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.
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.
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.
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.
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.
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.
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.
If you are a first time buyer in Newcastle, it is likely that you will have a whole load of questions on your mind regarding the mortgage process and how each step works. If you have managed to get your head around the first few stages, you will now start wondering about the final stages such as mortgage approval.
As a mortgage broker in Newcastle, we get frequently get first time buyers asking questions like “what is a mortgage approval” and “how long does a mortgage approval take?”; these types of questions involve an important part of the mortgage process and you will need to know exactly what a mortgage approval is. Within this article, we are going to cover mortgage approvals and how long you should expect to get one once submitting your formal mortgage application.
Here, we are going to discuss how the process works and how you would reach a mortgage approval in Newcastle.
The first step of your mortgage process would be to get in touch and book a free mortgage appointment with a mortgage advisor in Newcastle. Once you have a date and time for your free appointment, you are ready to get the ball rolling with your mortgage journey!
During your mortgage appointment, your mortgage advisor in Newcastle will take some information from you to discuss your current mortgage situation and what you are trying to achieve. They will also ask for some personal and financial information to support your income, affordability etc.
Using the details that you have provided, your advisor will be able to go and find the perfect mortgage product for you. They will look for a competitive mortgage product that matches your personal and financial circumstances.
We have a variety of lenders on panel that we are able to search through in order to try and find the best deal for you. We will search through 1000s of mortgage products on your behalf before selecting a product.
Once your mortgage advisor in Newcastle finds you a suitable product, they will feed back and present their recommendation. This deal will be presented in a mortgage illustration, which will outline the whole product. Your advisor will go into the details of the product and cover aspects such as monthly payments, interest rates, how long your term is, etc.
You will need a mortgage agreement in principle (AIP) to be able to make any offers on Newcastle properties. As a mortgage broker in Newcastle, we will be able to arrange an AIP for you completely free of charge so that you are in the best position possible when it comes to making an offer on a property.
An agreement in principle just shows that the lender is willing to let you borrow for them based on the personal and financial information that you provided to your mortgage advisor. You will need to provide supporting documents, such as bank statements and source of deposit, once you advance with your mortgage product.
No, an AIP does not guarantee a mortgage; it only helps you through the first few steps of the mortgage process. They roughly last between 30-90 days, therefore, you may need to renew them if you get one prior to looking at houses. This is no issue, as your mortgage broker in Newcastle, we can renew this within 24 hours of it expiring, just get in touch with your mortgage advisor for them to arrange this!
So, you have found a property and have used your AIP to make an offer on it. You also want to continue with us and take the mortgage product that we have offered you. Now, it is time to supply some evidential documents and submit your mortgage application to the lender!
If you do not want to continue with us, unfortunately, we will not be able to offer you the recommendation your advisor initially presented you with.
Once your application has been sent off, the lender will start to carry out checks on your file and the documentation that you have supplied.
They will thoroughly check your bank statements, monthly outgoings, current financial commitments, etc., to be adamant that you can afford the mortgage product that you are looking to take out. They will also need your ID and current address to make sure that you are, who you say you are.
If you were given a gifted deposit, they will also need to check where it can come from and complete an audit trail to support this.
A mortgage valuation survey will be carried out on the property that you are looking to buy in order to confirm the house is worth what you are paying for it. If you need to, our team will recommend any additional surveys you should have carried out.
If the price of the property is not worth what you are paying for it, the lender may lower the mortgage lending amount they are willing to give to you. In their eyes, they will be lending more than they need to. You have two main choices, you can either try and negotiate with the seller to lower the value of the home, or you can make up the difference with your own money or through a gifted deposit.
After their checks are complete and everything looks good to go, the lender will let our team know that your application has been approved and successful. Your first time buyer mortgage advisor in Newcastle will be straight in touch to let you know the great news!
From here, it’s off to your solicitor for the exchanging of contracts and the rest of the legal side of things. Now the last step; pick up your keys to your new home!
This is the usual process for a standard mortgage case, although, in some different and complex situations, the steps may differ.
You can get started on your process today! Get in touch by using our free appointment booking system. Tap the enquire online button to get started.
We can’t wait to hear from you soon!
Any homeowner in Newcastle wouldn’t dream that they’ll miss a mortgage payment, but something like an illness or family emergency can occur, causing a financial struggle, especially for those with low-income and minimal savings.
