Do Gambling Transactions Look Bad on My Bank Statements in London?


When a mortgage lender asks to look at your bank statement, they will be looking for a variety of things. One of the main reasons for this is to confirm whether you are a responsible borrower who can manage your finances and maintain monthly mortgage repayments.

We regularly find ourselves being asked by mortgage applicants if gambling transactions look bad on their bank statements?

Mortgage Questions to Consider

What has it got to do with the lender whether I gamble or not? 

From splashing your cash on the Grand National once a year, to being a regular customer on internet betting websites, properly licensed gambling is not illegal. After all, there are many advertisements about gambling these days.

Gambling is seen by many as a hobby or pastime, though it’s also important to remember the tagline on all of those adverts, which is to gamble responsibly. This is key, ahead of applying for a mortgage.

Whilst it’s not up to a mortgage lender to tell you how to spend your money or that you should gamble responsibly, they themselves have a duty to lend responsibly and adhere to mortgage regulation.

If a mortgage lender needs to be careful who he lends to and prove to regulators that they are responsible, it is not too much to expect the same approach to an applicant and his finances.

Think about it from your own perspective; If you were going to lend money to someone, you would want to know that the person you are lending to is a trustworthy individual and adamant that they’ll pay you back.

Is it still possible to get a mortgage if I’ve got gambling transactions on my recent bank statements? 

As described at the beginning of this article, a mortgage lender cannot stop you from doing so because gambling is not illegal. Nor is it automatically guarantee that you are going to be declined, it can be possible to get a mortgage!

Where it can be difficult for applicants with gambling habits is that it is up to a mortgage lender to decide whether your transactions are reasonable and responsible or not.

Against this background, they will look at how often these transactions occur, how big these transactions are compared to the income of applicants, and the impact they have on your account balance.

If you only make smaller transactions on an infrequent basis, with minimal impact on your credit score, then a mortgage lender probably won’t bother them. On the contrary, larger, more frequent transactions are likely to be considered irresponsible and you could be rejected.

Is there anything else lenders wouldn’t want to see on my bank statements?

As we have looked at, a mortgage lender will be looking to see how you manage your finances in order to determine whether or not you can be a reliable borrower.

It is important to remember that mortgage lenders are financial institutions that tend to sell current accounts, overdraft options, credit cards, personal loans and more, so things like this will also play a role in your mortgage application.

The key for a mortgage applicant is how well you can manage these facilities. For example, having an overdraft and occasionally using it isn’t necessarily bad, though going over repeatedly will go against you.

They will also look for any missed payments on any personal loans you have and any undisclosed loans you have. You might be keeping up your payments, but failing to mention a regular outgoing won’t look great.

Finally, a mortgage lender may well consider how much of the month is spent overdrawn. Do you immediately go to credit on payday and spend the rest of the month struggling? How lasting is a mortgage for you? 

What can I do to improve things?

The simple answer to this is just to be sensible and plan ahead if you can. Generally, a mortgage lender wants to see the last 3 months bank statements, to show your income and regular outgoings.

As such, if you are looking to apply for a mortgage in the future, you should be careful in advance. Take a break from gambling and showcase your bank account in the best light.

Your mortgage broker in London can help you during your mortgage process, as there may be mortgage lenders willing to take fewer bank statements.

The simple answer to this is just to be sensible and plan ahead if you can. Generally, a mortgage lender wants to see the last 3 months bank statements, to show your income and regular outgoings.

As such, if you are looking to apply for a mortgage in the future, you should be careful in advance. Take a break from gambling and showcase your bank account in the best light.

Your mortgage broker in London can help you during your mortgage process, as there may be mortgage lenders willing to take fewer bank statements.

Having said that, it is always important to be as careful as possible before applying for a mortgage because even lenders who are initially willing to accept less still reserve the right to request more if necessary.

Always ensure that you gamble responsibly! There is a warning for your financial and mental well-being.

