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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
You never know what to expect from the mortgage process. Sometimes it can be unpredictable and stressful, however, in other situations, it can be simple and easy-going. Taking out a mortgage is a huge financial commitment, for example, you’ll need to keep on top of your payments and know when your fixed-term is ending.
Fixed mortgage term lengths will vary depending on the product that you take out. Usually, mortgages will come in 2-year, 3-year or 5-year fixed terms. In some cases, depending on the individual’s circumstances, it may be better to take out a product with an even longer fixed term, such as 7 or 10 years. When you come to the end of your fixed term, you will need to take out a new deal, as your current one has ended, this is when it’s time to remortgage.
In some cases, you may be able to remortgage early, although, in doing so, you may have to pay a large fee (early repayment charge) for switching early.
A Remortgage is taking out another mortgage product to replace your current one. This can also be known as a product transfer, however, the main difference is that a remortgage involves taking out a different lender’s product and a product transfer is where you take out a new product with the same lender.
It sounds simple when you put it like that. On the other hand, when it comes to remortgaging/transferring products, there are lots of different deals and rates available, meaning that you may need to do a lot of looking around so that you can find the right deal for you.
People may also want to remortgage for different reasons; you can remortgage to find a better rate, improve your home, consolidate debts and many more reasons.
Typically, an average fixed mortgage term lasts between 2 and 5 years. During this time, you will be paying off some capital as well as interest, therefore, when it comes to your remortgage 2-5 years later, you could find yourself in a lower loan-to-value bracket which could allow you to access better rates.
This is why people choose to remortgage, because if they don’t, they may risk falling onto their lender’s standard variable rate of interest (SVR), which could be much higher than your current one.
If they remortgage before this happens and manage to find a better rate due to fitting into a better loan-to-value bracket, they may end up saving money each month.
If you’re on a tracker mortgage, you will find that your monthly payments and your interest rate are dependant on the Bank of England’s base rate. Their base rate will change with the economy’s performance, for example, if the economy is bad, base rates may lower, and vice versa.
Lenders will also add an extra percentage onto this base rate so that you’re usually tracking a rate between 2-4%. Tracker mortgages will work similarly to your lender’s SVR mortgages.
If you feel like your current home could do with some improvements, such as a new extension or conversion, through the power of remortgaging, there’s a possibility that you could get this work done.
Firstly, you’ll have to get an estimation of the costs of the improvements. Once you get an idea of how much it’s going to cost, you could be able to incorporate these costs into your mortgage upon taking out a new product. Although your overall monthly payments may slightly increase, out of it, you’ll get a brand new kitchen extension, loft conversion, etc.
Rather than going through the process of moving home in Doncaster and having to sell and buy a property at the same time, it can prove easier to improve your current home.
If you are a growing family, want to add value to your home or just want to give your home a fresh look, we would recommend looking into remortgaging for home improvements.
In some cases, an applicant may want to extend or shorten their whole term to try and switch to a more flexible product.
If you shorten your term, it will mean that you pay off your mortgage a lot quicker. However, a shorter term can also mean higher repayments. Extending your term can reduce your payments but also mean that you’ll be paying off your mortgage for longer.
At the point of remortgage, this is where you can decide whether you want to extend your term or not. If you choose to shorten your term, you may also be given the option to overpay, which can help you pay off your mortgage quicker.
Even though a flexible mortgage product sounds like a great idea, they usually come in the form of a tracker mortgage. A tracker mortgage tracks the Bank of England’s base rate of interest, and this interest rate can change depending on how the economy is performing. This means that your payments each month could change, as when the interest rates change, it can affect your payments.
The longer that you’ve owned a property, the more equity you’re likely to have in it. Equity is the difference between what is still owed on the mortgage and the current value of the property. In some cases, you’ll be able to remortgage and release some of this equity to turn it into a lump sum of cash.
You can spend this cash however you want to. You could put down another deposit on another home, buy a new car or even pay for a wedding with it – it’s your money!
