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Offset Mortgage Advice in Newcastle

Planning your pension

Many people like the idea of creating a property portfolio to fund their retirement and not everyone is a fan of pension plans, but they do understand the property. I know that over the past 20 or 30 years it has been a sound long-term investment despite the peaks and troughs.

In this case study, we look at one way we helped a client take her first step on the road to being a Landlord.

Remortgaging for a Buy to Let Mortgages in Newcastle

Tracy is a Self Employed mum of two, who is a Director of two small businesses. She and her partner had a fair amount of equity in their home and were interested in raising some capital to buy a low-value buy to let property, possibly at auction.

Tracy felt she could get some bargains at auctions, but she never had enough money to attend and be a cash buyer. She had looked into Remortgage Advice in Newcastle before but had been told it wasn’t possible unless they could provide an address for the onward property they wanted to purchase – the proverbial “chicken and egg” scenario.

Tracy also mentioned that once or twice a year, she received a dividend in the region of £3000 from one of the companies she was a sleeping partner in, and she has been prone to wasting some of that cash when it arrived, perhaps unexpectedly.

Surplus Funds Allowing you to Gain Lower Rates of Interest

I could tell that Tracy was a very busy person but also an astute businesswoman. The dividends she received could be put to better use as she never had it earmarked for anything specific. I recommended an offset Remortgage in Newcastle for Tracy and her partner to secure their home.

I found a Lender who was happy to release funds on completion to be assigned to a future buy to let purchase without insisting on a specific property. Tracy simply deposited the additional funds into the offset savings account that comes as part of the mortgage, and these monies simply sit there until she needs them.

The offset savings accounts do not attract interest but instead are offset against the mortgage balance. To clarify, Tracy had £85,000 surplus funds from a total remortgage of £215,000. While the money is in the savings account, Tracy only pays mortgage interest on the £130,000 difference between the two figures. The £85,000 is on instant access and was available whenever she needed it

Choosing the Right Property and the Right Amount of Investments

Three months after completion Tracy identified a suitable property that was in a state of disrepair. It was probably not mortgageable itself but of course, Tracy had access to liquid funds to buy the house outright. Tracy secured the property at a knock-down price of £55,000 but this amount needed to rise to a total of £70,000 to fund legal costs and a refurbishment program of works.

A further nine months went by and with the works, all done Tracy had no trouble finding a tenant. The house was now worth £90,000 and we raised a remortgage of £67,500 against it to fund the purchase of property number two.

The Successful Outcome of a Well-Constructed Investment Property Portfolio

Tracy has no intention of becoming a full-time Landlord but she can now see a way forward to owning three or maybe even four properties in the future to fund her planned retirement lifestyle.

She loves the flexibility that her offset mortgage brings and whilst she still “squanders” some of her dividend which is her right to do, without fail half of it at least is deposited back into her offset savings account, her money working “for her” to reduce the total amount of interest repayable.

If you are interested in offset mortgages or building your investment property portfolio, it’s our job to find you the most suitable purchase or remortgage for your circumstances. The first step is to get you booked in for a free mortgage consultation with a qualified Mortgage Advisor in Newcastle.

When is The Right Time to Remortgage in Newcastle?

Is now a good time to remortgage in Newcastle?

If you have made the decision to stay in your current property as appose to moving home. Then Remortgaging in Newcastle will be the next step in your home buying journey.

Choosing to remortgage is a good way to stay in your current property with more favourable interest rates. This can be done by being transferred from your existing deal to a more suitable deal. As an expert Remortgage Broker in Newcastle, our team of experienced Mortgage Advisors in Newcastle can help.

If I can already afford my current mortgage, why should I remortgage?

The banks rely on their customers not knowing that they can shop around for a much more suitable deal. We tend to find in some cases you will find cheaper offers elsewhere. By speaking with one of our knowledgeable Mortgage Advisor in Newcastle, they can help compare deals or you can seek these out yourself through a price comparison site.

Going forward, you will find a suitable remortgage deals for your circumstances. However, price comparison sites usually look for your best deal on an interest basis.

As long as you have been on your current mortgage deal for some time, there is a chance that you could be on a low Bank of England tracker deal. You could even be paying less than 1% so, it may be best for you to stay with that mortgage deal. This could become an issue if the base rate eventually rises as well as your payments. 

Can I borrow more money for home improvements? 

