Moving Home Archives - Doncastermoneyman

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.

2. Transport Links

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, epseically 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 Doncasters 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? 

Cost-Effectiveness 

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: 

  • Mixed Deposit from saving and gift.
  • Zero Hour Contract Workers, will there be a consistent income?
  • Looking to Make a Second Purchase, can they afford to make that additional purchase? 
  • Self Employed Mortgage with No Fixed Income, this can be challenging for Self-Employed applicants. 
  • Poor Credit History, a lender will not look favorably upon an applicant who has mismanaged in the past. 
  • Affordability, can they afford a mortgage full stop? 

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:

  • Provide detailed information about the various mortgages available and the different types of deals. 
  • Give you expert mortgage advice in Doncaster on the maximum amount you can borrow. 
  • Have access to special mortgage deals that are not available on the open market. 
  • Help you get ready for your application to increase your chances of success. 
  • Try and save your money by searching for a mortgage with lower interest rates and fees.

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. 

A Guide to Offset Mortgages in Doncaster

What is an Offset Mortgage?

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 House 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.

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

Agreement in Principle | Mortgage Advice in Doncaster

What is a Soft Credit Search for a Mortgage?

What is an Agreement in Principle?

There seems to be a rise in awareness of credit scoring from first time buyers and other consumers. This is from the increasing attention credit rating is getting from the general public. Our team has also found that when people get in touch with us, the majority have already viewed their credit reports online.

Experian or Equifax seems to be the two most common credit reference agencies but there are more out there. Check My File is something we do recommend to new clients. When they sign up, they get a 30 day free trial and after the 30 days will then be £14.99 a month, however, this can be canceled anytime. The color-coded report provides an easy-to-follow document that collates a range of information.   

We find that clients have become more aware of the fact that too many credit searches can negatively impact their credit score. Therefore, our clients often ask if our mortgage advisors in Doncaster will do a credit search on them. Even though lenders always carry out credit checks, your dedicated advisor will require the client’s permission before doing any checks.

Banks provide two types of credit searches; hard search or soft search.

What is a Hard credit search?

A hard credit search is when they take an in-depth look at your credit report and any financial institution carrying it out soon as you permit the financial institution to do so. The advantage of a hard credit search would be that the lender is looking into your situation quite carefully and if you pass the credit score, you increase your mortgage application’s chance of success.

As long as you have provided satisfactory documentation to back up the information you have disclosed and you haven’t provided false details, the search can be a success.

The footprint doesn’t state if your application was successful or not, however, if you have carried out a number of searches over a few weeks, this could cause the lenders’ system to decline.

Another benefit is that your credit file will have a record kept stating that you have carried out a hard credit search which is good when someone needs to look at your report. However, a credit file that states that there have been multiple searches carried out in a short period of time isn’t great because it could looks like you have applied for a vast amount of credit at the same time. 

Having the odd hard footprint on your record isn’t bad. That’s why you shouldn’t worry too much about it, it’s just best to be cautious in having too much.

What is a Soft credit search?

Unlike hard searches, a soft credit search provides a ‘lighter’ look at your financial situation. This type of search would normally be used on price comparison websites to provide which options you have or it could be used as a source to verify your identity. You may find some mortgage lenders carry out soft searches and it seems that more lenders are changing to this type of search.

With soft searches, you don’t get offered as much information as you would if someone carried out a hard search. A soft search wouldn’t leave any impact on your credit file if you fail. A lender will obtain less information compared to if they carried out a hard credit search. If you come out with an agreement in principle, the difference between the two doesn’t matter. 

One factor that is helpful is that even though you would be able to see soft searches that got carried out on you, these searches are not visible to other financial institutions like banks. Therefore, you can apply for an agreement in principle without damaging your credit score regardless of if it is successful or not.

In the case where you are wanting to make an offer on a property, our mortgage advisors would suggest having an agreement in principle in place prior to you contact the estate agent. You should give yourself the chance to get the property you want at the lowest possible price. 

