Do First Time Buyers in Doncaster Pay Stamp Duty?

Please note that the information contained in this article is for general guidance purposes only and should not be considered as legal, financial, or tax advice.

All information regarding Stamp Duty is taken from the government website and is in-line with the September 2022 Mini-Budget. The laws and regulations related to Stamp Duty are subject to change, and the information in this article may not reflect the latest updates or changes in the law.

The amount payable for Stamp Duty will entirely depend on personal circumstances. Please speak with the solicitor acting on your behalf, who will be more appropriate to advise on this.

Information Source: MoneyHelper

Stamp Duty Land Tax is a tax applicable to residential property owners in England and Northern Ireland. It encompasses both leasehold and freehold properties, including those with mortgages or those purchased outright.

For first time buyers in Doncaster, Stamp Duty is not levied on properties valued at £425,000 or less. If the property exceeds this value, up to £625,000, Stamp Duty is waived on the first £425,000, with a 5% Stamp Duty rate applied to the remaining amount, up to £200,000.

Properties exceeding £625,000 do not qualify for first time buyer relief in Doncaster, thus subject to standard Stamp Duty rates. To qualify as a first time buyer for this relief, you must be acquiring your sole or primary residence, with no prior property ownership in the UK or abroad.

As of the current rules, in effect at the time of writing, these regulations will persist until March 2025, at which point Stamp Duty will revert to previous thresholds.

Why was Stamp Duty relief introduced for first time buyers in Doncaster?

In an effort to enhance accessibility to the property market, the government has introduced revisions to Stamp Duty regulations, specifically aimed at first time buyers in Doncaster.

As you might already know, amassing the necessary funds for mortgage applications, deposits, and conveyancing fees can be a formidable challenge.

Existing property owners often have the advantage of accrued equity in their current homes, which can be utilised to meet the costs associated with purchasing a new property.

However, first time buyers in Doncaster, in contrast, are often renters or individuals who may not possess the same level of equity to rely on.

Are there any exceptions to the rule?

As previously mentioned, the exceptions to these rules apply to properties valued over £425,000, up to £625,000, where you will pay a percentage of the amount exceeding £425,000, and properties valued over £625,000, where first time buyer relief does not apply.

Regrettably, even if you have inherited a property and have never previously owned a home, you do not qualify for first time buyer relief.

The same rule extends to those who have purchased a share in a property and individuals who are jointly purchasing with someone who does not qualify as a first time buyer in Doncaster.

Furthermore, if you are considering a first time buyer buy to let property, you will be subject to Stamp Duty. This distinction arises from the fact that you are making a buy to let purchase rather than a residential property purchase.

The specific amount payable varies based on your circumstances, and it is advisable to consult with your solicitor for clarification.

How do I pay stamp duty?

Usually, your solicitor will take care of the Stamp Duty return and payment process on your behalf, although you do have the option to handle it personally. Regardless of the chosen approach, it remains your responsibility to ensure the timely submission of the return.

Even if your circumstances do not necessitate the payment of Stamp Duty, you are still obligated to submit a return, unless you qualify for an exemption. It’s worth noting that the rates and regulations governing Stamp Duty may vary depending on the property’s location.

To ensure a clear understanding of the specific tax rules applicable to your property purchase, it’s advisable to consult with your solicitor or conveyancer. This step will help you navigate the process smoothly and avoid any unexpected complications.

Additional Costs for First Time Buyers in Doncaster: What Else to Consider?

In addition to Stamp Duty expenses, if you’re in the process of securing a first time buyer mortgage in Doncaster, you might be curious about other associated costs. Among these, the most significant is typically your deposit. Generally, mortgage lenders will require a minimum of a 5% deposit.

However, if you’ve had a history of poor credit or are seeking access to more favourable interest rates, it may be advisable to consider a deposit in the range of 10% to 15%. Additionally, you will need to budget for solicitors or conveyancing fees, which are an essential part of the home buying process.

Beyond these core expenses, there are several potential fees that may or may not apply to your particular situation. These can include a mortgage arrangement fee, charged by your mortgage lender for setting up your mortgage, as well as valuation and survey fees.

If you decide to enlist the services of a mortgage broker, it’s worth noting that they may charge a fee, although this can vary depending on the case. There are also general costs to consider, such as removal fees, potential repair expenses, costs associated with furnishing your new home, and home insurance.

It’s important to keep in mind that many of these costs are not set in stone and may be optional or subject to variation.

For a precise breakdown of the potential expenses you might encounter on your path to homeownership, it’s advisable to consult with a mortgage advisor. They can provide you with tailored guidance based on your specific circumstances.

Is there any support available for first time buyers in Doncaster?

First time buyers in Doncaster facing challenges in stepping onto the property ladder can take solace in the availability of assistance. Beyond the relief from Stamp Duty for first time buyers in Doncaster, there exists a range of schemes aimed at enhancing accessibility to homeownership.

Among the more well-known options is the Shared Ownership scheme, where you purchase a share of a property and pay rent on the remaining portion.

Another avenue is the Forces Help to Buy (FHTB), designed to support service members in borrowing up to 50% of their salary, up to a maximum of £25,000, without incurring interest.

