Michael Sallabank, Author at Essexmoneyman

Sole Name Mortgage for a Married Applicant in Essex

Mortgage Advice in Essex for Sole Name Mortgages

We find that the vast majority of married applicants would much prefer applying for their mortgage jointly, as opposed to separately in their sole name. Property prices have often gone much beyond wage increases in recent years and a lot of the time, you need two salaries in order to qualify.

That being said, you may sometimes find that you are actually in a situation where one salary is enough to cover the amount that you are asking the mortgage lender to borrow. Additionally, an applicant may actually have their own specific reasons as to why they would rather apply in their sole name.

Previous Credit Problems

One of the reasons for a sole name mortgage application, could be that one of the couple has bad credit tied to their name, such as bankruptcy or perhaps a CCJ. This could prevent them for applying for a mortgage, even if they would like to.

In some of these cases, so long as the other half of the couple doesn’t have their own credit problems, they could still be able to apply for a mortgage in their sole name. This can also apply to business partners or friends.

The person who is eligible for a sole name mortgage would need to be wary of any future financial association to their partner. Any ties to them and their bad credit could affect your credit score drastically, lowering your chance of obtaining any future mortgage.

Borrowing Capacity

Other situations where one of the applicants may look to instead buy in their sole name, is if their other half happens to be unemployed for some reason.where an applicant may choose to go the route of applying in their sole name, can include if the other applicant is unemployed.

As a general rule of thumb, couples where one half is unemployed, actually may have a lower maximum borrowing capacity than if the working applicant had instead applied in their sole name. We do find this situation coming up quite regularly.

Applicant age can also be a factor in how much you can borrow. If one of the applicants is young but the other is say, in their 50’s, a mortgage lender may be hesitant to lend as much, due to old age risks through their term (a 25 year term would take you to your 70’s!) and worries with income.

That being said, if the younger applicant were to instead apply in their sole name, there could be the likelihood of borrowing more and benefitting from a wider variety of mortgage lenders and mortgage deals.

Tax Implications

You may also find that there could be related tax implications or even stamp duty, which could lead to one half of the applicants instead looking at their options for applying for a mortgage in their sole name, rather than with a partner.

We Can Usually Help

Depending on the circumstances you find yourselves in personally and financially, many mortgage lenders can be strict and for security in payments, can be much less likely to lend to married applicants in their sole name, if they otherwise would have a partner to borrow with.

You may also find that mortgages can be much more complicated if couples go on to get divorced, though thankfully there are plenty of mortgage lenders who are willing to let sole name applicants take out a mortgage, so there could be options for you.

Our experienced team are well-versed in providing our customers with specialist mortgage advice in Essex. We are open 7-days a week, so book your free mortgage appointment in Essex today and we’ll get started on your mortgage process.

What Does a Mortgage Broker in Essex Do?

By its own definition, a broker is a business that can arrange or negotiate for something in particular, on behalf of their client. A mortgage broker in Essex is a business that functions in that same way, for a homeowner, home buyer or landlord who is looking to take out a mortgage on their property.

A mortgage is a loan that you have secured against your property, which as a property owner, you will pay back over a particular length in time, through monthly mortgage payments.

Jobs of a Mortgage Broker in Essex

Although a homeowner, home buyer or landlord are able to search for and apply for their own mortgage, you much more frequently find that they will look to utilise the services of a mortgage broker in Essex, because of the different services they can offer their customers.

Probably one of the most important jobs a mortgage broker in Essex can do, is that they are able to cross-reference your information against 1000s of unique products, across many different mortgage lenders. If you went directly to a bank, you will only be limited to deals from that company.

This isn’t completely a negative, as the best deal with that mortgage lender could still be the best one for you, but this can’t always be guaranteed. A mortgage broker in Essex is able to compare on your behalf, usually coming along with exclusive deals only available with that mortgage broker.

The job of a mortgage broker in Essex is more than this though, as there are lots of jobs that a mortgage broker in Essex can do, before and during your mortgage application and after your mortgage offer. They will also vary between companies; Not every mortgage broker works the same way!

For example, an area that we stand out in, is we are able to recommend suitable insurance options for our customers. Whilst it is an additional, optional cost (you don’t have to do it!), our mortgage and protection advisors have a duty of care to make sure you don’t lose your property, no matter the situation.

Before Your Application

When your mortgage process begins, you will most likely be speaking with the appointment booking team of a mortgage broker in Essex. Their role will be to take some general information from you & help you to find a suitable time slot for you to speak with a mortgage advisor in Essex.

As an alternative to this, you are usually able these days, to bypass the need to call up first, as many mortgage brokers in Essex (much like ourselves) have a user-friendly and simplified appointment booking system online, where you can typically choose what type of appointment you would like.

Once you have gotten booked in, the next step will be to attend your mortgage appointment with your mortgage advisor in Essex. Generally you will provide them with some further information to help them better understand what you are looking to do, so that they can help you progress.

From that point, they’ll start looking at a variety of mortgage deals, to help you find the most suitable one for what it is you wish to do. Some mortgage brokers in Essex offer their customers a limited supply of obscure mortgage lenders, others offer more, with some offering a whole of market service.

