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Buying Your Home as a Sitting Tenant in Newcastle

Through our years of giving our customers expert mortgage advice in Newcastle, our dedicated mortgage advisors have found that enquiries from renters interested in becoming First-Time Buyers in Newcastle are always on the rise. They can achieve this by purchasing their rental property from their landlord.

Newcastle has always been a popular place for people to call home and enjoy their life, however, many tenants who are already living there find it quite a bit challenging to own their own home there.

With changes always happening to taxes, it’s looking ever positive for tenants of properties who are looking to purchase the place they already occupy.

Many landlords look to sell properties in their portfolio through various standard means like an estate agent, though you’ll find that there are some out there who are also willing to sell their houses to the whoever is already living in the property in question.

If you are living in a rental property and would like to purchase it from your buy-to-let landlord, it is definitely recommended that you discuss the offer with them directly on a priority basis.

Why are landlords happy to sell their houses to the existing tenants?

One of the main factors as to why more tenants now have the ability to purchase their home from their Landlord, is because of changes the government made previously, in order to crack down on tax relief relating to Buy to Let purchases.

The changes that they made took effect over the course of 4 years, and the impact of these changes are now being seen as Landlords receive their tax bills.

The temptation of the profit margins in buying and selling properties has always been something that attracts landlords as joining the property industry can come with great reward.

This profit is why a lot of different property investors chose to instead tackle the taxes head on and enjoy the the great profits that came from being involved in the property market.

Though there are positives regarding the industry, there are also negatives, with these changes being a major factor as to why some landlords have previously and still continue to leave the world of property investing and move onto something else.

A lot of the reasons have been noted for this happening including complications with tax, financial demands, and even the mental stress of trying to take on such risky deals.

If you are a tenant of a property owned by a landlord and are willing to buy your home, your landlord may very well be open to selling the property to you. Often these sales come with deals too.

These deals occur as there will be generally be no need for estate agents to get involved, as well as various other external services, meaning the landlord is likely to save some money.

Benefits For The Landlord

Maintaining Steady Rent Income

Perhaps a landlord is looking to sell his house, and the tenant takes quite a long time to leave the property. Whilst this is going on, it can mean that there may be a lapse in income for the landlord, due to no rent.

If a sitting tenant agrees to buy the property from the landlord, the transition of ownership will be a lot smoother and so will be flow of income to the landlord.

This is because the landlord will keep getting rent from the tenant until the deal is finalised, at which point he will receive the full payment for the property.

Decreased Refurbishment Costs

If the tenant of the property decides to move out and takes everything with them, the landlord will have to inspect every little detail of the house and make any necessary repairs.

If you consider the various costs of bringing in painters and cleaners, as well as anyone else that is needed to make repairs, this can be quite financially draining to the landlord.

They can save a lot of money on all of these expenses if the tenant decides to buy the house, because they already live there and will be willing to buy the property as is. Because of this, the landlord won’t have to fork out on many of the expenses they otherwise would’ve.

Benefits For The Tenant

With this sort of process, there are many different perks for the tenant. You know the property inside and out, knowing exactly what needs work.

Any non-tenant purchases run a risk of any issues going unfixed and unreported, only cropping up once they’ve already bought it.

In those cases, you can end up spending a lot of money to fix any of the problems with the property.

Freedom Of Choice

Buying the property allows you the freedom to make any of the changes (so long as planning permission is approved when required) that your landlord may have otherwise not agreed to.

Again, you may require authorisation from the council to make additions to your land, but for the most part you will be able to do whatever you want.

No Stress Of Moving

If you have been a tenant for years on end, always moving between properties, you know about the difficulties of waiting for the person in front of you to move, so that you can move in.

In these instances, the previous tenants may have struggled to find another house, or are ready to move but they too are waiting on someone else. Buying the property you already live in can be a way to avoid this.

First-Time Buyer 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. 

Mortgage Hurdles you Could Face in Newcastle

Mortgage Hurdles and Specialist Advice

Mortgage hurdles are more common than you think. As a Mortgage Broker in Newcastle, we frequently see applicants facing all different kinds of mortgage hurdles. Some of them will be more common than others, therefore we can advise how to solve these quickly, whereas others can be more complicated and require an in-depth look to solve the problem.