It can be more challenging for those who don’t have any insurance policies in place that could cover their mortgage payments should any unforeseen circumstances occur.
Here, we felt it was best to answer the following questions: what should you do if you are in this situation and think you will miss a mortgage payment, and how can you improve your credit score afterwards?
If you think or know you’re going to miss an upcoming payment on your mortgage, you must inform your lender immediately. Once you have missed a payment, this will instantly show on your credit record, which will heavily impact your ability to remortgage when your old mortgage is coming to its end.
Depending on your lender’s criteria and circumstances, there may be an alternative that can help you avoid missing a payment. Your lender will offer their support and guidance to borrowers going through a difficult time.
There is nothing wrong with feeling embarrassed. Chances are you are not alone – other people will be in a similar or worse situation. You won’t be the last or the first to contact their lender about being in this position.
If you miss one payment on your mortgage then this isn’t the end of the world, although this may have a negative impact on your credit rating, depending on how quickly this is resolved and how well you communicate with your lender.
Generally, if you fail to pay your mortgage, your lender will inform the credit referencing agencies, and this will have a negative impact on your credit score. However, as mentioned above, lenders will usually have a grace period after the payment due date. This will vary from lender to lender.
Your lender will usually try to work with you and help. In some instances they will set up a payment plan, a short-term solution that can get you back on track with your payments.
Falling behind on multiple mortgage payments can lead to defaulting on the loan agreement, meaning that your lender could take repossession action. Repossession and eviction are the last resort for any lender, they will usually negotiate with you and help make a repayment agreement. It is recommended to reach out to a Mortgage Advisor in Newcastle prior to taking any payment plans etc.
Our specialist mortgage protection advisors in Newcastle will give you the option and recommend taking out the relevant insurance to protect you and your family from financial burden during any unforeseen health issues.
Depending on which protection insurance you take out, these will help pay for your mortgage and bills in the event you are off work sick or critically ill.
If you need any additional support or guidance, please get in touch to speak to one of our specialist mortgage and protection advisors in Newcastle and find out which insurance will benefit you.
As an open & honest mortgage broker in Newcastle, we have come across an array of different reasons as to why someone may look to move home in Newcastle. We have also seen our fair share of similar reasons too.
Below we have compiled a comprehensive list of the main reasons why someone may wish to move home in Newcastle; perhaps you may find one similar to yours:
This tends to be the most frequent we find crops up for home movers. Usually we will see first time buyers in Newcastle finding a smaller more convenient house to begin with, opting to move into a new home further down the line once their circumstances have changed.
It is also quite common amongst people who are considering starting a family of their own. Once you become a parent, that small house suddenly becomes much smaller. This can make it difficult to feel like you have your own space.
On the flip side to this, there are other alternative means of creating more living space. Some people may look at a remortgage in Newcastle to raise some capital as a way of funding any potential home developments, extensions or alterations.
Remortgage is a popular option for homeowners who aren’t quite keen on the idea of moving out, instead choosing to make an investment on their home. This allows for you to create the space you need without leaving your home.
Doing this may also add to the properties value which could be incredibly useful if you are ever looking to sell your home in the future.
Sometimes people may just be looking to find a change of scenery. There is nothing wrong with that, as it is something quite common. We would argue that it is one of the largest factors outside of space, as to why people may want to move home.
As a mortgage broker in Newcastle, we often hear from prospective home movers in Newcastle that they had a low budget when they first bought their home, though now that has changed and they’d like to invest in a higher-end property in a different location.
It is very likely that those types of borrowers are on a much higher income than they were previously and are looking to find a home that is in a much more affluent area than the one that they are currently living in.
When you buy your first home, it is not likely that you would consider a choice of schools if you didn’t already have a family. That can change though once a family is formed, and so you may consider moving home to be closer to better education options.
We also find that many who are moving home in Newcastle will look to do so, as a way of living closer to family and friends. Once again, this is much more common with couples starting a family of their own.
If both parents are to be working full time, then it is more than likely that they will ask their own parents to help them out with childcare. Private nurseries are usually quite expensive and may not always be close by.
Moving home in Newcastle can be a tricky decision to make. If you perhaps don’t want to leave but need more space, maybe it’s time to speak to one of our remortgage advisors in Newcastle. They will talk you through your options for raising capital for home improvements.
