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Can I Get a Mortgage in London With an IVA?

What is an IVA?

An Individual Voluntary Agreement (IVA) operates as a legally binding arrangement between somebody who is struggling with heir debts and the creditor that they owe their debt to.

The primary aim of an IVA is to establish a well-organised structure for you to pay back your debts on a monthly basis, typically spanning over a period of roughly 5 years, with the goal to help you get your debts under control.

An Insolvency Practitioner plays a very vital role as a representative of you in this situation, engaging with creditors to guarantee the timely and consistent fulfilment of your outstanding payment commitments.

Can I get a mortgage in London with an IVA?

While having an IVA (Individual Voluntary Arrangement) can present challenges when seeking a mortgage, it is not an insurmountable hurdle. In such situations, we strongly recommend consulting with a mortgage broker in London to explore available options.

Engaging with a professional is essential, primarily due to the terms and conditions outlined in your IVA agreement. Committing to an IVA involves various agreements that can impact your eligibility for loans, including mortgages.

These terms typically remain in effect until you have successfully repaid all outstanding debts. Seeking guidance from a mortgage broker becomes key to navigate complexities and explore viable solutions tailored to your circumstances.

Is an IVA right for me?

Affordability is the primary consideration in an IVA. Creditors require assurance that you can sustain your repayments while maintaining sufficient disposable income to cover housing and other essential living expenses.

How does an IVA affect my mortgage application?

Considering an IVA often implies a history of significant credit challenges, and obtaining a mortgage in London with an IVA might pose difficulties. Mortgage lenders are typically cautious about lending to individuals deemed high-risk due to past credit issues.

Alongside assessing your credit history, lenders scrutinise your disposable income. With an IVA, a substantial portion of your income is likely allocated for debt repayment.

Combining this with potential mortgage payments may raise concerns about having enough remaining income for essential living expenses. People who are looking at moving home in London may want to consider waiting to make any decisions.

As a strategic approach, we recommend reducing a significant portion of your debt before exploring mortgage options.

Can I get a mortgage in London after an IVA?

After settling your IVA, it’s advisable to assess your current financial situation thoroughly before diving into the mortgage process. Rebuilding your credit score, accumulating a deposit, and carefully planning your move into a new home are important steps.

Affordability remains a priority in the home-buying process, and confirming your financial means for a mortgage is essential.

Our team of specialist mortgage advisors in London is ready to help evaluate your mortgage affordability, explore suitable options, and tailor a solution that aligns with your unique personal and financial circumstances.

Feel free to connect with a mortgage advisor in London for a free consultation online or via phone.

Can I Buy a Home With a Small Deposit in London?

The era of 100% and even 125% mortgages feels like a distant memory. With the credit crunch now in the past, lenders have regained confidence and are once again willing to offer 95% mortgages to first time buyers in London.

Demonstrating a consistent ability to save each month is a reasonable expectation. It not only provides a sense of financial discipline but also assures lenders that you have a stake in the process, indicating a commitment to meet your mortgage obligations even in challenging times.

We understand that saving for a deposit can be a daunting task for many individuals, often serving as a significant hurdle for those aiming to enter the property market. This challenge becomes especially pronounced for individuals with families or those currently residing in rented accommodation.

Is it better to invest more than a 5% deposit for a mortgage?

A larger deposit typically translates to a lower interest rate, making it a more cost-effective and advantageous choice in the long run. This is primarily because a substantial deposit signals reliability to lenders.

Different bands in interest rates exist, influenced by factors such as the size of your deposit.
The percentage of your mortgage relative to the property’s value provides lenders with insights into your commitment.

Higher deposits lead to lower interest rates, ensuring a more secure and satisfying home purchase experience in the long term.

Can I take out a personal loan for the deposit?

In certain limited scenarios, successfully achieving a mortgage with a smaller deposit is possible. The lender may consider the monthly payment as an additional credit commitment, allowing for a reduced mortgage amount.

However, this approach is generally met with resistance from most lenders, as it essentially involves borrowing 100% of the purchase price.

Do Lenders accept gifted deposits for a Mortgage?

Many lenders accept gifted deposits, including those from family members and friends. The sender of the gift needs to confirm that it is indeed a gift, not a loan, and must provide identification and proof of funds for anti-money laundering purposes.

