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Help to Buy Armed Forces

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

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

Help to Buy Mortgage Advice in Newcastle

Armed Forces Help to Buy Scheme | MoneymanTV

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

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

Who can access the scheme?

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

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

How much can I borrow?

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

How do I apply for the scheme?

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

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

Mortgages for NQTs in Newcastle

Mortgage Advice in Newcastle for NQT’s

Congratulations, you have recently passed your exams and now a newly qualified teacher. All you have to do is find that perfect teaching position and get yourself started teaching that specialist subject, But First, your new job requires you to relocate to Newcastle.

By now, you are experiencing that stressful yet overwhelming time of searching for a property to move to and balancing the struggle of homeownership whilst starting your new role. Rest assured, we have confidence that you are not the only individual in this situation, and we may be able to help take that stress away.

Mortgages for NQTs

It can be challenging to find a lender willing to offer a mortgage to newly qualified teachers, reasons being having no work history or having temporary contracts. But despite all this, you still can obtain a mortgage as a newly qualified teacher.

There are Lenders out there that can lend fairer deals with those working in the education section. However, finding the correct Lender can be a daunting task; this is where our Mortgage Advisors in Newcastle can help search thousands of deals to find you the best deals and rates tailored to your circumstances.

What mortgages for NQTs are there?

The different types of mortgage available for NQTs can include:
???? Shared ownership.
???? Variable-rate mortgages.
???? Help to Buy in Newcastle.
???? Fixed-rate mortgages.

Here are some of the reason why previous First Time Buyers in Newcastle choose Newcastlemoneyman as their go-to open and honest Mortgage Broker in Newcastle:

???? No previous employment history required.
???? A 12-month first post-contract can get treated the same as a permanent role.
???? Mortgages available up to one month before the start of the first contract (so you can apply in August, for example).
???? You qualify up to 95% loan to value.

How we can help | Mortgage Advisors in Newcastle

Our dedicated team of Mortgage Advisors in Newcastle know the Lending criteria inside and out; they have years of experience helping people with their mortgage situations and trying their best. 

To book your free mortgage consultation, get in touch, and our team will take some details from you to find out what your option(s) are and whether your circumstances make you eligible for a mortgage. 

How Much Deposit Do I Need To Buy A House in Newcastle?

How Much Deposit Do I Need To Buy A House? | MoneymanTV

Deposit Mortgage Advice in Newcastle

Your mortgage deposit will generally need to be for at least 5% of the value of the property you are buying in. For example, if you are looking to purchase a home in Newcastle that costs £180,000, you will need to save up a minimum deposit of £9,000.

Ideally, however, you should aim to save more than 5%, as the more significant the deposit you can build up, the more comprehensive your choice of mortgage options will be. You may also benefit from lower and often better mortgage rates.

Why is a deposit necessary when buying in Newcastle? 

In the past, it was common to find 100% mortgages. Back then, Northern Rock were offering 125% loan to value mortgages, meaning if you were purchasing a property valued at £180,000, they would lend you up to £225,000.

The reason why lenders need a deposit is to reduce the risks when they are lending. If they lend you 100% of the purchase price and you happened to fail to keep up monthly repayments, they would then have to take possession of the property. All it takes is a slight dip in house prices for them to be at a loss.

Look at it from a Lender’s perspective, if you can’t save up for, or get help to make up at least a 5% deposit for a property, then you probably aren’t quite ready to take that step onto the property ladder.

Government help to buy scheme

If you can save 5% of your funds for a deposit, you could qualify for the Government’s Help to Buy equity loan scheme. This scheme applies to new build properties only and you have to be a First Time Buyer in Newcastle. How it works is that you put in 5%, and the Government tops the deposit up by loaning you up to 20% of the property purchase price, making up a 25% deposit. After 5 years, the loan will be interest-free, afterwards, it will increase at a starting interest rate of 1.75%. Some people choose to either remortgage or pay back from savings they have made over that period.