As a Mortgage Broker in Doncaster, we often see that Buy to Let landlords release equity in order to put down a deposit onto another property to expand their portfolio.
If you are over the age of 55 and your property is worth at least £70,000, it may be worth looking at your options for Equity Release in Doncaster. Speak to a trusted later life mortgage advisor to learn more about Equity Release & Lifetime Mortgages.
If you’ve built up some unsecured debt and want to incorporate it into your mortgage, in some cases, this can be made possible. It is recommended that you speak with an expert Mortgage Advisor in Doncaster, as debt consolidation is a complex and tricky subject.
It can get complicated as debt consolidation is not only based on how much you owe and your property value, your credit rating also matters.
You also have to consider that you’re trying to incorporate large sums into your mortgage, therefore, your total mortgage amount will increase. This will also increase your monthly mortgage payments.
If you have bad credit, and you need help from a mortgage expert, don’t hesitate to contact us. We have debt consolidation experts at Doncastermoneyman that will be happy to help you with your needs.
If you are coming towards the end of your fixed mortgage term, it may be time to start your remortgage journey. We would advise that if you are within 6 months of your deal ending, it may be time to start looking around for deals. If you aren’t quite ready for that stage yet, we can take that stress away and do it for you!
Book your own free remortgage appointment online today. We have advisors who are experts in giving Remortgage Advice in Doncaster, and they are available 7 days a week. It’s our job to help you through your process and try and find you a perfect deal that matches your personal and financial situation.
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.
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.
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.
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.
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.
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.
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.
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.
If you have done your research prior to getting in touch with an open and honest mortgage broker in Doncaster, you may have come to realise there are a lot of different mortgage types available to first-time buyers, all varying on the circumstances they are appropriate for and who is eligible.
Throughout this article, we are going to take a more in-depth look at the tracker mortgage, how it could benefit you and your mortgage situation, as well as why it is a popular choice amongst homebuyers.
First of all, please remember that a mortgage deal is only as good as the circumstances it matches up with, so though it may seem good on the surface, it may be the wrong path to take entirely.
To give out an example of what we mean here; Initially you could take out a tracker mortgage, only for you to later decide that fixed payments would’ve been your preferred option (via a fixed-rate mortgage). Once you’re at this point, you have already locked yourself into a contracted agreement and making changes wouldn’t be an option.
As a reputable, experienced and hardworking mortgage broker in Doncaster, we will always recommend that you get yourself prepared and making sure you are well researched prior to your mortgage journey getting underway.
We feel like home buyers would truly benefit greatly from taking up expert first time buyer mortgage advice in Doncaster.
As an alternative to our article, we also have a YouTube video on the same topic readily available for people to watch. Feel free to head on over to our moneymanTV channel to view more helpful video guides, presented for free by the ‘Moneyman’ himself, Malcolm Davidson.
Well, now let’s get down to business. I’m sure the first thing you want to know is; What is a tracker mortgage?
So if you were to find yourself on a tracker mortgage, your interest rate would move along with the Bank of England’s base rate and typically with an additional percentage added on top by your mortgage lender.
Your lender cannot choose the rate, as this is usually an externally set rate and will have to be followed strictly.
An example of this would be if the Bank of England’s base rate was running at 1%, your lender would have to add on another set amount, let’s say 1%.
This means that regardless of what the Bank of England’s rate percentage is, your interest rate will always remain just above that figure.
A tracker mortgage can be incredibly useful if the Bank of England’s rate is running at a slightly lower rate. It will generally sit around 0-1%, though as the year goes on it will naturally go up a little bit.
Previously, during the credit crunch in 2007-2008, the market plummeted and interest rates went sky high. At it’s highest, it was sitting around 5%.
Of course when adding on the percentage that your lender would add on top of this figure, you could’ve ended up with a rather sizable 6% interest on your monthly mortgage repayments.
On the other side of the coin, looking back to March 2020 (around the start of the coronavirus), the mortgage market had a similar scare when the Bank of England’s rate dropped significantly, dropping a down to an incredibly low 0.1%.