Speak to a Mortgage Broker in London

If you are new to the mortgage world as a first time buyer in London applying for a mortgage, it is always recommended that you speak with a specialist mortgage advisor.

We are experienced in helping customers to obtain mortgages with bad credit, so even if your credit history doesn’t look great, there may still be options for you!

What is a Property Survey in London?

Property Survey Mortgage Advice in London

Once you have made an offer on a property in London, the next step of your mortgage process involves selecting a property survey. This is something that your mortgage advisor in London will help you with.

A property survey is carried out to determine the true value of a property. This can give the lender an idea of whether you have overpaid for the property. Depending on which type of property survey you choose, the survey may also highlight any damages in and outside the property and its overall condition.

What happens if I am paying more than the property’s worth?

If you have had your property survey carried out and it turns out that you are paying more than what the property is worth, your lender may down-value your final mortgage offer. This means that they reduce their initial mortgage offer (in your agreement in principle) to match the value that they think the property is worth according to the property survey.

In most cases, we recommend that you go back to your seller to try to renegotiate your offer, presenting them with your property survey. Hopefully, they will lower their asking price.

In some cases, they may want the full asking price, despite the property survey results. If this happens, you may need to make up the remaining total if you still want the property. If you cannot make up this amount, unfortunately, you may lose out on the property.

If you are a first time buyer in London and need further help with property surveys and understanding how they work, feel free to get in touch with our mortgage advisors in London, they will be more than happy to help!

Different types of property survey

Before you select a property survey, you will need to know the difference between each one and how different properties may require a different type.

The three main types of property surveys include:

Mortgage Valuation

A Mortgage Valuation is the most basic property survey, that will likely be carried out on all properties at the minimum. This survey will look at the true cost of the property and compare it to the offer that you have placed on the property and the mortgage you’re looking to take out.

This property survey is used for a mortgage valuation only, and will unfortunately not highlight any repairs that are needed on the property. During the survey, you may become aware of obvious defects, however, underlying issues and faults may not be brought to your attention. This is why sometimes getting a higher level of property survey can benefit you more.

Homebuyers Report

A Homebuyers Report looks at structural safety and will highlight issues that need immediate attention. For example, if there is dampness existing within the property, it will be detailed within your Homebuyers Report. You will be given this report by an independent property expert.

To make sure that you are not two different property surveys, it is worth asking whether the mortgage company’s surveyor can carry out this report for you. It is also worth noting that a Homebuyers’ Report may take a few hours to complete.

Full Structural Survey

This type of property survey features everything to do with a property. It included everything a Mortgage Valuation and a Homebuyers Report does, however, provides much more detail and insight into the property.

Depending on the type of property that you are looking to take out a mortgage on, a Full Structural Survey can take up to a day to complete.

As a mortgage broker in London, we would recommend that if you are looking at buying an older property, you should take out a Full Structural Survey on the property before buying it. Older properties tend to cost more to repair, therefore, you would want to know about these costs prior to purchasing the property and discovering the repairs needed further down the line.

Property survey advice London

If you are a first time buyer in London or moving home in London, we are here to help you select the right property survey for you and the property you are looking to buy.

We want to make sure that you make the right decision so that you know everything about the property before buying. In some cases, this could help you save money!

We are looking forward to hearing from you and helping you with your mortgage in London.

What is a Mortgage Illustration?

Mortgage Illustration London

During the first few stages of the mortgage process, following your free mortgage appointment, your mortgage advisor in London will give you a mortgage illustration. When you receive a mortgage illustration document, this means that your advisor has found a product that they think is perfect for your personal and financial situation.

So, what is a mortgage illustration? In simple terms, a mortgage illustration is a document that outlines every detail of a mortgage product. When you receive a recommendation from your mortgage advisor in London, this document will include everything you need to know about this product.

As a mortgage broker in London, it is our job to help you find the perfect mortgage product. To find that product and present you with a mortgage illustration, you have to follow these steps first.