You can, depending on if you pass the affordability checks and there is a reasonable amount of equity in the property. Going forward, you may be able to increase your remortgage for future home improvements.

Remortgaging for home improvements gives you an updated home and the chance to increase the value of your property. Remortgaging can help customers in the process of updating their kitchen, converting a loft, or creating a home office. 

Can I borrow more money to fund other means? 

As well as for home improvements, you may be eligible to borrow additional funds, this could include: 

  • Debt Consolidation 
  • Property Investment (e.g., a Buy to Let) 
  • Consumer Purchases 
  • Gift to relative 

Is adding unsecured debt to my credit a bad thing? 

Adding more debt to your mortgage is not the best idea. Because, you will end up paying back more interest overall through extending the term of your debts to make the payments lower. 

Another risk of this is that you are taking debt, which is not secured and securing it on your home. It could create the potential risk of having your home repossessed. Something that will likely be a problem would be consolidating debts that you can afford or credit cards that are 0% interest. 

That said, this highlights the importance of speaking to a qualified Mortgage Advisor in Newcastle prior to securing any debts against your home. An option you could take is to reduce your monthly outgoings to avoid missed payments. By doing this, you are decreasing the risk of your credit rating being in a bad state. 

Will I be offered a remortgage by my current provider? 

A lender may offer a “Product Transfer” or “Retention” product. This allows the lender to provide you with a new deal to stay with them. You would need to contact your provider directly to see what is available to you, however, this option isn’t guaranteed.

We tend to find some lenders will allow you to make a product switch online without providing further information or advice. 

Staying with the same provider and switching products might be an easier option, however, putting a new application to a different lender may save you a lot of money. 

You will find that many banks would offer favorable rates to new borrowers over existing ones. There will be a time when lenders will take a more ethical approach that could have a positive change in customer loyalty. 

Remortgage Advice in Newcastle

What is a Cashback Mortgage?

Cashback Mortgage Advice in Newcastle

We tend to find we receive loads of enquiries regarding the many different types of mortgage available one of them being cashback mortgages. We aim to answer the most frequent questions about cashback mortgages. These include; will it benefit me in the long term or short term, and how does it compare to my other mortgage options?

With the sheer amount of requests, Mortgage Advisor in Newcastle and managing director Malcolm ‘the Moneyman’ decided to make a video regarding cashback mortgages.

What is a Cashback Mortgage? | MoneymanTV

What is a Cashback Mortgage?

Cashback mortgages are pretty self-explanatory. After paying off your mortgage or after finishing your mortgage term, you will get some cash back.

The amount you get back is a percentage of what you have borrowed like 1 or 2%. Some lenders like to have a fixed price in the contract. Even if you have a long mortgage term, this is a fixed amount, and it will not increase over time.

Will a Cashback Mortgage benefit me?

Cashback mortgages come with both advantages and disadvantages. Such as, some Cashback Mortgages might come with a free property valuation or some fringe benefits.

Cashback Mortgages can be very attractive to customers that are borrowing lower mortgages. You will get some money back plus some benefits on the side. If you are offered a reasonable percentage on your Cashback Mortgage, you should consider taking it up as it may be worth it in the long term.

The only real disadvantage to a cashback mortgage is that they sometimes come with high-interest rates.

Different Types of Mortgages in Newcastle

Compared to other mortgage options available, Cashback Mortgages are not the most popular. However, they are still worth considering. We still see customers at Newcastlemoneyman looking for Cashback Mortgages, and they are a great backup option if you don’t qualify for your first choices.

If you want a more in-depth viewpoint, be sure to book your free mortgage appointment online or give us a call To speak with a Specialist Mortgage Advisor in Newcastle. Our team will be more than happy to explain the benefits of taking out a Cashback Mortgage and why they could be a suitable option for you.

The Costs of Buying a Home in Newcastle

Purchasing a property will be one of the biggest financial commitments of your life, therefore you must know exactly what you’re expecting to pay for. All the additional costs can add up to a large lump sum and if you aren’t careful, you might be overpaying in some areas than you orginally thought.

In this article, we break down and look into the costs of buying a property in Newcastle, as well as the costs involved with property investment.

Mortgage Advice in Newcastle for First Time Buyers

This article will be beneficial mostly to First Time Buyers in Newcastle as we have broken down each cost and given an estimated value to each. On the contrary, if you’re Moving Home in Newcastle, then this guide will act as a reminder of the cost involved so you can prepare accordingly.

