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Shared Ownership – What is it? How does it work?

Shared Ownership Mortgage Advice in Doncaster

The Pro’s and Con’s of Shared Ownership Mortgages | MoneymanTV

What is shared ownership?

Help to Buy Shared Ownership is a government scheme that helps First Time Buyers in Doncaster and Home Movers purchase a percentage of your home (usually from 10% to 75% of the home’s value), and pay rent on the remaining share. Later on, you can buy more significant shares when you can afford to do so.

If eligible for this scheme, partial homeownership is an excellent way for First Time Buyers in Doncaster to get onto the property ladder and a way of owning your home without the need for a heavy deposit upfront. 

How does the scheme work?

Firstly, a deposit needs to be put down on the property. The minimum deposit that you need to put down can vary. For example, the percentage can change for better or worse depending on how good your credit score and financial situation is.

This scheme will still require you to take out a mortgage, but only on the percentage that you’re buying. For example, if you plan to buy 40% on a property worth £170,000, you’ll only need to take out a £68,000 mortgage.

Furthermore, rather than providing a deposit based on the full house price, you only have to put down a deposit based on the mortgage you have taken out. So, in this example, a 5% deposit would be £8,500.

You will start paying off your mortgage once the offer you put down gets accepted and you have moved in the property. As mentioned before, you will also have to pay rent on the remaining share of the property.

Despite having two sets of payments, your overall monthly costs should not be as expensive as taking out a ‘regular’ mortgage.

Costs and fees

When taking out a mortgage, you will need to consider lots of different costs. Shared Ownership mortgages will likely come with set-up/arrangement charges, booking and solicitor fees. Make sure to double-check that you are aware of these additional costs.

Of course, the costs can vary depending on the property that you are buying. As well as the deposit size, monthly payments, arrangement fees can differ from property to property.

How can I apply?

To make sure you are eligible to qualify for the Help to Buy Shared Ownership Scheme, here are the requirements:

  • You have to be at least 18 years of age.
  • Living outside of London, your total household annual income must be less than £80,000.
  • You must be a First Time Buyer in Doncaster or in the process of selling your current property. You cannot own another property.
  • If you can afford to purchase a property on the open market, you will not access this scheme. 
  • You must prove that you are not in any arrears, such as mortgages and rent.
  • You must provide evidence supporting a good, clean credit history—having a CCJ on your credit file or any other credit-related issues will look bad. 

Although this may appear like a lot, it’s the same as most Help to Buy Schemes. Each schemes’ differ from the other, as they are targeting applicants in different situations.

If you have credit problems, you may need to look at other ways to get a mortgage. There are lots of different government mortgage schemes out there that could help you get a mortgage.

For more information on these schemes, feel free to navigate to our website’s Help to Buy Mortgage Advice service page.

Get in touch with a Mortgage Broker in Doncaster today

Our mortgage advisors in Doncaster have helped many buyers secure a mortgage through the Shared Ownership scheme. We have been helping First Time Buyers for over 20 years now!

If you are looking for Help to Buy Mortgage Advice in Doncaster, we can check whether you match any schemes’ requirements.

Please take advantage of our free mortgage consultation by booking yourself in for a mortgage appointment today.

The Different Types of Mortgages Explained

Mortgage Advice in Doncaster

Whether you are a first time buyer in Doncaster looking to buy a property, moving house, or are ready to remortgage, you’ll soon begin to realise there are many options out there for you when it comes to taking out your mortgage.

This article will feature a comprehensive list of the most popular mortgages available to customers currently on the mortgage market.

If you have any questions regarding any of the mortgage options below, please do not hesitate to get in touch. You can now book yourself in for a free mortgage appointment to speak with a dedicated mortgage advisor in Doncaster, at a time that suits you and your lifestyle.

What is a fixed rate Mortgage?

What Is A Fixed-Rate Mortgage?

A fixed-rate mortgage will mean that your monthly mortgage payments will stay the same for the duration of your mortgage term.

The length you want to fix your payments is your choice, with typical options being around 2, 3 or 5 years or longer.

No matter what happens to inflation, interest rates or the nationwide economy, you know that your mortgage payment, which is usually your single biggest outgoing, will not change.

What is a tracker mortgage?

What Is A Tracker Mortgage?

A tracker mortgage will provide you with an interest rate that mimics the Bank of England’s base rate.

That means neither you nor the mortgage lender will set the rate and change as and when the base rate does.

