Can I Port My Mortgage To A New Property In Sunderland?

If you are a homeowner with a mortgage from a high street lender, you’ll find that you will probably have the option to port your mortgage if necessary. Porting your mortgage occurs when you are looking to move home part-way through a fixed-rate deal.

Rather than paying the early repayment charge (ERC), the lender may actually be willing to let you pick up what is left of your current mortgage and move it onto a new property. This of course will depend on the value of where you’re looking to move and is subject to the lender’s discretion.

Mortgage Porting FAQs

What advantages are there to porting a mortgage?

Portable mortgages work out really well for homeowners who are only part way into their fixed-rate mortgage term but already want to move home. Normally to leave this mortgage early, you would be penalised with an Early Repayment Charge.

If instead you can find another property of similar value and inquire with your lender, there is a good chance they’ll agree to let you port your mortgage to that property. This will mean you avoid the ERC.

Are all mortgages portable?

You’ll find that there are a lot of mortgages out there that customers are able to port, though it’s important to note that this won’t apply to all of them.

There are some specialist lenders that don’t allow their customers to do this, for example. By contacting your mortgage lender, you’ll be able to determine whether or not this is an option for you.

Should I port my mortgage?

Though it may be a possible option for some homeowners, in a lot of cases we find that they instead choose to not do this. Some may ride out their term and look to remortgage at the end to release equity for making improvements to their home.

In other cases, homeowners may want to do this but are restricted from doing so, due to being unable to afford to borrow an additional amount if required. Any further advance (second charge) will be at a different rate to the current mortgage deal that you have.

Depending on the rates on offer from your lender for this, it may be more financially viable for you to take the Early Repayment Charge and cut your mortgage short, rather than staying put.

What is a Sub-Account?

A sub-account on your mortgage will be created when you look to port your mortgage, with the additional funds being taken out on a different deal than your current mortgage is on.

It’s important to remember that although you have a only one mortgage and one direct debit in your name, each will have different rates applied to them.

As time goes on, having a sub-account can be a little problematic. This is because eventually you will reach a point where these products will overlap one another.

In order to get these aligned once again, one of your sub-accounts may have to fall onto the lender’s standard variable rate for some time.

Speak to a Mortgage Broker in Sunderland

For more information, please feel free to get in touch and speak with a dedicated mortgage advisor in Sunderland. We would love to get started on the next step in your mortgage journey.

Whether you are moving house in Sunderland, need help with a buy to let mortgage or are self-employed and require mortgage advice, we’d love to help you.

We have availability every day of the week, so book yourself a free appointment for when best suits you and we’ll see how we can help.

The Different Types of Mortgages Explained in Sunderland

When you begin the process of looking for a mortgage in Sunderland, you will soon realise that there are a wide variety of different options available. By enquiring for expert mortgage advice in Sunderland, we’ll help you to determine which one is right for you.

Below you will see a list of the most popular types of mortgages available on the market. If you have any questions regarding the mortgage options below, do not hesitate to contact our fantastic team of mortgage advisors in Sunderland.

What is a fixed rate mortgage?

A fixed-rate mortgage means that your mortgage payments are going to remain consistent for a particular duration. You are able to choose how long you fix your payments for, with this typically being around 2-5 years.

This means that no matter what happens with inflation, interest rates, or the economy, you know that your mortgage payment, which will most likely be your biggest outgoing, will not change.

What is a tracker mortgage?

When you have a tracker mortgage, this means that your interest rate will follow alongside the Bank of England’s base rate. In this situation, the mortgage lender that you are with will not be setting the rate themselves.

You will be paying at a percentage above the Bank of England base rate. For example, if the base rate is 1% and you are tracking at 1% above base rate, that means you will be paying a rate of 2%.

What is a Repayment Mortgage?

Home buyers who are looking to take out a repayment mortgage will have a combined amount of capital and interest to pay each month.

If you are able to maintain those monthly mortgage payments, he mortgage balance is guaranteed to get paid off at the end, with you owning the property outright.

A repayment mortgage is generally considered to be the most risk-free way to pay your capital back to your mortgage lender. Early on it will mainly be the interest that you are paying and your balance will reduce very slowly, especially for homeowners with say a 25+ year term.

This will change over time and in the last ten years or so of your mortgage, your balance will be reducing at a much quicker rate, as you will be paying back more capital than interest.

What is an interest only mortgage?

While you will find that a lot of buy to let mortgages in Sunderland get set up on an interest-only basis, it is much difficult for a residential home buyer to take out an interest only mortgage on their home.

