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.
Whether you’re approaching the end of your fixed-mortgage term or you just want a better rate, there is usually always a valid reason for wanting to remortgage.
The difference between a remortgage is that when you remortgage, you are taking out a new mortgage with a different lender, whereas, with a product transfer, you are swapping mortgage deals but remaining with the same lender.
They both fit under the umbrella of ‘remortgage’, however, as mentioned above, they are slightly different to one another. In this article, we are going to cover the pros and cons of both.
If you have done your research and have looked at deals through your own lender as well as through others and you are still happy to stick with your current lender, that’s perfectly fine! However, make sure that you haven’t just stuck with them for ease and to save remortgaging costs. At the end of the day, getting a better rate through another lender could save you more money in the long run.
If you want a simple product transfer, you can get in touch with your lender or a Mortgage Broker in Newcastle like us if you are unsure of how the process works.
Unfortunately, sticking with the same lender may not be the most beneficial option for you to take.
Usually, you are rewarded with loyalty, however, this is not the case with all lenders. More often than not, you are able to get much better rates through other lenders than your current one.
Typically, product transfers can be self-executed online when you log into your online banking.
Although it’s something that we don’t recommend you do unless you are 100% sure of what you signing up for, it is possible to swap deals online if you want a quick switch.
You can use price comparison sites to check what you can access. You may find a great deal that matches you perfectly, or alternatively, you could end up on a wrong deal that you’ll have to pay to get out of.
If you decide to switch online and make a mistake, you don’t have the protection you would’ve had if you had used, for example, a Mortgage Broker in Newcastle like us. We will only recommend deals that will match your personal and financial situation and help you save money.
We’ve seen it before where applicants have mistakenly picked the wrong deal and it’s resulted in high repayment fees. This is why we always advise that you get Mortgage Advice in Newcastle before switching products on a self-executed basis.
When it comes to remortgaging and taking out another lenders product, you may find that doing so will allow you to access much better rates. When your fixed-mortgage term is coming to an end, it’s likely that you’ll fall straight onto your lender’s standard variable rate of interest (SVR). Doing so will likely increase your monthly mortgage payments, this is why recommend getting in touch with us three months prior to your fixed-term ending.
If you had adverse credit at the time of when you initially took out your current mortgage, it may be that your only option was to select a more specialist product at that time. However, after building up your credit score over your mortgage term, you may now be eligible for more competitive products and rates.
It’s always worth checking whether you can access a better rate through a remortgage or not. Even if you shop around and don’t find anything, there is no harm in double-checking.
To save shopping around, you could always take up our offer of a free mortgage review. In your free mortgage review, you will get to speak to a Remortgage Advisor in Newcastle who will check to see if you can access a better rate. If not, they will be completely transparent with you and recommend that you stick with your current deal. We want the best for you.
Whether it’s a remortgage, product transfer, or staying put that is right for you, we will always be open, honest and transparent, recommending what is best.
If you want to receive a free mortgage review/consultation, make sure to get in touch for Remortgage Advice in Newcastle. A second opinion costs nothing and making a mistake when taking a new product can be costly.
Whether you are a First-Time Buyer in Newcastle aiming to take a step onto the property ladder, looking to move home in Newcastle or thinking about a Remortgage for Home Improvements, overpaying, even if it’s not by a lot, can make a large difference in the amount on the interest you pay back throughout your mortgage term. The earlier you begin the process of overpaying, the better the effects it will have on your mortgage payments.
Many homeowners are aware that overpaying can have a big impact on the amount of interest they end up paying back.
Even small overpayments can have a noticeable impact. The trick is to start overpaying early because then the extra payments have a longer period to take effect.
The survey suggests that the reason people don’t overpay is that they can’t afford it. However, we feel the main reason is that life simply gets in the way.
Given the figures, we all know that overpaying is the “right” thing to do. But, let’s be honest, there’s always something more exciting to spend your money on!
For some people, the issue also comes with remembering to overpay. To be honest, it’s not something that’s particularly likely to cross your mind too often if you don’t have a reminder setup.
Potentially, you might think about it more when your mortgage only has a few years left. However, at this stage, the impact isn’t as great as it could be if you do it earlier.