Whilst we can’t say we are a whole of market company, we can confidently say that we have a greatly sized panel of mortgage lenders, with mortgage products that range from standard mortgage enquiries, to specialist, and everything else you’ll find in-between.

Your mortgage advisor in Essex will provide you with a recommendation on the deal they believe is right for you. If you like that deal, they will look to obtain an agreement in principle (AIP) for you. Our mortgage advisors in Essex are usually able to get this within 24 hours of your appointment.

Estate agents will want you to provide them with this when you make an offer on a property and it will also show the person that is selling the property that you are committed to the offer you have made and are in a position to go forward with the sale.

Also, when you are at this point, you will need to go ahead and submit your documents to the mortgage broker in Essex you are working alongside. The documents that are required can usually vary between each mortgage lender and what you wish to achieve in your mortgage process.

Standard document requests will include proof of ID, proof of your income and deposit, last 3 months’ bank statements and payslips, as well as proof of VISA or right to work in the UK, if you happen to be a foreign national (this is usually done with a share code if you have migrated from the EU).

Documents that are typically requested in more niche situations, include a P60 (not all mortgage lenders will need this), business bank statements and tax calculations/year overviews if you are a self-employed applicant, and possibly also an employment contract depending on what your job is.

During Your Application

After you have achieved all of the latter steps, a mortgage broker in Essex will then work to verify your documents and provide you with their mortgage illustration, which will detail the agreed deal before they move on to submission.

Following on with this, they will progress on to your mortgage application submission, to the mortgage lender. From there, it’s a bit of a waiting game until they get back in touch with your mortgage broker in Essex to confirm if you have been approved or not.

The work won’t be stopping there, as mortgage advisors in Essex still have further steps to complete. They will send copies of your documents to your mortgage lender, as well as liaise with solicitors. During this time, our mortgage advice team can recommend property surveys to you.

You will generally come across 3 different types of property survey. Basic valuation, which will work out the value and resale value of the property, home buyers valuation, which will goes a little more in-depth and a full structural survey, which alerts you to any areas that perhaps you need to look at.

Much as they had done when it came to your mortgage deal in your initial mortgage appointment, your mortgage advisor in Essex will be able to best recommend which property survey is right for you to have taken out.

As you wait for the conclusion of your mortgage application process, you may also have queries or concerns, about what is actually going on. Mortgage advice teams with good reputations will make sure you are informed regularly, often via email, so you are always in the loop with your mortgage progress.

After Your Mortgage Offer

Eventually, the mortgage lender will come back to us with an outcome on your mortgage application, hopefully a positive one! If your mortgage application is successful, you will then receive a formal mortgage offer from the mortgage lender.

From here, the job mostly goes on over to your solicitors to complete your mortgage deal, so that you can eventually be comfortable in your home. There is still more that a mortgage broker in Essex can do for you though.

Here at UK Moneyman, when you reach about the 6 month mark, before your mortgage deal is due to end, if you had previously took out your mortgage with one of our mortgage advisors, we will be back in touch to offer you remortgage advice in Essex and help you take the next mortgage step.

The Positives of Using a Mortgage Broker in Essex

As is clear, there is much a mortgage broker in Essex can do for you, such as saving you time and money on your mortgage process, whilst they work to reduce your stress levels and bring you one-step closer to completing your mortgage.

We are proud to say that here at UK Moneyman, we really do care about our brilliant customers. After all, there is no Essexmoneyman, without you! We always put your best interests first, doing whatever we are able to do, to put you in the best position financially for your property goals.

To give you an example of this, if you wanted to take out a remortgage and got in touch with us for remortgage advice in Essex, but your mortgage advisor in Essex felt like you would benefit from taking out a product transfer, they will say so, as it is always about your best interests.

Furthermore, a mortgage broker in Essex may be able to get a mortgage lender to waive some of your mortgage fees, or maybe even look at incorporating them into your overall mortgage balance.

When you are in an appointment with one of our mortgage advice team, they will take a look through all of the costs and fees involved with your mortgage process, during your free mortgage appointment with a mortgage advisor in Essex.

Why use a mortgage broker in Essex?

Really, this is all down to you. If you would like to save time and money, stress and worries, then it may be beneficial to let an expert professional such as a mortgage broker in Essex, take on the bulk of the work for you.

We often find ourselves providing customers with expert mortgage advice in Essex, whether they be looking at first time buyer mortgages in Essex, to those looking for a buy to let mortgage in Essex and even more than that.

Book online today and speak with a member of our mortgage advice team, using our handy online booking feature, to benefit from a free mortgage appointment or remortgage review with a dedicated mortgage advisor in Essex today.

Self-Employed Mortgages in Essex

Self-Employment, Reinvesting & Restricted Mortgage Options?

Sometimes a business owner will look to regularly re-invest in their companies, in order for them to continue their growth. In these periods of growth, they don’t always pay themselves the amount that they should, which in turn can make getting a mortgage difficult.

For self-employed applicants who are in a similar situation to this, there is self-employed mortgage advice in Essex available, especially for those who believe that this case study represents their current circumstances.

