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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.

Christmas Property Hunting 2020

Open & Honest Mortgage Advice in Newcastle

Christmastime is becoming one of the best times to search for properties online as you can get ahead of the New Year Rush.  In-between Christmas and New Year there is historically a spike in online property viewings because people are off work and they can spend time exploring options with everyone who needs to be involved.

If you’re Christmas property hunting, our team will be available during this period to provide guidance, support and answer all your questions.

Why Speak to a Mortgage Advisor when Christmas Property Hunting?

Due to the pent-up demand in the market, we’re predicting that January will be a busy month for the property market. If you can ensure that you are ‘Mortgage Ready’ before others, you will increase your chances of having your offer accepted.

Speaking to a Mortgage Advisor in Newcastle this December will hopefully put your mind at rest as well as saving you valuable time and money.

First-Time Buyers

If you are a first-time buyer, we would recommend that you speak to an Expert Mortgage Broker in Newcastle to help you through the whole home buying process. Our fantastic team of Mortgage Advisors will take care of you and try to secure you the best mortgage deal for your personal situation.


If you are moving home, January is always the busiest time of the year for estate agents. To be ahead of the game, and to avoid the rush, act now. Approach estate agents and see when is the earliest time they can value your home, take pictures and get your property listing ready to go live?

From your initial conversations to getting your home listed, it could take a couple of weeks. Also, seeking mortgage advice in advance will give you an advantage. You’ll be equipped with answers to all your questions be ready for when you get that all-important offer call.

Gifted Deposits

Gifted Deposits from family members are a brilliant way to help with a new property purchase. Whether you are a first-time buyer or a home mover looking to move up the ladder. Find out more Gifted Deposit Mortgage Advice in Newcastle here.

Mortgage Advice in Newcastle

As experts within the mortgage industry, we have lots of valuable knowledge and experience that will help you through the mortgage process. Our expertise could prove highly beneficial if you face any problems.

If you contact our skilful team of Mortgage Advisors today, you’ll receive a Free Initial Mortgage Consultation.

Mortgage Broker in Newcastle

A Guide to Remortgages in Newcastle: Top Reasons to Consider

The mortgage journey is a rewarding process. Despite its fair share of up and down’s, you will end up with one of the following:

  • Settled down in your dream property, and looking to start a family.
  • A stepping stone to boost you further up the property ladder.
  • An investment purchase to provide some extra income.

No matter which path you take on. There will eventually come a time when your mortgage term is approaching its end. Your option is to sell up and upsize/downsize into a new property.

Maybe you are looking to sell your portfolio to the tenant or another buyer and look at other opportunities? The most popular option, however, is a Remortgage.

What Is Remortgage?

A Remortgage is where you use the proceeds from a new mortgage to pay off a pre-existing mortgage. It can be an excellent way to find lower interest rates and better mortgage terms.

Utilizing the 20 years or so experience with Malcolm Davidson (Director / Mortgage Advisor), we thought it best to put together a quick-thinking guide to all the options you could choose when it comes to taking out a Remortgage.

Remortgage For Better Interest Rates

Your initial mortgage deal will typically last 2-5 years and feature low fixed rates or possibly discounted rates. In some cases, you may even get placed on a tracker mortgage, which follows the Bank of England’s base rate.

When your term ends, you will likely get moved along to the lenders Standard Variable Rate (SVR). In short, an SVR is a mortgage with an interest rate that can change depending entirely on what the lender wishes to charge.

In any case, this does not follow the Bank of England’s base rate like a tracker mortgage. We find; these are usually the most expensive paths to take, leaving many to look at Remortgaging for better rates, which will hopefully save you money on your monthly repayments.

Remortgage For Home Improvements

2-5 years into occupying your home, you may decide that something isn’t quite right. Maybe you need an extra room or larger living space for your kids/belongings, a new kitchen, a new office, or loft conversion.

Rather than you move into a larger house, consider seeking advice to release equity with a Remortgage to cover the costs of these. Though it may seem like a frightening concept having to obtain planning permission and fund/manage your project.

You could argue it’s a lot less stressful and more rewarding than the process of finding a new home. Selling your current one and moving your belongings.

In the long run, this may prove even more beneficial as creating more space and will likely increase the value of your property, handy for if you ever do decide to sell up or rent out.

