Ever had a situation where you’re reserving a flight, only to realise that you’ve chosen the wrong date or location? Despite seeming simple, these tasks can often become time-consuming, complex, and maybe even more expensive than anticipated.
Scenarios like these can bring about unnecessary stress. What was supposed to be an exciting endeavour, has now turned stressful due to a minor error. In such situations, you might consider seeking the assistance of a travel agent to alleviate the pressure of the process.
Similarly, the realm of mortgages can evoke the same worries and stress. Much like a travel agent, a mortgage broker in Newcastle, like us, can step in to lighten your burden.
You might have recently come across a fixed rate deal, but later discovered that it doesn’t align with your circumstances.
As is the case with all advertising, the goal is to pique your interest and entice you to explore further. Typically, such deals are targeted at clients with substantial equity and stellar credit scores.
There is almost always a more appealing offer out there, but it might not necessarily be the most fitting for your personal or financial situation.
It’s crucial to remember that when you opt for a specific lender, you are restricted to their products and advisors. Be cautious of estate agents and their price comparison websites. You can learn more about estate agents’ sales tactics in our article.
At Newcastlemoneyman, our customers’ best interests are always our priority. We have the ability to provide a variety of products from diverse lenders, some of which are more specialised, depending on your goals.
Additionally, our dedicated team of mortgage advisors in Newcastle will never pressure you into anything you don’t want – our aim is to support you on your journey.
Book your free mortgage appointment today with one of our mortgage advisors in Newcastle. They will explore your options and suggest the most appropriate mortgage deal for your current situation.
They might also recommend features like a fixed interest rate, offset options, or variable rates for flexibility.
Our job is to know these criteria thoroughly, which is why we strive to guide you onto the most suitable path for your circumstances.
If we’ve done our job well – and we have a solid track record of doing so (refer to our Customer Reviews) – you’ll secure a deal that lets you borrow your desired amount at reasonable interest rates, saving you both time and money.
We’ve helped numerous first time buyers in Newcastle, those inquiring about their options for a remortgage in Newcastle and even self-employed individuals seeking mortgage advice in Newcastle.
If you’d like to benefit from our free initial mortgage consultation and speak with a mortgage advisor in Newcastle, please get in touch and we’ll see how we can help you.
When a lender reviews your bank statements, they are looking for various indicators. Their main objective is to assess your financial responsibility and your ability to maintain timely mortgage payments.
Recently, many applicants especially first time buyer in Newcastle have been asking a common question: ‘Do gambling transactions negatively affect my bank statements?
While engaging in licensed gambling is not illegal, there’s no need to worry if you’ve occasionally placed bets on events like the Grand National or used online betting platforms. For many, gambling is simply a common pastime, much like any other hobby.
However, it’s essential to heed the message often seen in gambling advertising: ‘please gamble responsibly.’ This is a crucial consideration when applying for a mortgage. Lenders are not in the business of dictating how you lead your life, spend your money, or passing judgment on the ethics of gambling. Nevertheless, they do have a responsibility, as underscored by mortgage regulations, to make lending decisions prudently.
If lenders must demonstrate to regulators that they are making sound lending choices, it’s not unreasonable for them to expect borrowers to approach their personal finances in a similar responsible manner. Put yourself in their shoes: if you were lending your own money, would you lend it to someone with a serious gambling addiction?
Having occasional gambling transactions on your bank statements is not inherently a barrier to mortgage approval, as gambling itself is legal. However, lenders will assess the reasonableness and responsibility of these transactions. They will pay close attention to their frequency, size in relation to your income, and their impact on your account balance.
If your gambling transactions are infrequent and involve small amounts that have minimal impact on your overall account balance, they are unlikely to raise concerns. However, if you engage in daily gambling or frequently overdraft your account, lenders may view this as irresponsible behavior, which could lead to a mortgage application denied.
Lenders look at your bank statements to gauge your financial management, aiming to determine your level of responsibility or the presence of financial red flags. For instance, having an overdraft facility and occasionally using it isn’t necessarily a concern, but consistently surpassing the overdraft limit is less favorable. Hence, lenders pay close attention to excessive overdraft fees and bounced direct debits, as these may indicate poor account management.
Additional items lenders watch for include credit transactions from payday loan companies, undisclosed loan repayments (when you claimed no existing loans on your application but regular loan payments appear), and noticeable missed payments.
