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What is a Mortgage Broker in Bristol?

Whether you’re navigating the complexities of mortgages as a first time buyer in Bristol or you already have some prior experience with property ownership, the term “mortgage broker” may either ring a bell or remain a mystery to you.

Engaging a mortgage broker in Bristol, especially during a home move, can not only simplify your task but also alleviate the stress associated with the process.

Mortgage Broker in Bristol vs Your Bank

Here, we’ll delve into the key distinctions between utilising a mortgage broker in Bristol and relying on your bank.

Mortgage Products

Opting for your bank in your mortgage quest means you won’t incur a broker fee, potentially saving you money. However, banks are limited to their in-house mortgage products, whereas a mortgage broker in Bristol can explore diverse lenders to uncover the best product for your needs.

As a mortgage broker in Bristol, we have access to a range of lenders, both high street and specialist, enabling us to seek out competitive mortgage options. During your complimentary mortgage appointment with us, we conduct a free affordability assessment to identify accessible deals for you.

Appointments

High street banks are often known for extended waiting periods to secure an appointment with a mortgage advisor, posing inconvenience, especially after having an offer accepted on a property.

Mortgage brokers in Bristol, like ourselves, offer flexible availability, allowing you to schedule a mortgage appointment at your convenience, even offering same-day availability on occasion.

Declined Application

If your mortgage application faces rejection from a high street bank, there’s a likelihood that other similar banks may follow suit. Mortgage brokers, with access to various lenders, including specialists, can explore alternatives tailored to your personal and financial situation if you’ve faced rejection.

If credit issues are a concern, our mortgage advisors in Bristol can guide you on improving your credit score and restoring financial stability.

Securing Your AIP

Banks and brokers share a similar turnaround time for obtaining an agreement in principle (AIP). Our mortgage advisors in Bristol can typically secure an AIP within 24 hours of your free mortgage appointment. If the AIP expires, simply reach out to us, and we can promptly renew it for you.

Customer Service

In terms of availability for queries or updates on your mortgage application, banks may not be readily accessible. On the other hand, contacting your mortgage advisor in Bristol is convenient, allowing you to receive quick responses and updates during the potentially stressful mortgage process.

Mortgage Broker in Bristol

As your dedicated mortgage broker in Bristol, our commitment is to guide you through every stage of your mortgage journey, regardless of your situation – whether you’re a first time buyer in Bristol or a buy-to-let landlord.

Our responsive service gives you the option to book a free mortgage appointment or arrange a call back online, putting you in control of your schedule. Alternatively, give our team at Bristolmoneyman a call, and we’ll connect you with one of our expert mortgage advisors in Bristol.

How to Save For a Mortgage in Bristol

For first time buyers in Bristol, the process of purchasing a home can seem overwhelming. One of the key aspects to consider is saving for a mortgage deposit. In this article, we’ll discuss effective strategies to help you achieve your savings goal.

Work out your savings goal

To determine how much you need to save for a mortgage, start by calculating your monthly disposable income. Subtract your expenses and monthly outgoings from your monthly income to estimate the amount you can allocate towards your mortgage savings. This will allow you to set realistic goals for your monthly savings.

Typically, when obtaining a mortgage from a high street lender, you’ll need to provide at least 5% of the property’s cost as a deposit. However, some first time buyers in Bristol aim to save a minimum of 20% or more. A larger deposit can lead to lower monthly payments and access to competitive mortgage deals with lower interest rates.

Additionally, it portrays you as a less risky borrower to lenders. To determine the exact amount you’ll need to borrow for a mortgage, consult with a mortgage advisor.

It’s also important to factor in the additional costs associated with buying a property. Consider setting aside some money for insurance or cover for yourself and your property, which can be provided by a mortgage and protection advisor.

Exploring government schemes in Bristol

As a first time buyer in Bristol, you may be eligible for various government schemes designed to assist with homeownership.

One such scheme is the Shared Ownership Scheme, which allows individuals who can’t afford a mortgage on 100% of the home to purchase a share of the property (typically between 10% and 75% of the home’s value) and make up the remaining share through rent.

Over time, you have the option to buy larger shares if you can afford to. For more information on these schemes, feel free to contact us or book a free mortgage appointment with one of our expert mortgage advisors in Bristol. You can also visit the government’s OwnYourHome website for further details.