Remortgage For Changes to Your Term

In some cases, people may wish to Remortgage in Newcastle for a better mortgage term, by reducing the length or switching to a more flexible product.

Reducing the size does mean you won’t be paying back your mortgage for as long, so aren’t entirely tied down forever, but as such your monthly repayments will be a lot higher. The longer your term, the lower the payments will be over time.

Remortgage For Changes to Your Term

Some opt for a more flexible mortgage term when they remortgage. The benefits provided by this option can prove appealing to some homeowners. You may gain the ability to overpay,

Resulting in being able to pay your mortgage off as quickly as you’d like, as well as being able to carry the same mortgage and rates over to another property, should you decide to move at any point in the future.

Though a flexible mortgage sounds near perfect, they usually come in the form of a tracker mortgage, which as mentioned earlier on follows the Bank of England base rate. Meaning one month of your payments could vary based on interest, making them a little unreliable.

Equity Release

Everyone has a level of equity in their property, how it works is with a difference between the remaining total on the mortgage, and the current value of the property.

As touched upon briefly, you can choose to opt-in for some for home improvements; however, there are more options available for you out there.

Some use it to cover long-term care costs, to supplement their income, to have a holiday, to pay off an interest-only mortgage, or to have free spending money.

In some cases, we find that Buy-to-Let landlords will use Equity Release as a means of covering their deposit for buying a future property to add to their portfolio.

Remortgage to Consolidate Debt

On the topic of Equity Release, another big one people use it for, is to pay off any unsecured debts you may have accrued over time.

Firstly though it may seem easy enough, Debt Consolidation bases not only the amount on how much you’re entitled to and the value of the property, but also your credit rating. Additionally, this could mean you are limited in the amount you can borrow.

Secondary, to pay off your previous mortgage and your debts, you will need to borrow more than your outstanding mortgage amount. In any case, your monthly repayments will most likely be higher.

Though not an ideal situation, at least you can rest assured that should you find yourself dealt an unfortunate hand, you do have some options out there.

Should you find yourself with a significantly damaged credit rating, you do still have options to choose from. However, these will not be easy and require very Specialist Remortgage Advice in Newcastle before going forward.

Even then, there is no guarantee. You should always seek mortgage advice in Newcastle before choosing to consolidate and secure any debts against your home.

Experienced Mortgage Advisors in Newcastle – Get in Touch Today

If you are reaching the end of your term and are wondering what your option may be for Remortgaging. It is worth your time to Get in Touch with an experienced and trusted mortgage broker in Newcastle.

An advisor will be able to discuss your circumstances and future goals to create the best plan of action for you in the next step of your mortgage journey. We aim to ensure this process quick and smoother approach than your first time.

How to Improve Your Credit Score in Newcastle

When applying for a mortgage, having a good credit score can be a helpful factor, especially for first-time buyers in Newcastle. It can potentially lead to a higher chance of you getting accepted and being successful with your mortgage application.

Although this doesn’t mean you’ll be guaranteed accepted though, Lenders have their internal scoring system.

Each Lender has different criteria. We advise all our customers don’t spend your time worrying if you’ve failed with one Lender. There are plenty of other mortgage Lenders who might be willing to be more lenient. It’s down to our Mortgage Advisors in Newcastle to match you with the Lender that’s right for you, and their aim is the same thing as yours which is to find you the best deal available to you.

There are multiple credit reference agencies in the UK; the two we recommend is Experian and Equifax. In any case, it’s a good idea to look into many of these agencies as possible beforehand, to help give you a more specific idea of your credit score. Some of these agencies may include incorrect information.

Therefore, by checking with multiple agencies, you can be sure that this information is accurate.

Keep Credit searches to a reasonable amount:

Multiple credit searches can have adverse effects on your credit score. Be on guard of using price comparison websites which are known to be significant credit culprits searching on individuals. If you are applying for a mortgage soon, it may be wise to apply for additional credit afterward. 

Whilst having some credit and paying it back is a good thing for your score in the long run. Lenders prefer to see you leverage your borrowings right before setting up a mortgage application.

Check you are on the Voter’s Roll:

Making sure you’re enlisted on the electoral roll increases your credit score. It indicates stability which lenders like. Ensure your names spelt correctly and that it’s your current address which is registered online. If you aren’t registered, it’s straightforward and comfortable enough to do this online.