Minimal Expenditure Should Not Mean Minimum Borrowing

Darren was an HGV driver who had previously been made redundant and decided that, of all things, he fancied starting a career in the crafting industry, after spotting a gap in the market. He sold his family home and moved in with his in-laws, along with his wife and children, setting up shop from the garage.

He used the funds from his redundancy pay, as well as the proceeds from the sale of their home, to buy some stock and take his first steps into self-employment. Things were going well, and within a few years, the business was successfully making a small profit.

Darren and his family cut back on things they didn’t need, in order to reduce their outgoings and leave more funds to put into the business, helping it to grow. Luckily they didn’t have any rent or a mortgage to pay each month, and Darren was only paying himself a minimal salary that was in-line with the annual tax-free allowance.

Fast forwarding 3 or 4 years into the future and the business now had a physical location and was making almost £100,000 net profit. Still, with the mindset of keeping expenditure to a minimum, Darren continued not to pay himself properly.

The time came to buy a new family home, but his bank would only lend him £40,000 for a mortgage, which is when he got in touch with us.

Affordability is Much More Than Just a Salary

Darren’s bank had let him down because, despite the profits that were being made in the business, he was only paying himself £10,000. He and his family could just about live without drawing a dividend from his Limited Company.

Unfortunately, the majority of high street mortgage lenders (excluding a few who will use different methods) only assess affordability based on your declared earnings. In any case, this is typically salary plus dividends, averaged over two years. In Darren’s case, it was salary alone.

Retained Profit Can Be Just as Important

We managed to find a mortgage lender who was willing to assess Darren’s profits in a completely different way. This mortgage lender took into account his “retained profits” and did not penalize him for his choice to limit his earnings.

Thankfully this mortgage lender was also not interested in the fact Darren was not drawing out an unnecessary dividend from his Limited company and agreed to lend him up to £400,000 (this wasn’t how much Darren was looking to borrow, just the maximum they were willing to go).

A Low Salary Versus Difficult Lenders

Darren was not a self-employed applicant looking to take out a self-employed mortgage in Essex while simultaneously seeking to minimize the amount of tax he paid aggressively. He made personal sacrifices in terms of income to grow a business from scratch.

He believed that his bank had no interest in hearing the full story about how his limited company had grown and took a narrow minded view of his financial situation, based on the income he had declared to the Inland Revenue.

We had managed to find him a mortgage lender who was much, much more understanding in their viewpoint, leading Darren and his family back to where they belong; in a family home that they can call their own.

We Will Try To Help You On All Accounts

To summarise, we had a customer many years ago who had sold his house and moved back into the family home in order to start up his business.

They made a great deal of sacrifices personally in order to grow his business, and within a few years, the company was starting to show good profits. He kept his expenditure low and kept re-investing in his Limited Company.

He had a really solid with a six-figure profit, but hardly any declared income because of his self-inflicted choice of lifestyle. Surely this is the kind of savvy businessman all mortgage lenders should be considering (low LTV case too)?

If you are in a position that is similar to Darren or are a self-employed applicant who is looking to take out a self-employed mortgage at some point in the future, needing self-employed mortgage advice in Essex, please book online and speak to us today.

Sometimes there needs to be a lot of forward thinking in order to take out a self-employed mortgage in Essex, and we are happy to help you out with this.

Buying a Property With a Partner or Friend in Essex?

Buying a Property with Others in Essex

Taking the initial step onto the property ladder can be quite an intimidating process for some home buyers, especially if you’re looking to purchase a property by yourself.

To counteract this, we regularly hear from lots of First Time Buyers in Essex that are instead looking to buy a property with a friend or partner if they can do so.

When we look to calculate your maximum mortgage amount, lenders will factor in both your income and your co-borrowers’. Having two applicants means you’ll be splitting mortgage costs between you both, which can help increase your chances of getting offered.

It is very important to remember that if you were to default, your co-borrower could also be responsible for the full mortgage, and vice versa.

As an open and honest First Time Buyer Mortgage Broker in Essex, we have put together a collection of handy things we recommend to bear in mind when moving into a property with a friend or partner.

Should I Buy a House With a Friend or Partner? | MoneymanTV

How many people can jointly own a property?

Depending on the lender that you go with, you may be able to co-borrow with up to four people jointly.

It’s important to factor in though that the more you have involved, the higher the chance of someone pulling out before the term ends. You should always be careful with whom you choose to buy a property with.

You may be able to increase your mortgage later if you prefer, though you and your co-borrowers will all have to agree. With that in mind, plan ahead for your future and your plans for the property.

Joint tenancy or tenancy in common – what’s the difference?

Joint tenancies tend to be something that is more favoured by civil partnerships or married couples. If one half of the party were to die, the property would be immediately given to the other half. The way the law sees it, is that joint tenants are two halves of one whole, one borrower.

If either of you were looking to remortgage or sell the property, both of you would have to agree before proceeding with the mortgage.

Alternatively, if you and your co-borrower are friends or family, then it is a lot more likely that you will go down the route of ‘Tenancy in Common’. In this case, you both own your own part of the property.

You aren’t required to split your shares equally either. This means that if one of you are making a more significant financial investment than the other, you will own more of the property than the other.