Is a 5% deposit enough?

Generally, 5% is enough for most mortgage types. Although it does vary on the lender, some will accept only a 5% deposit. To access a 95% deal, 9 times out of ten you’ll need to have a good credit score. There are lenders out there that may consider you for a 95% mortgage with a lower credit score, but the interest rate might be higher.

How much deposit do I need for a Buy-to-Let property?

It has always been necessary for the Landlord to put down a larger deposit for Buy-to-Let Mortgages, and most lenders at the moment are looking for at least 25%.

Can I take out a loan for the deposit?

In theory, this could be possible, but most lenders won’t let you do this, as essentially, this would still be 100% lending, which no longer exists due to the aforementioned risk involved with such a venture.

Can someone gift me a deposit?

Yes, this happens constantly. You might have heard the term the “Bank of Mum and Dad” (both birth and adopted parents, as well as carers & legal guardians) gifting the deposit or other family members such as Aunties & Uncles. 

As long as they can evidence the funds, prove who they are and confirm they are not expecting repayment of the gift at any point in time. For more information, we check out our article all about Gifted Deposit in Newcastle. 

Are there any circumstances where I don’t need a deposit?

If you are buying as a sitting tenant and your Landlord or family member has given you a discount from the open market value, or if you qualify for a discount under the Right to Buy scheme. Then typically, you don’t need to put any of your own money in as a deposit. This is due to the equity being already “built-in” in the deal.

Help to Buy Mortgage Schemes

Help to Buy Mortgage Advice in Newcastle

Following the credit crunch in 2008, the government proposed a plan to help the mortgage market get back up on its feet. Part of the plan included the introduction of the Help to Buy schemes.

Help to Buy schemes are quite self-explanatory, they are government-led schemes that Help you to Buy a property. There are limitations to each scheme and you’ll have to qualify for them first before you can take advantage of them.

Each scheme is different in its own way. Depending on your personal and financial situation, you may match for more than one scheme, however, you’ll probably only ever find one most beneficial for you.

Help to Buy Equity Loan

If you’ve heard of Help to Buy, you’ve likely heard of the Equity Loan because it was one of the first schemes introduced to the UK after the financial crisis in 2008. If you are a First Time Buyer in Newcastle, then this scheme could be perfect for you.

Help to Buy Equity Loan Mortgage Advice UK | MoneymanTV

To be able to access the Help to Buy Equity Loan scheme, you have to be a First Time Buyer and are buying a new-build property. You will also need a minimum of a 5% deposit.

For the Help to Buy Equity Loan, your deposit that you put down can be anywhere between 5%-20%. Then the government will top up this percentage to 25%. For example, if you put down a 5% deposit you’ll get a 20% equity loan. If you put down a 10% deposit you’ll get a 15% equity loan, etc.

Paying off the Equity Loan

The Equity Loan that the government lend you will have to be paid off eventually. For the first 5-years of your mortgage, the loan will be interest-free, then afterwards, it will rise to a rate of 1.75%. This means that you have an Equity Loan to pay off, on top of your 75% mortgage.

If you can afford to put down a deposit greater than 5% then it may be worth going down a mortgage route without the use of Help to Buy. Your Mortgage Advisor in Newcastle will run through all of your mortgage options and help you choose the most beneficial avenue for your situation.

Help To Buy Infographic Newcastle

Here is an example of a home with a £10,000, 5% deposit. As you can see, the Equity loan takes up a large percentage of the property’s value. The further into your mortgage that you get, you may be able to Remortgage to help pay off the equity loan. Your mortgage payments might go up, however, the government will own a lower percentage of the property. If you can do this within the first 5-years, you won’t receive any interest on the loan.

Help-to-Buy-Banner-Newcastle

Help to Buy Shared Ownership

The Help to Buy Shared Ownership scheme is very different to the rest of the government schemes. The scheme allows applicants to own part of a property and then pay the rest back on rent.

