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9 Questions to Ask When Buying A House in Sunderland

First Time Buyer Mortgage Advice in Sunderland

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.

The 9 most common questions:

1. How much interest has there been in the property/development?

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.

2. Is there a property chain?

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.

3. What’s included in the sale?

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.

4. What are the neighbours like?

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.

5. How much does it cost to run?

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.

6. Which way does the house face?

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.

7. How much work will be required after moving in?

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;

  • Improving energy efficiency
  • Changing the décor
  • Addressing damp problems

8. Are you open to offers?

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.

9. When can we move in?

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.

Moving Home Mortgage Advice in Sunderland

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.

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 enquiries@ukmoneyman.com, 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.  

Right to Buy Mortgage Advice in Sunderland

What Is The Right to Buy Scheme?

The right to buy scheme can allow local authority tenants who live in England, to purchase their property from the council for a discounted price.

The terms of this mean you are eligible if you have spent at least three years (not always continuous) renting from the public sector rather than privately renting, and are secure tenants of that property. If you are in fact eligible for the Right to Buy Scheme in Sunderland, the property will be valued at the full market price, with a government discount applied onto it.

How The Discount Is Worked Out

The discount percentage will be entirely dependent on different factors, such as where you are in the country and how long you’ve been renting from your local council or housing association. A big advantage of the Right to Buy is that due to the discount, there will usually be existing equity in the house before you’ve even bought it. How much equity again depends on some factors, such as how much your discount is and how much the property is actually worth.

We often find that those who look to use the Right to Buy Scheme are First-Time Buyers in Sunderland. We love working alongside First-Time Buyers and work hard to support you throughout every step of the process. This starts with your initial inquiry, all the way through to mortgage completion.

The Right to Buy Process

  • First of all, you’ll need to get in touch the council or housing association and ask for an application form – This confirms whether or not you are eligible!
  • Once you’ve been accepted for the scheme, you’ll receive a purchase price, of which you’ll have a set amount of time to agree to.
  • Finally, once a purchase price has been agreed on, we can get started with your mortgage application!

Working out your monthly outgoings will be of a great benefit to you if you are thinking of buying your rented home from the local authority in Sunderland.

Our recommendation is to work out what you have now as a tenant, then compare that to what it would be like if you were a homeowner. We are more than happy to walk through this with you and ensure you can comfortably afford to proceed with it.

Are you looking for a Mortgage Advisor in Sunderland?

As a fast and friendly Mortgage Broker in Sunderland with a lot of experience dealing with these mortgage types, we can look through 1000’s of Right to Buy mortgage deals on your behalf to make sure you walk away with the most appropriate deal matched to your circumstances.

Throughout the whole process, we’ll offer continuous help and guidance, answering any questions you may have along the way. We even have the ability to provide help with other local services when needed, such as referring to conveyancers.

Our brilliant team are proud of the service levels they provide day in and day out – This is reflected in our genuine customer reviews.

How much deposit do I need to buy a house in Sunderland?

How Much Deposit Do I Need To Buy A Home? | MoneymanTV

100-125% mortgages are a thing of the past now. The country seems to be in a more stable, secure financial state post-Credit Crunch and the property market is back in full swing.

With many more rules and regulations set in stone, mortgage lenders are now more confident when it comes to offering 95% mortgages.

95% deals aren’t the only ones available though, it can. The more deposit you have available to put towards a property, the less you have to pay back, and you open yourself up to more competitive interest rates.

Deposits also act as a safety net for mortgage lenders. The reality is, they need to be confident you can make your monthly repayments. If you don’t, they’re at a financial disadvantage. With a large enough deposit, lenders are able to retain some of their finances should difficulties arise.

Saving for a deposit is hard for a lot of people, we know this. The leap from renting to becoming a first-time buyer in Sunderland can be a tricky one to navigate. This is especially the case if you are already renting or have a family, as any potential savings would already be split amongst various home essentials.

As an experienced and knowledgeable mortgage broker in Sunderland, we regularly find many deposit related questions being asked. Here we answer these as best we can, in the hopes you will gain a better understanding of how deposits work regarding the home buying process.

Is it better to put down more than 5% deposit for a mortgage?

Yes, it is! Larger deposits allow for improved interest rates. From here you possibly open yourself up to lower mortgage repayments per month, as you will also be borrowing less for your new home.

As touched on in the previous section, higher deposits put you at a lower risk the lender should things not go as planned, which really does work to your advantage. Products are offered in bands of 5%, with the highest and most expensive being 95%.

Can I take out a personal loan for the deposit?

Though it doesn’t happen often, it has been known to crop up from time to time. However, this is considered by the lender as an additional credit commitment. Because of this, the lender will grant you a smaller mortgage than the one you might have initially planned for.

The majority of lenders would really rather you refrain from this option though, especially if you are looking to borrow 100% of the purchase price.

Do lenders accept gifted deposits for a mortgage?

The majority of lenders, at least the ones we have worked with, have no problem at all with members of your family and sometimes friends too, gifting your deposit.

The one who is gifting must be able to confirm that it is 100% a gift and not something you’re required to pay back to them over time. For the purposes of anti-money laundering, they may also need to provide them with identification and proof of your funds.

Given the term “The Bank of Mum & Dad” amongst home buyers and lenders alike, gifted deposits are seen a true lifeline for those struggling to get onto the property ladder. In truth, the market would look completely different if it were not an option!

Evidencing the deposit

For Anti-Money Laundering purposes, all applicants are required to fully evidence their funds by providing bank statements to the lender. They like to take a look at how exactly additional funds have been obtained too. Recent large cash deposits in your account can sometimes be an issue for lenders.

If you have made a large sale lately, like sell your car, you will need to provide a receipt and be able to prove that the amount it sold for matches the deposit made in your bank account.

The longer these funds sit in your account, the less hassle this is for both you and the lender. Providing an audit trail for your deposit source can often be quite difficult for home buyers undergoing the mortgage process.

If you are planning to fund your deposit by selling your current, then your proof of deposit will be the Memorandum of Sale provided to you by the estate agent. These are documents that record the buyers’ interest in your property and the terms of sale you have both agreed on.

Help to buy equity loan and new build mortgages

If you fall in the bracket for the government Help to Buy Scheme, you are still only required to have a minimum of 5% deposit. With 20% from the government equity loan, this will give a much needed boost to your deposit, taking it up to 25%. This allows you to access a lower rate mortgage.

It is important to remember though, that this is a loan, not a gift and you will need to pay it back whilst you are paying off your mortgage. Also, it is worth noting as well, is that this is interest-free for the first 5 years, after which the government will start adding interest to if not paid.

Buying as a sitting tenant or buying from a family member – Do I need a deposit?

This all depends on personal circumstance, but no, you don’t necessarily need one. If the house has been genuinely discounted by the previous home owner, your lender may accept the discount as a means of deposit.

For example, if the property is worth £150,000 and you have been offered it for £130,000, they will take the £20,000 discount as a deposit. This works hand in hand with a Right to Buy from the local authority or private landlord.

Please note that the above information is for reference purposes only and should not be taken as personal financial or mortgage advice to an individual.

Sunderlandmoneyman.com & Sunderlandmoneyman are trading styles of UK Moneyman Limited, which is authorised and regulated by the Financial Conduct Authority.
UK Moneyman Limited is authorised and regulated by the Financial Conduct Authority.
UK Moneyman Limited registered in England, registered number 6789312 and registered office 10 Consort Court, Hull, HU9 1PU.

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