25, 30 or 35-year term. This situation switches in the last ten years or so of your mortgage, where your payments are paying off more capital than interest and the balance will come down much faster.

What is an Interest Only Mortgage?

Whilst many Buy to Let Mortgages in Bristol are set up on an interest-only basis, it is much more difficult to get a residential property on an interest-only basis.

It is much less likely for lenders to offer an interest-only product now.  However, there are certain circumstances where this can be an option. These include downsizing when you are older or have other investments that you will use to pay the capital back. Lenders are very strict when it comes to offering these products now and the loan to values is a lot lower than back in the day.

What is an Offset Mortgage?

With an offset mortgage, the lender will set you up a savings account to go alongside your mortgage account. How this works is that let’s say you have a mortgage balance of £100,000 and £20,000 is deposited into your savings account, you only pay interest on the difference, so in this case, £80,000. This can be a very efficient way of managing your money, especially if you are a higher rate taxpayer.

Agreement in Principle and Soft Credit Searches

Agreement in Principle Mortgage Advice in Bristol

What is an Agreement in Principle? | MoneymanTV

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.

How does your agreement in principle affect your credit score?

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;

Soft credit searches

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

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.

Does an AIP guarantee a mortgage in Bristol?

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.

How long will my agreement in principle last for?

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.

What Can I do if I Have Been Declined for a Mortgage in Bristol?

Mortgage Advice in Bristol For Complex Situations

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.

How can I avoid disappointment from a mortgage?

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.

What is a Credit Score & How to Improve Yours? | MoneymanTV

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.

What are other mortgage applicants doing?

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.

Accepting help from a mortgage broker in Bristol

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.

Why Use Our Mortgage Advice Service in Bristol

We Specialists in Different Types of Mortgages

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.

How does our process work?

Step 1 – Get in touch

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.

Step 2 – Free mortgage consultation

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.

Step 3 – Agreement in principle

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.

Step 4 – submission 

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!

Specialist situations

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.

Speak to a Mortgage Advisor in Bristol

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.

Top 5 Mortgage Hurdles You May Come Across

Mortgage Hurdles for First Time Buyers in Bristol

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.

Don’t hesitate, get in touch and book your free mortgage consultation today!

Childcare fees

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.

Divorce/separation

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;

  1. How can I remove my ex’s name from my mortgage?
  2. Can I have two mortgages?
  3. How do I remove my name from my partner’s mortgage?

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. 

Benefit income

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:

  • Child tax credit
  • Working tax credits
  • Disability benefits
  • Pension income

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.

New job

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.

Evidencing the deposit for a mortgage in Bristol

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.

Specialist Mortgage Advice in Bristol

The Main Reasons People Decide to Move House in Bristol

Moving House Mortgage Advice in Bristol

The act of moving house in Bristol can often become quite a difficult task for some homeowners, as it often results in them suffering large amounts of personal and financial stress. Despite the worries and concerns around this process, there are still many reasons why people choose to go forward with it anyway. Their reasoning can range from needing more space, to relocating to a new location for the sake of a career change.

Here are some of the main reasons why people may find it appropriate to move house:

  • They are in need of a change of scenery or lifestyle.
  • There are kids involved and they’re wanting to move into a school catchment area.
  • A new job opportunity has come up and a relocation is needed.
  • Some may look to be moving in with a partner or moving out due to a breakup.
  • They are hoping to save money on the costs of their home.
  • They may be wanting an upgrade to a more desirable home.
  • A common one we come across; they’ve outgrown their home and are in need of more space.

Nowadays we find that the majority of people would rather buy than rent in Bristol. The reason for this is partly due to the monthly costs potentially being a lot less than they would be for someone who is renting. Moving house in Bristol can prove to be difficult for those that have developed an emotional attachment to that property and have made many fond memories with their family and friends there.

The pros and cons of moving house to a larger space, versus staying in your home for longer and altering your property can vary, though it’s mostly down to the personal preference of the individual in question.

If you are exploring your options for taking out a remortgage for home improvements, then it may be worth your while to get in touch with our dedicated team of mortgage experts to take advantage of our free initial mortgage consultation. We’ll book you in at a time that suits you best, to speak with a trusted mortgage advisor in Bristol.

Our team will do their best to help you compare the potential costs of raising money to improve your home, compared to how much it would cost you to move into a new home. They are also able to help calculate approximately what the maximum borrowing capacity will be. You’ll also receive a quote on your monthly payments, so you have enough information to make a decision about what you’d like to do next.

Mortgage Advice for Moving House in Bristol

Bristolmoneyman.com & Bristolmoneyman are trading styles of UK Moneyman Limited, which is authorised and regulated by the Financial Conduct Authority.
UK Moneyman Limited is authorised and regulated by the Financial Conduct Authority.
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