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.
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.
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.
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.
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.
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.
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.
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:
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.
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:
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.
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 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.
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.
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.
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.
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.
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.
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:
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.
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.
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?” – 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.
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:
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!
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.
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 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.
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.
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.
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:
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.
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.
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.
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.
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.
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!
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.
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.
The different types of mortgage available for NQTs can include:
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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:
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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.
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.
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.
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.
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.
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%.
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.
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.
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.
Once you get it in your head that you’ve had enough of your property, it’s hard to move on from the thought of Moving Home. Whilst Moving Home is on your mind, have you ever thought about where you’d like to live?
As a Mortgage Broker in Newcastle, we’ve seen many First Time Buyers and Home Movers that haven’t even thought about where to start when it comes to looking at where to live. To help you get started with this, we’ve created a list of our best places to live in Newcastle.
This large residential area is a wonderful place to live in Newcastle upon Tyne. Fenham is located just 2 miles away from the city centre, allowing quick access to city life through strong transport links. Whether you are a walker, biker, bus rider or driver, you’ll find yourself at the heart of the city in under 10 minutes.
Fenham offers a wide range of local amenities to enjoy. You’ll find a town hall, a barracks, a community and leisure centre, shops, restaurants, bars and pubs. Having lots of things to do has allowed Fenham to become quite the hotspot for First Time Buyers in Newcastle.
Its popularity could also be related to student accommodation there. Fenham has become a busy student area; it’s located just 10 minutes from the University of Newcastle itself. St Mary’s College has since served as student accommodation since its initial closing in 1984.
Housing types in Fenham vary. For example, you’ll find terraced, semi-detached and detached all with reasonable prices. Here’s a fun fact for you… Ant and Dec were born in the Fenham area!
If Fenham sounds like the place that could fulfil your home buying needs, feel free to get in touch and we can help you get the Moving Home process started.
Jesmond is thought to be one of the most affluent areas within Newcastle and its surrounding areas. It’s a grand, reputable suburb with a high population and lively local atmosphere. We mention this first as Jesmond is renowned for its dining, late-night bars and cafes.
Meanwhile, if you prefer the quieter side of life, you’ll realise that there are lots of other things things to enjoy in Jesmond; this includes garden and riverside walks, parks, museums and more. Activities like this will allow you to take a break from city life and relax outside. Jesmond Dene is one of Jesmond’s greatest outdoor attractions; you’ll find rivers and waterfall to walk by, picnics spaces, playgrounds for the children, a cafe and even an open-air theatre.
The housing types that are available in Jesmond vary, however, you’ll find that most of them are detached and semi-detached. Typically, housing prices in Jesmond are quite high, so if you’ve got the money and the funds in place to live here, you should definitely consider it as a main option.
Heaton is a large suburb on the outskirts of Newcastle. It sits just 2 miles from the city centre itself. The area has become a very popular choice for home buyers; from students to younger and older families, Heaton is home to all different kinds of people.
There are lots of things to do in Heaton. If you like your musical and theatre, you’re in luck as Heaton is home to the People’s Theatre that hosts up to 12 productions per year! Furthermore, just down the road, you will find the Sage, an iconic music venue in Heaton. At the Sage, you’ll find all different kinds of genres performing: jazz, classical, folk, country and even the blues.
To highlight even more of Heaton’s best bits, let’s talk about food and drink. In Heaton, you’ll find plenty of food and drink options, there are delicacies from all over the world available. For example, there are Italian restaurants, Punjabi cuisines and of course, plenty of Fish and Chips. Most of these are located on Chillingham Road. Here you’ll find a long parade of cafes, restaurants, bars, shops and even the Metro Station.
Heaton is a fun and lively place to live, making it the perfect place for homeowners that have a family or are planning to start one. This is also why we love it!
We were going to put only one of the shields on our list, but then we realised that we couldn’t do that!
Both small coastal towns sit right on the edge of Newcastle Upon Tyne, overlooking the sea. Both locations offer peaceful coastline walks and a very British feel. Even though they always argue which town is better, both Tyneside towns love their local area and wouldn’t want to live anyway else. From funfairs on the front to popular shopping centres and outlets on the outskirts of the towns, there is always something to do in North and South Shields.
There are strong transport links into Newcastle City Centre in both towns, so you can easily access the heart of the city in under 20 minutes. That’s if you would rather be in the centre over the beach!
Located within the Metropolitan Borough of Gateshead, to the west of Rowlands Gill and the north of Hamsterley, Chopwell is a small village with a rich history dating back to at least 1150, as shown in a document involving the famous Bishop Pudsey, who served under King Richard I.