Additional sources of help

A gifted deposit from a family member can significantly help you when purchasing your first home, potentially covering some or all of the required deposit. Unlike a loan, a gifted deposit does not need to be repaid.

Reviewing your outgoings is another effective way to save for a deposit. Take a closer look at your bills and subscriptions to identify any potential areas for cost savings. You may find cheaper deals for your mobile phone and broadband packages.

Additionally, reassess leisure services such as gym memberships or streaming services to determine if you’re getting your money’s worth or if there are more affordable alternatives available. By optimising your expenses, you’ll free up more funds to save towards your deposit.

Buying with a friend or partner in Bristol

Consider purchasing a property with a friend or partner as a viable option for getting on the property ladder and saving for a deposit. Buying with another person can expedite the savings process compared to relying solely on a single income.

However, it’s important to note that if one person defaults, the other individual may become responsible for the entire mortgage. There are different types of mortgages available for those buying with a friend or partner, including Joint Tenants and Tenants in Common. These options offer varying levels of ownership and flexibility in terms of selling or giving away shares of the property.

Saving for a deposit with bad credit in Bristol

If you have bad credit, obtaining a mortgage in Bristol may still be possible, albeit with higher interest rates that may necessitate a larger deposit. In this case, it’s advisable to begin by improving your credit score. Here are some strategies to consider:

– Register on the Voter’s Roll: Being listed on the electoral roll demonstrates stability to lenders. Ensure that all information on the form is accurate, including your name and current address.

– Stay Within Your Credit Limit: Maxing out your credit card each month can negatively impact your credit score. It’s best to use a credit card and pay off the balance in full each month.

– Meet Payment Deadlines: Paying bills on time and in full showcases your responsibility as a borrower. Well-managed, older accounts can positively influence your credit score.

– Build a Credit History: Having a history of credit, such as car finances, credit cards, and bill payments, can help companies assess your creditworthiness.

– Close Unused Credit Accounts: Contact your credit card providers to close any unused accounts. While this may temporarily lower your credit score, it can prevent potential fraud.

– Separate Financial Ties: Being financially connected to a family member or ex-partner can sometimes have a negative impact on your credit score. Contact the credit reference agency to request the removal of such ties.

Our expert mortgage advisors in Bristol

We’re here to support you throughout your mortgage journey. We offer free mortgage appointments with our mortgage advisors in Bristol, which you can easily book through our website’s “Get Started” process.

During these appointments, our experts will provide the guidance you need to achieve your mortgage goals.

Remember, saving for a mortgage deposit may seem challenging, but with the right strategies and professional support, you can make your dream of owning a home in Bristol a reality.

Your Essential Mortgage Guide: Answering Your Top Questions in Bristol

Are you in search of valuable mortgage tips and guidance to help you on your homeownership journey? Within this article, our objective is to tackle your most pressing questions and offer invaluable insights to empower you in confidently navigating the world of mortgages.

Whether you find yourself as a first time buyer in Bristol or are considering a remortgage in Bristol, rest assured that we have your needs covered. Let’s work together to transform your homeownership aspirations into reality!

How much can I afford to borrow?

Evaluating your borrowing potential stands as a pivotal stage within the mortgage journey. Consider factors such as your income, outgoings, and existing financial obligations. You have the option to utilise online mortgage calculators for a preliminary approximation.

However, for a bespoke and precise evaluation, it is recommended that you speak with a specialised mortgage advisor in Bristol. They can craft an assessment that aligns with your individual financial circumstances.

Armed with this knowledge, you’ll be well-equipped to make informed choices, putting you on the track to securing your dream mortgage.

What are the current mortgage interest rates?

Maintaining a high level of awareness concerning interest rates is a fundamental aspect of making well-informed decisions.

To achieve this, it’s important to stay on top of financial news, read reliable websites, or seek the guidance of experienced mortgage advisors in Bristol. They can offer you real-time updates on interest rates, ensuring you remain current with market dynamics.

Your capacity to remain informed about prevailing market trends empowers you to make astute choices throughout your mortgage expedition.

For additional insights and regular updates on this subject, don’t forget to explore our YouTube channel, MoneymanTV, where we frequently share monthly market updates. Stay connected with the latest trends and knowledge to steer your mortgage journey in the right direction.

What types of mortgages are available?