For those currently residing in council properties, there’s the possibility of accessing a Right to Buy mortgage. Eligible tenants may acquire their property at a reduced price, often with the discount effectively serving as a substitute for a deposit, depending on the mortgage lender’s policies.

Furthermore, the benefits of a Lifetime ISA are worth noting. This savings account allows you to set aside funds towards your deposit. You can save up to £4,000 annually, with the government contributing an additional 25%, up to a maximum of £1,000 each year.

For comprehensive information about these schemes, along with additional, more specialized options, you can explore the government’s Own Your Home website.

Alternatively, reaching out to a trusted mortgage advisor can provide you with personalised guidance and set you on the path to your own homeownership journey.

Your Essential Mortgage Guide: Answering Your Top Questions in Doncaster

Are you in search of valuable mortgage insights and guidance to smooth your journey towards homeownership? We fully grasp the uncertainties and questions that often crop up during this process.

Within this article, our central goal is to address your most pressing queries and provide you with insightful mortgage advice in Doncaster to empower you in confidently navigating the intricate world of mortgages.

Whether you’re a first time buyer in Doncaster or considering a remortgage in Doncaster, rest assured, we have you covered. Let us join forces to transform your homeownership dreams into a deeply fulfilling reality!

How much can I afford to borrow?

Assessing your borrowing capacity stands as a cornerstone of the mortgage journey. Contemplate factors such as your income, financial commitments, and existing debts.

While online mortgage calculators can provide initial estimates, for a more precise and tailored evaluation, it’s advisable to seek guidance from a dedicated mortgage advisor in Doncaster.

Their specialised knowledge will give you in-depth insight on your unique financial situation. This invaluable mortgage advice in Doncaster allows you to make well-informed choices and sets you on the path to securing your ideal mortgage.

What are the current mortgage interest rates?

Maintaining a firm grasp on interest rates is pivotal for making informed decisions throughout your mortgage experience.

Stay informed by keeping an eye on financial news, reputable online resources, or by consulting with experienced mortgage advisors in Doncaster who can provide you with real-time updates on interest rate trends.

Gaining a clear understanding of current market dynamics will empower you to make the best possible decisions for your mortgage journey. Additionally, our YouTube channel, MoneymanTV, regularly shares monthly market updates, providing you with valuable insights into this topic.

By remaining knowledgeable about the latest developments and trends, you equip yourself to confidently navigate your mortgage journey and make informed decisions.

What types of mortgages are available?

Taking the time to explore the various mortgage types available, including fixed-rate, adjustable-rate, and interest only mortgages, is very important. Each option brings its distinct features, advantages, and considerations.

To make an informed choice, go on a thorough research and seek guidance from mortgage experts in Doncaster. They possess the expertise to help you in identifying the most fitting mortgage type that aligns seamlessly with your specific needs and financial objectives.

This meticulous approach ensures that you select the mortgage that best suits your circumstances and propels you towards successful homeownership.

How can I improve my credit score?

Ensuring you have a strong credit score forms the bedrock of securing favourable mortgage terms. To accomplish this, it’s key to consistently pay your bills on time, maintain a low credit utilisation ratio, and regularly review your credit report for any inaccuracies or discrepancies.

Should you encounter credit-related challenges, don’t despair. Various agencies and resources are at your disposal, ready to offer support and guidance in improving your credit profile.

By proactively managing your credit, you significantly enhance your chances of qualifying for a mortgage with more favourable terms and conditions.

What documents are required for a mortgage application?

Generally, when you’re preparing to apply for a mortgage, you’ll need to gather standard documentation, which includes proof of your income, identification, bank statements, and a record of your employment history.

For a smoother and more personalised mortgage application experience, it’s advisable to seek guidance from mortgage lenders or experienced mortgage advisors in Doncaster.

They can help you in creating a customised checklist of required documents tailored to your unique financial circumstances and individual needs. With their expertise, you can confidently navigate the document submission process, increasing the chances of a successful mortgage application.

Should I use a mortgage broker in Doncaster or go directly to a mortgage lender?

Both options, working with a mortgage broker in Doncaster or approaching lenders directly, offer distinct advantages.

As a mortgage broker in Doncaster, we provide access to multiple lenders, facilitating comprehensive comparisons to find the best mortgage offers that match your specific requirements. Conversely, dealing directly with a mortgage lender establishes a direct relationship between you and the lender.

We recommend carefully considering your preferences, conducting thorough research, and seeking recommendations to make an informed decision that aligns with your specific needs and financial goals.

Ultimately, whether you choose to collaborate with a mortgage broker in Doncaster or engage with lenders directly, the key is to select a solution that best suits your home-buying journey.

What are the associated costs and fees?

Beyond the mortgage amount, it’s important to factor in additional expenses when planning your home purchase. These may include arrangement fees, valuation fees, legal fees, and potential early repayment charges.

To gain a comprehensive understanding of all the costs involved, take the time to review fee schedules from various mortgage lenders.

To ensure you are well-informed about these expenses, seek mortgage advice from mortgage professionals who can guide you through the details and help you in making informed decisions.

Being fully aware of the complete financial picture will enable you to plan effectively and avoid any unexpected surprises along the way.

How can I save for a deposit?

Building a deposit for your home necessitates discipline and careful financial planning. Start by creating a budget that helps you track your income and expenses. Look for areas where you can cut unnecessary spending to save more effectively.

