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When meeting with a mortgage advisor in Newcastle, being well-prepared can make the process much smoother.
Whether you’re a first time buyer in Newcastle, remortgaging or exploring buy to let options, having the right documents ready helps your advisor find the most suitable deal for your situation. Lenders will need to assess your income, outgoings, and credit history, so bringing the necessary paperwork can speed up your application.
In this guide, we’ll outline what to take to your mortgage appointment and how working with a mortgage broker in Newcastle ensures you’re fully prepared every step of the way.
Your first mortgage appointment in Newcastle is a key step in securing the right deal. It’s an opportunity to discuss your financial situation, borrowing options, and any concerns you might have.
A mortgage advisor in Newcastle will assess your affordability, explain different mortgage products, and help you understand what lenders look for.
Being well-prepared for this meeting ensures a smoother process, increases your chances of approval, and helps your mortgage broker in Newcastle find the most suitable mortgage for your needs.
When attending a mortgage appointment in Newcastle, you’ll need to provide key documents to help lenders assess your financial position.
This typically includes proof of identity (passport or driving licence), proof of address (utility bill or bank statement), three months’ worth of payslips, and recent bank statements.
If you’re putting down a deposit, evidence of where the funds are coming from will also be required. A mortgage broker in Newcastle like us can help you gather everything you need to ensure a smooth application process.
If you’re looking for a self employed mortgage in Newcastle, lenders will require additional documentation to assess your income.
Typically, you’ll need at least two to three years’ worth of tax calculations (SA302s) and corresponding tax year overviews from HMRC.
Some lenders may also ask for business accounts prepared by a certified accountant. Recent bank statements showing your income and business activity are also required.
A mortgage advisor in Newcastle can guide you through the process and help you find a lender that understands self employed income structures.
Lenders have strict requirements when assessing mortgage applications, so missing key documents can slow down the process.
While some lenders may be flexible, most will need proof of income, ID and address verification before approving a loan.
If you’re struggling to find certain paperwork, a mortgage broker in Newcastle like us can help you understand what’s essential and suggest alternative ways to provide the necessary information. Being prepared in advance can help avoid unnecessary delays in your mortgage application.
Once your mortgage appointment in Newcastle is complete, your mortgage advisor will begin searching for the most suitable deals based on your financial situation.
If you’re ready to proceed, they will help you secure a mortgage in principle, which shows sellers and estate agents that you’re a serious buyer.
From there, you can start viewing properties or, if you’re remortgaging, begin the application process.
A typical mortgage appointment in Newcastle lasts between 30 minutes and an hour, depending on the complexity of your situation.
During this time, your mortgage advisor will assess your financial details, explain your mortgage options, and answer any questions you may have.
If you have all your documents ready, the process will be quicker, allowing your mortgage broker in Newcastle to begin searching for suitable mortgage deals right away.
As a mortgage broker in Newcastle, we offer a free mortgage appointment with one of our advisors. Simply get started by picking your date and time online today!
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Negotiating on a property price can be a daunting prospect for many home buyers, especially if you are a first time buyer in Newcastle. However, negotiating on a property price can lead to significant savings and a better deal overall.
In this article, we will guide you through the essential steps and strategies to negotiate effectively on a property price, ensuring you feel confident and prepared for the process.
Before you begin negotiating with the seller, it is crucial to understand the current property market. Research the area where you are looking to buy, focusing on recent sales of similar properties.
This will give you a benchmark for what you should expect to pay. Additionally, being aware of whether it is a buyer’s or seller’s market can significantly influence your negotiating power. In a buyer’s market, there is an excess of properties and fewer buyers, giving you more leverage to negotiate.
Conversely, in a seller’s market, competition is fierce, and sellers are less likely to reduce their asking prices.
Having a mortgage agreement in principle in Newcastle not only shows that you are serious about purchasing a property but also gives you a clear idea of your budget.
Sellers are more likely to consider offers from buyers who are pre-approved for a mortgage, as it reduces the risk of the deal falling through due to financing issues.
Additionally, knowing your budget helps you negotiate within your limits and avoid overextending yourself financially.
