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).
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%.
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.
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.
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:
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.
Full information about the technicalities of this tax can be found here: https://www.gov.uk/stamp-duty-land-tax/
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.
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.
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.
These days we tend to find that in our day to day lives, whether we’re homeowners, home buyers or neither, we’re a lot more savvier when it comes to checking and improving our credit rating.
Consumer awareness of credit scoring is now much higher than it ever has been. If we were to throw out an estimate, we’d say at least half, arguably more so as time progresses, have already checked their credit report online, before they’ve even gotten in touch with us.
If you’re looking online, you’ll find that there are all kinds of credit reference agencies to choose from as a customer. The most popular of these are Experian or Equifax. We would personally recommend that new customers make use of a third party Check My File for a 30-day free trial, which is £14.99 a month thereafter and can be canceled at any time.
The reason why we would recommend Check My File, is that it gathers information from several of those reference agencies like Experian and Equifax, pulling them all into one consistent report. This means you won’t need to do multiple checks and can review any potential credit file errors in one place.
We are always hearing questions from customers, wondering if we will be doing any credit searches on them. This is because they are already aware that getting too many searches done can damage their credit score overall.
Lenders will always run their own credit checks, but we will always ask for a customers permission before one is done.
There are 2 different types of credit searches that can be run on customers: hard credit searches or soft credit searches.
A soft credit search is an increasingly more common type of credit search, that tends to involve someone obtaining less information from you, but means it is unlikely to leave a footprint on your credit report.
Many lenders are switching to this nowadays, though some may still do hard searches instead. Some may do a soft search first, before following up with a hard search.
These can typically be encountered when checking out price comparison websites, so that they can give you a good indication of the products that are available to you. They can also be used to verify your identity.
Although as said, they give a mortgage lender less information about you than they’d get from a hard search, if you get an Agreement in Principle from one of these lenders, it is still very likely that you are going to be accepted at full application stage.
The reason why soft credit searches are so widely used and well liked by credit score savvy individuals, is that whilst you can see that someone has carried out a search on you (yes, you are able to find out and may be surprised how many companies have done this) these searches will not be visible to other financial institutions.
What this means, is that providing a lender uses soft credit searches, you are able to apply for an Agreement in Principle ahead of a mortgage, and it is almost certain to leave your credit score unaffected, whether it is successful or not.
If you are hopeful about making an offer on a property, it is definitely important that you get an Agreement in Principle prior to making that offer, especially if you are a first time buyer in Sunderland.
Ideally, you want to give yourself the absolute best chance of purchasing your property at the lowest price you can, so showing your finances in a positive light can help you out massively.
Additionally, having an Agreement in Principle to hand shows the estate agent that you are a serious buyer already ahead in the process, and can often put them off from trying to cross-sell their own in-house mortgage services to you.
A hard credit search is a much more detailed look at your credit score and it does leave a credit footprint. As such, any financial institution that carries one of these out, should ask for your permission before they do so.
The positive to a hard search, is that because it is so in-depth, if you pass their checks and are agreed in principle, it is very likely you are going to succeed at full application.
From this point onwards, the only thing that could really go against your chances of mortgage success, is if you are unable to provide the required documentation to backup the information you have given. False information can also affect this.
If you fail the credit scoring process with a hard search, this can seriously harm your credit score and your chances of any credit applications in the future, especially if you have failed multiple in a short amount of time.
The footprint a hard search leaves can be viewed by other financial institutions. Whilst it does not clarify whether or not it was successful, let alone why it wasn’t, multiple hard searches on a file can leave a lender to question whether or not the applicant is a risk.
Logically, if you were in their shoes; Why would someone be having multiple credit searches carried out on them if they had already passed the first one? That indicates the person has probably failed each time, and as such, mortgage lenders may be less inclined to consider lending to them.
That isn’t to say that the occasional hard footprint every now and again is a bad thing, as it is not at all. You just need to be wary of having too many done. If you happen to be moving home in Sunderland or going through a remortgage in Sunderland, a hard search may have been carried out on you, depending on your situation.
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.
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;
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.
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.
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 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.
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.
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.
The majority of mortgage lenders out there will allow their customers to make ‘over-payments’ on their mortgage. Overpaying on your mortgage will provide you with an opportunity to clear your mortgage debt quicker, saving money on interest payments.
The fact of the matter is, if you have the ability to overpay on your mortgage, you could potentially save yourself thousands of pounds. On top of that, you will clear your mortgage quicker and save money on the amount of interest that is paid overall.
Any experienced homeowner will know that overpaying, even if it’s only by a little, can make such a difference to your mortgage amount. The sooner you are able to start overpaying, the better it will be for you.