Know your Maximum Limit:

If you max out your card each month, your score will get reduced. Using a credit card to keep on top of your payments each month is a preferred method. In any case, this will be a good indicator of your Lender that you are good at managing your money.

The main red flag in a lenders eyes is if you exceed an agreed card limit or overdraft. The reason lenders watch over this is because they want to know you’re able to take your finances responsibly.

Check your Address History is keyed correctly:

Sometimes it can be perceived on your credit report that you are living in two places at the same time if providers have yet to get told that you have moved houses. It is pivotal that the addresses which you’re updating spelt correctly; If you have been residing in a flat, this can be a bit more complex as the address can get formatted in different ways.

Keep up to date with Credit Accounts:

If you no longer use individual store/credit cards, you should get into contact with the providers to close the account for extra security. In the short term, this could get seen as having a brief impact on your score as the Lender can’t tell who’s closing the account, e.g. you or the provider, but this will be for the better and an advantage to you in the long run.

This is an excellent thing to do to reduce your chance of becoming a victim of fraud if you don’t notice you have a lost a card which you may use regularly.

Look out for Financial Links to others:

By having, family members or ex-partners connected to you financially could mean that they’re affecting your credit score unknowingly. However, you won’t be able to get the financial association removed if the account is still active though.

To remove the links between you and another individual, you should contact the reference agencies and make a request. The sooner you do this, the more beneficial it will be.

Many consumers feel that credit scoring is an unfair way of applications getting assessed. Lenders themselves are indifferent to this idea as it makes their overall job more manageable. It is cost-effective for them to operate this way and computers give more consistent outcomes.

On the other hand, some lenders do still do it the old-fashioned way but still apply the same rules about the number of defaults and CCJ’s they will allow.

When setting up your application, be sure your report is up to date to increase your chances of being accepted first time—the more in-depth information which your Specialist Mortgage Advisor has at hand, the better.

Mortgage Advice in Newcastle

Past & Present Apprentices | NAW2020

For National Apprenticeship Week 2020, we thought we’d pause for a minute to think about reflecting upon our younger employees who recently completed their apprenticeships, as well as those who are currently working their way through one.

Following the success of earlier apprentices Thomas Bowes (formerly of the Customer Care team, now a Mortgage Advisor in Newcastle) and Laura Aves (a Dedicated Case Handler who assists our Mortgage Advisors in Newcastle), we decided that apprenticeships were the way to go when looking to hire new employees.

Tom & Laura | Newcastlemoneyman

It gives us a feeling of pride and accomplishment, allowing youngsters to encounter an opportunity in what is likely their first employment, allowing them to learn and grow with skills they wouldn’t otherwise learn. We’re helping to build their futures whilst they’re also able to earn a living.

Recently Completed Apprenticeships

Former apprentice Michael Sallabank undertook a Digital Marketing Apprenticeship with the company.

Two years after his starting date and Michael is very much still a part of the Moneyman team. It’s been several months since he completed his apprenticeship and he’s now a fully-fledged digital marketer.

As a collective, the Marketing team helps create brand awareness, allowing potential home buyers to take their first steps towards Mortgage Advice in Newcastle.

Next, we have Chloe Masters, who is celebrating her 1st work anniversary today. Chloe is one of the youngest members of the Newcastlemoneyman team, now becoming a Dedicated Case Handler.

Finishing her apprenticeship recently, Chloe now joins fellow former apprentice Laura in assisting the Mortgage Advisors with their work.

Michael & Chloe | Newcastlemoneyman

Current Apprenticeships

At this present time, the Newcastlemoneymangroup has two Apprenticeships. Lee Underwood and James Lawson all joined the group in late 2019, undertaking a Digital Marketing Apprenticeship, the marketing disciples hope to take the mortgage head-on and create even more brand awareness for budding home buyers looking to find expert Mortgage Advice in Newcastle.

Here at Newcastlemoneyman, we appreciate everyone who walks through our doors and we always enjoy watching our apprentices grow over time as both workers and people. We look forward to seeing who joins our team in the future!

Lee & James | Newcastlemoneyman

Newcastlemoneyman.com & Newcastlemoneyman 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.

© 2022 Newcastlemoneyman

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

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