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The Importance of Changing Your Address in Leicester

Mortgage Advice for First-Time Buyers

As a first time buyer in Leicester applying for a mortgage, you need to be aware of your credit score. You will find that the least amount of addresses you have on your record, the better, though this seems to be something that people are more knowledgeable and aware of nowadays.

The Importance of Keeping Consistent With Your Addresses

Our experienced mortgage advisors in Leicester have found they are many applicants who have moved out of their parent’s address into rented accommodation, yet believe that it is a good idea to keep their previous address registered on bank statements, credit cards, and electoral roll.

People believe this is beneficial despite being a flawed strategy. Almost every time, if you have moved to a new address, there will be some record of this on your credit report. Your address could be recorded from a delivery address when you have ordered something online or car/home insurance search and many more.

Getting all your accounts (credit cards/ current accounts) and electoral roll changed over to your new address can be the best strategy when you are thinking of taking out a mortgage. At the time of updating your address on your credit file and electoral roll, it’s best to double-check the date in and date out. The consequence of making mistakes with these dates is that it may appear on your records that you are living in two places at once. 

This will show a more open and honest way of trying to apply for a mortgage which will benefit you greatly in your Mortgage application and when it comes to approaching a Mortgage Advisor in Leicester.

Get in Touch For Mortgage Advice in Leicester

Buying a New House in Leicester

Mortgage Advice in Leicester

Obtaining a home as a first time buyer in Leicester will be one of the biggest purchases you will ever make. It’s best to take your time when buying a home, as you need to be sure that the property you are looking at ticks all the boxes for you. Therefore, you must ask important questions that will help you make a decision.

If you are unsure of what to ask the seller, have a look at our shortlist of questions you could ask:

1. How much interest has been shown in the house?

In many cases, a new home that has been recently added to the property market can spark a lot more interest and become high in demand. Therefore, it’s best to act quickly to secure the plot. To have an insight into the amount of attraction there has been towards the house, you could ask the seller how many people have already viewed the property to see the amount of ‘competitors’ you may have.

2. Is there a chain?

A property chain is when you are waiting on the occupant that is in the property you are buying off to move out to their new property which they have to wait for. When it comes to a chain, it can mean that it will take longer to move due to the property already being occupied, however, if there isn’t a chain, this could mean you will be able to move in quicker.

From a seller’s point of view, a first time buyer in Leicester or someone who is not in a chain could be seen as more desirable as this could lead to a quicker sale. From a buyers point of view, these points can be a huge advantage and something to mention during your ‘negotiations’. 

3. Is there anything extra included in the sale?

In some cases, new homes can come with ‘extras’ that could persuade you to buy the house. Sometimes this is intentional and other times, the seller may simply wish to leave their older furniture behind. If you’re looking at buying an older home, you may find that there are unwanted items included, such as outdated furniture or well-used appliances.

It’s wise to check just to clarify, are things like cookers, fridges, and carpets, for example, could be included in the sale (or offered at an additional price). Make sure you clear as you may be left with unwanted items that you then need to remove and dispose of.

4. What are your new neighbours like?

Your experience with neighbours can make or break owning your own home. You risk losing enjoyment if you are stressed all the time with the people next door. Gaining an understanding of the neighbours can give you a good indication of what living there will be like, saving you that stress down the line.

5. What is the local area like?

Your personal criteria for the local area when hunting for a home, could be that you need a shop nearby or somewhere that’s only a short commute to work

Asking what the local area is like could mean you wanting to know about any leisure spots nearby e.g bars, gyms and restaurants or wanting to know what are the schools like if you are thinking of having a family in the future.

It’s best to do your research about the local area before committing yourself to any purchase. As people’s opinions are subjective so it’s best to make your own judgement.

6. Are there any running costs?

Associated costs such as heating, council tax, water (newer homes tend to have a water meter) are something to ask as it is part of running a home that you need to know. Many people are more aware of the running costs involved in owning a home or if not, you could ask a family member or friend.

7. What is the garden like?

Even though the British weather isn’t always sunny, some people still like spending time in the garden. Therefore, you may want to ask if the garden gets as much natural light and whether it’s south-facing etc.