Another reason that this works out well if you are a ‘Tenant in Common’, is that you have the freedom to act independently. What this means is that if you wish to sell or give away your share

Joint mortgages & removing names

What happens if you jointly own a mortgage, but your co-borrower(s) stop meeting the mortgage payments?

A mortgage lender will make it clear that all borrowers are jointly and severally liable. If one of your co-borrowers decides not to pay their part of the mortgage, you will be responsible for keeping up the payments.

How do I remove my ex-husband/wife from my mortgage?

When you look to buy a home with your then other half, you never really predict that you’re going to split up before the term is up. After all, it is a large financial commitment to make anyway, let alone with someone else, and making any changes to it is not an easy process.

It is even more complicated when you factor in children, as it is likely that one parent will stay with them whilst you are left to move out and possibly find your own mortgage. In this case, whether you are the one staying or going, both parties will require the assistance of a mortgage advisor in Essex.

Whether the person has been paying the mortgage with the input of their ex or not, unfortunately doesn’t change the fact that it was applied for in a joint name. In the event of arrears, they will still chase both parties.

Before you can remove your ex-partner from a mortgage, the lender will need complete confidence in your ability to maintain mortgage payments and will reassess your income to make sure that this is the case, before they will proceed.

We regularly find that in the case of being unable to afford a mortgage alone, the mortgage applicant will instead apply jointly once again with a friend, family member or new partner. Mortgage advice in Essex is definitely recommended in these situations.

How do I remove my name from my ex-partner’s mortgage?

As touched upon above, in the event of potentially divorcing or separating your partner whilst on a mortgage, you are both still jointly liable for the property and its mortgage payments.

In this case, if you were the one leave and wanted to remove your own name from their mortgage, you couldn’t just make an agreement between the two of you, they would need to get in touch with their lender.

If you were looking to get a mortgage of your own, the lender would take into consideration the property you are currently tied to, therefore it’s important to make sure that you are removed off the previous mortgage.

You should always take out mortgage advice in Essex when faced with circumstances like these.

Some lenders will be more generous than other lenders, when it comes to how much they will be willing to lend you. Your dedicated mortgage advisor in Essex will take this into account when recommending the best mortgage lender for you to approach.

First Time Buyer Mortgage Advice in Essex

9 Questions to Ask When Buying A House in Essex

First Time Buyer Mortgage Advice in Essex

First-Time Buyers in Essex may find that their first experience of entering the world of home ownership can be stressful. It doesn’t always have to be that way though.

To help you make the most of any upcoming house viewings and to be as prepared as you possibly can be, we’ve put together a list of nine common questions that are worth asking when it comes to buying a house in Essex.

The 9 Most Common Questions:

1. How much interest has there been in the property?

There is nothing wrong with taking your time to have a think about whether or not you would like to buy a property before committing to a purchase. It’s understandable, as doing something like this will be one of, if not the most important financial commitment you ever make.

A good starting point is to find out how many people have viewed or enquired about the property you have your eye on. This can give you a more accurate idea of how much time you have to ponder before making a final decision.

If it isn’t too popular, maybe you can take some time before deciding. If it’s popular, maybe you should decide sooner rather than later.

2. Is there a property chain?

If the property is currently stuck within a chain, it may possibly cause some significant impact on different areas of your mortgage process.

If there is no onward chain, chances are your process will be able to continue smoothly, especially if you are not part of a chain yourself. On top of this, if the process is not reliant on you selling your property first, you will have more advantage as a home buyer.

This is because you will not have any part in holding up the home buying process. Definitely remember to mention this when negotiating a price with a seller.

3. What comes with the sale?

Depending on who the previous homeowners were, you might find that they have left some items behind to save on costs. This could definitely benefit you.

The items generally left behind are what is called “white goods”. This includes things like washing machines, freezers, fridges and kettles. You may also find that the seller has left their shed behind in the garden.

If the appliances are all working well it is perfect for new buyers who are looking to save a bit of cash until they get their own items and modernise the place a bit. Alternatively, if you don’t want or need these items, it will be up to you to get rid of them.

On the flip side to this, if you are a First-Time Buyer in Essex, looking to buy a new build property, it is worth asking about optional extras. Doing so can see your new home potentially furnished, ready for when you are able to move in.

4. Are the neighbours friendly?

When you are moving into an area that you don’t know too much about, it is definitely worth your time to try and get a feel for what the neighbours are like, as a good or bad neighbour experience can often be one of the more vital “make or break” instances of your home experience.

Once again, if you are looking to move into a new build property, you and your neighbours will be the ones creating the community. This is a bit of a risk, as you will be building a neighbourhood from scratch with strangers.

Of course, first impressions are not the be all end all, but it’s always important to at least have a friendly dynamic with neighbours as you both will be presumably living next to one another for a considerable amount of time.

5. How much does it cost to run?

The running costs for the property you’re looking to live in can very much depend on the specific location in Essex, especially with it being a county. Therefore, it is important to do plenty of research and ask some questions.

For example, find out how much you could be looking to pay on council tax, as well as the average spend on utilities. This can generally be achieved by asking the seller or doing some online research.