You will be paying back at a percentage that is above the Bank of England base rate. If we use this in an example, the base rate is 1%, and you are tracking at 1% above the base rate, which means you will be paying back your interest rate of 2%.

Even though these deals aren’t as popular anymore, consider that your mortgage payments will increase if the base rate increases. If it goes down, yours will go down too. Of course, this will benefit you.

What is a repayment mortgage?

What Is A Repayment Mortgage?

When you take out a repayment mortgage, you will be paying back a combination of both the interest and capital each month.

Going off the basis that you can keep your payments going for the mortgage term duration, you will be guaranteed to have paid it off in full and own the home of your dreams by the end of it.

That said, this is generally considered the most risk-free way to pay your capital back to the mortgage lender across the industry. Early in your term, the amount you’ll be paying will be mostly the interest, with your balance reducing at a slower rate, especially if your period is 25, 30 or 35-years.

The process quickens up within the last ten years or so of your mortgage, where you will be paying back more capital than interest, with the balance reducing at a far quicker rate.

What is an interest only mortgage?

What Is A Interest Only Mortgage?

While we do still regularly encounter many buy to let mortgages being set up on an interest-only basis (this is an option that works out much better for many landlords), it is increasingly difficult to get a residential property on an interest-only basis mortgage.

The reason for this is because once you reach the end of your term, you will still have the entire mortgage amount to pay off all in one go, with no additional income to fund the amount you’re required to pay.

There are various unique circumstances where this can be a suitable option for customers, including downsizing when you are older or if you happen to have other investments you can use to pay back the capital.

Lenders are often stringent when offering these products now, and the loan to values tend to be much lower than they were in previous years.

What is an Offset Mortgage?

What Is An Offset Mortgage?

The way an offset mortgage works is that your mortgage lender will set you up with a savings account that will work in tandem with your mortgage account.

For example, let’s say that you have a mortgage balance of £100,000 and you deposit £20,000 into your savings account, you will only be paying interest on the difference between those figures, which would work out at £80,000.

This can be a very efficient way of managing your finances, especially if you want to be paying higher rates of tax.

What is a capped rate mortgage?

What Is A Capped Rate Mortgage?

Like fixed-rate mortgages, capped rates have a maximum amount that a customer will pay each month with a maximum interest rate. With that in mind, if you’re capped at, say, 5%, you’ll never go higher than 5%.

These can be more beneficial if interest rates start to drop, so, for example, if the rates drop to 4%, 3% or 2%, then your mortgage will do the same.

What is a flexible mortgage?

What Is A Flexible Mortgage?

Flexible mortgages allow you to underpay and overpay by unlimited amounts. Underpayments are only allowed if you’ve overpaid first and have agreed with a lender to do so.

Overpayments can be reasonably beneficial, though, as you could end up paying off the mortgage early and with significantly less interest. Mortgage flexibility is usually a feature of offset mortgages.

Mortgage Broker in Doncaster

What do Lenders Look for When Assessing my Bank Statements in Doncaster?

What Do Lenders Look For On My Bank Statements?MoneymanTV

Why does the lender need my bank statements?

Your mortgage lender will want to see your bank statements to use as evidence to help them assess how much you can borrow if anything at all.

The lender will look at your bank statements to confirm your income and regular monthly outgoings. In order to view how your financial commitments will affect your ability to repay your monthly mortgage payments.

After all, a mortgage is one of the most significant financial commitments you will ever make in your life. This is why a lender needs to know that you can handle your finances and be responsible. 

How do I obtain my bank statements? 

There are different ways you can obtain your bank statement, such as receiving your bank statement through the post from your bank or going into your local branch and getting it over the counter. It’s common to see that people will retrieve a printable version from their online banking application.

What will lenders be looking for on my bank statement? 

Again, a lender needs to know you are responsible and reliable with your income. They will consider some factors. For example, using an overdraft occasionally is not necessarily a bad thing. However, exceeding your limit quite often is going to affect the lender’s trust in you.

Additional factors a lender will look out for are potential returned Direct Debits, which can indicate you are not reliable, especially if you don’t disclose any loans during the application stage. 

Another factor that you need to be aware of missing any payments for personal loans and things such as credit cards. It’s more likely that a lender will lend an amount closer to what you would like to borrow if you can meet your monthly payment deadlines. 

Will gambling affect my chances of getting a mortgage? 

