Burger Menu

Main Reasons for People Moving Home in Newcastle

As an open & honest mortgage broker in Newcastle, we have come across an array of different reasons as to why someone may look to move home in Newcastle. We have also seen our fair share of similar reasons too.

Below we have compiled a comprehensive list of the main reasons why someone may wish to move home in Newcastle; perhaps you may find one similar to yours:

For More Living Space

This tends to be the most frequent we find crops up for home movers. Usually we will see first time buyers in Newcastle finding a smaller more convenient house to begin with, opting to move into a new home further down the line once their circumstances have changed.

It is also quite common amongst people who are considering starting a family of their own. Once you become a parent, that small house suddenly becomes much smaller. This can make it difficult to feel like you have your own space.

On the flip side to this, there are other alternative means of creating more living space. Some people may look at a remortgage in Newcastle to raise some capital as a way of funding any potential home developments, extensions or alterations.

Remortgage is a popular option for homeowners who aren’t quite keen on the idea of moving out, instead choosing to make an investment on their home. This allows for you to create the space you need without leaving your home.

Doing this may also add to the properties value which could be incredibly useful if you are ever looking to sell your home in the future.

A Change of Scenery

Sometimes people may just be looking to find a change of scenery. There is nothing wrong with that, as it is something quite common. We would argue that it is one of the largest factors outside of space, as to why people may want to move home.

As a mortgage broker in Newcastle, we often hear from prospective home movers in Newcastle that they had a low budget when they first bought their home, though now that has changed and they’d like to invest in a higher-end property in a different location.

It is very likely that those types of borrowers are on a much higher income than they were previously and are looking to find a home that is in a much more affluent area than the one that they are currently living in.

When you buy your first home, it is not likely that you would consider a choice of schools if you didn’t already have a family. That can change though once a family is formed, and so you may consider moving home to be closer to better education options.

To Be Closer to Family & Friends

We also find that many who are moving home in Newcastle will look to do so, as a way of living closer to family and friends. Once again, this is much more common with couples starting a family of their own.

If both parents are to be working full time, then it is more than likely that they will ask their own parents to help them out with childcare. Private nurseries are usually quite expensive and may not always be close by.

Moving home in Newcastle can be a tricky decision to make. If you perhaps don’t want to leave but need more space, maybe it’s time to speak to one of our remortgage advisors in Newcastle. They will talk you through your options for raising capital for home improvements.

Moving Home Mortgage Advice in Newcastle

For any customer who is looking at moving home in Newcastle, we believe you will benefit from taking out expert mortgage advice in Newcastle. Book your free mortgage appointment today and a dedicated mortgage advisor in Newcastle will be in touch.

They will be able to calculate your maximum borrowing capacity and give you a rough estimate on the costs you will be possibly looking at paying per month, once you have moved home.

Even if you are swaying more towards your options for a remortgage in Newcastle, get in touch today and benefit from a free remortgage review with one of our expert remortgage advisors in Newcastle.

10 Factors to Help You Decide Where to Live in Newcastle

Home Buyer Mortgage Advice in Newcastle

Whether you are local or not, one of the main factors when moving home in Newcastle is the location you have in mind and knowing the area.

Of course, you will have to think about more than just where you want to live, but what the area currently looks like, what nearby facilities are there and what do you want to look out for when looking for your dream property.

To help you get a better understanding of the sort of street you would like to live in, we have compiled a detailed list of the different types of factors home buyers need to look out for when finding their new property in Newcastle. 

1. Busy city or relaxing countryside? 

Make sure to come up with an idea of the type of area you would like to make your residence in, after all you are going to be living on this property for a very long time.

If you feel more comfortable surrounded by a thriving urban scene, city life is better suited for yourself. Whereas if you prefer the quiet life, living in the countryside might be more suitable for you.

Remember, you will find pros and cons everywhere. Give yourself plenty of time to think careful before you get your heart set on a location that could be based in an area that you might not enjoy.