An easy way to make overpaying part of your routine is to set up a standing order. Even better, organise it so that it goes out at the same time as your regular mortgage payment. This way, it feels like just one amount and you will become used to it.
Another benefit of using a standing order is that you’re in control. Unlike a direct debit which the receiver controls, you can easily cancel a standing order if your financial situation changes. Whilst it would be a shame to stop overpaying, at least you aren’t committed to anything you can’t afford.
As we’ve discussed throughout this article, whether you’re a First-Time Buyer, Home Mover or looking to Buy to Let, overpaying your mortgage is a great habit to get into. You don’t need to pay huge amounts unless you feel you can.
But you’ll be grateful toward the end when you realise you’ve been able to shave a year or two off your mortgage repayments.
It’s not uncommon for some mortgage providers to even let you make reduced payments or take a payment holiday if you have been overpaying for a while.
However, before you take a payment break, it’s important to check with your lender that you are eligible to do so. Because, if you’re not, you could face a negative mark on your credit report.
From First-Time Buyer Mortgages in Newcastle to Moving Home in Newcastle, to Remortgages in Newcastle – When you start out looking for a mortgage it will quickly become apparent that you have a whole array of mortgage types available for you to choose from.
Below you will see a list of the most popular types of mortgages we encounter on a regular basis that are available on the market. If you have any questions regarding one of these mortgage options, then please do not hesitate to contact us and an experienced mortgage advisor in Newcastle will be in touch to see how they can help you get the ball rolling.
A fixed rate mortgage means that your mortgage payments are going to remain as they were for the length of time that has been agreed on between you and the lender. You are the one who can set the length of which you want to fix your payments for, with the usual options customer opting for being 2, 3 or 5 years or longer.
Regardless of what happens to inflation, interest rates or the economy, you can rest assured that your monthly mortgage repayments, usually your biggest financial outgoings each month, will remain as you are used to, providing financial stability for you.
A tracker mortgage means that your interest rate will follow along with the Bank of England’s base rate. What this basically means, is the lender that you are with is not the one who sets your mortgage rate and you will be paying a percentage above the Bank of England base rate.
In an example, if the base rate is 2% and you are tracking at 1% above base rate, that means you will be paying a rate of 3%.
When you take out a repayment mortgage this means that each month you are paying a combination of both interest and capital.
So as long as you are able to keep up your monthly mortgage repayments for the full length of the mortgage term, the mortgage balance is guaranteed to be paid off at the end and the property will then become yours completely.
This is the most risk-free way to pay your capital back to a mortgage lender. In the early years of your mortgage term, it is mainly the interest that you are paying and your balance will reduce at a very slow rate, especially if you have taken out a mortgage that stretches over 25, 30 or more years.
This situation then changes in the last ten years of your mortgage, where your payments are paying off more capital than interest and the balance will be reducing at a much quicker rate than it was at first.
Most buy to let mortgages are set up on an interest-only basis, however, landlords may find it much more difficult to get a residential property with this type of mortgage.
Nowadays, finding a lender who is willing to offer this will be hard to come by, though there are certain circumstances where this can be an option. These include downsizing your home when you are older or have other investments what you will use in order to pay back the capital.
Lenders are very strict when it comes to offering these products now and the loan to values are a lot lower than they were in previous years.
With an offset mortgage, the lender will set you up a savings account to go alongside your existing mortgage account.
How this works is that let’s say you have a mortgage balance of £100,000 and £20,000 is deposited into your savings account, then you will only pay interest on the difference, which in this case would be £80,000.
This can be a very efficient way of managing your money, especially if you are a taxpayer that pays much higher rates than others.
The mortgage journey is a rewarding process. Despite its fair share of up and down’s, you will end up with one of the following:
No matter which path you take on. There will eventually come a time when your mortgage term is approaching its end. Your option is to sell up and upsize/downsize into a new property.
Maybe you are looking to sell your portfolio to the tenant or another buyer and look at other opportunities? The most popular option, however, is a Remortgage.
A Remortgage is where you use the proceeds from a new mortgage to pay off a pre-existing mortgage. It can be an excellent way to find lower interest rates and better mortgage terms.