Some individuals turn to the “Bank of Mum and Dad,” where parents gift funds to their children as a contribution towards the deposit.

Evidencing the Deposit

Bank statements play an important role in evidencing funds for anti-money laundering purposes. Lenders prefer a clear picture of how the money has been accumulated, offering genuine insights into your financial situation.

Documentation supporting significant deposits, such as receipts from asset sales, ensures transparency and strengthens your financial credibility. Large cash deposits may pose challenges, but a well-documented audit trail can simplify the application process.

Buying as a Sitting Tenant/Buying from a Family Member

Generally, genuine discounted purchases, such as acquiring a property below its market value, can be accepted by some lenders as the guaranteed deposit.

For example, if a property is worth £100,000 and is offered at a discounted price, like £90,000, certain lenders may recognise this as a valid deposit.

This is particularly relevant for individuals eligible for Right to Buy Schemes from local authorities or other social landlords, where our mortgage advisors in London can help in finding suitable Right to Buy mortgages in London.

Buying a Property With a Partner or Friend in London?

Buying a Property with Others in London

Taking the initial step onto the property ladder can be an intimidating process, particularly for those planning to purchase a property individually.

To address this, we often hear from first time buyers in London considering the option of buying a property with a friend or partner. This approach allows the consideration of both incomes when determining the maximum mortgage amount, increasing the likelihood of mortgage approval.

However, it’s important to bear in mind that if one party defaults, the other may become fully responsible for the entire mortgage. As your trusted mortgage broker in London, we offer valuable insights on factors to consider when entering a property arrangement with another individual:

Should I Buy a House With a Friend or Partner? | MoneymanTV

How many people can jointly own a property?

Some lenders permit up to four individuals to jointly co-own a property. However, it’s essential to exercise caution in selecting co-owners, as a higher number increases the likelihood of someone withdrawing from the arrangement.

Additionally, if you decide to increase your mortgage later, unanimous agreement from all borrowers is necessary. Therefore, considering your future plans and the duration of your stay in the property is key.

Joint tenancy or tenancy in common – what’s the difference?

Joint tenancies are typically preferred by civil partners or married couples, where the property automatically transfers to the surviving owner in the event of one’s death. Joint tenancy aligns both owners as a single entity in legal terms.

This arrangement is common among married couples, ensuring smooth ownership transfer in unfortunate circumstances. However, for relatives or friends who jointly purchase, ‘tenants in common’ may be an alternative.

In this scenario, both parties equally own the property, but they aren’t obliged to hold equal shares. This allows for individual actions, such as selling or transferring one’s share.

Joint Mortgages & Removing Names

What happens if you have a joint mortgage, but the other parties stop meeting the mortgage payments?

Mortgage lenders assert that all borrowers are jointly and severally liable. If one party fails to contribute their share of the mortgage, the others are obligated to cover the shortfall and pay the full amount.

How do I remove my ex-husband/wife from my mortgage?

Despite the intent not to split up in the future, unforeseen circumstances may arise, necessitating changes to the mortgage. When children are involved, the remaining party may wish to take over the mortgage independently.

Efficient remortgage advice in London becomes important in such cases. The lender will need to confirm the remaining applicant’s ability to afford the mortgage independently, even if past payments were made without assistance.

In situations involving a change in ownership, a mortgage advisor in London can guide through the process.

How do I remove my name from my ex-partner’s mortgage?

In the event of separation or divorce, all parties remain responsible for joint financial commitments, including the mortgage on the family home.

Even if an agreement is made for one party to make all payments, lenders consider the mortgage on the previous property when assessing eligibility for a new mortgage. Seeking mortgage advice in London before making an offer is essential in these instances, as lenders vary in their lending policies.

Our mortgage broker in London considers these nuances when recommending suitable lenders for mortgage agreement applications.

What Does a Mortgage Broker in London Do?

Why use a mortgage broker in London?

A mortgage broker in London’s job is to help you through your entire mortgage journey, from start to finish. They will not only help you find a mortgage product tailored to your personal and financial situation, they will try to find you a deal that saves you time and money.

What do we do?