Typically, you will find that it is much less likely for a mortgage lender to offer interest only residential products to customers, though there are a selection of circumstances where this type of mortgage may still be applicable.

These tend to include downsizing when you are older or have other investments that you will use to pay the capital back. Mortgage lenders can be quite strict when it comes to offering these products now, and the loan to values are a lot lower than they used to be.

What is an offset mortgage?

With an offset mortgage, your mortgage lender will go ahead and set you up a savings account that will run alongside your mortgage account, to help you offset the balance and reduce the interest paid overall.

For example, let us say you have a mortgage balance of £100,000 and £20,000 is deposited into your savings account, you only pay interest on the difference, which in this case would be £80,000.

It is for this reason that an offset mortgage could be a truly efficient way of managing your money, especially if you are a higher rate taxpayer.

Book a Free Mortgage Appointment with a Mortgage Broker in Sunderland

If you like the sound of any of the mortgage options that have been mentioned above, have any other questions relating the mortgage process or would like to get the ball rolling on your mortgage journey, please do get in touch.

In booking your free mortgage appointment online, you’ll benefit from speaking to a trusted and qualified mortgage advisor in Sunderland, who will look to guide you through the process as best they can, finding the most suitable mortgage product to fit your circumstances.

Obtaining an Up-to-Date Credit Report in Sunderland

Credit report mortgage advice in Sunderland

Why get a credit report for my mortgage advisor in Sunderland?

To be able to recommend the most appropriate mortgage for you based on the circumstances you’re currently in, it is of vital importance that our mortgage advisors gain a complete understanding of your financial situation. As a mortgage broker in Sunderland, the primary way we believe this can be achieved is by obtaining an up to date copy of your credit report.

We personally would highly recommend using Check My File to do this, as they are able to bring in your data from 4 different credit reference agencies, giving you a more accurate and detailed look at your personal credit profile. It’s especially handy, as in some instances, the data that is held by one agency, may differ to the data from another.

How to get your up to date credit report:

Credit Report Sunderland

What happens when I send my credit report to a mortgage broker in Sunderland?

When it comes to sending your credit report by email, the steps necessary will be a bit different depending on what device and email client you are using, e.g., Android, iPhone or Desktop & Gmail, Hotmail or Yahoo, etc.

A member of our dedicated mortgage advice team in Sunderland will review your credit report, before they give you a call to discuss your mortgage plans in further detail.

As a mortgage broker in Sunderland with lots of experience across the industry, we have in-depth knowledge of lenders various criteria. Some of the lenders we work with are specialist lenders. Please take a look at our specialist mortgage advice in Sunderland page for more information on complex cases.

No matter if you are a first time buyer in Sunderland or looking to move home in Sunderland, we will use our knowledge and the information displayed in your credit report to work hard in finding the most appropriate mortgage deal for needs and personal circumstances.  

The Pros & Cons Of Using A Mortgage Broker In Sunderland

If you’ve been thinking about taking that step onto the property ladder, you may be wondering whether or not to use the assistance of a mortgage broker in Sunderland. We of course believe that our service is incredibly beneficial, especially for first time buyers in Sunderland.

Despite this, we felt it appropriate to give a balanced overview of the pros and cons of coming to a mortgage broker in Sunderland, compared to direct to a mortgage lender.

What are the pros & cons of using a mortgage broker?

People tend to think that they are more likely to save money by not using the services of a mortgage broker. It can seem a lot more cost-effective to just do everything by yourself.

With that in mind, you may be one of those who prefer going directly to the high street mortgage lender. Another reason why people used to prefer going to the bank directly, was that people felt their bank manager knew their finances inside and out, although this changed when credit scoring was brought into the mix.

There is also truth to the claim that some lenders have additional exclusive mortgage products only for the people who directly obtain a mortgage. The main intention behind such ideas is to attract customers away from the services of a mortgage broker.

Ultimately, it is a good way for them to spread the business. The interesting part is that it is arguably just as enticing to speak with a mortgage broker in Sunderland as well. You’ll find that some mortgage offers can only be obtained through a mortgage broker.

From 2014 onward, lenders were no longer able to sell mortgages to anyone on a non-advised basis. At that time, it was a common occurrence for non-advisors to forcefully advise their bank customers, meaning they’ll have had no benefits from consumer protection. Speaking to a professional mortgage advisor in Sunderland will allow those benefits.

It is also important to remember that taking an appointment with a bank can sometimes take months to try and get yourself booked in for. A mortgage broker in Sunderland is often able to get you booked in within the same week, usually within that same day.

