What Does a Mortgage Broker in Halifax Do?

A mortgage broker in Halifax is a professional who arranges and negotiates mortgage loans for customers. In Halifax, a mortgage broker in Halifax provides services to homeowners, home buyers, and landlords who need mortgages for their properties.

A mortgage is a loan that is secured against a property, and it is repaid through monthly payments over several years.

Roles of a Mortgage Broker in Halifax

Although homeowners, home buyers, and landlords can search for and arrange mortgages themselves, many choose to hire a mortgage broker in Halifax for the range of services they offer. This is especially the case with first time buyers in Halifax.

A mortgage broker in Halifax can cross-reference customers’ information against thousands of mortgage products from multiple lenders, while banks limit customers to their own deals. Mortgage brokers in Halifax can also provide exclusive deals not available elsewhere.

Mortgage brokers in Halifax perform a variety of jobs before, during, and after the mortgage process. These jobs may vary between mortgage brokers.

For example, some mortgage brokers in Halifax offer a limited supply of niche mortgage lenders, while others provide a broader range of lenders, known as the whole-of-market.

Additionally, mortgage brokers in Halifax may recommend suitable insurance options to ensure homeowners can remain in their homes, regardless of what happens.

Before Applying for a Mortgage

At the start of the mortgage process, customers typically speak with a mortgage broker in Halifax’ appointment booking team to schedule an appointment with a mortgage advisor in Halifax.

Alternatively, many mortgage brokers in Halifax, such as ourselves, offer a user-friendly appointment booking system on their website for telephone or video calls.

During the appointment with the mortgage advisor in Halifax, customers provide additional information to help the mortgage advisor in Halifax understand their situation and find the most suitable mortgage deal.

Brokers may offer a limited supply of niche mortgage lenders or a larger panel of mortgage lenders. After recommending a deal, the mortgage advisor in Halifax can provide an agreement in principle within 24 hours.

Customers may also need to submit various documents, such as proof of identity, income, deposit, and VISA or right to work in the UK for foreign nationals.

During the Mortgage Application

After submitting documents, the mortgage broker in Halifax verifies them and provides a mortgage illustration that details the agreed deal.

The mortgage broker in Halifax also acts as an intermediary between the customer and the mortgage lender, handling communication and paperwork to ensure a smooth mortgage application process.

After Your Application

Once your mortgage application has been submitted, the mortgage broker in Halifax’s role changes somewhat. Now, the focus will be on liaising with your chosen mortgage lender to get your application processed as quickly as possible.

A mortgage broker in Halifax will generally have a dedicated processing team who will ensure your application is processed as quickly as possible, and will also be your primary point of contact throughout the process, should you have any questions or concerns.

Your mortgage advisor in Halifax will also be there for you if you have any queries or questions as well, but if it’s a specific question about your application, the processing team will be the ones to speak to.

Once your application has been approved, you’ll move on to the next stage, which is the exchange of contracts. This is where you and the seller of the property sign the contract that legally binds you to the purchase.

You’ll also need to provide your deposit at this point, which is usually a percentage of the purchase price (typically 5-10%). Your mortgage lender will then provide the funds for the rest of the purchase price.

Following exchange of contracts, you’ll enter the completion stage. This is when, if you’re moving home in Halifax or are a first time buyer in Halifax, the purchase is finalised and you become the legal owner of the property.

Your mortgage lender will transfer the funds to the seller’s solicitor, and once received, the seller will leave the property and hand over the keys to you.

Whilst it’s unlikely that you’ll need to contact your mortgage broker in Halifax during this final stage, they’ll still be there to help if you need them. For example, if there are any last minute issues with the transfer of funds, they’ll be able to help you in resolving them.

In Conclusion

So, as you can see, the role of a mortgage broker in Halifax goes beyond just finding you the best deal. They’re there to help you every step of the way, from the very beginning of the process, right through to completion.

They’ll help you to find the most suitable mortgage for your needs, and will ensure that the process is as smooth and stress-free as possible.

