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 speak with a buy to let expert 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.

Agreement in Principle & Soft Credit Searches

Credit Searches in Sunderland Explained

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.

What is a soft credit search?

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.

What makes soft credit searches good?

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.

What is a hard credit search?

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.

Divorce & Separation FAQ’s

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.

Do I need to keep paying my half of the mortgage?  

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.

When should I inform my lender?  

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.

What are my options? 

1. Sell The Property

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. 

2. Continue to Make Those Payments

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.

3. Stay in The Property 

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.

Can I get a second mortgage?

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.

What if I am in negative equity? 

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. 

What is a Tracker Mortgage?

Tracker Mortgage Advice in Sunderland

The first question that you might ask is how many different types of mortgages are actually out there for customers?

You’ll find that there are a wide variety of different mortgages that are available to prospective home buyers. Each of these mortgages have their own unique advantages or disadvantages to taking them.

In this article, we will take a look at tracker mortgages and why they might potentially be the best mortgage option for you and your personal circumstances.

Always remember that a mortgage deal will only be as good the circumstances that it is matched up against.

To use this in an example, you may find yourself signed up onto a tracker mortgage, only to later decide that you would rather have fixed monthly mortgage payments. Unfortunately at this point, you are locked into a deal and cannot switch out of it.

As an open & honest mortgage broker in Sunderland, we will always highly suggest that you do some of your own research prior to this, or alternatively take mortgage advice in Sunderland.

A mortgage advisor in Sunderland will be able to make sure that you are at least on the most appropriate mortgage deal for your personal and financial circumstances.

If you would prefer to have a look at our YouTube video, you are more than welcome to hop on over to our MoneymanTV channel and watch “What is a Tracker Mortgage?“. Alternatively you can view it below:

What is a Tracker Mortgage? | MoneymanTV

What is a Tracker Mortgage?

So the question on your mind is likely, what actually is a tracker mortgage?

Well, if you are signed onto a contract with a tracker mortgage, your interest rate will run alongside the Bank of England’s base rate, with the lender typically adding a percentage on top of it.

Your lender will not be determining the rate that gets added, as it is an external rate that must be strictly followed.

For example, if the base rate of the Bank of England was around 1% and your mortgage lender adds on another 1%. You’re now running at a 2% interest rate.

The percentage will always be a little bit above the base rate set by the Bank of England.

Will a Tracker Mortgage in Sunderland Benefit Me?

A tracker mortgage works out really well for customers if the Bank of England’s rate is running a little low at the time of application.

Generally speaking the base rate will sit somewhere around 0-1%, though it will rise and drop down again throughout the course of the year.

Back during the unfortunate era that was the credit crunch in 2007/08, the mortgage market completely crashed, which caused the interest rate to skyrocket. The highest we ever saw it go up to was somewhere around 5%.

Bearing in mind that you’ll also have the percentage that your lender will add on top of this, and you could’ve added 6% interest onto your recurring mortgage payments.

On the flip side to this, during March 2020, the mortgage market went through another tough time, this time because of the impact of COVID-19. The opposite happened this time, as here the Bank of England’s rate decreased massively, dropping all the way down to 0.1%.

If you were on a tracker mortgage throughout this period of time, the chances are that you were sitting comfortably on a 1.1% interest rate.

As you might expect for something so good to be true, during this period, new customers couldn’t pick up a tracker mortgage. The reality is, lenders are in the business of making profit, not losing it.

At this moment of writing, we’re just heading towards the end of the Coronavirus, and it is admittedly still difficult to obtain a tracker mortgage.

Taking out a tracker mortgage has both pros and cons. These types of mortgage rely heavily on the economy, so if the market isn’t performing at it’s best and the Bank of England’s rate is high, a tracker mortgage probably isn’t your best option.

Again, by completely flipping the situation, if the economy is performing outstandingly well with the Bank of England’s rate at a lower amount, a tracker mortgage may be one of the better mortgage options for you to take.

Different Types of Mortgages in Sunderland

No matter your mortgage scenario, there are such a wide array of different mortgages that are available to you in Sunderland, it’s just about working with a mortgage advisor in Sunderland to find you the right one.