Utilizing the 20 years or so experience with Malcolm Davidson (Director / Mortgage Advisor), we thought it best to put together a quick-thinking guide to all the options you could choose when it comes to taking out a Remortgage.
Your initial mortgage deal will typically last 2-5 years and feature low fixed rates or possibly discounted rates. In some cases, you may even get placed on a tracker mortgage, which follows the Bank of England’s base rate.
When your term ends, you will likely get moved along to the lenders Standard Variable Rate (SVR). In short, an SVR is a mortgage with an interest rate that can change depending entirely on what the lender wishes to charge.
In any case, this does not follow the Bank of England’s base rate like a tracker mortgage. We find; these are usually the most expensive paths to take, leaving many to look at Remortgaging for better rates, which will hopefully save you money on your monthly repayments.
2-5 years into occupying your home, you may decide that something isn’t quite right. Maybe you need an extra room or larger living space for your kids/belongings, a new kitchen, a new office, or loft conversion.
Rather than you move into a larger house, consider seeking advice to release equity with a Remortgage to cover the costs of these. Though it may seem like a frightening concept having to obtain planning permission and fund/manage your project.
You could argue it’s a lot less stressful and more rewarding than the process of finding a new home. Selling your current one and moving your belongings.
In the long run, this may prove even more beneficial as creating more space and will likely increase the value of your property, handy for if you ever do decide to sell up or rent out.
In some cases, people may wish to Remortgage in Newcastle for a better mortgage term, by reducing the length or switching to a more flexible product.
Reducing the size does mean you won’t be paying back your mortgage for as long, so aren’t entirely tied down forever, but as such your monthly repayments will be a lot higher. The longer your term, the lower the payments will be over time.
Some opt for a more flexible mortgage term when they remortgage. The benefits provided by this option can prove appealing to some homeowners. You may gain the ability to overpay,
Resulting in being able to pay your mortgage off as quickly as you’d like, as well as being able to carry the same mortgage and rates over to another property, should you decide to move at any point in the future.
Though a flexible mortgage sounds near perfect, they usually come in the form of a tracker mortgage, which as mentioned earlier on follows the Bank of England base rate. Meaning one month of your payments could vary based on interest, making them a little unreliable.
Everyone has a level of equity in their property, how it works is with a difference between the remaining total on the mortgage, and the current value of the property.
As touched upon briefly, you can choose to opt-in for some for home improvements; however, there are more options available for you out there.
Some use it to cover long-term care costs, to supplement their income, to have a holiday, to pay off an interest-only mortgage, or to have free spending money.
In some cases, we find that Buy-to-Let landlords will use Equity Release as a means of covering their deposit for buying a future property to add to their portfolio.
On the topic of Equity Release, another big one people use it for, is to pay off any unsecured debts you may have accrued over time.
Firstly though it may seem easy enough, Debt Consolidation bases not only the amount on how much you’re entitled to and the value of the property, but also your credit rating. Additionally, this could mean you are limited in the amount you can borrow.
Secondary, to pay off your previous mortgage and your debts, you will need to borrow more than your outstanding mortgage amount. In any case, your monthly repayments will most likely be higher.
Though not an ideal situation, at least you can rest assured that should you find yourself dealt an unfortunate hand, you do have some options out there.
Should you find yourself with a significantly damaged credit rating, you do still have options to choose from. However, these will not be easy and require very Specialist Remortgage Advice in Newcastle before going forward.
Even then, there is no guarantee. You should always seek mortgage advice in Newcastle before choosing to consolidate and secure any debts against your home.
If you are reaching the end of your term and are wondering what your option may be for Remortgaging. It is worth your time to Get in Touch with an experienced and trusted mortgage broker in Newcastle.
An advisor will be able to discuss your circumstances and future goals to create the best plan of action for you in the next step of your mortgage journey. We aim to ensure this process quick and smoother approach than your first time.
For a First Time Buyer in Newcastle, many applicants have gotten in touch with our Mortgage Advisors in Newcastle. Explaining to us that, getting a mortgage is like being stuck in a labyrinth. All lenders have their unique lending criteria. One customer even felt like an “unsolved Rubik’s cube”. Particularly when trying to obtain a mortgage directly with their local Lender. That is just one of the many reasons why people get in touch and speak to one of our trusted Mortgage Advisors in Newcastle.
