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When it comes to homeownership in Doncaster, navigating the complexities of mortgages can be challenging. Mortgage Payment Holidays are one option that can offer some relief during difficult times. Here, we’ll delve into the details of Mortgage Payment Holidays, including what they are, how to apply for them, their impact on your credit score, and what happens to your mortgage offer. We’ll also explore alternative options for those facing financial difficulties and in need of specialist mortgage advice in Doncaster.
A Mortgage Payment Holiday is a temporary break from making your regular mortgage payments. It’s designed to provide financial relief during unexpected circumstances, such as a job loss, illness, or other financial hardships. Essentially, it allows you to pause your mortgage payments for a specified period, typically up to six months.
Applying for a Mortgage Payment Holiday involves contacting your lender. They will assess your eligibility based on your circumstances and financial situation. It’s crucial to be honest about your situation and provide any necessary documentation to support your request. Keep in mind that approval is not guaranteed and depends on individual circumstances.
Taking a Mortgage Payment Holiday can affect your credit score, but not necessarily in a negative way. While the missed payments may be reported to credit agencies, many lenders have adopted measures during the COVID-19 pandemic to ensure that these missed payments do not harm your creditworthiness. However, it’s crucial to clarify this with your lender before proceeding.
During a Mortgage Payment Holiday, you can typically remortgage or consider a product transfer with your lender. However, it’s essential to discuss this with your lender in advance to understand any potential implications or restrictions. A mortgage advisor can also help you navigate these options.
If your mortgage offer has already been accepted and you’re in the process of purchasing a property, taking a Mortgage Payment Holiday could potentially jeopardise the offer. In some cases, lenders may reconsider your application if your financial circumstances change significantly. It’s crucial to communicate with your lender and your solicitor to assess the best course of action.
While Mortgage Payment Holidays are a viable option for some, they may not be suitable for everyone. There are alternative solutions to consider, including:
Mortgage Payment Holidays can provide much-needed breathing room during financial difficulties in Doncaster. However, they come with considerations and potential consequences, especially regarding credit scores and mortgage offers. It’s crucial to explore all available options and seek professional advice to make an informed decision that aligns with your financial goals and circumstances. For personalised mortgage advice in Doncaster, don’t hesitate to reach out to our expert team. Your financial well-being is our priority.
If you are looking to boost your credit score, a specialist mortgage advice in Doncaster could be the option for you! An applicant who has a high credit score will have more of a chance of getting a mortgage acceptance compared to one with a much lower score. Contrary to this, it all depends on the lenders having their own internal scoring systems.
Every lender has built their own scoring system over the years. In the case where your application isn’t successful, it doesn’t mean it will apply to all lenders. If you do have a Mortgage Advisor in Doncaster by your side in the process, they will provide you with the support and information you need as well as try and match you to the right lender. The role of your advisor is to invest in you and has the same goal as you which is to find you the best deal.
In the UK, there are a variety of credit reference agencies such as Experian and Equifax. We do recommend checking as many of these agencies as possible in order to get a full picture of your credit score. As well as this, one of the agencies may have incorrect data. Here at Doncastermoneyman, we recommend Check My File to customers. This platform collates data from major agencies including the two mentioned above and provide a broader view of how your credit score is performing. When you sign up, you will have a 30 day free trial on the platform and then it will be around £14.99 a month, however, the account can be cancelled at the end of the trial.
Try it FREE for 30 days, then £14.99 a month – cancel online anytime.
Wondering what you can do to improve your credit score? Check out the best practices you can follow below.
One thing that can harm your score is carrying out multiple credit searches. We recommend that you are careful when using price comparison websites which have a reputation to credit search you. If you are wanting to apply for a mortgage in the near future, it is best that you stay away from other credit. Even though having some credit and paying it back helps your score, further down the line, lenders will not like to see you increasing your borrowings right before making a mortgage application.
A great way to boost your credit score is to be on the electoral roll. It shows a lender your stability. Check that your name is spelt correctly and that it’s registered at your current address, not an old one. You can easily register online.
Maxing out your card every month can harm your score. If you do use a credit card, make sure you pay
off the balance in full each month. By doing this, you are showing that you are good at managing your money. The worst case scenario is exceeding an agreed card limit or overdraft. Lenders want to know that you take your finances seriously.