The only real downsides to overpaying your mortgage, is that if you are in your fixed or introductory period, you usually have a cap. Also, unlike an Offset Mortgage, it does not work like a savings account. This means you can’t withdraw anything you put in if you need it; your overpayments are locked in.
Whilst it is a great habit to get into, as an experienced Mortgage Broker in Sunderland, we know that a lot of homeowners cannot afford to make the extra mortgage payments. Generally the reason for this, is that life simply gets in the way of it.
On one hand, we know that it’s probably in our best interest to overpay. On the other hand, look at all the other things we could be spending our money on!
Right off the bat, part of the issue is making sure that you remember to make those overpayments. We know that the likelihood of something like that crossing your mind is pretty slim, perhaps only cropping up when your mortgage is due to end. At this point, you’ve missed out on a lot of the benefit of doing this.
So with that in mind, if you can relate to those circumstances and want to get ahead of the curve, to prepare yourself to overpay, what should you do?
Well first of all, you are going to want to make sure that your lender will allow overpayments. The majority of them will, but it’s always better to be certain in advance. You will also want to clarify that there are not any penalties or associated costs.
For the most part, you will be capped for up to 10% of your mortgage, without penalties, if you’re still in your fixed, discounted or introductory period.
If you are beyond that, happen to be on a tracker mortgage or have gone onto the lenders Standard Variable Rate, usually you will have no limit and no penalties when it comes to overpaying.
We would definitely recommended that if you are able to set up a standing order to overpay the lender each month, that you do so. The best practice would be to set it up so that the extra amount goes out on the same day as your monthly mortgage payment does.
For example, let’s say your payment goes out on the 1st of every month and is (if we round up for example purposes) £500 each month. Your wage has increased and you now have £75 extra disposable income per month. Set up the standing order for £75 to the mortgage lender, and have it go out on the 1st as well.
Doing so will get you into the habit of feeling like your mortgage balance is £575 per month anyway, and you’ll be able to budget the rest of your income accordingly.
If you’re not able to guarantee a set amount each month, you don’t just have to set up a standing order. Technology has advanced so much that these days, you could simply load up your banking app or online portal, and just transfer the amount in that you’d like.
Alternatively, for those who prefer to speak with a real person, you can also phone up your lender and make an overpayment with your debit card.
Of course the big advantage for those setting up a standing order, is that you are in control. If you can’t afford to overpay that month, you can log into your online banking to pause that standing order until you’re able to overpay again, at which point you can resume it and carry on.
For those who are just paying as and when, it’s as simple as just not overpaying that month.
Even if you do have to stop the payments for a time, you have at least benefited from those additional payments up until that point. You have significantly reduced the amount of interest you will have to pay overall, and that can only be a positive.
Depending on your lender, if you have been overpaying for a long time, they may allow you to make a few reduced payments or even take a payment holiday. It is crucial to ask the lender before doing this though, as it could look bad on your credit report.
Regardless of if you are a First Time Buyer in Sunderland or you are going through a Remortgage in Sunderland, overpaying your mortgage is an amazing habit to get yourself into. Who wouldn’t want to reduce their overall debt?
You don’t need to go too far with it either. Making some casual, affordable overpayments each month could actually mean knocking a year or two off your mortgage overall, so you’ll really notice the benefits!
If you have any further questions regarding this strategy or have another mortgage query that you would like to discuss, book your free mortgage appointment today.
You can select a time and date that best suits you, subject to availability, and speak to a qualified Mortgage Advisor in Sunderland. We look forward to hearing from you!
So you have passed all of your exams and have successfully achieved your goal of becoming a Newly Qualified Teacher. The next thing for you to do is to put your skills to use and find yourself a job that utilises your well deserved qualifications!
You may find that due to the nature of your new career, you will need to start taking a look at what your options are for Moving House in Sunderland, if perhaps you currently have a home that is a bit further away than where your new place of work is situated.
Fairly soon you’ll find yourself on the hunt for somewhere else to live, potentially finding it difficult to balance both homeownership and finding your footing within your newfound teaching role.
You are not alone in this endeavour, however, as over the years we have helped lots of home buyers and homeowners who are under just as much stress in the same situation, needing someone to take on their mortgage whilst they keep their minds focused on their new career.
It can be a little complicated trying to find a mortgage lender who is happy to offer a mortgage to a newly qualified teacher.
The main reasons that issues tend to arise is either due to the fact that they don’t have work history to go off or because the contract is only a temporary one.
Even bearing these in mind, you do still have options out there if you’re looking to obtain a mortgage as a Newly Qualified Teacher. Our Mortgage Advice team have helped lots of customers with these over our time as a mortgage broker in Sunderland.