Help to Buy Shared Ownership Mortgage Advice UK | MoneymanTV

For Shared Ownership, you will usually own between 25% and 75% of the property. In some cases, we’ve seen applicants being allowed to purchase as little as 10%. Whatever the percentage is that you don’t own, it will likely be owned by the housing association. The share that you own can be increased earlier. we usually find applicants wanting to do this once they have more money or have settled in.

Shared Ownership lets you pay your mortgage as well as rent. The way that this works is that you essentially pay 100% of the ground rent and service charge on the property. This is still the same, even if you only own a 25% share of the property.

Shared-Ownership-Banner-Newcastle

Help to Buy Armed Forces

After the success of the Help to Buy Equity Loan scheme, in 2014, the Help to Buy Armed Forces was introduced. Introducing this scheme created an even better way for Armed Forces personnel to get onto the property ladder, as the scheme is specifically targeted at them.

Help to Buy Armed Forces Mortgage Advice UK | MoneymanTV

You have to qualify for the scheme first before you can access it. The requirements are as follows:

– You have to have completed the pre-requisite length of service
– You can also apply if you have at least 6 months of serving time left
– However, you can also get accepted if you fit into the right medical categories
– Your personal circumstances will also be considered

The scheme allows you to borrow up to 50% of your annual salary; the maximum that you can borrow being £25,000. If you want to learn more about the Armed Forces Helpt to Buy scheme, you should check on the government’s website. Alternatively, you get in touch with a Mortgage Broker in Newcastle like ourselves.

Forces-Help-to-Buy-Newcastle

Bonus Scheme: Lifetime ISA

We’ve considered this more of a ‘bonus’ scheme because it isn’t a Help to Buy scheme it’s a government-led scheme. The scheme can be used for one of two, to buy your first home or to save for later in life. As a Mortgage Broker in Newcastle, we offer help and guidance to those looking to utilise this scheme to buy their first property. The video below explains how the scheme can help a First Time Buyer in Newcastle like you.

Lifetime ISA Mortgage Advice UK | MoneymanTV

The Lifetime ISA (Independent Savings Account) is simply a savings account where your money grows tax-free. The total amount that you put in each year will be topped by the government up by an extra 25%. The maximum that you can put into the account each year is £4,000. This means that you get an extra £1,000 if you manage to save £4,000 each year.

If you want to withdraw your money, as long as you’ve had the ISA for a year, you can do so. However, if you take money from the account and don’t use it to purchase your first home, you’ll be charged a 25% withdrawal fee. Although, if you decide to use it on your first home, you won’t be charged a single penny.

Of course, you have to pass the scheme’s criteria before you can start your Lifetime ISA account. To find out more, feel free to check out the government’s Lifetime ISA page, or contact us at Newcastlemoneyman. We can’t wait to hear from you and help you through your process.

Lifetime-ISA-Newcastle-Banner

What is a Gifted Deposit Mortgage?

What is a Gifted deposit?

A Gifted deposit can be either a portion of or the full amount of a deposit that is Gifted to you by a family member or friend, with an agreement that it is a loan and you don’t need to repay the money. 

How can Gifted deposits help?

Gifted Deposits are useful for when you have enough money to cover your monthly repayments but can’t afford the initial deposit on the property, maybe down to a smaller salary or possibly something else. Having more Gifted Deposit available may present you with options for better rates from a lender.

Who can gift the deposit?

Generally speaking, it is your parents who can gift you the deposit. This is acceptable both birth and adopted parents. You may see this mentioned online as the “Bank of Mum & Dad”, though there are potential other family members who could also be considered as options for a Gifted Deposit.  This depends on individual lenders though, so would require care when trying to find the right mortgage lender.

If the person gifting you a deposit is over the age of 55, they may be able to help you out through taking out a Lifetime Mortgage and an Equity Release in Newcastle.

Do your parents know you need help?