A big advantage you can have on your part is if you have demonstrated that you have finances in the right place. Having an agreement in principle can also deter the agent from attempting to ‘cross sell’ their in-house mortgage services to you. 

Do Gambling Transactions Look Bad on My Bank Statements?

Why does the lender need my bank statements? 

No matter the mortgage route that you end up taking, you could be a first time buyer in Doncaster, home mover or looking to remortgage, your mortgage lender will always request a copy of your bank statements. In fact, they will ask for numerous pieces of evidence to support your affordability for a mortgage.

Lenders look at bank statements for multiple different reasons. They will need to measure your mortgage affordability, reliability and determine whether you are someone who manages their finances responsibly.

The planning stage of your mortgage journey matters the most. As a mortgage broker in Doncaster, we would strongly advise that you think about your bank statements and consider what you want to show on them in the months leading up to your mortgage application.

Furthermore, when it comes to what a lender is looking for on your bank statements, a big thing that will catch their eye is gambling transactions.

What has it got to do with the lender whether l gamble or not?

Although gambling is not illegal, lenders do seem to judge your mortgage application less favourably if they can see large amounts of gambling transactions on your bank statements.

There’s a big difference between spending a little bit here and there when the grand national is on to frequently betting lots of money every weekend. This is why, especially during your mortgage application and the months leading up to it, you should remember to ‘gamble responsibly’.

A mortgage broker in Doncaster like us, nor a lender can ever tell you how to live your life, all we can do is ask for you to be careful. Lenders do have a duty to lend responsibly. 

Lenders need to prove to regulators that they’re lending to responsible applicants, therefore they will never lend to someone who can’t take care of their own finances. Would you lend to someone who is constantly gambling over an applicant who hardly gambles?

Will gambling affect my chances of getting a mortgage?  

The odd gambling transaction here and there shouldn’t affect your ability to get a mortgage. Lenders will look at the size of the transactions and how frequent they are.

They will also look at how these transactions affect your overall account balance. Do they make you dip into your overdraft? Are you borrowing money to gamble/gambling money that you don’t have?

If you’re acting irresponsibly with your money in the lead up to your mortgage application, the lender will notice all of these transactions straight away.

What will lenders be looking for on my bank statements? 

It’s not just gambling transactions that lenders will look for, they will also be looking for different things on your bank statements:

  • Loan repayments
  • Exceeding into your overdraft
  • Other current accounts
  • Credit cards
  • Recurring payments

They need to be sure that you are the type of applicant that they want to lend to. From monitoring your accounts to asking you questions about your transactions, they need to be certain that they can trust you.

On the other hand, if you do happen to dip into your overdraft now and again, it shouldn’t have too much detrimental effect on your mortgage application. It’s when you are constantly dipping into your overdraft and are struggling to get out of it.

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

Being reliable and sensible is exactly what a lender is looking for. Plan ahead, show the lender that you’re serious about the mortgage process and want to present yourself the best that you can.

Usually, you will be asked to provide up to three months of your most recent bank statements. With this in mind, during these months, make sure that you take care of finances and be responsible and sensible.

If you gamble regularly, perhaps it could be an idea to take a break for a little while. Betting apps often hold betting limit features; this could be something to think about. As well as aiding your mortgage application, this may also be good for your mental health. 

Get in touch with a mortgage broker in Doncaster 

Our job as a mortgage broker in Doncaster is to help you through your whole mortgage process, from the very start! We will take a look at your evidential documents with you, making sure that you are presenting yourself in the best way possible for your situation.

Our mortgage advisors in Doncaster will hold your hand throughout your application. We have availability 7 days a week, so don’t hesitate to get in touch.

Plan Ahead to get a Mortgage in Doncaster

Once you have saved up a large enough sum of your income to put forward as your deposit, it is now time for you to get prepared for a mortgage!

We have put together a comprehensive list of some helpful, beneficial advice that will hopefully ensure you’re as mortgage ready as you possibly can be!

