So, you have saved up your mortgage deposit and are ready to make an offer on a property. The next step is to begin preparing your mortgage application!
If you are a first time buyer in Essex, you may not know how to start your mortgage application. We are here to help you not only prepare your mortgage application but to also help you get the correct documents ready to support your application. Within this article, we are going to look over the documents and evidence that you will need to support your mortgage application.
It is important to obtain an up-to-date credit report during the preparation of your mortgage application. This is crucial for your mortgage application, and it is recommended that you arrange to get yours before contacting a mortgage broker in Essex. Your mortgage advisor in Essex will review your report and then pass it on to a suitable lender.
You will need to have an agreement in principle (AIP) to make an offer on a property. As a mortgage broker in Essex, we can get you a fully credit-checked agreement in principle within 24 hours of your application. Simply get in touch with us to schedule your free callback with a mortgage advisor in Essex, and we’ll aim to turn around the agreement in principle within 24 hours after that.
To confirm your identity, it’s important to provide a photo ID such as a driving license or passport. However, if you’re using a driving license as proof of address, you’ll need an alternative form of ID. Non-UK nationals working on a visa will also need to provide their visa documentation.
You will be required to prove where you live. This is usually in the form of a utility bill or bank statement within the last 3 months.
Your bank statements reflect your income and regular expenses. Lenders can often view excessive gambling transactions, overdraft limits, and bounced direct debits negatively.
Even if lenders don’t explicitly ask for your bank statements, they want to be sure that you are financially responsible. Your bank statements should show your salary going in and your bills going out.
It is crucial to provide evidence of your deposit for anti-money laundering purposes when applying for a mortgage. We advise avoiding moving finances around your accounts too much, as this can complicate the process and lead to delays.
Lenders prefer to see responsible saving habits, but you still need to account for any significant recent deposits in your accounts. If you received a gifted deposit, written confirmation must state that it is a non-refundable gift.
When applying for a mortgage, lenders typically request your last three months’ payslips and your most recent P60 if you’re employed. They consider regular overtime, commission, shift allowances, and bonuses, and some lenders may also take extra earnings like part-time jobs or self-employment into account.
We have worked with many self employed applicants in Essex. If you’re self employed, you’ll need to request proof of earnings for the last two or three years from the Revenue, which may require the help of your accountant. If you submit your own accounts, feel free to reach out to us, and we’ll be happy to advise you on how to download them from the Government Gateway.
Calculating your estimated outgoings after moving can give you an idea of how much disposable income you’ll have to pay your mortgage after regular expenses, council tax, and utility bills are paid. To assist with this, we can send you a budget planner to help you get started.
Preparing for a mortgage application can seem daunting, but with proper timing and organisation, along with a mortgage broker in Essex, you’ll be in good hands. There are several steps to follow, but don’t worry, we can help guide you through the process.
Are you a first time buyer in Essex on the lookout for your dream home? Have you yet to decide on the perfect location in Essex? There are many wonderful residential areas in and around Essex, it is just finding the right area for you!
To help you make the right decision (and in no particular order) we have put together our top list of places to live in Essex.
Known as the perfect commuter location for London, Brentwood is a town East of England. This area is known for its beautiful countryside that is located just outside the boarder of Greater London. Brentwood shows off its history through the many Elizabethan houses that still remain.
Brentwood’s claim to fame is the fact that the location was used to film the popular reality television show ‘The Only Way is Essex’, however, the area has more to it than its infamous scenery. It also has a thriving community that is proud to call Brentwood their home! There are lots of facilities in the area from food shops to a sports centre.
If you are working in the centre of London but are looking for a quieter area to live away from the hustle and bustle, Brentwood is your match. The area has a train station with services on the Elizabeth Line that can take you to popular parts of London. Along with this, the M25 runs through this town which is a perfect start to all parts of England and a great segway to the M1.
Whether you are a First Time Buyer in Essex or looking to move home, Brentwood has a variety of properties with ranging prices. If you are looking to start a family in the area or already have one, there are lots of schools providing both primary and secondary education. Get in touch with a Mortgage Broker in Essex today who can provide the help and support you need on your mortgage journey.
Nestled in the county of Essex, Basildon is a town known for its swift transport connection to other cities, a great choice of amenities, and plenty of outdoor space on its doorstep which makes Basildon a desirable place to live.
Plenty of housing opportunities, local amenities, and big city connections make it the perfect place for young professionals and growing families looking for a place to settle down in.
In terms of transport links, Basildon has three railway stations. Each runs regular commuter services to London and other locations across the region. The local bus services are extensive, offering a range of connections to nearby destinations including Canvey Island, Southend, Billericay, and Chelmsford.
If you’re travelling by vehicle, Basildon is situated just off the A13, A127, and A130 – all of which offer direct access to major motorways like the M25 as well as well-trodden routes in and around the region.