Explore government schemes designed to support homebuyers, such as Help to Buy in Doncaster or Right to Buy in Doncaster, while keeping in mind their specific eligibility criteria. These initiatives can provide valuable assistance in your journey towards homeownership.

Consider opening high-interest savings accounts or first time buyer ISAs, which are tailored to accelerate your savings with attractive interest rates and potential government contributions.

By implementing these strategies, you can take significant strides towards accumulating your deposit and achieving your dream of owning a home in Doncaster.

What is the difference between a mortgage agreement in principle and a formal mortgage offer?

An agreement in principle (AIP) provides an initial estimate of the mortgage amount a lender may consider offering based on fundamental information provided by the borrower.

In contrast, a formal mortgage offer represents a legally binding document that signifies the lender’s commitment to providing the loan under specific conditions.

Reaching this stage marks a significant milestone in the mortgage process, as the offer outlines the terms and conditions of the mortgage and lays the foundation for finalising the home purchase.

How long does the mortgage application process take?

The timeline for processing a mortgage application can vary, typically spanning several weeks on average. Several factors come into play, including the property type, your credit history, and the efficiency of document submission, all of which can influence the duration.

To ensure a smoother and more efficient process, it’s essential to maintain close collaboration with your mortgage advisor in Doncaster and be well-prepared for any potential delays that may arise.

By staying proactive and organised throughout the application process, you can play a significant role in expediting the journey towards securing your dream home.

Get Mortgage Ready!

With these answers to your key mortgage questions in hand, you’re now well-prepared to embark on your exciting mortgage journey.

Remember, seeking guidance from trusted mortgage advisors in Doncaster, conducting comprehensive research, and maintaining a proactive approach throughout the process are all essential components.

By following these steps, you can confidently pursue your dream of homeownership and take the necessary actions to turn it into a reality!

What are the 7 best places to live in Doncaster?

For first time buyers in Doncaster, choosing the perfect place to call home is a decision that can shape your lifestyle and overall well-being. If you’re considering settling down in Doncaster offers an array of diverse and charming neighbourhoods. From historic towns to modern suburbs, there’s something for everyone. Here, in no particular order, we present our recommendations for the best places to live in Doncaster, each with its own unique character and advantages.

1. Conisbrough

Nestled on the banks of the River Don, Conisbrough exudes historical charm with its iconic Conisbrough Castle, a magnificent 12th-century structure that dominates the skyline. The town offers a mix of traditional architecture and contemporary amenities. Its strong sense of community, convenient access to transport links, and local shops make it an attractive choice for families and individuals alike.

2. Retford

Retford, just a stone’s throw from Doncaster, presents a picturesque blend of Georgian and Victorian architecture. The charming market town boasts a bustling market square, independent shops, and a welcoming atmosphere. The proximity to stunning natural landscapes like Idle Valley Nature Reserve and Clumber Park adds to the appeal, making Retford a haven for nature enthusiasts.

3. Bessacarr

For those seeking a more suburban lifestyle, Bessacarr is an excellent choice. This well-established residential area offers an assortment of family homes surrounded by green spaces and parks. Bessacarr’s proximity to Doncaster town center, top-rated schools, and easy access to the motorway network make it an ideal location for families looking for tranquility without sacrificing convenience.

4. Tickhill

Tickhill, with its cobbled streets and medieval architecture, transports residents back in time while providing modern comforts. The town’s vibrant community spirit is evident through its local events and festivals. With a selection of charming pubs, boutique shops, and historical landmarks like Tickhill Castle, this town offers a serene escape from the bustle of city life.

5. Armthorpe

Armthorpe embodies contemporary living with its modern housing developments and facilities. This thriving suburb features a range of amenities, including shopping centers, schools, and recreational spaces. The community-focused approach and strong transport links to Doncaster and beyond make Armthorpe an appealing choice for families and professionals.

6. Sprotbrough

Situated along the scenic River Don, Sprotbrough oozes riverside charm and elegance. The village offers an idyllic setting with its historic Sprotbrough Lock, charming pubs, and tranquil walks along the riverbank. The highly-regarded local primary school and easy access to Doncaster make Sprotbrough an attractive location for families seeking a quintessential English village lifestyle.

7. Auckley

Auckley strikes the perfect balance between modern amenities and rural beauty. This village is known for its upscale housing developments and proximity to Doncaster Airport. With easy access to both Doncaster and the surrounding countryside, Auckley appeals to those who desire a peaceful environment while staying well-connected.

Book Your Free Mortgage Appointment

We hope that this list has helped you a little when it comes to making the decision of where you are going to live in Doncaster. It can be tough moving home in Doncaster, especially when you have no experience in doing so. For help with your moving home journey, we are a mortgage broker in Nottingham and can help you through the whole Moving Home process. We have helped many home movers achieve their keys to their dream home, you could be next!

10 Factors to Help you Decide Where to Live in Doncaster

Home Buyer Mortgage Advice in Doncaster

If you are local to the Doncaster area or are considering moving outside of Doncaster, one of the important factors when moving home in Doncaster is knowing the area you are hoping to live in. 

It isn’t as easy as just picking a random property on the street say “that ‘ll do”. You need to look at how the area currently looks, what facilities are close by, and if the property has everything you need.