There have been cases where credit reports highlight that the applicant is living in two places at once. The reason behind this is that the applicant may have forgotten to tell one of their credit providers that they have moved to a new house. Make sure all addresses are spelt correctly. You may find it difficult to do this if you live in a flat due to the flat/apartment number can be formatted in different ways.
If you have any store/credit cards you no longer use, you should contact the providers to get the account closed. Initially, this can harm your score briefly as the credit reference won’t be able to see if it’s you closing the account down or the provider. On the flip side, it’s one step back to take two forward. As well as this, it’s a good thing to do to reduce your chance of falling victim to fraud should you not be aware that you have lost a card that you don’t regularly use.
In the circumstance you are financially linked to a family member or ex-partner, this could impact your score. The account will remain in operation for a long the financial association is still active. In order to remove one of these links, you should get in touch with the credit reference agencies and make a request.
The common opinion amongst consumers is that it’s unfair how lenders assess applications, however, lenders feel differently about this. The way they operate is a cheaper option with computers providing more consistent outcomes.
A way to increase your chances of being accepted the first time is to send an up to date copy of your credit report to your Mortgage Advisor in Doncaster. Make sure you give enough information to your advisor for them to get the full picture of your finances. We do find that there is a small majority of lenders that do not assess credit scores. This is because they go for a more old fashioned manual approach. Keep in mind that they may have specific rules about the amount of defaults CCJ’s they will allow.
When your introductory mortgage deal comes to an end your mortgage lender may offer you a new deal to stay with them, this is known as a product transfer.
Unfortunately, lenders do not always reward your loyalty and the offer they make you may not be competitive with deals you could get elsewhere. Even more annoyingly, these product transfer rates are not as good as the deal they offer new customers either!
Whilst swapping to a new deal with your current Lender may well be fairly easy online, it is always in your interest to see what other deals you may be eligible for. Lenders will also tempt you to effect a new deal online without taking advice.
This can be really dangerous because if you do this without advice you are waving goodbye to all the valuable consumer protection you would otherwise have benefitted from.
We have seen numerous examples of customers affecting these “follow-on” deals and locking themselves into an inappropriate deal. Because they opted out of advice then they have waived a lot of their rights in terms of making a complaint.
We did have a recent case where a customer who was pregnant did this and was declined for a small further advance to fund some necessary home improvements a few months later. She then had to pay a hefty early repayment charge to swap to a new Lender who would grant her the additional funds.
If we think a product transfer is the most suitable deal for you we will recommend that as a course of action for you and if we arrange the mortgage for you as a mortgage broker then all the regulation and consumer protection will apply.
In short, even if your requirement seems straightforward we recommend you always take advice – a second opinion costs nothing and making a mistake when taking a new product can be costly.
The remortgage in Doncaster market is highly competitive and savings can generally be made by searching the market for a new deal.
Generally the longer you look to fix your mortgage the higher the interest rate is. Therefore, if you are looking for the lowest rate possible then it’s short term fixed rate you need. The downside is your mortgage will be up for renewal quicker and when you come to remortgage in Doncaster your payments might increase.
Mortgages are typically taken out and re-payed over a period of 15, 20, 25 years. Over that period the interest rates will move (either up or down). As a result on a variable rate mortgage your monthly repayments are subject to change. People often worry about interest rate rises, particularly after such a long period of low rates as we have enjoyed over the past ten years.
Many people are expecting to see a rise in interest rates in the near future. As such fixed rate mortgages offer certainty to the borrower, allowing forward planning of monthly outgoings, with the assurance of no sudden rise in the monthly mortgage repayment
If you don’t like the idea of sorting out a remortgage so quickly then a medium-term fixed rate would be the way to go. Five year fixed rates are popular and you have certainty that your monthly payments cannot increase in the foreseeable future. There is a risk that interest rates might drop meaning you are paying more than you might have been had you fixed for a shorter period.
There are only a limited number of 7 and 10 year fixed rates mortgage deals on the market. These have always been the least popular. Customers tend to feel this is too long to fix in for as a lot can change in a decade! These are the most expensive fixed mortgage products available.
