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

Shared Ownership Mortgage Advice in Doncaster

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

What is shared ownership?

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

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

How does the scheme work?

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

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

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

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

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

Costs and fees

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

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

How can I apply?

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

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

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

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

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

Get in touch with a Mortgage Broker in Doncaster today

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

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

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

The Different Types of Mortgages Explained

Mortgage Advice in Doncaster

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

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

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

What is a fixed rate Mortgage?

What Is A Fixed-Rate Mortgage?

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

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

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

What is a tracker mortgage?

What Is A Tracker Mortgage?

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

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

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

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

What is a repayment mortgage?

What Is A Repayment Mortgage?

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

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

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

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

What is an interest only mortgage?

What Is A Interest Only Mortgage?

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

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

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

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

What is an Offset Mortgage?

What Is An Offset Mortgage?

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

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

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

What is a capped rate mortgage?

What Is A Capped Rate Mortgage?

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

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

What is a flexible mortgage?

What Is A Flexible Mortgage?

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

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

Mortgage Broker in Doncaster

Armed Forces Help to Buy Scheme in Doncaster

Forces Help to Buy Mortgage Advice in Doncaster

Some really great news for any personnel of the military, as according to Army Families Federation Defence Secretary Ben Wallace the current Help to Buy scheme that was created as a means to help military personnel get onto the property ladder has been extended.

It was originally introduced back in 2014, with a huge £200 million put into the scheme. The intention was to provide a boost to anyone from the forces who needed some help in purchasing a home. The project was supposed to be brought to an end in December 2019.

To show their gratitude for the military’s commitment to their Queen and country, our government chose to extend this scheme further, choosing instead to bring it to an end in December 2022.

Who Can Apply For Forces Help To Buy Scheme?

Anyone who has served some time in the military may be able to access the scheme and borrow a deposit of up to half their annual salary (a maximum of £25,000), free of any interest.

Of course you do have to be eligible, with this all depending on the length of the term served, how much you have left to serve and medical categories.

The Armed Forces Help to Buy Scheme can be used to either purchase their first home purchase or to move into a new home if you already own one.

Whether you previously thought you could or not, you now have a home buying lifeline if you are indeed eligible for it.

One of the best parts about this mortgage scheme, that is appealing to many home buyers, is that you don’t actually need any current savings in order to find your footing on the property ladder.

The funds will be raised from the loan that you receive via the Armed Forces Help to Buy Scheme and can be used to put towards your deposit as well as any other costs, including but not limited to;

  • Stamp duty
  • Estate agent fees
  • Solicitors fees

This scheme is a lot more relaxed than some other schemes available, and the Forces Help to Buy loan can be paid back over a duration of around 10 years, so you have no reason to feel rushed about paying it back.

For more information on this scheme from the government, click here.

How a mortgage advisor in Doncaster may be able to help

As an experienced mortgage advice team in Doncaster, we will have your back from the first time you call up, right through until competition and even beyond that.

Your dedicated advisor will take care of you all throughout your mortgage journey, ensuring that you end up with the most appropriate mortgage result for your personal and financial circumstances.

We truly do pride ourselves on being able to provide a fast and friendly customer experience that is free of stress and worry. Get in touch with us today and we will see how we are able to further you and your home owning dreams.

It is important to remember that the Forces Help to Buy is not the same as the typical UK Help to Buy scheme.

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. 

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

Guide to low deposit mortgages

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

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

Utilising the various Government Schemes

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

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

Help to Buy Equity Loan

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

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

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

Shared Ownership

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

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

Lifetime ISA

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

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

Right to Buy

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

95% mortgage guarantee scheme

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

Alternative to using government schemes

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

Have an agreement in principle at the ready

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

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

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

Keep saving!

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

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

Taking out a loan to cover your deposit

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

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

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


Mortgage Advice in Doncaster for Newly Qualified Teachers

Newly Qualified Teacher Mortgage Advice in Doncaster

Firstly, Congratulations! You have passed all of the necessary exams and are now a newly qualified teacher. Now all you have to do is find a teaching position and start gaining some teaching experience.

For some, to be closer to that job, you may be required to look at relocating to Doncaster. If you already own your own home, you may benefit from the help of a mortgage broker in Doncaster.

We have dealt with many customers who feel stressed trying to balance the strain of homeownership whilst settling down within your newfound role in teaching.

Hopefully, with the help of a mortgage advisor in Doncaster, your process will go a lot smoother and quicker, reducing your stress levels.