When making an initial offer, it is important to be realistic. A significantly low offer can offend the seller and potentially halt negotiations.
Use the market research you have conducted to inform your offer. Typically, offering 5-10% below the asking price is a good starting point, but this can vary depending on the market conditions and the seller’s situation.
Be prepared for some back-and-forth before reaching an agreement.
Sellers are often motivated by more than just the price. Highlighting your strengths as a buyer can make your offer more attractive.
If you are a first time buyer in Newcastle, you do not have a property chain, which can be very appealing to sellers looking for a quick and smooth transaction.
Additionally, if you are flexible with the move-in date or willing to accommodate the seller’s timeline, make this known during negotiations.
These non-monetary factors can sometimes persuade a seller to accept a lower offer.
Understanding why the seller is moving can give you an edge in negotiations. If they want wanting to move out of their home quickly for work or need to sell quickly due to personal circumstances, they may be more willing to accept a lower offer.
Your estate agent can often provide insights into the seller’s motivations. Use this information to tailor your negotiation strategy, emphasising your ability to meet their needs and timelines.
One of the most powerful tools in negotiation is the willingness to walk away. If the seller is not budging on the price and it exceeds your budget, be prepared to continue your property search elsewhere.
This can sometimes lead the seller to reconsider and come back with a more favourable offer. Remember, buying a property is a significant investment, and it is essential to stay within your budget too.
If negotiating directly with the seller feels intimidating, consider using a professional negotiator.
If this is something that you would like us to do, our mortgage advisors in Newcastle would be able to help you negotiate on your behalf.
Our mortgage advisors in Newcastle understand the nuances of the market and can often secure a better deal than you might achieve on your own. Moreover, their expertise can help streamline the process, making it less stressful for you.
Before finalising any offer, ensure that a thorough inspection of the property is conducted. This can reveal potential issues that may not be immediately apparent, such as structural problems or necessary repairs.
Use the findings from the inspection as leverage in your negotiations. If significant issues are uncovered, you can request a reduction in the price to cover the cost of repairs or ask the seller to address the issues before completion.
Negotiations can sometimes become tense, but it is important to remain polite and professional throughout the process.
Building a good relationship with the seller and their estate agent can facilitate smoother negotiations and increase the likelihood of a favourable outcome. Demonstrating respect and understanding can help keep the dialogue open and productive.
Once you and the seller have agreed on a price, review the terms of the agreement carefully. Ensure that all negotiated points are documented and that there are no ambiguous terms that could lead to misunderstandings later.
It is advisable to have a solicitor review the agreement to confirm that your interests are protected and that the contract is legally sound.
Negotiating on a property price in Newcastle can be a complex process, but with the right preparation and strategies, you can secure a favourable deal.
By understanding the market, making a realistic offer, and leveraging your strengths as a buyer, you will be well-equipped to navigate the negotiation process effectively.
One common dilemma faced by homeowners planning a move is whether to carry their existing mortgage deal to their new home without losing its terms.
This process, known as “mortgage porting,” offers several advantages for homeowners in Newcastle.
Porting your mortgage in Newcastle allows you to maintain the same interest rates and terms of your original mortgage deal. This can be particularly beneficial if your current mortgage has favourable terms that you do not want to lose.
By porting, you avoid the need to renegotiate new mortgage terms, potentially saving you time and money during the moving home process.
The key aspect of porting your mortgage involves repaying your current mortgage using the proceeds from the sale of your home and then continuing the mortgage on the same terms for your new home.
This means that you can transfer your existing mortgage deal, including the interest rate and terms, to the new property without having to renegotiate a new mortgage from scratch.
This process can be straightforward, but there are important factors to consider. You will need to coordinate the timing of your home sale and purchase to ensure a smooth transition. Additionally, you must ensure that the new property meets the lender’s criteria for the existing mortgage terms to remain valid.
The possibility of porting your mortgage in Newcastle depends on the terms set by your lender. Some mortgages are portable, allowing for this transfer, while others are not. It’s crucial to check your mortgage agreement or speak with your lender to understand if your current mortgage can be ported
Even with a portable mortgage, you will need to reapply and undergo a new round of affordability checks and credit searches. This reapplication process assesses whether your financial situation has changed since your original application.