Basildon is home to a good mix of primary and secondary schools that cater to all including something for the tiny tots, Basildon has a great selection of certified playgroups, nurseries, and pre-schools. Every educational base is covered in this area.
If you’re a big spender then Basildon certainly delivers, the high street is dotted with a mix of well-known retail names and inviting cafes, but the town’s impressive Eastgate Shopping Centre is home to a modern food court as well as almost every high street shopping brand imaginable.
As a bustling place with a community feel, there are plenty of local gatherings, groups, fetes, festivals, and events happening throughout the year. Perfect for First Time Buyers or Home Movers in Essex. If Basildon feels like the place for you and you would like to know your mortgage options, get in touch with a Mortgage Broker in Essex today who can provide the help and support you need on your mortgage journey.
For nature lovers and those looking for a quaint and quiet area to live in, Saffron Walden may tick your boxes. With its green rolling hills and picturesque scenery, this rural town is rich in history with its line of colourful medieval houses. The area is located in the north-west of Essex and just 15 miles south of Cambridge.
Saffron Walden prides itself on its friendly community that constantly plans events along with hosting weekly clubs and activities. The area is brilliant for a day out with plenty of eateries and lots of attractions for families including Audley End House and Saffron Walden House. There is also a beautiful market that is on Tuesdays and Saturdays which is perfect is you are wanting to support local businesses.
Transport links are available by car with the town being located off the M11 which can take you to London along with a railway station which has regular services to London. Property prices can be may be slightly out your budget, however, settling down in the pretty, rural town of Saffron Waldren will be worth every penny. If you are a looking to start your mortgage journey, get in touch for open and honest Mortgage Advice in Essex.
Located in the Epping Forest district, Epping is situated just 17 miles from the centre of London which makes it a convenient place for a short commute to the capital city. If you are looking for an scenic green area away from the bustling city life, Epping could be the perfect fit for you.
The area is full of history with many archaeological finds being discovered within the forest showing that there was a human settlement dating back as far as 7500BC. One prominent part in its history was when King Henry III granted Waltham Abbey o hold a weekly market in 1253.
Fast forward to now, there is a market in the town every Monday that attracts many customers far and wide. There are lots to do within Epping including adventure parks, museums and plenty of nature reserves. The high street showcases a range of shops and eateries both independent and well known.
As mentioned, Epping is perfect for a convenient route into London for work via the underground’s Central Line and is brilliant for a rural escape from this major city. On top of these affordable properties in the area, are houses that are rich in history. There are many schools in the area which is perfect for families and make Epping brilliant for those looking at Moving Home in Essex to settle down and start a family.
Get in touch with our team today if you are looking to start your mortgage journey. We can provide you with the open and honest Mortgage Advice in Essex you need to fulfil your mortgage goals. Book online for your free mortgage appointment today!
If you are looking to move into a town that provides its residents with a rich history and modern lifestyle then Colchester will be the place for you. On top of Essex already being a popular region with commuters 24/7, Colchester is one of the UK’s oldest towns and biggest settlements, with the balance of an urban city lifestyle and rural living, this niche town is always thriving.
If you like to shop ‘til you drop, then Colchester offers a large variety of retail shops. The town centre is where you’ll find niche independent shops neighbouring bigger retail brands. If you fancy a bigger indulgence, we highly recommend you shop at Culver Square or take a trip to Lion Walk.
The town has a rich lineage of culture, not only it is home to the famous nursery rhyme ‘Twinkle, Twinkle Little Star’’ in 1806, but the Second World War song ‘There always be an England’ in 1940. The town is drawing from this distinguished cultural past and is now home to a budding arts movement, like the Colchester Arts Center and Mercury Theatre, the list is endless.
Going beyond the modern lifestyle, Colchester has a rich history dating back to over 2,000 years. If you are looking to find all the facts in greater detail and to find just how historically important the town is, then check out The Colchester Castle Museum, the exhibits will guide you through the history of Norman architecture, Roman medicine, witch-finders, and chariot. If you do choose to live in Colchester, you’ll definitely soak in the history.
Any foodies who are thinking to move into the area? Colchester has plenty of eateries around the town. The local resident loves heading to the annual Medieval Fayre & Oyster Market, where you’ll find a lot of seafood. Other options are available like charming pubs, farmers’ markets, and restaurants that are sure to please your appetite.
Colchester is home to a range of popular attractions which provide a variety of things to do with an array of museums, over 60 acres of parkland, home of two zoos in the UK, there is surely something to do to broaden your horizons and keep you busy 24/7.
Colchester has a great landscape heritage, the environment of the region is filled with a variety of parks and open spaces that stretch beyond the town, amounting to 135 square miles of coast, woodland and countryside. It may be somewhere to walk, relax or view the wildlife, whichever you are after, Colchester certainly has something to offer everyone.