For any customer who is looking at moving home in Newcastle, we believe you will benefit from taking out expert mortgage advice in Newcastle. Book your free mortgage appointment today and a dedicated mortgage advisor in Newcastle will be in touch.
They will be able to calculate your maximum borrowing capacity and give you a rough estimate on the costs you will be possibly looking at paying per month, once you have moved home.
Even if you are swaying more towards your options for a remortgage in Newcastle, get in touch today and benefit from a free remortgage review with one of our expert remortgage advisors in Newcastle.
“Can I get a mortgage in my situation?” and “How much can I borrow?” are two of the most frequent questions we find that we are asked by first time buyers in Newcastle & people who are moving home in Newcastle.
In this article, we take a look at the latter of those two questions;
It would be nice to sit and draw out some specific guaranteed figures, but that of course can’t quite work in this setting.
Everybody has a unique case to them and this amount will usually be different depending on your situation.
We can however reflect upon how this may be worked out by the mortgage lender, compared to how it was worked out in the past.
In 2014, following the mortgage and property markets recovering, the regulator launched the Mortgage Market Review (MMR).
This was a set of brand new guidelines that lenders had to follow, factoring in things like household spending habits.
Prior to 2014, two applicants who were earning the same income could borrow more or less the same amount, no matter what they were each spending.
Once it had changed, it was more about looking in-depth at what you were spending each month and why.
As an example of this, you could be earning the same amount, but have additional costs like childcare costs, which your counterpart may not.
This means they are likely to have access to more than you would from most lenders. There is still a “cap” to prevent the majority of mortgage lenders from going past so much of your annual income.
We regularly find ourselves being surprised by the variations between mortgage lenders. For example, some lenders have been known to penalise low earners, whilst others see pension contributions as a fixed outgoing.
Both of these factors can have an impact on the amount you’re able to borrow for your mortgage.
Of course, whilst it may be more streamlined nowadays, how did we get this far? Why is it the way it is?
Way back when, in the 80s and 90s, there was not a whole lot of technological intervention in the way the mortgage process worked.
How you would go about it, is you would make an appointment with your Building Society Manager who would then encourage you to a bank and save with them if you already weren’t doing so.
This would allow them to gauge if you were creditworthy. If you were, they would give you something akin to an Agreement in Principle, followed by mortgage advice and an outline of how much you could borrow.
You could argue this was a highly personalised, common-sense approach. The issue, however, was the inconsistent decision-making as the Building Society Manager would interpret the guidelines and the criteria in their own way.
Looking to get rid of the inconsistencies and to cut the costs involved, lenders moved to automated affordability calculations. This resulted in multiplier caps being applied so that managers could no longer lend more than a specific amount.
As the 2000s continued onwards, mortgage lenders were becoming more generous in how much they would lend an applicant. Some even offer self-certified mortgages, which required no background checks at all.
In 2008, as we likely all remember, the market crashed. This eventually led to a difficult couple of years for those trying to buy a home. Mortgage lenders tightened up on lending and became a lot more cautious in their lending habits.
This leads us back to the aforementioned 2014 MMR and where we thankfully are today.
If you are looking to maximise your borrowing capacity to buy your home, you will benefit from taking on the services of an experienced mortgage broker in Newcastle.
Our team of expert mortgage advisors in Newcastle will be able to analyse your situation and work out your finances to ensure that the repayments feel comfortable to you.
You may have heard the term Gazumping before, but you may not be familiar with what exactly it is. Gazumping, is a term that is used to describe an instance in which the seller of the property you are interested in, accepts another offer from someone else before the sale of the property to you is completed.
The word “Gazumping” is believed to be derived from the Yiddish word “Gezumph”, meaning to swindle or cheat someone out of something, used back in the 1920’s. When relating to house buying, the term was much more commonly used during the 1970-80’s.
When we have spoken to customers about this in the past, we have heard outcries from people who think surely, this must be illegal? Unfortunately, this is not the case at all and Gazumping is very much legal, as immoral as it is.
It’s quite a common occurrence, regularly cropping up during peoples home buying process across England and Wales. Why is it the case though? How can a practice like this be legal?
The reason is because until written contracts are exchanged by lawyers, the deals you make with a seller are not legally binding, they have no obligation to hold onto the property for you. Until your deal is completed, everything is essentially just a verbal agreement.