Every so often, you may come across some mortgage lenders who have preferrable deals specifically suited to people who are working within the public sector.
The secret to finding success here, is making sure you go with the best mortgage lender for your circumstances, which in this case is generally the most difficult part of the mortgage process.
It is when situations like this arise, that our experienced mortgage advice team in Sunderland can search through thousands of mortgage deals on your behalf, working hard to find the perfect deal for your individual circumstances, with preferable rates.
You should remember that whilst yes, the process may be challenging sometimes, you are not restricted altogether in the options that you may be able to take.
Here are some of the mortgage types that we find are commonly associated with cases referring to Newly Qualified Teachers:
The lender may consider a few different factors as well when it comes to an NQT mortgage. There are mortgage lenders who will not need to look at previous employment, as well as allowing you to access up to a 95% LTV (loan-to-value).
Depending on lender, a 12-month first contract may be considered as being the same as a permanent job role, as opposed to being seen as a temporary contract.
Last of all, you may find that there are some lenders out there who are willing to make a start on your mortgage prior to your start date, though this will require evidence of a signed contract and a confirmed start date.
This can be very useful, as you could be ready to start making your first mortgage payments with your first lot of income from your new job by the point of mortgage completion.
Our hardworking team of open & honest mortgage advice experts in Sunderland have a great deal of knowledge and experience of working in and amongst the world of mortgages, helping a large variety of home buyers with their mortgages.
There are many different perks to using a trusted Mortgage Broker in Sunderland. We aim to take the stress away, searching through thousands of unique mortgage deals of your behalf, suggesting potential conveyancing solicitors and doing so much more.
Find out what options are available to you as a home buyer, by booking yourself in online for a free mortgage appointment with one of our fantastic mortgage advisors in Sunderland, who will gather some initial information from you and guide you onto the next step in your mortgage journey.
If you unfortunately reach the point where you are faced with divorce or separation with your partner, it can be stressful. This can only be heightened when you factor in that you may have a joint mortgage together, as well as other finances.
In this handy mortgage guide, we have put together a short list of the frequently asked questions we receive when customers are in this situation and need to make mortgage arrangements.
No matter what you currently have going on, you will always need to keep on paying your mortgage, even if for the time being you are living somewhere else.
You agreed with your now ex-partner to take on equal responsibility of your joint mortgage. This means that until the mortgage is paid off, you are both equally liable for any debts, no matter what the situation is or where either of you are living.
If you do not pay your mortgage on time, you can cause some serious harm to yours and your ex-partners credit history. Likewise if your ex-partner fails to make payments, you will be affected.
You also run the risk of your home being repossessed if you do not maintain your monthly repayments on your mortgage or any other debts that you have secured on it.
As soon as your separation is official, you need to get in touch with your mortgage lender as soon as you possibly can and let them know, especially if meeting your monthly mortgage payments is going to be difficult.
If it is decided between the two of you that you should each move out of the property, sell up and pay off your remaining mortgage balance, any remaining equity will be distributed between you both.
It is entirely up to debate who gets what from that remaining equity.
If you move out and are looking at your options for purchasing a new home, under your sole name, our dedicated team of mortgage advisors in Sunderland are on hand to talk to you all throughout the week.
They will help to recommend the best mortgage deal to you, providing a service of fast & friendly mortgage advice in Sunderland.
If you separate but end the relationship on good terms, some decide to remain within the property and continue paying off the remaining mortgage balance.
This can prove to be a beneficial route to take, especially if you have a fixed rate mortgage term.
If you end up deciding that either you or your ex-partner will remain living in the property, whoever is currently residing there will have to take out a Remortgage in Sunderland, in their own name.
As the sole owner of the property, if there is still an outstanding mortgage to pay off in both you and your ex-partners names, you will need to take out a Remortgage.
This new mortgage that you have will be in your sole name, which means the lender will have to reassess your affordability.
Depending on the circumstances, you may be able to have more than one mortgage. Lenders each have different credit scoring systems and when you apply for a second mortgage they will analyse various factors.
The main factor that they will look at is if you have any current financial commitments. Before you apply for a mortgage, you need to be certain that you can afford a second mortgage.
The reason for this is that if you do end up being declined for a second mortgage, it could have a large negative effect on your credit file.
You will be pleased to know that our team of mortgage advisors here at Sunderlandmoneyman are able to help you out with credit searches that will have less of a impact on your credit file.
Once we have put together the necessary information, we will then be able to give you an idea of the maximum mortgage amount you could borrow.