1. Book your free mortgage appointment online and provide your mortgage advisor in London with some of your details so that they can find the best deal for you.

2. Following your appointment, your advisor will begin searching 1000s of mortgage products in order to find one that matches your personal and financial situation.

3. Once they find a product for you, they will present their recommendation with a mortgage illustration outlining the deal.

4. If you are happy with the product and want to continue with us, we can begin preparing your mortgage application.

We aim to make this process as simple and as straightforward as possible. Especially if you are a first time buyer in London, you want the process to be stress-free and easy-going, just like us! That is what we are here to help with.

For a quick explanation of “what is a mortgage illustration”, watch Malcolm from MoneymanTV give his answer below. For videos just like this, check out our channel and subscribe for more videos!

What is included in a mortgage illustration?

Once you have received your mortgage recommendation, you will want to know all about the product and what it has to offer. Take a look at your corresponding mortgage illustration and you find the majority of these:

Main details

Your mortgage illustration will hold information on your fixed contract length, which lender you would be taking out the product with and sometimes your valuation fees.

Costs of taking out a product

In most cases, you will be charged a product fee – a fee for taking out a mortgage product. If you do not have to pay a product fee, this will be outlined in your mortgage illustration.

Monthly repayments & interest rates

Your monthly mortgage repayments along with the total mortgage amount will be included in your mortgage illustration. Your interest rate will also be included along with the fixed term length.

Legal fees

Solicitor and legal fees are also included. As a mortgage broker in London, we will talk you through these when going through your mortgage illustration with you.

Valuation fees

Most properties, especially older ones, will need a property survey before you can purchase them. Valuations are a way for the lender to determine whether the property is worth what you’re paying for it or now. Some surveys/valuations can be more expensive than others.

Do I have to agree to a mortgage recommendation?

No, you do not have to continue with us and take your recommendation. However, it is recommended for a reason as your mortgage advisor in London has found one that perfectly matches your personal and financial situation.

If you choose to go elsewhere and find your own deal, unfortunately, you will not be able to take the deal with you.

Does a mortgage illustration guarantee me a mortgage?

Though we would love to say yes that it can, however it can’t. We can never guarantee any applicant a mortgage.

A mortgage illustration comes after your free mortgage appointment, therefore, you have not provided any documents to support income, source of deposit and affordability yet. You will need to show that you can afford to take out this product before continuing.

Is a mortgage illustration the same as an agreement in principle?

An agreement in principle (also known as an AIP) shows that a lender will let you borrow for them, given that you can back up your income, affordability etc. You will receive one of these following your free mortgage appointment to back up any offers you want to make on a property.

An AIP is not the same as a mortgage illustration. Remember that a mortgage illustration is a document outlining a mortgage product and an agreement in principle is a document saying whether or not a lender pre-approves your application.

Speaking to a mortgage broker in London

As a mortgage broker in London, it is our job to help you find the most appropriate mortgage product based on your personal and financial situation. Whether you are a first time buyer in London or moving home in London, we are sure that you will find our service more than beneficial.

Remember that you will receive a mortgage illustration upon completion of a free mortgage appointment in London. This is simple and easy to book online. Answer a few questions so we can get to know you, then choose your preferred date and time and that’s it!

Why Choose us as your First Time Buyer Mortgage Advisor in London?

First Time Buyer Mortgage Advice in London

Over our past 11 years of working within the mortgage industry, we have helped thousands of First Time Buyers in London secure excellent mortgage deals. It could be you next!

As your Mortgage Broker in London, we will search through 1000’s of First Time Buyer mortgage deals for you until we find one that’s perfect for you. We will take both your financial and personal situation into account when trying to find you a mortgage, this way the deal will benefit you in both ways.