These kinds of issues is why the importance of mortgage brokers has grown and changed the public perception over time. More and more applicants rely on the mortgage brokers than before for help with their mortgage process.

There is now a lot more trust for the mortgage brokers in Sunderland, who are typically able to offer their mortgage advice services within the same day. Our dedicated team are always ready to help you, so get in touch and we will put you with an experienced mortgage advisor in Sunderland, as soon as possible.

Handling Difficult Cases

You might be wondering what exactly causes some of the mortgage applications to be more difficult than many applicants expect them to be. Here are some of examples of this: 

In years gone by, it was a lot easier for mortgage lenders to get ahead of their other competitors by laying out more enticing offers than the others have. Times have changed and it’s now more than the deals, it’s the criteria, that differentiates between the lenders.

To make everything easier for you, you should speak with an experienced mortgage broker in Sunderland and see if they have come across a similar situation in the past or not, as they may be able to utilise their knowledge from that to help you through yours.

After undertaking lots research and working very hard, a dedicated mortgage broker will hopefully be able to guide you through your journey and be able to recommend the most suitable mortgage for your personal circumstances.

Even if your mortgage application seems rather simple, it may still be beneficial to use the services of an experienced and knowledgeable mortgage broker, as we will work hard to get the best deal we can for you.

We have a professional and trusted mortgage advice team that will be able to provide guidance on other services such as solicitors. By getting in touch with us, you will also be updated you about the surveys and protection information that will be available to you.

Responsive Service

A key feature of our service that we love to shout about, is how we’re more quicker and responsive compared to the other mortgage brokers.

One of the biggest reasons why customers tend to require help, is that everyone nowadays is very busy and needs someone to take the weight off their shoulders, doing the hard work for them.

Our dedicated and loyal mortgage advisors in Sunderland will do everything they can to make sure the process goes smoothly for you.

If you are ready to chat with a dedicated advisor about your mortgage plans, please get in touch with a mortgage broker in Sunderland. We are available from early until late, all throughout the week, to help you find the perfect mortgage deal.

Can You Have Two Mortgages in Sunderland?

Second Mortgage Advice in Sunderland

There are multiple different reasons why someone may look to obtain themselves a second or even at times, a third mortgage. A good example could be used as a means to grow your property portfolio. Alternatively, it can be used to house a family member.

Obtaining a second mortgage can be quite difficult, more so than your first one, as now you’re having to account for two sets of mortgage payments, which could have a knock-on your affordability. If you are unable to afford the costs involved with a second mortgage, the mortgage lender will not accept your application.

Why would I want a second mortgage?

As a trusted and dedicated Mortgage Broker in Sunderland, we’ve seen people apply for a second mortgage for all kinds of different reasons. These include;

Second Mortgage to…

Raise Money

If you happen to be over five years into your mortgage term, the chances are that you’ve built yourself up a suitable amount of equity in your home. You can withdraw some of this equity and turn it into cash, through taking out a second mortgage.

This situation is known as a further advance. A further advance is when you borrow more from your current lender to fund something like home improvements or a second mortgage.

What you do with that money is completely your choice, after all, it’s equity you’ve built up in your own home. Some people use it to fund the deposit of another mortgage, whilst others may use it to take their dream holiday. There are no limitations once you’ve withdrawn that equity.

The amount that you can borrow from them will depend on the amount of equity in your property. It is worth noting though that releasing equity within your home isn’t always an easy process. Speaking with a Specialist Mortgage Advisor in Sunderland will definitely benefit you along the way. Our advisors have access to a unique and vast selection of second mortgage deals.

Rent Out a New Property (Buy to Let)

No matter if you’re a landlord with experience within the market already or someone who is looking into making their first purchase on an investment property, you’re going to need more than one mortgage to achieve your goals.

Buy to let landlords that have amassed themselves a suitably large portfolio will likely be used to the process of getting more than one mortgage. For those starting out as a landlord, sometimes you need help getting everything sorted properly.

Second mortgages in the form of buy to let work in a similar way to the first mortgage you took out. You still have to meet the mortgage criteria and put down a deposit (typically 15%-25% of the property), as well as passing affordability checks.

Affordability in this case isn’t always down to your own income though, as some lenders will look into what the predicted rental income will be expected and stress test this against their own multiples.

No doubt the cost of your mortgage payments should be sufficiently covered once you have found tenants and they have moved in. Initially though this might prove challenging, so you need to be able to cover the costs until the income starts to flow.