So if you’re looking for a mortgage broker in Halifax, be sure to choose one that offers a wide range of services, and has a team of experienced and knowledgeable mortgage advisors in Halifax who can guide you through the process.

What Can I Do If I’ve Been Declined For a Mortgage in Halifax?

Mortgage Advice in Halifax For Complex Situations

Every mortgage lender works in a different way as well as utilising their own approaches to determine whether an applicant gets accepted for a mortgage and who doesn’t. You may find that some lenders’ criteria are more difficult to match than others might be. It all comes down to how rigorous they are and how good your credit score is.

Through our extensive experience, we regularly find that mortgage applications are declined for no other reason than the applicant struggling to meet the right criteria for that specific deal. Because of this, we do highly recommend you seek the help and advice of a Mortgage Broker in Halifax. We have a team of expert and friendly advisors who will work hard in getting you the most suitable lender for you and your personal circumstances.

How can I avoid disappointment from a mortgage?

Prior to applying, you should look at your credit file to check if it’s mortgage ready! In the situation where you feel it’s not up to standard, you will need to look into ways to improve your credit score. If you are struggling with improving this, get in touch with a Mortgage Broker in Halifax who will be able to provide the information you need to help your credit score.

One thing to keep in mind is that there will be a small group of people who are eligible for every deal that is available to them. The genuine reason for this is likely to be that you are searching for the wrong mortgage deals. You may have found a deal that is cheap and tempting, however, it doesn’t mean that you will pass the lender’s criteria and qualify for that particular deal.

As a dedicated and trust Mortgage Broker in Halifax, we would strongly suggest that you research the different types of mortgages available or contact our team and take advantage of the free mortgage appointment we offer.

What are other mortgage applicants doing?

When speaking to customers who are looking for mortgage advice is that many look to comparison websites to find a mortgage in Halifax. There is no issue going down this route, however, you need to be aware that the price comparison sites will only analyse the different costs of mortgage deals instead of matching you to the lender’s criteria.

Going through this process isn’t as time efficient because the mortgage lender may end up declining your case weeks down the line. This could result in you losing the property you were looking to buy or impacting the property chain that you were a part of. In some cases, you may get declined because you picked the wrong mortgage which can negatively affect your credit score with a failed application.

Reduction in your mortgage loan amount

On the flip side, applicants may find that they are eligible for a large range of mortgage deals, however, in order to match the criteria of those deals, lenders may look to only offer you a reduced deal. This can be a common occurrence with lenders being known to sometimes declare that you can borrow a set amount but change their mind and look to reduce the previously available mortgage.

As previously mentioned, each lender has their own way of managing the mortgage process. There can be a distinct differences between mortgage lenders and there is a low chance that you are going to match up against all of their individual criteria. Therefore, you need to pin down your options and work out what the most suitable option will be.

Accepting help from a dedicated mortgage broker in Halifax

Whether you’re a First Time Buyer in Halifax or looking at Moving Home in Halifax, our team believe that trusted mortgage advice can be the best way to feel supported and informed throughout your mortgage experience. We have a fantastic team that provides a tailored service that aims to make you feel supported throughout and achieve your mortgage goals.

Throughout the years we have had the opportunity to help thousands of customers, helping out with specialist mortgage cases to help them find a level of success with mortgages that they otherwise thought they never achieve.

By getting in touch with an expert and hard-working Mortgage Broker in Halifax, you’ll be able to know what the best way is to improve your credit score in the event of any unfortunate financial circumstances.

If you are looking for a helping hand with a specialist mortgage situation in Halifax, contact our team today with a Mortgage Broker in Halifax for your free initial mortgage appointment.

The Different Types of Mortgages Explained

Mortgage Advice Covering The Different Types of Mortgages

Whether you happen to be a First Time Buyer in Halifax hoping to find your footing on the property ladder, or you are currently Moving House in Halifax, it will become apparent soon enough that there are many different types of mortgages for customers to utilise.

There will be some options that are more popular than others, whilst some may be less common to come across. We have put together a comprehensive list of the different mortgage types we come across the most.