Having this information will help you out when it comes to budgeting for a property.

6. Which way does the house face?

Perhaps you are fond of relaxing in the garden on a late summers evening. Maybe you would even like to read a book in the natural light. Whether it is one of these or something else entirely, the direction that the house is facing can make quite the difference.

That being said, some locations can often mean that you have to pay a more premium price for a south-facing garden, due to the fact that they receive the most sun throughout the day.

7. After moving in, how much work will be needed?

Once again, this is a factor that can definitely have an impact on your budget. Therefore, it is important that you find out a bit more information about the following;

  • Whether or not the property is energy efficient.
  • Are there any damping issues?
  • Will you need to change the furnishings?

8. Are you open to offers?

Making negotiations on the price of a property is a fairly standard part of the house-buying process. With that in mind, it’s essential to make sure that you are as prepared as possible to make any offers on a property.

It is also worth having a conversation with the seller or estate agent to determine what kind of offer may be considered too high or too low for the property in question. Find out if anyone else has made any offers prior to your enquiry, and if they’ve been rejected.

9. When can we move in?

By putting aside a date in your diary, you will be able to put together a structured plan for your other jobs, such as instructing a conveyancing solicitor, boxing up all of your belongings and arranging a removal van to collect everything from your home and take it to your new one.

Moving Home Mortgage Advice in Essex

Mortgage Advice in Essex for Newly Qualified Teachers

Newly Qualified Teacher Mortgage Advice in Essex

Fantastic! You have passed all of the required exams and have found great success in becoming a newly qualified teacher. Now it’s time for you to find a teaching job and get started in the classroom to rack up some experience.

In some cases, to be closer to that job, you may be required to look at moving home in Essex. If you own your own home already, you may benefit from the assistance of a mortgage broker in Essex.

Soon after you’ll be needing a new home to start a life in. Once here, you’ll be trying to balance the struggle of homeownership whilst finding comfort within your newfound role in the education system. This isn’t something you’ll be alone in, as we’ve dealt with many customers who feel this same way.

Hopefully with the help of a dedicated mortgage advisor in Essex, your process will go a lot smoother and quicker, reducing your stress.

Newly Qualified Teacher Mortgages

The process of finding a lender who will be willing to offer a mortgage to newly qualified teachers can prove to be a little challenging. The reason for this is down to having little to no work history or being on a temporary contract.

Even though this is the case, you can worry less knowing that you may still be able to obtain a mortgage as a newly qualified teacher.

From time to time, some lenders may even offer good deals with those working within the teaching industry. The key to this is finding the best lender for your personal and professional circumstances.

This is usually the difficult part, though by enlisting the help of a mortgage advisor in Essex, you will be working with someone who can search thousands of deals and match you to the right lenders criteria.

What mortgages for NQT teachers may be available?

The different types of mortgage available for newly qualified teachers generally include:

Here are some things that lender may consider during your process:

  • No previous employment history required.
  • A 12-month first post-contract can sometimes be treated the same as a permanent role.
  • Mortgages available up to one month prior to starting the first contract (so you can apply in August, just as an example).
  • Up to a 95% loan to value.

How a Mortgage Advisor in Essex Could Help

Our trusted and knowledgeable team of mortgage advisors in Essex have a lot of experience working throughout this industry, helping various people with the situations they are in relating to their mortgage. You’ll find there are lots of different benefits to home buyers using a trusted first-time buyer mortgage broker in Essex.

To take a look at your mortgage options, get in touch, and our dedicated team will take some details from you to determine whether or not you have the possibility of obtaining a mortgage suitable to your personal and financial circumstances.

How to Sell your Home Quickly in Essex

Mortgage Advice in Essex For People Moving House

Once you are ready to move home in Essex and progress further up the property ladder, you need to start thinking about selling your existing home on the property market. The amount of equity in your home (the amount it sells for minus your current mortgage balance) post-sale, can be put towards your deposit for your next property purchase.

You will have the ability to top up your deposit of course, through a variety of different means, including the use of your personal savings, as well as a Gifted Deposit from a family member or friend. The latter is an incredibly popular way for many first time buyers in Essex to get onto the property ladder, though it’s still acceptable for homeowners looking to move house in Essex.

A seller will always have an idea of the lowest asking price they’re willing to accept, though a lot of them keep an open mind and are willing to at least entertain other offers. The way that you market and present your home to potential buyers will play a big factor in the speed of sale.

From both a buyer and sellers viewpoint, you’re going to need to do some research to be prepared for this process. Let’s start with a look at how to sell your home quickly:

A Look at How to Prepare for Home Viewers?

How to decide on your asking price?

When figuring out what your asking price is going to be, you need to make sure that you’re not going far over what the average price is nearby. Try not to be unreasonable; just because the estate agent has told you that the property could possibly sell for this crazy amount, doesn’t mean that it will actually get sold at that price.

Within the initial few weeks of your listing, you ideally want to draw in as much attention as you possibly can. If you are struggling to get a lot of viewings for your property, it might be worthwhile dropping your asking price.

If you have already found a home that you have now set your heart on, whilst still living at your current house, you need to try and sell it as quick as you can. That is the benefit of a fair asking price, as you are more likely to attract a potential sale early on into listing it on the market.

