Are you in search of valuable mortgage insights and guidance to smooth your journey towards homeownership? We fully grasp the uncertainties and questions that often crop up during this process.
Within this article, our central goal is to address your most pressing queries and provide you with insightful mortgage advice in Doncaster to empower you in confidently navigating the intricate world of mortgages.
Whether you’re a first time buyer in Doncaster or considering a remortgage in Doncaster, rest assured, we have you covered. Let us join forces to transform your homeownership dreams into a deeply fulfilling reality!
Assessing your borrowing capacity stands as a cornerstone of the mortgage journey. Contemplate factors such as your income, financial commitments, and existing debts.
While online mortgage calculators can provide initial estimates, for a more precise and tailored evaluation, it’s advisable to seek guidance from a dedicated mortgage advisor in Doncaster.
Their specialised knowledge will give you in-depth insight on your unique financial situation. This invaluable mortgage advice in Doncaster allows you to make well-informed choices and sets you on the path to securing your ideal mortgage.
Maintaining a firm grasp on interest rates is pivotal for making informed decisions throughout your mortgage experience.
Stay informed by keeping an eye on financial news, reputable online resources, or by consulting with experienced mortgage advisors in Doncaster who can provide you with real-time updates on interest rate trends.
Gaining a clear understanding of current market dynamics will empower you to make the best possible decisions for your mortgage journey. Additionally, our YouTube channel, MoneymanTV, regularly shares monthly market updates, providing you with valuable insights into this topic.
By remaining knowledgeable about the latest developments and trends, you equip yourself to confidently navigate your mortgage journey and make informed decisions.
Taking the time to explore the various mortgage types available, including fixed-rate, adjustable-rate, and interest only mortgages, is very important. Each option brings its distinct features, advantages, and considerations.
To make an informed choice, go on a thorough research and seek guidance from mortgage experts in Doncaster. They possess the expertise to help you in identifying the most fitting mortgage type that aligns seamlessly with your specific needs and financial objectives.
This meticulous approach ensures that you select the mortgage that best suits your circumstances and propels you towards successful homeownership.
Ensuring you have a strong credit score forms the bedrock of securing favourable mortgage terms. To accomplish this, it’s key to consistently pay your bills on time, maintain a low credit utilisation ratio, and regularly review your credit report for any inaccuracies or discrepancies.
Should you encounter credit-related challenges, don’t despair. Various agencies and resources are at your disposal, ready to offer support and guidance in improving your credit profile.
By proactively managing your credit, you significantly enhance your chances of qualifying for a mortgage with more favourable terms and conditions.
Generally, when you’re preparing to apply for a mortgage, you’ll need to gather standard documentation, which includes proof of your income, identification, bank statements, and a record of your employment history.
For a smoother and more personalised mortgage application experience, it’s advisable to seek guidance from mortgage lenders or experienced mortgage advisors in Doncaster.
They can help you in creating a customised checklist of required documents tailored to your unique financial circumstances and individual needs. With their expertise, you can confidently navigate the document submission process, increasing the chances of a successful mortgage application.
Both options, working with a mortgage broker in Doncaster or approaching lenders directly, offer distinct advantages.
As a mortgage broker in Doncaster, we provide access to multiple lenders, facilitating comprehensive comparisons to find the best mortgage offers that match your specific requirements. Conversely, dealing directly with a mortgage lender establishes a direct relationship between you and the lender.
We recommend carefully considering your preferences, conducting thorough research, and seeking recommendations to make an informed decision that aligns with your specific needs and financial goals.
Ultimately, whether you choose to collaborate with a mortgage broker in Doncaster or engage with lenders directly, the key is to select a solution that best suits your home-buying journey.
Beyond the mortgage amount, it’s important to factor in additional expenses when planning your home purchase. These may include arrangement fees, valuation fees, legal fees, and potential early repayment charges.
To gain a comprehensive understanding of all the costs involved, take the time to review fee schedules from various mortgage lenders.
To ensure you are well-informed about these expenses, seek mortgage advice from mortgage professionals who can guide you through the details and help you in making informed decisions.
Being fully aware of the complete financial picture will enable you to plan effectively and avoid any unexpected surprises along the way.
Building a deposit for your home necessitates discipline and careful financial planning. Start by creating a budget that helps you track your income and expenses. Look for areas where you can cut unnecessary spending to save more effectively.
Explore government schemes designed to support homebuyers, such as Help to Buy in Doncaster or Right to Buy in Doncaster, while keeping in mind their specific eligibility criteria. These initiatives can provide valuable assistance in your journey towards homeownership.