2. Transport Links 

The nearest transport links to and from your potential new home base are important factors to pay attention to, especially if you don’t drive.

If you don’t drive but want to go out and socialise with friends or family, or make your way to work, going shopping for essentials then you will need to know the available transport links.

If you drive your own vehicle, it’s worth making a note of how long will it take for you to reach different places? How much will fuel be? Are where are the closest fuel stations?

3. Schools & Education 

For home buyers who have kids, you should take a look at the nearest schools that are close by. Looking at the league tables and Ofsted report can give you a good idea of what schools are like.

If you don’t have any children now, whether you are planning for the future or have no plans at all, it may be beneficial to at least look it up, just to future proof yourself. 

4. Nearby Facilities – What You Need Vs What You Want 

When you are planning to live in a particular area to cater for the facilities that you are after. We recommend writing a list and separating those that you want from those that are essential.

For example, if you really want to have a gym nearby but doing so could mean that you have to live in an area without the shops you need within a reachable distance.

You probably need the shops more for your general living, so that might be something to prioritise, whilst leaving the gym as an added bonus if you can make it work.

5. Friends and Family 

The difference between where you might be living and where your family and friends currently live can have an impact on where you move to. Some prefer keeping family and friends close by.

Whereas others prefer to keep to themselves with their loved ones at a distance, prioritising peace and quiet over going out and socialising with people on a regular basis.

6. Is the property good value for money? 

Everyone wants good value for money. Which is why determining this for your home will depend on the area that you’re looking to live in.

Sometimes, it may be a better option for you to look for a cheaper property to start out with, though this might mean compromising various features or nearby facilities that you would have preferred to have had.

7. What is the community like? 

It’s the local community that makes the area what it is. Those who prefer a quiet life tend to keep to themselves. Others may prefer a thriving busy community.

Have a word with your estate agent and find out what the area is like. Community Facebook pages or locally run websites tend to be quite common these days, so they’re worth looking up to get a rough feel for the location. 

8. Career Changes 

Some home buyers may be moving because of a new job or career plan. Remember to review the distance between your new home and workplace.

If you’re going to be working in a home office and only visiting the office occasionally, would you be okay with living a bit further out? What is the space like within the property? Does your property have scope for a home office?

9. Property Type 

There are a lot of different property types available in the market, with these properties can vary in the area you are looking.

Some prefer end-terrace properties with a garden to enjoy, whilst others prefer a modern flat or studio apartment.

Make sure you have a good look at all the options available to you. Look at the viewings to get a good idea of the type of property you would prefer to live in. 

10. Local Developments 

Any information regarding future improvements in the area is handy to know, especially if you’re looking to build a life within that home and stay there for quite a while.

Online research will be the best port of call when looking to find any future investments. It’s important to consider whether these will be a benefit or a detriment to your lifestyle.

If you prefer a quiet country life, you might find their dream scenario turned into a nightmare if a big new housing development is planned within close by. 

Moving Home Mortgage Advice in Newcastle

When the time comes for making offers on property and getting yourself a mortgage, get yourself booked in for a free mortgage appointment. Our friendly Mortgage Advisors in Newcastle will be more than happy to help!

We work from early until late, all throughout the working week and weekend, subject to availability. 

No matter if you need some assistance with a First Time Buyer Mortgage in Newcastle or are Moving Home in Newcastle, we can’t wait to hear from you and help you Start your mortgage journey. 

The Costs of Buying a Home in Newcastle

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

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

Mortgage Advice in Newcastle for First Time Buyers

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

Valuation Fees

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

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

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

Mortgage Arrangement Fees

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

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

Solicitor’s Fees

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

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

Estate Agency Fees

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

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

Stamp Duty

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

Broker fees

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

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

Removal Fees

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

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

Moving Home Mortgage Advice in Newcastle

The Pros & Cons Of Using A Mortgage Broker in Newcastle

Finding your footing on the property ladder for the first time, or jumping in once again at the end of your fixed term, can feel a little daunting at times.