To help give you a better understanding of things to look out for when picking the ‘right’ area, we have put together a detailed list of the different types of factors that you, as a home buyer, need to look into when purchasing a property in Doncaster.

1. Busy town or relaxing countryside?

First thing you need to do is come up with a list of the type of area you would like to start living in, the way you need to look at it is you’ll be living within that property for a long time, so the area is very crucial.

Since Doncaster is a minster town, it’s ideal for those who prefer an urban lifestyle. But, if you prefer country life, you’ll need to move slightly further towards the outer areas of Doncaster.

If you were planning to move more to the outside of Doncaster, rather than closer to the town center and don’t drive, then you’ll need to make sure there are plenty of transportation links to choose from.

Transportation links are key for the area especially if you rely on them for work, seeing family or friends, or going away for a night out. Doncaster has plenty of transportation links, you have the choice to go on foot, by taxi, train, bus, and cycling. Each option will allow you to commute to and from the town itself.

Whilst having those link are positive, there is a cost element. What type of public transport are you taking? How much does it cost to get there and which method is the most cost-effective? Especially when you’ll soon have to pay off your mortgage monthly.

If you are driving, how much fuel will you need to pay per week? Especially with rising fuel costs, but luckily Doncaster is a minster town, but all these are important factors still need to be taken into consideration when making a decision.

3. Schools & Education 

If you have any kids or planning to start a family, you should do some research on the closest school area. Review the school league tables and any Ofsted reports, this will help you get a better idea of what the school is like.

4. Nearby Facilities – What You Need Vs What You Want 

Always make a note of the facilities close by, especially the ones you particually like. For example if you would like to have a particular shop, take a look at the local area to see what is there. Closer to the center of Doncaster, you are likely to find most of what you are looking for.

Of course if you’re living further away from Doncaster, you may need to prioritise what is essential, but you will have the benefit of these possibly costing less. Remember that essential shopping probably outweigh treats like a gym.

5. Friends and Family 

Depending on how far away or close you are to family or friends, that will be a huge factor in the area you live in. Many will want their family and friends nearby, especially if they have kids. Whereas others may prefer a quiet life, only socialising occasionally.

Going back to transport links, even if you are a little bit away from family and friends, you may still be within traveling distance, due to the number of transport options around the area.

6. Is the property good value for money? 

Depending on the area you are looking to live in, will dictate Doncaster’s property prices. Some choose to look to go for a cheaper property initially, compromising on features and facilities they would’ve liked, in order to save some money, before moving later down the line.

7. What is the community like? 

It’s the people that make the area, some may prefer a quieter life, staying to themselves, whereas others may prefer to have a much busier community. We recommend speaking with an estate agent to learn more about what it’s like.

With the uprise of technology, most places have a community Facebook page or local newsletter to take a look at, you can normally find a lot of information online.

8. Change of Career 

If you are moving to Doncaster because of a career change, make sure to look at the level of distance between your new home and your new workplace. You may find that most people do commute to work in Doncaster from the outskirts, with plenty of transport links to choose from.

This makes quieter, more affordable living a much more viable option. Whereas others prefer to work from home, so this may reduce the need to travel to work.

9. Property Type 

Many different types of property are available on market, with the area you are looking to buy in is a factor in which type is more widespread. Some may prefer to live on an end-terrace with a garden to chill, while others would choose to live in a new build, flat or studio apartment.

Just double-check to make sure you’ve reviewed all of the different options. Attending viewings is a good way to get a feel for the property and the sort you would prefer to live in too.

10. Local Developments 

Make sure to see if there are any future improvements in the area you’re hoping to live in, especially if you’re looking to live there for a number of years.

Online research will definitely be worth your while when you are looking to find any future investments. It’s important to consider whether or not these will be beneficial to you and your lifestyle.

If you prefer a quiet country life, your ideal perfect world may be turned upside down if there’s any plans for a sudden big housing development nearby.

Moving Home in Doncaster

When the time comes to start making offers on a property and getting yourself a mortgage, it is worth getting yourself booked in for a free mortgage appointment. Our fast & friendly Mortgage Advisors in Doncaster will be glad to help!

We work from early until late, every day of the week and including some weekends and bank holidays, subject to appointment availability. Whether you need help as a first time buyer in Doncaster or are moving home in Doncaster, we will be more than happy to help you along with your mortgage journey.

The Pros & Cons of Using a Mortgage Broker in Doncaster

Taking that first step into the mortgage world, or starting the mortgage process for the first time, you may find the entire experience a bit daunting. There are many options for homeowners and homebuyers to take for themselves, which is why it’s best to get it right the first time. This is something that can be achieved with the help of an expert Mortgage Broker in Doncaster.

Depending on what you are looking to achieve and the current situation, we will provide open and honest Mortgage Advice in Doncaster to help first time buyers in Doncaster through their mortgage journey. We understand the process can be complicated, which is why obtaining expert Mortgage Advice in Doncaster will be very beneficial. Here at Doncastermoneyman, we are confident in our ability to search 1000’s of deals to find you the most suitable mortgage.

In this article, we have gathered information on why approaching a Mortgage Broker in Doncaster will be more beneficial, rather than going directly to a mortgage lender themselves or their local bank. 

