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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.
Try it FREE for 30 days, then £14.99 a month – cancel online anytime.
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.
No matter the mortgage route that you end up taking, you could be a first time buyer in Doncaster, home mover in Doncaster or looking to remortgage in Doncaster, your mortgage lender will always request a copy of your bank statements. In fact, they will ask for numerous pieces of evidence to support your affordability for a mortgage.
Lenders look at bank statements for multiple different reasons. They will need to measure your mortgage affordability, reliability and determine whether you are someone who manages their finances responsibly.
The planning stage of your mortgage journey matters the most. As a mortgage broker in Doncaster, we would strongly advise that you think about your bank statements and consider what you want to show on them in the months leading up to your mortgage application.
Furthermore, when it comes to what a lender is looking for on your bank statements, a big thing that will catch their eye is gambling transactions.
Although gambling is not illegal, lenders do seem to judge your mortgage application less favourably if they can see large amounts of gambling transactions on your bank statements.
There’s a big difference between spending a little bit here and there when the grand national is on to frequently betting lots of money every weekend. This is why, especially during your mortgage application and the months leading up to it, you should remember to ‘gamble responsibly’.
A mortgage broker in Doncaster like us, nor a lender can ever tell you how to live your life, all we can do is ask for you to be careful. Lenders do have a duty to lend responsibly.
Lenders need to prove to regulators that they’re lending to responsible applicants, therefore they will never lend to someone who can’t take care of their own finances. Would you lend to someone who is constantly gambling over an applicant who hardly gambles?
The odd gambling transaction here and there shouldn’t affect your ability to get a mortgage. Lenders will look at the size of the transactions and how frequent they are.
They will also look at how these transactions affect your overall account balance. Do they make you dip into your overdraft? Are you borrowing money to gamble/gambling money that you don’t have?
If you’re acting irresponsibly with your money in the lead up to your mortgage application, the lender will notice all of these transactions straight away.
It’s not just gambling transactions that lenders will look for, they will also be looking for different things on your bank statements:
They need to be sure that you are the type of applicant that they want to lend to. From monitoring your accounts to asking you questions about your transactions, they need to be certain that they can trust you.
On the other hand, if you do happen to dip into your overdraft now and again, it shouldn’t have too much detrimental effect on your mortgage application. It’s when you are constantly dipping into your overdraft and are struggling to get out of it.
Being reliable and sensible is exactly what a lender is looking for. Plan ahead, show the lender that you’re serious about the mortgage process and want to present yourself the best that you can.
Usually, you will be asked to provide up to three months of your most recent bank statements. With this in mind, during these months, make sure that you take care of finances and be responsible and sensible.
If you gamble regularly, perhaps it could be an idea to take a break for a little while. Betting apps often hold betting limit features; this could be something to think about. As well as aiding your mortgage application, this may also be good for your mental health.
Our job as a mortgage broker in Doncaster is to help you through your whole mortgage process, from the very start! We will take a look at your evidential documents with you, making sure that you are presenting yourself in the best way possible for your situation.
Our mortgage advisors in Doncaster will hold your hand throughout your application. We have availability 7 days a week, so don’t hesitate to get in touch.
Upon saving up a significant portion of your income for the purpose of a deposit, the time has come to prepare for obtaining a mortgage.
In order to guide you effectively, we’ve assembled a comprehensive set of practical and beneficial mortgage advice in Doncaster. These insights are tailored to ensure that you are well-prepared to embark on the mortgage application process with confidence and clarity.
The initial step to prioritise on your to-do list is obtaining an updated credit report. This action holds importance even before reaching out to a dedicated mortgage broker in Doncaster, such as our team, for mortgage advice. A current credit report streamlines the process for you, enhancing efficiency.
Addressing any outstanding payments on your balance is a prudent move, even if you’re withholding payment due to a dispute with the provider. It’s worth noting that avoiding payment, especially for bills like phone bills, is not advisable.
Clearing such outstanding balances works in your favour, potentially increasing your chances of securing a mortgage. Another beneficial strategy is ensuring your presence on the voters roll, as it positively influences your credit score. Moreover, closing any dormant credit cards can be advantageous.