Consider opening high-interest savings accounts or first time buyer ISAs, which are tailored to accelerate your savings with attractive interest rates and potential government contributions.
By implementing these strategies, you can take significant strides towards accumulating your deposit and achieving your dream of owning a home in Doncaster.
An agreement in principle (AIP) provides an initial estimate of the mortgage amount a lender may consider offering based on fundamental information provided by the borrower.
In contrast, a formal mortgage offer represents a legally binding document that signifies the lender’s commitment to providing the loan under specific conditions.
Reaching this stage marks a significant milestone in the mortgage process, as the offer outlines the terms and conditions of the mortgage and lays the foundation for finalising the home purchase.
The timeline for processing a mortgage application can vary, typically spanning several weeks on average. Several factors come into play, including the property type, your credit history, and the efficiency of document submission, all of which can influence the duration.
To ensure a smoother and more efficient process, it’s essential to maintain close collaboration with your mortgage advisor in Doncaster and be well-prepared for any potential delays that may arise.
By staying proactive and organised throughout the application process, you can play a significant role in expediting the journey towards securing your dream home.
With these answers to your key mortgage questions in hand, you’re now well-prepared to embark on your exciting mortgage journey.
Remember, seeking guidance from trusted mortgage advisors in Doncaster, conducting comprehensive research, and maintaining a proactive approach throughout the process are all essential components.
By following these steps, you can confidently pursue your dream of homeownership and take the necessary actions to turn it into a reality!
For first time buyers in Doncaster, choosing the perfect place to call home is a decision that can shape your lifestyle and overall well-being. If you’re considering settling down in Doncaster offers an array of diverse and charming neighbourhoods. From historic towns to modern suburbs, there’s something for everyone. Here, in no particular order, we present our recommendations for the best places to live in Doncaster, each with its own unique character and advantages.
Nestled on the banks of the River Don, Conisbrough exudes historical charm with its iconic Conisbrough Castle, a magnificent 12th-century structure that dominates the skyline. The town offers a mix of traditional architecture and contemporary amenities. Its strong sense of community, convenient access to transport links, and local shops make it an attractive choice for families and individuals alike.
Retford, just a stone’s throw from Doncaster, presents a picturesque blend of Georgian and Victorian architecture. The charming market town boasts a bustling market square, independent shops, and a welcoming atmosphere. The proximity to stunning natural landscapes like Idle Valley Nature Reserve and Clumber Park adds to the appeal, making Retford a haven for nature enthusiasts.
For those seeking a more suburban lifestyle, Bessacarr is an excellent choice. This well-established residential area offers an assortment of family homes surrounded by green spaces and parks. Bessacarr’s proximity to Doncaster town center, top-rated schools, and easy access to the motorway network make it an ideal location for families looking for tranquility without sacrificing convenience.
Tickhill, with its cobbled streets and medieval architecture, transports residents back in time while providing modern comforts. The town’s vibrant community spirit is evident through its local events and festivals. With a selection of charming pubs, boutique shops, and historical landmarks like Tickhill Castle, this town offers a serene escape from the bustle of city life.
Armthorpe embodies contemporary living with its modern housing developments and facilities. This thriving suburb features a range of amenities, including shopping centers, schools, and recreational spaces. The community-focused approach and strong transport links to Doncaster and beyond make Armthorpe an appealing choice for families and professionals.
Situated along the scenic River Don, Sprotbrough oozes riverside charm and elegance. The village offers an idyllic setting with its historic Sprotbrough Lock, charming pubs, and tranquil walks along the riverbank. The highly-regarded local primary school and easy access to Doncaster make Sprotbrough an attractive location for families seeking a quintessential English village lifestyle.
Auckley strikes the perfect balance between modern amenities and rural beauty. This village is known for its upscale housing developments and proximity to Doncaster Airport. With easy access to both Doncaster and the surrounding countryside, Auckley appeals to those who desire a peaceful environment while staying well-connected.
We hope that this list has helped you a little when it comes to making the decision of where you are going to live in Doncaster. It can be tough moving home in Doncaster, especially when you have no experience in doing so. For help with your moving home journey, we are a mortgage broker in Nottingham and can help you through the whole Moving Home process. We have helped many home movers achieve their keys to their dream home, you could be next!
If you are local to the Doncaster area or are considering moving outside of Doncaster, one of the important factors when moving home in Doncaster is knowing the area you are hoping to live in.