Finding the Perfect Mortgage

As a mortgage broker in London, we are able to search through 1000s of mortgages on your behalf to find you the perfect mortgage for your property. Via our large panel of lenders, we are able to access both high street and specialist mortgage products and deals.

If you were to go to a bank, they would only be able to access their own in-house products. There are many different options out there and you may be able to save money by exploring your other options. We can even access specialist categories such as buy to let mortgages in London or mortgages for those using a government scheme.

Appointments That Work Around You

We offer free flexible mortgage appointments, allowing you to speak with a mortgage advisor in London 7 days a week. Our appointment slots go from early in the morning to later at night, meaning that you can pick a slot that works around you and your busy working and personal schedule.

You can now book your free mortgage appointment online too -we’ve made it simple and easy! Alternatively, if you would prefer to book your appointment over the phone, that’s fine too!

Preparing Your Mortgage Application in London

During your free mortgage appointment, your mortgage advisor in London will perform an affordability assessment on you to work out how much you are able to borrow and what deals you are able to access. Once we find the perfect deal for your circumstances, and you are happy to continue with us and the mortgage deal, we can begin to prepare your mortgage application.

We will help you prepare the required evidential documents to support your income and affordability. Our team will be right by your side throughout and will answer any questions that you have. Once we send off your mortgage application, we will keep you updated on the progress of your application. As soon as we hear back from the lender we will be in touch straight away to give you the good news!

Get Your Agreement in Principle in Less Than 24 Hours!

Our mortgage advisors in London are able to sort an agreement in principle within 24 hours of your free mortgage appointment! You will need an AIP during the build-up towards your mortgage application to support any offers that you make on a property.

AIPs usually last between 30-90 days; if yours expires, just get back in touch with our team at Londonmoneyman and we can renew it straight away for you.

Customer for Life

When it comes to the point of your remortgage in London, we will be back in touch to make sure that you are still on the best rate available for your individual circumstances.

We will reassess your mortgage situation and look at your options with you, making sure that you make an informed decision that benefits you and your finances.

Getting Mortgage Advice in London

If you have any questions whatsoever, give our team a call and we will be able to pass you on to a mortgage advisor in London who will be able to give you tailored advice based on your individual situation.

Getting mortgage advice in London should be at the top of your list when it comes to buying a property, especially if you are a first time buyer in London. It is always worth taking advantage of our free mortgage appointment and getting an idea of what your options are.

Tips to Improve Your Credit Score in London

For many first time buyers in London and home movers in London, credit scoring can feel like an unfair way for mortgage lenders to assess their applications. On the other hand, mortgage lenders view credit scoring as a cost-effective and consistent method to minimise their risk.

If you find yourself concerned about the credit scoring system when applying for a mortgage, there’s no need to worry. The good news is that there are numerous mortgage lenders out there, each with their own unique scoring systems and criteria.

To ease your worries and improve your chances of being accepted, it’s a wise move to obtain a copy of your credit report when applying for a mortgage.

By sending an up-to-date copy of your credit report to your mortgage advisor in London upfront, you can give them a clearer picture of your financial standing and increase the likelihood of a successful application.

Keep in mind that having a copy of your credit report will also enable your mortgage advisor in London to identify any potential issues or areas that may need improvement, allowing you to address them before applying for a mortgage.

This proactive approach will not only boost your chances of approval but also provide you with more confidence and peace of mind during the entire mortgage process.

Remember, every mortgage lender has its own set of criteria, so don’t be discouraged if one lender rejects your application. Your mortgage advisor in London will work with you to find the best fit among the various options available in the market.

Obtaining a Copy of Your Credit Report in London

When checking your credit report for mortgage purposes, there are several credit reference agencies available, including Experian and Equifax. We highly recommend using CheckMyFile as it offers a comprehensive overview based on information from multiple credit agencies.

By opting for CheckMyFile, you can access a 30-day free trial, which allows you to review your credit report without any cost during this period. And the best part is, you can cancel the trial at any time if you choose to do so.

This way, you can make an informed decision about your creditworthiness and ensure your mortgage application stands on solid ground.

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Tips to Improve Your Credit Score

Improving your credit score is crucial when applying for a mortgage, and there are several steps you can take to boost your creditworthiness. First and foremost, be cautious when using price comparison websites, as they can generate credit searches that may negatively impact your score.