Valuation Fees

Once you’ve had an offer accepted, your lender will carry out a valuation on the property, this assessment will consider multiple factors such as structural damage, property age, location. This is to make sure that your offer matches the ‘actual’ value of the property.

Valuations can vary some business models offer a free valuation whereas others may charge several hundred pounds. In some cases, a free valuation may be incorporated into another cost or a freebie for taking out a specific product.

They are also various types of valuations, some cost more than others depending on which one you need. For example, if you need a full building survey as you’re purchasing an older property, you may have to pay a lot more than someone who’s bought a new build.

Mortgage Arrangement Fees

You might be expecting a lender to charge you for taking out a mortgage with them. This is common with products with the cheapest rates. Not every mortgage comes with an arrangement fee, but depending on the product and lender you could be charged up to £2,000, although the average is about £1,000.

Some applicants can choose between paying the arrangement fee upfront or adding them to the mortgage balance. If you choose to add them to your mortgage, you may incur further interest charges. As a Specialist Mortgage Broker in Newcastle, we can search 1000’s of mortgage products to find you the most suitable deal for your circumstances with minimal additional costs.

Solicitor’s Fees

You’ll need a solicitor to arrange the legal side of the mortgage process. The fees quoted by various firms may differ significantly. An estimated amount for a low-value property could set you back £600. You will provide the solicitor with the new property’s address, whether it’s leasehold or freehold. You’ll also need to provide the purchase price to obtain quotations. Additionally, make sure that:

  • The firm includes VAT.
  • The cost of any “disbursements are included.” These are fees such as Land Registry Fees and Local Authority Search Fees.
  • Is your solicitor on your mortgage lenders panel?

Estate Agency Fees

Only when you decide to sell your property in Newcastle you’ll be faced with estate agent fees. Alongside property prices these fees are rising, you may expect to be paying between 1-2% of the property price.

If you are looking to sell your property, the lowest amount is usually £500. If you are looking for a more personalised service you may be expected to pay more.

Stamp Duty

Stamp duty is a tax that the solicitor will collect upon the competition of the property purchase, in addition to your solicitor’s fees and disbursements. More information regarding stamp duty can be found here.

Broker fees

A Mortgage Broker in Newcastle will usually charge a fee for their service. These fees will be discussed upfront so that you know what you’re paying for and how much your case is going to cost. We recommend trying to use a trusted pen and honest Mortgage Broker in Newcastle that charges upon completion only. Avoid any application fees where your money will be at risk.

Book your free appointment online to speak to a Mortgage Advisor in Newcastle today

Removal Fees

The cost of moving all of your household items to another property can vary depending on the service you want, how far you’re moving and how much stuff you have.

If you are happy to hire a van and transport your belongings to your new house by yourself, the service will cost significantly less. Whereas if you prefer to pay for the full service and get someone to pick up their belongings and help them move. Some local services may charge several hundred depending on circumstances.

Moving Home Mortgage Advice in Newcastle

What to do If I Miss a Mortgage Payment?

Mortgage Advice in Newcastle

Any homeowner in Newcastle wouldn’t dream that they’ll miss a mortgage payment, but something like an illness or family emergency can occur, causing a financial struggle, especially for those with low-income and minimal savings.

It can be more challenging for those who don’t have any insurance policies in place that could cover their mortgage payments should any unforeseen circumstances occur. 

Here, we felt it was best to answer the following questions: what should you do if you are in this situation and think you will miss a mortgage payment, and how can you improve your credit score afterwards? 

Notify your lender Immediately 

If you think or know you’re going to miss an upcoming payment on your mortgage, you must inform your lender immediately. Once you have missed a payment, this will instantly show on your credit record, which will heavily impact your ability to remortgage when your old mortgage is coming to its end. 

Depending on your lender’s criteria and circumstances, there may be an alternative that can help you avoid missing a payment. Your lender will offer their support and guidance to borrowers going through a difficult time.

There is nothing wrong with feeling embarrassed. Chances are you are not alone – other people will be in a similar or worse situation. You won’t be the last or the first to contact their lender about being in this position. 

What happens when I miss a payment? 

If you miss one payment on your mortgage then this isn’t the end of the world, although this may have a negative impact on your credit rating, depending on how quickly this is resolved and how well you communicate with your lender.