There are plenty of routes these days for homeowners and home buyers to take for themselves, but you ideally want to get it right first time, especially with so much money involved.

Of course, we firmly believe that our service as a mortgage broker in Newcastle, will benefit all during their mortgage process, especially first-time buyers in Newcastle.

Whilst we are confident in our ability to assist our customers, we also understand that it is not for everyone and some may still be unsure of how we can help.

As such, we have put together a balanced overview of why coming to a mortgage broker in Newcastle may benefit you in some cases, as well as why sometimes you may prefer to go direct to the mortgage lender instead.

What are the pros & cons of using a mortgage broker in Newcastle?

Cost-Effectiveness

In the minds of many, you are much more likely to save money by going direct and finding your own mortgage deal. This isn’t entirely untrue, as a mortgage broker in Newcastle may charge a fee, though this is very much circumstantial.

If you’re experienced in doing it yourself, have a straightforward case and knowledge of lender criteria, by all means this will be easier and more cost-effective. The downside to this comes with more complex cases and people who don’t understand the lender criteria.

Without the know-how, you could either end up on the wrong deal, or unsuccessfully applying for a mortgage deal. Both of these situations could result in you spending more money than you have to, or damaging your credit score, harming your chances of applying for a mortgage in the future.

A trusted mortgage advisor in Newcastle will always aim to get their recommendation right first time, at the cheapest deal they can find. Whilst again, this may come with a service fee, you could be saving yourself a lot more money in the long run.

Local Bank Branch Relationships

Another point that many older customers think works in the favour of the bank directly, is the way the mortgage process was previously run. Before the rise of technology and online banking, you would be a loyal customer of your local branch regularly, often speaking to the same people.

When it came to a mortgage, you would sit with the bank manager themselves, who would “know your finances inside and out”, and they would be the one to approve a mortgage for you. A lot has changed since then though, and credit scoring is now all done digitally.

That means the bank manager won’t personally run through your case. Instead your case will be run against a complex online system, to determine whether or not you qualify for a mortgage. These days, everyone gets a fair shot, no matter which bank you are with.

Exclusive Mortgage Products

Tying into the previous point, many believe that you can get better, exclusive deals only by going direct. Once again, this is somewhat true, but only part of the story. See, they can offer great deals, but only from their own company.

The problem here is that not all mortgage lenders are banks and there are lots of different options out there to choose from. The best deal your bank can offer, might not be the best deal overall that you could’ve gone with.

That’s once again, where it is beneficial taking out mortgage advice in Newcastle. A dedicated mortgage advisor will be able to run through your case, and match you up to a suitable deal with one of the many lenders they have on panel, rather than from just one source.

It’s also worth noting on the topic of exclusivity, that you may also find deals with a mortgage broker in Newcastle, that you can’t find anywhere else. Whether you’re a first-time buyer, looking to remortgage in Newcastle or have a more specialist case, there will be more options for you when going with a mortgage broker.

Changes to Regulation & Consumer Protection

Following the 2007-08 credit crunch, the mortgage market needed an overhaul. As outlined in the 2014 Mortgage Market Review, lenders were no longer able to sell mortgages to their customers on a non-advised basis.

What this meant, was that you couldn’t just walk into a bank, tell them you want a mortgage and be granted it without any checks. You also couldn’t be granted a mortgage by anyone in the bank, as this was something that would happen regularly, whether they were qualified to do so or not.

In addition to this, these changes also brought about consumer protection, that a bank otherwise wouldn’t have given you. You now have the right to complain to the Financial Ombudsman if you feel mis-advised in any way. You also can make a claim via the Financial Services Compensation Scheme.

This is a tick in the column for both mortgage broker and mortgage lender alike, as it means no matter which journey you take, you’ll be safe, secure and professionally advised.

Booking an Appointment with a Mortgage Advisor in Newcastle

One area where the mortgage lenders fall short and the mortgage brokers excel, is that it can sometimes literally take months to try and speak with someone at a bank. Once you have made that contact and started your process, you’re not always guaranteed to be kept in the loop.