Up-to-Date Credit Report

The first thing you should always have at the top of your list of things to do, is getting yourself an up-to-date credit report.

This is something that you should even do before you get in touch with a dedicated mortgage broker in Doncaster like ourselves for mortgage advice, as this will help make the process easier for you.

It is definitely a good idea to pay off any payments that you still have outstanding on your balance, even if you are holding back based on principle. We do sometimes hear of customers refusing to pay phone bills whilst in a dispute with the provider and it’s not something we recommend!

In doing this, you’ll have less going against you and can increase the likelihood of being able to obtain a mortgage. A helpful tip to remember is to make sure you’re on the voters roll, as that apparently has a positive effect on your credit score. Closing down any of your old credit cards also can be helpful.

Your dedicated mortgage advisor in Doncaster will be able to run through your credit report in the early stages of your mortgage journey, providing expert mortgage advice on what you can do to present your credit in the best light.

Proof of Identification

In the beginning stages of your home buying process, you will be asked to present some photo ID. Our customers usually prefer to put forward a driving license or passport to help with this.

Your driving license is something that you can also utilise for your address as well, though if you use it for proof of address, you can’t use it for proof of ID as you must have one for each, not one for both.

Any non-UK nationals who are now living within the UK will need to show us a copy of their Visa on top of this.

Proof of Address

On top of proving your identity, you will also need some documents that can prove where your residence is. Generally speaking we find that regarding these, customers opt to use a utility bill or original bank statement that has a date of the last 3 months.

Alternatively, as mentioned above, if you choose to use a passport for photo ID, you can use your driving license as proof of address alongside it.

Last 3 Months’ Bank Statements

Your bank statements will be used as a means of evidencing your income and regular spending habits. If you’re a frequent gambler, we highly suggest avoiding gambling well in advance, as lenders do not like to see this on bank statements.

The same will apply in regards to going past overdraft limits and letting direct debits bounce. You must ensure you are as prepared as possible in order to present yourself as appealing to a mortgage lender.

Most lenders will want to take a look at your bank statements, as they like to go into the mortgage lending process with complete confidence that you are serious about your finances.

The bank statements usually needed are the ones that show your salary going in, and your bills and regular payments going out.

Evidence of Deposit

You will have to prove that you definitely have the funds in place to put forward for a deposit and be able to evidence this for the purposes of anti-money laundering.

We always feel that the best practice in this case, is to limit moving money around your accounts, as otherwise the audit trail can be a little more complicated.

Lenders have a preference of seeing your savings built up over time, so you’ll need to account for any large amounts that have been transferred into your accounts within any recent period of time.

Nowadays, we find that the deposits being put forward for properties are often gifted by family members. These are an increasingly popular way forward for first time buyers in Doncaster looking to find their footing on the property ladder.

These need to be evidenced also, with the person who has gifted you the money being required to sign a letter confirming it is purely a gift and not a loan that you are expected to pay back at a later date.

Proof of Income

The most important thing when it comes to affordability is proving your income. This is often your last 3 months of payslips if you’re employed, with some lenders needing to see your most recent P60.

Lenders may also consider regular overtime, shift allowance, bonuses, and commission. If you have more than one employer (maybe you have a part-time job or are self-employed in Doncaster), lenders will also accept earnings from those.

These days, many applicants are self-employed and seeking fast and friendly Mortgage Advice in Doncaster. Self-employed applicants will need help from their accountants to request their last 2-3 years’ proof of earnings from the Revenue.

Our mortgage advisors in Doncaster are able to talk you through what to download from the Government Gateway if you’re in control of your own accounts.

Budget Planner

It’s always smart to plan ahead and do your homework, creating an estimate of what you expect your outgoings to be after you move into your new home. This helps you to figure out roughly how much your council tax and utility bills will be, with any regular expenditures like food and drink added on as well.

It’s also helpful in showing you how much disposable income you’ll have available to pay your mortgage from. We’ll send you our version of a budget planner prior to your mortgage appointment, in hopes that you’ll find it handy to have.