It isn’t as easy as just picking a random property on the street say “that ‘ll do”. You need to look at how the area currently looks, what facilities are close by, and if the property has everything you need.
To help give you a better understanding of things to look out for when picking the ‘right’ area, we have put together a detailed list of the different types of factors that you, as a home buyer, need to look into when purchasing a property in Doncaster.
First thing you need to do is come up with a list of the type of area you would like to start living in, the way you need to look at it is you’ll be living within that property for a long time, so the area is very crucial.
Since Doncaster is a minster town, it’s ideal for those who prefer an urban lifestyle. But, if you prefer country life, you’ll need to move slightly further towards the outer areas of Doncaster.
If you were planning to move more to the outside of Doncaster, rather than closer to the town center and don’t drive, then you’ll need to make sure there are plenty of transportation links to choose from.
Transportation links are key for the area especially if you rely on them for work, seeing family or friends, or going away for a night out. Doncaster has plenty of transportation links, you have the choice to go on foot, by taxi, train, bus, and cycling. Each option will allow you to commute to and from the town itself.
Whilst having those link are positive, there is a cost element. What type of public transport are you taking? How much does it cost to get there and which method is the most cost-effective? Especially when you’ll soon have to pay off your mortgage monthly.
If you are driving, how much fuel will you need to pay per week? Especially with rising fuel costs, but luckily Doncaster is a minster town, but all these are important factors still need to be taken into consideration when making a decision.
If you have any kids or planning to start a family, you should do some research on the closest school area. Review the school league tables and any Ofsted reports, this will help you get a better idea of what the school is like.
Always make a note of the facilities close by, especially the ones you particually like. For example if you would like to have a particular shop, take a look at the local area to see what is there. Closer to the center of Doncaster, you are likely to find most of what you are looking for.
Of course if you’re living further away from Doncaster, you may need to prioritise what is essential, but you will have the benefit of these possibly costing less. Remember that essential shopping probably outweigh treats like a gym.
Depending on how far away or close you are to family or friends, that will be a huge factor in the area you live in. Many will want their family and friends nearby, especially if they have kids. Whereas others may prefer a quiet life, only socialising occasionally.
Going back to transport links, even if you are a little bit away from family and friends, you may still be within traveling distance, due to the number of transport options around the area.
Depending on the area you are looking to live in, will dictate Doncaster’s property prices. Some choose to look to go for a cheaper property initially, compromising on features and facilities they would’ve liked, in order to save some money, before moving later down the line.
It’s the people that make the area, some may prefer a quieter life, staying to themselves, whereas others may prefer to have a much busier community. We recommend speaking with an estate agent to learn more about what it’s like.
With the uprise of technology, most places have a community Facebook page or local newsletter to take a look at, you can normally find a lot of information online.
If you are moving to Doncaster because of a career change, make sure to look at the level of distance between your new home and your new workplace. You may find that most people do commute to work in Doncaster from the outskirts, with plenty of transport links to choose from.
This makes quieter, more affordable living a much more viable option. Whereas others prefer to work from home, so this may reduce the need to travel to work.
Many different types of property are available on market, with the area you are looking to buy in is a factor in which type is more widespread. Some may prefer to live on an end-terrace with a garden to chill, while others would choose to live in a new build, flat or studio apartment.
Just double-check to make sure you’ve reviewed all of the different options. Attending viewings is a good way to get a feel for the property and the sort you would prefer to live in too.
Make sure to see if there are any future improvements in the area you’re hoping to live in, especially if you’re looking to live there for a number of years.
Online research will definitely be worth your while when you are looking to find any future investments. It’s important to consider whether or not these will be beneficial to you and your lifestyle.
If you prefer a quiet country life, your ideal perfect world may be turned upside down if there’s any plans for a sudden big housing development nearby.
When the time comes to start making offers on a property and getting yourself a mortgage, it is worth getting yourself booked in for a free mortgage appointment. Our fast & friendly Mortgage Advisors in Doncaster will be glad to help!
We work from early until late, every day of the week and including some weekends and bank holidays, subject to appointment availability. Whether you need help as a first time buyer in Doncaster or are moving home in Doncaster, we will be more than happy to help you along with your mortgage journey.
Taking that first step into the mortgage world, or starting the mortgage process for the first time, you may find the entire experience a bit daunting. There are many options for homeowners and homebuyers to take for themselves, which is why it’s best to get it right the first time. This is something that can be achieved with the help of an expert Mortgage Broker in Doncaster.