Our team loves a challenge. We’re offering you a helping hand to get you over your mortgage hurdles in Newcastle. Your mortgage hurdles may not be the same as someone else’s, however, we do regularly see some of the situations:

Childcare costs

From 20+ years of industry experience, we can say that it’s extremely rare to be declined a mortgage due to childcare costs. Although expensive, lenders will usually give you some leeway when it comes to childcare costs and mortgage affordability. You have to remember that they have a duty to make sure that you can afford a mortgage and raise a child; to combat this, they may offer you a lower mortgage amount.

Someone in the same financial situation as you but does not have children may be offered a higher mortgage amount. Don’t see this is as unfair; lenders should still lend to you, it’s likely that they’re just factoring in child benefits and state benefits into account.

Mortgages following a divorce or a separation

Unfortunately, one of the most common mortgage hurdles that we come across in Newcastle, is a mortgage following a divorce or separation. In most cases, finances are the first thing that you need to sort out following a divorce or separation.

There are three questions we’re frequently asked about this mortgage hurdle:

  • How do I remove my ex’s name from my mortgage?
  • Can I remove my name from my ex’s mortgage?
  • Can I have more than one mortgage?

The answer to all of these questions is yes, you can do all of these, however, you may need assistance from a mortgage expert to do so. These subject areas are very specialist and it may take a professional to help you get by them.

We know that these situations are hard and you want it to be over as quickly as possible, however, it’s also important that we get it right and you get over the hurdles with no repercussions and a new mortgage deal that you’re happy with.

Starting a new job & getting a mortgage in Newcastle?

It’s not unusual for someone to want to take out a mortgage upon starting a new job. The deposit is not the problem. Usually, the applicant has either built up savings or are moving home in Newcastle and will have the funds from the sale to put towards the deposit. It’s the recurring monthly payments that the lender will be wary about.

If you are due to start a new job soon, you may be able to get a mortgage pre-hand if you have already signed a contract and had a job offer. Typically, lenders are okay with probationary periods, although, they will be cautious.

Gaps in employment can often be a worry. You want to show your lender that you’re reliable and will be able to meet your monthly payments. Regularly being unemployed with no income is a warning sign for them.

Proving your deposit

Proving your mortgage deposit can sometimes be the hardest yet simplest part of the process. This is mostly down to strict anti-money laundering measures. You will always be asked to evidence where you got your deposit from, it’s an essential part of your mortgage process.

Depositing large amounts of cash into your bank will be questioned by your lender. If you cannot prove how you received this money, your application may be rejected.

If your deposit or a portion of it has been gifted to you, it’s advised that the money is kept inside the gifter’s account. This allows your lender to easily monitor the money see exactly where the money is coming from.

Specialist Mortgage Broker in Newcastle

Can I port my mortgage to a new property in Newcastle?

Mortgage Advice for Porting a Mortgage Newcastle

Generally you’ll find that the majority high street mortgages are portable. What this means is that you will have the ability to move it from one property to another, without incurring any kind of penalty.

Portable mortgages are especially useful if you are looking to move into a new home and are currently engaged in a contract with a fixed rate, as it can allow you to potentially avoid any early repayment charges that otherwise would have occurred.

Are all mortgages portable?

Whilst it’s true that a lot of mortgages available to customers are portable, this doesn’t apply to every mortgage. Some specialist lenders for example, won’t allow this to happen. Getting in touch with and speaking to your mortgage lender for a quick discussion can give you some confirmation on this.

Should I port my mortgage?

Even though more often than not it will be there as an option, in lots of cases, homeowners may simply choose not to. Perhaps the lender isn’t willing to lend them the necessary additional funds needed to move home.

It’s important to know as well, that the additional funds will be on a different rate to the rate that your existing mortgage deal is currently on. Depending on the deal that your lender offers you, it may even be more beneficial to you to take on those early repayment charges, rather than staying where you are.

What is a Sub Account?

A sub-account on your mortgage is created at the point where you decide to port your mortgage, with the additional funds being placed onto a different deal than the one you have on your current mortgage.

This means that although you have only technically have a single mortgage and a single direct debit in your name, there are different rates of interest that will apply to each.

Further into the future, having sub-accounts can be known to cause a bit of grief. The reason for this, is because different products will eventually overlap one another. Working to get them aligned once again could mean that one of the sub-accounts has to fall onto the lenders standard variable rate for a particular amount of time.

For more information on the option to port mortgages onto new properties, please contact us to speak with a mortgage advisor in Newcastle and we’ll see how we are able to help you.