You can watch many more Helpful Mortgage Guides on moneymanTV here or go directly to our “Mortgages Explained” YouTube playlist here.

What is a Fixed-Rate Mortgage?

A fixed-rate mortgage allows for a customer to keep their mortgage payments consistent for a that your mortgage payments are going to remain consistent for a chosen period of time.

You have full control over the length of time in which you can fix your payments for, with people typically choosing 2, 3 or 5 year fixed rates, though possibly longer.

Regardless of any changes to the economy, inflation or interest rates, you can stay comfortable in your home knowing that your mortgage, arguably your biggest ever financial commitments, will stay the same for your fixed period.

What is a Tracker Mortgage?

A tracker mortgage is where the interest-rate of your mortgage will follow along with the Bank of England’s base rate.

To simplify this for you, the mortgage lender that you end up with will not be the one to choose your interest-rate, and you won’t be deciding that either.

Instead, the interest-rate on your mortgage will be set at a percentage above the Bank of England base rate. For example, if the base rate is 1% and your mortgage is tracking at 1% above base rate, you will be paying a rate of 2%.

What is a Repayment Mortgage?

A repayment mortgage is the standard type of mortgage you will come across, paying back both a combination of interest and capital each month.

So long as you continue paying your mortgage per month, for the duration of your mortgage term, you will be guaranteed to have paid off your mortgage balance in full by the end of your term, owning the property.

This is all considered to be the most risk-free way to pay back the capital on your mortgage balance. In the early stages of your mortgage term, you’ll mainly be paying back the interest, with your balance reducing slowly, especially with a 25-30 year term.

Your mortgage will alter slightly towards the last ten years or so, as you will be paying off much more capital from your balance than you will be with interest, meaning your balance will come down a lot quicker.

What is an Interest-Only Mortgage?

Though you will see a lot of modern buy-to-let mortgages being set up as interest-only mortgages, it is a lot more difficult to obtain a residential interest-only mortgage.

It is not entirely impossible, though it is a lot harder to find these, as mortgage lenders may not offer these to customers.

They do become helpful though in relevant situations, such as potentially downsizing when you are only, or if you have external investments you can use to pay back the capital on the mortgage.

There are much stricter rules with interest-only mortgage products these days, with the loan-to-values on these being much lower than they would be in the past.

What is an Offset Mortgage?

By taking out an offset mortgage, your mortgage lender will be assigning a savings account to you, to run alongside your mortgage term.

The way that this works is that if you were to have a mortgage balance of £100,000 and £20,000 is deposited into your savings account, you would only be paying interest on the difference between that, which would be £80,000.

This is often considered to be a very efficient way of managing your money, especially if you are paying higher rates of tax.

Mortgages Advice in Halifax for Newly Qualified Teachers

Newly Qualified Teacher Mortgage Advice in Halifax

So you have passed all the exams you need and have reached your goal of becoming a newly qualified teacher. Your next step is finding your dream teaching job and start in the classroom. If you are located too far from the particular school you are looking to work at, you may find yourself looking at the option of moving house in Halifax.

You may find juggling a place to move and the struggle of homeownership alongside settling into your new job as a teacher to be stressful, however, this situation is common. As a Mortgage Broker in Halifax, we have helped numerous customers in this situation.

Newly Qualified Teacher Mortgages

As a newly qualified teacher, it can be tough finding a lender that will offer you a mortgage. This is due to the fact that you will have no history of employment or being on a temporary contract. Despite this being a constraint, don’t worry, getting a mortgage as a newly qualified teacher can be achievable.

In some circumstances, lenders may offer good deals that benefit individuals in this particular sector. Finding the most suitable lender is important, but can be a struggle, however, this is where we can help. Our expert mortgage advice team in Halifax can find you the most suitable deals and rates by searching through 1000s deals.

What mortgages for NQT teachers may be available?