Depending on what you are looking to achieve and the current situation, we will provide open and honest Mortgage Advice in Doncaster to help first time buyers in Doncaster through their mortgage journey. We understand the process can be complicated, which is why obtaining expert Mortgage Advice in Doncaster will be very beneficial. Here at Doncastermoneyman, we are confident in our ability to search 1000’s of deals to find you the most suitable mortgage.
In this article, we have gathered information on why approaching a Mortgage Broker in Doncaster will be more beneficial, rather than going directly to a mortgage lender themselves or their local bank.
You may believe that going direct and finding your mortgage deal will save you money, but that’s not the case. Some Mortgage Brokers in Doncaster may charge a fee on the end result; however, this does depend on the company.
It might be more cost-effective if you have a straightforward case, however, for those with a complex case, it’s worth going to speak to a Mortgage Broker in Doncaster like ourselves. Not going to an expert can result in you ending up on the wrong deal or being declined for a mortgage. Having constant rejection will harm your credit score which can impact your chances of applying for a mortgage next time.
Having a devoted Mortgage Advisor on your case will be benifical, our team well be by your side throughout the entire mortgage journey, to try and achieve your mortgage goals. We aim to recommend you the most suitable deal first time, saving you time and money.
Having brand loyalty can be one of the reasons why many customers decide to turn to their local bank directly, instead of going elsewhere. Previously before the increase in technology and online banking, customers would approach their local bank to obtain a mortgage.
Their branch would provide an expert and someone knowledgeable to supply them with the help and guidance they needed. Nowadays, the process is a lot different with credit scoring being introduced.
Because of this, your branch manager won’t physically go through the case themselves. Instead, a complex online system will determine whether or not you are eligible for a mortgage. Now, regardless of which bank you are with even being a loyal customer, your local bank may still decline your application.
Going direct will only give you access to limited products. Because they can only offer you deals from their own company, nobody else’s. Not to mention, you don’t find mortgage lenders in banks, there are many more mortgage options available to choose from. That’s why the deal that the bank offers you might not be the most suitable deal, there could be a much better deal elsewhere.
Receiving expert Mortgage Advice in Doncaster will be the best way to find the most suitable deal. One of our expert Mortgage Advisors in Doncaster will be able to go through your case and find you the most suitable deal from our large panel of lenders. This is another benefit of approaching a Mortgage Broker in Doncaster instead of just a bank.
Approaching a Mortgage Broker in Doncaster can provide you with exclusive deals that you can’t find elsewhere. There will be a good selection of options when you go to a Mortgage Broker in Doncaster, we have helped many first time buyers, home movers, or applicants who are wanting to know their Remortgage options.
After the effects of the 2007-08 credit crunch, a massive improvement in the mortgage market needed to happen. One of these changes was stated in the 2014 Mortgage Market Review, which instructed lenders to no longer sell mortgages to their customers without extensive, expert Mortgage Advice in Doncaster.
People could no longer approach a bank to tell them they wanted a mortgage and be instantly granted with no background checks. Not every staff member in the bank could grant you a mortgage, which was something that happened regularly regardless of if they were qualified to do so or not.
The new changes also bought in consumer protection, which a bank wouldn’t have given you. Now, you can place a complaint with the Financial Ombudsman in the event you feel misadvised. Another way to make a claim is through the Financial Services Compensation Scheme.
Having this in place means reassuring a customer that they will be safe and advised accordingly regardless of what mortgage journey they take. This applies to both mortgage brokers in Doncaster and other mortgage lenders.
Approaching a bank instead of a Mortgage Broker in Doncaster might be more time-consuming. If you approach a bank, it can take days, weeks, or months to try and talk with someone at a bank. Furthermore, when you do begin the process, you’re not updated as much through the mortgage journey.
Here at Doncastermoneyman, our dedicated team of Mortgage Advisors in Doncaster will get in touch with you at the time that is best for you, we understand that you may have a busy schedule. This is why our team works, from early until late, 7 days a week, including weekends and evenings. Our Mortgage Advisors in Doncaster will be available to answer any of your questions and keep you updated. You might find us contactable on some bank holidays.
We tend to find sometimes you may find yourself attending your appointment on the same day, however, this doesn’t have to be the case. You can speak to a member of our time around a time and day that suits your availability.
Every customer is entitled to a busy lifestyle. This is why our Mortgage Advisors in Doncaster are available throughout the week, so you can book your free mortgage appointment around the day and time that suits you best, subject to availability.