Due to a highly competitive market, First Time Buyers often struggle to secure competitive mortgage deals. However, this could also be down to not knowing where to look. As a Mortgage Broker in London, we have access to a panel of 38 different lenders each with their own unique deals that we can search through for you.

There are lots of different types of mortgages available on the market and sometimes the choice can be overwhelming. We hate seeing struggling First Time Buyers stressing about their mortgage and struggling to find a deal, and that’s exactly why we want to offer a helping hand.

We consider all situations at Londonmoneyman and we will try to get over any mortgage hurdles that we are faced with.

Common First Time Buyer Mortgage Scenarios

After working with thousands of First Time Buyers in London, we came across a lot of similar mortgage situations:

Bumped into any mortgage hurdles so far?

We have also encountered a lot of similar mortgage problems when starting the First Time Buyer mortgage process. Usually, the applicant has been turned away from their bank and we are faced with the same reason to why you were turned away. However, we aren’t letting it get in the way, a Mortgage Advisor in London will try their best to overcome these hurdles. Here are a few:

If this is your situation, it is important that you don’t keep applying to different lenders. This is because each time you get declined, a negative print is being left on your credit file. If you get declined too much, you could potentially lose all chances of getting a mortgage altogether.

Reasons to choose us as your Mortgage Broker in London

The Costs of Buying a Home in London

Home Buying Costs Mortgage Advice in London

It goes without saying that it can be costly to buy a new home. There are various costs that can add up, as well as different options every step of the way that you can choose from.

If you’re a first time buyer in London who is looking for mortgage advice in London, you’ve come to the right place, as this piece will explain many of the costs typically associated with buying a new home.

Estate Agency Fees

Only those that are selling a property are required to pay an estate agent. It should be noted that these fees can vary drastically between different estate agents. Often, these fees can be negotiated, particularly when there is a lack of properties available for sale.

Survey Fees

The cost of surveys can vary depending on requirements, however, your mortgage advisor will be able to recommend the most suitable option for you.

Mortgage lenders will inform you of the value of the property you are considering buying. This enables you to determine whether it is worth the cost. This can cost upwards of £300, or may even be offered for free by your lender.

It is also possible to request a more detailed Home Buyer’s Report, which often costs in excess of £1000 for the most in-depth surveys.

Mortgage Arrangement Fees

As a guide, mortgages with low-interest rates are typically those with the highest fees. Mortgage arrangement fees can vary between being free, or even costing upwards of £3000.

Mortgage advisors in London are in the best position to explain the most cost-effective products that align with your requirements, working out the total amount to pay throughout the product term, including fees.

It is usually possible to add arrangement fees to the mortgage. In this case, it will prevent a costly one-off payment; however, there will be interest on the fees, which end up costing significantly more over the mortgage term.

Solicitors’ Fees

It is essential to have a solicitor take care of the legal aspects of buying your home. Your solicitor needs to be on ‘panel’ for the lenders you require, so make sure your choice facilitates this. Your mortgage advisor in London will be able to guide you throughout this process.

It’s also important to make sure that the quotes you consider for solicitors’ fees include local searches and VAT, preventing any unexpected costs from arising.

Stamp Duty

Stamp duty is a tax that is paid to the Government for some property purchases. This is paid to the solicitor upon completion, as they will pay the government for you.

For more information, visit: https://www.gov.uk/stamp-duty-land-tax/

Mortgage Broker Fees

When searching for a mortgage broker in London, it’s important to understand the applicable fees.

The majority of mortgage brokers in London charge fees, with the sum of money owed often being linked to the amount the lender pays the broker for carrying out work on their behalf. Many brokers only charge fees when they successfully get a formal mortgage offer for you.

Reviews are a great way to see other peoples’ experiences with a mortgage broker in London, which can help you to make your decision. As an example, if you find a mortgage broker in London with great reviews, this can give you confidence when choosing to work with them.

Removal Fees

While some people choose to hire a van and move their own furniture and belongings into the new home, removal companies can take the stress out of this process.