For buy to let mortgage advice in Sunderland, please feel free to speak with our buy to let mortgage experts here at Sunderlandmoneyman.

Rent Out an Existing Home to Purchase a New One (Let to Buy)

This sort of process is what is known as a let to buy mortgage. Some homeowners will have an option to get a second mortgage on a newly purchased home, allowing them to rent out their current home and move into a new home for themselves.

Let to buys are of course very similar to buy to lets, it just works a little bit differently. In this case you need to find a tenant for your current property, in order to move out yourself. Landlords may do this if they want to move themselves into a bigger family home.

Our expert buy to let mortgage advisors in Sunderland also have a lot of experience and knowledge in working with let to buy mortgages, so get in touch if you would like an advisor to help you with a let to buy second mortgage.

Purchase a Home For Your Children/Family Members

If you have any children or other family members that are having some difficulty in getting themselves onto the property ladder, you may have the option to take out a mortgage in your name and allow them move into the it as their new home.

Going down this route will likely land you with a guarantor mortgage.

Another popular option that some people go with is to gift the person in need their deposit. Gifted deposits are crucial to the property market and are always a fond option for helping a loved one find their footing on the property ladder.

Are you named on an existing mortgage and want to buy a new home?

As noted in this article, there are various reasons as to why you can be listed on two mortgages. Sometimes it’s something you’ve planned for, but in other cases it can be completely unintentional.

We regularly find through our work as a Mortgage Broker in Sunderland, that one of the most common reasons for someone taking out a second mortgage is divorce or separation.

The difficult part here is that it can be hard to remove your own or your ex-partner’s name from the mortgage you share. This is once again down to affordability, but also down to both parties having to mutually agree.

Though it may come with challenges, it is not entirely impossible to obtain a mortgage post-divorce or separation. If you are in a similar situation, there may be some mortgage lenders out there who will give a bit of leeway considering your current personal situation.

If you’re named on an existing mortgage for a home you no longer live in, you should look to get your name removed as soon as possible. Having financial ties to someone can sometimes bring your overall credit score down, especially if the other person is bad at managing their finances and getting into arrears regularly.

How Many Mortgages Can I Have?

If you are looking to invest in another property that isn’t your current home, you are going to need to take out another mortgage. There are many different reasons why someone may want a second mortgage. Some people may even want more! It entirely depends on what the applicant wants.

Before you will be able to take out another mortgage, you will first have to pass the same affordability checks, credit checks etc., that you passed to qualify for your current mortgage. In order to understand why people may want to take out another mortgage, we have compiled a list to show how it can be made possible in both residential and buy to let scenarios.

Multiple Residential Mortgages

Before you can take out another mortgage on a residential property, you will have to demonstrate that you can afford it. Lenders will need to see that you can not only afford one but two mortgages. Most people want a second residential home for a home away from home. They may use it for work, get-aways/holidays or for their family to stay in from time to time.

We have seen that some people may take out a second mortgage to purchase a home for a family member. This option isn’t as popular as people prefer to use gifted deposits over paying another mortgage off.

The problem that you may encounter when taking out a residential mortgage is that you can only live in one property at once. This comes more so into effect with Help to Buy Scheme users, as the property has to be your main residence.

You also cannot buy another property with a residential mortgage, with plans to let it out in the future. Buy to lets are taxed differently, therefore, this would be illegal.

How many mortgages can you have on one property?

Residential mortgages have high loan to value ratios. This loan is being secured against the property (or an asset). With this in mind, you usually cannot get another mortgage on the same property.

The only real exceptions would be if you took out a second charge mortgage or a further advance. A second charge mortgage allows you to borrow slightly more from your property with the same lender, and a further advance is the same but through a different lender.

Because you’re borrowing extra on top of your existing mortgage, you will have to pass various affordability checks before receiving the go-ahead. Depending on which product you take out and the rates that come with it, these could end up costing you quite a bit. Speak to a Mortgage Broker in Sunderland like us before taking out something like this.

Multiple Buy to Let Mortgages

Buy to lets mortgages are a little easier to work with if there is more than one. There are no real limits to how many buy to let properties you can have, which is why it makes it easier.

Qualifying for them can be difficult, however. You must consider that the more buy to let properties that you have, the more monthly repayments you are accountable for. Theoretically, they should pay for themselves, however, if your tenant moves out and you struggle to find a new one, you are accountable for the repayments. Lenders will check that you can afford this before they let you take out your new buy to let mortgage.