Changes such as a decrease in income, increased debt, or a lower credit score could affect the lender’s decision to approve the porting request. Additionally, the new property must meet the lender’s valuation and condition criteria, which might also impact the approval process.
Understanding these considerations can help you prepare and increase the likelihood of a successful mortgage porting experience.
When moving home in Newcastle, if your new property is more expensive, you can use any equity accumulated in your current home and savings as a deposit.
If the required mortgage balance exceeds your current mortgage, you may need to take out a larger mortgage. However, be aware that this could involve taking an additional mortgage deal, potentially at a higher interest rate.
If you are moving to a cheaper home, you can port your deal by repaying some of your debt to the mortgage lender.
This can help you avoid early repayment charges (ERCs) and maintain your current mortgage terms.
Porting your mortgage in Newcastle might limit your ability to shop around for better interest rates. In some cases, switching mortgage lenders might be more beneficial if you can secure significantly lower rates elsewhere.
If porting is not an option, consider postponing your move until your current mortgage deal ends to avoid ERCs.
We always recommend speaking with a mortgage broker in Newcastle to discuss your options before deciding whether porting is suitable for your situation. In some scenarios, other options may benefit you more financially.
When moving home in Newcastle, you need to arrange the sale of your current property and a mortgage for your new home – let us take the stress away and offer a helping hand!
Securing a mortgage is likely to be one of the most substantial financial decisions you’ll ever take. Everyone wants to secure their dream home on the best possible terms. The great thing is, you have the opportunity to outpace other buyers by preparing in advance to boost your chances of mortgage approval – One such tactic is securing a Agreement in Principle ahead of beginning your property search.
In some cases, it may be challenging to prepare for a mortgage, for instance, if you and your partner decide to separate. It’s distressing when this occurs, but if it does, you may need to transfer from a joint mortgage to a single one.
We advise all our new clients to start planning their mortgage process six months ahead of their planned move in Newcastle. Your mortgage application will be better positioned to navigate all potential hurdles if you prepare systematically in advance. If you encounter any issue, you ideally should be prepared to resolve it.
Leveraging more than 20 years of industry experience has enabled us to troubleshoot various mortgage-related issues, and help any first time buyerd and home movers in Newcastle. When in the final phase of the mortgage process, if any obstacles appear, our team of Mortgage advisers in Newcastle can rectify these if you’ve prepared adequately. Here are some common challenges our clients often face:
With up to six months of preparation and planning, you may be able to avoid some of these problems.
The precise amount needed for a ‘5% down payment’ may vary since you can’t determine the exact amount till you find a suitable property. For clients who struggle with the initial down payment, it’s relatively common to receive support from parents via a gifted deposit.
This lump sum, provided with the understanding that it need not be repaid, can facilitate the property purchase. If eligible, another viable option would be one of the schemes, designed explicitly for individuals who need assistance to buy a newly constructed home. This could be particularly helpful for first time buyers in Newcastle, seeking support on their way to becoming homeowners.
Credit Ratings Your credit rating is crucial in the mortgage application process. A poor credit rating can hamper your ability to secure approval for a mortgage. The reason for your low credit rating could influence this. A history of CCJ or bankruptcy would further lower your chances of approval, depending on how recent these issues were.
We suggest referring to Check my File to review your credit score. This site enables you to access your credit report to identify any potential obstacles to securing a mortgage. Once you’ve sourced this information, feel free to share it with us; we’ll be glad to examine it at no cost.
In the run-up to your mortgage application, be mindful of how you’re managing your finances. Lenders will closely inspect your bank statements and notice all transactions. Two potentially contentious issues to look out for are:
Securing a mortgage can be slightly more challenging for self-employed applicants, as they may be required to provide more comprehensive evidence than their regularly-employed peers. You’ll need to present at least a year’s accounts and three months’ bank statements to verify your income and affordability. Depending on the lender, you may be asked for additional documents if they have doubts about your financial health.