For some, customers end up stuck due to a history of gambling behind them. Gambling now and again is relatively harmless but constantly throwing large amounts of money. The lender will look at your case less than favourably. Regardless if you are making your money back or more.

for more information, read our ‘Do Gambling Transactions Look Bad on my Bank Statements?‘ article.

What can I do to show the lender I am reliable? 

Various first time buyers in Doncaster and home movers in Doncaster have found that most lenders prefer to have at least three months bank statements from a mortgage applicant. Maybe, it’s time to change your lifestyle to have at the very least three months to improve your handling of finances. 

Firstly, we recommend taking a very long break from the bookmakers and/or online gambling scene. This will benefit you mentally and give your finances some breathing space. 

Secondly, do your best to pay off any current debts you have without using an additional credit card. Even the more minor things like reducing unnecessary purchases can help free up the extra cash to ensure you can pay all your bills on time.

Thirdly, for you to be more sensible, create a plan for yourself with plenty of time ahead of what you’re looking to achieve. The further away you go from debt and financial troubles, the better your chances with a lender.

Speak to a Dedicated Mortgage Advisor in Doncaster

If you’re a first time buyer, moving home, or self-employed, it’s always essential to keep your finances on track. Getting in touch for specialist mortgage advice in Doncaster can help you if you’re feeling unsure when it comes to bad credit history. We are here to further your mortgage journey by advising the best we can.

The Costs of Buying a Home in Doncaster

First time buyer mortgage advice in Doncaster

Buying a house in Doncaster or any property will possibly be one of the most significant financial decisions you make in a lifetime.

That said, first time buyers in Doncaster like yourself need to be aware of the additional costs when you purchase a house before you jump onto the property ladder.

The break down of costs

Deposit

One of the most considerable costs of buying a house is having a deposit. Your deposit will all depend on the price of the property you are purchasing.

For example, if the buyer has a 5% deposit of the purchase price and got accepted. A mortgage lender would then lend you the remaining 95%. The larger the deposit you can put down, the better mortgage deals you will may be eligible for.

Estate Agency Fees

You only need to deal with estate agent fees when selling a property. Their services can vary between companies, so make sure you try to find the best price and leading service before diving into anything.

We find that the cheapest agents tend to be online ones who don’t have to worry about the costs of maintaining offices.

If you prefer a more personalised service, you may have to pay an extra 1-2% of your property selling price. The fees usually have room for negotiations, especially in a “seller’s market”.

(A seller’s market is where agents are fighting to get your instruction because of the lack of houses on the market.)

Valuation Fees

A lender will need to be sure of whether the property is worth what you’re going to be paying for it. Your lender may offer you this service for free, although they may not send you a copy of the report in return.

When this is the case, you may need to pay a fee. The prices can vary and be more expensive if you wish to select a more detailed report or not; it is entirely up to your choice.

Your decision will likely depend upon the age and type of property you are purchasing, along with any concerns you have about the property in question.

Mortgage Arrangement Fees

Some mortgage products offer comparatively cheap rates. The benefit can be outweighed by an arrangement fee made payable to the lender. Not every product will have one, so the cost.

An example, could either be nothing, or as much as £999+. It all depends upon the lender and the product you have chosen.

Sometimes these are to be paid upfront or you can elect to add these to the balance of your mortgage, but you would then incur further interest charges.

As a mortgage broker in Doncaster, we can compare mortgage deals factoring in the costs to give you a more general overview of your expenses.

Solicitor’s Fees

You’ll need to take up the services of a solicitor, wherein the fees quoted by various firms can differ by massive amounts.

Whether it’s a freehold or leasehold, you will need to give the property address and give the purchase price to obtain quotations on what you’ll have to pay.

  • Ensure the firm includes VAT
  • Ensure the firm includes the cost of any “disbursements.” These are fees such as Land Registry Fees and Authority Search FeesIs
  • Is your solicitor on your mortgage lenders panel?

Stamp Duty

In addition to your Solicitor’s fees and disbursements, you’ll be required to pay this tax which the solicitor collects on completion of the property purchase.

Full details can be found here – a residential purchase of £180000, the Stamp Duty would be £1100.

Broker Fees

Your mortgage broker will usually charge a fee for their service. Please try to use a company that charges on completion only and avoid any application fees where your money will be at risk.