To avoid any potential red flags for mortgage lenders, it’s best to refrain from applying for other forms of credit in the immediate future.

One way to positively impact your credit score is by being on the electoral register. Ensuring your name and address are accurate and up-to-date can help boost your score. Mistakes in addresses can give the impression that you live in multiple places simultaneously, potentially affecting your creditworthiness.

Additionally, managing your credit card usage wisely can significantly impact your credit score. Maxing out your credit card every month can lead to a reduction in your score, so it’s advisable to use it responsibly and pay the balance in full each month.

While closing down store or credit card accounts you no longer use may cause a short-term dip in your score, it can be beneficial in the long run and reduce your vulnerability to fraud.

Furthermore, financial connections to family members, friends, or ex-partners can affect your credit score, especially if their credit history is poor. If you no longer have active financial associations with these individuals, you can request that credit reference agencies remove these links.

When seeking mortgage advice in London, providing our trusted and experienced mortgage advisors in London with comprehensive information about your finances will enable them to offer the best possible guidance and support throughout the mortgage application process.

With their expertise and your improved credit score, you’ll be well-positioned to secure the ideal mortgage for your needs and financial situation.

How Long Does a Mortgage in Principle Last in London?

A mortgage in principle, known more commonly as an agreement in principle (AIP), is a helpful tool to estimate how much you could borrow before formally applying for a mortgage.

It usually involves a soft credit check, so your credit score is unlikely to be affected, and you are under no obligation to proceed.

At Londonmoneyman, we can usually obtain an AIP for our customers within 24 hours of their initial mortgage appointment. The AIP typically lasts for 30-90 days, but if it expires, we can help you renew it.

How do I get a mortgage agreement in principle?

To obtain a mortgage agreement in principle, you can either contact a mortgage lender directly or seek the help of a trusted mortgage broker in London, like us. You can book a free mortgage appointment with our expert mortgage advisors in London by getting in touch today.

During the appointment, you will need to provide details about your income, employment, credit history, and other personal information to assess your eligibility for a mortgage and get an estimate of your borrowing capacity.

Our team can usually obtain your AIP within 24 hours of the initial appointment.

agreement in principle

When should I get an agreement in principle?

Prior to beginning your property search, it is recommended to obtain a mortgage agreement in principle to estimate how much you can borrow, which will prevent you from looking at properties that are out of your budget range.

Furthermore, having an agreement in principle can give you a competitive edge when making an offer on a property, as sellers and estate agents may consider you as a serious buyer.

An agreement in principle is not a guarantee of obtaining a mortgage, but it is a useful aid during the home buying process.

What information does a mortgage lender look at when you apply for an agreement in principle?

To obtain an agreement in principle, a mortgage advisor in London will require personal information from you to forward to the mortgage lender.

This includes your personal details such as your name, date of birth, and current address, as well as your employment status and income details.

Mortgage lenders will also need to know about your regular outgoings, credit history, and affordability, to determine your eligibility for a mortgage. It is important to note that further documentation, such as bank statements or proof of income, may be required before a final decision is made.

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

An agreement in principle (AIP) is a document that shows how much a mortgage lender may lend you, based on the information you’ve provided. Do remember though, it does not guarantee that you’ll receive a mortgage offer, nor does it mean there is any legal obligation for you to proceed.

On the other hand, a mortgage offer is a formal offer from a mortgage lender that confirms their willingness to lend to you after conducting credit and affordability checks. This is one of the final stages in the mortgage process.

If you accept the mortgage offer, it becomes a legally binding document that sets out the terms and conditions of your mortgage, including the interest rate, the term of the mortgage, and any associated fees and charges.

To get to this stage, you will need to provide the mortgage lender (through your mortgage broker in London, if you choose to use one) with more detailed information and undergo a full credit check. Additionally, the mortgage lender will require a valuation of the property you intend to purchase.

Once you receive your mortgage offer, you can proceed with the property purchase, subject to meeting any conditions specified in the offer.

In summary, an agreement in principle provides an estimate of how much you can borrow, while a mortgage offer is a legally binding agreement between you and the mortgage lender that sets out the specific terms and conditions of your mortgage.