Providing open and honest Mortgage Advice in Doncaster is a core value within our company. If you are at the very start of the process or towards mortgage completion, our friendly team will always keep you in the loop. If any changes arise, your Mortgage Advisor in Doncaster will get in touch as soon as they can.
Through our expertise in the mortgage industry, we have found some cases can be slightly more complex than others. Below are just some popular scenarios that can be a bit more difficult than a straight forward case:
Back in the day, mortgage lenders could easily compete with one another by providing exclusive deals that were better than the others. Now, the main change in which deal you go with is if you match their lending criteria or not.
You might find a cheaper deal but it may not match your criteria. In order to see if you are eligible to obtain a mortgage, the mortgage lender carries out a hard search, which will result in leaving a footprint on your credit file.
When you apply for a mortgage with a lender and were declined an agreement in principle, this may harm your credit file. The most frustrating thing about it all is that it’s very unlikely you will be given zero reasons as to why you were declined in the first place. As an open and honest Mortgage Broker in Doncaster, our team will be able to go through your case and advise you on ways to increase your chances of being accepted.
With access to a vast range of lenders, our team should be able to find you the most suitable deal that perfectly matches you up with its criteria and then begins to obtain you an agreement in principle. If you obtain an agreement in principle through Doncastermoneyman, this will usually be sorted for you within 24 hours of your free mortgage appointment.
Just remember, having an agreement in principle doesn’t guarantee you have secured the property you were after. It does, however, make your credit file much safer by having an expert go through it beforehand. Our team of Mortgage Advisors in Doncaster aims to get their recommendation right the first time.
There are advantages and disadvantages of approaching a Mortgage Broker in Doncaster. The difference is how efficient you want your service to be, as well as what you are hoping to achieve.
As a devoted Mortage Broker in Doncaster, our team has extensive experience in dealing with a wide range of customers who go through the mortgage journey. Whether you are taking your first step into the mortgage world, coming towards the end of their fixed period, or looking at your remortgage options in Doncaster, our team are more than happy to help!
Book yourself in for a free mortgage appointment or remortgage review to speak with an expert Mortgage Advisor in Doncaster. Our team are here to help with your mortgage goals, with availability that suits you, subject to eligibility.
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.
Whether you’re a first time buyer or are moving home in Doncaster, buying a property can be stressful and overwhelming. It shouldn’t be this way though, you should be able to enjoy the whole experience.
It would be extremely beneficial if you could prepare yourself during the lead-up to your home buying journey. You should start by asking questions about the property and where it is located.
New build properties tend to be more popular and in higher demand. If you come across a new build that you’re interested in, take a property viewing before you go any further.
You need to find out how many people have been interested in the property; you have to ask the question, or it may show you online. If there’s been no interest in the property, there may be a reason for it, e.g. it could be overpriced or there’s something wrong with it.
A property chain is where you are waiting for your seller’s purchase to go through before you can move in. This can go on and on; your seller’s seller could always be in the same situation as you. If you aren’t in a chain, you may be able to move through your process quickly.
It can sometimes be hard to find out if there is a property chain, however, it’s always worth asking the question as the seller may tell you.
If you are a first time buyer in Doncaster, you will not be part of a chain as you are not selling a property, only buying.
Some homes may come with ‘extras’ or incentives to persuade you to buy the house. This could be something like them asking what appliances you would like in your kitchen.
Older homes may come with unwanted appliances owned by the seller. It’s wise to check with the owner what these appliances are and whether they are included in the sale or offered at an additional price.
It’s wise to clarify as you may be left with unwanted items that you then need to remove and dispose of.
Try to speak with the neighbours and get a feel for how they are and their opinion on the area.
On new building developments, this may be a little more difficult.
You will want to find out about the running costs that are involved with the property too. What are the costs for gas, heating, electricity, water (particularly if it’s a newer home with a water meter). Also, things like Council Tax charges.
When viewing the property, get a good look at the garden, make sure that it’s what you’re looking for. Everyone enjoys spending time in the garden, even if it is mostly in summer!
Ask whether the garden is southern-facing and check how well natural light enters the garden etc.
During your property survey, damages and repairs should be highlighted, however, it depends on which survey you took out. Ask lots of questions, particularly with older properties, as you want to make sure that you aren’t buying a property that’s going to need lots of repairs.
As with any property purchase, in the future, you may need to make improvements to energy efficiency, insulation, garden work etc.
Whenever you get the chance to, ask lots of questions before you buy a home. You want to learn everything about the property you could spend your whole life in!