Removal Fees

The cost of moving your furniture can vary significantly and will depend on the level of service you are looking for.  If you are quite happy to hire a van and roll your sleeves up, this can cost less than £200. 

On the other hand, if you are looking for a company that provides the full service this can be £1,000 plus.

If you would like to discuss the costs involved in obtaining a mortgage in more detail then please don’t hesitate to get in touch.

Can I Buy a Property in Doncaster With a Small Deposit?

Guide to low deposit mortgages

It is possible to get a mortgage with a 5% deposit of a property’s value, although, you’ll find that some lenders may require no less than 10%. If you have come across this, you’re not the only one to have experienced it.

Our team of mortgage advisors in Doncaster are here to help. Here are some suggestions we recommend to help increase your chances of getting onto the property ladder with a small deposit.

Utilising the various Government Schemes

Take advantage of government schemes under the ‘Own Your Home’ project. One of these schemes might offer the extra boost you need to continue through your mortgage journey.

With a handful of government schemes to choose from, buying a home is now more affordable than in previous years. These schemes have allowed first time buyers in Doncaster and home movers the opportunity to get themselves onto the property ladder.

Help to Buy Equity Loan

This government scheme allows you to increase your total deposit size. First, you take out a Help to Buy mortgage with a minimum of a 5% deposit, and the government tops up your total deposit to make a total of 25%. The percentage that they give you is the ‘Equity Loan’. This amount will eventually need paying back as it is a loan and not a gift.

The loan will be interest-free for the first five years. Then, if it hasn’t been paid off, the remaining loan will begin to gain interest, starting at 1.75%.

Lastly, this scheme is only available for new-build purchases and for first time buyers. Therefore, if you’re a first time buyer in Doncaster, this scheme could be perfect for you and help improve your chances of securing a property with only a 5% deposit!

Shared Ownership

Shared Ownership lets you take a mortgage out on a percentage share of a property (usually anywhere between 25%-75%) and then pay the rest back via rent. Also, it’s worth knowing that you can increase the share of the property that you own further down the line if you want to. 

If you want to go down this route, we recommend that you speak to an expert mortgage advisor in Doncaster before diving headfirst into the scheme.

Lifetime ISA

A Lifetime independent savings account is a savings account where your money grows year on year interest-free. You can put as much money in it as you’d like each month, as long as it doesn’t exceed a total of more than £4,000 over the year. This is the maximum that you can save each year.

Each year, the government will top up what you’ve saved by 25%. So, if you save up to the maximum, you will get an extra £1,000 for free.

Right to Buy

Right to Buy is a government scheme that lets you buy your home at a substantial discount if you’re a council tenant. You may be able to use your discount as a mortgage deposit so you can buy your home with fewer savings.

95% mortgage guarantee scheme

A 95% mortgage is when you borrow against 95% of a property’s price, covering the remaining 5% with your deposit. Of course, getting a mortgage is not guaranteed in any way, shape or form. You’ll still be required to pass things such as credit checks and affordability assessments.

Alternative to using government schemes

There are other ways besides using government schemes to get a mortgage with a smaller deposit.

Have an agreement in principle at the ready

A mortgage in principle (AIP), also known as a decision in principle, is a written estimate from a bank or building society that indicates how much money you can borrow.

It can prove you’re a serious buyer and can, in theory, get a mortgage. We can usually turn around an agreement in principle for our customers in 24 hours.

In this situation, it’s not really about the deposit. An AIP indicates to the seller that they’ll be able to continue through the process quicker by choosing you as you will speed up their process!

Keep saving!

Another alternative would be to carry on saving up. Even pushing back your home buying journey for a further couple of months could boost up the total amount of your mortgage deposit.

Your small deposit could become much more prominent if you knuckle down and save for just a little longer. Suppose none of the houses on the market are appealing to you in that area; even more reason to save up and wait!

Taking out a loan to cover your deposit

Taking out a loan to cover your deposit can sometimes affect your ability to get accepted, and this is because you are essentially borrowing 100% of the mortgage.

Lenders will question whether you’ll be able to afford it or not. They can’t risk lending to you if that loan affects your ability to keep up to date with your mortgage payments.

This is a specialist topic, and we would advise that you speak to a mortgage advisor in Doncaster and get in touch with us first.


Mortgage Advice in Doncaster: Should I use a Mortgage Adviser?