Why go to a Mortgage Broker in Doncaster? 


You may believe that going direct and finding your mortgage deal will save you money, but that’s not the case. Some Mortgage Brokers in Doncaster may charge a fee on the end result; however, this does depend on the company.

It might be more cost-effective if you have a straightforward case, however, for those with a complex case, it’s worth going to speak to a Mortgage Broker in Doncaster like ourselves. Not going to an expert can result in you ending up on the wrong deal or being declined for a mortgage. Having constant rejection will harm your credit score which can impact your chances of applying for a mortgage next time.

Having a devoted Mortgage Advisor on your case will be benifical, our team well be by your side throughout the entire mortgage journey, to try and achieve your mortgage goals. We aim to recommend you the most suitable deal first time, saving you time and money. 

Local Bank Branch Relationship

Having brand loyalty can be one of the reasons why many customers decide to turn to their local bank directly, instead of going elsewhere. Previously before the increase in technology and online banking, customers would approach their local bank to obtain a mortgage.
Their branch would provide an expert and someone knowledgeable to supply them with the help and guidance they needed. Nowadays, the process is a lot different with credit scoring being introduced.

Because of this, your branch manager won’t physically go through the case themselves. Instead, a complex online system will determine whether or not you are eligible for a mortgage. Now, regardless of which bank you are with even being a loyal customer, your local bank may still decline your application. 

Exclusive Mortgage Products

Going direct will only give you access to limited products. Because they can only offer you deals from their own company, nobody else’s. Not to mention, you don’t find mortgage lenders in banks, there are many more mortgage options available to choose from. That’s why the deal that the bank offers you might not be the most suitable deal, there could be a much better deal elsewhere.

Receiving expert Mortgage Advice in Doncaster will be the best way to find the most suitable deal. One of our expert Mortgage Advisors in Doncaster will be able to go through your case and find you the most suitable deal from our large panel of lenders. This is another benefit of approaching a Mortgage Broker in Doncaster instead of just a bank.

Approaching a Mortgage Broker in Doncaster can provide you with exclusive deals that you can’t find elsewhere. There will be a good selection of options when you go to a Mortgage Broker in Doncaster, we have helped many first time buyers, home movers, or applicants who are wanting to know their Remortgage options.

Changes to Regulation & Consumer Protection 

After the effects of the 2007-08 credit crunch, a massive improvement in the mortgage market needed to happen. One of these changes was stated in the 2014 Mortgage Market Review, which instructed lenders to no longer sell mortgages to their customers without extensive, expert Mortgage Advice in Doncaster.

People could no longer approach a bank to tell them they wanted a mortgage and be instantly granted with no background checks. Not every staff member in the bank could grant you a mortgage, which was something that happened regularly regardless of if they were qualified to do so or not.

The new changes also bought in consumer protection, which a bank wouldn’t have given you. Now, you can place a complaint with the Financial Ombudsman in the event you feel misadvised. Another way to make a claim is through the Financial Services Compensation Scheme.

Having this in place means reassuring a customer that they will be safe and advised accordingly regardless of what mortgage journey they take. This applies to both mortgage brokers in Doncaster and other mortgage lenders. 

Book an Appointment with a Mortgage Advisor in Doncaster 

Approaching a bank instead of a Mortgage Broker in Doncaster might be more time-consuming. If you approach a bank, it can take days, weeks, or months to try and talk with someone at a bank. Furthermore, when you do begin the process, you’re not updated as much through the mortgage journey.

Here at Doncastermoneyman, our dedicated team of Mortgage Advisors in Doncaster will get in touch with you at the time that is best for you, we understand that you may have a busy schedule. This is why our team works, from early until late, 7 days a week, including weekends and evenings. Our Mortgage Advisors in Doncaster will be available to answer any of your questions and keep you updated. You might find us contactable on some bank holidays.

We tend to find sometimes you may find yourself attending your appointment on the same day, however, this doesn’t have to be the case. You can speak to a member of our time around a time and day that suits your availability.

Every customer is entitled to a busy lifestyle. This is why our Mortgage Advisors in Doncaster are available throughout the week, so you can book your free mortgage appointment around the day and time that suits you best, subject to availability.

Providing open and honest Mortgage Advice in Doncaster is a core value within our company. If you are at the very start of the process or towards mortgage completion, our friendly team will always keep you in the loop. If any changes arise, your Mortgage Advisor in Doncaster will get in touch as soon as they can. 

Handling of Complex Scenarios 

Through our expertise in the mortgage industry, we have found some cases can be slightly more complex than others. Below are just some popular scenarios that can be a bit more difficult than a straight forward case: 

Back in the day, mortgage lenders could easily compete with one another by providing exclusive deals that were better than the others. Now, the main change in which deal you go with is if you match their lending criteria or not.

You might find a cheaper deal but it may not match your criteria. In order to see if you are eligible to obtain a mortgage, the mortgage lender carries out a hard search, which will result in leaving a footprint on your credit file.

When you apply for a mortgage with a lender and were declined an agreement in principle, this may harm your credit file. The most frustrating thing about it all is that it’s very unlikely you will be given zero reasons as to why you were declined in the first place. As an open and honest Mortgage Broker in Doncaster, our team will be able to go through your case and advise you on ways to increase your chances of being accepted.