This will help you to gain a better understanding of your budget and what you can expect for your monthly mortgage payments, in addition to all of your current financial commitments.
Moving on from your current financial commitments can be quite a difficult process, and this is why having an expert Mortgage Advisor in Sunderland to help you through each step will be very beneficial to you and your case.
Moving Home in Sunderland can be stressful, especially when factoring in divorce or separation. Get in touch with a dedicated Mortgage Advisor in Sunderland today, and we will look at how we are able to help you.
If you get divorced while the home that you both own jointly is in negative equity, it can be particularly difficult to sell the house and pay the remaining mortgage balance off.
You might have to divide the debt that is remaining between the two of you or come to an agreement with your current mortgage provider.
When you start looking at applying for a mortgage, usually we find that the large majority of applicants in relationships will jointly apply for a mortgage, rather than applying for a mortgage in one of the couples sole name.
With property prices always on the up and inflation pulling ahead of wage increases, lenders will generally prefer that first-time buyers in Sunderland have two incomes to cover the mortgage if they have the option to do so, rather than both of them living there and only one person being responsible for the mortgage.
On the flip side, sometimes you might find that situations come up that may potentially make it viable for a sole name to apply for a mortgage. This can be down to anything from one of the applicants not wanting to have their name on the mortgage, to a financial issue coming up.
We also see in some cases, that one of the partners may not be in work in the moment, be that a choice or down to circumstance.
When we say financial issues, this could be something like a bankruptcy or county court judgement, factors that could affect the other applicant and also their overall chance of obtaining a mortgage. In these cases, it’s much better that there be no tied finances and that only one of the parties apply for the mortgage in their name.
Definitely make sure you’re careful, as one half of a couple getting into trouble financially can significantly harm the other half in their attempts to apply for credit, especially something as large as a mortgage loan.
For the most part, the rule of thinking to stick to is that the maximum borrowing capacity for a couple with only one applicant in employment will be lower than it would’ve been if the applicant who is employed had applied in their sole name.
This is something that happens on a regular basis across the mortgage world the mortgage world. Age is something that may also be factored into working out how much you can borrow. This may become prevalent in the event where maybe an applicant is over 50.
To use an example of how this would affect your mortgage; Let’s say you are over 50 and your partner is in their late 20’s, early 30’s. They have a well paying job and have plenty of time to pay off a mortgage before they hit your age. If they applied in their sole name, they may very well have access to a much higher mortgage amount.
The effects of stamp duty or something else relating to tax may be a potential reason as to why a couple may choose to only have one of them apply for the mortgage in their own name, rather than as a couple.
You’ll find that there are a fair amount of lenders with strict criteria regarding married mortgage applicants, as it is a mortgage that will be involving two people who are connected in a strong way. Whilst applying under a joint name gives security to the lender in the event of arrears, it can have its problems.
The reason for this is that if you happen to get divorced at any point down the line, it’s a difficult process trying to remove one of your names from the property. Our team of mortgage advisors in Sunderland can help with this, but you should definitely give plenty of thought before jumping in headfirst with your partner.
Luckily for those applying for homes, not all are as strict and prepare for the worse, so there will be options out there for you to choose from. We have specialist mortgage advisors in Sunderland, available every day of the week to help you find mortgage success.
We’re proud of the level of service we are able to provide home buyers and homeowners alike, so please do book yourself in for a free mortgage appointment and we’ll see how we can help!
When you’re an inexperienced First-Time Buyer in Sunderland who has never bought a property before, the process can be quite a stressful one. Fortunately for you, the home buyer, it doesn’t have to be that way.
To help you make the most of your next house viewing and be as prepared as possible, we’ve put together a helpful and comprehensive list of questions that you could ask when buying a house as a first-time buyer in Sunderland.
You may want to have time to sit around and have a good long think about whether or not you want to buy a property before you fully commit to making a purchase. This is something that we completely understand, as it is one of, if not the biggest financial commitments you will ever make.
By finding out the amount of people that have asked questions about or have gone to see the house, you’ll be able to more accurately gain an idea of how much time you have to think, before you make any concrete choices.
Bearing this information in mind, if the property is regularly receiving interest from viewers, you need to be prepared to give an answer to the seller as soon as you can.
If the property you’re looking at purchasing is a part of a chain, this can also have an impact on your mortgage process.
Without an onward chain, something that could arise from either a new home, bereavement or emigration, chances are you’ll be able to move quicker, especially if you’re not a part of that chain yourself.
You’ll give yourself a lot more leverage as a buyer if you’re not a part of any chain, as you seller will recognise that you aren’t going to hold up the home buying process.
Make sure that you utilise this during property price negotiations to give yourself the advantage.
