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Porting a Mortgage in Newcastle – Exploring Your Options

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.

Advantages of Porting Your Mortgage 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 Porting 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.

Considerations and Limitations

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.

Different Porting Scenarios in Newcastle

Porting to a More Expensive Property in Newcastle

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.

Porting to a Cheaper Property in Newcastle

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.

Restrictions on Better Interest Rates

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.

Expert Mortgage Advice on Porting

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!

Planning to Get a Mortgage in Newcastle?

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.

Why Planning for a Mortgage is Important

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.

Deposit

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 Score

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.

Bank Accounts

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:

Self Employment

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.

Other Mortgage Hurdles

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.

How to Save For a Mortgage in Newcastle

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.

Working out how much you need to save for a mortgage in Newcastle

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.

Are there any mortgage schemes in Newcastle?

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.

Help from elsewhere 

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.

Review your outgoings

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.

Buying a property in Newcastle with a friend or partner

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.

Saving for a mortgage with bad credit in Newcastle

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.

Getting mortgage advice in Newcastle

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.

How a Mortgage Broker in Newcastle can take away the stress of Moving Home

Why Choose a Mortgage Broker in Newcastle?

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.

Taking care of the ‘stressful’ parts of the process

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.

Fast and friendly process

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.

Or an easy-going process

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.

Mortgage advice 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.

How long does it take to get an agreement in principle in Newcastle?

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.

What is an Agreement in Principle?

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.

Will obtaining an agreement in principle affect my credit score?

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.

What is a hard credit 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.

What is a soft credit search?

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.

Is an agreement in principle a guarantee that I will get the mortgage?

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.

Can I make an offer without an agreement in principle?

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.

What Credit Score Do I Need For a Mortgage in Newcastle?

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.

Is it possible to get a mortgage with a low credit score?

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.

Young applicant with low credit score

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.

Mortgage with a CCJ or Default

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.

Remortgage with bad credit

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.

How does a low credit score impact interest rates?

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.

Ways to Improve Your Credit Score

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.

Why Get Mortgage Advice in Newcastle?

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.

Essential Mortgage Guidance in Newcastle

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.

Schedule Your Free Mortgage Appointment Today

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.

Understanding Agreement in Principle and Hard/Soft Searches in Newcastle

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.

The Benefits of an AIP

Obtaining an Agreement in Principle before you start house hunting in Newcastle can offer several advantages:

  1. Property Search: With an AIP, you’ll have a clear understanding of your budget range. This helps you narrow down your property search to homes that are within your financial reach.
  2. Credibility: An AIP demonstrates to estate agents and sellers that you’re a serious and qualified buyer. This could give you an edge in a competitive property market.
  3. Confidence: Knowing that you’ve been pre-assessed for a mortgage amount gives you the confidence to make offers on properties without worrying about financing hurdles.

Hard vs. Soft Searches: Exploring the Difference

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.

The Connection: AIP and Credit Searches

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.

The Importance of Being Informed

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.

Removing a Name From a Mortgage in Newcastle

Removing someone else’s name from a mortgage is a common request that we receive as a mortgage broker in Newcastle. One of the most common reasons for this is due to divorce or separation. However, it is important to remember that leaving your name tied to someone else financially can have long-term consequences.

The Downside to Not Removing Your Name

One of the main issues is that you will still be responsible for missed mortgage payments, even if you no longer live in the property.

This can have a significant impact on your credit score, making it more difficult to secure a mortgage in the future.

Additionally, it can affect your affordability and lead to higher Stamp Duty tax implications if you decide to purchase another property.

Therefore, it is crucial to remove your name from someone else’s mortgage as soon as possible to avoid these issues.

How to Remove a Name From a Mortgage

If you are taking on full responsibility for the mortgage payments, the first step is to determine whether you are eligible for a remortgage as a sole-name applicant. This can be done by speaking directly with your mortgage lender or seeking advice from a specialist mortgage broker in Newcastle.

It is important to agree on who will take ownership of the property before removing someone else’s name from the mortgage. If there is a disagreement, it may be necessary to involve legal proceedings, which can be costly.

If you are going through a divorce or separation, seeking specialist mortgage advice in Newcastle is highly recommended. An expert mortgage advisor can guide you through the process and provide support when you need it most.

Need help removing a name from a mortgage?

If you need assistance removing someone else’s name from your mortgage, our team of specialist mortgage brokers in Newcastle are here to help. We offer expert mortgage advice seven days a week, including weekends and some bank holidays.

Book your free remortgage review today and let us help you navigate the process of removing a name from your mortgage. With our guidance and support, you can move forward with confidence and avoid any potential challenges down the line.

What Does a Mortgage Broker in Newcastle Do?

A mortgage broker in Newcastle is a type of business that specialises in arranging or negotiating mortgages on behalf of customers who are homeowners, home buyers, or landlords.

Essentially, they act as intermediaries between the borrower and the mortgage lender, working to secure the most suitable mortgage for their customers’ needs.

When someone takes out a mortgage, they are borrowing money from a mortgage lender, which is then secured against their property. The borrower then pays back the loan over a set period of time through monthly payments.

A mortgage broker in Newcastle’s role is to help their customers look at the various types of mortgages available, compare rates and terms from different mortgage lenders, and ultimately secure the best possible deal for them.

Jobs of a Mortgage Broker in Newcastle

When it comes to obtaining a mortgage, a homeowner, home buyer or landlord can choose to search for and arrange their own mortgage, though generally it is more common for them to seek the help of a mortgage broker in Newcastle, due to the broad range of services they offer.

One of the most important services provided by a mortgage broker in Newcastle is the ability to compare your circumstances against thousands of products, from various mortgage lenders. In contrast, going directly to a bank limits you only to their specific deals.