No matter if you’re moving house in Newcastle, working with a buy to let mortgage in Newcastle or are in need of help with a self employed mortgage in Newcastle, we’d love to get you booked in for an appointment to discuss your options.

Mortgage Broker in Newcastle

Buying a Property With a Partner or Friend in Newcastle?

Mortgage Advice in Newcastle | Purchasing with a friend/partner

In some cases, a practical way to get on the property ladder as a first time buyer in Newcastle or home mover in Newcastle could be buying a home with a friend or partner. One benefit is that the deposit would be raised quicker and may increase your deposit amount more than if it was from a single income.

As well as this, the costs will be shared, because of there being two incomes. Despite this benefit, it’s key to know that if one defaults, then there is the risk of the other having to be responsible for the full mortgage.

Should I Buy A House With A Friend? | MoneymanTV

The facts

How many people can jointly own a property?

The maximum amount of people that can jointly co-own a property is four. When you jointly co-own a property, you have a legal right to stay in your home unless a court rules otherwise. In the circumstance where one of the parties would like to sell or take out extra borrowing against the property, this is a matter all parties have to consent to unless a court state otherwise.

Joint tenancy or tenancy in common – what’s the difference?

Civil partnerships or married couples usually prefer joint tenancies. In the unfortunate event that one of the parties passes away, the property will be in possession of the other owner on the mortgage. The law sees joint tenants as one unit, which means you can’t remortgage or sell the property without the agreement of the other owner. 

Tenants in common are a more favourable choice for relatives or friends who are buying together. You may jointly own the property, but you do not have to own equal shares. Therefore, you can act individually. This means that you have the right to sell or give away your share of the property. There is a way you can mortgage your share of the property, but it would be difficult to find a lender that will lend in these circumstances. 

Joint mortgages & removing names

What happens if you have a joint mortgage, but the other parties stop meeting the mortgage payments?

All borrowers are jointly and severally liable, which is something a mortgage lender will highlight to you. If one of you stops paying your share of the mortgage, then the other(s) will make up the shortfall and pay the full amount.

How do I remove my name from my ex-partner’s mortgage?

In the case where a divorce/separation might occur, it’s crucial to understand that all parties are still responsible for any joint financial commitments. It applies even if a person leaves the family home, and this is also the case when the two parties come to an agreement where one person will make all the payments.

It’s best to speak to a specialist mortgage advisor in Newcastle to understand what your options might be. To look into this further, check out our article, “divorce & separation mortgage advice.”

If the consideration of buying a new property in the future should occur, the mortgage payment on the old property would be taken into consideration. In this circumstance, a person must seek out Mortgage Advice in Newcastle. It does depend on how generous the lender is as to how much they will lend, however, our mortgage broker in Newcastle will take this into account when recommending the most appropriate lender to apply for a mortgage agreement in principle. 

Mortgage Broker in Newcastle

What is a Tracker Mortgage?

Tracker Mortgage Advice in Newcastle

Firstly, how many types of mortgages are out there for home buyers? There are lots of different mortgages available to those looking to buy a home, with them all being unique and featuring both pros and cons to each.

Throughout this article, we are going to focus specifically on the tracker mortgage, how it could work for you and why it is popular amongst homebuyers. Please bear in mind that a mortgage deal is only as good as the situation it is paired up with, so it may not necessarily be the best option for you.

As an example of this, you could take out a tracker mortgage initially, only to later realise that you would much rather prefer fixed payments (a fixed-rate mortgage). At this point it would be too late to switch as you are locked into a contractual agreement.

As a trusted and experienced mortgage broker in Newcastle, this is why we always recommend getting prepared and doing research prior to the process, and why you would benefit greatly from expert first time buyer mortgage advice in Newcastle.

Alternatively to our article, you could watch our YouTube video on the same topic. Feel free to hop over to our moneymanTV channel and watch “What is a Tracker Mortgage?“, take a look at it here on this page:

What is a Tracker Mortgage? | MoneymanTV

What is a tracker mortgage?

So, the burning question, what exactly is a tracker mortgage? Well, if you were on a tracker mortgage, your interest rate would follow alongside the Bank of England’s base rate and with an additional percentage usually added on top from your lender. Your lender cannot choose this rate, as this is set externally and will have to be followed.

To use an example, the Bank of England’s base rate could be 1% and your lender would have to put on another set amount of say 1%. So, depending on the Bank of England’s percentage, your interest rate will always remain at a percentage just above it.