Moreover, they assess the duration of time your account remains in overdraft throughout a typical month. If you’re only using it briefly after payday and spend the rest of the month in overdraft, lenders may question the sustainability of the mortgage.
Keep in mind the importance foresight. In most cases, a bank may request your three most recent bank statements, which encompass your salary deposits and recurring bill payments.
If you anticipate applying for a mortgage in the near future, it’s wise to steer clear of the potential issues mentioned above. Consider taking a temporary break from gambling and focus on optimising the presentation of your bank account to enhance your prospects.
Whether you’re a first time buyer in Newcastle, feeling a bit overwhelmed by the process, or you have a complex case requiring a specialist mortgage advisor in Newcastle, our team is here to provide expert guidance. We’ll navigate you through the entire mortgage process, assist with your application, and set you on the right path.
Our team is available 7 days a week, ready to address your mortgage queries. We’re eager to assist you on your mortgage journey. Schedule a free call with one of our mortgage advisors in Newcastle today.
Here is a rundown of the 10 steps that make up the mortgage process for first time buyers in Newcastle. This will help you be well-prepared for the journey ahead as you venture into the world of mortgages.
So, you’ve made the exciting decision to buy a home and venture into the world of mortgages as a first time buyer in Newcastle. This is undoubtedly one of the most significant financial choices you’ll ever make, and realising the weight of it, especially without prior experience, can be a bit overwhelming.
That’s where a dedicated mortgage broker in Newcastle comes in – to guide you through the process. Our aim is to alleviate your stress and work diligently to ensure that you emerge on the other side with a mortgage and your first home, all while securing a favourable deal.
Upon reaching out to us, we’ll arrange a complimentary initial mortgage consultation with a knowledgeable mortgage advisor in Newcastle. During this session, we’ll gather your information, assess your plans, and kickstart your journey.
During your complimentary mortgage consultation, one of the topics your dedicated mortgage advisor in Newcastle will cover is a mortgage affordability assessment.
In this assessment, your appointed mortgage advisor in Newcastle will review your monthly income and regular expenditures (your typical expenses) to ascertain whether you have the capacity to comfortably manage the monthly repayments for the mortgage amount you’re seeking to borrow.
This evaluation holds immense significance because, prior to presenting your case to a lender, it’s essential that we are confident in your ability to meet the repayments.
This precaution is taken to prevent the potential risk of falling into arrears and the unfortunate prospect of repossession, which both the lender and you would want to avoid.
Typically, the lender conducts their own mortgage affordability assessment. However, our preliminary assessment serves to streamline the process, saving time for the lender, us, and most importantly, you.
This proactive step prevents the submission of an application that could potentially be declined due to affordability constraints.
Moving forward in your consultation, the subsequent stage involves obtaining a mortgage agreement in principle. If you’ve been delving into mortgage information prior to seeking advice as a first time buyer in Newcastle, you might have come across this step with a few variations in names.
You might have encountered terms like ‘decision in principle’, ‘mortgage in principle’, or the abbreviations ‘DIP’ and ‘AIP’. Rest assured, these names are interchangeable and carry the same meaning.
The purpose behind securing a mortgage agreement in principle is to formalize the fact that you have successfully passed a preliminary credit assessment conducted by a lender.
This assessment can be based on either a hard credit search (which leaves a trace on your credit history) or a soft search (which doesn’t leave any mark).
It’s important to note that while this agreement doesn’t guarantee your mortgage approval, it’s an essential milestone on your journey to securing a mortgage.
An additional advantage is that possessing this document demonstrates to the property seller that you are genuinely committed, potentially opening the door for negotiations on the property price.
Typically, your agreement in principle remains valid for a period of 30 to 90 days, and it can be easily renewed if it expires. Our team usually strives to generate an agreement for you within 24 hours of your initial consultation.
After obtaining your agreement in principle, the next step involves securing the services of a conveyancing solicitor, sometimes referred to simply as a conveyancer. This professional will assist you with the legal aspects of the homebuying process.
Conveyancing pertains to the legal transfer of property ownership between parties, whether you’re the buyer or the seller.
Your chosen conveyancing solicitor will manage various tasks, including handling contracts, providing legal guidance if needed, conducting local authority searches, managing land registry matters, and facilitating the transfer of funds required for property payment.
Given the critical role they play, it’s imperative to select your conveyancing solicitor with care.
It’s worth noting that licensed conveyancers are specialists in property matters and may not handle intricate legal issues, while more general solicitors offer a broader range of legal services and might appear relatively more expensive.