A unique selling point of our own, is that we are able to speak with you at times that best suit you and your schedule. Our mortgage advisors in Newcastle are here from morning until late, every single day of the week, including weekends. You might also find us working on some bank holidays too!

If you’re lucky, you might find yourself with an appointment on the same day, but that also doesn’t have to be the case. Want to speak with someone in a few days time? You are more than welcome to do so!

These advisors have time slots that best suit your lifestyle. Work 9-5 and need to speak with someone later that evening? We’ve got you covered! The best part is that with our online booking feature, it’s never been easier to speak with a qualified mortgage advisor!

Further to this, we pride ourselves on being responsive with our customers. This means no matter what stage of the mortgage process you’re in, you will always be kept in the loop. If there are any changes, your advisor will let you know as soon as they are able to do so.

It’s because of mortgage brokers in Newcastle like us, offering this level of customer service, that the public perception of mortgage brokers has changed. This has led to more people than ever getting in touch with their local experts, rather than going to the big banks.

Handling of Complex Scenarios

Sometimes a mortgage situation might be a bit more difficult than the average case. Frequent examples of this that we’ve encountered over the years, include (but are not limited to);

  • Mixed Deposit (Savings & Gift) – This means auditing two different sources.
  • Zero Hour Contract Workers – Will there be a consistent income?
  • Wanting to Make a Second Purchase – Can they afford to make that additional purchase?
  • Self-Employed with No Fixed Income – This is always a challenge for Self-Employed applicants.
  • Poor Credit History – A lender will not look favourably upon an applicant who has mismanaged payments in the past.
  • Affordability – Can they afford a mortgage full stop?

In the past, mortgage lenders could easily compete with one another by offering deals that were better than the other. Times have changed since then, and now the main difference in which deal you go with, is whether or not you match the criteria.

A deal might well be cheaper, but you may not be eligible for it. The mortgage lender will run either a hard search (leaves a footprint on your credit file) or soft search (leaves less of a footprint on your credit file), to see if you are indeed able to have that mortgage.

If you apply for the mortgage with a lender and are declined an agreement in principle, this will likely damage your credit file. Worst of all, it is very unlikely you will be given a reason as to why you were declined, which can be understandably frustrating.

On the flip side to this, a mortgage broker in Newcastle will be able to run through your case beforehand, making sure you’re good to go, and informing you of anything you need to do to better your chances of being accepted.

Using the lenders they have on panel, they’ll be able to match you with deals that you may well be eligible for and look to get you agreed in principle. Obtaining your agreement in principle through Newcastlemoneyman, will usually take no more than 24 hours of your free mortgage appointment.

Of course, this doesn’t mean you’re guaranteed to be agreed, nor does it guarantee a mortgage at the end, but it’s much safer for your credit file to have an expert comb through beforehand. As expert mortgage advisors in Newcastle, we always aim to get our recommendation right the first time.

In Conclusion; Should I use a mortgage broker in Newcastle?

Ultimately, it’s your choice. As you can see, there are indeed pros and cons to going with a mortgage broker in Newcastle. Conversely, there’s also plenty of pros and cons to going direct as well. It basically comes down to how quick you want your service to be, and how secure you want to be.

As a mortgage broker in Newcastle, led by 20+ year industry veteran Malcolm Davidson, we have helped thousands of customers with their mortgage goals. From first time buyers in Newcastle getting onto the property ladder, to people at the end of their fixed period, looking to remortgage in Newcastle, it’s safe to say we’ve done it all.

If you would like to speak with a responsive, open & honest, FCA regulated mortgage expert, feel free to book yourself in for a free mortgage appointment or remortgage review, with one of our fantastic mortgage advisors. We’re here to help with all your mortgage needs, with time slots that best suit you, subject to availability.

To learn more about our service, please feel free to take a look at our genuine customer reviews. They are a wonderful reflection of the levels of service we give to our happy customers, on a regular basis. If you would like to learn more about the world of mortgages, check out our YouTube Channel, MoneymanTV.