If you were on a tracker mortgage during this period of history, the chances are that you would’ve also dropped down to an interest rate of somewhere around 1.1%.
Naturally because of this, a lot of lenders simply stopped offering this mortgage type to their customers, as really it would’ve been too good to be true. A mortgage lender is still a business at the end of the day and need to turn a profit.
Nowadays the market seems to be almost back in full swing and customers do have better chances now of obtaining a tracker mortgage than they would’ve before, especially one that will be well suited to your financial circumstances.
A tracker mortgage does have both it’s ups and downs, as it will rely pretty massively on the economy. If anything happens to the market and the Bank of England’s rate goes high once again, a tracker mortgage is definitely not the sort of mortgage to go for.
On the flip side of that argument, if the situation is that the economy is doing extraordinarily well with a low Bank of England base rate, a tracker mortgage is one we could definitely look at for you, as you may benefit well from it. Again though, this also depends on what you’re looking to do.
There are a wide variety of mortgages types available out there for prospective first time buyers in Doncaster and existing homeowners alike, it’s just finding the one that is right for your personal and financial needs.
Before taking the big leap into any mortgage deals, we would definitely suggest that you speak to a trusted mortgage advisor in Doncaster about what paths are open for you to walk. They will try and find you the best deal they can.
If you are a first time buyer in Doncaster, we believe you’ll benefit immensely from our dedicated mortgage advice service. We have over two decades of experience in the mortgage world and have expert knowledge on various mortgage lender criteria.
We are also available to speak with and provide assistance to any customers looking to remortgage or move home in Doncaster. We hope you will find our mortgage advice service invaluable.
As your hardworking and responsive mortgage advisors in Doncaster, we will work alongside you from beginning until end, offering you mortgage guidance and support all throughout your journey.
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.
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.
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.
When it comes to choosing which mortgage product to take out, it can become a bit of a minefield as there are so many choices available. If you’re a First Time Buyer in Doncaster, all of these different options can get a little bit confusing. Each type will work very differently from another too, therefore, it’s best to know how each one works.
In this article, we are going to focus on the Cashback mortgage and look at how they work. Also touching on how it can benefit you and your mortgage situation.
Before we dive into the article, if you’d prefer to watch Malcolm’s video on cashback mortgages, that option is available. Take a look at the moneymanTV YouTube video just below:
They’re as simple as they sound. Taking out a Cashback mortgage would allow you to get some cash back at the end of your whole mortgage term. They’re usually taken out over long-medium mortgage terms.
The amount that you’ll get back at the end of your term is usually calculated from a percentage of what you have borrowed. Typically, the percentage will be something like 1 or 2%.
In other cases, lenders may state a fixed price in your contract that you signed when you originally took out the mortgage. The amount stated on your contract will not increase over time, this is a fixed price.
Like all mortgage options, the Cashback mortgage comes with both positives and negatives. Sometimes, it can be down to the lender that you’ve chosen to take out the mortgage with. For example, some lenders may offer a free mortgage valuation or some sort of fringe benefits with your product.
Cashback mortgages tend to appeal to customers that are borrowing lower mortgages. You will get money back at the end of your term and possibly some benefits on the side. If you manage to get offered a competitive percentage on a Cashback mortgage in Doncaster, it may be worth considering as it will be worth the investment in the long term.
There is only really one downside to these types of mortgages, and that’s that they tend to come with high interest rates.
When compared to other mortgage options, the Cashback mortgage isn’t at the forefront of the market; it’s not the most popular amongst homeowners. This doesn’t mean that it’s not an option worth considering.
As a mortgage broker in Doncaster, we do occasionally see Cashback mortgages being taken out, therefore if you are interested in them, they’re still available!
If you don’t quite qualify for your first mortgage option, they make a great backup option. If you want to find out more about the Cashback mortgage and the other types of mortgages that are available, you should get Specialist Mortgage Advice in Doncaster from our advisors. We will be more than happy to go through all of your mortgage options with you.