Newly Qualified Teacher Mortgages

The challenging part is finding a lender willing to offer a mortgage to newly qualified teachers. Mian reason being NQT having little to no work history or being on a temporary contract.

The good news is, some lenders may even offer good deals with those working within the teaching industry from time to time and always a good idea to go to a mortgage broker. For instance, with the help of a mortgage broker in Doncaster, they can search thousands of deals and match your situation to the right lender’s criteria.

What sort of mortgages for NQT teachers is available?

The different types of mortgage available for newly qualified teachers commonly include:

Here are some things that lenders may consider during your process:

  • No previous employment history is required.
  • A 12-month first post-contract can sometimes be treated the same as a permanent role.
  • Mortgages are available up to one month before starting the first contract (so you can apply in August, just as an example).
  • Up to a 95% loan to value.

How a Mortgage Advisor in Doncaster May Help

Our team of mortgage advisors in Doncaster have much experience working throughout this industry, helping various people with similar situations such as yourself. 

Most importantly, there are lots of benefits to home buyers using a trusted first time buyer mortgage broker in Doncaster.

For more information get in touch, and we can book you in for a free mortgage consultation. From there, we take some details from you to determine whether or not you have a chance of obtaining a mortgage suitable to your circumstances.

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

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

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

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

What does a Mortgage Advisor in Doncaster do?

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

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

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

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

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

Why do people get Mortgage Advice in Doncaster?

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

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

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

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

Benefits of using a Mortgage Broker in Doncaster

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

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

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

Opening Times

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

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

Our 10 Step Mortgage & Home Buying Guide for First-Time Buyers

In this article we have put together a comprehensive list of the 10 steps involved in the mortgage process for First-Time Buyers in Doncaster, allowing for you to be as prepared as possible heading into your oncoming mortgage journey. 

The 10 steps to the process of home buying and obtaining a mortgage are as follows;

First Step: Get in Touch for Your Free Mortgage Consultation 

So, you’ve decided to purchase your first home and obtain a mortgage as a First-Time Buyer in Doncaster. Without a doubt going to be one of the biggest financial commitments you make throughout your life. Once you realise this, the notion can be a little jarring, especially when you have no experience in the property market.

Once you’ve reached this point, a dedicated mortgage broker in Doncaster will be able to step in and help you along your mortgage process. It is our goal to reduce your stress and work hard to ensure you come out the other side with a mortgage and your first home, happy and with a deal that benefits you.

When you Get in Touch with us, we’ll get you booked in for a free initial mortgage consultation with an experienced mortgage advisor in Doncaster. Here we’ll take some information for you and look at what you’re planning to do, prior to starting your process.  

Second Step: Mortgage Affordability Assessment – How are you doing Financially? 

One thing your dedicated mortgage advisor will be able to run through in your free mortgage consultation, is a Mortgage Affordability Assessment. This is where they will run through your monthly income and regular expenditures (the things you spend your money on), to determine whether or not you are able to afford the monthly repayments of the amount you are looking to borrow from the lender for a mortgage.

The importance of this comes from us needing to be absolutely confident that you can afford your repayments with the lender. This will hopefully help avoid arrears and potential future repossession, something the lender will desperately try to avoid.

A Mortgage Affordability Assessment is something the lender will usually do their own checks on, so our initial check will help save the time of the lender, ourselves and more importantly you, from an application that you may find being declined on due to failed affordability.

Third Step: Obtaining a Mortgage Agreement in Principle

The following step in your consultation will be the process of obtaining a Mortgage Agreement in Principle. If you’ve been reading up on mortgages prior to getting in touch for First-Time Buyer Mortgage Advice in Doncaster, it is likely you will have noticed this is a polyonymous term, also found under various similar names. These names often include ‘Decision in Principle’, ‘Mortgage in Principle’, as well as the abbreviations ‘DIP’ & ‘AIP’. There isn’t any difference between these besides this, they are all the same thing.

The intended purpose of a Mortgage Agreement in Principle is to document that you have passed the initial credit scoring system of a lender, either via a hard credit search (which can leave a credit footprint) or a soft search (which usually will not leave a credit footprint).

Obtaining this does not guarantee you will be accepted on a mortgage, but is something you must do on your way to the final goal. One of the other benefits of getting this document, is that it will show the seller of a property that you are very serious about purchasing the property, possibly creating room for price negotiations.

A typical Agreement in Principle will usually last somewhere between 30-90 days, and if it is not used before you make an offer on a property, it can easily be renewed once expired. Our team of dedicated mortgage advisors can usually get one of these turned around for you within 24 hours of your first appointment.