Devoting time to explore various mortgage types is a prudent step on your homeownership journey. Among the options available are fixed-rate mortgages, adjustable-rate mortgages, and interest-only mortgages, each accompanied by its own unique features, advantages, and nuances.

To make a well-informed decision, it’s essential to embark on thorough research and consult with mortgage specialists.

By doing so, you can pinpoint the mortgage type that best aligns with your individual requirements and financial objectives, setting you on a path towards securing the ideal mortgage for your circumstances.

How can I improve my credit score?

Building a strong credit score is paramount when it comes to securing advantageous mortgage terms. This involves a commitment to punctual bill payments, maintaining a low credit utilisation ratio, and diligently reviewing your credit report for any inaccuracies or inconsistencies.

In the event that you face challenges related to your credit, there are reputable agencies that can offer valuable help and guidance, aiding you in enhancing your credit standing and positioning yourself for more favourable mortgage opportunities.

What documents are required for a mortgage application?

When it comes to standard documentation for mortgage applications, you can expect to provide evidence of your income, identification, bank statements, and a comprehensive employment history.

For a more customised list of necessary documents, tailored specifically to your individual circumstances, it’s advisable to engage with mortgage lenders or experienced mortgage advisors in Bristol.

They possess the expertise to walk you through the documentation requirements, ensuring a seamless and efficient mortgage application process.

Should I use a mortgage broker in Bristol or go directly to a mortgage lender?

Both options, using a mortgage broker in Bristol like us or directly approaching a mortgage lender, have their unique advantages.

Opting for a mortgage broker grants you access to a wide range of lenders, allowing for in-depth comparisons to secure the most favourable offers. On the other hand, approaching a mortgage lender directly can establish a direct relationship between you and the lender.

We recommend taking into account your personal preferences, conducting thorough research, and seeking recommendations to make an informed decision that aligns with your specific needs and objectives.

What are the associated costs and fees?

It’s important to keep a keen eye on expenses that go beyond the mortgage amount, including arrangement fees, valuation fees, legal fees, and potential early repayment charges.

To gain a comprehensive understanding of all the costs involved, carefully review fee schedules provided by mortgage lenders and consult with financial professionals who can provide expert guidance on these matters.

How can I save for a deposit?

Saving for a deposit requires discipline and meticulous planning. Begin by establishing a budget, identifying areas where you can trim unnecessary expense & investigate government schemes like Help to Buy in Bristol or Right to Buy in Bristol, each of which comes with its own set of eligibility criteria.

Furthermore, explore high-interest savings accounts or ISAs designed specifically for first time buyers in Bristol. These accounts can help expedite your savings process, bringing you closer to your homeownership goals.

What is the difference between a mortgage agreement in principle and a formal mortgage offer?

An agreement in principle serves as an initial estimate of the mortgage amount a lender may be willing to offer, typically based on fundamental information provided by the applicant.

In contrast, a formal mortgage offer represents a legally binding document in which the lender commits to providing the loan, subject to certain predefined conditions.

How long does the mortgage application process take?

The timeline for processing a mortgage application can be variable, with an average duration of several weeks to complete the entire process. Several factors come into play, including the type of property, your credit history, and how efficiently all required documents are submitted.

To enhance the efficiency of this process, it’s advisable to maintain close communication with your mortgage advisor and be prepared for potential delays that might arise.

Get Mortgage Ready!

Now armed with these important answers to your most pressing mortgage questions, you’re equipped to confidently set out on your mortgage journey.

Keep in mind the significance of consulting trustworthy mortgage advisors in Bristol, conducting comprehensive research, and maintaining a proactive approach every step of the way.

With these proactive measures, you’re poised to approach your homeownership aspirations with unwavering confidence, taking the necessary steps to transform them into a tangible reality!

Are Mortgage Rates Going Up?

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.

What are mortgage rates?

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.

How are mortgage rates determined?

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.

Mortgage Rates Affected by Inflation

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.

Fixed-Rate Mortgages vs Tracker Mortgages

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.

How long should I fix my mortgage for?

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.

Speak With a Qualified Mortgage Advisor in Bristol

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.

Reasons Your Mortgage Application in Bristol Has Been Declined

Failing a credit score

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.

Declined For a Mortgage On Affordability

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.

Outside of Lending Policy 

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.

The Pros & Cons Of Using A Mortgage Broker in Bristol

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.