One issue that you may encounter could be the location of the property. Some lenders may be less willing to lend on a street where you already own a property. We have also seen that they may not be willing to lend on a property that is in the same area as one of their own buy to let properties. The reasoning for this is that if one of the properties goes down in value, they’re likely to be more affected by it.

Can I live in my Buy to Let property?

Strictly, no. Living inside of a buy to let property is a breach of your contract between you and your lender. You may be fined for this and face legal action. If you want to turn your property into a buy to let, you will need to remortgage the property and take out a new deal suited to your needs. Before you do this, you should look into buy to let mortgage advice in Sunderland.

Book Online to Speak with a Mortgage Advisor in Sunderland

If you still have any more questions regarding residential and buy to let properties, feel free to get in touch with our team. We recommend speaking with a Mortgage Broker in Sunderland to get the best answer to your specialist questions.

Having one mortgage to sort out can be stressful enough, never mind another one! Our team at Sunderlandmoneyman are more than happy to help and we can’t wait for you to get in touch. Book your free mortgage appointment online or give us a call.

Mortgage Payment Holidays in Sunderland

Mortgage Payment Holiday Advice in Sunderland

At the start of the Coronavirus pandemic, the Government promised that all borrowers would be allowed a three-month mortgage payment holiday if they needed it. Most lenders followed the Government’s guidelines and did their best to help their borrowers during these hard few months.

We have thought very carefully about what could happen to your mortgage over the next few months and are working closely with our panel of lenders to ensure that if anything changes, we can inform you right away and recommend the best option for you to take so that you still feel secure and comfortable with your mortgage.

What is a Mortgage Payment Holiday?

Mortgage payment holidays are an agreement entered into with your bank, building society or mortgage lender to defer your monthly mortgage payments for a set period. In this case, 3-months.

It does not mean you never have to pay the amount back, but the interest you defer gets added back onto the loan amount, while your capital balance will not decrease. In other words, your mortgage amount will increase slightly, and you will continue to attract interest on the whole amount.

When you are ready to continue the payments, this could mean that either your monthly payments recalculated at a slightly higher level or your mortgage term increases to some extent.

Most lenders will probably prefer not to extend your mortgage term as this could take you past their standard retirement ages, but the detail on this will follow in due course.

Dependent on your mortgage deal, you may be able to pay off a lump sum later in the year to bring your mortgage back to where it would have been.

Mortgage Payment Holidays are available both for those with residential or buy to let mortgages in Sunderland, which means landlords also have assistance if rental payments are affected.

What is the Government Proposal?

The full proposal is in detail below:

• Mortgage lenders will offer an automatic 3-month mortgage payment holiday for customers impacted, directly or indirectly, by COVID-19.

• The mortgage payment holiday will apply to customers who are up to date on their payments, not in arrears, and wanting to self-certify that COVID-19 impacts them.

• Meaning that lenders will not complete an income and expenditure assessment, or evaluation of alternate payment options as ordinarily required under MCOB.

• This proposal will allow lenders to be more responsive to customer needs and offer forbearance in a simple way to customers in an environment where COVID-19 also impacts the operation of collections teams made.

• Customers will be made aware that interest will accrue in the holiday period, and they will need to make up deferred payments in the future.

• Customers who wish to undertake a full assessment of their ability to pay or financial difficulty may still do so.

How do I apply?

We would recommend speaking to your Mortgage Advisor in Sunderland. They will asses your financial situation first before looking to defer your payments as your situation may not yet be pressing.

Approaching a Mortgage Broker in Sunderland like us will allow you to explore all of your current mortgage options and could make things feel a lot less stressful.

For a customer, up to date with payments, not in arrears, and impacted by COVID-19:
• The customer would contact the lender and inform them that they are affected by COVID-19.

• The lender would accept these details from the customer and offer an automatic 3-month mortgage payment holiday.

• No evidence will be sought from the customer.

• The lender makes the customer aware that interest will accrue and will be contacted at the end of the three months to complete an assessment of the customer’s circumstances.

• At the end of three months, an arrangement to pay will be agreed with the customer according to their circumstances to recover any shortfall, while ensuring that the mortgage remains affordable and sustainable.

• The lender notifies the customer that if they wished to complete a full assessment now, there might be other forbearance options more suitable to the customer.

What does this mean for my Credit Score?

In some cases, a mortgage payment holiday can harm your credit score, but most lenders have now said that for matters linked to the virus, they will ensure that this is not the case.

You must ask this question to your lender directly and record the response, including the date and the name of the person you are speaking to avoid confusion later. Different lenders are doing different things.

Will I still be able to Remortgage or take a Product Transfer with my lender?