We often find that clients don’t always know that their parents can help with their mortgage, or if they do, they don’t feel like they can ask them for help. The truth of the matter is that most parents are more than happy to help their children in any way they can in getting on the property ladder.

It’s widely believed that taking out a mortgage is a better option than renting, due to you being able to potentially pay less per month. Your deposit can often come from inheritance, although parents have been known to gift it earlier on in life, especially if they already have enough saved or have released equity from their own home.

Gifted Deposit v loans

The majority of lenders won’t accept a loan as a means of funding your deposit. This is down to the uncertainty that you’d have enough disposable income to pay back both the loan and the mortgage at the same time.

Is there a maximum or minimum gifted amount?

There is no maximum limit on the amount someone can gift you, though there are at least a few lenders that will insist you put in at least 5% deposit from your own funds.

Who can benefit from a Gifted Deposit?

If you are a First-Time Buyer in Newcastle or Moving Home in Newcastle, a Gifted Deposit will be greatly beneficial to you. It can also be useful when in conjunction with a Help-to-Buy in Newcastle. This is because the required 5% deposit, depending on the lender you go with, is acceptable to be paid via Gifted Deposit.

What proof is required?

Typically, all lenders will require a Gifted Deposit form. Depending on your lender, you may be asked to provide further proof of these funds, such as the donor’s ID or bank statements.

Tenants Can Now Buy From Newcastle Landlords

Through our many years of providing expert mortgage advice in Newcastle, our experienced mortgage advisors have seen the numbers rise when it comes to enquiries from renters interested in becoming First-Time Buyers in Newcastle by purchasing the home they are renting from their current Landlord.

Newcastle has always been a favourite of many to live in and enjoy the peaceful life, however, many tenants who are already living there find it difficult to own a property or house there. With changes in the tax realm, things are showing positive signs for tenants who want to buy their currently occupied house.

Many landlords are selling their property through the market agents, but some of them are also willing to sell their houses to the tenants who already occupy the building. If there is a house you want to purchase from your buy-to-let landlord, it will be much better to discuss the offer with them directly on a priority basis.

Why Are Landlords Happy To Sell Their Houses To The Existing Tenants?

A big reason why more tenants are able to purchase their home from their Landlord, is that Government previously cracked down on tax relief on Buy to Let purchases. These changes took effect over a period of 4 years, and we are now starting to see the impact of these changes as Landlords receive their tax bills.

The juicy profit margins in buying and selling properties have always been a big attraction for landlords as there are great rewards in the property business. This profit is what convinced many businessmen to face the taxes and enjoy the feastful profits that follow in the property market.

Just like any other business, the property business has its downsides as well. News has been heard about landlords quitting the business and moving on to something else. Multiple reasons have been recorded for the transition including tax complications, financial demands, and even the stress of making huge risky deals.

If you are a tenant, and willing to buy, to let landlord of the house easily sell it to you, you can make a fine deal. As there will be no Estate Agents involved, no chunks of money will flee the deal as consultation fees which is an advantage for both parties. The landlord can further enjoy more benefits such as:

Benefits For The Landlord

Maintaining Steady Rent Income

Suppose a landlord decides to sell his house, and the tenant takes his time to move out, during all this time, there will be no tenant and hence no rent. If a sitting tenant decides to buy the house, the transition of ownership will be much fluent and so will be the money inflow. The landlord will keep getting his rent until the deal is finalised for which he will receive the amount of the property.

Decreased Refurbishment Costs

If a tenant decides to move out and empties the house, the landlord will have to go through the tiniest details in the house and get the lacking ones repaired. Considering the costs of paints, cleaners, and other manpower, it will suck in a lot of money from the landlord.

All these expenses can be saved if the tenant decides to buy the house because he will be willing to purchase it in the existing condition. Hence, no money expenditure and hustle of repairs for the landlord.