Although we don’t offer these services in-house, we maintain a list of trusted firms that your dedicated mortgage advisor in Newcastle can recommend to you.
Having consulted a mortgage broker in Newcastle, successfully undergone the mortgage affordability assessment, secured an agreement in principle, and enlisted the services of a conveyancing solicitor for the legal aspects, you’re now halfway through the process.
The next step is to submit an offer for the property you intend to purchase. As previously mentioned, armed with an agreement in principle, you’ll be in a favourable position for price negotiations.
While you should avoid making an excessively low offer that might offend the seller, don’t hesitate to propose a lower price that reflects your interests.
With an AIP in hand, the seller is more likely to consider your offer over someone who is willing to meet the asking price but lacks the same level of preparation.
In the event that the seller declines your offer, it’s not the end of the road. This presents an opportunity to explore a more reasonable offer that suits both parties or to consider other property options.
Upon acceptance of your offer, your next step is to reconnect with your mortgage advisor in Newcastle, marking the commencement of the final phase in your mortgage journey.
Now let’s turn our focus back to the mortgage process, specifically the vital step of providing the necessary documentation. Given the substantial financial commitment involved, mortgage lenders exercise caution and require thorough verification before extending a loan.
To establish your eligibility, you’ll be asked to furnish a range of documents that verify your identity, income, residence, and financial responsibility. In cases of joint mortgages, both parties will need to provide these documents.
The documentation you’ll need to provide encompasses: proof of identification, verification of your address, your most recent three months’ payslips and latest P60 (if employed), evidence of earnings and Tax Year Overviews for the past three years (for self-employed individuals in Newcastle), confirmation of any additional income like state benefits or maintenance, substantiation of your deposit, and your bank statements for the last 90 days.
With your mortgage agreement in principle secured and your offer on a property accepted, the next step is to move forward with submitting your complete mortgage application.
Having meticulously reviewed and prepared all the necessary documents, your dedicated mortgage advisor in Newcastle, along with their team of skilled mortgage administrators, is ready to compile and send off the application to the lender.
This involves sending all the collected supporting documentation, and then it’s a waiting game for the lender’s response, indicating whether the application has been approved or declined.
While there’s no fixed timeframe, our proficient mortgage administration team can actively follow up with the lender to expedite the process for you.
In the interim between submitting your mortgage application and receiving an offer, the lender typically arranges a valuation survey of the property. Accredited firms, chosen by the lender based on their trustworthiness, usually conduct these surveys.
The aim of this survey is to ascertain the property’s true value in relation to the agreed purchase price. If you’ve agreed to pay more than its market value, the lender might hesitate to accept, since they could face financial loss in case of payment defaults, unable to recover the full loan amount.
This scenario is commonly referred to as a ‘Down Valuation’. Different types of property surveys are available, varying in complexity and cost. Some assess solely the property’s value, while others provide insights into structural issues and potential repairs needed in the future.
Your mortgage advisor in Newcastle can guide you in choosing the most suitable survey for your situation.
The long-awaited moment arrives when your mortgage lender completes their assessment of your case and the supporting documentation, resulting in the issuance of your mortgage offer.
At this juncture, our friendly team of mortgage advisors and administrators in Newcastle, who have supported you throughout the process, will review the offer to ensure its accuracy and alignment with your needs.
Once the mortgage offer is in your hands, your conveyancing solicitor takes over to navigate the final steps toward property ownership.
Congratulations! From being a first-time buyer in Newcastle, you’ve successfully transitioned into a first-time homeowner. With the majority of stress now behind you, we hope you’re excited and prepared to embark on this new chapter in your new home.
Now, it’s simply a matter of collecting the keys and making the move. We trust you found value in interacting with our team and receiving swift and amiable mortgage advice in Newcastle.
If you opted for a fixed-rate mortgage, as your term approaches its end, we’ll be there to assist you again, ensuring a smooth transition with your remortgage in Newcastle!
When first time buyers in Newcastle embark on their journey of buying a property, there are crucial steps you need to take to ensure a smooth and informed process. Two important aspects you’ll encounter are the “Agreement in Principle” (AIP) and the concepts of “Hard” and “Soft” credit searches. These factors play a significant role in the mortgage application process. Here, we’ll delve into the details of what an Agreement in Principle is, how hard and soft searches differ, and how they relate to purchasing property in Newcastle.