No matter your mortgage situation, it’s essential to seek mortgage advice in Doncaster at the start of your mortgage journey, whether you are a first time buyer or looking to remortgage in Doncaster

Getting expert mortgage advice can be the difference between an application getting accepted and being rejected. Taking matters into your own hands can work against you as you aren’t as experienced in looking for certain things.

Our team can search through thousands of mortgage deals for you, which will hopefully save both your time and money during your mortgage process.

What does a Mortgage Advisor in Doncaster do?

It’s the job of your dedicated Mortgage Advisor in Doncaster to find you the mortgage deal that is the most appropriate for your circumstances. Some say that there’s no significant difference between an advisor and a broker, which is partially true and untrue.

Mortgage advisors are trained professionals working either for a mortgage broker, independently or for more prominent banks or building societies. The difference comes into play when looking at the companies those advisors work for, compared to Doncastermoneyman.

However, here at Doncastermoneyman, we can tell you our team of specialist mortgage advisors in Doncaster are authorised and regulated by the Financial Conduct Authority and have access to a large panel of various mortgage lenders pick and choose a deal depending on how appropriate it is. 

Many of those advisors working directly for the lender will only offer their products, along with biased advice.

Our mortgage advisors in Doncaster have in-depth knowledge of lending criteria and experience providing expert advice to customers with all types of individual situations.

Why do people get Mortgage Advice in Doncaster?

For first time buyers looking to take that first step onto the property ladder, the process can be confusing. 

It’s here where our dedicated mortgage advisors can take the reigns and walk you through every step, supporting you through the most stressful moments, leading up to when you get your keys and, if necessary, beyond.

It may be that you need mortgage advice in Doncaster because you are looking to remortgage for home improvements/release equity or purchasing your next property to move into or add to your portfolio.

Our team of specialist mortgage advisors in Doncaster in Doncaster can help find suitable mortgages for a landlord looking at buy Let mortgages.

Benefits of using a Mortgage Broker in Doncaster

One of the many benefits of using a mortgage broker in Doncaster is that the process will likely go a lot smoother than it would’ve been if you had opted to go alone. Buying a home can be a very stressful experience, and our customers like to know they have got someone on their side to answer all their questions and queries. Here are some other ways we are also able to help:

  • Elaborate On the various mortgages available and the different types of deals.
  • Help you get ready for your application to increase your chances of success.
  • Try and save you money by searching for a mortgage with lower interest rates and fees.
  • Give you advice on how much you could afford to borrow.
  • Have access to special mortgage deals that are not available on the open market.

Our mortgage advisors in Doncaster job is to ensure you have the highest chance of being accepted the first time possible. Nothing is ever guaranteed, but with our help, you’ll hopefully be one step closer.

Opening Times

We are proud to have the quality of service we provide to our customers seven days a week.

We put our people at the heart of our business and always aim to exceed their expectations. Get in touch with your mortgage broker in Doncaster today and benefit from a free mortgage consultation with a member of 

Planning On Selling Your Home in Doncaster? | Here Are Some Tips

First impressions count

Buyers often make their decision on a property within seconds of arriving most homeowners who are looking to buy a new family home will need to sell their current property in order to proceed.

The equity (the amount at which you sell for without your current mortgage balance added on) will contribute towards a security deposit for the next purchase when Moving Home in Doncaster. You can top this up from savings or a family gift if you wish.

There is always a “magic number”, the minimum that a seller (vendor) is willing to accept to agree on a sale. However, when a home is listed for sale, it is important to market and presents it in the right way. It can make a big difference in terms of how quickly it sells.

1) Be Reasonable

The asking price should portray that of its surrounding properties. Be reasonable, some estate agents may just suggest the highest possible price for the sake of it. With everyone now able to advertise on Zoopla and Rightmove, it’s a good idea to make the dive into the market and get as many viewings as possible, within the first two weeks.

If interest in your property seems to below, there’s a chance it was overvalued.

Prior to putting their current property on the market, people often like to research and visit other properties to identify which one might become their new home. If this is you and you need a quick sale, here are some tips to give yourself the best possible chance of selling it.

2) Attention to Detail

The first tip can be challenging to imagine, but the first thing you need to do is inspect your own house as if you were viewing it for the first time yourself. If it has good “kerbside appeal”, (i.e. it looks nice as you drive up to it) that will be a great first impression

Something simple like a freshly jet-washed drive and neatly cut front lawn indicates that you are the kind of person that looks after their home. You need to aim for that feel-good factor, it’s more than likely that the potential buyer will think the inside is likely to be as nice as the outside.