Our Mortgage Advisors in Doncaster

With access to a vast range of lenders, our team should be able to find you the most suitable deal that perfectly matches you up with its criteria and then begins to obtain you an agreement in principle. If you obtain an agreement in principle through Doncastermoneyman, this will usually be sorted for you within 24 hours of your free mortgage appointment.

Just remember, having an agreement in principle doesn’t guarantee you have secured the property you were after. It does, however, make your credit file much safer by having an expert go through it beforehand. Our team of Mortgage Advisors in Doncaster aims to get their recommendation right the first time. 

In Conclusion; Should I use a Mortgage Broker in Doncaster? 

There are advantages and disadvantages of approaching a Mortgage Broker in Doncaster. The difference is how efficient you want your service to be, as well as what you are hoping to achieve.

As a devoted Mortage Broker in Doncaster, our team has extensive experience in dealing with a wide range of customers who go through the mortgage journey. Whether you are taking your first step into the mortgage world, coming towards the end of their fixed period, or looking at your remortgage options in Doncaster, our team are more than happy to help!

Book yourself in for a free mortgage appointment or remortgage review to speak with an expert Mortgage Advisor in Doncaster. Our team are here to help with your mortgage goals, with availability that suits you, subject to eligibility. 

Do I need a Mortgage Advisor in Doncaster? 

No matter, if you are a first time buyer in Doncaster looking to put your foot on the property ladder or wanting to know your remortgage options. It’s always beneficial to look into Mortgage Advice in Doncaster as it can help you in the long run to obtain a mortgage, saving you time and money.

Speaking to a mortgage broker in Doncaster can help make up the difference between an application getting accepted. Whereas going independent could lead to your application getting rejected. Here at Doncastermoneyman, we search 1000’s of deals, saving you time and your money to make sure you get the most suitable deal to tie in with your circumstances.

What does a mortgage advisor in Doncaster do? 

A devoted Mortgage Advisor in Doncaster’s job is to find you the most suitable mortgage deal tailored for your circumstances. Here at Doncastermoneyman, our advisors are flexible around your work and family which is why we’re open 7 days a week until later.

Our Mortgage Advisors in Doncaster will be with you every step of the way, they’ll help you overcome hurdles that crop up, like for example, taking the stress away from property surveys and valuations.

Why look into mortgage advice in Doncaster? 

First Time Buyer in Doncaster may find the experience daunting. That’s why our teams of Mortgage Advisors in Doncaster can walk you through every step, from initial mortgage enquiries to completion. You’ll be kept in the loop at all times.

Perhaps you are looking for Mortgage Advice in Doncaster because you are wanting to know your remortgage options. Some people choose to remortgage for home improvements, purchase their next property, or look to borrow additional funds.

If you’re wanting to take the initial leap and become a landlord or are experienced in doing this already, our Mortgage Advisors in Doncaster have a lot of industry knowledge on buy to let mortgage advice in Doncaster too.

Benefits of using a Mortgage broker in Doncaster 

The main advantage when using a Mortgage Broker in Doncaster is to help the entire process of buying a home go as efficiently as possible. As sometimes buying a home can be an extremely stressful experience for some applicants.

Our customers like to know they have got someone on their side. On hand to respond to all their questions and queries, we will also help you with:

Our mortgage advisors in Doncaster aim to help try to maximise your chance of being accepted the first time.

Free Mortgage Appointment

Open & honest Mortgage Advice in Doncaster 7 days a week, our team are proud to have the quality of service we provide to our customers. We put our people at the heart of our business and always aim to exceed their expectations. Book your free mortgage appointment to speak to a Mortgage Advisor in Doncaster today. 

Self Employed Mortgage Criteria Advice in Doncaster

Self Employed Mortgages in Doncaster

Self employed applicants can sometimes encounter hurdles when obtaining a mortgage.

The good news is with the support of an experienced Mortgage Broker in Doncaster working by your side, we may be able to overcome these mortgage hurdles together.

First things first, there are specific lending criterias that fit sole traders and Limited Company Directors. Each lender has its own policy and the maximum amount they will allow you to borrow can vary between lenders.

Sole Traders or Partners 

The maximum amount you can borrow for a mortgage will be assessed on your net profit, this can be confirmed by speaking to your Accountant, or direct from the Inland Revenue.

Some lenders average your last two or three years’ net profit but other lenders use your latest year. If your net profit has decreased the lender will usually base everything on the latest year and you will have to explain why it has dropped.

Limited Company Director (20-25% or more shareholder) 

Any Limited Company Director who owns 20-25% or more of the shares in the business, will be deemed by lenders as a self employed applicant.

The same rules are applied with the averaging too, as the average figure will be worked out by your salary and declared dividends.

At some point, your Limited Company will be performing well in terms of net profit but the Directors are not drawing their dividend – these types of applications can impact the maximum borrowing capacity because they aren’t able to declare as much income.

There are some lenders out there that will consider using your share of the net profit, as opposed to salary and dividends.

Minimum Trading Period 

The minimum trading period for any applicant who are self employed in Doncaster or Limited Company Directors is one year. That being said, some lenders will want to see two or three years more.