Generally, if you fail to pay your mortgage, your lender will inform the credit referencing agencies, and this will have a negative impact on your credit score. However, as mentioned above, lenders will usually have a grace period after the payment due date. This will vary from lender to lender.

Your lender will usually try to work with you and help. In some instances they will set up a payment plan, a short term solution that can get you back on track with your payments.

Falling behind on multiple mortgage payments can lead to defaulting on the loan agreement, meaning that your lender could take repossession action. Repossession and eviction is the last resort for any lender, they will usually negotiate with you and help make a repayment agreement. It is recommended to reach out to a Mortgage Advisor in Newcastle prior to taking any payment plans etc.  

The Importance of Taking Out Protection Insurance 

Our Mortgage Protection Advisors in Newcastle will give you the option and recommend taking out the relevant insurance to protect you and your family from financial burden during any unforeseen health issues.

Depending on which protection insurance you take out, these will help pay for your mortgage and bills in the event you are off work sick or critically ill.

If you need any additional support or guidance, please get in touch to speak to one of our Specialists Mortgage and Protection Advisors in Newcastle and find out which insurance will benefit you. 

Mortgages for NQTs in Newcastle

Mortgage Advice in Newcastle for NQT’s

Congratulations, you have recently passed your exams and now a newly qualified teacher. All you have to do is find that perfect teaching position and get yourself started teaching that specialist subject, But First, your new job requires you to relocate to Newcastle.

By now, you are experiencing that stressful yet overwhelming time of searching for a property to move to and balancing the struggle of homeownership whilst starting your new role. Rest assured, we have confidence that you are not the only individual in this situation, and we may be able to help take that stress away.

Mortgages for NQTs

It can be challenging to find a lender willing to offer a mortgage to newly qualified teachers, reasons being having no work history or having temporary contracts. But despite all this, you still can obtain a mortgage as a newly qualified teacher.

There are Lenders out there that can lend fairer deals with those working in the education section. However, finding the correct Lender can be a daunting task; this is where our Mortgage Advisors in Newcastle can help search thousands of deals to find you the best deals and rates tailored to your circumstances.

What mortgages for NQTs are there?

The different types of mortgage available for NQTs can include:
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???? Fixed-rate mortgages.

Here are some of the reason why previous First Time Buyers in Newcastle choose Newcastlemoneyman as their go-to open and honest Mortgage Broker in Newcastle:

???? No previous employment history required.
???? A 12-month first post-contract can get treated the same as a permanent role.
???? Mortgages available up to one month before the start of the first contract (so you can apply in August, for example).
???? You qualify up to 95% loan to value.

How we can help | Mortgage Advisors in Newcastle

Our dedicated team of Mortgage Advisors in Newcastle know the Lending criteria inside and out; they have years of experience helping people with their mortgage situations and trying their best. 

To book your free mortgage consultation, get in touch, and our team will take some details from you to find out what your option(s) are and whether your circumstances make you eligible for a mortgage. 

How Much Deposit Do I Need To Buy A House in Newcastle?

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

Deposit Mortgage Advice in Newcastle

Your mortgage deposit will generally need to be for at least 5% of the value of the property you are buying in. For example, if you are looking to purchase a home in Newcastle that costs £180,000, you will need to save up a minimum deposit of £9,000.

Ideally, however, you should aim to save more than 5%, as the more significant the deposit you can build up, the more comprehensive your choice of mortgage options will be. You may also benefit from lower and often better mortgage rates.

Why is a deposit necessary when buying in Newcastle? 

In the past, it was common to find 100% mortgages. Back then, Northern Rock were offering 125% loan to value mortgages, meaning if you were purchasing a property valued at £180,000, they would lend you up to £225,000.

The reason why lenders need a deposit is to reduce the risks when they are lending. If they lend you 100% of the purchase price and you happened to fail to keep up monthly repayments, they would then have to take possession of the property. All it takes is a slight dip in house prices for them to be at a loss.

Look at it from a Lender’s perspective, if you can’t save up for, or get help to make up at least a 5% deposit for a property, then you probably aren’t quite ready to take that step onto the property ladder.

Government help to buy scheme

If you can save 5% of your funds for a deposit, you could qualify for the Government’s Help to Buy equity loan scheme. This scheme applies to new build properties only and you have to be a First Time Buyer in Newcastle. How it works is that you put in 5%, and the Government tops the deposit up by loaning you up to 20% of the property purchase price, making up a 25% deposit. After 5 years, the loan will be interest-free, afterwards, it will increase at a starting interest rate of 1.75%. Some people choose to either remortgage or pay back from savings they have made over that period.