When choosing your mortgage deal be careful watch out for booking and arrangement fees. A booking fee is payable up front and an arrangement fee is payable on completion. Some people add fees to their mortgages, but this increases the total amount repayable as interest accumulates on the fee.
If you are taking out a small mortgage then it is more likely that you would want to take out a mortgage with no fees, even if a slightly higher rate of interest applies. The opposite applies if you are taking out a medium or large mortgage, your Advisor will help you with this tricky decision.
Choosing a mortgage requires consideration. There isn’t a single mortgage product that suits everyone. Your selection will depend on your personal circumstances. For example, if you think you may be moving in the next two or three years you may wish to choose a fixed deal for that period. (It is possible to ‘port a mortgage’ but you may be better discussing this with your mortgage advisor in advance). If this is your final move, perhaps a longer-term fixed rate may be more suitable.
One final point worth remembering is that with a fixed rate mortgage in Doncaster, if mortgage interest rates fall, you are still pay the agreed higher fixed rate.
First time buyers in Doncaster who have had an offer accepted on a property, their next job is to arrange a survey to establish the condition of the property and to ensure that it is worth what you are going to pay for it.
If something is found on the survey you are then in a position by law to approach the seller to negotiate a price for the works required.
There are 3 main types of property survey available to you:
This is the basic valuation type and you will be required to pay for a mortgage valuation in order to secure a mortgage offer.
This should not be confused with a full survey. The mortgage valuation confirms to the lender that the property is worth at least what it is lending you.
A Mortgage Valuation will not highlight any repairs that are needed, but it may point out any obvious defects and recommend that you investigate further. You will be required to pay for this investigation.
This survey will cover structural safety and highlights problems, including damp, as well as anything that doesn’t meet current building regulations.
This kind of report will give you an independent report of your property by an expert.
To ensure you are not paying for two surveys it is advisable to ask the mortgage companies surveyor to carry out this report for you. It will usually take a couple of hours to complete.
This survey is advisable for older properties and those of a non-standard construction.
Depending on the property size and type, a full structural survey can take as long as a day to complete.
A full structural survey provides a detailed report on the condition of the property and highlights issues that should be investigated further before going ahead with the purchase. This provides you with peace of mind about the condition of your property.
You can find a surveyor to carry out a Homebuyer’s report or building survey through the Royal Institution of Chartered Surveyors.
Possibly, there are many situations that require a person to have more than one mortgage… We can help with this!
We’ll try and run through reasons for 2 mortgages here:
If you have equity in your home and are looking for a second mortgage to release some of this to fund a purchase or anything else then we can help.
For this purpose it can also be referred to as a secured loan.
Quite often at this time if you are currently on a lenders standard variable rate, we are able to shop around and find a more competitive deal at the same time as releasing capital. A further advance with your current Lender is also an option.
If you are looking to move house but keep hold of your existing property with the view to let it out we may be able to help. Mortgage number 2 will be a new residential one. This type of move is known as a let to buy and is becoming increasingly popular in recent years.
If you are exploring the options available to you of helping your children or grandchildren with getting on the property ladder there are now many products that we can run through to achieve this.
If you are looking to purchase a buy to let in Doncaster, we may be able to help. You will be asked to produce a higher deposit for this than a residential mortgage.
Are you currently named on another mortgage and would like to purchase a new property to live in? This is a situation that I come across on a regular basis especially due to divorce or separation and can often help.
Whatever your situation being to get a second mortgage, being a Mortgage Broker we am able to search 1000’s of mortgage deals on your behalf and recommend the most suitable product for you based on your individual situation.
Porting your mortgage to a new property in Doncaster can be an appealing option when you’re looking to move house without the hassle of refinancing. It allows you to take your existing mortgage deal with you to your new home. However, there are certain factors to consider before assuming your mortgage can easily be transferred.
Here, we’ll delve into the intricacies of porting a mortgage in Doncaster, emphasising that not all mortgages are portable and explaining what happens when you wish to move to a more expensive property.
Mortgage portability is a feature that’s not automatically included with all mortgage products. Some lenders offer portable mortgages, while others do not. It’s crucial to know if your current mortgage is portable before planning a move.
The portability of your mortgage may depend on the type of mortgage you have. Fixed-rate mortgages are typically more portable than variable-rate mortgages due to their stable interest rates.