Benefits For The Tenant

This is where the deal sweetens. The tenant knows the house in and out and knows exactly what improvements and changes are needed. If you buy a house as a non-tenant, there is a risk of hidden lacks in the house that were not conveyed properly by the previous landlord. If you get a house with such issues, you might end up spending quite a lot of money just to be on the safe side.

Freedom Of Choice

Tenants may have multiple things they wanted to do to their house, but the landlord would not agree to it. But after you purchase to house, you will have the ultimate freedom to make any legal and permitted changes in the house with no limitations.

No Stress Of Moving

If you have been a tenant consistently on the move, you know how tense the situation can get if the tenant of your newly rented house is unable to move due to multiple obvious reasons. For instance, the previous tenants have not been able to find another house, or the house where they want to move has not been emptied yet.

Such situations have been a normal sight and can be avoided if you become the owner of your currently rented house. Therefore, it’s a good time to start living in the same house as its owner and decide to purchase the property from your buy-to-let landlord in Newcastle.

Yes, a discount is a big possibility in such cases because the landlord will be saved from a lot of stress and spending money as well.

First-Time Buyer Mortgage Advice in Newcastle

The Different Types of Mortgages Explained

The Different Types of Mortgage

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.

What is a Fixed Rate Mortgage?

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.

What is a Fixed-Rate Mortgage? | MoneymanTV

What is a Tracker Mortgage?

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%.

What is a Tracker Mortgage? | MoneymanTV

What is a Repayment Mortgage?

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.

What is Repayment Mortgage? | MoneymanTV

What is an Interest Only Mortgage?

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.

What is an Interest-Only Mortgage? | MoneymanTV

What is an Offset Mortgage?

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.

What is an Offset Mortgage? | MoneymanTV

Obtaining a Mortgage Agreement in Principle in Newcastle

What is an Agreement in Principle?

Fast & Friendly Mortgage Advice in Newcastle

Once you have passed the Lenders credit score to qualify for a mortgage, you will be granted an Agreement in Principle. You may see this talked about online as an Agreement In Principle. By obtaining this, you will then find yourself in a much better place to make an offer on a property. It’s also useful when negotiating the asking price, as the seller knows you’re serious and ready to go.

How does your Agreement In Principle affect your Credit Score?

How an Agreement In Principle can possibly affect your credit score is entirely dependent on the type of search the lender opts to go with. These include Soft and Hard Credit Searches, of which will be explained below;

Soft Searches

Nowadays you will find that most lenders will prefer to carry out Soft Searches. They’re similar to Hard Searches, though they will usually require less strict information and can leave your Credit Score, for the most part, unaffected

Hard Searches

As detailed above, Hard Searches are a lot more in-depth than Soft Searches. The main difference between the two is that taking too many Hard Searches over time could drastically hurt your credit score in the long run. This should not be a problem however if you already know you have a good score, prior to this.

Does an Agreement In Principle Guarantee a Mortgage in Newcastle?

Whilst obtaining an Agreement in Principle is incredibly helpful with the mortgage process, it will not guarantee a mortgage. You will still be required to provide the lender with documents and then a final decision will be made by their underwriter. Agreements in Principle may often include small print that goes unnoticed by customers.

We find that when customers have gotten in touch regarding their Agreement In Principle, they may have been turned away at full mortgage application stage. This is especially often the case for First-Time Buyers in Newcastle or people enquiring in Right to Buy Mortgages. It can also come into play when Moving Home in Newcastle.

The documents required include ID, Payslips, Bank Statements and more. As your Mortgage Broker in Newcastle, we take pride in helping you with Getting Prepared For a Mortgage in Newcastle.

Is My Agreement In Principle a Necessity When Making an Offer?

Technically you can go through the process without one, although any credible Estate Agent will want you to provide evidence that you are able to proceed with the purchase in question.

How Long Will My Agreement In Principle Last For?