8. Will any home improvements be needed?

When you move into your new home, you will often find that you will want to decorate it to your tastes. Home improvements can be essential to some older properties due to many needing ‘fixes’ or repairs. You may want to make improvements on the property such as insulation, efficiency, or garden work.

9. Are there any remedial fixes?

Buying an older property can come with repairs on some items. The seller can fix these issues if you have requested it to happen before the sale goes through or, in some cases, the seller may reduce the price. There can be some minor repairs if you are looking at a new build because of settlement or simple faults you identify after you moved in.

To make you aware of the remedial fixes that would be needed on a property, you may want to look into the different types of property surveys. Our mortgage advisors in Leicester can help recommend the most suitable survey for your property. Generally speaking if it’s a new build property, you will only need a basic valuation as you would hope with the property being new, that it is structurally sound. Whereas, if you are purchasing an older property, you may want to look into a home buyer’s report or full structural survey which should outline any defects with the property such as damp, subsidence etc.

When you are buying a new home whether it’s a new build or older property, make sure you ask the questions you need to know about the house. Asking the right questions, may be the difference between you buying the property or not.  

https://www.youtube.com/watch?v=cTDm5Mtx4VY
MoneymanTV | Types of Property Survey

Critical Illness Insurance Advice in Leicester

Mortgage Protection Insurance Advice in Leicester

https://www.youtube.com/watch?v=BBAsD_eg3nA
What is Critical Illness? | MoneymanTV

Critical Illness Insurance is a type of insurance policy that specialises in covering an individual who potentially could suffer with an illness listed in their policy in the future.

When taking out the policy, you must mention any underlying medical conditions due to some illnesses not being in the cover. The policy could void in the event of a claim if you fail to disclose any underlying medical conditions.

The one-off payment could go towards finances for your mortgage, medical or home modifications, if this is needed.

What does critical illness cover? 

Critical Illness Insurance will cover pay out of specific medical conditions or injuries that are stated in the policy.

Not all instances of a particular illness will be covered. In the policy, it will state certain conditions that are covered and define these in the policy documentation.

Some customers confuse themselves with critical illness cover with life insurance. The difference between them is what they cover but both insurances can be purchased together.

Examples of critical illnesses that might get covered include: 

???? Cancer 
???? Stroke 
???? Heart Attack 
???? Certain types and stages of cancer 

Permanent disabilities resulting from injury or illness and other illness not stated will be considered within the policy.

What isn’t covered? 

The policy may not list more severe forms of cancer and conditions as they might not get covered. Potential health conditions that you weren’t aware of won’t be covered before you took out the insurance, also this type of insurance doesn’t pay-out if you pass away.

The policy details will provide you with what is covered and what’s not to make you fully aware and check all documentation to make sure they protect your needs.

Other types of insurance you might need 

Many insurance products can provide you with peace of mind should something go wrong. You can find out more in the links below: 

???? Do you need life insurance? This product will provide some financial support to your dependents if you die. 

???? Do you need income protection insurance? This type of insurance provides regular payments if you’re unable to work due to illness or injury. 

???? Do you need mortgage protection insurance? This umbrella term is used for various types of cover to help protect borrowers from any unfortunate events or circumstances that would prevent them from keeping up their mortgage payments. 

Our Critical Illness Insurance Advice service in Leicester 

Insurance is always a massive benefit. All our customers are offered a free, no-obligation protection review where we’ll assess the suitability of the existing policy we have for you.

Our Mortgage Advisor in Leicester can design the type of cover that will be most suitable for your family’s priorities and budget especially when affordability can be key in your situation.

Mortgage Advice after Divorce / Separation in Leicester

It can be unfortunate if you decide to part ways with your partner and are experiencing divorce or separation. It can also be a stressful time. This can be even worse if you factor if you have a joint mortgage together, as well as other finances.

Below we have collated just a few of the most common questions we get asked when we deal with customers in this situation who are in need of rearranging their mortgage commitments.

Do I need to keep paying my half of the mortgage?  

Whatever situation you are going through at this time, you are still required to keep up on paying your mortgage. This is still the case if you are living somewhere else.