While it does cost to have a removal company take care of this on your behalf, they can speed up moving and enable you to focus on other things, making your move more enjoyable!

Summary

This piece should have given you plenty of useful information, helping you to understand the basics of mortgage advice in London and setting you on the path to getting started.

Getting Prepared for a Mortgage in London

First Time Buyer Mortgage Advice in London

So you’ve done great thus far and saved a majority of your deposit, now what’s next? It’s time to get prepared for a mortgage! Below is a list of some helpful advice for first time buyers in London, in order to help you be prepared for a mortgage ahead of time.

How to get prepared

Up-to-date credit report

Once of the most important things that you should do first, is make sure you get an up-to-date credit report. This is key, even before you get in touch with a mortgage broker in London. It’s always smart to ensure you have paid off any outstanding payments you have, even if you’re holding off for matters of principle – Whether it’s your responsibility or not doesn’t factor into your credit report, and if it is unpaid, it will go against you. Ensuring these are paid off will increase your chance of obtaining a mortgage!

It’s handy to to make sure you’re on the voters roll, as it would seem that also has a positive effect on your credit score. Closing down old credit cards helps too, so make sure you do that. Your dedicated Mortgage Advisor in London will be able to run through your credit report in the early stages, providing expert advice on the different ways you can make sure you have a great credit score!

Proof of identification

Once you kickstart the home buying process, you’ll be asked to provide some photograph ID. Our customers usually provide things like a driving license or passport.

Your driving license can be used for your address too, though this is limited to be used for one of the options. What this means is if you’re using it for photo ID, you’ll need something else to assist with proof of address and vice versa. Any non-UK nationals now residing in the UK will need to show us a copy of their Visa as well to be able to proceed.

Proof of address

As mentioned, you’ll also need some documents that can prove where you live. The standard option for these is a utility bill or original bank statement that is dated within the last 3 months. Alternatively, like we said in the proof of ID section, you are able to use a passport or driving license for proof of address, but it can’t be used for ID as well if you do this.

Last 3 months’ bank statements

Your bank statements should document your income and regular spending habits. It’s preferable that you don’t get too carried away leading up to this with things like gambling, no matter how innocent, as the lender may hold them against you. The same goes for going past overdraft limits and letting direct debits bounce. You must make sure you’re prepared.

The majority of lenders will ask to see your bank statements, as it gives them confidence that you take your finances seriously. The bank statements usually needed will showcase income coming in and bills going out.

Evidence of deposit

As a First-Time Buyer in London, you will have to prove you have a saved deposit and document where this came from, for the purpose of anti-money laundering. It’s always best practice to limit moving money from account to account, as it makes evidencing the audit trail trickier. Lenders prefer to see your savings building up over time, so you’ll also have to prove and explain the appearance of any large deposits, say if you’ve sold a car recently.

In recent times, we often see that deposits are gifted by family members and is the most popular way forward for First-Time Buyers in London. These need to be evidenced also, with the “donor” being required to sign a letter confirming you do not need to pay this back.

Proof of income

When it comes to something like affordability, the most important thing is proof of income. Usually you will be required to show the last 3 months of payslips if you’re employed, with some lenders needing to see your most recent P60. Lenders may also take into account regular overtime, shift allowance, bonuses and any commission you make. If you have more than one employer (maybe you have a part-time job or are self-employed), lenders will also accept the earnings from each of those.

Nowadays, many applicants are self-employed and in need of expert Mortgage Advice in London. Self Employed applicants in London will need the help of an accountants to request their last 2-3 years’ proof of earnings from the Revenue. Our trusted Mortgage Advisors in London are able to talk you through what to download from the Government Gateway if you happen to control your own accounts

Budget planner

It’s always worth doing your homework and taking the time to write down an estimate of what your outgoings might be after you move to your new home. This helps put into perspective how much your council tax and utility bills will be, plus regular expenditures like food, drink and travel. It’s also able to show how much disposable income you’ll have free to use as payment towards your mortgage. Our team can send you our version of a budget planner before we go forward with our appointment, which will hopefully be able to help with this.