For any unanticipated scenarios, remember that a Newcastle-based Mortgage Broker like us is here to assist. Every individual may encounter different mortgage hurdles, and we’re here to guide you through the process. We’ve helped numerous clients who have had to navigate complicated and specialist scenarios to secure their mortgage. We provide support and guidance throughout the process, ensuring you never have to go it alone.
As a first time buyer in Newcastle, making that first step onto the property ladder may seem overwhelming. It goes without saying, that ensuring a good credit score and providing a sufficient deposit for a mortgage is a huge part of this process.
To estimate how much you need to save for a mortgage in Newcastle, begin by calculating your monthly disposable income. This is done by subtracting your monthly expenses from your income.
The result gives you an idea of how much you can allocate towards your mortgage savings each month. It’s a great way to set tangible and attainable savings goals.
Most high street lenders will require a minimum deposit of 5% of the property value. However, some first time buyers set their sights on saving around 20% of the property’s cost or more if possible.
A larger deposit usually decreases your monthly payments and can open you up to more favourable interest rates. If you have bad credit in Newcastle, you may be required to put down a higher deposit anyway. This is could be around 10%-15%.
Keep in mind that a mortgage is borrowed money, hence the more borrowed, the more interest to pay back. To figure out how much you’ll borrow for your mortgage, speak with a mortgage advisor in Newcastle.
Don’t forget to set some money aside for the additional costs of buying a property. Along with this, your mortgage and protection advisor will provide you with various insurance or coverage options for your property.
A host of government schemes are available to assist first time buyers in Newcastle. For example, the Shared Ownership Scheme provides for those not able to afford a mortgage on 100% of the home. This unique scheme allows you to purchase a share of your property (typically between 10% and 75% of the home’s value), with the remaining share covered via rent. More detailed information can be found on the government’s OwnYourHome website or by scheduling a free mortgage appointment with us.
There are more initiatives that you can benefit from, such as the Lifetime ISA, RIght to Buy and many more. Each scheme differs and can help different types of applicants. You will not meet the criteria for every scheme, so you must look at each criteria before applying.
A gifted deposit can also be a big boost in your homeownership journey as a first time buyer in Newcastle.
A gifted deposit is exactly what you would expect it to be. It is a lump sum of cash gifted to you from a family member or friend to use towards your housing deposit.
A gifted deposit is strictly a gift, not a loan to be repaid at a future date. The person providing the gift will have to sign an agreement that this is a gift and not a loan.
Evaluate how you use your current income. There might be an opportunity to reduce expenses like mobile phone and broadband packages or discretionary services like gym membership or streaming services. Cutting down on these can free up more resources for your deposit.
Don’t hesitate to rely on purchasing property together with a friend or partner. This approach can essentially half the time it would take you to accumulate a deposit.
Be aware that in cases of default, the other party will be responsible for the entire mortgage. Options like Joint Tenancy and Tenancy in Common exist for individuals considering this route.
Should you have bad credit, you might face higher interest rates and could be required to provide a larger deposit.
It may be a smart move to focus first on improving your credit score. There are many different ways to improve your credit score in Newcastle, such as sticking within your maximum credit limit, meeting payment deadlines, building a credit history, closing down unused credit accounts and removing financial ties with over parties.
We at Newcastlemoneyman are ready and willing to provide guidance and advice on your mortgage journey.
We offer a free mortgage appointment to all our clients where we’ll work hand-in-hand to achieve your mortgage goals. Simply book your free mortgage appointment online and select a date and time that suits you! We have weekend and evening availability also.
Although many people believe that moving homes is a strenuous and challenging venture, with the help of a mortgage broker in Newcastle, it can be quite the opposite.
As a mortgage broker in Newcastle, our speciality is to ensure a stress-free home moving process. We’ll handle the mortgage aspects, from finding a product that perfectly aligns with your financial circumstances to securing your dream residence.
Regardless of what stage you’re currently at in your journey, whether you’re in the early planning phase of moving home in Newcastle, still scouting for your dream home, or ready to make an offer on a property – we’re here to assist.
As your mortgage broker in Newcastle, it’s our job to manage the home moving process without any unnecessary stress. We will help you prepare all of your specific documents such as payslips, ID, etc., to support your mortgage application. Once a perfect match has been found that accommodates your personal and financial demands, we can proceed with your mortgage application.