Before you go ahead and dive into any deals, it is highly recommended for your own benefit to speak with a dedicated mortgage advisor in Sunderland about your possible mortgage options.

They will help you shop for different potential mortgage deals, working hard to find you the most competitive one for your personal circumstances.

If you are a first time buyer in Sunderland, our trusted and refined mortgage advice service will prove to be highly beneficial.

We have been working within the mortgage industry for a very long time, well over 20 years now and have a lot of industry knowledge on all the different types of mortgages, including those that benefit first time buyers the most.

This applies even if you are looking at your options to remortgage in Sunderland or if you are moving home in Sunderland, as we believe that you’ll genuinely benefit from using our invaluable mortgage advice service.

As an mortgage broker in Sunderland with a flood of knowledge and experience, we will work from beginning until end by your side, aiming to be a guiding light throughout your mortgage journey.

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: 

  • The deposit source is mixed that contains both gifts as well as the savings 
  • Zero hours contracts of the contract workers
  • They want to keep their current house and want to buy another 
  • They are self-employed and the income is not fixed 
  • The applicant has a poor credit history
  • And the most important is affordability 

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.

A Guide to Remortgage in Sunderland: Top Reasons to Consider

Remortgage Broker in Sunderland

On an overall basis, the mortgage process can often come across as quite surprising and applicants can expect to experience their fair share of both ups and downs. Some applicants may receive a quick and easy process whereas others may find it a lot more challenging trying to reach mortgage completion.

Regardless, once you have secured your first property, moved in and lived there for almost the entirety of your term, you will eventually reach a point where you have to make some choices from which path to take next. First of all, you could have the option to sell your current home and move into a new home.

Alternatively, if you feel like you’ve already found the home you want to stay in for the rest of your life, you may look to remortgage for home improvements. Common choices for this include to fund either an extension or conversion.

In this article, we are going to take a look on remortgaging and the various reasons why people may look to take out a remortgage in Sunderland.

What is a remortgage?

A remortgage is where you take out a new mortgage to pay off the mortgage you already have. There are lots of different options to choose from at the point of remortgage, it’s entirely your choice.

As a general rule of thumb, you will take out a remortgage each time you reach the end of your fixed mortgage term. If you opt to not take out a remortgage, you may find that you possibly fall straight onto your lender’s standard variable rate of interest, which will probably be more costly than the rate you’re currently on.

Remortgage for Better Interest Rates

The mortgage deal that you’re on initially will likely last for near 2-5 years. As touched upon previously, if you don’t remortgage, you will move onto your lender’s SVR.

Sometimes, their own rates can be higher than that of a tracker mortgages (track the Bank of England’s base rate), so in the long run this could cost you more than you would otherwise need to pay.

If your mortgage term ends, you may also find yourself falling onto a tracker mortgage. The interest rates of a tracker mortgage will go up and down depending on how the current United Kingdom economy is performing.

As an example of this, during the coronavirus pandemic (March 2020), the Bank of England’s interest rate was much lower than it usually is, as the economy wasn’t performing at it’s best. Over time, the economy recovered, causing the interest rates to rise once again.

It’s reasons like this why people often remortgage to find themselves a much better interest rate. Homeowners look to find themselves a better interest rate in a bid to lower their monthly mortgage repayments.

Remortgage for Home Improvements

Rather than moving home in Sunderland, a lot of homeowners look to make modifications to their existing home, so that they can create more space through either a home extension or loft/room conversion. Some will also remortgage to fund other smaller home improvements such as doing up the kitchen or living room.

The way that this process will work, is when you take out a new mortgage product, the costs for any home improvements will be incorporated into your mortgage. This means that your monthly payments and mortgage term will likely increase.

If you already are wholly fond of the house that you have, making improvements over moving could save you a lot of money. It can potentially be easier, less stressy and provide more benefits in doing so, that the stress and cost of moving home.