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

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.

What are the 7 best places to live in Newcastle?

The best areas to live in Newcastle

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.

1 – Fenham

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.

2 – Jesmond

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.

3 – Heaton

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!

4 – North & South Shields

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!

5 – Chopwell

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.

6 – Gosforth

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.

7 – Quayside

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.

First Time Buyer Mortgage Advice in Newcastle

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.

Can I Get a Second Mortgage to Buy Another House in Newcastle?

Can I Have 2 Mortgages? | MoneymanTV

Second Mortgage Advice in Newcastle

Here are some of the reasons why a homeowner might be needing two different mortgages:

  • To raise some money for an existing home.
  • With a view to rent out your existing home and purchase a new one.
  • As a means of helping your children out, with a second mortgage.
  • Requiring a second mortgage to purchase a Buy-to-Let in Newcastle.
  • Your name is on an existing mortgage and you are looking to buy a new property.

Second Mortgage to Raise Money

If you have a substantial amount of equity built-up in your home and are looking for a second mortgage to release some of this, as a means of funding the purchase of a new home, or home improvements on another property in your portfolio, then this is definitely something an experienced mortgage advice team in Newcastle, like ourselves, can take a look at.

Quite often you’ll find towards the back end of your mortgage, you’ll be heading onto, or potentially already are on a lenders Standard Variable Rate (SVR). Our team of advisors are able to shop around and find a potentially more competitive deal, whilst also giving you the option to release capital. A further advance with your current lender could also potentially be an option for you.

Second Mortgage to Rent Out Existing Home to Purchase a New one

If you are looking at the possibility of moving house but maintaining ownership of your existing property with the purpose of letting it out, this is another instance wherein a second mortgage would be applicable. Your second mortgage will be a new residential one, taken out on a property after raising the funds from renting out the previous home. This particular type of process is known as a Let to Buy and has become particularly popular over time.

Second Mortgage for a Buy to Let

In some cases, a homeowner may look to release the equity that is sitting in their property, using that supplemented income to either buyan additional property to add to their portfolio. We have spoken to many customers over the year who have been looking to do this and are ready, willing and able to help you out with a mortgage for this purpose.

Second Mortgage to Purchase a Home for your Children

Rules vary on taking out a second mortgage to purchase a home for your child. The more commonly seen situation is where a homeowner may wish to take out a remortgage to release equity as a means of gifting their child a substantial deposit. This is a widely popular option that has seen many First-Time Buyers who otherwise wouldn’t have gotten on the property ladder, find their dream homes and settle down.

Named on Existing Mortgage and Want to Buy a New Home

Other circumstances where a second mortgage may apply, could be through financial complications present with a divorce or separation. You may not always be able to get out of your joint mortgage straight away, if at all, but may wish to take out a mortgage on a home of your own once you’ve moved out. This is a situation that we come across on a regular basis and often have the ability to help with.

Whatever the circumstances surrounding your financial position and need for a second mortgage, being an Experienced Buy-to-Let Mortgage Broker we may be able to help you achieve what you’re looking to do. Our mortgage advisors in Newcastle will search through thousands of mortgage deals to find the right one for you and your personal situation.

What do Lenders Look for When Assessing my Bank Statements?

Part of the mortgage process includes providing evidential documents to prove that you can afford a mortgage and you are who you say that you are. There are lots of different documents that you’ll be asked to provide, this includes photographic ID, payslips, latest P60, proof of address and your bank statements.

What Do Lenders Look For On My Bank Statements? | MoneymanTV

Why do lenders ask to see my bank statements?

Lenders need to be certain that you can afford a mortgage. Yes, you may have been given an Agreement in Principle (AIP) to say that they are willing to lend to you, however, you are only agreed in principle of you providing evidential documents to back up everything that you’ve said about yourself.

Bank statements show a lot about an applicant, they will show your latest spending at the pub to gambling transactions on your go-to betting app. Everything you spend will be on them, even bank transfers to and from different accounts.