Usually, your Agreement In Principle lasts around 30-90 days, although there is no need to worry, you do not have ‘limited time’. The main reason we recommend getting one so early is to avoid you finding a property that is perfect for you, only to be told a Mortgage is not obtainable based on your circumstances. As such, you don’t always need to buy the first house you see after you get your Agreement In Principle. It’s quite quick and easy to obtain, so if it expires you can get another relatively soon after.

For more information on Mortgage Agreements in Principle and Credit Scores, please get in touch with a Mortgage Broker in Newcastle and we’ll advise you the best we can.

Mortgage Advisors in Newcastle

Leasehold Houses

Following the Help to Buy scheme, many builders started selling houses on a leasehold basis when in the past, homes had always been freehold. Over time this became a debatable topic at which the Government felt the need to intervene.

In the eyes of many, some of the country’s housebuilders were putting profits before their social conscience. Whilst aware that they need to build homes for families, they still have shareholders to please with their work.

Land Banking

The media made it no secret when they publicly stated that there was a situation with land banking. A real estate investment scheme, Land Banking is where someone buys large blocks of undeveloped land with the idea of later selling the land at a profit when development has been approved.

In some cases, builders have inherited land into their organisations thanks to consolidation. This is on a leasehold basis. It’s a debatable topic that they offer both leasehold and freehold properties for sale so that buyers can make their own choice based on their options.

What About the People?

Many First-Time Buyers in Newcastle, Home Movers in Newcastle and more had felt that the market had gone too far in the direction of leasehold when it came to light how much money the Builders had been earning off the back of the leases.

Things became even more strained when the Chief Executive of one of the UK’s most prominent Builders received a massive £100m+ bonus. At the time, this was one of the largest bonuses paid in corporate history.

Understandably so, some Leasehold Homeowners were shocked when they were being quoted thousands of pounds in fees when they requested permission to make internal and external changes to their properties.

The fees were being charged by their Leasehold Management Companies.

Some of the annual ground rents were set to double every ten years. Owners could realistically see that once these increases had kicked in, selling their home in the future would be more difficult.

In Parliament

After speaking with their MP’s and getting the subject debated in Parliament, the Government agreed that if you were purchasing a house (flats or apartments don’t count), then it is reasonable that you should own the freehold.

What can you do?

If you own a leasehold house, you should absolutely know you have one. Some however, are completely unaware that this is the case. If you feel that the Solicitor you went with did not give you the full facts about the lease you signed, you should re-contact them immediately and start looking into why this was the case.

The freeholder can be contacted at any time if you are looking to buy it from them.

In addition to leaseholds, there is the problem of service charges.

When Councils gives permission for Housebuilders to build on their land, they don’t always agree to adopt the common areas such as grass verges or roads. That means that the upkeep of these areas will need to be outsourced and this usually falls with private companies.

The owners in the area then make a financial contribution to this maintenance work on top of their council tax, this can happen regardless of whether the house is leasehold or freehold.

Service Charges

Service charge costs can increase. Sometimes the residents in the area collectively group up to form a local association which might allow them to choose a different service provider.

If you are interested in buying a leasehold property, please seek advice from your Solicitor regarding the lease.

It’s straightforward to get carried away with the excitement of purchasing a home, but you also need to realise it’s a significant investment decision that you need to think about long and hard.

Nothing But Open & Honest Mortgage Advice in Newcastle

Mortgage Advisor in Newcastle

Business as usual

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.

Recurring situations

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.

Customer service

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

Speak to your Mortgage Advisor in Newcastle

Remember, we’re still available for you to get in touch from 8am until 10pm, all 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.

Mortgage Advice in Newcastle

Newcastlemoneyman.com & Newcastlemoneyman are trading styles of UK Moneyman Limited, which is authorised and regulated by the Financial Conduct Authority.
UK Moneyman Limited is authorised and regulated by the Financial Conduct Authority.
UK Moneyman Limited registered in England, registered number 6789312 and registered office 10 Consort Court, Hull, HU9 1PU.

© 2021 Newcastlemoneyman

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

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