The idea of being Gazumped can understandably be quite a daunting concept for many first time buyers in Newcastle, even if there’s no guarantee of it happening. It’s the idea of possibly losing your dream home. Nobody wants it to happen, especially if you are a part of a property chain.
An aspect that can make it sting even more, is the prospect of you potentially losing money because of Gazumping. You may have paid for property surveys, conveyancing fees and mortgage arrangement fees, which are likely non-refundable.
As touched upon above, the agreement between parties to buy or sell a property will not become a legally binding one, until lawyers perform an exchange of contracts.
This isn’t always quick, as there could be a several week delay between the point of having your offer accepted and the exchange of contracts taking place.
During this particular period, other prospective first time buyers in Newcastle may jump in to make the seller a much better offer on the property, either through speaking to an estate agent or by going directly to the seller.
These deals may be much more preferable, whether it’s a higher purchase price, the promise of a faster sale, or that particular buyer not having the pressure of a property chain. Gazumping as a term, covers any of these offers that the seller accepts whilst you’re going through your mortgage process.
Whether or not the market is a buyers or sellers market may have an impact of your likelihood of being Gazumped by a seller.
If the market is currently a sellers market, that means the market is hot. There’s a strong demand, fewer properties, people want to buy and there may be bidding wars between buyers, thus driving prices up. In this case, Gazumping is more likely, as someone may drop in with a much higher offer.
On the other hand, if the market is currently a buyers market, there’s more houses than buyers, a seller may not be receiving as many offers, therefore you have less chance of someone Gazumping you and you have much more room to negotiate on price.
The delay that occurs between offer acceptance and the exchange of contracts between two parties can be due to having a property survey taken out. This is where your conveyancer will carry out the appropriate searches and you will receive your mortgage offer.
With this in mind, there are a few helpful tips you can use in order to help increase your chances of furthering yourself to mortgage success and avoiding being Gazumped.
There are also a selection of other potentially useful mortgage tips that could really benefit you during your mortgage process and further your chances of obtaining a mortgage.
First of all, as a part of your mortgage offer to the seller, you should ask them to remove the property from the open market. Doing so limits how many people can see the property is for sale, which in turn reduces additional offers being made and thus reduces your chances of being Gazumped.
The seller doesn’t have to agree to do this for you, as once again there is no obligation. That being said, it is quite commonplace these days for sellers to respect this request from a buyer, especially if they haven’t been too fortunate in receiving offers as it is.
Second of all, you could look at putting a lock-in agreement in place, which would see both sides putting down a deposit towards their binding agreement. This would mean that if any one party chose to withdraw or change the deal, the other party would take their deposit.
There can be legal fees involved in setting something like this up, so it may be a costly decision, but you may feel like having this in place is worth the cost for the security it would provide you with during your mortgage process.
Lastly, there may be potential insurance options that you could take out as a means of protecting yourself against the prospect of Gazumping. These policies will pay out if you are Gazumped, protecting you against the possible loss of money, due to fees you have potentially paid throughout your process.
Whilst Gazumping is never guaranteed to be prevented, there is a lot as you have seen, that can help protect a buyer from a higher likelihood of being Gazumped. As a trusted and knowledgeable mortgage broker in Newcastle, we may be able to offer some help.
We pride ourselves on our responsive service, working hard to get our customers through their process as quickly and efficiently as possible, whilst keeping them informed at every stage. This is a benefit to home buyers, as at least as far as things we can control are concerned, we can speed up your process.
In addition to this, we also have the ability to obtain a mortgage agreement in principle for you, typically within 24 hours of your initial appointment. Depending on the time of day you speak to your mortgage advisor, you may even be lucky enough to get this back the same day!
As mentioned above, having this AIP gives you and the seller the confidence that you are able to proceed with a mortgage, as opposed to someone who may have a better deal, but cannot confirm whether they’ll even be eligible for a mortgage.
Book your free mortgage appointment today and we’ll help you along with your mortgage journey, as a first time buyer in Newcastle.
Whether you are local or not, one of the main factors when moving home in Newcastle is the location you have in mind and knowing the area.
Of course, you will have to think about more than just where you want to live, but what the area currently looks like, what nearby facilities are there and what do you want to look out for when looking for your dream property.
To help you get a better understanding of the sort of street you would like to live in, we have compiled a detailed list of the different types of factors home buyers need to look out for when finding their new property in Newcastle.