Will a tracker mortgage in Newcastle benefit me?

A tracker mortgage works out really well if the Bank of England’s rate is currently at a lower rate. It will generally sit around 0-1%, however, it will gradually go up and down all throughout the year.

Back during the credit crunch in 2007-2008, the market crashed, so the interest rate skyrocketed. The highest that the percentage ever went up to was round about 5%. When you factor in the percentage that your lender would be adding on top, you could’ve ended up with a whopping 6% interest on your monthly mortgage repayments.

On the flip side, back in March 2020 at the beginning of the coronavirus, the mortgage market had a similar scare when the Bank of England’s rate decreased by a large amount, dropping a down to 0.1%. If you were on a tracker mortgage during this time, it was highly likely that you would’ve also dropped down to a 1.1% interest rate.

Of course, throughout this time period, you couldn’t pick up a tracker mortgage as in truth, the mortgage rates would’ve been far too good to be true. Ultimately lenders are trying to turn a profit, not lose out on their money. As of July 2021, we’d say it’s still fairly difficult to obtain a tracker mortgage, especially one that’ll suit your financial circumstances.

The tracker mortgage has both positives and negatives to it. This mortgage type relies massively on the economy, so if the market is performing badly and the Bank of England’s rate is high, a tracker mortgage is definitely not the best mortgage for you to get. On the other hand, if the situation is that the economy is performing well with a low Bank of England base rate, a tracker mortgage is certainly one to be favoured.

Different Types of Mortgages in Newcastle

There are lots of different types of mortgages available to budding first time buyers in Newcastle, it’s just finding the one that is right for your circumstances. Before you dive into any mortgage deals, we highly recommend that you speak to a trusted mortgage advisor in Newcastle about your potential options. They will try and find you the most competitive deal for your personal and financial circumstances.

If you are a first time buyer in Newcastle, we believe our mortgage advice service will be greatly beneficial to you. We have been working within the mortgage industry for over 20 years now and have expert knowledge on the various types of mortgages available, able to cater your case as a first time buyer to a specific mortgage type.

We are also available for anyone who is looking to remortgage or move home in Newcastle. We believe that you will find our mortgage advice service invaluable. As a dedicated and caring mortgage broker in Newcastle, we will work alongside you from start to finish, offering a helping hand throughout your mortgage journey.

Should I Rent or Should I Buy?

Moving Home Mortgage Advice in Newcastle

“Should I rent or should I buy?” – It’s a big question that everyone will ask themselves at some point in their lives. It can be a hard one to answer too, especially if you’re a first time buyer in Newcastle.


You’ll find that, in the majority of cases, the option that people choose is down to their personal and financial situation (like most things!). You have to think about where you are now and where you’ll be within the next five years when it comes to making decisions such as choosing between buying or renting.

Why should I rent if a Mortgage is Cheaper? | MoneymanTV

Buying a property

Both renting and buying have their own perks, however, you’ll find that the majority of people will choose to buy over rent a property; here’s a couple of reasons why they may choose to do so:

Cheaper repayments

Generally speaking, depending on whether you’ve got past/current credit issues, monthly repayments for a property that is being bought over rented are usually cheaper. As a mortgage broker in Newcastle, we’ve learned that if you have a good credit score, you could be able to access better mortgage rates. Competitive products or not, you may also be able to obtain a mortgage with only just a 5% deposit or otherwise known as a 95% mortgage.

On the other hand, interest rates can vary and sometimes you may end up paying slightly more for your mortgage payments. For example, this could happen if you are on a tracker mortgage; this mortgage type bases your interest on the Bank of England’s base rate, which has the habit of occasionally fluctuating. This means that your payments could too.

When renting, unless your landlord decides to increase your payments, you should be paying a fixed monthly rate. Unfortunately, it will be rare for your landlord to decrease your payments, they usually only ever bump them up!

Security

Owning a property is much different to renting one, particularly in the sense of home security. Whilst living within the property, assuming that you keep up-to-date with all of your mortgage payments, no one can tell you that you have to move out of your home; you are under full ownership.

Whereas, if you choose to rent over buy, the landlord can ask you to leave at any time that they want. All they are required to do is give you a ‘move out by’ date. Not being in control of when you move out of a property is always a risk that comes with renting.