Depending on cirNewly Qualified Teachers can be offered a range of types of mortgages such as:

• Help-to-Buy Schemes
• Fixed-Rate Mortgages
• Shared Ownership Mortgages
• Variable-Rate Mortgages

Below is the following point lenders may factor in:

• No previous employment history is required.
• Mortgages are available up to one month before starting the first contract (so you can apply in August, for example).
• Up to 95% loan to value.
• A 12-month first post-contract can get treated the same as a permanent role.

How a Mortgage Advisor in Halifax may Help

Through our countless years of experience working in the industry, our knowledgeable and dedicated Mortgage Advisors in Halifax have helped people with various mortgage situations. Having a trusted Mortgage Broker in Halifax by your side can be massively beneficial.

Contact us and our team can help look at your options and find out more about your situation to see if you will be eligible to get a mortgage that fits your circumstances.

Mortgage Broker in Halifax

The Importance of Changing Your Address in Halifax

Mortgage Advice in Halifax

When it comes to applying for a mortgage and your credit score, the fewer addresses you have on your record the better, however it seems that people are becoming savvier and aware of this.

We are now seeing more and more applicants who have moved out of their parents address into rented accommodation but think that it is a good idea to leave their bank statements, credit card and Electoral Roll information registered at their previous address.

There are good reasons why people do this, however, I’m afraid this is now a flawed strategy. Almost without fail, if you have moved to a new address, there will be some record of this on your credit report. This could be from a delivery address when you have ordered something online or a car/home insurance search and many more.

By far a better strategy for you if you are thinking about taking out a mortgage is to get all of your accounts (credit cards / current accounts) and electoral roll changed over to your new address. When updating your address on your credit file and electoral roll ensure you double check the date in and date out. If you do make a mistake with these dates it can appear that you are living in two places at the same time. This is a more open and honest way of trying to apply for a mortgage.

Speak to a Mortgage Broker in Halifax

Speaking to a Specialist Mortgage Advisor in Halifax would benefit you in many ways. Firstly, a Mortgage Broker like Halifaxmoneyman will tell you exactly how to improve your chances in getting accepted for a mortgage and help you complete these simple steps if you need guidance. They will go above and beyond for you, trying to find you that perfect mortgage deal that best suits you and your personal and financial situation.

Here at Halifaxmoneyman, we also offer a free mortgage consultation and you can get in touch with us 7 days a week! We work for you, trying to provide the best mortgage experience we can; we hope that we hear from you soon!

Getting Prepared For Your Mortgage in Halifax

Mortgage Advice in Halifax

So, you’ve saved up for your deposit (or got the green light from “Bank of Mum and Dad”) and made the decision to move home. What’s the next step? Put simply, and in the best boy scout traditions, it’s time to get prepared.

Know where you stand

We’d recommend speaking to an experienced Mortgage Broker in Halifax as early on in the process as possible, so you know how much you can borrow for a mortgage and how much it will all cost. Obtaining an up to date credit report should also be at the top of your list, you don’t want a meaningless squabble with your mobile phone provider holding you back from buying a home. Taking the above two steps will give you a meaningful expectation of how possible this is going to be and what your budget is.

Getting organised

Your Mortgage Broker in Halifax will obtain a fully credit-checked Agreement in Principle on your behalf but you’ll have to prove who you are, where you live and how much you earn. There really is loads of paperwork for you to get together so it’s a good idea to open a file for yourself and start collecting everything in advance.

Proof of ID

In terms of proving who you are you’ll need to produce some photo ID such as a Driving license or passport, if you’re a non-UK national working over here on a Visa you’ll need that too.

Proof of address

In addition to the above, you’ll need to prove where you live. You’ll need to produce a utility bill or original bank statement dated within the last 3 months.

Last 3 months’ bank statements

The analysis of your spending habits has become one of the most important determining factors in whether you’ll qualify for a mortgage or not. Your bank statements should evidence your income and regular expenditures. Lenders will not be happy to see gambling transactions on your account. Nor will they like it if you go over an agreed overdraft limit or if your direct debits bounce regularly.

