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As a dedicated mortgage broker in Bristol, our job is to support you through your mortgage process from beginning to end, making it a stress-free and easy-going experience. We aim to find you the most suitable mortgage product tailored to your specific financial and personal circumstances.
We feel the customer should know exactly how our service works and what different order parts of the process come in. So, to give you an insight into our process and how it works, we have put together a handy guide that we think you will find helpful.
First of all, once you have contact and speak to one of our responsive teams 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.
During your free consultation with your dedicated advisor, they will ask you a few more questions. This will give them a closer look into your mortgage needs. From here on out, this advisor will help you find the ideal mortgage deal for you!
If they manage to find you a great deal that benefits both your personal and financial situation and you’re happy to take it up, we are ready to continue to step 3.
This step continues right after your consultation. Your advisor will arrange a mortgage agreement in principle (AIP) for you within 24-hours of your consultation.
Having an agreement in principle in place early on in the process is crucial. It shows a seller that a lender is willing to let you borrow from them. Of course, this can provide evidential documents to back up your income and credit score.
During this part of the process, if you haven’t already found a home to make an offer on. You can start hunting for houses with your agreement in principle to back up any offers.
After your agreement in principle is in place, we’ll begin collecting evidential documents from you to back up your mortgage application. This will include things like payslips, bank statements, photographic ID. These documents and the amount that you need to supply do vary if you are a self-employed applicant.
As soon as everything looks good on our end, we can move to the mortgage application submission stage!
We will only submit your mortgage application if we know that you’ll pass your lender’s credit scoring criteria; we don’t want it to be declined. Once your application is with your potential lender, it’s just a waiting game now. During this time, we’ll be regularly informing you on the progress of your mortgage application.
As soon as we get the green light, we will be in touch straight away to give you the confirmation that you’ve had your mortgage application accepted. Congratulations, you’re now on the road to moving into your new home!
At Bristolmoneyman, we want you to have the most straightforward mortgage process possible and come out with a great mortgage deal. However, we also deal with complex cases, so if you are struggling to get a mortgage through the traditional mortgage route, our service is in place to offer help when needed.
Our mortgage advisors in Bristol have been helping customers overcome complex cases for over 20 years now. We have had customers in the past who been turned away from their bank, and we’ve still been able to get them a mortgage offer. We love a good challenge, and our team would love to help anyone struggling with a complicated mortgage situation.
Now that you’ve learnt more about our service, it’s your job to get in touch. We are available 7 days a week. 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.
Saving for a mortgage deposit can be challenging. We recommend all first time buyer in Bristol save as much as possible to put yourself in the best position. For example, if you’ve seen a house in Bristol on the market for £300,000, the minimum you will need is 5% of the property’s value for the deposit, which amounts to £15,000. Here’s how it works and some ways that can help you save:
A mortgage deposit is the amount of money you pay upfront towards the purchase of a home, with the remainder being covered by your mortgage.
Deposits can come from various sources, such as your savings, a gift from family, an inheritance, or the proceeds from selling your current property if you’re moving home in Bristol.
The minimum deposit required for a mortgage is 5%, which would be a 95% mortgage. Depending on your circumstances and the property you are buying, you may need a higher deposit (e.g. 10% mortgage deposit, and a 90% mortgage).
Loan to Value (LTV) is a key metric used to measure the ratio of the loan amount to the value or purchase price of a property, whichever is lower. Expressed as a percentage, LTV helps lenders assess the risk associated with the mortgage.
For example, if you’re buying a property in Bristol for £300,000 with a £15,000 deposit, your deposit covers 5% of the property price. The remaining 95% will be financed through a mortgage, resulting in a 95% LTV mortgage.
Useful schemes you may be able to use include the shared ownership scheme, the right to buy and any government backed schemes.
There are also options such as guarantor mortgages, gifted deposit mortgage options and buying at a discounted rate from a family member or landlord to help first time buyers in Bristol.
A gifted deposit involves a family member or close friend providing the whole or part of funds needed for a deposit on a property purchase. Mortgage lenders will want an explanation of where the money is coming from.
A gifted deposit letter will contain a full list of key details and declarations that prove the overall intention and source of funds are legitimate.
For a more in-depth discussion regarding gifted deposit mortgages, it is advisable to speak with a mortgage broker in Bristol. We can help ensure that all parties involved fully understand their responsibilities and obligations related to gifted deposits.
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%.
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 from the discount can be used as your deposit.