Getting Prepared For a Mortgage

As you can see from what has been mentioned in this article, it’s not super easy to get prepared for a mortgage, though by planning ahead and being careful, you it’ll be quite a bit easier! Putting in the hard work and remaining patient will definitely go a long way during your mortgage journey.

Divorce & Separation Mortgage Advice in Doncaster

Joint Mortgage Advice in Doncaster After a Seperation

It’s unfortunate when you’re in a situation where you and your partner decide to part ways which means you need to speak with a Specialist Mortgage Advisor in Doncaster. Obtaining Specialist Mortgage Advice in Doncaster is important because you have joint financial commitments, and unwinding that side of things isn’t a straightforward process. 

Below are the top three questions we get asked from divorce and separation applicants on what will happen with their mortgage:

  1. How do I remove my ex-husband/wife from my mortgage?
  2. How do I remove my name from my ex-partner’s mortgage?
  3. Can I have two mortgages in Doncaster?

How do I remove my ex-husband/wife from my mortgage?

Getting a mortgage is a big financial commitment and making changes to your mortgage in the future isn’t always easy. Because of this, a lot of people aim to buy a house with their partner as a means of splitting the financial burden between two parties.

In circumstances that involve children, the partner who spends more time raising the children as a ‘stay-at-home’ parent will often stay on the property. It may be the case that the individual occupying the original home would prefer to take over the mortgage in their own right. This is not always easy!

You may be able to pay the mortgage and have the ability to demonstrate that you can independently. It does not, however, change the fact that you bought the property jointly. In other words, in the event of mortgage arrears, there are two people the lender is allowed to pursue.

The remaining applicant needs evidence that they can afford the mortgage before removing a party from a mortgage. This will give confidence that the remaining applicant can keep up the mortgage in the future. As well as this, the lender will need to assess your income even if you have kept up your mortgage payments in the past.

It’s common in these situations that someone will step in to replace the ex-partner like a family member or potentially your new partner.

When it comes to assessing the applicant’s affordability of the mortgage, many lenders have slightly different ways of doing this. Therefore, don’t lose heart if your current lender declines, we still may be able to help you. 

How do I remove my name from my ex-partner’s mortgage?

Firstly, you need to understand that you are still responsible for any joint financial commitments you took out with your ex-partner, even if you are not a current occupant of the family home. 

This rule is still in place even if you have agreed with your ex that they will make all the payments.

If you are looking to buy a new property in the future, the mortgage payment for your old property will still be taken into consideration. Due to this, you must take Mortgage Advice in Doncaster before making an offer.

When it comes to how much you could be given by the lender, some are more generous than others. Our Mortgage Advisors in Doncaster, however, consider this when recommending the most suitable lender to apply for a mortgage agreement in principle (AIP), or a decision in principle (DIP).

Can I have two mortgages in Doncaster?

You can have two mortgages. Before lenders offer you a mortgage, they would use their credit scoring systems and take many factors into account and ongoing financial commitments are just one of these.

As well as any other loans and credit commitments you may have, the monthly payments of the mortgage you will hold with your ex will need to be inputted.

After we have sorted all this for you, the maximum amount you can borrow will be confirmed to you by the various lenders’ systems. This will allow you to know your budget at the beginning and how much deposit you will need to put down. 

Despite it being difficult to move on from your previous joint financial commitments, it’s good to remember that it’s all about risk from the lender’s point of view and their main intention for doing this is to avoid repossession situations at all costs.

Moving Home Mortgages in Doncaster

It has been said by some that when Moving House in Doncaster can be one of the most stressful experiences that someone could go through, especially when going through a divorce or seperation. It is our hope that by having a Mortgage Broker in Doncaster working alongside you, your stress levels will be greatly reduced.

If you are looking at your options for moving home in Doncaster, our experienced team will be on hand to make sure that your home buying process goes as smooth as it possibly can.

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

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

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

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

© 2022 Doncastermoneyman

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

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