Remortgage to Make Changes to Your Term

As a long standing mortgage broker in Sunderland, we’ve regularly seen mortgage applicants that have realised further down the line that they would prefer a different product, however, they are already mid-way through their existing term.

It might just be that they are wanting a more flexible product that will allow them to reduce their mortgage term. Though this could mean a monthly mortgage payment increase, it could mean their mortgage term will decrease.

A flexible mortgage could give you the option to overpay your mortgage payments do that you can pay it off quicker. Usually, people choose to remortgage if they’ve maybe had a pay increase or been given a large lump sum of money, i.e., through being made redundant at work.

Some people may even want to keep the same monthly payments and still stay on their current base rate. When this is the case, you may have the option to remortgage for a term extension.

Remortgage to Release Equity

As a homeowner, it is likely you will have some equity built up inside of your home. You can turn this equity into cash, which is why people often remortgage to release equity.

The amount of equity that will be in your home can be calculated by taking away the remaining amount on the mortgage from the value of the property. A portion of the amount that is remaining can be taken out and used for whatever you’d like (within reason).

It’s up to you what you spend this money on. As mentioned, some use it for home improvements, others use it for a deposit for another property (common with buy to let landlords) and some use it for paying off car loans or taking a holiday. It’s entirely your choice.

If you are over the age of 55 and own a home with a minimum value of £70,000, then it may be worth looking at Equity Release in Sunderland. To see if a later life mortgage is right for you, book a free mortgage appointment with a later life mortgage advisor today.

Remortgage to Consolidate Debt

Firstly, debt consolidation is considered a very specialist subject, so we would highly suggest that you speak with a mortgage advisor in Sunderland before making any sudden decisions.

Consolidating debts means you will be incorporating unsecured debt into your mortgage. Doing this will increase your mortgage payments and can also increase your mortgage term too.

All lenders have a different perspective when it comes to consolidating debts into a mortgage. Some lenders are fine with it and some don’t have it as an option. Lenders often don’t allow it, as you are placing existing unsecured debt into a secured asset.

This means that if for one reason or another you can’t meet your mortgage payments and start to accrue any debt, your property is repossessed. In doing this, the lender will lose out on money as the debt you have is now secured within the property.

The subject can be quite difficult and is something that you should get specialist help for. For debt consolidation and remortgage advice in Sunderland, you should contact our excellent mortgage team, taking advantage of the free mortgage appointment we offer.

Remortgage Advice in Sunderland

Having now read about the various reasons why people may look to remortgage and how they work, maybe you think it’s time to start looking at arranging your remortgage?

Whether you’re looking to remortgage for better rates, for home improvements, for a more flexible term, to release equity, to consolidate your debts into your mortgage or for something else we haven’t mentioned here, one of our dedicated mortgage advisors in Sunderland will have likely had experience in helping someone remortgage for that reason before.

If you would like to have a chat with a remortgage advisor in Sunderland about remortgaging your property, feel free to give us a call and speak to a member of our team. We will be more than happy to try and help you through the remortgage process and get back to life as normal.

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:

  • Follow the link and use Check My File. In doing so, you will receive a free 30-day trial to use their service, which you can cancel at any time. If you do not cancel in that time period, you will be charged £14.99 per month.
  • Once you have followed the link to their website, you will be greeted with a button that says ‘see your multi-agency credit report for free’. Proceed to click this button, enter relevant information and answer some security questions.
  • After you have logged in and are on your credit report, scroll down towards the bottom of the page where you will be given the option to ‘Download Printable Version’. This will then download a local copy of your credit report to the device that you are using to access their service, i.e., your mobile phone storage.
  • Your downloadable PDF will have tightened security, being password protected by your 6-figure date of birth ‘DDMMYY’.
  • Now that you have downloaded this, please send the credit report to, along with your date of birth and it will be reviewed by one of our mortgage advisors in Sunderland.
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.  

Debt Consolidation Remortgage Advice in Sunderland

Mortgage Advice in Sunderland

Unsecured credit and consolidation are not things to be taken lightly. We recommend you contact us and speak to one of our experienced Mortgage Advisor in Sunderland and review all possible options before finalising the process.