3) Have Children?

If you have any kids, it’s best to put away any bikes or loose toys in the front garden. Make sure your front door looks appealing (clean) and the doorbell works. Spend a little bit of cash getting a nice new doormat or welcome sign.

4) Upkeep

Go around each room and caution around rooms like kitchen or bathrooms, pay a lot of attention ensuring that they are spotless and have a high hygiene level. Cupboards and wardrobes should be neatly stacked and free of clutter.

One of the critical things is to ensure your home is immaculately clean. Wash your curtains, blinds, wipe down your walls and clean all your floors and windows. All repairs should be up to date too and clean bedding on the beds. Windows should be sparkling clean inside and out. New carpets in smaller rooms can be an inexpensive way of creating the impression that your house is welcoming and has been well cared for.

If you are a smoker it’s a good tip to air the rooms out before the potential buyer arrives. Ensure there are no bad smells lingering, buyers can be put off bad odours from pets or cigarettes.

5) Atmosphere

You will want your buyer to feel at home and relaxed as they view your property so try and avoid having pets or young children getting in their way as they move around. That said, if it’s a family home you are selling then just a couple of family pictures and paintings can help as it will them envisage bringing up their family there too.

Buyers, more often First Time Buyers in Doncaster, like to walk on their own, if there are two of them allow them some breathing space to talk amongst themselves but be ready to answer their questions honestly.

Your bathroom should be presented spotless declutter any items like cosmetics and co-ordinate your towels and flannels, maybe consider doing a small investment look at ways you could create a fresh feel with some minor renovations. Make the floor space spotless.

6) Lighting

A well-lit house is more appealing to potential buyers, this is achieved through making sure lights brighten up rooms and all curtains and blinds are open. Plants often block out light so place these strategically throughout the house.

7) Fresh Coat of Paint

White walls look fresh and clean, it also has the added benefit for the buyer of being extremely easy to work whenever they redecorate. It helps to buyer avoid scraping previous wallpaper off the walls.

Interior doors should all be freshly painted. Polish the brass fixtures and ensure all doors open and close nicely, no broken locks etc. Buyers are looking at making the most of space, it’s recommended storing objects into cupboards and have clean and tidy worktops.

8) Gardening

In terms of your garden the viewer may want to look inside your shed so don’t just throw everything in there, it needs to look neat and tidy.

  • Maintain your lawn,
  • Weed the paths and walkways,
  • Spruce up your plants with more vibrant alternatives

Pay attention to your fences, make sure all the slats are in place, and it’s nicely painted or creosoted. Tidy up any visible items such as outdoor barbecues. People do still like to see a colourful garden so ensure its beautifully turned out. Flowering plants are lovely to see if the season is conducive.

Another Tip would be to make your garage space more efficient therefore providing more space for a vehicle.

9) Another Perspective

People buy from people, so it’s always better if you do the viewings yourself as the seller. You will no doubt feel very passionate about your home and can show it off in its best light, albeit pointing out any small issues that you have encountered over the years (“We had a leak, we fixed it”) to present a balanced view.

Estate Agents do want to earn their commission, but they will have a certain amount of knowledge on your home compared to you.

Finally, remember the emotions attached to buying a home. If you have a family, it helps to accentuate it has been a happy home for you, and this is sure to rub off on the viewers if they are thinking of raising a family also.

Stamp Duty Cut: Summer Statement 2020

To kick-start the property market during post-lockdown, the Government announced a stamp duty holiday which will run until March 31st, 2021.

Paying stamp duty acts as a barrier to some people purchasing a property, so the Government plans that this move will inspire more people to do so as the housing market is a crucial part of the UK’s economy.

The Government stated the temporary move would mean 9 out of 10 people buying a home during the exemption period won’t need to pay any stamp duty at all.

Stamp Duty Cut 2020 | MoneymanTV

Here’s we have assembled a list on how the changes which have taken effect immediately and how it may affect you:

First Time Buyers

Most First Time Buyers don’t pay stamp duty as they are already exempt up to £300,000. The holiday applies to properties up to £500,000 though so if you are a First Time Buyer in Doncaster buying at that maximum figure, then you would save £10,000 in stamp duty.

