Why Should You Be Interested in Mortgage Advice in Hull?

Posted by Carina Michael on April 12th, 2023

You are a person who knows the value of a pound spent, and you have worked hard to be able to live in your own home together with your precious family. But the economic situation in the UK makes buying a dwelling with cash increasingly unfeasible for most people, so more and more young families are finding themselves in the position of requiring mortgage agreements.

What is a mortgage? In short, it's an arrangement between you and a lender whereby the lender borrows you a sum of money, which must be paid back with interest; otherwise, the respective financier may end up with the property you purchased. Mortgages, also known as real estate loans, have become synonymous with the British real estate market and are a common sight in the financial situation of many families.

Are you a young adult looking to buy your first home in Yorkshire? Then a good idea for you would be to seek mortgage advice in Hull. Why? Because a mortgage broker has access to the databases of several lenders and can help you make a decision that financially makes sense for your loved ones. In addition, mortgage brokers have the expertise to answer your questions and can handle the paperwork necessary for obtaining a loan. But you may have questions, so in the next few minutes, we'll discuss the benefits of mortgage advisors and outline why their services have become so popular in recent years.

Do I Have to Get a Mortgage?

If you feel your only chance of being a homeowner is tied to securing a mortgage, then you are not alone. More than 410,000 such loans have been approved in 2021 alone, and since 2009 and until now, the number of mortgages has continued to grow. Why? Because the UK housing market has expanded, whilst our wages have not increased significantly. A mortgage is a multi-year financial commitment that can be one of the most important investments of your life, so it's essential to do your homework before accepting a proposal.

A firm specialising in mortgage advice in Hull will most likely possess the expertise needed to guide you and ensure you arrive at the right decision for your family's future. Are you, for example, a person who currently doesn't own property? Then, if you applied by the 31^st of October 2022, you most likely qualify for the Help-to-Buy scheme. What is it? It's a government program that allows you to borrow up to 20% of the total price of a newly built home without paying interest for the first five years after the purchase. In other words, the Help-to-Buy scheme acts as a supplement to a conventional mortgage. However, if the 20% is not repaid within five years, you must start paying interest at 1.75% per year.

Save Precious Time

Maybe you can't take time off to apply for different mortgages, or you don't want to bother with the ins and outs of Britain's bank systems. A firm specialising in mortgage advice in Hull could find the best deals for your situation and help you get an Agreement in Principle in less than a few days. A specialised mortgage advice firm in Hull could make a plan based on your financial situation and tell you before you apply if you stand a real chance of getting a loan under the terms you desire. But what are the conditions you should meet to get a mortgage?

First of all, you must be at least eighteen years old and possess previous professional experience. You will have to prove your source of income through tax returns and bank statements. If you are self-employed, you must contribute at least one year to the public budget and hold a good credit record. If you carry an active CCJ in your name, your chances of getting a loan decrease dramatically, and you will most likely only qualify for mortgages with a deposit of over 15%. But although difficult, mortgages with CCJs are possible to obtain, and if you want to find out more, you should go to Hullmoneyman.com.

What Kind of Services Can a Mortgage Broker Provide?

Above all, a mortgage broker can help you make a good decision for your family and compare the offers of several lenders to find a financially attractive package. Mortgage brokers, as the name implies, have access to databases that are not readily available to the general public, and tapping into their offerings can help you save significant amounts, which you can later invest in the essential things in your life. But that's not all.

A firm specialising in mortgage advice in Hull could help you complete the necessary paperwork for obtaining your Agreement in Principle and instruct you on the available mortgage protection policies you can take advantage of. Are you a person who mortgaged property in the past but now needs to renegotiate the contract terms? In that case, you will need to sign a remortgage application. And this will transform you into just one of the tens of thousands of applicants registered and approved annually in the UK. A mortgage broker can help you find terms that suit your situation and negotiate a remortgage contract to reduce your monthly charges.

Your Finances Are of Utmost Priority

Why should you seek the professional services of a firm that provides mortgage advice in Hull? In short, you should do it because your money is precious, and you are responsible for making the right financial decision for your family. The services of a professional mortgage broker can be the difference between a home loan with a fixed annual interest of 4% and one that goes above 7%. Their advice can be invaluable in knowing whether you qualify for the affordable housing schemes the UK government offers, and their expertise can be just what you need in times of financial hardships.

But is it worth going through all this? Probably yes. Homeownership is a life-long dream for many people and a culmination of personal and professional efforts. When we're young, it's no problem to pay rent because our life is exciting, and new opportunities can appear when we least expect them. But the years went by, and you are probably ready to settle down and start a family. A mortgage may be the only way you can join the ranks of Britain's homeowners. Therefore, it is crucial to seek the services of professionals before signing any paperwork that will tie you to a lifelong financial commitment.