We know from experience some lenders’ credit scores are more accessible to pass than others. They are all targeting specific parts of the market. Often the Lenders with the lowest rates have the tightest lending criteria. As such, most customers do not match the requirements of every Lender out there.
When Lenders offer very competitive deals, their margins are very tight. To remain profitable, it is crucial to these Lenders that their customers do not fall into arrears. As such, it can be not easy to qualify with them, so don’t expect to pass their criteria the first time, using a Mortgage Broker in Newcastle we can help find you the best mortgage deal tailored to your circumstances.
High Street Lenders, have a reputation having very cheapest deals, have other ways of trying to maximize their earnings from borrowers. Once your mortgage got agreed, they will undoubtedly try and cross-sell your other products that they offer that make them more commission. These products include Bank Accounts, unsecured loans, credit cards, and Insurance.
Sometimes the mortgages with the lowest rates of interest come with high set up fees. Sometimes it’s better to ignore these products. As your friendly Mortgage Broker in Newcastle, we search thousands of deals to recommend the best product that represents the best value for money for you taking everything into account.
Lenders can also look to take advantage of their customers when their initial deals are coming to an end. Some lenders still let borrowers drift onto Standard Variable Rate hoping clients stick with them. More often these days, the Lender will offer a “follow-on” deal, also known as a “product transfer.” While these deals are easy to take up, they are rarely the most competitive and sometimes not as reasonable as the deals made available to new customers.
Also, about Standard Variable rate mortgages, of course, not all customers are eligible to Remortgage in Newcastle elsewhere. Perhaps their circumstances have changed, such as a relationship breakdown. Maybe there is less income coming into the household now than at the point of application. If an applicant has had a default or CCJ since they took the mortgage out or the value their home has dropped since they bought it.
Returning the Lenders’ criteria, depending on how the economy is performing. Can affect on how easy or hard it is to get a mortgage. When the economy has been suffering lenders can tighten the purse-strings and vice versa when things are going well. Some would say sometimes it is too hard to qualify for a mortgage, and in other years it can arguably be straight forward.
Sub-Prime and Self Cert mortgages were readily available to many people in the mid-2000’s. At that time, new lenders were regularly launching with ever more relaxed lending criteria. In the USA, the phrase ‘Ninja Mortgages’ was bandied, which meant no Income, no Job, or Assets.
Lenders took a completely different view and tightened criteria. Often a 25% deposit was required, and for many people, it became seemingly impossible to get on the property ladder. Interest rates were high as well, making it tempting for customers to continue renting.
Having industry knowledge, it is an invaluable experience and deep insight into what the lenders are looking for in mortgage applicants. Referring to Credit Scoring. Which most High Street lenders do now to save them time and money and also produce consistent decisions.
Lenders are very cagey about disclosing what influences their “Computer Says No” decisions. Still, having seen thousands of customers literally over the years. We can share with you some simple steps you can take. To improve your chances of your mortgage application being successful.
Some of these steps are straightforward, things you can do in one evening that will make a difference. Such as ensuring the formatting of your address is consistent across your accounts.
If you do not qualify for a mortgage yet. You can put in the foundations so that when the time is right. You are in a much stronger position to go ahead.
A divorce or separation is never planned when you move in with your partner, so if things to go unexpectedly and this happens, things can get complicated very quickly, particularly your mortgage commitments.
As your expert Specialist Mortgage Advisors in Newcastle, we know exactly what to do in order to get things rolling smoothly. We know that these times can be hard, especially if you are trying to sort everything on your own, and that’s why we always offer a helping hand.
As a Mortgage Broker in Newcastle, a day doesn’t go by where we don’t deal with a specialist case. Over our many years of working within the mortgage industry, we have provided our expert help and guidance to many customers who have needed Mortgage Advice in Newcastle through their divorce or separation. When people come to us asking for advice on their mortgage regarding a divorce or separation, we usually get asked the same three questions:
1. How do I remove my ex-husband/wife from my mortgage?
2. How do I remove my name from my ex-partner’s mortgage?
3. Can I have 2 mortgages?
Once you have joint financial commitments with somebody, removing their name can sometimes be difficult. When you first moved in, you both put your names on the mortgage and taking one-off isn’t as easy as you may think.