Getting prepared For a Mortgage in London

As you can see from all of the above, getting prepared for a mortgage is not always the easiest, but is far from impossible! If you put in the hard work from the start, staying patient and being careful, it hopefully won’t be too long, before things start working in your favour.

Need a Mortgage Agreement in Principle in London?

What is an Agreement in Principle | MoneymanTV

An Agreement in Principle (also known as an AIP or Decision in Principle) is where you pass a Lender credit score to qualify for a mortgage.

By obtaining an Agreement in Principle, you prove that you are ready to support any offers you make as a first time buyer in London. It may also aid in negotiating a lower price if you have one of these as it shows the seller you are serious and have the means to continue with the process. 

Will obtaining an Agreement in Principle affect Credit Score? 

The more frequently seen methods of credit scoring are via soft searches, rather than a hard search. These may still affect your credit score, though usually a hard search will be more likely to do this than a soft search.

The reason for this, is that a hard credit search leaves a credit footprint, whereas a soft search does not. Regardless, you can rest assured that whichever is used by the lender, is done with the best intentions.

Should I avoid hard credit checks? 

Having your credit checked via a hard search every so often should not make too much difference. It becomes an issue if you take too many of these within a small amount of time.

On the flip side, if you know you have a good credit score and it’s the best path to take with a lender, this should not be a problem.

Is an Agreement in Principle a guarantee that I will get the Mortgage? 

Whilst the prospect of this would be nice, there are no guarantees that having an Agreement in Principle will allow you to get a mortgage. The Lender will still require seeing all your documents and only then will an Underwriter make very final decision.

Often we find that customers contact us after they have been declined at application stage, due to missing some small print in their Agreement in Principle. You will need to provide ID to prove that your identity, payslips to prove your income and bank statements to prove you are smart with money, before a lender will offer your case.

Can I make an offer without an Agreement in Principle? 

Though you are able to make an offer without an Agreement in Principle, we would not suggest doing so. Any credible Estate Agent will want you to prove you can definitely go forward.

How long does it take to get an Agreement in Principle? 

It is possible to obtain an Agreement in Principle within 24 hours of getting in touch with an experienced mortgage advisor in London.

How long does an Agreement in Principle Last For?

Typically,an Agreement in Principle will expire after 30-90 days. The good news is that this doesn’t mean you should just apply for the first house you find. If your Agreement in Principle expires, it’s not a difficult task obtaining another ahead of making an offer.

Finding a mortgage only to be declined a mortgage can cause understandable disappointment. With this in mind, we recommend getting an Agreement in Principle as early as possible.

Should I Use My Estate Agent’s In-House Mortgage Advisor?

Estate Agent Mortgage Advice in London

When you start your mortgage process, if you choose to use a large estate agent, they will want you to use their in-branch Mortgage Advisor and their recommended conveyancers.

You don’t have to use their in-house advisor however, in fact you can still get the same or better deals from somewhere else! Unfortunately, first time buyers are often the ones that get caught out and end up coaxed into using their internal services.

Searching for an external Mortgage Advisor in London could be the best path for you to take. An estate agent’s advisor will be biased, only encouraging you to see their side as they just want you to stay on with them.

A dedicated mortgage broker in London will be able to give you more perspective and see different sides. If you do your research and still end up back with your in-house advisor, that’s fair enough, though you should always remember that you have other options out there.

Our view consists of both transparency and efficiency, as we want to provide the best possible experience and the best advice for your personal and financial situation, whilst still delivering a fast yet friendly service.