During the initial stages of your mortgage journey, your dedicated mortgage advisor in Doncaster will meticulously assess your credit report.
Their expertise will provide valuable insights on actions you can take to present your credit history in the best possible light, bolstering your mortgage application process.
As you embark on the initial steps of your home buying journey, you’ll be requested to provide photo identification. Typically, our customers find it convenient to submit either a driving license or passport for this purpose.
Interestingly, your driving license can serve a dual role by also verifying your address. It’s important to note that if you use it as proof of address, it cannot be used concurrently as proof of identification. Separate documents are required for each purpose, not a single document for both.
For individuals who aren’t UK nationals but are currently residing within the country, presenting a copy of their Visa is an additional requirement. This step complements the standard photo ID and contributes to a comprehensive verification process.
In addition to confirming your identity, you’ll also be required to provide documents that establish your current residence. Typically, customers prefer using a recent utility bill or an original bank statement dated within the last three months for this purpose.
Alternatively, as previously mentioned, if you opt for a passport as your photo ID, you can utilise your driving license as a valid proof of address in conjunction with it. This flexibility offers you options for meeting the address verification requirement.
Your bank statements play a crucial role in demonstrating your income and spending patterns. It’s important to note that if you engage in frequent gambling, it’s advisable to refrain from such activities well in advance. Lenders typically view gambling activities unfavourably when reviewing bank statements.
Similarly, exceeding overdraft limits or having direct debits bounce can also negatively impact your mortgage application. Being well-prepared in these aspects is essential to present yourself favourably to potential mortgage lenders.
Most lenders will carefully review your bank statements as part of their assessment process. This scrutiny helps them gain confidence in your financial responsibility and commitment.
The bank statements required usually showcase your income deposits and outgoing bills, providing lenders with a clear picture of your financial transactions. These documents are pivotal in portraying your financial stability to potential lenders.
You’ll need to provide evidence of the funds you intend to use for your deposit, which is crucial for complying with anti-money laundering regulations.
To simplify the process, it’s recommended to minimise transferring money across multiple accounts, as this can complicate the audit trail.
Lenders typically prefer to see a gradual accumulation of savings over time. Therefore, if you’ve recently received significant transfers into your accounts, you should be prepared to explain and document their source.
In recent times, it’s become common for property deposits to be gifted by family members. This is particularly popular among first time buyers in Doncaster who are entering the property market.
Gifted deposits also require documentation. The individual providing the gift will need to sign a letter confirming that the money is a gift, not a loan expected to be repaid in the future. This documentation is essential to demonstrate the nature of the transaction to lenders.
The key factor in determining affordability is providing evidence of your income. Typically, this involves your most recent 3 months of payslips if you’re employed. Some lenders might also require your latest P60 form.
Lenders take into account various sources of income, including regular overtime, shift allowances, bonuses, and commissions. If you have multiple employers or income streams, such as a part-time job or being self employed in Doncaster, these earnings can also be considered.
In today’s landscape, many applicants are self-employed and seeking efficient and approachable mortgage advice in Doncaster. Self employed individuals will need assistance from their accountants to obtain their proof of earnings for the last 2-3 years from the Revenue.
If you manage your own accounts, our mortgage advisors in Doncaster can guide you through the process of downloading the necessary information from the Government Gateway.
Planning ahead and conducting thorough research is a wise approach. It’s a good idea to create an estimate of your expected expenses once you’ve moved into your new home.
This estimate should encompass factors like projected council tax and utility bills, as well as regular expenditures like groceries and dining expenses.
This planning not only provides insight into your upcoming financial commitments but also helps you gauge the disposable income you’ll have available to cover your mortgage payments.
To help you in this process, we’ll provide you with our version of a budget planner before your mortgage appointment, which we hope you’ll find useful in organising your finances.
As evident from the points highlighted in this article, preparing for a mortgage isn’t an effortless task. With proper planning and cautious steps, the process can become significantly smoother.