A 95% mortgage is as simple as the name would suggest; you are borrowing against 95% of the price of a property, and then you are covering the remaining 5% with your deposit. An example of this is if you looked at buying a property that was worth £150,000 with a 95% mortgage, you would be putting down £7,500 as your deposit and borrow the remaining £142,500 from the lender.
Off the back of the March 2021 Budget, Boris Johnson announced a Mortgage Guarantee Scheme for mortgage lenders, making 95% mortgages more readily available from the bigger high street banks.
This is fantastic news for First-Time Buyers and Home Movers alike, as this scheme will continue running until December 2022. Certain terms and conditions will apply though, which is something your Mortgage Advisor in Bristol will be able to look at, to see if you qualify.
All our customers who opt to get in touch will receive a free, no-obligation mortgage consultation where one of our dedicated mortgage advisors will be able to make a recommendation on the best possible route for you to take.
95% mortgages are usually accessible by both first time buyers in Bristol & those who are moving home in Bristol. Whilst saving for a 5% deposit sounds like a pretty straightforward concept, you’ll still need to have an acceptable credit score and prove that you are able to afford your monthly mortgage repayments, in order to access a 95% mortgage.
A good credit score is essential in the process of obtaining any mortgage, especially a 95% mortgage. Things like paying any current credit commitments on time, ensuring your addresses are updated and checking that you’re on the voters roll, can all help with your credit score.
Affordability is another one that is important to take note of. By giving the lender details of your income and monthly outgoings (things like your bank statements will be necessary for this) and any pre-existing credit commitments, your lender will be able to get a general overview of whether or not you are able to afford this type of mortgage.
Nowadays we see lots of family members helping each other get onto the property ladder, especially parents looking to further their children’s lives. The way this usually happens is by gifting the person looking to find their home, the deposit required. Known through the industry as the “Bank of Mum & Dad, Gifted Deposits are only intended to be a gift, and not as a loan. The lender will need proof that this has been agreed, before it can be used towards your mortgage.
When looking for a 95% mortgage, you want to make sure you have the right type of mortgage. Each mortgage type works differently, with that choice allowing you to find one that is most appropriate for your personal and financial situation.
Some homeowners and home buyers prefer Fixed Rate or Tracker Mortgages, mortgage types which mean you either keep interest rates at a set amount for the term given or have your interest rates tracking the Bank of England base rates.
Alternatively, you might find that Interest-Only or a Repayment Mortgages are more your style. Interest-Only allows cheaper payments until you need to pay a lump sum at the end (mostly now used for Buy-to-Lets), whereas a Repayment mortgage (a normal mortgage if you’d like) means you’ll be paying interest and capital combined per month.
Seeing as a mortgage is such a large financial outgoing, you need to be prepared and need to be aware. You might find things like higher interest rates, remortgaging difficulties due to less equity and then negative equity all cropping up if you’re not.
There is no need to worry though, as all these can be avoided if you’re savvy enough with your process to begin with. The more deposit you put down for a property, the less risk the lender will see you as.
A larger deposit, of say 10-15%, would not only reduce the rates of interest by a noticeable amount, but would also give the property more equity and reduce the risk of negative equity, thanks in part to you borrowing less against the property.
So, whilst the risks may seem intimidating, planning ahead and saving for a bigger deposit to access something like a 90% or even an 85% mortgage will be a massive help in your mortgage journey and something you’ll be able to reap the rewards from in the future.
In some cases, a practical way to get on the property ladder as a first time buyer in Bristol or home mover in Bristol could be buying a home with a friend or partner. The deposit can be raised quicker and bigger than it would be from a single income, also the costs will be shared. It’s important to remember that if one defaults, the other could be responsible for the full mortgage. Therefore, here are some points to look out for from our mortgage broker in Bristol.
The maximum amount of people that can jointly co-own a property is four. When you jointly co-own a property, you have a legal right to stay in your home unless a court rules otherwise. Furthermore, if a person would like to sell or take out extra borrowing against the property this is something all owners will have to consent to. Unless a court order state otherwise.
Civil partnerships or married couples usually prefer joint tenancies. In a case where one of the joint tenants dies, then the property immediately is passed to the other owner. The law sees joint tenants as one unit which means you can’t remortgage or sell the property without the agreement of the other owner.
Relatives or friends who are buying together tend to go for tenants. You may jointly own the property but you do not have to own equal shares. Therefore, you can act individually meaning that you have the right to sell or give away your share of the property. There is a way you can mortgage your share of the property, but it would be difficult to find a lender that will lend in these circumstances.