Get in touch by booking your free mortgage appointment online today.
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:
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.
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).
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.
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.
No matter your mortgage situation, it’s essential to seek mortgage advice in Doncaster at the start of your mortgage journey, whether you are a first time buyer or looking to remortgage in Doncaster.
Getting expert mortgage advice can be the difference between an application getting accepted and being rejected. Taking matters into your own hands can work against you as you aren’t as experienced in looking for certain things.
Our team can search through thousands of mortgage deals for you, which will hopefully save both your time and money during your mortgage process.
It’s the job of your dedicated Mortgage Advisor in Doncaster to find you the mortgage deal that is the most appropriate for your circumstances. Some say that there’s no significant difference between an advisor and a broker, which is partially true and untrue.
Mortgage advisors are trained professionals working either for a mortgage broker, independently or for more prominent banks or building societies. The difference comes into play when looking at the companies those advisors work for, compared to Doncastermoneyman.
However, here at Doncastermoneyman, we can tell you our team of specialist mortgage advisors in Doncaster are authorised and regulated by the Financial Conduct Authority and have access to a large panel of various mortgage lenders pick and choose a deal depending on how appropriate it is.
Many of those advisors working directly for the lender will only offer their products, along with biased advice.
Our mortgage advisors in Doncaster have in-depth knowledge of lending criteria and experience providing expert advice to customers with all types of individual situations.
For first time buyers looking to take that first step onto the property ladder, the process can be confusing.
It’s here where our dedicated mortgage advisors can take the reigns and walk you through every step, supporting you through the most stressful moments, leading up to when you get your keys and, if necessary, beyond.
It may be that you need mortgage advice in Doncaster because you are looking to remortgage for home improvements/release equity or purchasing your next property to move into or add to your portfolio.
Our team of specialist mortgage advisors in Doncaster in Doncaster can help find suitable mortgages for a landlord looking at buy Let mortgages.
One of the many benefits of using a mortgage broker in Doncaster is that the process will likely go a lot smoother than it would’ve been if you had opted to go alone. Buying a home can be a very stressful experience, and our customers like to know they have got someone on their side to answer all their questions and queries. Here are some other ways we are also able to help:
Our mortgage advisors in Doncaster job is to ensure you have the highest chance of being accepted the first time possible. Nothing is ever guaranteed, but with our help, you’ll hopefully be one step closer.
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We put our people at the heart of our business and always aim to exceed their expectations. Get in touch with your mortgage broker in Doncaster today and benefit from a free mortgage consultation with a member of
At the beginning of the Coronavirus pandemic, the Government made a promise that all borrowers would be allowed a three-month mortgage payment holiday if deemed necessary. Most lenders followed along with the Government’s guidelines and did what they could to help their borrowers during what was a difficult few months.
We felt it appropriate to write a summary of what mortgage payment holidays are, what lenders are doing and who will be able to provide help and guidance through these next few months.
We feel that it is best to summarise what mortgage payment holidays are, what lenders are doing, and who can provide you with help and guidance through these next few months.
Mortgage payment holidays are an agreement entered into with your bank, building society or mortgage lender to defer your monthly mortgage payments for a set period. In this case, 3-months.
It does not mean you never have to pay the amount back, but the interest you defer is added back onto the loan amount, while your capital balance will not decrease. In other words, your mortgage amount will increase slightly, and you will continue to attract interest on the whole amount.
When you are ready to continue the payments, this could mean that either your monthly payments are recalculated at a slightly higher level, or your mortgage term is increased somewhat. Most lenders will probably prefer not to extend your mortgage term as this could take you past their standard retirement ages, but the detail on this will follow in due course.
Dependent on your mortgage deal, you may be able to pay off a lump sum later in the year to bring your mortgage back to where it would have been.
Mortgage Payment Holidays are available both for those with residential or buy-to-let mortgages, which means landlords also have assistance if rental payments are affected.