Make sure to come up with an idea of the type of area you would like to make your residence in, after all you are going to be living on this property for a very long time.
If you feel more comfortable surrounded by a thriving urban scene, city life is better suited for yourself. Whereas if you prefer the quiet life, living in the countryside might be more suitable for you.
Remember, you will find pros and cons everywhere. Give yourself plenty of time to think careful before you get your heart set on a location that could be based in an area that you might not enjoy.
The nearest transport links to and from your potential new home base are important factors to pay attention to, especially if you don’t drive.
If you don’t drive but want to go out and socialise with friends or family, or make your way to work, going shopping for essentials then you will need to know the available transport links.
If you drive your own vehicle, it’s worth making a note of how long will it take for you to reach different places? How much will fuel be? Are where are the closest fuel stations?
For home buyers who have kids, you should take a look at the nearest schools that are close by. Looking at the league tables and Ofsted report can give you a good idea of what schools are like.
If you don’t have any children now, whether you are planning for the future or have no plans at all, it may be beneficial to at least look it up, just to future proof yourself.
When you are planning to live in a particular area to cater for the facilities that you are after. We recommend writing a list and separating those that you want from those that are essential.
For example, if you really want to have a gym nearby but doing so could mean that you have to live in an area without the shops you need within a reachable distance.
You probably need the shops more for your general living, so that might be something to prioritise, whilst leaving the gym as an added bonus if you can make it work.
The difference between where you might be living and where your family and friends currently live can have an impact on where you move to. Some prefer keeping family and friends close by.
Whereas others prefer to keep to themselves with their loved ones at a distance, prioritising peace and quiet over going out and socialising with people on a regular basis.
Everyone wants good value for money. Which is why determining this for your home will depend on the area that you’re looking to live in.
Sometimes, it may be a better option for you to look for a cheaper property to start out with, though this might mean compromising various features or nearby facilities that you would have preferred to have had.
It’s the local community that makes the area what it is. Those who prefer a quiet life tend to keep to themselves. Others may prefer a thriving busy community.
Have a word with your estate agent and find out what the area is like. Community Facebook pages or locally run websites tend to be quite common these days, so they’re worth looking up to get a rough feel for the location.
Some home buyers may be moving because of a new job or career plan. Remember to review the distance between your new home and workplace.
If you’re going to be working in a home office and only visiting the office occasionally, would you be okay with living a bit further out? What is the space like within the property? Does your property have scope for a home office?
There are a lot of different property types available in the market, with these properties can vary in the area you are looking.
Some prefer end-terrace properties with a garden to enjoy, whilst others prefer a modern flat or studio apartment.
Make sure you have a good look at all the options available to you. Look at the viewings to get a good idea of the type of property you would prefer to live in.
Any information regarding future improvements in the area is handy to know, especially if you’re looking to build a life within that home and stay there for quite a while.
Online research will be the best port of call when looking to find any future investments. It’s important to consider whether these will be a benefit or a detriment to your lifestyle.
If you prefer a quiet country life, you might find their dream scenario turned into a nightmare if a big new housing development is planned within close by.
When the time comes for making offers on property and getting yourself a mortgage, get yourself booked in for a free mortgage appointment. Our friendly Mortgage Advisors in Newcastle will be more than happy to help!
We work from early until late, all throughout the working week and weekend, subject to availability.
No matter if you need some assistance with a First Time Buyer Mortgage in Newcastle or are Moving Home in Newcastle, we can’t wait to hear from you and help you Start your mortgage journey.
It is known that buying a property can be one of the most significant financial commitments of your life which is why you must be aware of what you’re expecting to pay for. All the additional costs can accumulate to a large lump sum and if you aren’t careful, you could be overpaying in some areas than you initially thought.
Below we have provided a full breakdown and look into the costs of buying a property in Newcastle along with the costs involved with property investment.
If you are a first time buyer in Newcastle and are looking for a simple breakdown of each cost and given estimated value to each. On the flip side, those who are looking to move home in Newcastle will benefit from this as it can be a great refresher to prepare accordingly.
When you’ve had an offer accepted, your lender will perform a valuation on the property, this assessment will determine multiple factors like structural damage, property age, location etc. By doing this, they can ensure that your offer matches the ‘actual’ value of the property.
Valuations can differ with some business models offering a free valuation whereas others may charge hundreds of pounds. Sometimes, a free valuation may be included in another cost or a freebie for taking out a certain product.