Is a 5% deposit enough?

Generally, 5% is enough for most mortgage types. Although it does vary on the lender, some will accept only a 5% deposit. To access a 95% deal, 9 times out of ten you’ll need to have a good credit score. There are lenders out there that may consider you for a 95% mortgage with a lower credit score, but the interest rate might be higher.

How much deposit do I need for a Buy-to-Let property?

It has always been necessary for the Landlord to put down a larger deposit for Buy-to-Let Mortgages, and most lenders at the moment are looking for at least 25%.

Can I take out a loan for the deposit?

In theory, this could be possible, but most lenders won’t let you do this, as essentially, this would still be 100% lending, which no longer exists due to the aforementioned risk involved with such a venture.

Can someone gift me a deposit?

Yes, this happens constantly. You might have heard the term the “Bank of Mum and Dad” (both birth and adopted parents, as well as carers & legal guardians) gifting the deposit or other family members such as Aunties & Uncles. 

As long as they can evidence the funds, prove who they are and confirm they are not expecting repayment of the gift at any point in time. For more information, we check out our article all about Gifted Deposit in Newcastle. 

Are there any circumstances where I don’t need a deposit?

If you are buying as a sitting tenant and your Landlord or family member has given you a discount from the open market value, or if you qualify for a discount under the Right to Buy scheme. Then typically, you don’t need to put any of your own money in as a deposit. This is due to the equity being already “built-in” in the deal.

Why use a Mortgage Broker?

The benefits of using a Mortgage Broker in Newcastle

Why use a Mortgage Broker | MoneymanTV

Some key points we would like to make to why to use a Mortgage Broker in Newcastle, we believe there are a lot of more positives if you came to us rather than going straight to a Mortgage Lender.

Considered, it’s worth exploring your options, and we find that most people use a Mortgage Broker in Newcastle. However, this article will balance the pros and cons of both paths.

Broker vs Lender | Mortgage Advice in Newcastle

A Mortgage Broker in Newcastle like us, we likely charge a broker fee on top of other costs, whereas Lenders don’t require this payment saving you money.

You argued that “The Bank Manager knows my finances inside out,” but when credit scoring came in those statements were made redundant, you might find that the Lenders offers exclusive direct deals.

They did this to attract businesses from both consumers and brokers alike. These deals are sometimes available only via the Mortgage Broker and not the branch.

Mortgage Advice Then vs Now

Back in the day, Lenders would be allowed to let any member of staff away from you towards a potential mortgage (that likely wouldn’t benefit you), without any proper mortgage advice or consumer protection.

By 2014 this got banned, with only experienced Mortgage Advisors allowed to provide Mortgage Advice and make recommendations for their products; customers ended up waiting on an extended period just for an initial appointment.

Sometimes this can happen, which isn’t great when you’ve had an offer accepted for a property. With issues like this application via Mortgage Brokers started to climb.

We offer a same day service, aiming to put you through to a qualified Mortgage Advisors in Newcastle within the same day or immediately after making a call.

The Challenger Nowadays

Now the challenge is finding a lender whose criteria and features can be personalized based on your circumstances. Bear in mind, though, that the deals with the lowest rates tend to carry arrangement fees.

No matter how good a Lenders deal is, you’ll have to take note of the affordability, and this is such a big deal. Many people choose to go with a Mortgage Broker in Newcastle as we can compare the criteria and find something tailored to your circumstances.

Newer Regulations

These days, thanks to regulations post Credit Crunch, mortgage applications are no longer straightforward. There are a variety of things that could potentially be a hindrance when you’re making your application. These can include:

  • You having a poor credit history.
  • You are receiving a self-employed income.
  • I am having a mixed deposit source, i.e. Gifted & Savings.
  • Opting for Let to Buy. Renting your current home to buy another.
  • Being a contractor or working under a zero-hours contract.
  • You’re striving on the affordability front.

Lending Criteria’s

Over the years, Mortgage Lenders would show their competitive side, often trying to offer better deals than the next Lender. Nowadays, because of tightened margins, their differences come from their lending criteria.

Examples of these include the amount some would lend to the self-employed compared to others, as well as being slightly more lenient to previous adverse recordings on your credit report.