Seeing how someone spends their money will show the lender whether the applicant is a trustworthy applicant or not. For example, if the lender can clearly see that an applicant spending too much money and is exceeding their overdraft limit every month, they will question whether you will be able to afford a mortgage or not.

It’s all down to risk. If the lender thinks that you are going to struggle with your mortgage payments due to how you spend your money, they are unlikely to accept your application.

What specifically will they be looking for?

The question is, what exactly are they looking for? What do I not want to pop up on my bank statements during my mortgage application?

1 – Gambling transactions

Gambling transactions is actually one of the first things that your lender will look for on your bank statements. Believe it or not, depending on how frequently and how much money you gamble, gambling can affect your chances of getting a mortgage.

Occasional gambling will be harmless, however, if you are frequently gambling large amounts of money, no matter if you are returning a profit or not, lenders will not be impressed.

Remember, lenders need to trust you and know that you’ll be able to meet your mortgage payments each month. If you are gambling, you may be seen as unreliable.

2 – Exceeding your overdraft

Lenders need to know that you can afford a mortgage, so dipping into your overdraft and exceeding its limit every month is something that they won’t take lightly. We aren’t saying to never step into your overdraft, as a Mortgage Broker in Newcastle, we see it happen all of the time. We are suggesting that if you do it every month, it may be a little trickier to get accepted.

3 – Bounced direct debits

Another thing that lenders will look for on your bank statements is bounced direct debits. A bounced direct debit is a payment that fails to go out of your account, this usually occurs with monthly bills/subscriptions. This may sometimes be a complete accident, so one or two may not hurt depending on what you are paying for, for example, a missed mortgage payment will more detrimental effect than a missed phone contract payment. However, repeated bounced direct debits will reflect badly on your credit file, so be wary of agreeing to credit commitments when you can’t really afford them.

4 – Failing to pay off loans and credit cards

Furthermore, lenders will be checking for personal loans and credit card commitments. They need to make sure that you’ve declared these expenditures and that you’ll still be able to meet your mortgage payments as well as these outgoings.

What can I do to show my lender that I’m a reliable applicant?

After having worked with thousands of First Time Buyers in Newcastle and Home Movers in Newcastle, we have learnt that most lenders will want to see at least three months worth of bank statements from their applicants.

In light of this, you now know that you can’t change what your past bank statements show, however, you can change what appears on them in the future. Before you officially submit your final mortgage application, you should get prepared and make sure that your finances reflect you in the right way.

As a Mortgage Broker in Newcastle, here are some recommendations that we have to show that you are a reliable applicant:

  • Gambling – If you are a frequent gambler, we would suggest that you take a break for a little while. This may also benefit your mental health as well as your financial situation.
  • Save money – Even saving money and showing the lender that you’ve been trying to show ways of being able to afford a mortgage will help you massively.

Speak to a Mortgage Advisor in Newcastle

For help with making your application stand out, you should get in touch with a broker like us for Specialist Mortgage Advice in Newcastle. We have been helping people achieve their mortgage needs for the last twenty years, it’s safe to say we know exactly how to help. You could be next!

We also offer a free mortgage consultation, so if you have any mortgage questions, it’s likely that we’ve helped many applicants in your situation before, so feel free to get in touch.

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

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

The information contained within the website is subject to the UK regulatory regime and is therefore primarily targeted at customers in the UK.
Should you have cause to complain and you are not satisfied with our response to your complaint, you may be able to refer it
to the Financial Ombudsman Service, which can be contacted as follows

The Financial Ombudsman Service, Exchange Tower, London, E14 9SR
www.financial-ombudsman.org.uk

© 2022 Newcastlemoneyman

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

Moneyman Logo







Moneyman Logo




Moneyman Logo

Ask Your Question





    Moneyman Logo

    Moneyman Logo







    Moneyman Logo

    Book your Free Consultation

    7 Days 8am - 10pm

    Moneyman Logo

    Moneyman Logo