Fourth Step: Finding the Right Solicitor 

After you have gotten your Agreement in Principle, you will need to look at finding yourself a Conveyancing Solicitor (also known simply as a Conveyancer) to provide assistance to you with the legal proceedings of the homebuying process. The term Conveyancing is used to describe process of transferring legal ownership of a property between parties, for both the buyer or seller.

Your Conveyancing Solicitor will be able to handle contracts, provide you with any legal advice that you may need, conduct local council/authority searches, help sort things out with Land Registry and lastly process the transfer of the funds that you have acquired in order to pay for your new home. You must choose carefully as this is a very important part of your process.

It’s also key to remember that Licensed Conveyancers are property specialists and therefore cannot deal with complex legal issues, whereas more general Solicitors offer a full range of services so can often seem more costly. Whilst we do not offer these services ourselves in-house, we have collated an internal list of companies we trust, that your dedicated Mortgage Advisor in Doncaster is able to refer you to.

Fifth Step: Making an Offer on a Property 

Now you’ve taken that step of getting in touch with a Mortgage Broker in Doncaster, passed the Mortgage Affordability Assessment, gotten yourself an Agreement in Principle and found yourself a Conveyancing Solicitor to deal with the legal element. You’re halfway through the process now and your next course of action is to make an offer on a property that you have your eye and heart on.

As touched upon earlier in this informational guide, by having an Agreement in Principle you will be in a much better place to negotiate on price with the seller. You have to find the balance of going low, but not to low as to offend the seller and create tensions, whilst still asking for a lower price. The seller will be more likely to sell to you than someone who is willing to pay the asking price but is unprepared, if you have an Agreement in Principle with you.

The worst-case scenario is that the seller will not accept your offer, but it’s at that point you can work out a more reasonable offer for both of you or walk away and find somewhere else that you’d like to live. Once your offer has been accepted, it’s back to your mortgage advisor and onto the last steps of your mortgage journey. 

Sixth Step: Submit Your Documents 

Now heading back to the mortgage side of things and a cardinal next step; you need to submit the required documents. As can probably be expected when such a large amount of money is involved, a mortgage lender will not just lend to any person.

Your lender will in fact need you to provide various documentation to prove that you are who you say you are, the income you earn from your job, where you are currently living and how well you conduct your finances. If you’re obtaining a joint mortgage, this documentation will be required from both parties individually.

The documents you will need to submit to the lender, include; proof of ID, proof of address, the last 3 months’ pay slips and latest P60 (employed), the last 3 years’ proof of earnings and Tax Year Overviews (self-employed in Doncaster), proof of any other income like state benefits or maintenance, proof of deposit and the last 90 days worth of your bank statements.

Seventh Step: We’ll Progress Your Mortgage Application 

With your mortgage agreed in principle, and your offer accepted, we are now able to go forth and submit your full mortgage application. With all the things you needed to prepare now ready and checked by your dedicated Mortgage Advisor in Doncaster & their hard working team of Mortgage Administrators, we are ready to submit an application to the lender for your future mortgage.

Your advisor will send off all the collected documentation you have provided for evidence in order to achieve this, and then it’s just a matter of waiting for them to respond with whether or not your mortgage application has been accepted or declined. Whilst there is no specific time frame in which this can come back, our Mortgage Administration team will be able to chase the lender to find out the answer on your behalf.

Eighth Step: Property Valuation/Survey 

In-between your mortgage application and being offered a mortgage, the lender will require your property to have a valuation survey. These surveys are usually carried out by accredited companies nominated by the lender, as they will have a list of companies they trust.

The purpose of such a task is to understand how much a property is truly worth, against what you’ve agreed to pay for it. If you’re paying above its actual market value, it’s more likely that the lender will not want to lend you the funds you wish to borrow, as in the event of arrears, they will most likely be out of pocket and unable to make back the full borrowed amount. This is something that is known as a ‘Down Valuation’.

There are various types available when it comes to surveys, with different prices for each of these. Some will just want to check the properties worth, whereas some will also give you any necessary information on any structural concerns as well as possible repairs that may need your attention in the future. Your Mortgage Advisor in Doncaster will be able to help you find the right survey for you and your property. 

Ninth Step: Receiving Your Mortgage Offer 

Almost there now, as finally, we’re reaching the moment you’ve been waiting for. Once your lender has analysed your case and assessed all the evidencing documentation, you will be presented with your Mortgage Offer.