What are the pros & cons of using a mortgage broker in Bristol?

Cost-Effectiveness

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.

Local Bank Branch Relationships

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.

Exclusive Mortgage Products

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.

Changes to Regulation & Consumer Protection

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.

Booking an Appointment with a Mortgage Advisor in Bristol

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.

Handling of Complex Scenarios

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.

In Conclusion; Should I use a mortgage broker in Bristol?

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.

Getting Prepared for a Mortgage in Bristol

First Time Buyers Getting Prepared 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.

Can I Have Two Mortgages in Bristol?

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.

Some of the reasons for wanting a Second Mortgage could be:

Second mortgage to raise money

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. 

Second mortgage to rent out existing home to purchase a new one

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.

Second mortgage to purchase a home for your children

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.

Second Mortgage for a Buy to Let

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.

Named on your existing mortgage and want to buy a new home?

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.

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 or book yourself in for a free mortgage appointment, 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.

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 Today

Now that you’ve learnt more about our service, it’s your job to get in touch. We are available 7 days a week. Book your free mortgage appointment today to speak to an experienced Mortgage Advisor in Bristol today.

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 in Bristol or moving home in Bristol, we recommend getting in touch now.

How Much Deposit Do I Need To Buy A House in Bristol?

The amount of deposit you need to buy a property entirely depends on your personal circumstances and what it is exactly what you are looking to achieve. Here we explore how much you may be required to save for, depending on those factors.

Why do I need a deposit anyway?

In previous years, 100% mortgages were readily available and some lenders were offering 125% loan to value mortgages. What this means is that if you were buying a property valued at £100,000 they would lend you up to £125,000. It’s no surprise with that method, that things went very wrong.

Lenders require you to put down a deposit simply to lower their lending risk. If they lend you 100% of the purchase price and you somehow fall into arrears, leaving them to take possession of the property, then it only takes a minor reduction in house prices for them to suffer a loss. Of course, this is something they would like to avoid.

There is also the thought some have that says if you haven’t invested some of yours or your family’s money into your home, then you might find it a bit too easy to “walk away” should the going get tough and you were finding it difficult to keep up your monthly repayments.

Also, if you are not yet able to save up say, 5% of the property purchase price yourself then it could be debated that you’re not yet prepared to get onto the property ladder.

Won’t the government pay the deposit for me?

No, but if you can find 5% of your own resources then you might find yourself qualifying for the government’s Help to Buy equity loan scheme. This only applies to new build properties. You put in 5% and the Government loans you up to 20% to make up the rest as a 25% deposit.

After 5 years you will need to see about paying the equity loan back possibly by way of a remortgage or from savings you have been able to save up during your mortgage term.

Is a 5% deposit enough?

Currently, yes 5% is enough in the majority of situations. Not all Lenders will accept only a 5% deposit though, so your options may be a little more limited. Normally you will need a reasonable credit score to qualify for a mortgage.

You may still find lenders out there that would consider you for a 95% mortgage with an average credit score but the rate of interest would be higher.

My credit history is poor – how much do I need to put down?

Most specialist lenders would prefer to put down at least 15% deposit if you have a considerably poor credit history. As mentioned in an aforementioned point, this is purely to reduce their risk in case a repossession occurs. It is much more difficult to obtain this type of mortgage than it was in the mid-2000s but it is still possible.

What about Buy to Let?

It’s always been necessary to put down a larger deposit for Buy to Lets and most lenders at the moment are looking for 25%.

Can I take out a loan for the deposit?

This may be possible in very few cases, but the vast majority of lenders won’t let you do this, as this would practically still be 100% lending and this isn’t something seen anymore.

Can someone gift me a deposit?

This is something that happens all the time! Usually, it’s “bank of Mum and Dad” (birth parents, adopted parents and legal guardians) gifting or other family members.

In some cases though, family friends can gift you money, so long as they can evidence the funds, prove who they are and confirm they are not expecting it to be paid back as a loan.

Are there any circumstances where I don’t need a deposit?

If you are purchasing as a sitting tenant at a discount from the open market value, from a family member or if you qualify for a discount under the Right to Buy scheme then you usually wouldn’t need to put any of your own money in as the equity is already “built-in” to the deal.

Please remember that the above information is for reference purposes only and is not to be seen as personal financial or mortgage advice.

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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