Proof of deposit

You will have to prove you have the funds in place for the deposit and also evidence this for anti-money laundering purposes. Try not to move monies around your various accounts too much as it will make evidencing the audit trail more difficult. Lenders like to see your savings building up so you’ll need to account for any large credits into your accounts.

Quite often money for deposits has been gifted by family members. These funds need to be evidenced also and the “donor” will need to sign a letter. This is to confirm it’s a non-refundable gift, not a loan.

Proof of income

In terms of affordability, the most important thing is to be able to prove your income. If you are employed this tends to be by way of your last 3 months’ payslips and most recent P60. Lenders can take into account regular overtime, commission, shift allowance and bonus.

If you are Self Employed then you’ll need your Accountant’s help. This will be to request your tax year overview.

A list of your expected outgoings

It’s a good idea to do your homework. Write down an estimate of your anticipated 1outgoings after you move house. You can work out an idea of how much the council tax and utility bills will be. In addition to that, you can work out your regular expenditures, such as food and drink. This will demonstrate how much disposable income you have available to pay your mortgage from.

As you can see from the above, it’s a real paper trail when you are applying for a mortgage but if you want your application to run like clockwork you’ll need to put the time aside to get everything together.

My own view is that it’s better to get all this at the outset and collate everything that the lender could possibly ask for. As this saves time and frustration later down the line if you’re subsequently asked for paperwork you could have had ready at the outset.

Agreement in Principle and Soft Credit Searches

More and more people these days pay much closer attention to their credit rating. Consumer awareness of credit scoring is higher now than ever before. I’d say at least half of the people who contact us for the first time, have already looked at their credit report online.

There are many different credit reference agencies out there. Most people will have heard of Experian or Equifax, but the free trial we recommend potential new clients take is with Check My File. This is because of this report “sweeps” several of those reference agencies and collates the information into an easily understandable colour-coded report.

Often, clients ask if we will be doing a credit search on them, because they are aware that too many searches can have an adverse effect on their credit score. Lenders always run credit checks but we always seek a client’s permission before doing so. There are 2 different types of credit searches that Banks can run on a customer: hard searches or soft ones.

What is a hard credit search?

A hard credit search is an in-depth look at your credit report. Any financial institution carrying out one of these should seek your permission to do so. The advantage of a “hard” search is the lender is looking into your situation quite closely. If you pass the credit score then it’s fairly likely that your application will ultimately be successful. The only thing that can really go wrong from then on, is if for some reason you cannot provide satisfactory documentation to back up the information you have disclosed. Either that, or it turns out you have provided false details.

The bad news about a hard search though is that it leaves a “footprint” on your credit file. This means anyone who looks at your report in the future can see you have had a search carried out. This isn’t necessarily a bad thing, but if you have several footprints registered in a short period of time then it could look like you applying for lots of credit at the same time.

The footprint does not state whether your application was successful or not. However, if you have several searches over a few weeks, then lenders’ systems could wrongly assume you are being declined on the basis of; “Why else would you go to lender number 2 unless lender number 1 had said no?”.

The odd hard footprint on your record from time to time is no big deal. There’s no need to worry too much about this, just be careful not to have too many.

What is a soft credit search?

A soft credit search is a “lighter touch” look at your financial situation. This is the kind of search that would routinely be carried out on price comparison websites. This would give you an indication of what products might be available to you. It can also be useful if someone wants to verify your identity.

Some mortgage lenders do soft searches in the first instance. More and more lenders seem to be changing to doing this type of search. Whilst the financial institution doing a soft search obtains less information about you than if they had done a hard search, an Agreement in Principle from one of these lenders is usually still an extremely strong signal that your full application will be accepted.

You will be able to see that someone has carried out a soft search on you if you check your credit file. The good news though, is that these searches are not visible to other Financial institutions like Banks. This means that you can apply for an Agreement in Principle for a mortgage, without it damaging your credit score. This is irrespective of whether it is successful or not.

For further Specialist Mortgage Advice in Halifax, get in touch with our team today.