If you have recently formed a Limited Company after a period as a sole trader under the advice of your Accountant, then there are other lenders out there who can look into this, depending on if it’s the same line of work.

If you would like to further discuss your options, don’t hesitate to get in touch and book your free mortgage appointment today to speak with a Mortgage Advisor in Doncaster today.

They’ll guide you through your process. We can also send you a form for your Accountant to complete, which will help us tailor-make a recommendation designed to meet your personal situation. 

Different Help to Buy Mortgage Schemes for First Time Buyers in Doncaster

Purchasing your first home can be an exciting but daunting experience, especially in a thriving town like Doncaster. The real estate market is dynamic, and first time buyers in Doncaster often face financial hurdles that seem insurmountable. However, with the Help to Buy Mortgage Schemes, the path to homeownership becomes much smoother. Here, we’ll will delve into the various Help to Buy schemes available in Doncaster and how they can make your dream of owning a home a reality.

Help to Buy Mortgage Advice in Doncaster

Getting professional advice when embarking on your homebuying journey is invaluable. A mortgage broker in Doncaster with expertise housing market can provide tailored guidance to match your financial situation and housing needs. They can help you find the most suitable Help to Buy scheme and assist in securing a mortgage with favorable terms. Whether you’re a first time buyer in Doncaster or someone looking to move up the property ladder, professional mortgage advice in Doncaster can make a significant difference in your homeownership experience.

Help to Buy Shared Ownership Scheme

The Help to Buy Shared Ownership Scheme is an excellent option for first-time buyers in Doncaster who may not have the means to purchase a property outright. This scheme allows you to buy a share of a property (typically between 25% to 75%) and pay rent on the remaining portion. Over time, you can increase your share in the property through a process known as “staircasing.”

Benefits of the Help to Buy Shared Ownership Scheme in Doncaster:

  1. Lower Deposit: You can get started with a smaller deposit compared to traditional mortgages, making homeownership more accessible.
  2. Gradual Ownership: You have the opportunity to increase your ownership stake as your financial situation improves.
  3. Affordability: Shared ownership often means lower monthly housing costs, combining mortgage payments with rent.
  4. Flexibility: You can sell your share at any time, potentially benefiting from any increase in the property’s value.

Armed Forces Mortgage Advice in Doncaster

For members of the armed forces looking to settle in Doncaster, the Help to Buy Armed Forces Scheme offers unique advantages. This scheme is designed to make homeownership more accessible for those serving in the military.

Key features of the Help to Buy Armed Forces Scheme:

  1. Lower Deposit: Similar to other Help to Buy schemes, this initiative requires a reduced deposit, making it easier for military personnel to buy a home in Doncaster.
  2. Extended Application Period: For serving personnel, the application period is extended, allowing you to plan your move with confidence.
  3. Priority Access: Armed forces personnel receive priority when applying for government-owned military accommodation, helping you secure a suitable home for your family.

Lifetime ISA

While not a Help to Buy scheme, the Lifetime Individual Savings Account (LISA) is another useful tool for first-time buyers in Doncaster looking to save for a deposit. With a LISA, you can save up to £4,000 each year, and the government will add a 25% bonus to your contributions.

Key benefits of a Lifetime ISA for first time buyers in Doncaster:

  1. Government Bonus: The 25% bonus can significantly boost your savings, helping you reach your deposit goal faster.
  2. Tax-Free Savings: Contributions to a LISA are made with after-tax income, and withdrawals for your first home purchase are tax-free.
  3. Flexible Use: If you decide not to use the funds for your first home, you can keep the account open and use the savings for retirement.

Doncaster offers a vibrant housing market, but the journey to homeownership can be challenging, especially for first time buyers in Doncaster. The Help to Buy Schemes in Doncaster, along with expert mortgage advice, provide valuable tools and resources to make this dream a reality. Whether you’re interested in shared ownership, are a member of the armed forces, or want to explore options like the Lifetime ISA, there are ways to navigate the housing market in Doncaster with confidence.

A Guide to Offset Mortgages in Doncaster

The overall desire for using offset mortgages has dwindled since the 1990’s, though they are still viable options for customers who are looking to put aside a portion of disposable income.

They’re also really handy if you believe at some point you are going to come into a lump sum of money.

How Do Offset Mortgages Work?

In order for a mortgage lender or any kind of loan provider to be able to lend money to clients, they need to have a source of funds to draw from.

That is the point of savings, and is why you gather interest on what you pay in. In exchange for having an account with them, you are rewarded.

The way that an offset mortgage works, is that you will be given a savings account by a mortgage lender (typically one who is a bank or building society), alongside your mortgage balance.

When you pay into your savings, your mortgage balance decreases by how much you paid in. If you take out of your savings, that mortgage balance increases by how much you took out.

You still pay a monthly mortgage payments towards reducing your balance, as you would on a standard mortgage, but you only pay interest on what is remaining on your balance, not your savings.

For example, if your mortgage is worth £100,000 and you have £50,000 in savings, then you pay interest on the remaining £50,000.

If, hypothetically, after a while you were able to pay off some of your mortgage, bringing that amount down to £45,000, but then draw £15,000 out of your savings, your balance increases to £65,000 and you receive a new set of mortgage payments per month.