Is consolidating debt a bad thing?

When looking at the bigger picture, you will usually pay back more by integrating unused credit into your mortgage. Although your monthly payments will most likely be lower, and this is the main aim for most people.

It is essential to realize that you are also taking the risk of securing debt against your home. If payments are not kept up to speed. Then you’re putting yourself in the situation where your home will be repossessed. It is not the same scenario as just missing payments on loans or credit cards.

Why do people run up large credit card bills?

For many years, obtaining credit has sometimes been too easy as it is much faster for people to borrow money than save up. But it is a tough situation because while some people have invested Home Improvements in Sunderland. Which will be raising the value of their property, the debt which they have obtained will be still accumulating interest. Not everyone can qualify for zero percent credit card transfers.

What are the other options?

Before consolidating credit it is wise to do a budget planner to help you see where your money is going each month. There may be some luxuries that can benefit you in the long run. If you put aside for a while, such as takeaways and expensive coffees.

A personal loan could be an answer to consolidate your credit. A loan will at least have a set end date unlike credit cards, and due to a personal loan typically being taken out over a shorter period would mean that you pay back less interest.

Family members would also be worth speaking to as an alternative option. This can be an embarrassing predicament for someone to reach out and ask for help with financial issues but is often one of the more comfortable options.

If these options have already been utilized that a debt consolidation mortgage may be the right way to go. With it being a way for you to reduce your monthly payments if you are struggling to save.

Latest Government Guidelines on the Property Market

Getting the property market functioning again in Sunderland

The relaxation of lockdown has begun, although things are going to be a very different place for a long time. During the lockdown, we know for a fact that mortgage applications got held up. However, things are taking a positive turn, and we see some fantastic mortgage/ remortgage deals. Interest rates have never been this low in over 20 years.

Whether you are a first time buyer in Sunderland who was in the process of starting a mortgage or a current homeowner hallway through moving home in Sunderland, now is the perfect time to bring you guys up to speed.

The Government has announced new guidelines in regards to the property market to get it functioning again as we gradually come out of lockdown. This is positive news.

Property Market

To summarise this week’s position:

  1. Surveyors are now permitted to go back to work. Fantastic news, as this has been a real sticking point for the past couple of months.
  2. Viewing properties is now permitted, but estate agents are getting told to encourage virtual viewings online where possible.
  3. Homeowners are permitted to prepare their properties for sale.
  4. Removal companies can start work again.
  5. Tradespeople can operate in homes again – good news if you are planning home improvements.

We would like to point out that all of the above relaxations are subject to additional specific health and safety guidelines and social distancing.

Mortgage Market

In terms of mortgages at the moment:

  1. Surveyors have an enormous backlog of work to catch up on, so things will return to normal very slowly.
  2. The availability of high loan to value mortgages is still limited compared to pre-Lockdown. Some Lenders have increased their maximum loan to values this week, though, which is positive.
  3. Interest rates are meager, so many customers who can get a mortgage are locking in on 5-year deals.
  4. Low loan to value mortgages still readily available – lenders are trying to lend where possible.
  5. Rules on lending to furloughed workers have tightened, and some Lenders are pulling back on debt consolidation also.

We understand that things take time, we’re a long way before everything can get back to ‘normal,’ but rest assured you’re in a great opportunity if you are currently looking for a mortgage/ remortgage deal. Our Mortgage Advisors in Sunderland can help search thousands of deals tailored to your financial circumstances.

Mortgage Broker in Sunderland

Here at Sunderlandmoneyman we are seeing more customers interested in Remortgage for Home Improvements in Sunderland. They realise that it is easy to sort out and may increase your monthly mortgage payments by £100 – £200, this mainly applies to homeowners wanting to start a family or expand their current one.

Once you got in touch and got a few details from you, you will get put through to one of our fantastic Mortgage Advisors in Sunderland, who will provide nothing but help and support throughout the whole of the mortgage progress. Our goal is to find you an excellent mortgage deal!