Why you should come to us?

Whatever the situation, it is unique to you. When you explain this to an experienced Mortgage Broker in Newcastle, they will likely have encountered something similar before. Hopefully, they’ll use this experience to recommend the most appropriate mortgage for you at the lowest rate available to you.

Our service we go above and beyond to our customers, they rely on us, even if the application is straightforward. We can discuss how much they’re planning to offer on a property, recommend services such as solicitors and property surveys, and go through any available protection.

Still need more convincing?

Another significant aspect of the service a Mortgage Broker in Newcastle provides is the ability to be more responsive than the lenders’ direct propositions. Out of hours and weekends, appointments are commonplace, as are our Mortgage Advisors in Newcastle working late on an evening to respond to customers’ emails.

Overlooked factors on why most applicants prefer a mortgage broker is that everyone seems to be busy, and you just might need someone to handle the full transaction and take away your stress. Professional applicants will see the benefits of this as they have clients of their own that they’re able to charge their services.

Maybe in the future, lenders will want to take back more clients from brokers. If this happens, it’s relatively unlikely they’ll staff-up their branch networks. It’s more than likely they will make investments in technology to transact with customers online.

Contact us now

For clients who want to do business that way, with say a straight forward product switch, it’s great. Generally, whether they’re First Time Buyers in Newcastle, Self-Employed in Newcastle, or looking to Remortgage in Newcastle contact us now and speak to experienced Mortgage Advisor in Newcastle today.

Critical Illness Insurance Advice in Newcastle

Critical Illness Insurance Advice in Newcastle 

What is critical illness insurance? 

If you are diagnosed with a critical illness, it can severely impact your finances as you may need some times off work for your treatment and recovery.  

Critical illness insurance pays out a lump sum payment when you are diagnosed with one of the specified illnesses covered by your policy. 

Here Malcolm has compiled a video to talk to you about the significance of having the correct insurance in place for your situation.  

What Insurance is Right for you? | MoneymanTV

Dedicated Protection Specialist 

If you are looking for critical illness advice in Newcastle, please get in touch to speak to a Life Insurance Specialist in Newcastle. We give all/existing customers a free, no-obligation protection review that can often be arranged on the same day. During this consultation, you’ll get teamed up with one of our Specialist Mortgage Advisors in Newcastle

They will look at any existing policies you have in place and assess their suitability, then recommend you with the best insurance policy that matches your circumstances and meets your monthly budget.  

What illnesses are covered by critical illness insurance? 

Some of the illnesses covered by critical illness policies differ between providers. To give you an idea, certain types of Cancer, Heart attack & Stroke are covered as standard by most insurers. However, it’s vital that you read the policy document thoroughly to understand what is and isn’t covered.  
 

Does critical illness insurance cover pre-existing conditions? 

You need to be honest and tell the truth when filling your application; otherwise, you are at risk of voiding your entire policy.  

Having a pre-existing condition does not mean that you will be unable to find someone that will offer you critical illness insurance.

Lockdown 2.0 & The Property Market

Mortgage Advice in Newcastle

On Saturday 31st October 2020, the British Prime Minister Boris Johnson announced that England would enter a nationwide lockdown starting from Thursday 5th November to Wednesday 2nd December. These restrictions were put in place in order to try and reduce the spread of the coronavirus.

In comparison to the lockdown, this time around, the restrictions and guidelines are not as tight. This ease of restrictions has allowed more industries and educational systems to remain open. Now that we are a couple of weeks into the lockdown, as a Mortgage Broker in Newcastle, we think that it’s safe to say that the property market will stay open and carry on as normal.

When we say carry on as normal, you also have to factor in social distancing guidelines and the strict measures that come with taking property viewings etc. Despite the few restrictions, the market is still standing on two feet and we are still operating as usual at your mortgage Broker in Newcastle; here is what you are able to do over the lockdown:

  • View a property to buy or rent
  • Visit estate agents, letting agents, sales offices and show homes
  • Move home
  • Prepare a home to move into
  • Prepare a home for sale or rent

In Newcastle, we have received questions about the lockdown and the property market from all different types of mortgage applicants, some First Time Buyers, some Home Movers. Since this is quite a hot topic at the moment, we thought that it would be best to answer the most frequently asked questions and break them down so that you can get a Mortgage Broker in Newcastle’s perspective on the property market.

Lockdown property market advice in Newcastle

Can I move home in lockdown?