This also means you’ll be paying more on interest, as there is a higher amount remaining in your mortgage balance. In addition to this, the general interest on the mortgage side of things, will typically be higher than a standard mortgage anyway.

Is an offset mortgage a good idea?

Offset mortgages don’t tend to be that popular anymore, but they are still really handy to have in certain situations. Perhaps you are due a lump sum at some point in the future, such as a future inheritance from a family member.

Because this account allows you to freely deposit and withdraw your money as you see fit and is interest-free, it’s a handy place to store any additional savings until you know what you want to do with them.

Another circumstance where these can be very beneficial, is if you have a well-paying career and are due monthly, quarterly or annual sizeable bonuses from your job, that don’t factor into day-to-day living expenses.

You can place this disposable income into your savings account, lower your monthly payments, meaning you are paying interest on a lower amount.

Overpaying Your Mortgage

An offset is also an excellent opportunity for first time buyers in Doncaster who want to overpay on their mortgage.

Overpaying allows you to reduce your mortgage payments for your next mortgage term, leading to a reduction on your interest rates too, with any additional mortgages you take out.

The difference with regular overpayments, is that you won’t have a savings account, you’ll just be paying off your balance. This means you can’t dip into it as an emergency fund if you need to, or if you change your mind on that overpayment.

Offsets are great for people who want to do this as you do have a savings account. This means if you want to overpay and reduce your balance, you can just pay into that savings account. If you want to take out some of what you paid in for any reason, you have the freedom to do so.

So, if you’re looking to make regular additional payments on your mortgage over time, we would absolutely recommend taking advantage of an offset savings account as you go.

Help From an Expert Mortgage Broker in Doncaster

Speaking to a trusted and experienced mortgage broker in Doncaster like us, is a good way to understand what options are available to you ahead of time.

Offset mortgages are great, but they might not be right for you, which is something a mortgage advisor in Doncaster will check before you proceed.

Generally speaking, we find that customers who have offset mortgages, won’t remortgage in Doncaster, as they will just keep their current mortgage going.

If you have any questions or need any help regarding offset mortgages, book your free mortgage appointment today using our online booking feature, and we’ll see how we can help you out. We are here from early until late every day, subject to appointment availability.

7 Questions to Ask When Buying a Property in Doncaster

Moving Home Mortgage Advice in Doncaster

Whether you’re a first time buyer or are moving home in Doncaster, buying a property can be stressful and overwhelming. It shouldn’t be this way though, you should be able to enjoy the whole experience.

It would be extremely beneficial if you could prepare yourself during the lead-up to your home buying journey. You should start by asking questions about the property and where it is located.

1. How Much Interest has Been Shown in the House

New build properties tend to be more popular and in higher demand. If you come across a new build that you’re interested in, take a property viewing before you go any further.

You need to find out how many people have been interested in the property; you have to ask the question, or it may show you online. If there’s been no interest in the property, there may be a reason for it, e.g. it could be overpriced or there’s something wrong with it.

2. Is there a property chain?

A property chain is where you are waiting for your seller’s purchase to go through before you can move in. This can go on and on; your seller’s seller could always be in the same situation as you. If you aren’t in a chain, you may be able to move through your process quickly.

It can sometimes be hard to find out if there is a property chain, however, it’s always worth asking the question as the seller may tell you.

If you are a first time buyer in Doncaster, you will not be part of a chain as you are not selling a property, only buying.

3. Included in the Sale?

Some homes may come with ‘extras’ or incentives to persuade you to buy the house. This could be something like them asking what appliances you would like in your kitchen.

Older homes may come with unwanted appliances owned by the seller. It’s wise to check with the owner what these appliances are and whether they are included in the sale or offered at an additional price.

It’s wise to clarify as you may be left with unwanted items that you then need to remove and dispose of.

4. What are your new neighbours like?

Try to speak with the neighbours and get a feel for how they are and their opinion on the area.

On new building developments, this may be a little more difficult.

5. Running Costs

You will want to find out about the running costs that are involved with the property too. What are the costs for gas, heating, electricity, water (particularly if it’s a newer home with a water meter). Also, things like Council Tax charges.

6. Your Garden

When viewing the property, get a good look at the garden, make sure that it’s what you’re looking for. Everyone enjoys spending time in the garden, even if it is mostly in summer!

Ask whether the garden is southern-facing and check how well natural light enters the garden etc.

7. Home Improvements

During your property survey, damages and repairs should be highlighted, however, it depends on which survey you took out. Ask lots of questions, particularly with older properties, as you want to make sure that you aren’t buying a property that’s going to need lots of repairs.

As with any property purchase, in the future, you may need to make improvements to energy efficiency, insulation, garden work etc.

Ask More Questions When Moving Home in Doncaster

Whenever you get the chance to, ask lots of questions before you buy a home. You want to learn everything about the property you could spend your whole life in!

Estate agents and the seller should be happy to answer your questions, and if they are, maybe it could be a warning sign if they are withholding information. If you do find out information about the property that could reduce its overall price, don’t be afraid to negotiate. Don’t be too keen and offer to high to start with and remember to take into consideration other factors such as when you would be able to move in and that fits your expectations. & Doncastermoneyman are trading styles of UK Moneyman Limited, which is authorised and regulated by the Financial Conduct Authority.

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