As well as this, there is a large variety of valuations, some being more expensive depending on which one you need. For instance, a full building survey will be required for those purchasing an older property and will be more expensive than someone who’s bought a new build.
In some situations, a lender may charge you for taking out a mortgage with them. This is usually the case with products with the cheapest rates. Not all mortgages come with an arrangement fee, however, this comes down to the product and lender you could be charged up to £2,000.
Some applicants can choose between paying the arrangement fee upfront or adding them to the mortgage balance. If you choose to add them to your mortgage, you may incur further interest charges. As a Specialist Mortgage Broker in Newcastle, we can search 1000’s of mortgage products to find you the most suitable deal for your circumstances with minimal additional costs.
You’ll need a solicitor to arrange the legal side of the mortgage process. The fees quoted by various firms may differ significantly. An estimated amount for a low-value property could set you back £600. You will provide the solicitor with the new property’s address, whether it’s leasehold or freehold. You’ll also need to provide the purchase price to obtain quotations. Additionally, make sure that:
Only when you decide to sell your property in Newcastle you’ll be faced with estate agent fees. Alongside property prices these fees are rising, you may expect to be paying between 1-2% of the property price.
If you are looking to sell your property, the lowest amount is usually £500. If you are looking for a more personalised service you may be expected to pay more.
Stamp duty is a tax that the solicitor will collect upon the competition of the property purchase, in addition to your solicitor’s fees and disbursements. More information regarding stamp duty can be found here.
A Mortgage Broker in Newcastle will usually charge a fee for their service. These fees will be discussed upfront so that you know what you’re paying for and how much your case is going to cost. We recommend trying to use a trusted pen and honest Mortgage Broker in Newcastle that charges upon completion only. Avoid any application fees where your money will be at risk.
Book your free appointment online to speak to a Mortgage Advisor in Newcastle today
The cost of moving all of your household items to another property can vary depending on the service you want, how far you’re moving and how much stuff you have.
If you are happy to hire a van and transport your belongings to your new house by yourself, the service will cost significantly less. Whereas if you prefer to pay for the full service and get someone to pick up their belongings and help them move. Some local services may charge several hundred depending on circumstances.
Finding your footing on the property ladder for the first time, or jumping in once again at the end of your fixed term, can feel a little daunting at times.
There are plenty of routes these days for homeowners and home buyers to take for themselves, but you ideally want to get it right first time, especially with so much money involved.
Of course, we firmly believe that our service as a mortgage broker in Newcastle, will benefit all during their mortgage process, especially first time buyers in Newcastle.
Whilst we are confident in our ability to assist our customers, we also understand that it is not for everyone and some may still be unsure of how we can help.
As such, we have put together a balanced overview of why coming to a mortgage broker in Newcastle may benefit you in some cases, as well as why sometimes you may prefer to go direct to the mortgage lender instead.
In the minds of many, you are much more likely to save money by going direct and finding your own mortgage deal. This isn’t entirely untrue, as a mortgage broker in Newcastle may charge a fee, though this is very much circumstantial.
If you’re experienced in doing it yourself, have a straightforward case and knowledge of lender criteria, by all means this will be easier and more cost-effective. The downside to this comes with more complex cases and people who don’t understand the lender criteria.
Without the know-how, you could either end up on the wrong deal, or unsuccessfully applying for a mortgage deal. Both of these situations could result in you spending more money than you have to, or damaging your credit score, harming your chances of applying for a mortgage in the future.
A trusted mortgage advisor in Newcastle will always aim to get their recommendation right first time, at the cheapest deal they can find. Whilst again, this may come with a service fee, you could be saving yourself a lot more money in the long run.
Another point that many older customers think works in the favour of the bank directly, is the way the mortgage process was previously run. Before the rise of technology and online banking, you would be a loyal customer of your local branch regularly, often speaking to the same people.
When it came to a mortgage, you would sit with the bank manager themselves, who would “know your finances inside and out”, and they would be the one to approve a mortgage for you. A lot has changed since then though, and credit scoring is now all done digitally.
That means the bank manager won’t personally run through your case. Instead your case will be run against a complex online system, to determine whether or not you qualify for a mortgage. These days, everyone gets a fair shot, no matter which bank you are with.
Tying into the previous point, many believe that you can get better, exclusive deals only by going direct. Once again, this is somewhat true, but only part of the story. See, they can offer great deals, but only from their own company.