At first, everything seemed like it would remain the same, and you would still be able to make changes to your mortgages as usual. Leading to a change over in the last couple of days, and lenders have been asking borrowers to avoid making changes while you are within a mortgage holiday period. So, at the moment, they are not allowing mortgages and product transfers.

Borrowers nearing the end of their existing product could get compelled to move on to the higher lenders variable rate, which means that borrowers who act too early could find themselves on a mortgage payment holiday that accrues interest on a costly variable rate.

We would highly recommend speaking to your Mortgage Advisor in Sunderland, and they will determine the best course of action based on your personal and financial situation. If possible, arranging your mortgage transfer first then asking for the holiday would seem to be the most sensible way forward.

My Mortgage got Offered Will my Lender Withdraw the Offer?

At the moment, no Lenders have withdrawn mortgage offers; in fact, some are extending offers past the standard six-month expiration date. 

Should I Pull out of my Purchase?

You should not pull out of your purchase unless, for example, you are worried about losing your job as a result of Coronavirus. We are advising everyone to proceed as usual for now and “wait and see” – you are not committed to completing your purchase until contracts get exchanged.

What “Other Options” are available?

In some cases, lenders can offer you a temporary switch to interest-only to reduce your monthly payments but not to add any further to the loan amount by still servicing the interest payments each month.

It may not be necessary to convert all your mortgage to interest only, and it may be that putting part of the mortgage on this basis could give you the breathing space you need.

People with savings may find that remortgaging onto an offset basis could give them a helping boost they were looking for, and they will be cutting down on their monthly payments while keeping hold of their savings.

For example, someone with a £400,000 loan and £100,000 in savings would only pay interest on £300,000. Meaning their monthly mortgage payments will massively be reduced.

For others, a straight remortgage to another lender, calculating the cost of any early repayment charges, may well be enough to ease the burden or simply extending the term of your mortgage.

If you still have any other questions on mortgage payment holidays or just want general Mortgage Advice in Sunderland, give us a call today. We want to help you and your mortgage journey through these tough few months ahead. Speak to an experienced Mortgage Advisor in Sunderland today.

The Costs of Buying a Home in Sunderland

How Much Does Moving Home Cost in Sunderland?

One of the more frequent questions we find that aspiring homebuyers ask us on a regular basis, is “how much will this all cost?”

To answer this, we have put together a list of the fees that homebuyers can expect to pay when you are considering taking out a mortgage as a first time buyer in Sunderland or are moving home (and when they become payable).

Estate Agency Fees

This type of fee is only applicable if you have a home to sell, which means you only need to know about this one if you’re moving home in Sunderland.

With the rise of the online estate agent, if you have a basic Rightmove listing, you could be selling your home for as low as £500.

On the other hand, if you are looking for a more personalised local service and a dedicated sales negotiator, your fee will be somewhere within the realm of 1-2%.

Valuation Fees

Your mortgage lender will require that you have a valuation carried out on the property you’re looking to buy. This will be to make sure that they are lending against adequate security.

Prices can vary from nil (for a basic valuation with some lenders) up to a few hundred pounds for a home buyers report that is much more detailed.

A full building survey can cost even more than that, so if you’re a First Time Buyer in Sunderland, it’s best to be prepared ahead of times so that you can avoid any issues in the future.

The key is being able to choose whether you want a more detailed report or not. Your decision will likely be dependant on the age or type of property in question, along with any concerns you have about the property.

Mortgage Arrangement Fees

Some mortgage products will offer comparatively cheap rates, though this benefit can sometimes be greatly outweighed by the arrangement fees you could be paying on them.

Not every product will have one of these fees, so the cost can sometimes be none, though it can also be a lot, for example around £999 or even more depending upon the lender and type of product.

Oftentimes these are to be paid upfront or you can choose to add these onto the balance of your mortgage, though doing so would potentially incur additional interest charges.

As a trusted and experienced mortgage expert, we are able to compare mortgage deals with all fees added, so you can accurately compare which would be best for you.

Solicitor’s Fees

You will need to hire the services of a solicitor, with the fees of these being vastly different in quotes, depending on who you enquire with. An estimation for a straightforward purchase with a local company is £600 for a low-value property.

You will need to inform them of the property address, whether it’s leasehold or freehold property. You will also need to give the purchase price in order for you to obtain any quotations.

The key points to cover when asking for a quote are:

Stamp Duty

Depending on the price of the property you are purchasing, you will have to pay a tax of which the solicitor collects on completion of the property purchase, in addition to your Solicitor’s fees and disbursements.