Obtaining an Agreement in Principle before you start house hunting in Newcastle can offer several advantages:
Credit searches are an integral part of the mortgage application process, as lenders need to assess your creditworthiness before offering a mortgage. There are two types of credit searches: hard and soft.
A hard search, also known as a credit check or credit application search, is a comprehensive review of your credit history. It leaves a mark on your credit report visible to other lenders. When you formally apply for a mortgage, lenders will conduct a hard search to make a final lending decision. Multiple hard searches within a short period can impact your credit score.
A soft search, on the other hand, is a preliminary review of your credit history that doesn’t leave a visible mark on your credit report. An AIP often involves a soft search. Soft searches provide a general overview of your financial standing without affecting your credit score. However, keep in mind that if you proceed to a formal mortgage application, a hard search will likely be conducted.
When you obtain an Agreement in Principle, the lender typically performs a soft search to assess your eligibility for a mortgage. This soft search gives you an indication of how much you might be able to borrow. If you decide to proceed with a formal mortgage application, the lender will conduct a hard search as part of their comprehensive assessment process.
First time buyers in Newcastle, understanding the nuances of Agreement in Principle and credit searches is essential for a successful property purchase in Newcastle. Securing an AIP empowers you to confidently explore the property market, while being aware of the distinction between hard and soft searches ensures that you’re mindful of your credit report’s health.
Are you seeking valuable mortgage tips and advice to navigate your journey to homeownership? We understand the myriad questions and concerns that can arise during this process.
In this comprehensive article, our goal is to address your most pressing inquiries and provide you with insightful guidance to navigate the mortgage landscape with confidence.
Whether you’re a first time buyer in Newcastle or considering remortgaging in Newcastle, we’ve got you covered. Let’s work together to turn your homeownership dreams into a rewarding reality!
Evaluating your borrowing capacity is a critical step in the mortgage journey. Consider factors such as your income, expenses, and existing debts.
For a rough estimate, you can utilise online mortgage calculators, but for a more personalised and accurate assessment tailored to your specific financial situation, it’s best to consult a dedicated mortgage advisor in Newcastle.
By making informed decisions, you’ll set yourself on the right path to securing the ideal mortgage that suits your needs perfectly.
Staying well-informed about interest rates is crucial for making educated decisions on your mortgage journey.
Keep yourself updated with financial news, reliable websites, or seek guidance from knowledgeable mortgage advisors in Newcastle who can provide you with real-time updates on interest rates.
Being aware of the current market trends will empower you to make the best choices for your mortgage journey. Additionally, you can explore our YouTube channel, MoneymanTV, where we regularly upload monthly market updates, providing valuable insights on this subject.
By staying informed with the latest trends and insights, you can confidently make well-informed decisions about your mortgage journey.
It’s essential to dedicate time to explore various mortgage types, such as fixed-rate, adjustable-rate, and interest-only mortgages. Each option comes with its own set of features, benefits, and considerations that can significantly impact your financial situation.
Conducting thorough research and seeking advice from mortgage experts will help you identify the most suitable mortgage type that aligns with your specific needs and financial goals.
By understanding the intricacies of each option, you can make an informed decision that sets you on the right path toward achieving your homeownership aspirations.
Having a strong credit score is essential for securing favourable mortgage terms. To achieve this, make sure to pay your bills on time, maintain a low credit utilisation rate, and regularly review your credit report for any errors or discrepancies.
If you face challenges with your credit, there are reputable agencies available to offer assistance and guidance in improving your credit situation. Taking proactive steps to enhance your creditworthiness will significantly improve your chances of getting the mortgage you desire.
When applying for a mortgage, standard documentation usually includes proof of income, identification, bank statements, and employment history.
To get a personalised and comprehensive list of required documents based on your unique situation, it’s best to consult with mortgage lenders or experienced mortgage advisors in Newcastle.
They will guide you through the documentation process, ensuring you have everything you need for a seamless mortgage application. Their expertise will help you navigate the paperwork with confidence and increase your chances of a successful mortgage approval.
When considering mortgage options, both approaches have their advantages. Working with a mortgage broker in Newcastle, like our team, grants you access to a wide range of lenders, facilitating thorough comparisons to find the best offers available in the market.
On the other hand, approaching a mortgage lender directly allows you to build a direct relationship with them. To make an informed decision, we recommend assessing your preferences, conducting diligent research, and seeking recommendations from trusted sources.