The problem here is that not all mortgage lenders are banks and there are lots of different options out there to choose from. The best deal your bank can offer, might not be the best deal overall that you could’ve gone with.
That’s once again, where it is beneficial taking out mortgage advice in Newcastle. A dedicated mortgage advisor will be able to run through your case, and match you up to a suitable deal with one of the many lenders they have on panel, rather than from just one source.
It’s also worth noting on the topic of exclusivity, that you may also find deals with a mortgage broker in Newcastle, that you can’t find anywhere else. Whether you’re a first-time buyer, looking to remortgage in Newcastle or have a more specialist case, there will be more options for you when going with a mortgage broker.
Following the 2007-08 credit crunch, the mortgage market needed an overhaul. As outlined in the 2014 Mortgage Market Review, lenders were no longer able to sell mortgages to their customers on a non-advised basis.
What this meant, was that you couldn’t just walk into a bank, tell them you want a mortgage and be granted it without any checks. You also couldn’t be granted a mortgage by anyone in the bank, as this was something that would happen regularly, whether they were qualified to do so or not.
In addition to this, these changes also brought about consumer protection, that a bank otherwise wouldn’t have given you. You now have the right to complain to the Financial Ombudsman if you feel mis-advised in any way. You also can make a claim via the Financial Services Compensation Scheme.
This is a tick in the column for both mortgage broker and mortgage lender alike, as it means no matter which journey you take, you’ll be safe, secure and professionally advised.
One area where the mortgage lenders fall short and the mortgage brokers excel, is that it can sometimes literally take months to try and speak with someone at a bank. Once you have made that contact and started your process, you’re not always guaranteed to be kept in the loop.
A unique selling point of our own, is that we are able to speak with you at times that best suit you and your schedule. Our mortgage advisors in Newcastle are here from morning until late, every single day of the week, including weekends. You might also find us working on some bank holidays too!
If you’re lucky, you might find yourself with an appointment on the same day, but that also doesn’t have to be the case. Want to speak with someone in a few days time? You are more than welcome to do so!
These advisors have time slots that best suit your lifestyle. Work 9-5 and need to speak with someone later that evening? We’ve got you covered! The best part is that with our online booking feature, it’s never been easier to speak with a qualified mortgage advisor!
Further to this, we pride ourselves on being responsive with our customers. This means no matter what stage of the mortgage process you’re in, you will always be kept in the loop. If there are any changes, your advisor will let you know as soon as they are able to do so.
It’s because of mortgage brokers in Newcastle like us, offering this level of customer service, that the public perception of mortgage brokers has changed. This has led to more people than ever getting in touch with their local experts, rather than going to the big banks.
Sometimes a mortgage situation might be a bit more difficult than the average case. Frequent examples of this that we’ve encountered over the years, include (but are not limited to);
In the past, mortgage lenders could easily compete with one another by offering deals that were better than the other. Times have changed since then, and now the main difference in which deal you go with, is whether or not you match the criteria.
A deal might well be cheaper, but you may not be eligible for it. The mortgage lender will run either a hard search (leaves a footprint on your credit file) or soft search (leaves less of a footprint on your credit file), to see if you are indeed able to have that mortgage.
If you apply for the mortgage with a lender and are declined an agreement in principle, this will likely damage your credit file. Worst of all, it is very unlikely you will be given a reason as to why you were declined, which can be understandably frustrating.
On the flip side to this, a mortgage broker in Newcastle will be able to run through your case beforehand, making sure you’re good to go, and informing you of anything you need to do to better your chances of being accepted.
Using the lenders they have on panel, they’ll be able to match you with deals that you may well be eligible for and look to get you agreed in principle. Obtaining your agreement in principle through Newcastlemoneyman, will usually take no more than 24 hours of your free mortgage appointment.
Of course, this doesn’t mean you’re guaranteed to be agreed, nor does it guarantee a mortgage at the end, but it’s much safer for your credit file to have an expert comb through beforehand. As expert mortgage advisors in Newcastle, we always aim to get our recommendation right the first time.
Ultimately, it’s your choice. As you can see, there are indeed pros and cons to going with a mortgage broker in Newcastle. Conversely, there’s also plenty of pros and cons to going direct as well. It basically comes down to how quick you want your service to be, and how secure you want to be.