All borrowers are jointly and severally liable, which is something a mortgage lender will highlight to you. If a situation occurs where one of you stops paying your share of the mortgage, then the other(s) will make up the shortfall and pay the full amount.
Buying a mortgage is a big financial commitment, therefore, you should commit to this with the intention of not splitting up in the future. In the circumstance that this does happen, you would have to make changes to the mortgage which can be a difficult situation.
In the case that children are involved in the situation, one person will be occupying the home, however, there might be a point where the person would want to take over the mortgage in their own right and therefore will need Mortgage Advice in Bristol.
Regardless if one of the parties in the joint mortgage is paying the mortgage without any help from their ex, the application was still processed in joint names. Therefore, in the event of mortgage arrears, both parties are accountable even if only one person is trying to upkeep payments.
The lenders will have to be confident that the applicant remaining can keep up the payments on their own from then before removing a party from a mortgage. To determine this, the lender will need to carry out a full assessment of income even if you have been consistent with your mortgage payments in the past.
It’s common in these situations that the individual who steps in to replace the ex-partner is usually a family member or a new partner. When it comes to this change, a Mortgage Advisor can help you go through this process.
In the case of a separation or divorce, it’s key that you know that all parties remain responsible for any joint financial commitments. If a person leaves the family home, this still applies as well as if an agreement is made between both parties that one person will be responsible for all the payments.
If you are looking to purchase a new property in the future, the mortgage payments on the previous property will be accounted for. That’s why it’s important that a person gets Mortgage Advice in Bristol prior to making an offer. Many lenders are more generous when it comes to the amount they will lend in comparison to others. Our Mortgage Advisors in Bristol will take this into consideration when recommending the most appropriate lender to apply for a Mortgage Agreement in Principle with.
It’s very important that you plan your mortgage journey in advance. There are various steps to take before jumping into offers and full mortgage applications to put you ahead of other first time buyers in Bristol.
One of these that should be at the top of your list is getting a mortgage agreement in principle, before searching for properties. Sometimes your plans might not go to plan. Unfortunately, even the most meticulous planners have a challenging process.
Some of these include poor credit, banks not lending enough, or even couples separating mid-process. The latter is not something that people can always prepare for, and it can cause you to take out a mortgage as a sole applicant, with very little time to plan again.
As mentioned earlier, planning is important because you can often find that your mortgage process will face many different obstacles. Having worked in the industry for over 20 years we have encountered many mortgage scenarios.
Below are some common problems we have found customers encounter:
By preparing yourself in enough time for all eventualities, you can potentially avoid as many of them as possible, ensuring a much smoother service. There are some inevitable cases, that’s where a mortgage broker in Bristol can often lend a helping hand.
Saving for a deposit can be quite difficult for some, especially when you try to make sure you achieve all your mortgage goals. This is even more so for first time buyers in Bristol who are renting and trying to save for their deposit simultaneously.
To get on the property ladder, you usually need at least 5% deposit, although this may be higher depending on circumstances. The question is, while this seems small, that can actually be a large amount of money, depending on the property price. You generally will not know the exact amount until you find a property.
Sometimes, when you have trouble making up for this percentage, you can get financial support from your family or friends through a gifted deposit in Bristol. Also, you might be able to use one of the various Help to Buy Schemes in Bristol.
These are usually popular with many first time buyers in Bristol to get them onto the property ladder. There could be a mortgage scheme out there that is perfect for you and your circumstances.
Credit scores are a major factor in your mortgage application. If your credit score is in poor condition, you will be less likely to get a mortgage, perhaps even not being able to get one with decent interest rates and repayments, depending on how low it is and your situation.
Obviously, it all depends on why your score is so low. Having bad credit due to something like a CCJ or bankruptcy will reduce your chances greatly, with the length of time that has since passed being a factor in this too.
Check My File is a fantastic website we would recommend you use if you are wanting insight into your credit score. This allows you to get a copy of your credit report that our team can view completely free of charge.
Try it FREE for 30 days, then £14.99 a month – cancel online anytime.
When it comes to applying for a mortgage, it is important to look at how well you manage your finances. This is because mortgage lenders will conduct a thorough analysis of these, checking your bank statement, income and outgoings.
Gambling transactions are something that they will be searching for. Large and frequent expenses can make you look unreliable with your money and have a significant impact on your chances of getting a mortgage. We recommend holding back for a couple of months, to paint yourself in the best light.
If you find yourself lucky to get a gifted deposit for your mortgage. We also suggest that the gifter keeps the money in his account so that you don’t have big bank transfers that would otherwise look suspicious to a mortgage lender.