Whether you choose to work with a mortgage broker in Newcastle or approach lenders directly, it’s essential to find a solution that aligns with your unique needs and financial goals.
It’s important to be mindful of expenses beyond the actual mortgage amount when purchasing a property. These additional costs can include arrangement fees, valuation fees, legal fees, and even potential early repayment charges.
To gain a comprehensive understanding of all the costs involved, carefully examine fee schedules from different mortgage lenders and seek advice from professionals, such as mortgage advisors in Newcastle and solicitors.
Being fully aware of these expenses will help you budget effectively and avoid any surprises during the mortgage application process.
An agreement in principle is a preliminary assessment by a lender that gives you an initial estimate of the mortgage amount they might be willing to offer based on basic information. It’s a helpful indication of your borrowing potential.
On the other hand, a formal mortgage offer is a legally binding document issued by the lender, stating their commitment to providing the loan under specific conditions. This offer is made after a thorough evaluation of your financial situation and the property you intend to purchase.
Once you accept the formal mortgage offer, you are one step closer to securing your dream home.
The timeline for processing a mortgage application can vary depending on various factors. On average, it takes several weeks to complete the process. Factors such as the type of property you’re purchasing, your credit history, and how efficiently you submit the required documents can all influence the timeline.
To ensure a smoother and quicker process, it’s essential to work closely with your mortgage advisor in Newcastle and be proactive in providing all necessary information and documentation.
By staying organised and prepared, you can minimise potential delays and increase the chances of a successful and timely mortgage approval.
Now equipped with these essential answers to your top mortgage questions, you are well-prepared to embark on your mortgage journey.
Remember, seeking guidance from reliable mortgage advisors in Newcastle, conducting thorough research, and staying proactive throughout the process are key to a successful mortgage experience.
By following these steps, you can confidently pursue your homeownership dreams and take the necessary actions to turn them into reality! With the right knowledge and support, you’ll be on your way to securing the perfect mortgage that suits your needs and financial goals.
Removing someone else’s name from a mortgage is a common request that we receive as a mortgage broker in Newcastle. One of the most common reasons for this is due to divorce or separation. However, it is important to remember that leaving your name tied to someone else financially can have long-term consequences.
One of the main issues is that you will still be responsible for missed mortgage payments, even if you no longer live in the property.
This can have a significant impact on your credit score, making it more difficult to secure a mortgage in the future.
Additionally, it can affect your affordability and lead to higher Stamp Duty tax implications if you decide to purchase another property.
Therefore, it is crucial to remove your name from someone else’s mortgage as soon as possible to avoid these issues.
If you are taking on full responsibility for the mortgage payments, the first step is to determine whether you are eligible for a remortgage as a sole-name applicant. This can be done by speaking directly with your mortgage lender or seeking advice from a specialist mortgage broker in Newcastle.
It is important to agree on who will take ownership of the property before removing someone else’s name from the mortgage. If there is a disagreement, it may be necessary to involve legal proceedings, which can be costly.
If you are going through a divorce or separation, seeking specialist mortgage advice in Newcastle is highly recommended. An expert mortgage advisor can guide you through the process and provide support when you need it most.
If you need assistance removing someone else’s name from your mortgage, our team of specialist mortgage brokers in Newcastle are here to help. We offer expert mortgage advice seven days a week, including weekends and some bank holidays.
Book your free remortgage review today and let us help you navigate the process of removing a name from your mortgage. With our guidance and support, you can move forward with confidence and avoid any potential challenges down the line.
A mortgage broker in Newcastle is a type of business that specialises in arranging or negotiating mortgages on behalf of customers who are homeowners, home buyers, or landlords.
Essentially, they act as intermediaries between the borrower and the mortgage lender, working to secure the most suitable mortgage for their customers’ needs.
When someone takes out a mortgage, they are borrowing money from a mortgage lender, which is then secured against their property. The borrower then pays back the loan over a set period of time through monthly payments.
A mortgage broker in Newcastle’s role is to help their customers look at the various types of mortgages available, compare rates and terms from different mortgage lenders, and ultimately secure the best possible deal for them.
When it comes to obtaining a mortgage, a homeowner, home buyer or landlord can choose to search for and arrange their own mortgage, though generally it is more common for them to seek the help of a mortgage broker in Newcastle, due to the broad range of services they offer.
One of the most important services provided by a mortgage broker in Newcastle is the ability to compare your circumstances against thousands of products, from various mortgage lenders. In contrast, going directly to a bank limits you only to their specific deals.