Will having an agreement in principle taken out affect my credit score?

Typically, obtaining an agreement in principle for a mortgage will not have a significant impact on your credit score. This is because most mortgage lenders only conduct a soft credit check during the AIP process, which does not leave a visible mark on your credit report.

It’s important to be aware that some mortgage lenders may perform a hard credit check as part of the AIP process, which can leave a visible record on your credit report. If you apply for multiple AIPs with different mortgage lenders in a short period of time, this could potentially impact your credit score.

It’s important to keep in mind that a mortgage application itself will usually involve a hard credit check, which can also affect your credit score.

Therefore, it’s generally advised that you limit the number of mortgage applications you make and only apply for an agreement in principle when you are serious about purchasing a property.


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What is the benefit of having an agreement in principle?

Obtaining an agreement in principle for a mortgage can provide several benefits for you when it comes to the home buying process.

Firstly, it allows you to determine the amount you can realistically borrow, helping you focus your property search within your price range. This can save you time and prevent the disappointment of finding a property that you cannot afford.

Secondly, having an AIP can give you an advantage over other buyers. Sellers may be more inclined to accept an offer from someone who already has an agreement in principle, as it demonstrates that they are a serious buyer actively seeking a mortgage.

Finally, an AIP can help expedite the mortgage application process once you have found a property you wish to purchase. Since the mortgage lender has already assessed your financial situation and eligibility, they may be able to process your application more quickly and efficiently.

Overall, obtaining an agreement in principle can be a valuable tool for anyone looking to buy a property, as it provides clarity on how much you can borrow, increases your chances of being accepted as a buyer, and can streamline the mortgage application process.

How much does a mortgage agreement in principle cost?

Getting an agreement in principle for a mortgage is usually free. It’s just a document that specifies the amount a mortgage lender is willing to lend you based on the information you’ve given them. You are not obliged to make any financial commitment with an agreement in principle.

What happens if I get rejected for an agreement in principle?

If you are declined for a mortgage agreement in principle, it indicates that the mortgage lender has determined that you do not qualify for the amount of mortgage you have requested. There may be various reasons why this has occurred.

It is crucial to identify the cause of the rejection. You may need to reassess your financial situation or credit history, or you may need to provide additional information to the mortgage lender.

In some cases, it may be necessary to look for a different mortgage lender who is willing to lend close to, if not the full amount that you are seeking. Keep in mind that being refused an AIP does not automatically imply that you will be denied a full mortgage application.

When you submit a complete application, the mortgage lender will examine your financial situation and credit history more closely, and they may offer you a different amount or a different type of mortgage.

Moreover, applying for multiple agreement in principle with different lenders can have a negative impact on your credit score. As a result, it is important to conduct research ahead of time.

Having a mortgage broker in London can help you in locating the right mortgage lender, hopefully on your first attempt.

Get a Mortgage Agreement in Principle

If you are considering first time buyer mortgages in London or home mover mortgages in London, it is advisable to speak with a mortgage broker in London to obtain your agreement in principle, before making any offers on a property.

Our team can typically secure an AIP for you within 24 hours of your initial mortgage appointment, providing you with valuable information as you progress through the mortgage process.

Book in for a free mortgage appointment today and we’ll work to obtain your agreement in principle as soon as possible, as you embark on your mortgage journey with the support of a trusted mortgage broker in London.

Get Your AIP First Time Buyer FAQs

Can I Get a Mortgage with a CCJ in London?

Bad Credit Mortgage Advice in London

Can I get a Mortgage with a CCJ? | MoneymanTV

What is a CCJ?

A CCJ is a County Court Judgement, which is a court order that you will be issued if you fail to back money that you owe. A CCJ can look very back on your credit file and can often impact your ability to get a mortgage.

If you have a CCJ attached to your name and were hoping to take out a mortgage, you should seek specialist mortgage advice in London. We recommend this so that you get the chance to speak with a professional who will be able to find out whether it is still possible for you to get a mortgage or not.

As a mortgage broker in London, we can take a look at your situation and work out what is the best option for you. Our mortgage advisors in London are specialised in complex situations like this, we can take a look at a variety of factors before looking at whether you can get a mortgage or not. These factors may impact your ability to get a mortgage:

How do you get a County Court Judgement (CCJ)?