More information about the technicalities of Stamp Duty Tax can be found here.

Broker Fees

Your fast & friendly mortgage broker in Sunderland will usually charge a fee for their mortgage service.  Please try to avoid any application fees where your money will be at risk.

Removal Fees

The cost of moving your furniture can be varied, depending on who you use and the level of service you are looking to obtain.

Professional services may cost a lot more than a local van for hire service, as you are generally paying for a reputable, respected service, though you may get just as good of a customer experience from those local services.

On the other hand, if you’re looking to hire just a van and do the work yourself, this can cost less than £200, as opposed to those professional services, which can sometimes be upwards of £1,000.

Speak to a Mortgage Broker in Sunderland Today

We offer a variety of services, from mortgage advice, to finding you the best deal, matching you up with suitable insurance products to protect you and your family, and more.

To get started on your mortgage process or to further discuss the costs that may be involved in your process, book a free mortgage appointment and we’ll see how we are able to help you.

7 Best Places to live in Sunderland

What are the best places to live in Sunderland?

1. Seaburn

Seaburn is a seaside resort that is one of the most popular areas to live in Sunderland and can be seen as a more affluent area. The landscape offers a beautiful beach with a perfect seaside destination promenade with its many amusement arcades, playgrounds and fish and chip shops. The area goes beyond its coastal facilities and can fulfil many amenities for residents.

If you are looking for a property with a sea view, Seaburn is the perfect place for you! Situated a short distance from Sunderland city centre, this area is brilliant if you are looking for a home away from the city atmosphere. Along with its sandy beaches for your daily exercise, Seaburn has many eateries and shops, as well as a supermarket.

If you are moving to Seaburn and are looking to commute into the city centre, there is a Metro station in the area that has convenient links to the centre. If you are looking at moving here to start a family, Seaburn has many schools in the area and in the surrounding areas. In terms of property prices, the prices can vary from high end to reasonable. however, the price is what you pay for the seaview. If you are a first time buyer in Sunderland or are looking to move to the sandy village of Seaburn, get in touch with a Mortgage Broker in Sunderland today.

2. Fulwell

The larger ward that covers Seaburn is Fulwell. This area is a short distance from Seaburn and Roker beach but also has a vast amount of leafy spaces to walk and explore. There is brilliant community spirit in the area with plenty of things for residents to do including sequence dancing, parents and toddlers, karate and many more! The windmill that stands in the area speaks volumes of the history of Fulwell with it originally being a small farming village.

Sea Road is the perfect area for your daily errands with independent shops, hairdressers, and convenience stores. Furthermore, Fullwell has many restaurants, cafes and bars making it a perfect area to eat out. Of course, there are beaches that are close by and can be brilliant to explore but for a shopping day, Sunderland city centre is the perfect place and is only a short distance away. If you are looking to venture further, Durham and Newcastle are approximately an hour and a half by car but can be reached by Metro. This provides not only many leisure options but plenty of employment opportunities!

The properties within Fulwell are mixed with many flats, town houses, semi detached houses as well as Victorian, Edwardian and pre-war terraces. Whether you are looking at buying your first home or are looking at moving to a larger property in the area, there is plenty on offer within Fulwell. If you have found your dream property in the area and are looking for assistance on the mortgage journey, book online or get in touch for your free mortgage appointment with one of our advisors today!

3. Ashbrooke

The residential area of Ashbrooke is situated a close distance to the city centre providing plenty of facilities, amenities and opportunities to those who live there. The leafy suburb provides a thriving atmosphere of the city life without the noise and is a popular area for those looking to commute.

There is a plethora of walking areas within Ashbrooke including Backhouse Park which is ideal for dog walkers as well as Mowbray Park another brilliant park area and neighbouring museum. The community spirit within Ashbooke is brilliant with lots of activities for residents to socialise and join. There is a range of shops in and around the area including independent and some big name brands.

The transport links within Ashbrooke allow residents to travel to Sunderland city centre as well as further out towards Newcastle which provides plenty of employment opportunities with these links being perfect for a commuter. When it comes to the property within Ashbrooke, residents are spoilt for choice with the variety of properties for couples and families at affordable prices. Whether you are buying your first home in Ashbrooke or looking at moving home in Sunderland to one of the fantastic properties located in that, get in touch with a mortgage broker in Sunderland for the help and support you need on your mortgage journey.

4. Middle Herrington

Herrington is situated in the south of Sunderland and is split into East, Middle, West and New. Here, we will be talking about the popular area to live which is Middle Herrington which is the perfect place for young and growing families. The area has a rich history of being a vacant farmland and is known for Herrington Hall which was owned by the Robinson family.