The full proposal is in detail below:
• Mortgage lenders will offer an automatic 3-month mortgage payment holiday for customers impacted, directly or indirectly, by COVID-19.
• The mortgage payment holiday will apply to customers who are up to date on their payments, not in arrears, and wanting to self-certify that COVID-19 impacts them.
• This means that lenders will not complete an income and expenditure assessment, or evaluation of alternate payment options as ordinarily required under MCOB.
• This proposal will allow lenders to be more responsive to customer needs and offer forbearance in a simple way to customers in an environment where COVID-19 also impacts the operation of collections teams made.
• Customers will be made aware that interest will accrue in the holiday period and they will need to make up deferred payments in the future.
• Customers who wish to undertake a full assessment of their ability to pay or financial difficulty may still do so.
We would recommend speaking to your Mortgage Advisor in Doncaster. They will asses your financial situation first before looking to defer your payments as your situation may not yet be pressing.
Approaching a Mortgage Broker in Doncaster like us will allow you to explore all of your current mortgage options and could make things feel a lot less stressful.
For a customer, up to date with payments, not in arrears and impacted by COVID-19:
• The customer would contact the lender and inform them that they are affected by COVID-19.
• The lender would accept these details from the customer and offer an automatic 3-month mortgage payment holiday.
• no evidence will be sought from the customer.
• The lender makes the customer aware that interest will accrue and will be contacted at the end of the three months to complete an assessment of the customer’s circumstances.
• At the end of three months, an arrangement to pay will be agreed with the customer according to their circumstances to recover any shortfall, while ensuring that the mortgage remains affordable and sustainable.
• The lender notifies the customer that if they wished to complete a full assessment now, there might be other forbearance options more suitable to the customer.
In some cases, a mortgage payment holiday can have a negative impact on your credit score, but most lenders have now said that for cases linked to the virus, they will ensure that this is not the case.
You must ask this question to your lender directly and record the response, including the date and the name of the person you are speaking to avoid confusion later. Different lenders are doing different things.
At first, everything seemed like it would remain exactly the same and you would still be able to make changes to your mortgages as normal. This has changed in the last couple of days and lenders have been asking borrowers to avoid making changes whilst you are within a mortgage holiday period. So, at the moment they are not allowing mortgages and product transfers.
Borrowers nearing the end of their existing product may be forced to move on to the higher lenders variable rate. This could mean that borrowers who act too early could find themselves on a mortgage payment holiday that accrues interest on a costly variable rate.
We would highly recommend speaking to your Mortgage Advisor in Doncaster they will determine the best course of action based on your personal and financial situation. If possible, arranging your mortgage transfer first then asking for the holiday would seem to be the most sensible way forward.
At the moment, no Lenders have withdrawn mortgage offers; in fact, some are extending offers past the standard six-month expiration date.
You should not pull out of your purchase unless, for example, you are worried about losing your job as a result of Coronavirus. We are advising everyone to proceed as usual for now and “wait and see” – you are not committed to completing your purchase until contracts get exchanged.
In some cases, lenders can offer you a temporary switch to interest-only in order to reduce your monthly payments but not to add any further to the loan amount by still servicing the interest payments each month.
It may not be necessary to convert all your mortgage to interest only, and it may be that putting part of the mortgage on this basis could give you the breathing space you need.
People with savings may find that remortgaging onto an offset basis could give them a helping boost they were looking for, they will be cutting down on their monthly payments whilst keeping hold of their savings.
For example, someone with a £400,000 loan and £100,000 in savings would only pay interest on £300,000. This will massively reduce their monthly mortgage payments.
For others, a straight remortgage to another lender, calculating the cost of any early repayment charges, may well be enough to ease the burden or simply extending the term of your mortgage.
If you still have any other questions on mortgage payment holidays or just want general Mortgage Advice in Doncaster, give us a call today. We want to help you and your mortgage journey through these tough few months ahead. Speak to an experienced Mortgage Advisor in Doncaster today.
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