You will receive a CCJ if you fail to pay back money that you owe. It doesn’t matter how much you owe or have already paid off, if there was a deadline that you missed, it’s likely that you will be faced with a CCJ. Unfortunately, even if it is only a small amount you have not paid off, you can still receive a CCJ.

If you receive a CCJ, you will get a 30-day period to pay it off (satisfied CCJ). See this as a final warning; if you manage to get it paid off within this timeframe the CCJ may be removed from your credit file, however, if you fail to meet this deadline, the CCJ will remain on your file for a total of 6 years (unsatisfied CCJ).

A CCJ can leave a very bad mark on your credit score, so we would advise that you try and pay it off within this period.

Can I still get a mortgage with a CCJ?

In some cases, yes it is still possible to get a mortgage with a CCJ in your name. With the help of an expert mortgage broker in London, you might just be able to get over that completion line.

If you managed to get the CCJ stripped from your records by paying off the money that you owe within the 30-day window, your chances of getting a mortgage will have increased. If you failed to meet the payment deadline, your chances may have been lowered.

Generally, often depending on the size of the CCJ and how much is left to pay off, the longer that you have the CCJ, the less of an effect it will have on your ability to get a mortgage. For example, if you have just been issued a CCJ, it will be very hard to get accepted for a mortgage, whereas, if you were issued with a CCJ 4 years ago, you’ve managed to pay off what you owe and you have been keeping on top of your finances, it’s more likely that you’ll be able to get a mortgage in London.

If you consider the lender’s point of view, they would be lending to someone who could not meet a previous credit commitment. A mortgage is one of the biggest financial commitments that you will ever make, so they are just being wary and making sure that you can actually afford to take a mortgage in London out.

As a mortgage broker in London, we are able to access specialist mortgage lenders that hold deals available to applicants with CCJs. To speak with a specialist mortgage advisor in London and find out whether or not you are able to access these types of mortgage products, get in touch with our team at Londonmoneyman today.

Can I dispute a CCJ?

If you receive a CCJ that was wrongly issued, with sufficient evidence, you may be able to remove your CCJ from your records.

Reopening the case can cost you however, so you need to make sure that you have enough evidence to prove that it was wrongfully issued. If you manage to get it removed, then it will massively benefit your credit file and your chances of being able to get a mortgage. The CCJ will be completely removed from your credit history and your name.

To appeal your CCJ, you’ll need to complete an N244 form and send it to the court.

Does the date of my CCJ make much of a difference?

Your unsatisfied CCJ will eventually be removed from your file after 6 years have passed since the date that it was issued. As mentioned before, the longer that a CCJ has been in your name, the more likely it may be for you to be able to get a mortgage in London. You must know that this also means paying back what you owe, preferably as soon as possible.

The quicker that you pay off the CCJ, the better. If you have a CCJ in your name, but you paid it off years ago, your chances of getting a mortgage may increase. Not all mortgage lenders will think like this however, some mortgage lenders will not even work with you if you have a CCJ.

How can I rebuild my credit score after receiving a CCJ?

Rebuilding your credit score is the first step to getting a mortgage with a CCJ in your name. Keep making your payments and try to pay your CCJ off as early as you can.

There are many different ways to improve your credit score and you may need a few years to rebuild it, however, it will pay off. If you need to point in the right direction of where to start with rebuilding your credit score, our specialist mortgage advisors in London would be happy to help. Simply give us a call or ask us a question online.

Can I Port My Mortgage to a New Property in London?

Porting – Mortgage Advice in London

If you are a homeowner with a mortgage, you may have noticed that most of the mortgages available in the market are portable. A portable mortgage offers you the flexibility to transfer your current mortgage to a new property, without incurring a penalty charge for doing so.

This feature can come in handy if you are currently on a fixed-rate mortgage deal with low-interest rates and you are looking to move to a new property. By transferring your mortgage to the new property, you can avoid paying an Early Repayment Charge (ERC) that you would have otherwise incurred if you had paid off the existing mortgage before its maturity.