Although the best deal with that mortgage lender may be the best option for you, though this is not always guaranteed. A mortgage broker in Newcastle can often offer exclusive deals and make comparisons for you, ensuring that you obtain the best deal available, across all mortgage lenders.
The responsibilities of a mortgage broker in Newcastle extend beyond that, as they are involved in various tasks before, during and after the mortgage process. The services provided may differ from one broker to another.
At our company, for example, we specialise in recommending suitable insurance options for homeowners. While it is an optional extra cost, our mortgage and protection advisors have a responsibility to guarantee that you can remain in your home, regardless of any unforeseen circumstances.
When you first start the mortgage process, you will usually be in contact with a mortgage broker in Newcastle’s appointment booking team. They will gather some initial information from you and help you find a suitable time to speak with a mortgage advisor in Newcastle that works around your busy schedule.
Alternatively, you can book an appointment directly through the website of many mortgage brokers in Newcastle, including our own.
This is often done through a user-friendly appointment booking system where you can choose between telephone or video calls, bypassing the need to speak with anyone before your appointment.
During your appointment with your mortgage advisor in Newcastle, you will provide them with more detailed information to help them better understand your financial situation and goals. They will then look at a range of mortgage deals and recommend the most suitable option for you.
Some mortgage brokers in Newcastle have access to a limited number of niche mortgage lenders, while others have a larger panel of mortgage lenders, like us.
Although we’re not whole of market, we have a wide range of mortgage products available, from standard to specialist. Once your mortgage advisor in Newcastle has found a deal you’re happy with, they will look to secure you an agreement in principle (AIP), which confirms your mortgage eligibility.
An AIP is typically required by estate agents when you make an offer on a property and shows the seller that you are committed to your offer and financially capable of proceeding with the sale.
At this point, you will also need to submit your documents to your mortgage broker in Newcastle, which can vary depending on the mortgage lender and your individual circumstances.
Standard documents usually include proof of ID, income, and deposit, as well as the last three months’ bank statements and payslips. If you are a foreign national, you will also need to provide proof of VISA or the right to work in the UK, which can typically be done with a share code, if you migrated from the EU.
Depending on your circumstances, you may also need to provide additional documents such as a P60, business bank statements and tax calculations/year overviews if you are self-employed, or an employment contract if it is applicable to your line of work.
Once the previous steps have been completed, a mortgage broker in Newcastle will typically review and verify your documents before providing you with a mortgage illustration that outlines the agreed-upon deal, before submitting it to the mortgage lender.
After the submission, the waiting game begins for you until the mortgage lender gets back in touch with your mortgage broker in Newcastle to confirm whether or not you have been approved for the mortgage.
The work doesn’t stop there, as mortgage advisors in Newcastle and administrators still have their own steps to complete. They’ll send copies of your documents to the mortgage lender and work with solicitors
During this time, our mortgage advice team will be available to advise you on property surveys. You can typically choose from three types of property surveys: basic valuation, homebuyer’s valuation, and full structural survey.
Similar to how they recommended a mortgage deal during your initial mortgage appointment, our team will be able to best recommend which property survey you will need to take out.
Whilst you wait for the end result of your mortgage application process, you may have questions or concerns about what is happening. A mortgage advisor in Newcastle will keep you regularly informed, often via email, so that you are never left in the dark regarding your mortgage progress.
In due course, the mortgage lender will provide you with the outcome of your mortgage application, hopefully, a positive one. If your application is approved, you will receive a formal mortgage offer.
After this, your solicitors will take over to complete the necessary legal work and finalize your mortgage deal, allowing you to enjoy your new property. Nevertheless, a mortgage broker in Newcastle can still offer further assistance.
At Newcastlemoneyman, we go the extra mile by getting in touch with our clients about six months before their mortgage deal expires. If you previously took out a mortgage with us, we will offer you remortgage advice and assist you in taking the next step towards owning a property.
There are various ways in which a mortgage broker in Newcastle can help a mortgage applicant. For instance, they can save them both time and money by streamlining the mortgage process and minimising stress levels.
Additionally, mortgage brokers in Newcastle can offer a broader range of mortgage deals, including exclusive and specialised options. At Newcastlemoneyman, we prioritise our customers’ best interests and work hard to save them money and to help secure their financial future.