Although the best deal with that mortgage lender may be the best option for you, though this is not always guaranteed. A mortgage broker in Newcastle can often offer exclusive deals and make comparisons for you, ensuring that you obtain the best deal available, across all mortgage lenders.

The responsibilities of a mortgage broker in Newcastle extend beyond that, as they are involved in various tasks before, during and after the mortgage process. The services provided may differ from one broker to another.

At our company, for example, we specialise in recommending suitable insurance options for homeowners. While it is an optional extra cost, our mortgage and protection advisors have a responsibility to guarantee that you can remain in your home, regardless of any unforeseen circumstances.

Before Your Application

When you first start the mortgage process, you will usually be in contact with a mortgage broker in Newcastle’s appointment booking team. They will gather some initial information from you and help you find a suitable time to speak with a mortgage advisor in Newcastle that works around your busy schedule.

Alternatively, you can book an appointment directly through the website of many mortgage brokers in Newcastle, including our own.

This is often done through a user-friendly appointment booking system where you can choose between telephone or video calls, bypassing the need to speak with anyone before your appointment.

During your appointment with your mortgage advisor in Newcastle, you will provide them with more detailed information to help them better understand your financial situation and goals. They will then look at a range of mortgage deals and recommend the most suitable option for you.

Some mortgage brokers in Newcastle have access to a limited number of niche mortgage lenders, while others have a larger panel of mortgage lenders, like us.

Although we’re not whole of market, we have a wide range of mortgage products available, from standard to specialist. Once your mortgage advisor in Newcastle has found a deal you’re happy with, they will look to secure you an agreement in principle (AIP), which confirms your mortgage eligibility.

An AIP is typically required by estate agents when you make an offer on a property and shows the seller that you are committed to your offer and financially capable of proceeding with the sale.

At this point, you will also need to submit your documents to your mortgage broker in Newcastle, which can vary depending on the mortgage lender and your individual circumstances.

Standard documents usually include proof of ID, income, and deposit, as well as the last three months’ bank statements and payslips. If you are a foreign national, you will also need to provide proof of VISA or the right to work in the UK, which can typically be done with a share code, if you migrated from the EU.

Depending on your circumstances, you may also need to provide additional documents such as a P60, business bank statements and tax calculations/year overviews if you are self-employed, or an employment contract if it is applicable to your line of work.

During Your Application

Once the previous steps have been completed, a mortgage broker in Newcastle will typically review and verify your documents before providing you with a mortgage illustration that outlines the agreed-upon deal, before submitting it to the mortgage lender.

After the submission, the waiting game begins for you until the mortgage lender gets back in touch with your mortgage broker in Newcastle to confirm whether or not you have been approved for the mortgage.

The work doesn’t stop there, as mortgage advisors in Newcastle and administrators still have their own steps to complete. They’ll send copies of your documents to the mortgage lender and work with solicitors

During this time, our mortgage advice team will be available to advise you on property surveys. You can typically choose from three types of property surveys: basic valuation, homebuyer’s valuation, and full structural survey.

Similar to how they recommended a mortgage deal during your initial mortgage appointment, our team will be able to best recommend which property survey you will need to take out.

Whilst you wait for the end result of your mortgage application process, you may have questions or concerns about what is happening. A mortgage advisor in Newcastle will keep you regularly informed, often via email, so that you are never left in the dark regarding your mortgage progress.

After Your Mortgage Offer

In due course, the mortgage lender will provide you with the outcome of your mortgage application, hopefully, a positive one. If your application is approved, you will receive a formal mortgage offer.

After this, your solicitors will take over to complete the necessary legal work and finalize your mortgage deal, allowing you to enjoy your new property. Nevertheless, a mortgage broker in Newcastle can still offer further assistance.

At Newcastlemoneyman, we go the extra mile by getting in touch with our clients about six months before their mortgage deal expires. If you previously took out a mortgage with us, we will offer you remortgage advice and assist you in taking the next step towards owning a property.

The Positives of Using a Mortgage Broker in Newcastle

There are various ways in which a mortgage broker in Newcastle can help a mortgage applicant. For instance, they can save them both time and money by streamlining the mortgage process and minimising stress levels.

Additionally, mortgage brokers in Newcastle can offer a broader range of mortgage deals, including exclusive and specialised options. At Newcastlemoneyman, we prioritise our customers’ best interests and work hard to save them money and to help secure their financial future.

Our customer reviews show our commitment to building long-lasting relationships and going above and beyond for our customers. We also strive to reduce our customers’ costs and fees by negotiating with mortgage lenders or incorporating fees into their mortgage balance.

During our free mortgage appointment, our mortgage advice team will discuss all costs and fees involved in the mortgage process to ensure transparency and avoid surprises down the road.

Why use a mortgage broker in Newcastle?

If you are looking to save time, money, stress, and worries by having an experienced mortgage professional handle the bulk of the work, then hiring a mortgage broker in Newcastle may be the right choice for you.

At Newcastlemoneyman, we specialise in providing expert mortgage advice in Newcastle to a diverse range of applicants, including those looking at first time buyer mortgages in Newcastle, buy to let mortgages in Newcastle, and more.

To speak with one of our mortgage advisors in Newcastle, simply use our online booking feature to schedule a free mortgage appointment or remortgage review with a dedicated expert. Contact us today to see how we can help you achieve your mortgage goals.

Newcastlemoneyman.com & Newcastlemoneyman are trading styles of UK Moneyman Limited, which is authorised and regulated by the Financial Conduct Authority.

UK Moneyman Limited is Registered in England, No. 6789312 | Registered Address: 10 Consort Court, Hull, HU9 1PU.

Authorised and Regulated by the Financial Conduct Authority.

We are entered on the Financial Services Register No. 627742 at www.register.fca.org.uk

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