If the reason why your landlord is asking you to move out is that they are wanting to sell on the property, you may be able to approach them and try and buy it from them. They may even offer you first refusal as it saves them both time and money with estate agency fees, etc.

Property ownership

At the end of the day, if you choose to buy a property over renting one, you will not only have homeownership, you’ll also be a step up the property ladder.

With ownership also comes responsibility. When you own a property, you will be responsible for all of the repairs, damages, faults that come with it. This could be as simple as a light needing to be replaced, to a new heater.

Some people see renting as wasted money; this is not always true. You have to consider your own personal and financial situation and judge whether or not that it’s the right time in your life to buy a property. If it isn’t, renting may be the better of the two choices for you.

Renting a property

Renting is often a popular and easy option for people wanting to move out from their parents/carers household and haven’t quite decided on whether to rent or buy yet. As a mortgage broker in Newcastle, we’ve seen that renting is often used as a stepping stone towards buying a property or a way to give a little flexibility to someone’s living arrangements.

Flexibility

In terms of when you can move out of your rented property, the choice is yours! When you first move into the property, it’s likely that you’ll have a minimum tenancy period, which is usually a year. After this is over, you can choose to carry on living within the property or move out.

This is a little difficult when you are owning a property as you have to go through the process of selling your home. Also, remember that you may be searching for one too! If you get a little overwhelmed with the stress of moving home in Newcastle, feel free to get in touch with a mortgage broker in Newcastle like us.

Maintenance

As a tenant, your landlord should hold responsibility for all significant repairs. Some landlords will be better at this than others, however, sometimes you’ll find that you have to maintain the property yourself without their help.

Remember that when you own a property, you are accountable for all of the repairs and damages and you’ll have to sort them out yourself.

Choose what’s right for you

When choosing between buying or renting, make sure that you pick the option that’s best for you. You should consider both your personal and financial situation prior to making a decision. Here are a couple of things that you should think about:

  • How long are you planning to live in the property? If it’s less than 5 years, maybe renting is for you. If it’s for longer or long-term, maybe you should consider buying a house.
  • What is your current financial situation? Do you have the funds in place to put down a deposit on a property for a mortgage?
  • Do you want to move away or want to live in a different area? If so, make sure that you are aware of the property prices in different locations.
  • How many people are you planning on living with? If you are living by yourself, will it work out cheaper to rent over buy?


If you need any help or any sort of advice when it comes to buying or moving home in Newcastle, feel free to get in touch. Our team have helped thousands of homebuyers achieve their goal in the past and you could be next.

We are available 7 days a week, so call or contact us at a time that best suits you.

Our Mortgage Advice Service in Newcastle

Mortgage Broker in Newcastle

As a mortgage broker in Newcastle, our job is to support you through the whole mortgage process, making it a stress-free and easy-going experience. We also aim to try and find you a competitive mortgage product that is tailored to your specific financial and personal circumstances.

For us, it’s important that the customer knows exactly how our service works and in what order different parts of the process come in. To give you an insight into our process and how it works, we have put together a small guide that we think you’ll find useful.

How does our process work?

As a mortgage broker in Newcastle, we’re open and honest with you 100% of the time. Step by step, let’s take a look at our process and how it works.

Step 1

1. First of all, once you contact our responsive team, we will take some details from you so that we can get a picture of who you are and what you’re looking to do. This also helps us select the perfect mortgage advisor in Newcastle to pair you with.

Following the chat and a fact find to fill out, we will get you booked in for your free mortgage consultation with your own dedicated mortgage advisor in Newcastle.

Step 2

2. During your free consultation with your dedicated advisor, they will ask you a few more questions. This will give them a closer look into your mortgage needs. From here on out, this advisor will take care of you and help you find the perfect mortgage deal for you!

If they manage to find you a great deal that benefits both your personal and financial situation and you’re happy to take it up, we are ready to continue to the next step.

Step 3

3. This step continues right after your consultation. Your advisor will arrange a mortgage agreement in principle (AIP) for you within 24-hours of your consultation.

Having an AIP in place early on in the process is crucial. It shows a seller that a lender is willing to let you borrow from them. This is of course agreed in principle that you can provide evidential documents to back up your income, credit score, etc. During this part of the process, if you haven’t already found a home to make an offer on, you can start hunting for houses with your AIP to back up any offers.

After your AIP is in place, we’ll begin collecting evidential documents from you to back up your mortgage application. This will include payslips, bank statements, photographic ID, etc. These documents and the amount that you need to supply could vary if you are a self-employed applicant.