As you know, during the last lockdown the restrictions were a little tighter; luckily in this lockdown, you are still able to move home. Home removal services, van hire, everything that you need to begin your Moving Home journey is available.

One of the most important thing that you need to remember when moving home during times like these, is to stick to the social distancing guidelines. It’s very important that you follow these rules, especially if you are taking regular house viewings.

Can I visit my estate agents?

The answer to this question is yes… that’s if your estate agents are open. Some estate agents have chosen to close their branches and have all of their employees working from home. This may not be the case for your estate agents though, so it’s probably best to check whether they are open or not first.

In this day and age, it’s not unusual to find a business that only transacts over the phone, it’s just the way things are now. If your estate agents are operating from home, don’t worry as you can still do everything and start your process over the phone/online. We advise that you take your time if you are doing everything online, and make sure that you clearly understand everything that is being communicated.

Can I continue with house viewings?

You are still allowed to take up house viewings yes, however, if it’s possible, you could try your estate agent’s virtual house viewing if the offer is on the table. Quite a lot of home buyers are scooping up this option; as a Mortgage Broker in Newcastle, we expect the number of people taking virtual house viewings to increase further too.

Even though a virtual viewing may be a homebuyers safest option, we do understand that nothing beats a house viewing in person. Choosing your home as First Time Buyer or a Home Mover in Hull is a huge life decision, so if you wanted to go down the normal route, it’s completely okay to do that too.

If you are taking up a house viewing in Newcastle, your estate agent will arrange a date and time for you to go and visit the property (or vice versa if you are selling a property). Depending on the time of day and the homeowner’s situation, they may want to go out for a bit so that there are as few people within the household as possible.

Can I put my property on the market?

Since the property market hasn’t been put on pause like the first lockdown, you can still continue the home selling process as normal. You will need to factor in everything that comes with selling a property though, this will include choosing an estate agent, selecting a property valuation, getting pictures taken of the property, etc.

There may be a slight delay at some points of the home selling process and this is down to the new guidelines and restrictions that have been put in place. Estate agents are very busy at the moment and probably have their desks piled up with enquiries. With all of the current measures in place, things that are normally easy to process are taking a little longer.

Can I still use conveyancers?

Yes, conveyancers are still remaining open during lockdown 2.0. They will still be available to support your property sale. Furthermore, we advise that you be patient as most solicitors are working from home so it’s natural that things will probably come slower.

Can I take out a mortgage payment holiday during this lockdown?

As a Mortgage Advisor in Newcastle, this is a question that we’ve received quite a lot during these last few weeks.

In this lockdown, even though it’s a lot shorter and less strict, you are still able to take out a mortgage payment holiday, but only if you absolutely need to. If you need to take out a mortgage payment holiday, you should get in contact with your Mortgage Broker in Newcastle or your lender, it’s your choice. You can also check out our mortgage payment holiday article for more useful information too.

If you took out a mortgage payment holiday during the last lockdown and are currently still on the scheme, you can extend your holiday so that it comes to a total of six months holiday. However, if you have already had a six month payment holiday, you have already reached the six month limit and therefore unlikely that you will be able to access this scheme again.

Catching up to speed

Catching up to speed

The property market is slowly catching back up to speed; with a little more time and the help from 2021, we are hoping that the market resumes back to normal sooner rather than later.

If you are wanting to start the mortgage/home buying process, you should get in touch with your expert Mortgage Advisor in Newcastle – Newcastlemoneyman. We have been delivering Mortgage Advice in Newcastle for over 20 years now and we know exactly what to do, even in times like these.

Despite the global situation, we are still determined to help secure you an amazing mortgage deal! We want the process to run as smoothly as you, get in touch for a free mortgage consultation.

Newcastlemoneyman.com & Newcastlemoneyman are trading styles of UK Moneyman Limited, which is authorised and regulated by the Financial Conduct Authority.
UK Moneyman Limited is Registered in England, No. 6789312 | Registered Address: 10 Consort Court, Hull, HU9 1PU.

Authorised and Regulated by the Financial Conduct Authority.
We are entered on the Financial Services Register No. 627742 at www.register.fca.org.uk

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
www.financial-ombudsman.org.uk

© 2022 Newcastlemoneyman

Newcastlemoneyman – Clavering House, 1 Clavering Place, Newcastle Upon Tyne, NE1 3NG.

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