Dedication, diligence, and a patient approach will undoubtedly prove valuable as you navigate through your mortgage journey.
It’s unfortunate when you’re in a situation where you and your partner decide to part ways which means you need to speak with a Specialist Mortgage Advisor in Doncaster. Obtaining specialist mortgage advice in Doncaster is important because you have joint financial commitments, and unwinding that side of things isn’t a straightforward process.
Below are the top three questions we get asked from divorce and separation applicants on what will happen with their mortgage:
Getting a mortgage is a big financial commitment and making changes to your mortgage in the future isn’t always easy. Because of this, a lot of people aim to buy a house with their partner as a means of splitting the financial burden between two parties.
In circumstances that involve children, the partner who spends more time raising the children as a ‘stay-at-home’ parent will often stay on the property. It may be the case that the individual occupying the original home would prefer to take over the mortgage in their own right. This is not always easy!
You may be able to pay the mortgage and have the ability to demonstrate that you can independently. It does not, however, change the fact that you bought the property jointly. In other words, in the event of mortgage arrears, there are two people the lender is allowed to pursue.
The remaining applicant needs evidence that they can afford the mortgage before removing a party from a mortgage. This will give confidence that the remaining applicant can keep up the mortgage in the future. As well as this, the lender will need to assess your income even if you have kept up your mortgage payments in the past.
It’s common in these situations that someone will step in to replace the ex-partner like a family member or potentially your new partner.
When it comes to assessing the applicant’s affordability of the mortgage, many lenders have slightly different ways of doing this. Therefore, don’t lose heart if your current lender declines, we still may be able to help you.
Firstly, you need to understand that you are still responsible for any joint financial commitments you took out with your ex-partner, even if you are not a current occupant of the family home.
This rule is still in place even if you have agreed with your ex that they will make all the payments.
If you are looking to buy a new property in the future, the mortgage payment for your old property will still be taken into consideration. Due to this, you must take Mortgage Advice in Doncaster before making an offer.
When it comes to how much you could be given by the lender, some are more generous than others. Our Mortgage Advisors in Doncaster, however, consider this when recommending the most suitable lender to apply for a mortgage agreement in principle (AIP), or a decision in principle (DIP).
You can have two mortgages. Before lenders offer you a mortgage, they would use their credit scoring systems and take many factors into account and ongoing financial commitments are just one of these.
As well as any other loans and credit commitments you may have, the monthly payments of the mortgage you will hold with your ex will need to be inputted.
After we have sorted all this for you, the maximum amount you can borrow will be confirmed to you by the various lenders’ systems. This will allow you to know your budget at the beginning and how much deposit you will need to put down.
Despite it being difficult to move on from your previous joint financial commitments, it’s good to remember that it’s all about risk from the lender’s point of view and their main intention for doing this is to avoid repossession situations at all costs.
It has been said by some that when moving house in Doncaster can be one of the most stressful experiences that someone could go through, especially when going through a divorce or seperation. It is our hope that by having a Mortgage Broker in Doncaster working alongside you, your stress levels will be greatly reduced.
If you are looking at your options for moving home in Doncaster, our experienced team will be on hand to make sure that your home buying process goes as smooth as it possibly can.
Buying a house in Doncaster or any property will possibly be one of the most significant financial decisions you make in a lifetime.
That said, first time buyers in Doncaster like yourself need to be aware of the additional costs when you purchase a house before you jump onto the property ladder.
One of the most considerable costs of buying a house is having a deposit. Your deposit will all depend on the price of the property you are purchasing.
For example, if the buyer has a 5% deposit of the purchase price and got accepted. A mortgage lender would then lend you the remaining 95%. The larger the deposit you can put down, the better mortgage deals you will may be eligible for.
You only need to deal with estate agent fees when selling a property. Their services can vary between companies, so make sure you try to find the best price and leading service before diving into anything.
We find that the cheapest agents tend to be online ones who don’t have to worry about the costs of maintaining offices.
If you prefer a more personalised service, you may have to pay an extra 1-2% of your property selling price. The fees usually have room for negotiations, especially in a “seller’s market”.