If you’re not going to be purchasing a new build property, you might find that the previous owner has left some appliances or “white goods” behind for you to make use of.
White goods is a term that generally includes things like washing machines, fridges or a freezer. Sometimes a previous homeowner may leave something like a shed behind.
This works out fantastically for buyers as it can save them a lot of time and money, though if you don’t want or need these items, you will have to figure out a way to get rid of them yourself.
If you are looking to purchase a new build property, there might be some additional features that you could have the option of adding into your property ahead of moving in.
When moving into an area that you don’t particularly know that well, it would be worth your time finding out what the neighbours are like.
We often find that a good or bad neighbour experience can oftentimes be a crucial part of whether or not you enjoy living in your new home.
On the flip side, if you instead are looking to move into a new home development, you and your neighbours will be the ones that create this new community.
Initially this can be prove to be quite a risky endeavour, as you’re putting all your faith in someone you’re yet to meet and get to know.
Depending on the location you’re moving to and the type of property you are in, running costs can differ greatly. It is recommended that you conduct some research ahead of time and ask plenty of questions prior to the purchase.
Look up council tax costs, along with how much you’ll potentially have to spend on average for utilities. You ca do this by checking online or speaking to the seller. You will need all of this information in order to correctly budget.
The direction that the house is facing will make a very big difference for a lot of people, depending on if you like to relax in your garden late on a summers evening or prefer to maybe read a good book in natural light.
If you’ve been looking at a few different properties, you may have noticed that houses with a south-facing property often come with a more premium price pay a sizable, more premium price, thanks in part to the property receiving a lot of sunlight throughout the day.
Once again you’ll find that this can also have quite the impact on your budget for purchasing a home. Some key things worth looking into for more information on include;
At some point during the home buying process, you’re going to have to start making negotiations with the seller. With this in mind, it’s important to ensure that you are as prepared as possible for making an offer on your desired property.
You will be able to find a lot more information about the topic of making an offer in our How to Make an Offer article. Once you’ve gotten yourself in a position where you are ready, you’ll be able to go ahead and make some offers.
It will also definitely be worth your time to have a chat with the seller or estate agent in order for you to determine what the seller may consider to be an offer that is too high or too low.
You should check whether or not any other offers have been made, so you know how popular the property is and how much time you have to work something out with the seller.
By setting aside a specific date on your calendar, you can plan ahead for various other jobs in advance, such as instructing a conveyancing solicitor, packing up your furniture and belongings for moving, and arranging a removal van that can move everything into your new home.
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.
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.
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.
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.
You’ll find when applying for credit, the fewer addresses that you have tied to your name and accounts the better it will be for your credit score. Because of this, it will also be better for when you apply for a mortgage.
A lot of modern First-Time Buyers in Sunderland and Home Movers in Sunderland feel like they are gaining a deeper understanding of how credit scores work and have a tendency to utilise their previous and current addresses to their advantage.
We find it’s most commonly seen in applicants who may have possibly moved out of their parents home into a new rented accommodation, but they think it is a great idea to leave their bank statements, credit card and electoral roll information registered at their previous address.
Whilst it might sound like a preferable route for some people to take, in all honesty this is a very flawed strategy. No matter if you think you’ll get away with it, any time you have moved home to a new address, there will be some record of it somewhere on your credit report.
This could be showing from a delivery address you have set up when you have ordered something online, to any online home or car insurance searches you have undertaken, as well as various other things that may be tied to an address.
We would say that without any shadow of a doubt, the best strategy for someone looking at their options for buying a home and taking out a mortgage, is to get all of your accounts, cards, accounts and electoral roll changed over to your new address.
Make sure all your addresses are up-to-date, accurate and consistent with one another.
When you update your address on your credit file and electoral roll, it is important that you double-check the date you moved in and the date that you moved out. If you make any mistakes with either of these dates, it can appear to the lender like you are living in two places at the same time.
Correcting your addresses and dates is a more open and honest way of trying to apply for a mortgage with a lender and will definitely work in your favour.
There are other helpful tips that first-time buyers in Sunderland might wish to use alongside keeping your address up-to-date.
One of these includes maintaining your bank accounts well. Try to avoid unnecessary charges and limit any gambling if you can. This will show the mortgage lender that you are responsible and can manage your money well.
Another very popular and useful option is to use a gifted deposit. By utilising a gift from a family member or friend, you reduce some of the financial burden. If they gift you more than the minimum 5% deposit, you open yourself up to better rates and mortgage deals.
We always recommend obtaining an up-to-date credit report, so you can see where you stand financially. To learn more, please see out article on Obtaining an Up-to-Date Credit Report.