How does your house look from the outside?

Our experience as a fast & friendly mortgage broker in Essex spans over 20 years. When looking at properties, the primary feature that always stands out, is the exterior of the property (generally the front).

Making sure your home looks easy on the eyes from the outside is your best bet for getting buyers interested in your home. This is all about nailing that first impression, so you need to be aware of how your home would look to someone not accustomed to their surroundings like you no doubt will be.

Sometimes, it’ll be as simple as having a driveway nicely jet-washed and a front lawn that is well kept and neatly mowed. This shows the buyer that you have taken good care of your home and you genuinely want people to be impressed by the way it looks.

This also creates intrigue with the person viewing your home. If the outside is this good, what might the inside be like? this creates a good feeling on their journey around, which could be enough to encourage a sale.

Remember, nobody ever gets a second chance to make a first impression on someone. Ensure your house has a great “kerbside appeal” in order to make the most out of each viewing you receive.

How does it look from the inside?

Although it’s always a chore to do, the first key step in trying to impress your viewer is to tidy everything up! This will help them feel welcome and comfortable when walking around your own home.

Remove anything that is unnecessarily cluttering the place, especially from the front area of the property. When your viewer walks in, you want them to get a sense that you’ve really looked after this home. Anything from a new doorbell to a new doormat can make a big difference.

Once you have sorted out your hallway, you should look around and clean your house room by room. Always take extra care when cleaning your kitchen and bathroom as these are some of the most important parts of a house. Cupboards and wardrobes should have everything neatly arranged within them.

If you are a smoker, the smell of smoke can often linger around the home, so it may be worth your time giving the house a good airing before any viewers show up. Anything that smells smokey and can be removed, take it out of the property.

All interior doors should be painted, clean all the brass fixtures and make sure all the doors can open as close as they are supposed to.

Make sure that each room has good lighting, preferably natural light if you can. Open all curtains and blinds in any of your darker rooms. Your home should feel nice and warm but not too hot that it makes the viewer uncomfortable.

All lightbulbs should be tested before the viewing to be certain that they are working properly. Despite what people claim about “baking bread” smells, this is an old-fashioned approach and could be detrimental to your viewings, so ensure there are no cooking smells around your home at all.

Let the viewer feel at home

Although you may find doing so difficult, it’s important to try and avoid having your children or pets getting in the way whilst your viewers are taking a look around the property. Your goal is to make them to feel as relaxed as possible and not be stressed out, tripping over small children and animals.

It has to be said though, that it’s not inherently a bad thing to have them around, especially if the people looking around are considering starting their own family. It’s all about finding that balance between cute and homey, to annoying.

Another helpful tip in trying to help them feel at home, is to display any family pictures or paintings that you have laying around to decorate the house. It provides them with another friendly reminder that it is a cherished family home with lots of fond memories attached to it.

Definitely let your home viewer explore on their own and don’t crowd them too much. If they are a couple, they will likely want to discuss between themselves at various points throughout their look around.

Make sure the house is clean

As touched upon previously, your kitchen and bathroom should be impeccably cleaned and presented. Anything that isn’t in daily use should be put away into storage containers or cupboards. Your towels should be neatly stacked away as well and not left dangling on hooks or piled on the floor. The same goes for your clothes.

Consider washing your curtains and blinds, wiping your walls down and cleaning your floors and windows. On the topic of windows, they should be shining inside and out. Replace old bedding with fresh, new bedding and also carry out any repairs that need to be done.

Investing in new carpets for smaller rooms can be a cheaper alternative route for impressing your viewer. Carpets make rooms feel like they are welcoming and can show your viewer that you have truly taken care of the place.

Make space for them to visualise a future

A lot of homeowners who are selling their home often don’t realise that creating some open space can actually be rather helpful during viewings. The reason for this is because it allows your viewer to get mentally creative and consider the potential inside the property.

Anything currently being stored outside of cupboards should be put away or thrown away if it doesn’t need to be out. This can also be quite handy for moving, as anything that doesn’t immediately need to be out, can be packed away ready to be transported to your own new home.

Make lots of room on your kitchen worktops too and ensure that you haven’t left any pots out and about.

Have a presentable garden

The type of garden attached to a property can often be the deciding factor for lots of people viewing a property. This is especially important as it’s generally the last thing they will see when touring your home.

Remove any excess rubbish outside and put away anything that is cluttering the view. Don’t take this as a call to stuff the shed though, as homebuyers will likely want to see inside that too.

Make sure that your fences have their slats properly in place and are given a fresh coat of paint or are creosoted. People really enjoy looking around colourful gardens, so adding some bright flowers (blues, pinks, yellows etc.) could lighten the place up and appeal to the viewer.

Anything you can do to liven up your garden could really give you the edge in pushing for a potential sale. Removing weeds and dead flowers, cutting the grass, removing grass clippings are all tasks you should definitely do to present it in it’s best light!

Be yourself with the home viewer

The truth is, people love other people, they like things that are relatable. You’ve got to make a good impression on your viewers too, so remember to be welcoming, honest and most importantly, be authentically yourself. At the end of the day, each viewer is just one of hopefully many, so where one declines to offer, another might.