Sales tactics of estate agents

If you end up choosing to use your estate agent’s in-house mortgage advisor and conveyancer, you need to think about where the cost of their service is coming from. Maybe they are charging you for their services without asking you and adding it to other fees, so that you don’t notice. Taking the route of a trusted mortgage broker in London will eliminate these concerns, as you know exactly what you are paying for. Your dedicated advisor will break each cost down for you and answer any questions of uncertainty you have with what’s going on.

Even though it is an illegal tactic, if you have opted not to take the estate agents in-house mortgage advice, they may refuse to put your offer forward on a property. For example, you could be using a broker and they may push another offer to completion over yours, purely on the basis that you aren’t using their services. Once again, these situations are illegal.

Estate agents may get even craftier and try to charge you with extortionate in-house conveyancing fees. Even with a straightforward purchase, they could try and charge you with fees upwards of £1,500. If you encounter anything like this during a purchase, you have all rights to ask them where they have got these prices from and for them to provide a full breakdown of everything.

An experienced mortgage broker in London only has your best interests at heart, and all of this can be avoided by going to one over an estate agent for mortgage advice.

How can I get a Mortgage in London?

Finding the right Mortgage Advisor

Choosing the right Mortgage Advisor can be hard; but is there a way to make it easier?

Sometimes your case will be specific and might require specialist care and attention. An estate agents in-house advisors don’t care about this and just want to make money off you. When you get in touch with a mortgage broker in London, you can be matched up with a specific advisor who has experience in that field.

For example, we have specialist buy-to-let mortgage experts who can be called upon if a buy-to-let enquiry is presented to them. Once you’ve had a free mortgage consultation and an agreement in principle (usually turned around in 24 hours or less), you could be linked with your perfect advisor and get a head start on your mortgage process..

We have years of experience providing mortgage advice in London and have been helping struggling customer take that leap into the mortgage market for over 15 years now as a company. You can find out more about our excellent mortgage advice service by looking at our fantastic customer reviews.

Getting behind the wheel to start your own mortgage journey

If you would rather “go it alone”, you should know that it’s perfectly okay to do so. The majority of things you need can now be done online! Along with the use of price comparison websites, you may be able to find yourself the most appropriate deal.

The benefit of doing things online is that you have the chance to save money on additional fees. As long as you are confident in what you are doing and know what you are looking for, you could complete the process very quickly.

One thing to note though is shopping around and comparing online may be a little harder than you think. You will need to make sure that you’ve found the most appropriate fit before agreeing to anything. Here are some things you should be wary of when choosing to find a deal by yourself:

Should I use my Bank or a Mortgage Broker?

Using your bank’s Mortgage Advisor

It isn’t difficult to make an appointment with your bank’s Mortgage Advisor, however, it may not be the right choice for you to make. If you do choose this route, here are a few things you should keep an eye out for:

Using a Mortgage Broker in London

Working alongside a mortgage broker that is not associated with the estate agent ensures you have someone working purely on your behalf as an inexperienced first time buyer in London. This also ensures there’s no conflict of interest risks.

Everything will be kept between you and your designated Mortgage Advisor in London. We have no external ties to any building societies, banks or estate agents. When we work, it’s solely for you and only you. Whilst we have lenders on panel, they’re purely there for the deals they offer, allowing us to find the most appropriate case for your case.

Our team have your best interests at heart. Managing Director Malcolm Davidson is here to explain the pros & cons of using a dedicated mortgage broker:

Why Should I Use A Mortgage Broker? | MoneymanTV

Get Mortgage Ready in London

Mortgage Preparation Advice in London

So you want to begin your mortgage journey, but do you know what you need to get ready for a mortgage application? Do you know how to make an offer on a property and what what you need to make one?

With these questions in mind and the competitive nature of the property market, perhaps it’s time to get mortgage ready!

Getting “mortgage ready”

Being prepared and ready for a mortgage could put you ahead of many other home buyers in London. If you have everything place and set to go, you will look confident and reliable, which a lender will like.

