5 Important Questions to Ask When Interviewing a Mortgage Broker

You have decided to use the service of a mortgage broker, but you do not know how to find the right professional for you. You should look for a service provider with a licence, considerable experience, excellent achievement record and solid reputation. In order to ensure that the professional is as good in real life as on paper, you should conduct an interview. The broker should be more than happy to answer your questions. You just need to ensure that you will ask the right ones.

1. Which type of home loan is the best?

A good mortgage broker will never give you a straightforward answer to this question. They will explain the current trends and ask you more about your current financial situation and future plans in order to suggest a particular type of product. If the professional is really committed to working with you, they may give you an overview of the different types of loans and their pros and cons.

2. How should I prepare for borrowing?

The good broker is a financial advisor as well. The professional should ask you about your savings, income and future plans to suggest a strategy. The more questions the specialist asks you the better. They should give you some general advice as well.

3. What are my chances of getting approved?

Again, the mortgage broker should obtain some information about your income, spending, current debt and credit history to come up with an answer. If you have any specific issues such as bad credit, you should ask directly how the specialist will be able to help you out. It is best if the professional has solid contacts in the industry and works with specialised lenders as well. You would want them to negotiate on your behalf if you cannot qualify directly for a conventional loan.

4. How will lender and third party fees work out?

The specialist should be able to explain what fees you will owe. They should explain how they will secure competitive fees for you as well. It is best if the broker can guarantee that the fees which you initially agree on will remain the same at closing.

5. Could you explain the process and how we will go through it?

The broker should not use too much jargon which may be confusing for you. They should explain things simply and ensure that you understand everything. They should be able to answer any questions for clarification. A good professional will explain how you will communicate as well. The more updates you will get the better.

Evaluate the mortgage broker carefully based on their answers.

How Does Rent to Buy Property Work for Me?

Rent to Buy is simply a way to buy or sell something, except that the transaction does not take place immediately. The buyer and seller basically agree to the possibility of a sale sometime in the future, usually in a few years' time, and draw up a contract agreement. In the meantime, the Rent to Buyer lives in the property, and pays rent to the Rent to Seller, which also contributes to reducing their house deposit when they go to purchase the home in the future.

This agreement drawn up for a Rent to Buy property through Homes with Options has positives for both the Buyer and Seller, and the flexibility of each individual contract means it can cater to both sets of needs.

Buyers

For Rent to Buyers, one of the main benefits is the ability to live in your ideal property sooner than you thought. This allows you to begin any desired work or home improvements to the house, and begin creating your ultimate home before you've technically purchased it. It means you don't have to wait and rent somewhere else while you're saving up for a deposit, and if you have found your dream house you can secure it already, even before you can fully afford to.

Rent to Buy also means that you aren't throwing away your rent money into a property that you have no investment or future potential in. When you are contributing rent in this scheme, you are contributing towards your future home and your deposit, making it far more of an investment.

It works for you when you aren't fully able to afford a mortgage or house deposit immediately, but also when your credit score is bad or in need of improvement. Rent to Buy offers you a few years to improve your credit score, allowing you to wait until you are completely financially ready before purchasing the home.

Another benefit is that you have the ability to lock in a purchase price at the time of the contract being drawn up, in case home prices rise over the next few years. This means that both Buyer and Seller know what the ultimate price of the property will be, and that price doesn't change at any time throughout the contract.

You can opt out of the contract and finally purchasing the Rent to Buy property at any time, although bear in mind that you would have to compromise whatever money you have already contributed to the home. However, ultimately, the benefits and positives of Rent to Buy from the Buyer's perspective greatly outweigh any potential negatives.

Sellers

One of the most important benefits for the Seller is that you have a greater opportunity to sell your property. If you are finding difficulty in gaining interest for your house or losing any potential sales, then Rent to Sell could be for you. If your property has been empty for a while and you are having trouble paying for the mortgage, then we can set you up with a Buyer who can live in your home and cover your mortgage payments for this property.

Another benefit is that you would have peace of mind that the Buyer tenants were taking care of the home, and it would be a different situation to having regular renters. You wouldn't have to act as a landlord to deal with them or the property, as all of the home improvements would be down to the Rent to Buyer, as part of the agreed terms to eventually purchasing the house.

If you were to Rent to Sell your home, you could also be certain of a fixed price for the property, and wouldn't have to settle for less than you believe the house is worth. At the beginning of the contract, a price would be decided and that wouldn't change. Even if the house price drops over the next few years, you would still have the top fixed price that had been decided at the start.

Another benefit for Renting to Sell is that you can opt out at any point throughout the contract. However, bear in mind that you would potentially lose your right to keep any of the money the Renter has put towards the property deposit.

Preventing Damp and Mould in 5 Steps

When you want to prevent dampness and mould growth from occurring in your property, a good place to start is to understand condensation. This is when moisture becomes trapped in the air, then hits a cold surface such a window and becomes water again. Believe it or not, we can create over a litre of water per day just by our breathing as a result of condensation.

Some other causes of condensation is the excess moisture caused by leaking pipes, rain seeping through the roof or getting in through window sills. Common household occurrences like the moisture created from cooking, taking hot showers, doing the laundry can all build up and create a breeding ground for mould.

When there is mould in your property, you have potential health risks that can be quite serious. It can cause problems for those with respiratory problems creating infections and it is especially hazardous for the elderly, babies, and pregnant women.

Let's take a look at the five steps to free your property of dampness and mould, and learn what to do to prevent it from being a problem in the future.