Our customer reviews show our commitment to building long-lasting relationships and going above and beyond for our customers. We also strive to reduce our customers’ costs and fees by negotiating with mortgage lenders or incorporating fees into their mortgage balance.
During our free mortgage appointment, our mortgage advice team will discuss all costs and fees involved in the mortgage process to ensure transparency and avoid surprises down the road.
If you are looking to save time, money, stress, and worries by having an experienced mortgage professional handle the bulk of the work, then hiring a mortgage broker in Newcastle may be the right choice for you.
At Newcastlemoneyman, we specialise in providing expert mortgage advice in Newcastle to a diverse range of applicants, including those looking at first time buyer mortgages in Newcastle, buy to let mortgages in Newcastle, and more.
To speak with one of our mortgage advisors in Newcastle, simply use our online booking feature to schedule a free mortgage appointment or remortgage review with a dedicated expert. Contact us today to see how we can help you achieve your mortgage goals.
If you are a first time buyer in Newcastle, it is likely that you will have a whole load of questions on your mind regarding the mortgage process and how each step works. If you have managed to get your head around the first few stages, you will now start wondering about the final stages such as mortgage approval.
As a mortgage broker in Newcastle, we get frequently get first time buyers asking questions like “what is a mortgage approval” and “how long does a mortgage approval take?”; these types of questions involve an important part of the mortgage process and you will need to know exactly what a mortgage approval is. Within this article, we are going to cover mortgage approvals and how long you should expect to get one once submitting your formal mortgage application.
Here, we are going to discuss how the process works and how you would reach a mortgage approval in Newcastle.
The first step of your mortgage process would be to get in touch and book a free mortgage appointment with a mortgage advisor in Newcastle. Once you have a date and time for your free appointment, you are ready to get the ball rolling with your mortgage journey!
During your mortgage appointment, your mortgage advisor in Newcastle will take some information from you to discuss your current mortgage situation and what you are trying to achieve. They will also ask for some personal and financial information to support your income, affordability etc.
Using the details that you have provided, your advisor will be able to go and find the perfect mortgage product for you. They will look for a competitive mortgage product that matches your personal and financial circumstances.
We have a variety of lenders on panel that we are able to search through in order to try and find the best deal for you. We will search through 1000s of mortgage products on your behalf before selecting a product.
Once your mortgage advisor in Newcastle finds you a suitable product, they will feed back and present their recommendation. This deal will be presented in a mortgage illustration, which will outline the whole product. Your advisor will go into the details of the product and cover aspects such as monthly payments, interest rates, how long your term is, etc.
You will need a mortgage agreement in principle (AIP) to be able to make any offers on Newcastle properties. As a mortgage broker in Newcastle, we will be able to arrange an AIP for you completely free of charge so that you are in the best position possible when it comes to making an offer on a property.
An agreement in principle just shows that the lender is willing to let you borrow for them based on the personal and financial information that you provided to your mortgage advisor. You will need to provide supporting documents, such as bank statements and source of deposit, once you advance with your mortgage product.
No, an AIP does not guarantee a mortgage; it only helps you through the first few steps of the mortgage process. They roughly last between 30-90 days, therefore, you may need to renew them if you get one prior to looking at houses. This is no issue, as your mortgage broker in Newcastle, we can renew this within 24 hours of it expiring, just get in touch with your mortgage advisor for them to arrange this!
So, you have found a property and have used your AIP to make an offer on it. You also want to continue with us and take the mortgage product that we have offered you. Now, it is time to supply some evidential documents and submit your mortgage application to the lender!
If you do not want to continue with us, unfortunately, we will not be able to offer you the recommendation your advisor initially presented you with.
Once your application has been sent off, the lender will start to carry out checks on your file and the documentation that you have supplied.
They will thoroughly check your bank statements, monthly outgoings, current financial commitments, etc., to be adamant that you can afford the mortgage product that you are looking to take out. They will also need your ID and current address to make sure that you are, who you say you are.
If you were given a gifted deposit, they will also need to check where it can come from and complete an audit trail to support this.
A mortgage valuation survey will be carried out on the property that you are looking to buy in order to confirm the house is worth what you are paying for it. If you need to, our team will recommend any additional surveys you should have carried out.
If the price of the property is not worth what you are paying for it, the lender may lower the mortgage lending amount they are willing to give to you. In their eyes, they will be lending more than they need to. You have two main choices, you can either try and negotiate with the seller to lower the value of the home, or you can make up the difference with your own money or through a gifted deposit.