If you are self employed in Bristol, you may find that your process will be different, then an employed applicant. This is because you will need to provide different evidence.
The evidence you need to provide as a self employed applicant includes your review of the tax year and the last 2/3 years of accounts, to name a few. This depends on the mortgage lender you are going with, but more evidence may be required.
Through your mortgage journey, you may find a range of hurdles that could limit the quickness of your process or even stop it. Preparing for them in advance can put you in the best position if they happen.
A mortgage broker in Bristol like us will work hard to help you overcome these hurdles. We are here to support you 7 days a week, from early until late. Book online and benefit from expert mortgage advice in Bristol, today.
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.
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%:
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.
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.
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.
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
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.
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.
Self-Employment is always on the rise, which brings a surge in self employed mortgages in Bristol. There are now more opportunities than ever to work from work, start a business, and more. As an expert Mortgage Broker in Bristol, we rarely see people planning to stay with their first employer from their first year through to retirement. They want to change their jobs to improve their personal development and financial situation.
There are lots of opportunities for the self employed and freelancers within the many sectors available. We can thank the world for becoming more interconnected. We are constantly learning, which opens more and more opportunities for the self employed within these industries.
It used to be difficult for Self-Employed applicants to obtain a mortgage. Additionally, with Self Employment now becoming a lot more common and a lot more opportunity opening up in the market, lenders have become more relaxed and lenient with self-employed applicants. The process of applying for a mortgage as a Self Employed applicant is now a lot easier than in previous years.
To get you prepared for your mortgage, we have compiled a small collection of helpful mortgage guides to support anyone from Self-Employed mortgage applicants to those considering Moving Home in Bristol. In any case, if you are a First Time Buyer in Bristol, we are sure that you will find the assistance of a dedicated mortgage Advisor in Bristol beneficial.
The minimum you will need to obtain a mortgage is one year’s accounts. If you go with a specialist self-employed lender, you will find that they often work off a single year, whereas high street lenders tend to be a little stricter and will want two year’s accounts from you.
Unfortunately, statistics show that most new attempts at running a business end up being unsuccessful, and this is why lenders always need you to evidence your track record to prove you are reliable and stay open for business.
Most lenders will look at the average of your last two years’ worth of income. Although your business has grown over the past year, and the lenders can see that you will be able to afford a mortgage and run your company, they will go off the latest year and ignore anything that has happened previously.
If you are a director of your own limited company, you are technically an employee of your own business. However, lenders will not view it this way and will only assess you as an employee if you own less than 25% of company shares. Lenders often add the dividend you have drawn to your annual salary as a way to work out your earnings for the year. The amount you can borrow for your mortgage will get based on many of these particular figure.
You will find that some lenders will work from your net profit from time to time rather than your salary/dividend. It works in favour of company directors who like keeping their drawings low.
As a committed Mortgage Broker in Bristol, this is a question that we find ourselves getting asked frequently. During the meeting you have with your accountant each year, you will discuss how to minimise your tax liability. It works the other way when it comes to taking out a mortgage as a Self-Employed Mortgage applicant, where the more income you have declared, the bigger the mortgage you may find yourself able to obtain.
Whether it’s a Self-Employed Mortgage or not, a minimum of a 5% deposit is still required. It’s the same as employees. If you only have one year’s accounts, you might find it more beneficial to put down a bit more deposit than what you initially would’ve to increase your chances of succeeding. See our article to find out more on how much you need for a deposit in Bristol?
When it comes to looking at mortgage options for contractors, there are lots available. Nowadays, it’s a more common occurrence to find people working from short-term contracts. If you can evidence that your company has a good track record, your lender can consider taking your ‘daily rate’ rather than going by your net profit. It will be beneficial to contractors significantly, as lenders will consider treating you as if it’s more likely to work in your favour doing so. They’ll treat your case as self-employed instead.
Lenders will need you to provide information on how long your current contract is left, as this can influence their decision. They need to be confident that your income will continue as it is to get an accurate indication of whether or not you will be able to afford your mortgage. Even when you’re on your very first contract, it may still be possible to obtain a mortgage, though this all depends on your specific circumstances.
It is no longer possible to get a self-cert mortgage. These got heavily abused and caused significant problems for both the mortgage market and the economy. There are zero plans for these to make a return in the future.
We know that trying to get a mortgage as a sole trader, partner, or company director can be a tricky process, primarily down to evidence of your income. Whilst it can be much easier for an employed applicant, know that you have the same chance of getting a mortgage as anyone else with a similar income and credit score.