Home Movers

Home movers moving up or down the property ladder are likely to be the biggest winners here. If you are moving and your purchase completes before March 31st 2020, then you will not pay Stamp Duty at all as long as the purchase price is <£500,000. The Government predicts that the average stamp duty bill will fall by £4,500, but for properties priced at £500,000 the saving will be £15,000.

Buy To Let Investors/ Additional Homes

The stamp duty surcharge still applies (this got brought in to curb the number of investors buying homes that traditionally would have been bought up by First Time Buyers), but you will still be better off than before.

Under the old system, if you bought an investment property for £250,000, you’d have paid 3% on the first £125,000 and 5% on the second £125,000, resulting in a stamp duty bill of £10,000. During the holiday you will only pay 3% stamp duty on the total purchase price, meaning a bill of £7,500.

Malcolm was on BBC Radio Humberside on 09/07/20 to talk about the stamp duty statement and what was his thoughts, here was his response:

Mortgage Advice in Doncaster

Why use a Mortgage Broker in Doncaster?

Benefits of Using a Mortgage Broker in Doncaster

Why use a mortgage broker in Doncaster? | MoneymanTV

The main reason home movers and first time buyers in Doncaster like yourself choose to contact a mortgage broker in Doncaster is to have someone trusted by your side to help the process of buying a home go as smoothly and as quickly as it can go. 

After all, the home buying process can be a stressful experience, and for our customers, it’s a soothing relief to know they have got someone on their side to deal with the complex parts, with availability to answer any questions they may have.

Your mortgage advisor will work hard to try and ensure that you obtain the cheapest or at least most beneficial mortgage outcome for your personal needs. This level of dedication and passion for our work applies no matter the mortgage type. 

Whether you’re making your first purchase, a second purchase, or you wish to remortgage, we put everything into our service to ensure our customers have the best outcome available to them.

When should I get mortgage advice in Doncaster?

If you’re looking at taking out mortgage advice when buying a home, we would personally recommend talking to a mortgage advisor in Doncaster as early on in the process as you can.

Your committed member of the Doncastermoneyman team will be able to help you work out roughly how much you’ll be able to pay per month, as well as how much you may be able to borrow.

Different lenders each have other criteria, so speaking to an expert in the field with a wealth of knowledge surrounding these criteria will significantly benefit you. If you know what you can afford well in advance of making an application, it may help you avoid any potential future disappointment. 

Communication and responsiveness are also a large part of what we do. We aim to ensure all of our customers are kept informed about the progress of their mortgage application, making sure you are fully aware of what is going on and where the process is headed next. 

If something ever goes wrong or you have any questions, we are always available at the end of the telephone, ready to help you out in any way we can.

Free From Estate Agents, Banks or Building Societies

We will work for the customer and not the lender. This is important to remember throughout your process. Our team is firmly in your corner, sometimes having to argue how strong an application may be to ensure it goes through. Thanks to our initial checks, we find that we get an in-depth understanding of our customer’s financial situation. 

Additionally, the company process of requesting and checking your proof of income and bank statements ahead of time allows us to avoid any hurdles that may arise carefully, hopefully before they can become a factor. 

We also can help you choose the right type of survey for your property transaction, as well as instruct a Solicitor on your behalf to carry out the legal aspects of your final transaction. 

We have completed a lot of application forms on behalf of our brilliant customers, again working hard to ensure complete accuracy and giving your application the best chance of achieving in the end. 

Building Customer Relationships

Finally, our motivated and caring Mortgage Advisors love to build up customer relationships, to assist with future mortgage enquiries, be this as a buy-to-let landlord with your portfolio or to remortgage when your term ends. 

Your journey starts with an affordability assessment and Agreement in Principle before you even get to the part where you find a house.

Once your purchase is complete, your advisor will still keep in regular contact via email, and in the six months running up to the initial mortgage product coming to its end, we will get in touch once more to discuss your Remortgage options. 

We are then able to compare the market on your behalf as we did before, to help you obtain the best remortgage deal available for your circumstances. 

Doncastermoneyman.com & Doncastermoneyman are trading styles of UK Moneyman Limited, which is authorised and regulated by the Financial Conduct Authority.
UK Moneyman Limited is authorised and regulated by the Financial Conduct Authority.
UK Moneyman Limited registered in England, registered number 6789312 and registered office 10 Consort Court, Hull, HU9 1PU.

© 2021 Doncastermoneyman

Doncastermoneyman, 3 Cavendish Court, South Parade, Doncaster, DN1 2DJ.

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