Create a balanced perspective on every problem going on within your home. For example on this, if you had a problem with a leak in the past, say how you easily fixed it and that it’s not likely to happen again any time soon.

If you’re working with an estate agent, they will want to earn their commission by talking to the property viewers as much as possible. Always remember though, that no one knows as much about the house as you do… You lived there yourself! So don’t be afraid to jump in and give out more information to the viewer.

Last of all, remember the emotions attached to buying a home, especially if you’re dealing with a first time buyer in Essex. If you have a family, make sure you let them know how important and memorable this home has been during your tenure, as this is sure to leave an impression on any viewers who already have a family or are looking to start their own.

Home Mover Mortgage Advice in Essex

Fixed-Rate Mortgage Advice in Essex

What is a fixed-rate mortgage

A fixed-rate mortgage is a mortgage that has been fixed for a particular set length of time, with the interest rates remaining the same for the entire duration.

Generally speaking, people within the mortgage world believe that the longer you fix your mortgage for, the higher that interest rate is probably going to be. With that in mind, if you are looking for the lowest rate possible, you should really look at taking out a short term fixed-rate mortgage.

The downside to a short-fixed term, is that you will be reaching the end of your term a lot quicker, meaning you will need to renew a lot sooner than you might have wanted. When the time comes to take out a remortgage in Essex, your monthly mortgage payments might be a lot more than they were before your term finished.

What is a Fixed-Rate Mortgage | MoneymanTV

Medium & Long Term Fixed Mortgages

If you would rather not be searching for new fixed-rate deals every two years, but also have a preference to not reach the point where interest rates go too high, you might be better suited for a medium-term fixed rate mortgage.

Five-year fixed rates are some of the more popular choices that we come across when speaking to first time buyers in Essex, as they will provide you with the security of consistent monthly payments for the rest of your term. The downside with this one, is that if interest rates drop whilst you’re locked into that fixed deal, you will end up paying more overall than you otherwise would have had if you had gone with a shorter term.

The flip side to that, is if interest rates go up during your term, you’ll be sat comfortably at that lower rate for the duration. It’s because of this, that lenders may increase the interest rates on shorter terms, to future proof themselves, just in case. Usually, the longer your term, the more expensive it is going to be.

There are only a select number of 7 to 10-year fixed rates available to home buyers on the property market. These have always been the least popular of the choices, due to how long they are overall. Many feel that having a decade-long term is too long to be fixed in for a mortgage.

What other fees are involved?

On top of interest rates, you will also need to consider the booking and arrangement fees that are involved.

A booking fee is payable upfront, whereas an arrangement fee is only payable on completion of the mortgage. You might know people who have added fees to the total of their mortgage amounts, but this of course increases the total amount you’d be paying off at the end.

Sometimes you might also find that your financial circumstances can suddenly change and you might need to repay your mortgage balance a lot earlier than had initially been planned for. When this happens, you will likely end up being charged for it.

Early Repayment Charge (ERC)

This charge is known as an Early Repayment Charge (ERC for short). The ERC is calculated as a percentage of the amount that remains on the mortgage balance. If we say as an example, the mortgage amount you have remaining is £200,000 and you are able to pay that off earlier on into your term, with a percentage that is 2%, you would end up having to pay back £4,000 to cover the broken fixed contract.

Many homeowners aren’t aware of the Early Repayment Charge and think it’s as simple as paying off their fixed mortgage early. You are tied into a contracted deal and you can’t just jump out of it and pay it off early, unless you are quite content having additional large charges added to your account.

People who know about the charge may opt to just pay it off early anyway, in order to get a better deal that is currently on the market, especially if it is a limited offer that may not be available a few months down the line.

As an experienced mortgage broker in Essex, we would highly recommend that you avoid chasing after “headline” deals. Always make sure you remember that the lowest rates tend to come with the highest setup fees. Please get in touch today for any further fixed-rate mortgage advice in Essex.

Fixed-Rate Mortgages in Essex

What is a 95% Mortgage?

A 95% mortgage is as simple as the name would suggest; you are borrowing against 95% of the price of a property, and then you are covering the remaining 5% with your deposit. An example of this is if you looked at buying a property that was worth £150,000 with a 95% mortgage, you would be putting down £7,500 as your deposit and borrow the remaining £142,500 from the lender. 

95% Mortgage Advice in Essex

Off the back of the March 2021 Budget, Boris Johnson announced a Mortgage Guarantee Scheme for mortgage lenders, making 95% mortgages more readily available from the bigger high street banks.   

This is fantastic news for First-Time Buyers and Home Movers alike, as this scheme will continue running until December 2022. Certain terms and conditions will apply though, which is something your Mortgage Advisor in Essex will be able to look at, to see if you qualify.    

All our customers who opt to Get in Touch will receive a free, no-obligation mortgage consultation where one of our dedicated mortgage advisors will be able to make a recommendation on the best possible route for you to take.

Can I get a 95% mortgage?