Get your documents ready

Whether you choose to go directly to a lender, through a Mortgage Broker in London like us or an online switch, you will always need certain documents to evidence who you are and how you are going to pay for a mortgage. Here are the documents that you will need for your mortgage application, you can either watch our helpful YouTube video for a detailed overview or read our list below:

Mortgage agreement in principle

A mortgage agreement in principle is certificate or statement from a lender to confirm that you can borrow from them for a mortgage. You will need one of these in order to make an offer on a property and in some cases you will also need one to take property viewings.

If you choose to come to your Mortgage Broker in London, once you have provided us with your details for your mortgage application, we can arrange a mortgage agreement in principle. We aim to turn around a mortgage agreement in principle for you within 24 hours of your application.

Feeling unprepared?

If you are feeling a little unprepared and want some help from an expert Mortgage Advisor in London, you should consider getting in touch with us. We have years of valuable mortgage experience and we know exactly what you need for a great mortgage application!

Whether you’re looking for First Time Buyer Mortgage Advice in London, Remortgage Advice in London, or something completely different, just know that we are here to help. Get mortgage ready and gain that special home buyer’s confidence with Londonmoneyman.

Top 5 Mortgage Hurdles We Find That People Encounter

Hurdles Based We’ve Seen As a Mortgage Advisor in London

Every now and again, we come across various mortgage hurdles. They’re not completely impossible to work around, but can often prolong the process. Below we have compiled a list of the top 5 hurdles we’ve come across in our time as a mortgage broker in London.

Childcare Fees

Through our experience of providing first time buyer mortgage advice in London, we’ve found that families are not normally turned down for a mortgage because of childcare fees. That being said, it is extremely common for a lower mortgage amount to be offered.

This becomes more apparent when parents have gone back to work and are paying out for childcare costs, as sometimes these can cost hundreds of pounds per month. These costs are considered by lenders as regular outgoings, the same as they would treat something like car repayments.

Even if there are no nursery fees to pay, parents on lower-income still generally get offered less than those who do not have children. The good news though is that the amount that families using this service can often be in receipt of tax credits and some lenders will also take these into account as well as child benefit.

There are lenders out there that have their own unique approach and don’t treat the nursery costs as a specific outgoing, opting to rely more upon Office of National statistics data for typical outgoings. This as you may expect, can often lead to a higher maximum mortgage amount.

Divorce/Separation

It’s always a shame when a partnership ends, but often it’s for the better. Where it can cause problems, however, is when you have made joint financial commitments. Trying to fix that side of things does not always run as smoothly as you maybe would like.

Here are the three main questions we get asked regularly;

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

More often than not, there are ways around these and is somewhere we may be able to help, providing that you have enough income available and also are young enough for the mortgage payments to be affordable. 

Benefit Income

All lenders have their own views on benefit income and how much of it can be assessed.  You may be pleased to find that all benefit income such as child tax credit, working tax credits, disability benefits, pension income can be taken into account in some form, when it comes to a mortgage. This is where the help of an experienced mortgage advisor in London can prove invaluable, helping you throughout the process.

New Job

Usually with a new job comes a bigger salary and the extra income to put towards a mortgage. Any gaps in employment and a new job can cause some problems for various mortgage lenders. 

There are lenders who will work from a newly signed employment contract though, even if you’ve only just started or are soon to start a new job. They’re also usually okay with probationary periods.

Evidencing The Deposit For a Mortgage in London

For any purchase, all mortgage lenders require you to prove your deposit, as a means of showing you can in fact proceed. This is to satisfy UK Anti-Money Laundering Legislation. Your solicitor and estate agent may ask you to provide evidence of your deposit also.

We believe, that evidencing your deposit can often be the most complicated part of applying for a mortgage. Whether your deposit is from savings, premium bonds, the sale of another property, gifted from a family member or friend, from overseas family, or is from a personal loan, you are required to show exactly where your funds came from before you can go forward with a mortgage.

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

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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.

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