Things can become just a little more tricky when there are children involved. It’s more common for the mum to remain within the household with the children but obviously, it can go either way. There may come a time that whoever is “in situ” wants to take over the mortgage in their own right. You never know, maybe both parents may want to move out and move on.
Even if you are able to prove that you have been paying your mortgage payments without any help from your ex, this will still not change the fact their name is tied into your mortgage with you.
When you approach your lender or a Mortgage Broker in Newcastle trying to remove a name, they must ensure that the remaining applicant on the deal has the means to able to afford a mortgage on their own going forward. It is also important that you know that both you and your ex-partner will have to go through a full affordability assessment, even if you have been keeping up with your mortgage payments.
During this point in the process, we normally see that there is already someone who can step in and replace the ex-partner. We usually find that this is a family member or a new partner.
Every lender has their own different way of assessing your affordability for a mortgage, so don’t give up if your existing lender is unable to help because there are other options available. One is to approach us, your expert Mortgage Broker in Newcastle and we will see what we can do.
The same rules apply for this situation for if you were trying to remove someone else’s name. Both names are still tied into your mortgage so even if you decide to leave the household, you are still responsible for any joint financial commitments you took out with your ex-partner. It’s important that you know that this is still the case even if you have made an agreement with your ex-partner that they will make all of the payments.
The mortgage payments for your old property will be taken into account by your lender if you want to buy a new property in the future so it is important that you take this into consideration before making an offer. This is why we always recommend getting help from an experienced Mortgage Advisor in Newcastle.
In situations like this, people can get themselves stressed and need some expert help from an expert Mortgage Advisor in Newcastle. We are here to offer a helping hand; at Newcastlemoneyman, a Mortgage Advisor in Newcastle will sort everything out for you and recommend you with your best options as a person moving out of the family home. We will always have your best interests at heart!
You will find that some lenders are more generous than others in regards to how much they’ll lend you. Although, some are strict and some may be more lenient. If you come to us for Mortgage Advice in Newcastle, we will take your personal and financial situation into account when recommending you the most suitable lender to apply for a Mortgage Agreement in Principle with.
Yes, you can have more than one mortgage, you can even get more than two! Lenders and their credit scoring systems will take in lots of different factors when you apply for a second mortgage. The main one will be your current financial commitments. There are still lots more that need to be considered though. Before applying, make sure you can afford a second mortgage, as getting declined could potentially damage your credit score.
A Mortgage Broker in Newcastle, like Newcastlemoneyman can perform a search for you without damaging your credit file. Once we have evaluated all of your information, we can confirm the maximum amount that you will be able to borrow. This will allow you to get an idea of your budget and how much your monthly mortgage payments are going to be on top of your current financial commitments.
We know that it can be hard to move on from your current financial commitments, this is why having an expert advisor by your side could prove highly beneficial. Moving Home is already stressful enough and when you add that to a complex situation like a divorce or a separation, it can sometimes all get a bit too much. Speak to a Mortgage Advisor in Newcastle today and we will see how we can help you!
You may eventually feel like you’ve outgrown the property you’re in, whether it’s due to having children, moving in with a partner or just wanting more space. You may also need some repair work carrying out, for example, re-roofing your property. These are things that we find customers are looking at doing.
Though moving home seems like the right choice, it can become a rather mentally challenging process for homeowners. Somebody has to come and value your property, you have to contact with the estate agent, the property has to go on sale. Following that you’ll have people coming in and out to view your home etc. It’s a long and stressful cycle that many aren’t fond of.
Not only do home improvements give you a better quality property with the option of more space, but there’s a chance you may save money on various fees and can also greatly increase the value of the property for when you do decide it’s time to sell up.
Whilst it can save money, it’s worth remembering that home improvements come with their own costs. These can include;
In order to progress forward with any home improvements, you may need to release equity from your home. To do this you will need to take out a Remortgage which will enable the equity to be released from the property to put towards the plans you wish to put in place.