Our mortgage advisors in Newcastle aim to find you a competitive mortgage product. The moment you get in touch, we’ll schedule a free mortgage appointment to get your mortgage process started.
An integral part of our process is to acquire an agreement in principle (AIP) within 24 hours of your free mortgage appointment. Having an AIP can offer you a significant advantage over other prospective buyers as it gives assurance to the seller that your finances have been vetted by a lender.
Feel free to ask numerous questions and take your time through the mortgage process. Our approach is always transparent and straightforward, ensuring you’re kept informed every step of the way.
We are available 7 days a week, 8am-10pm, to accommodate your busy personal and working schedule. We understand that life can be busy, so whether you want an appointment early in the morning or late at night, we’re here to help.
The same flexible hours apply to our mortgage advisors in Newcastle, who can schedule appointments to suit your availability. Small accommodations like these can significantly alleviate the stress associated with moving home in Newcastle.
Our dedicated mortgage team in Newcastle are ready to ensure your move is stress-free. Each moving home journey is unique, and we aim to mitigate any unnecessary stress during the process.
We offer a free moving home mortgage appointment to every customer – an actionable first step for a smooth moving home journey. Once you get in touch with our team, we can take a look at your personal and financial situation to work out how much you can borrow for a mortgage in Newcastle.
Next, we will search through 1000s of moving home mortgages on your behalf to find the best option for you. If you are happy with the product we recommend and want to continue with our service, we can begin preparing your mortgage application.
Once your mortgage application is complete, we can send it off to the mortgage lender. All that is left to do now is to wait for the response! When we hear back from the mortgage lender, we will be in touch right away to let you know the good news.
Typically, a mortgage agreement in principle can be secured within a day of discussion with a mortgage advisor. An AIP remains valid between 30-90 days post issuance. In case your AIP expires, you can easily have it renewed when you are ready to proceed.
The term “mortgage agreement in principle”, also often referred to as “Agreement in Principle (AIP)”, or “Decision in Principle”, is where a lender confirms that based on your creditworthiness, you qualify for a specified mortgage. As soon as you have this agreement in principle and have considered some advice tailored for first time buyers in Newcastle, you can start house hunting.
As a first time buyer in Newcvastle, having an agreement in principle could aid negotiations, potentially leading to a reduced asking price, as sellers generally view those with an AIP more seriously, giving them confidence that you have the financial means to complete the purchase.
Many clients are becoming more aware of what activities can negatively impact their credit rating. Applying for credit invariably involves a credit check. Any application for credit, be it a mortgage, personal loan, mobile phone contract, or car finance, necessitates these checks.
As an established and trusted mortgage broker based in Middlesbrough here at UK Moneyman Ltd, we do not conduct credit checks ourselves. However, with your permission, the mortgage lender will run such a check on your credit background.
Credit checks typically fall into two categories: a soft search or a hard search.
A hard search provides an extensive overview of your credit history, which can potentially affect your credit rating. All institutions that conduct a hard credit check are obliged to seek your consent prior to initiating the check.
The benefit of a hard search is that it provides the lender with a comprehensive insight into your financial status. If you meet their requirements, you stand a better chance of securing your mortgage, although it is not a guarantee. The downside is that hard checks leave a footprint on your credit file indicating that a hard credit check was undertaken. Multiple hard checks, especially in a short period, can negatively impact your credit rating and consequently, your chances of approval.
Contrarily, a soft credit check offers limited information about your credit status and is often used to verify your identity or by websites for offering quotes. Soft checks are less likely to impact your credit rating and increasingly, lenders are opting for soft checks initially. Soft checks are only visible to the person they are run against and therefore don’t carry the same risk of negatively impacting your potential mortgage application.
While a mortgage agreement in principle does provide comfort, there is no absolute guarantee that your formal mortgage application will be approved. You will still be required to submit various documentation like identification, payslips, and bank statements for full review by the lender. Especially for self-employed applicants, the requirements may differ slightly.
While there is no legal requirement, making an offer without a mortgage agreement in principle might not look favourable to the estate agent handling the transaction.