With this point now upon us, our team of friendly Mortgage Advisors and Administrators in Doncaster, that you’ve become friendly with over the course of your process, will be able to review the offer for you to ensure everything is correct and suitable for you. Once your mortgage offer has been received, it’s then down to your Conveyancing Solicitor to take your purchase from your offer, through to completion. 

Tenth Step: Completing The Process 

Congratulations, you have now officially transitioned from First-Time Buyer in Doncaster to a First-Time Homeowner in Doncaster. With any prior anxieties now firmly in the rear view mirror, we hope you’re happy and ready to begin your new life, in that new home you are the proud new owner of.

The final little steps are simply to go get the keys and move in! We hope you had a a fast & friendly Mortgage Advice service in Doncaster with our dedicated team. If you have chosen a fixed rate mortgage, at the end of your term, we will get in touch with you once again to offer our assistance with your Remortgage! 

How to Improve your Credit Score in Doncaster

Way to improve your credit score | moneymanTV

Looking for specialist mortgage advice in Doncaster to boost your credit score? The higher your credit score, the more chance you have of your mortgage application will be accepted. No one is guaranteed to get taken though, and Lenders have their internal scoring systems.

Each Lender has developed its system of scoring over the years. Don’t worry if you fail with one Lender. Other mortgage lenders may be more forgiving. It is your Mortgage Advisor in Doncaster’s job to match you to the right Lender, hopefully, first time, but this is not an exact science. Both you and your Mortgage Advisor in Doncaster want the same thing, which is that you end up with the best deal available to you.

There are several different credit reference agencies in the UK, including Experian and Equifax. It is a good idea to check as many of these agencies as possible to get a rounded picture of your credit score. Also, one of the agencies may be holding incorrect data. Checking with several agencies will help you identify any such discrepancies.

There are some excellent practices listed below regarding things you can be doing

To improve your credit rating:

Avoid Unnecessary Credit Searches:

Multiple credit searches can harm your score. Be careful when using price comparison websites which are significant culprits of credit searching on individuals. If you know you want to apply for a mortgage soon, it is wise to avoid using for any other credit. While having some credit and paying it back is a good thing for your score, in the long run, Lenders do not like to see you increasing your borrowings just before making a mortgage application.

Check You Are on the Voter’s Roll:

Being on the electoral roll adds many points onto your score. It indicates stability and Lenders like that. Ensure your names spelt correctly and that it’s your current address registered at, not an old one. If you are not logged, it’s easy to do so online.

Don’t Run Close To Your Maximum Limit:

If you max out your card each month that will reduce your score. Using a credit card and paying off the balance in full each month is preferable. In any case, this indicates that you are good at managing your money. Worst of all would be exceeding an agreed card limit or overdraft. Lenders want to know that you take your finances seriously.

Check Your Address History Is Keyed Correctly:

Quite often it can appear that you are living in two places at the same time on your credit report. In any case, this occurs because you may have forgotten to tell one of your credit providers that you have moved to a new house. Check all addresses are spelt correctly. If you have lived in a flat, this can be tricky as the flat/apartment number can be formatted in different ways.

Close Any Unused Credit Accounts:

You should contact the providers of store/credit cards you no longer use and get the account closed. In the short term, this can harm your score briefly as the credit reference can’t tell if it’s you closing the account down or the provider. Don’t worry, though, and it’s one step back to take two forward. This is also a good thing to do to reduce your chance of falling victim for fraud should you not notice you have lost a card you don’t use regularly.

Remove Financial Links to others:

If you have a family member or ex-partner connected to you, then this could be affecting your score. You won’t be able to get the financial association removed if the account is still live though. To remove one of these links, you should contact the credit reference agencies and make a request.

Many consumers feel that credit scoring is an unfair way of Lenders assessing applications. Lenders feel differently. It is much cheaper for them to operate this way and computers give more consistent outcomes.

Send an up to date copy of your credit report to your Mortgage Advisor in Doncaster upfront, and you will increase your chances of being accepted the first time. The more your Advisor knows about your finances, the better. Also, there are still some smaller Lenders out there that do not credit score. These Lenders do it the old-fashioned manual way, although they will even have specific rules about the number of defaults and CCJ’s they will allow.

Why use a Mortgage Broker in Doncaster?

Benefits of Using a Mortgage Broker in Doncaster

Why use a mortgage broker in Doncaster? | MoneymanTV

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

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

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

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

When should I get mortgage advice in Doncaster?

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

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

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

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

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

Free From Estate Agents, Banks or Building Societies

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

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

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

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

Building Customer Relationships

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

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

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

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

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

© 2021 Doncastermoneyman

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

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