Estate agents and the seller should be happy to answer your questions, and if they are, maybe it could be a warning sign if they are withholding information. If you do find out information about the property that could reduce its overall price, don’t be afraid to negotiate. Don’t be too keen and offer to high to start with and remember to take into consideration other factors such as when you would be able to move in and that fits your expectations.
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 in Doncaster, or are ready to remortgage in Doncaster, 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 in Doncaster.
As more and more time goes on, consumers seem to becoming much more savvier when it comes to their credit score. This is increasingly the case in those who are applying for first time buyer mortgages in Doncaster.
Of course the media contributes to this, with finances becoming much more publicly discussed. We actually find regularly that most of the customers who have contacted us for mortgage advice in Doncaster, have actually already taken a look at their credit report online.
Popular websites/apps for credit referencing are always Experian and Equifax, though there are plenty of them out there. We personally would recommend Check My File to new customers, as they can benefit from a 30-day free trial, which can be cancelled at anytime, otherwise going out at £14.99 a month.
They offer a colour-coded report that is easy to follow and can provide an overview of your credit, with information pulled from various sources, such as the aforementioned Experian or Equifax.
We usually find that customers are also now much more aware of the things that can negatively impact their credit score, one of which we will discuss in this article, that being having too many credit searches.
Of course, everyone gets credit searches taken out on them when they apply for any credit. Mortgages, loans, phone contracts, everything.
As a mortgage broker in Doncaster, we personally do not carry out any credit checks on you, though your mortgage advisor will ask for permission from you, as the mortgage lender will be conducting one of these.
Credit searches will usually come in one of two forms, those being a soft search or a hard search.
A hard credit search is where a mortgage lender will take a much more in-depth look at your credit report. Any company taking one of these out on you must seek permission before doing so, as they can (although not always) impact your credit score.
The bonus for customers having a hard credit search taken out on them is that your mortgage lender will already have a more complete overview of your financial state. If you are able to pass this, you are likely to achieve mortgage success.
This is not always a guarantee in any situation, but it is certainly a good sign. Hard searches leave a credit footprint on your file, which is a record that a hard credit search was taken out. A successful one can boost your credit score.
The issue is, the footprint doesn’t actually show whether it was successful or not. This means that if you are having multiple taken out on you (whether you failed previous ones or are just having multiple done for some reason), this can actually go against you and cause you to be declined.
The reason for this, is that multiple credit searches taken out in a small amount of time can make it seem like you’re applying for lots of credit in one time, which not only harm your credit score but put off a mortgage lender.
This isn’t to say that having a few will be too detrimental, there’s no need to worry too much, just always make sure you are cautious when having credit checks.
Quite the contrary to a hard search, soft searches are much less in-depth and would most likely be found with say, a price comparison website or as a means to verify your identity. More and more mortgage lenders these days, are also swapping to soft credit searches.
When a soft search is taken out on you, the company conducting the check will not be getting as much information as would’ve been the case if someone else had carried out a hard search. That being said, soft searches are incredibly unlikely to have any impact on your credit file.
Whilst less information is taken from these searches, if the end result is you obtaining a mortgage agreement in principle from the mortgage lender, the difference between hard and soft searches doesn’t necessarily matter, as an AIP is the goal anyway.
Further to these benefits, whereas a hard search can be seen by both yourself and other financial institutions, soft searches are not, only being able to be seen by you and nobody else. That means you can be unsuccessful in one instance and not worrying so much about the ramifications.
If you would like to look at making an offer on a property, we would always recommend having an AIP to hand, as they will become a big help in your quest for mortgage success. These documents showcase to the estate agent and seller, that you’re in a position to proceed and have a mortgage lender waiting.
This puts you head and shoulders above anyone else who doesn’t have this, except maybe a cash buyer. As a mortgage broker in Doncaster, we are typically able to obtain a mortgage agreement in principle for you within 24 hours of your initial mortgage appointment.
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UK Moneyman Limited is Registered in England, No. 6789312 | Registered Address: 10 Consort Court, Hull, HU9 1PU.
Authorised and Regulated by the Financial Conduct Authority.
We are entered on the Financial Services Register No. 627742 at www.register.fca.org.uk
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Doncastermoneyman.com & Doncastermoneyman are trading styles of UK Moneyman Limited, which is authorised and regulated by the Financial Conduct Authority.
UK Moneyman Limited is Registered in England, No. 6789312 | Registered Address: 10 Consort Court, Hull, HU9 1PU.
Authorised and Regulated by the Financial Conduct Authority.
We are entered on the Financial Services Register No. 627742 at www.register.fca.org.uk