Lenders often have specific eligibility criteria for mortgage portability. This could include creditworthiness, employment status, and the value of the new property.
Mortgage portability can be a convenient option when moving to a new property in Doncaster, but it’s essential to be aware of its limitations and requirements. Not all mortgages are portable, and moving home in Doncaster to a more expensive property involves additional considerations.
To ensure a smooth transition, it’s advisable to consult with a mortgage advisor who can guide you through the process and help you make an informed decision regarding your mortgage portability. Remember that careful planning and financial preparation are key when porting your mortgage to a new property in Doncaster.
When it comes to raising funds against your property in Doncaster, secured loans, also known as second charge mortgages, offer a flexible and viable solution. These loans provide homeowners with the opportunity to access additional funds while keeping their existing mortgage intact. Here, we’ll delve into the key aspects of secured loans, explore the reasons why people opt for them, and highlight why they might be the best choice for your financial needs.
Secured loans, or second charge mortgages, offer homeowners in Doncaster a practical way to raise funds while maintaining their existing mortgage arrangement. Whether you’re looking to invest in your home, consolidate debt, pursue educational goals, or embark on new ventures, these loans provide flexibility, lower interest rates, and access to substantial borrowing amounts. If you’re considering additional borrowing, exploring the benefits of a second charge mortgage could be the right step towards achieving your financial goals.
The information provided in this video above, was filmed during lockdown in the UK. The information is based on the circumstances, regulations, and guidelines available up to the publication date. It is important to note that the situation surrounding lockdowns, mortgage options, and related regulations can evolve rapidly, and the accuracy of the information has change over time.
Do you find your once cozy home in Doncaster feeling a bit cramped these days? Are you yearning for extra space to accommodate your growing family, a remortgage for a home office, or perhaps that dream kitchen you’ve always wanted? You’re not alone. Many homeowners in Doncaster face this dilemma at some point. Luckily, there’s a solution that not only addresses your space needs but can also add value to your property: home extension. And even better news? Remortgaging can help you fund these home improvements.
While adding value to your property is undoubtedly a significant advantage of a home extension, it’s not the only benefit you’ll gain. Here are a few compelling reasons to consider consider remortgage advice in Doncaster to extend your home in Doncaster:
We’ve helped many homeowners in Doncaster find their dreams of expanding their living spaces through home extensions. Here’s how we can assist you:
A home extension in Doncaster offers you the opportunity to transform your current residence into the space of your dreams, all while increasing its value. With our expertise in remortgaging, we’re here to support you throughout this exciting journey and provide you with expert remortgage advice in Doncaster. Contact [Your Mortgage Brokerage Name] today, and let’s explore how you can create the home you’ve always envisioned. Your dream home is just an extension away!
The information provided in this video above, was filmed during lockdown in the UK. The information is based on the circumstances, regulations, and guidelines available up to the publication date. It is important to note that the situation surrounding lockdowns, mortgage options, and related regulations can evolve rapidly, and the accuracy of the information has change over time.
In the ever-evolving landscape of work, the concept of a traditional office has undergone a significant transformation. More individuals are embracing the concept of working from home, and with this shift comes the need for dedicated and efficient home office spaces. If you’re a resident of the vibrant town of Doncaster and are considering enhancing your living space with a home office, a remortgage advice in Doncaster might be the ideal financial solution to turn your vision into reality.
The rise of remote work has given birth to a new era of home offices. No longer just a place to pay bills or browse the internet, home offices have become essential for productivity, creativity, and maintaining a healthy work-life balance. Creating a dedicated workspace not only boosts your efficiency but also provides the separation needed to fully disconnect from work after hours.
Remortgaging is a financial strategy that allows homeowners to replace their current mortgage with a new one. This can be a practical solution for unlocking funds to invest in home improvements, such as setting up a functional and inspiring home office. By refinancing your property, you can access capital at potentially favorable interest rates, giving you the financial flexibility to create the space you’ve been dreaming of.
Embarking on a remortgage journey for a home office is an exciting endeavor, but it’s important to seek remortgage advice in Doncaster from experts who can guide you through the process. Being a mortgage broker in Doncaster, our mortgage advisors,can provide invaluable insights to help you make informed decisions.
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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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