Step 4

4. As soon as everything looks good on our end, we can move to the mortgage application submission stage!

We’ll only submit your mortgage application if we know that you’ll pass your lender’s credit scoring criteria; we don’t want it to be declined. Once your application is with your potential lender, it’s just a waiting game now. During this time, we’ll be regularly informing you on the progress of your mortgage application.

As soon as we get the green light, we will be in touch straight away to give you the confirmation that you’ve had your mortgage application accepted. Congratulations, you’re now on the road to moving into your new home!

Our service

Now that you know our step by step process, how does our service impact your mortgage journey?

Specialist situations

At Newcastlemoneyman, we want you to have the easiest mortgage process possible and come out with a great mortgage deal. We also deal with specialist cases, so if you are struggling to get a mortgage through the traditional mortgage route, our service is in place to offer help when needed. Our mortgage advisors in Newcastle have been helping customers overcome complex cases for over 20 years now – we have the expertise at hand!

We’ve had customers in the past who’ve been turned away from their bank and we’ve still been able to get them a mortgage offer. We love a good challenge and our team would love to help anyone struggling applicant in a complicated mortgage situation.

Customer service

Customer service means everything to us, we want to ensure that you’re fully satisfied with every single part of our service.

Over our long history of working within the mortgage sector, we have accumulated a large number of customer reviews. We appreciate every bit of feedback that we receive, it really does keep us going!

Here are some examples of some customer experiences with Newcastlemoneyman:

Newcastlemoneyman-Review-1 Newcastlemoneyman-Review-2 Newcastlemoneyman-Review-3

Feel free to check out more of our reviews! On our reviews page, we have plenty more for you to look at. You may even come across a customer that’s been in the same situation as you.

Speak to a Mortgage Advisor in Newcastle

Now that you’ve learnt more about our service, it’s your job to get in touch. We are available 7 days a week, therefore, you can choose when to contact us.

You should take advantage of our free consultation. Whether you’re a first-time buyer or moving home in Newcastle, we recommend taking this free service!

Help to Buy Armed Forces

Following the credit crunch in 2008, the government introduced various mortgage schemes to help the market get back on its feet. The first of the schemes were labelled as ‘Help to Buy’ schemes. There was the Help to Buy ISA, Equity Loan and the Shared Ownership scheme.

The government found that these schemes were becoming more and more popular so began creating more schemes to try and help struggling applicants get onto the property ladder. Although most of the schemes target first time buyers, they created a new scheme that was exclusively aimed at armed forces personnel. This scheme also comes under the ‘Help to Buy’ umbrella, being named the Help to Buy Armed Forces scheme.

Help to Buy Mortgage Advice in Newcastle

Armed Forces Help to Buy Scheme | MoneymanTV

The scheme is quite simple. It allows regular or retired armed force personnel to borrow up to 50% of their salary, interest-free, to buy a home. This can be used to purchase your first home or to move home if you are assigned to a different location or your family circumstances have changed.

The scheme, originally being brought in in 2014, has now been extended until 31st December 2022. The scheme has an aim to address the low rate of homeownership amongst armed forces personnel.

Who can access the scheme?

However, there are some limitations to the scheme. You can only access the scheme if you’ve completed your pre-requisite length of service, have more than 6 months left to serve at the time that you apply or if you match the correct medical categories.

There may be some scenarios where there are exceptions to the who can and who can’t access the scheme. Usually, this relates to personal circumstances or other medical conditions.

How much can I borrow?

Strictly, you can only borrow up to 50% of your annual salary, with the maximum being £25,000. It’s likely that this is going to be more than enough for a deposit, so you can use the rest on other expenses, e.g. solicitor, surveyor or estate agency fees.

How do I apply for the scheme?

As a Mortgage Broker in Newcastle, we do offer our help in getting a mortgage through the Help to Buy Armed Forces scheme. Alternatively, you can seek advice by approaching your chain of command or personnel agency.

If you are interested in the Armed Forces scheme, feel free to get in touch with our team for advice. If you’ve previously owned a property, it may be worth getting in touch to see whether you qualify or not. Even if you are a First Time Buyer in Newcastle, it may be worth checking anyway!

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:
???? Shared ownership.
???? Variable-rate mortgages.
???? Help to Buy in Newcastle.
???? 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. 

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.

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