1. Get rid of existing mould in the property

In order to kill and get rid of mould, you need to thoroughly clean all the walls, ceilings, hard floors and window frames with a fungicidal wash. Then you can paint the walls with a fungicidal paint. A nice natural cleaner is undiluted white vinegar that will also kill the bacteria that forms the mould. Remember, to carefully dry the washed areas. Try to dry clean carpets rather than a wet shampoo method.

2. Eliminate excess moisture

The most common household areas that cause excess air moisture are the bathrooms and kitchen. Inform your tenants to turn on the bathroom fan when taking a shower, close the door and open the window for a bit after they've finished. In the kitchen, cover pots that have boiling liquids. Again, have them turn on the fans and open the window or door a bit. When weather permits, dry clothes outdoors if they can, or put them in the bathroom with the door closed and window open. If there is a dryer available, be sure it is vented to the outside.

3. Have proper insulation

Another very effective way of preventing condensation is having your walls properly insulated. This is a problem of many of the older properties. The areas you want to consider are cavity insulation, draught proofing windows, external doors, and insulating the loft or cellar. Also, do some research to discover government grants that may cover your costs for things like secondary glazing and insulation work.

4. Increase ventilation

Ventilation is the best way to remove excess moisture from your property, so work with your tenants to ventilate at all times. Open the windows in the kitchen and bathroom and close the doors to limit moisture from spreading to other parts of the house. Ventilate cupboards and wardrobes, and ensure your chimneys are not blocked. During the cold months, it can be tough to let in the cold air for a bit, but know that you are also removing the moist air.

5. Heat your property

During the cold weather, another way to ward off condensation is to keep the property comfortably warm, especially when no one is home. Remember, condensation is caused by cold surfaces so even just a bit of heat that runs regularly is effective along with the other warming methods of insulation and draught proofing.

Avoiding damp and mould in your property is really about having a balanced combination of proper heating, insulation and ventilation. Once you have this managed, condensation should not be a problem to you.

What Is Kerb Appeal and How Can I Achieve It?

Kerb appeal is quite simply a measure of how appealing your property is from the outside. People say you shouldn't judge a book by its cover, but that's exactly what potential home buyers do each time they look into an estate agent's window, pick up a property sales brochure or go to view a house for sale. Kerb appeal can be crucial when trying to sell your home; get it right and you will probably attract more viewings, but if you get it wrong then many potential buyers will simply drive by and decide not to view inside.

On average potential house buyers need no more than eight seconds to decide whether or not they like a property. In some cases it can take even less time than that; the over-grown jungle of a front garden, peeling paintwork and an assortment of litter piled against a shabby front door with a cracked window are all examples of defects that will send buyers running for the hills before even stepping inside your property.

Improving the kerb appeal of a house is unlikely to add much to its value, but it can help to get buyers through the door to help you sell it at the right price.
Before viewing inside buyers will want to feel that the house has been well maintained. Any indication that they will need to spend time or money on immediate home improvements will put them in a negative frame of mind before they've stepped over the threshold. This could set them thinking about reducing any offer or, at worst, put them off all together.

Here are a few tricks of the trade that will help to improve your property's kerb appeal:

1. Clean and paint your front door. It may sound rather obvious, but this is something buyers are going to study closely while they are waiting to be let in to view. Additionally ensure your door furniture is clean and functional and the door knocker or bell works properly. The house number or name should be clearly visible and securely fastened.

2. The approach to your front door - whether it is a path, driveway or lawn - should be kept free from litter, rubbish, clutter, children's toys and vast collections of ornaments or gnomes. If possible conceal your rubbish bin, place it behind a fence or at the rear of your property; or put it in the garage during viewings if you have one. If you must have bins on show, make sure they are clean and the lids are on.

3. You should re-lay any uneven paving slabs or flagstones and regularly mow the lawn and remove weeds from paths, driveways and borders. Consider using a pressure washer to remove any grime from pavers and replace any patches of missing gravel.

4. Clean your windows and make sure the frames are in good condition - remember peeling or dirty paintwork indicates a lack of maintenance. Rotten window frames are to be avoided at all costs so repair and/or replace where necessary. If you are installing new ones ensure that they comply with any restrictions (such as planning permission or covenants) and that they are in keeping with the design of the rest of the house. Finally, it's a good idea to check that all blinds and curtain positions match when seen from outside.

5. Ensure your guttering is in good working order. Clear any blockages and check for leaks. Similarly you should address any issues with the roof, soffits or fascia boards.

6. A little greenery, no matter how small the space, will inject personality and colour into the property to create a welcoming feel. If you don't have a garden then try a hanging basket or window box filled with draping ivy, or place planters or topiary balls either side of the front door.

7. Freshen up a tired facade by re-pointing anywhere the brickwork needs it. If your house is rendered or the brickwork painted then it's always worth considering a re-paint. Paint colours should be in keeping with the period of the house and neighbourhood. If you live in a listed or conservation area check with your council if there are any restrictions on the colours you can use. Finally, if there is no restriction, then go for a neutral colour rather than choosing a crazy colour that most buyers would want to change.

8. An exterior light at the front is practical and can create a welcoming atmosphere - especially during the dark winter months. Additional garden lighting will enable you to show off your outside space during evening viewings.

9. If the unkempt garden next door is putting off buyers, rather than suffer in silence, why not simply offer to clear away any rubbish yourself. Next time you're mowing your lawn offer to mow theirs as well. Half an hour spent on a few gardening chores at the neighbour's house could make all the difference when the next buyer arrives to view your home.

Creating great kerb appeal doesn't necessarily have to cost a fortune, it's just a simple case of sending out positive signals that put the buyer in the right frame of mind before they've even entered your home. A house where the front garden is well-tended, the windows sparkling, the frames in good condition and the front door clean and tidy with polished door furniture will always make your property appear more inviting to a buyer.