In our practice as mortgage broker in Middlesbrough, the question that frequently comes up is: What is the ideal credit score to have in procuring a mortgage? It’s irrefutable that your credit history and score play a significant role when you’re looking to secure any form of financing.
Various online platforms like Experian, Equifax, and TransUnion may provide certain benchmarks for good and bad credit scores, offering a general indication of what may be acceptable for obtaining a mortgage. However, these should only be viewed as mere guides since each mortgage lender has its own stringent qualifying conditions. Therefore, a score deemed ideal in general terms, may not necessarily satisfy a mortgage lender’s criteria.
On the flip side, what might appear as a poor score could be just ample for securing a mortgage, with higher interest rates. A credit score exceeding 900 is often regarded positively and could afford you a multitude of mortgage options. However, some situations might call for higher scores, even upwards of 950, in meeting specific mortgage lender’s exacting requirements.
This is the point where advice from a mortgage advisor in Newcastle comes into play. A mortgage advisor can assess your credit history, your financial goals, income, and more, to align you with a mortgage lender who can cater to your specific needs. Booking your free mortgage appointment with our team, can equip you with the most suitable mortgage deal to fit your personal circumstances.
The probability of securing a mortgage with a low credit score is another recurring question. It is indeed feasible, contingent on individual circumstances. Every applicant’s situation is exclusive, meaning it’s very much possible for someone with a lower credit score to procure a mortgage while another might not be as fortunate.
Contrarily, as a young applicant with a low credit score, you still stand a chance to achieve mortgage success. We frequently encounter this scenario with first-time buyers who seldom have an extensive credit history. While many perceive this as an obstacle, particularly prospective applicants, it doesn’t imply that they’re financially careless or have a record of missed payments or defaults.
They may simply be first time buyers in Newcastle, without a substantial credit score. Although not all mortgage lenders consider this desirable, if you manage to meet the affordability checks, certain lenders might be willing to accept applicants in such circumstances. An experienced and reliable mortgage broker can help assess if you meet mortgage lender’s criteria.
Issues like County Court Judgements (CCJs) or defaults can significantly lower the credit score, thus decreasing borrowing capacity or even entirely obstructing the mortgage procedure. However, even under such challenging conditions, it’s sometimes conceivable to secure a mortgage. While a CCJ is undesirable, often making it tough to even procure a credit card or open a bank account, there’s still a possibility for a person with a small, 4 to 5-year-old CCJ to obtain a mortgage potentially. The pivotal factor lies in the mortgage lender’s criteria and the individual circumstances of the applicant.
Even homeowners looking to remortgage in Newcastle may face hurdles if they have bad credit. While handfuls of specialist lenders may accept such cases, a specialist mortgage broker’s guidance can prove utterly beneficial during the remortgage journey.
There’s no denying that applicants with a lower credit score might find the mortgage application process more arduous, potentially ending up with higher interest rates. However, younger applicants with lower scores may not necessarily fall under the same bracket as they don’t have adverse credit. Contrarily, those with adverse credit might need a larger deposit and face higher interest rates.
To augment your possibilities of mortgage success, it’s wise to put efforts into improving your credit score before initiating a mortgage-related enquiry. Updating your addresses on the electoral roll, closing redundant or old credit accounts, severing financial ties with ex-partners or friends, maintaining low usage of credit cards, making timely payments, and ensuring your credit report is error-free are some ways to enhance your credit score.
Booking in for a free mortgage consultation can yield further advice on maximizing your mortgage possibilities in the future. As Malcolm Davidson, the managing director of UK Moneyman LTD and a prominent name in the mortgage advisory sector, would assert, it’s essential to deliver a 5* customer experience and comprehensive, tailored advice to every applicant.
Ever had a situation where you’re reserving a flight, only to realise that you’ve chosen the wrong date or location? Despite seeming simple, these tasks can often become time-consuming, complex, and maybe even more expensive than anticipated.
Scenarios like these can bring about unnecessary stress. What was supposed to be an exciting endeavour, has now turned stressful due to a minor error. In such situations, you might consider seeking the assistance of a travel agent to alleviate the pressure of the process.