The main attraction within the area is Herrington Country Park with its lush fields and walking trails that are brilliant for dog walkers and runners. Other activities within the area include Penshaw Monument which was built in memory of John Durham who was the first Earl of Durham as well as many other historical architectures to explore. There are many convenience stores in the area for all your amenities and you are within a short distance to Sunderland city centre. Being within this close distance opens up a lot of employment opportunities and makes the area an attractive place to young professionals.

There is a mixture of homes within Middle Herrington that attract a variety of buyers whether you are finding your first home or a family home. Types of properties in the area vary from 1930s properties with entrance porches and ample driveways to modern developments with semi-detached houses that are suitable for first time buyers in Sunderland.

5. Queen Alexander Road

This long street is a major road that runs through Sunderland that links Ryhope Road in the east of the city all the way to Durham Road in the west. Despite this being a main route for many people in the surrounding area, the street has a large community with a plethora of houses lining all the way up the road.

One end of this road is Grangetown where there are many shops and businesses including a beauty salon, eateries, convenience stores as well as a gym. Along with this, the area is situated near Hendon beach which is a picturesque coastline and attracts many walkers who take in the view from the promenade. If you want more adventure, you can take a hike across Hendon Beach Cliffs which provides magnificent views from a height. The other end is the A690 and is the route towards the A19 and the A1(M) and is more bustling with it being a short distance from Sunderland city centre. This area has a variety of independent and is close to more big name businesses.

As mentioned, Queen Alexander Road is lined with properties varying from bungalows to a variety of seld detached properties that are even set back from the road and may be a little higher than Sunderland’s average property prices. If you are interested in moving into this area and are looking for support and guidance on achieving your mortgage goals, get in touch for open and honest mortgage advice in Sunderland.

6. Chester Road

Chester Road provides the hustle and bustle of the city life with the road running through the centre. Furthermore, the area is situated conveniently near the A1231 which is the route towards Gateshead and beyond. Located right in the city centre, Chester road has plenty of leisure activities and employment opportunities.

As mentioned, there are plenty of amenities and facilities in the area making it very convenient for many residents. Additionally, the short distance to the centre is perfect for a shopping spree, going out for dinner, going to the cinema and even for a peaceful walk in Sunderland’s Winter Gardens. The city centre also has a train station which allows you to travel to Newcastle, York and even London as well as plenty of bus routes around the suburbs.

With fantastic transport links, Chester Road is brilliant for those looking to commute into the city and beyond and has great access to the University of Sunderland City Campus which is convenient if you are looking at pursuing any further education. As well as this, there is a brilliant selection of properties including large houses, starter homes as well as flats – perfect for young couples or new families. If you are new to the world of homeowning and are looking for open and honest mortgage advice in Sunderland, get in touch with our team to book your free mortgage appointment today!

7. Washington UK

Situated within the City of Sunderland is the large town of Washington which has a friendly close-knit community between the smaller villages in the town and a plethora of property choices. The area is famous for being the ancestral home of the first president George Washington which you can visit.

In the town centre is The Galleries which is a shopping centre that has a variety of mainstream and independent shops along with a range of cafes and restaurants. Along with this, residents are spoilt with the many pubs in Washington Village that is rich in history and is perfect for Sunday lunches! For a daily walk, The Princess Anne Park is brilliant for this and is a hotspot for dog walkers and cyclists as well as James Steel Park which is runs alongside River Wear.

With transport, Washington is a place between major local cities like Durham, Newcastle and Sunderland making commuting easy along with excellent transport and road links. If you are looking to move to this town to start a family, Washington has schools within each of its villages providing both primary and secondary education as well as further education.

Washington is ideal for any buyer at any stage in their homebuying journey with many modern properties ranging from 2 to 4 bedroom houses. You may find in the north of the town there is many Grade II-listed Georgian buildings with some being houses and a few converting into flats. Looking for assistance on the mortgage aspect on your homeowning journey or looking to remortgage in Sunderland & Washington? Book your free mortgage appointment with an expert mortgage advisor in Sunderland today.

Get in Touch For Mortgage Advice in Sunderland

We love helping customers achieve their mortgage goals and providing expert mortgage advice in Sunderland. We will hold your hand through the entire process. Why not take advantage of our free mortgage appointment and speak to a qualified mortgage advisor in Sunderland today. We aim to make your process run as smoothly and stress-free as possible, no matter your situation.

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