(A seller’s market is where agents are fighting to get your instruction because of the lack of houses on the market.)
A lender will need to be sure of whether the property is worth what you’re going to be paying for it. Your lender may offer you this service for free, although they may not send you a copy of the report in return.
When this is the case, you may need to pay a fee. The prices can vary and be more expensive if you wish to select a more detailed report or not; it is entirely up to your choice.
Your decision will likely depend upon the age and type of property you are purchasing, along with any concerns you have about the property in question.
Some mortgage products offer comparatively cheap rates. The benefit can be outweighed by an arrangement fee made payable to the lender. Not every product will have one, so the cost.
An example, could either be nothing, or as much as £999+. It all depends upon the lender and the product you have chosen.
Sometimes these are to be paid upfront or you can elect to add these to the balance of your mortgage, but you would then incur further interest charges.
As a mortgage broker in Doncaster, we can compare mortgage deals factoring in the costs to give you a more general overview of your expenses.
You’ll need to take up the services of a solicitor, wherein the fees quoted by various firms can differ by massive amounts.
Whether it’s a freehold or leasehold, you will need to give the property address and give the purchase price to obtain quotations on what you’ll have to pay.
In addition to your Solicitor’s fees and disbursements, you’ll be required to pay this tax which the solicitor collects on completion of the property purchase.
Full details can be found here – a residential purchase of £180000, the Stamp Duty would be £1100.
Your mortgage broker will usually charge a fee for their service. Please try to use a company that charges on completion only and avoid any application fees where your money will be at risk.
The cost of moving your furniture can vary significantly and will depend on the level of service you are looking for. If you are quite happy to hire a van and roll your sleeves up, this can cost less than £200.
On the other hand, if you are looking for a company that provides the full service this can be £1,000 plus.
If you would like to discuss the costs involved in obtaining a mortgage in more detail then please don’t hesitate to get in touch.
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.
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 and home movers in Doncaster the opportunity to get themselves onto the property ladder.
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.
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 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.
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.
There are other ways besides using government schemes to get a mortgage with a smaller deposit.
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!
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 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.
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.
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.
The different types of mortgage available for newly qualified teachers commonly include:
Here are some things that lenders may consider during your process:
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.
No matter your mortgage situation, it’s essential to seek mortgage advice in Doncaster at the start of your mortgage journey, whether you are a first time buyer or looking to remortgage in Doncaster.
Getting expert mortgage advice can be the difference between an application getting accepted and being rejected. Taking matters into your own hands can work against you as you aren’t as experienced in looking for certain things.
Our team can search through thousands of mortgage deals for you, which will hopefully save both your time and money during your mortgage process.
It’s the job of your dedicated Mortgage Advisor in Doncaster to find you the mortgage deal that is the most appropriate for your circumstances. Some say that there’s no significant difference between an advisor and a broker, which is partially true and untrue.
Mortgage advisors are trained professionals working either for a mortgage broker, independently or for more prominent banks or building societies. The difference comes into play when looking at the companies those advisors work for, compared to Doncastermoneyman.
However, here at Doncastermoneyman, we can tell you our team of specialist mortgage advisors in Doncaster are authorised and regulated by the Financial Conduct Authority and have access to a large panel of various mortgage lenders pick and choose a deal depending on how appropriate it is.
Many of those advisors working directly for the lender will only offer their products, along with biased advice.
Our mortgage advisors in Doncaster have in-depth knowledge of lending criteria and experience providing expert advice to customers with all types of individual situations.
For first time buyers looking to take that first step onto the property ladder, the process can be confusing.
It’s here where our dedicated mortgage advisors can take the reigns and walk you through every step, supporting you through the most stressful moments, leading up to when you get your keys and, if necessary, beyond.
It may be that you need mortgage advice in Doncaster because you are looking to remortgage for home improvements/release equity or purchasing your next property to move into or add to your portfolio.
Our team of specialist mortgage advisors in Doncaster in Doncaster can help find suitable mortgages for a landlord looking at buy Let mortgages 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:
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.
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
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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
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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
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