The area also has a history in the mining industry, as was prominent with much of Tyne & Wear around those times. The Chopwell Colliery was eventually closed and part of the site was turned into the Chopwell Meadows Nature Reserve. If you are a mountain biking enthusiast, you’ll surely make great use of the Powerlines Mountain Biking Trail in the local area, a spot that finds people from all over the region coming to have a go at the 2.5-mile route on offer.
For a smaller location with industrial history and opportunities for leisure activities, Chopwell could be an ideal place to move to and call home.
Gosforth is a Newcastle city suburb situated to the north of Central Newcastle. There is a rich history in the area, with some of the first recordings of the area noted in 1166. Over the centuries, there have been historical townships within the area, mining collieries and numerous archaeological discoveries including a Roman Altar.
Within the area itself, you’ll find the notable building The Regent Centre, a business complex housing HM Revenue & Customs, as well as others. You’ll also find various private schools and a secondary school Academy, great for families who are planning ahead for their children’s future. There’s a fantastic high street including various noteworthy, well-established businesses, including large supermarkets and even a local shopping centre, cafes and even some local pubs.
For a thriving local scene, high street shopping options, great opportunities for raising a family and a rich history, Gosforth might be an area worth taking the time to look into and possibly even call home.
Situated along the banks of the River Tyne, joining Newcastle & Gateshead together, is the wonderful area known as The Quayside. In the past, The Quayside was an industrial and commercial dockside, also home on the Newcastle side to a regular street market. On this side, you’ll also find some restaurants, bars and nightclubs, as well as some fantastic housing opportunities.
On the opposing side, signposted as Gateshead Quays, you’ll find a contemporary art centre, as well as a performing arts and conference centre. Joining the two city centres is the famous Gateshead Millenium Bridge, a pedestrian bridge opened in 2001. There is also a low-level Swing Bridge allowing further pedestrian and even road access to either side. If you like areas rich in history and culture, with easy access to two different city centres and some great housing, The Quayside might be the area in and around Newcastle that appeals to you the most.
Even if our list only gave you some pointers on where to start looking, we hope that it helped. More often than not, First Time Buyers don’t have a clue on where to start!
If you are looking for First Time Buyer Mortgage Advice in Newcastle, then you should get in touch with our team. We are very experienced in helping applicants that want to move home, in fact, we’ve helped thousands of home movers just like you over our years in the industry.
For a free mortgage consultation in Newcastle, contact us today.
A Gifted deposit can be either a portion of or the full amount of a deposit that is Gifted to you by a family member or friend, with an agreement that it is a loan and you don’t need to repay the money.
Gifted Deposits are useful for when you have enough money to cover your monthly repayments but can’t afford the initial deposit on the property, maybe down to a smaller salary or possibly something else. Having more Gifted Deposit available may present you with options for better rates from a lender.
Generally speaking, it is your parents who can gift you the deposit. This is acceptable both birth and adopted parents. You may see this mentioned online as the “Bank of Mum & Dad”, though there are potential other family members who could also be considered as options for a Gifted Deposit. This depends on individual lenders though, so would require care when trying to find the right mortgage lender.
If the person gifting you a deposit is over the age of 55, they may be able to help you out through taking out a Lifetime Mortgage and an Equity Release in Newcastle.
We often find that clients don’t always know that their parents can help with their mortgage, or if they do, they don’t feel like they can ask them for help. The truth of the matter is that most parents are more than happy to help their children in any way they can in getting on the property ladder.
It’s widely believed that taking out a mortgage is a better option than renting, due to you being able to potentially pay less per month. Your deposit can often come from inheritance, although parents have been known to gift it earlier on in life, especially if they already have enough saved or have released equity from their own home.
The majority of lenders won’t accept a loan as a means of funding your deposit. This is down to the uncertainty that you’d have enough disposable income to pay back both the loan and the mortgage at the same time.
There is no maximum limit on the amount someone can gift you, though there are at least a few lenders that will insist you put in at least 5% deposit from your own funds.
If you are a First-Time Buyer in Newcastle or Moving Home in Newcastle, a Gifted Deposit will be greatly beneficial to you. It can also be useful when in conjunction with a Help-to-Buy in Newcastle. This is because the required 5% deposit, depending on the lender you go with, is acceptable to be paid via Gifted Deposit.
Typically, all lenders will require a Gifted Deposit form. Depending on your lender, you may be asked to provide further proof of these funds, such as the donor’s ID or bank statements.