You’ll need to speak with a Mortgage Broker in Newcastle in order to get this going. Remortgages tend to go a lot smoother and quicker than the first time around, so you’ll hopefully be enjoying a nice and easy process once you’ve been assigned your dedicated and experienced Remortgage Advisor.
At this time of writing, right now may be the best time to jump into this. Interest rates are incredibly low, allowing for your dream kitchen or conservatory plans to be underway.
We have Mortgage Advisors with many years of experience working all throughout the day to answer our customers’ enquiries. If you’re looking to Remortgage your current property for home improvements, or would like to further discuss the pros and cons of that versus moving home, get in touch and an advisor will run through any of your questions.
We’re always looking for ways to maximise our income and productivity levels at work. That’s why it’s hardly a surprise, that more and more people are starting to work from home.
Whether it’s through being Self-Employed or being a home worker for an external company, it’s hard to disagree with the benefits of such an option. These can include;
With the current ongoing crisis, many workers, be it by choice or with hands tied, are starting to work from home. Many experts have said that when all this clears up, a large majority of the worlds workers may just simply continue on from their home office spaces.
In the minds of many though, their home just isn’t well equipped for this kind of scenario, and feel they’d be better off moving to a bigger home with space they can utilise.
Whilst for some this might be a good idea, you may also want to look at your Remortgage options. Not only will this allow you to keep your current home, but it may allow you to save funds you would’ve otherwise spent on the various home moving fees.
The average costs for a small home office are around £5,000. This includes things like a telephone, desks, computing equipment and so on. For a much bigger, more professional home office, you could be looking around £15,000.
A cost effective way of doing this, would be to take your remortgage in Newcastle out over a longer term. For example, if interest rates were 2%, taking it out over 25 years would allow you to pay off the costs of your new home office with monthly payments of as little as £20-60 a month.
As an experienced mortgage advisor in Newcastle, we’ll be able to help you get started on your remortgage. If you’re looking at possibly jumping into this option, get in touch and a Remortgage Advisor in Newcastle will happily go through the process with you to see what Mortgage Advice in Newcastle will benefit you.
COVID-19 has had a noticeable effect on the mortgage market thus far, but that won’t stop us from providing the same level of Mortgage Advice in Newcastle our customers know and love. At Newcastlemoneyman, we are still working the same way we were before these hardships.
We still have hardworking Mortgage Advisors working remotely from their homes in order to answer all of your mortgage questions. Our number one aim is to ensure all customers have the option to speak to a Mortgage Advisor in Newcastle if they need to.
You may be worried you’re unable to meet your monthly mortgage payments or you’ve reached the point where you are looking for a better remortgage deal. We have noticed that these two situations have been mentioned by quite a few customers.
As a Mortgage Broker in Newcastle, we would highly recommend speaking with one of our advisors before you go directly to the bank or lender. We’re able to assess your personal and financial situation, in order to recommend the best route for you to take.
We’ll do our best to help all those who come to us for help with their mortgage during these difficult months. We’re all in this together and look forward to you getting in touch.
We’re still working through various different situations every day, keeping our business flowing as usual. We won’t let anything get in the way of us providing expert Mortgage Advice in Newcastle.
Customers have still been leaving excellent reviews over the last few weeks, something we’re incredibly proud of. We take great pride in our work and it warms our hearts to know that as a Mortgage Broker in Newcastle, we’ve done right by our customers.
Here is what a few customers have recently said about our service here at Newcastlemoneyman:
“Absolutely fantastic service from Chris setting up my application, to Kayleigh sorting out the right remortgage for me, nothing was too much trouble. Cannot recommend them enough for sorting this out in a timely manner and during this pandemic. Thank you to each and every one of you.” – Mandy H
“Brilliant service from Jonathan and Megan, very smooth process and they have secured me a great mortgage deal. Will highly recommend Newcastlemoneyman. Thank you.” – Daniel D
Remember, we’re still available for you to get in touch 7 days of the week. Sincerely from everyone here at Newcastlemoneyman, we hope you’re safe and well. We look forward to hearing from you soon.
We won’t let anything get in our way, especially during the COVID-19 outbreak. It’s still our aim to help with all your mortgage problems, it wouldn’t be fair to just leave you confused and concerned. We’ll do our best to get you over these hurdles and through the mortgage process with ease.