In addition to avoiding ERC, portable mortgages also allow you to keep the same mortgage terms and conditions that you had on your previous property. This can be particularly useful if you have favourable interest rates, repayment terms, or other features in your existing mortgage that you would like to retain.

However, it’s important to note that not all mortgages are portable, and some may have restrictions or conditions that apply when you transfer them to a new property. It’s important to read the fine print and understand the terms and conditions of your mortgage before making any decisions about moving to a new property.

Are all mortgages portable?

It’s worth noting that not all mortgage deals available in the market are portable. In particular, mortgage products that are offered by specialist mortgage lenders, as their mortgage products may have complex qualification criteria. These lenders may not allow you to port your mortgage to a new property.

If you are considering moving to a new property and want to know if you can transfer your mortgage to the new property, it’s best to speak directly with your mortgage lender. They will be able to advise you on whether porting your mortgage is an option and any restrictions or conditions that may apply.

If you are not able to port your mortgage, you may need to consider other options such as remortgaging or paying off the existing mortgage before purchasing a new property. In these cases, it’s essential to do your research and seek specialist mortgage advice in London from a qualified advisor to ensure you make an informed decision that suits your personal and financial circumstances.

Should I port my mortgage?

While portable mortgages offer flexibility to homeowners, not all may choose to exercise this option. There could be various reasons why porting a mortgage may not be suitable for some homeowners.

One common reason why homeowners may choose not to port their mortgage in London is if their current mortgage lender is unwilling to lend additional funds needed to purchase the new property. This could be due to the homeowner’s financial circumstances, creditworthiness, or the lender’s criteria.

Another reason could be that the interest rate on the additional funds required to purchase the new property may be higher than the rate on the existing mortgage. In such cases, the homeowner may opt for a separate mortgage for the additional funds, which may have more favourable interest rates.

In situations where the homeowner has the option to port their mortgage, but it doesn’t suit their requirements or is not financially viable, it may be worth considering other options. For instance, homeowners could opt to pay the Early Repayment Charge (ERC) and switch to a new mortgage lender, which offers more favourable terms and conditions.

Before making any decisions, we would recommend speaking with a mortgage advisor in London and getting a second opinion from an expert. If you are moving home in London, getting help with the mortgage side of things can relieve a lot of stress.

What is a sub-account? 

A sub-account is a type of account that is created when homeowners choose to port their mortgage and take out additional funds on a different deal than their original mortgage. This allows homeowners to retain their existing mortgage product while accessing additional funds at a different rate.

The sub-account will typically have a separate interest rate that is different from the interest rate on the original mortgage. As a result, homeowners may have to make separate direct debit payments for each account. This means that the sub-account and the original mortgage will be subject to different interest rates, payment schedules, and terms and conditions.

In some cases, the products may overlap, which could cause problems down the line. This means that homeowners may need to consider realigning the sub-account with the original mortgage to avoid any potential issues. For instance, one of the sub-accounts may fall onto a lender’s variable rate, which could lead to an increase in interest payments.

To avoid any potential issues with sub-accounts, it’s important to seek advice from a qualified mortgage advisor in London. They can help homeowners understand the terms and conditions of their sub-account and the potential risks involved. Additionally, homeowners should regularly review their mortgage product and consider whether it still meets their financial needs and goals.

Mortgage Advice in Hull for Porting Your Mortgage 

If you’re planning to move home and need mortgage advice in London, it’s essential to seek the guidance of a qualified mortgage advisor in London. Whether you’re a first time buyer in London or an experienced homeowner, getting the right advice can make a significant difference in the outcome of your mortgage application.

At our Londonmoneyman, we have a team of experienced mortgage advisors in London who specialise in helping clients with their moving home mortgage needs. We understand that every situation is unique, and our advisors take a personalised approach to each client, ensuring that their mortgage needs are met.

We can assist you in navigating the mortgage market, helping you find the most suitable mortgage product for your personal and financial situation. We can help you understand the different types of mortgages available, including fixed-rate, variable-rate, and tracker mortgages, and help you choose the right product for your needs.

Whether you’re looking to port your existing mortgage or take out a new one, our advisors can help you find the best deal available. We have access to a wide range of lenders, including high street banks, specialist lenders, and private banks, enabling us to offer our clients a comprehensive range of mortgage products.

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

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