As a mortgage broker in Newcastle, led by 20+ year industry veteran Malcolm Davidson, we have helped thousands of customers with their mortgage goals. From first time buyers in Newcastle getting onto the property ladder, to people at the end of their fixed period, looking to remortgage in Newcastle, it’s safe to say we’ve done it all.
If you would like to speak with a responsive, open & honest, FCA regulated mortgage expert, feel free to book yourself in for a free mortgage appointment or remortgage review, with one of our fantastic mortgage advisors. We’re here to help with all your mortgage needs, with time slots that best suit you, subject to availability.
To learn more about our service, please feel free to take a look at our genuine customer reviews. They are a wonderful reflection of the levels of service we give to our happy customers, on a regular basis. If you would like to learn more about the world of mortgages, check out our YouTube Channel, MoneymanTV.
Through our years of giving our customers expert mortgage advice in Newcastle, our dedicated mortgage advisors have found that enquiries from renters interested in becoming first time buyers in Newcastle are always on the rise. They can achieve this by purchasing their rental property from their landlord.
Newcastle has always been a popular place for people to call home and enjoy their life, however, many tenants who are already living there find it quite a bit challenging to own their own home there.
With changes always happening to taxes, it’s looking ever positive for tenants of properties who are looking to purchase the place they already occupy.
Many landlords look to sell properties in their portfolio through various standard means like an estate agent, though you’ll find that there are some out there who are also willing to sell their houses to whoever is already living in the property in question.
If you are living in a rental property and would like to purchase it from your buy to let landlord, it is definitely recommended that you discuss the offer with them directly on a priority basis.
One of the main factors as to why more tenants now have the ability to purchase their home from their Landlord, is because of changes the government made previously, in order to crack down on tax relief relating to Buy to Let purchases.
The changes that they made took effect over the course of 4 years, and the impact of these changes are now being seen as Landlords receive their tax bills.
The temptation of the profit margins in buying and selling properties has always been something that attracts landlords as joining the property industry can come with great reward.
This profit is why a lot of different property investors chose to instead tackle the taxes head on and enjoy the the great profits that came from being involved in the property market.
Though there are positives regarding the industry, there are also negatives, with these changes being a major factor as to why some landlords have previously and still continue to leave the world of property investing and move onto something else.
A lot of the reasons have been noted for this happening including complications with tax, financial demands, and even the mental stress of trying to take on such risky deals.
If you are a tenant of a property owned by a landlord and are willing to buy your home, your landlord may very well be open to selling the property to you. Often these sales come with deals too.
These deals occur as there will generally be no need for estate agents to get involved, as well as various other external services, meaning the landlord is likely to save some money.
Perhaps a landlord is looking to sell his house, and the tenant takes quite a long time to leave the property. Whilst this is going on, it can mean that there may be a lapse in income for the landlord, due to no rent.
If a sitting tenant agrees to buy the property from the landlord, the transition of ownership will be a lot smoother and so will be flow of income to the landlord.
This is because the landlord will keep getting rent from the tenant until the deal is finalised, at which point he will receive the full payment for the property.
If the tenant of the property decides to move out and takes everything with them, the landlord will have to inspect every little detail of the house and make any necessary repairs.
If you consider the various costs of bringing in painters and cleaners, as well as anyone else that is needed to make repairs, this can be quite financially draining to the landlord.
They can save a lot of money on all of these expenses if the tenant decides to buy the house, because they already live there and will be willing to buy the property as is. Because of this, the landlord won’t have to fork out on many of the expenses they otherwise would’ve.
With this sort of process, there are many different perks for the tenant. You know the property inside and out, knowing exactly what needs work.
Any non-tenant purchases run a risk of any issues going unfixed and unreported, only cropping up once they’ve already bought it.
In those cases, you can end up spending a lot of money to fix any of the problems with the property.
Buying the property allows you the freedom to make any of the changes (so long as planning permission is approved when required) that your landlord may have otherwise not agreed to.
Again, you may require authorisation from the council to make additions to your land, but for the most part you will be able to do whatever you want.
If you have been a tenant for years on end, always moving between properties, you know about the difficulties of waiting for the person in front of you to move, so that you can move in.
In these instances, the previous tenants may have struggled to find another house, or are ready to move but they too are waiting on someone else. Buying the property you already live in can be a way to avoid this.
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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: 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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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