Depending on the lender you take out a mortgage with, some may have stricter criteria than the standard lender. Just another reason why approaching a trustworthy Mortgage Broker in Bristol could be genuinely beneficial to you and your goals.
We may be able to give you a realistic expectation from the start, guiding you through the self-employed mortgage process and providing support even beyond. Our reliable and determined mortgage advisors in Bristol can search through thousands of mortgage deals on your behalf.
Every customer has access to a free initial Mortgage Consultation, so make sure that you get in touch with one of our Mortgage Advisors in Bristol today. We will talk you through the most appropriate route for you to take based on your self-employment history.
The first time Buyer process in Bristol can be stressful for many who are new to buying homes, but it does not have to be that way. To help you make the most of any future house viewing you undertake, we have compiled a list of nine questions to ask when buying a house as a first time buyer in Bristol or as a home mover in Bristol.
For expert mortgage advice in Bristol on the process or to get the ball rolling on a mortgage of your own, book your free mortgage appointment today to talk to a mortgage advisor in Bristol.
If you can find out roughly how many people have viewed or enquired about the house in question, you will be able to more accurately gauge how much ’thinking’ time you have before you need to make a final decision. You must be ready to act quickly, especially if the property is popular among viewers, as someone could easily take it from under your nose and leave you looking for another property again.
A “Property Chain” is where, for example, the property you’re in line to purchase cannot be sold until the person living in it has moved into a property they like, and so on. Sometimes there can be a large group of people waiting on another person in front of them to move so that their process can be underway. Whether the property you want to buy is part of a “chain” will have a massive impact on the process.
If there is no onward chain, it is most likely that you will be able to move quicker than those who are in one, especially if you are not contributing to that chain. If you do not need to sell your property before moving, you’ll have more leverage as a home buyer. This is because you won’t be holding up the process of someone buying a home. Make sure you use it to your advantage during all negotiations with a seller.
If you buy a used property, unlike a new build, then you may find that the previous owner leaves behind various items or furniture. We often hear about things like white goods (such as kitchen and bathroom appliances) or even garden sheds.
This can be fantastic news for home buyers who are happy to cut out the middleman and take what’s already there, but if you don’t want it, you’ll have to consider disposing of them yourself. On the other hand, if you buy a new building property, you can buy optional extras that will be ready for you once you have moved into the property.
When you move to an area you are particularly unfamiliar with, it is worth asking what neighbors are like, as neighbors can sometimes make or break your experience of living in your home. If you choose to move to a new home development site, you and your neighbors will be the ones who create the community.
It is important to do your research and ask the right questions because the cost of running a property may vary from house to house. Make sure you take the time to find out how much the Council Tax is, along with the average amount required to spend on utilities.
This can be achieved by asking the seller or doing your own online research. Finding this information can help you understand your property budget before making an offer.
If you like to relax in the garden on summer nights or read books in natural light, the direction facing the house can be a huge factor in where you live. However, in some areas, you will often pay a higher price for a south-facing garden, as they receive the most sunlight throughout the day during summer.
Again, this can affect your budget for a place. Therefore, some useful things to ask about are:
Negotiation on a property price is a common part of the process when buying a home, people do this all the time. Therefore, find out how to approach making an offer, especially if you are nervous about doing such, trusted Mortgage Broker in Bristol like us will be able to help you prepare for this. Then, if you’d like to buy the home, you’re ready.
We also recommend that it is worth talking to the seller or real estate agent to determine which offers are considered too low or too high. Find out if recent offers have been made and rejected on this property.
By setting a date in your calendar, you can plan your other jobs, such as instructing a transfer lawyer, packing your belongings in your current home, then arranging and moving a removal van.
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:
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.
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Bristolmoneyman.com & Bristolmoneyman are trading styles of UK Moneyman Limited, which is authorised and regulated by the Financial Conduct Authority.
UK Moneyman Limited is Registered in England, No. 6789312 | Registered Address: 10 Consort Court, Hull, HU9 1PU.
Authorised and Regulated by the Financial Conduct Authority.
We are entered on the Financial Services Register No. 627742 at www.register.fca.org.uk
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Bristolmoneyman.com & Bristolmoneyman are trading styles of UK Moneyman Limited, which is authorised and regulated by the Financial Conduct Authority.
UK Moneyman Limited is Registered in England, No. 6789312 | Registered Address: 10 Consort Court, Hull, HU9 1PU.
Authorised and Regulated by the Financial Conduct Authority.
We are entered on the Financial Services Register No. 627742 at www.register.fca.org.uk
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