Similarly, the realm of mortgages can evoke the same worries and stress. Much like a travel agent, a mortgage broker in Newcastle, like us, can step in to lighten your burden.
You might have recently come across a fixed rate deal, but later discovered that it doesn’t align with your circumstances.
As is the case with all advertising, the goal is to pique your interest and entice you to explore further. Typically, such deals are targeted at clients with substantial equity and stellar credit scores.
There is almost always a more appealing offer out there, but it might not necessarily be the most fitting for your personal or financial situation.
It’s crucial to remember that when you opt for a specific lender, you are restricted to their products and advisors. Be cautious of estate agents and their price comparison websites. You can learn more about estate agents’ sales tactics in our article.
At Newcastlemoneyman, our customers’ best interests are always our priority. We have the ability to provide a variety of products from diverse lenders, some of which are more specialised, depending on your goals.
Additionally, our dedicated team of mortgage advisors in Newcastle will never pressure you into anything you don’t want – our aim is to support you on your journey.
Book your free mortgage appointment today with one of our mortgage advisors in Newcastle. They will explore your options and suggest the most appropriate mortgage deal for your current situation.
They might also recommend features like a fixed interest rate, offset options, or variable rates for flexibility.
Our job is to know these criteria thoroughly, which is why we strive to guide you onto the most suitable path for your circumstances.
If we’ve done our job well – and we have a solid track record of doing so (refer to our Customer Reviews) – you’ll secure a deal that lets you borrow your desired amount at reasonable interest rates, saving you both time and money.
We’ve helped numerous first time buyers in Newcastle, those inquiring about their options for a remortgage in Newcastle and even self-employed individuals seeking mortgage advice in Newcastle.
If you’d like to benefit from our free initial mortgage consultation and speak with a mortgage advisor in Newcastle, please get in touch and we’ll see how we can help you.
When first time buyers in Newcastle embark on their journey of buying a property, there are crucial steps you need to take to ensure a smooth and informed process. Two important aspects you’ll encounter are the “Agreement in Principle” (AIP) and the concepts of “Hard” and “Soft” credit searches. These factors play a significant role in the mortgage application process. Here, we’ll delve into the details of what an Agreement in Principle is, how hard and soft searches differ, and how they relate to purchasing property in Newcastle.
Obtaining an Agreement in Principle before you start house hunting in Newcastle can offer several advantages:
Credit searches are an integral part of the mortgage application process, as lenders need to assess your creditworthiness before offering a mortgage. There are two types of credit searches: hard and soft.
A hard search, also known as a credit check or credit application search, is a comprehensive review of your credit history. It leaves a mark on your credit report visible to other lenders. When you formally apply for a mortgage, lenders will conduct a hard search to make a final lending decision. Multiple hard searches within a short period can impact your credit score.
A soft search, on the other hand, is a preliminary review of your credit history that doesn’t leave a visible mark on your credit report. An AIP often involves a soft search. Soft searches provide a general overview of your financial standing without affecting your credit score. However, keep in mind that if you proceed to a formal mortgage application, a hard search will likely be conducted.
When you obtain an Agreement in Principle, the lender typically performs a soft search to assess your eligibility for a mortgage. This soft search gives you an indication of how much you might be able to borrow. If you decide to proceed with a formal mortgage application, the lender will conduct a hard search as part of their comprehensive assessment process.
First time buyers in Newcastle, understanding the nuances of Agreement in Principle and credit searches is essential for a successful property purchase in Newcastle. Securing an AIP empowers you to confidently explore the property market, while being aware of the distinction between hard and soft searches ensures that you’re mindful of your credit report’s health.
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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: 9 Gallows Lane, Beverley, United Kingdom HU17 7FJ.
Authorised and Regulated by the Financial Conduct Authority.
We are entered on the Financial Services Register No. 627742 at www.register.fca.org.uk.
© Newcastlemoneyman 2025.
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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: 9 Gallows Lane, Beverley, United Kingdom HU17 7FJ.
Authorised and Regulated by the Financial Conduct Authority.
We are entered on the Financial Services Register No. 627742 at www.register.fca.org.uk.
© Newcastlemoneyman 2025.
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