95% mortgages are usually accessible by both First Time Buyers in Essex & those who are Moving Home in Essex. Whilst saving for a 5% deposit sounds like a pretty straightforward concept, you’ll still need to have an acceptable credit score and prove that you are able to afford your monthly mortgage repayments, in order to access a 95% mortgage.

Improving your credit score

A good credit score is essential in the process of obtaining any mortgage, especially a 95% mortgage. Things like paying any current credit commitments on time, ensuring your addresses are updated and checking that you’re on the voters roll, can all help with your credit score.

Affordability 

Affordability is another one that is important to take note of. By giving the lender details of your income and monthly outgoings (things like your bank statements will be necessary for this) and any pre-existing credit commitments, your lender will be able to get a general overview of whether or not you are able to afford this type of mortgage.

Can my family help me get a 95% mortgage?

Nowadays we see lots of family members helping each other get onto the property ladder, especially parents looking to further their children’s lives. The way this usually happens is by gifting the person looking to find their home, the deposit required. Known through the industry as the “Bank of Mum & Dad, Gifted Deposits are only intended to be a gift, and not as a loan. The lender will need proof that this has been agreed, before it can be used towards your mortgage. 

How do I choose the right 95% mortgage?

When looking for a 95% mortgage, you want to make sure you have the right type of mortgage. Each mortgage type works differently, with that choice allowing you to find one that is most appropriate for your personal and financial situation. 

Some homeowners and home buyers prefer Fixed Rate or Tracker Mortgages, mortgage types which mean you either keep interest rates at a set amount for the term given or have your interest rates tracking the Bank of England base rates.

Alternatively, you might find that Interest-Only or a Repayment Mortgages are more your style. Interest-Only allows cheaper payments until you need to pay a lump sum at the end (mostly now used for Buy-to-Lets), whereas a Repayment mortgage (a normal mortgage if you’d like) means you’ll be paying interest and capital combined per month.

How can a bigger deposit help with my mortgage? 

Seeing as a mortgage is such a large financial outgoing, you need to be prepared and need to be aware. You might find things like higher interest rates, remortgaging difficulties due to less equity and then negative equity all cropping up if you’re not. 

There is no need to worry though, as all these can be avoided if you’re savvy enough with your process to begin with. The more deposit you put down for a property, the less risk the lender will see you as. 

A larger deposit, of say 10-15%, would not only reduce the rates of interest by a noticeable amount, but would also give the property more equity and reduce the risk of negative equity, thanks in part to you borrowing less against the property. 

So, whilst the risks may seem intimidating, planning ahead and saving for a bigger deposit to access something like a 90% or even an 85% mortgage will be a massive help in your mortgage journey and something you’ll be able to reap the rewards from in the future. 

Essexmoneyman Spring Budget Update 2021

Rishi Sunak’s second Budget as Chancellor brought two pieces of welcome news for the property sector as the Government attempts to transform “Generation Rent” into “Generation Buy” to help stimulate the UK economy, namely the new 95% Mortgage Guarantee and an extension of the Stamp Duty Holiday.

95% Mortgage Guarantee

The name of this scheme is misleading as not everyone that applies is guaranteed to be offered a mortgage, it is still subject to affordability and credit score. The “guarantee” itself is that the Government will ensure Lenders don’t stand a loss if they grant a 95% mortgage to a customer who then subsequently falls into arrears and is repossessed leaving behind negative equity.

This scheme should in theory give Lenders more confidence to lend even though the applicant only has a smaller deposit to put down. Of course, Lenders never want to repossess someone’s home unless it is the last resort, but if that happens then the new scheme would cover any shortfall.

Lenders have been worried about the prospect of home values decreasing so this measure should alleviate that concern although of course, the chances of negative equity occurring will naturally reduce should property prices increase as a result of these announcements!

The scheme is available to both 1st Time Buyers and Home Movers, it’s available on any property (not just new build) and will run until December 2022. Some major High Street Banks have already signed up to the scheme and it’s likely more will follow later on. It’s still a big challenge for Lenders to cope with the demand they are getting for mortgages due to the difficulties training and supervising staff working from home but they will want to offer as many of these mortgages as they can.

Stamp Duty Holiday Extension

When the Stamp Duty Holiday was launched last year we all hoped life would be very much back to normal by the cut-off date of 31st March 2021 but things didn’t pan out that way as we know. Solicitors are struggling to keep up with the workload and if lots of chains had collapsed then it would have partly defeated the object of the exercise.

Therefore it was good to hear the scheme has been extended to 30th June for purchases up to £500,000 and 30th September for purchases up to £250,000.

The Government certainly sees the property sector as an area that can play a big part in our economic recovery and if you are looking to buy a home or remortgage this year please reach out and we will be happy to advise you.

Contact Us

Essexmoneyman.com & Essexemoneyman 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

The information contained within the website is subject to the UK regulatory regime and is therefore primarily targeted at customers in the UK.
Should you have cause to complain and you are not satisfied with our response to your complaint, you may be able to refer it
to the Financial Ombudsman Service, which can be contacted as follows

The Financial Ombudsman Service, Exchange Tower, London, E14 9SR
www.financial-ombudsman.org.uk


Essexmoneyman, Elizabeth House, 28 Baddow Road, Chelmsford, Essex, CM2 0DG.

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