You do still have an agreement with your now ex-partner to take on equal responsibility of your joint mortgage. Because of this, you are both equally liable for any debts until the mortgage is paid off, regardless of your situation and whether you are living there.

In the event that you do not pay your mortgage on time, you can be at risk of causing a lot of harm to both your and your ex-partner’s credit history. This applies the same if your ex partner doesn’t pay on time, you will be affected.

This can result in the risk of your home being repossessed if you carry on failing to meet your monthly repayment date or any other debts that you have secured on it.

When should I inform my lender?  

When your separation is finalised, you must contact your lender as soon as possible to let them know. This is even more important if you will struggle to meet your monthly mortgage payments.

What are my options? 

1. Sell The Property

In the situation where both of you have decided to move out of the property, sell up and pay off your remaining mortgage balance, any equity left over will be given between you both.

It is something to discuss between you and your ex-partner on who gets what from that remaining equity.

Here at Leicestermoneyman, we have a team of expert Mortgage Advisors in Leicester who can help if you are looking to move out and are looking at your option for purchasing a new home under a sole name.

Your dedicated advisor will work hard to find you the most suitable mortgage deal for your situation as well as provide you with the appropriate Mortgage Advice in Leicester.

2. Continue to Make Those Payments

In the case where a homeowner has separated from their now ex-partner but is on good terms with them, they sometimes opt for staying within the property and will carry on paying off the remaining mortgage amount.

As long as it works with your personal situation, this can be a convenient route to take, especially for those with a fixed rate mortgage term.

3. Stay in The Property 

Taking a Remortgage in Leicester out in either your own name or your ex-partners can be helpful if you or your partner decides to remain to live in the property.

Being the sole owner of the property means you will need to take out a Remortgage if there is a still an outstanding mortgage to pay off in both you and your ex-partners names.

This will work by the new mortgage being in your sole name and will involve the lender carrying out another assessment of your affordability.

Can I get a second mortgage?

It can be possible for someone to have more than one mortgage, however, this all comes down to circumstance. You will find that credit scoring systems can majorly vary from lender to lender. Applying for a second mortgage would mean you will be analysed on a number of factors.

Looking at your current financial commitments is one of the main factors they will look at. This is why you need to be confident that you can afford a second mortgage along with the financial commitments you have.

You need to be certain about being able to afford a second mortgage because being declined for this could have a negative impact on your credit file.

Here at Leicestermoneyman, we have an expert team of Mortgage Advisors in Leicester who are able to help you out with credit searches that will have less of an effect on your credit file.

When our team has collated the necessary information, you will be able to get an idea of the maximum mortgage amount you could borrow.

By doing this, you will be able to know more about your budget and an estimate of the amount your monthly mortgage payments will be along with your current financial commitments.

Getting away from your current financial commitments can be a tough process which is why having a trusted Mortgage Advisor in Leicester by your side is beneficial as they will be able to provide a helping hand throughout the process.

If you are Moving Home in Leicester, you may find the experience stressful, especially those going through a divorce or separation. Contact a Mortgage Advisor in Leicester today and our team will be more than happy to see how they can help.

What if I am in negative equity? 

When you get divorced in the home that both own jointly is in negative equity, it can be challenging to sell the house and pay the remaining mortgage balance off.

In terms of the remaining debt, you may need to divide this between the two of you or come to an agreement with your current mortgage provider.

Leicestermoneyman.com & Leicestermoneyman are trading styles of UK Moneyman Limited, which is authorised and regulated by the Financial Conduct Authority.
UK Moneyman Limited is Registered in England, No. 6789312 | Registered Address: 10 Consort Court, Hull, HU9 1PU.

Authorised and Regulated by the Financial Conduct Authority.
We are entered on the Financial Services Register No. 627742 at www.register.fca.org.uk

The information contained within the website is subject to the UK regulatory regime and is therefore primarily targeted at customers in the UK.
Should you have cause to complain and you are not satisfied with our response to your complaint, you may be able to refer it
to the Financial Ombudsman Service, which can be contacted as follows

The Financial Ombudsman Service, Exchange Tower, London, E14 9SR
www.financial-ombudsman.org.uk

© 2022 Leicestermoneyman

Leicestermoneyman – 3 Oswin Road, Leicester, LE3 1HR

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