After their checks are complete and everything looks good to go, the lender will let our team know that your application has been approved and successful. Your first time buyer mortgage advisor in Newcastle will be straight in touch to let you know the great news!
From here, it’s off to your solicitor for the exchanging of contracts and the rest of the legal side of things. Now the last step; pick up your keys to your new home!
This is the usual process for a standard mortgage case, although, in some different and complex situations, the steps may differ.
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Unsecured credit is a topic that should not be taken lightly. We regularly speak with customers who are in dire need of specialist mortgage advice in Newcastle. Having things like missed payments, low credit scores, CCJ’s, and defaults, will have an impact on the maximum amount you can borrow for a mortgage.
If you have too many missed payments on something like a mobile phone contract, you may find yourself with a default attached to your credit file. If you are looking for a mortgage in the future, this can cause you trouble because it shows that you may be unreliable with payments.
That said, missing a couple of payments or defaults is not the end of the world. While talking to a specialist mortgage advisor in Newcastle can help navigate the mortgage process, there may find some suitable choices for you.
If you have a lower deposit, your chances of being declined are more than likely. If you have a suitable size deposit though, even if you have bad credit, a mortgage may still be an option for you, but you could face high-interest rates.
A specialist mortgage lender wants to know when and why your default was registered against you. The further away it is and depending on whether there is a good enough reason, the more likely you are to achieve mortgage success.
People do make mistakes and if it is a genuine, honest mistake that your default was issued, the mortgage lender may be a little more sympathetic during your application.
We have compiled a list of frequently asked questions and answers in addition to bad credit mortgages.
If your questions or situation cannot be found below, feel free to book your free mortgage appointment and we will see how we can help. Our team can provide great mortgage advice in Newcastle and have a lot of experience in dealing with complex mortgage situations and may have met something similar before.
No matter what type of credit problems you have had in the past, your mortgage advisor in Newcastle will need to see an up to date copy of your credit report, which you can typically obtain online for free.
You must get your credit report before applying for a mortgage, especially if you have a poor credit history. Multiple failed credit searches can affect your credit rating and potentially prevent you from getting a mortgage altogether.
The answer to this question depends on your individual circumstances. We find that many clients can be quite confused by their credit score and need help understanding why it may be a problem.
To some customers, their credit score may not look the best, but in their eyes, they might have a good enough deposit to lower the rate and a consistent income. Even so, because of the risk, a mortgage lender may not like them to borrow anything at all.
The mortgage lender must have absolute certainty that you can keep up with your mortgage payments without the possibility of falling into arrears. If you do fall into arrears, the mortgage lender may need to repossess your home. Contrary to widespread belief, they will want to avoid this if they can.
While it may sound challenging, there are still options for bad credit mortgages, though we tend to find they come with higher rates. At this point, the most beneficial step is to book an appointment with an experienced mortgage broker in Newcastle.
In many situations, you may struggle to keep afloat financially for reasons you cannot control. This can leave you unable to make mortgage payments you had no trouble paying.
Unfortunately, such circumstances happen. Even if it could only be a momentary blip, you can repay quickly enough, a missed payment may still appear on your record.
No matter what credit problems you face, you may face a challenge when it is time to remortgage, buy your first home, or move home.
Providing nothing but open and honest, specialist mortgage advice in Newcastle, we have had a lot of experience in helping customers who were previously tied to a mortgage and have since found themselves with a bad credit history.
If you are in a comparable situation, it will be beneficial to talk to a mortgage broker in Newcastle on your way to finding future mortgage success.
Customers may face all kinds of bad credit issues, all of which can cause great grief during the mortgage process. Some of these issues include but are not limited to;
Although none of these are particularly great circumstances, it is not necessarily the end of the road for you. With higher mortgage rates, you may have a longer, more challenging process, but there are specialist mortgage lenders who can help.
You need to focus on improving your credit score to increase your chances of mortgage success and access to better interest rates. We have a useful article that we have written on How to Improve Your Credit Score in Newcastle, which will hopefully help you to obtain a mortgage in the future.
If you are need of some expert mortgage advice in Newcastle regarding bad credit mortgages, book your free mortgage appointment online and one of our mortgage advisors in Newcastle will see how they can help.
We have over 20 years of mortgage knowledge and experience on our side, working hard to make sure that we have a definite plan of action regarding you credit score, ahead of your mortgage process. It’s our hope that the eventual outcome has you with your own mortgage.