Mortgage Advice in Sunderland

Remortgage Advisor & Remortgage Advice in Sunderland

Trusted Mortgage Broker in Sunderland

Some point if your lives your current mortgage deal is coming to an end, or you’re in need to borrow some extra money?

Then you should consider to Remortgage in Sunderland, too many people make the same mistake leaving it far too late and end up lapsing into their Lender’s Standard Variable Rate. If this has happened to you, chances are you are paying way more than you need to be doing on your mortgage payments each month.

Why Should I Shop Around for a Remortgage in Sunderland?

Relying on your current Lender offering you a new deal, you will be missing out on potentially lower rates elsewhere. Lenders love it when customers don’t shop around! They do not reward loyalty as a rule. They even offer better deals to new customers than their existing borrowers.

If you switch online without speaking to someone, this is an Execution Only mortgage. That means you do not benefit from the consumer protection you would have got by taking advice. Again, Lenders love this because if it turns out, you received the wrong product, you have no grounds to complain since you picked it yourself. I have always felt that customers should always seek advice when their remortgage is due.

Some customers are still on low rate tracker deals that they have had for years and years. Even so, it’s always worth having a look to see what is out there, especially if you are concerned that interest rates might go up if you feel like that you can always take out a Fixed Rate Remortgage.

Remortgage Advice in Sunderland for Home Improvements

If you feel your home would benefit from some upgrading, then it is possible to Remortgage in Sunderland for Home Improvements. Investing in your home can be an excellent investment. Some improvements, such as extensions or loft conversions, can put a value on your home. Kitchens and bathrooms can look tired after a few years, and you can increase your mortgage to pay for cosmetic alterations as well as structural work.

If the amount you need to borrow is significant, then the Lender will reserve the right to ask you for estimates for the works you intend to have carried out. You don’t necessarily have to use the Contractor that provided the view to do the actual tasks.

Some people borrow for Home Improvements even if they know their home may not go up in value. If you have decided you are already in your “forever home,” and if you can afford it, there’s nothing wrong with borrowing for this purpose at all.

Capital Raising Remortgage Advice in Sunderland

You can borrow extra funds for most legal purposes, examples of this would be:

You can raise capital on your property when you remortgage in Sunderland for almost any legitimate reason. It could be for large consumer purchases, gifts to help family members, to purchase a Buy to Let property or for Debt Consolidation.

Remember, you will pay interest on a Remortgage for many years usually, so it’s essential you borrow for the right reasons.

Debt Consolidation Remortgage Advice in Sunderland

When you add unsecured debt to your mortgage, you may end up paying back more interest overall, and a mortgage term tends to be much longer than that of a personal loan (although it doesn’t have to be).

Are you taking unsecured debt and securing your home?

That doesn’t sit comfortably with everyone as you are under the risk of repossession if you cannot afford your mortgage in the future.

You will need to know the interest rates that apply to the debts that you are considering rolling into your mortgage. If you have 0% credit cards, then adding these to your mortgage will start attracting interest.

You should consider all options before deciding to consolidate debts, such as asking family members for assistance if possible and reducing as much non-essential expenditure as possible.

Once you have considered all the above and decided a Debt Consolidation Remortgage advice in Sunderland could be right for you, then it’s vital you speak with a Mortgage Advisor in. The Advisor will take responsibility for the recommended remortgage and help you with your application.

Often, consolidating debts into your mortgage leads to a reduction in your monthly outgoing. Some customers end up reducing their payments by hundreds of pounds. & Sunderlandmoneyman are trading styles of UK Moneyman Limited, which is authorised and regulated by the Financial Conduct Authority.
UK Moneyman Limited is Registered in England, No. 6789312 | Registered Address: 10 Consort Court, Hull, HU9 1PU.

Authorised and Regulated by the Financial Conduct Authority.
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The information contained within the website is subject to the UK regulatory regime and is therefore primarily targeted at customers in the UK.
Should you have cause to complain and you are not satisfied with our response to your complaint, you may be able to refer it
to the Financial Ombudsman Service, which can be contacted as follows

The Financial Ombudsman Service, Exchange Tower, London, E14 9SR

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