Living in a fitting place for any home mover in Essex as well as first time buyers in Essex. If Colchester is the perfect fit for you, our team is available 7 days a week and can provide you with expert Mortgage Advice in Essex should you need it.
Located on the border with Hertfordshire and London, Harlow is a large town where residents can benefit from its affordable properties and excellent transport links. The area is more of a bustling town compared to some of the rural villages surrounding it. Being a large town, Harlow provides plenty of career opportunities as well as fantastic properties.
Harlow’s history was prominent in 1947 as being one of London’s eight post-World War II new towns in the hopes to attract decentralization of the metropolis. Furthermore, there is a beautiful garden with the museum you can visit that brags about Harlow’s rich history even more! The Harvey Centre is a perfect place for retail therapy with a mixture of shops to satisfy a range of people and also has a cinema and dining area.
There are lots of employment opportunities in and around the area of Harlow. Along with this, there are lots of primary and secondary schools and further education facilities which is perfect if you are looking to start a family. There are a range of properties with attractive prices that are fitting for Home Mover in Essex as well as those looking to buy their first property. If Harlow is the perfect fit for you, our team are available 7 days a week who can provide you with the expert Mortgage Advice in Essex you need.
In 2020 after a two-year campaign, the town’s name was officially changed to Purfleet-on-Thames, this town is a desirable place for home movers and First Time Buyers in Essex; to be so close to places like Essex and London, yet able to enjoy all the benefits of being away from the noise and pace of the city lifestyle.
Purfleet -on-Thames is home to the renowned Lakeside Shopping centre, as well as a nature reserve and an array of historic buildings, with the name of the town being linked to an exclamation of Queen Elizabeth looking on as her fleet departed to engage the Spanish Armada.
Nowadays, this town is in partnership with a regenerating project which will transform Purfleet-on-Thames into a new and modern riverside destination. The scheme hopes to rebuild the River Thames surrounded by a brand new town centre with shops, restaurants, new build homes, improved transportation, schools, and even a TV production studio. Later phases will deliver a new university campus.
With huge plans on the way, if Purfleet-on-Thames feels like the place for you and you would like to know your mortgage options, get in touch with a Mortgage Broker in Essex today who can provide the help and support you need on your mortgage journey.
Chelmsford can be described as one of the nicest and safest places to live in the UK. The city is full of transport links. Thanks to redevelopment, the city’s local economy has flourished. Both independent businesses and high street shops situate in and around the city centre.
There are shopping centres and outlets scattered around the city. On top of all of this, Chelmsford is full of rich historical sites. If you’re taking up property viewings or thinking about doing so in Chelmsford, you should get in touch with our advisors and we can sort the mortgage side of things; taking this stress off your back.
Are you thinking of buying your first home or moving home and need mortgage advice in Essex? If so, Essexmoneyman is here to help!
Having worked in the mortgage industry for over 20 years has allowed us to access great mortgage deals. We will go through 1000’s of deals and pick out one that is most suitable for your personal and financial situation. Your mortgage journey is made easy with Essexmoneyman – your Mortgage Broker in Essex.
To speak to a first time buyer or moving home mortgage advisor in Essex, get in touch today and book your free mortgage appointment. We know that the mortgage process can be stressful and that’s why we want to offer a helping hand. We would love to hear from you and assist you in the world of 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.
One of the reasons for a sole name mortgage application, could be that one of the couples has bad credit tied to their name, such as bankruptcy or perhaps a CCJ. This could be considered a specialist mortgage situation in Essex. This could prevent them from 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 with their partner. Any ties to them and their bad credit could affect your credit score drastically, lowering your chance of obtaining any future mortgage.
Other situations where one of the applicants may look to buy in their sole name, is if their other half happens to be unemployed for some reason.
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.
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.
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.
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.
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.
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.
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.
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 Essexmoneyman, 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.
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 Essexmoneyman, 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.
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.
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.
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 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
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.
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.
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 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.
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.
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.
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.
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.
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.
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.
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;
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.
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.
There are many reasons why you may want to remove a name from a mortgage. The process will be complicated and stressful no matter the reason why you want to remove a name. Taking out a mortgage in multiple names can be complicated anyway, never mind trying to get out of one.
We aren’t saying that you can’t remove your name from a mortgage, you can if you need to.
As a mortgage broker in Essex, the most common reason for wanting to remove a name from a mortgage is because of a divorce or separation. In this situation, the homeowner may want to remove their name or their ex’s name from the mortgage.
Financial arrangements are amongst the most important things to sort out during a divorce and separation, however, unfortunately, they seem to get left until last. Leaving complex processes till last can be stressful and time-consuming; surely, you’d want to get the financial aspects sorted straight away? The more time given to these processes, the better too.
Your lender, building society or mortgage broker in Essex will need to check whether or not the party leaving the mortgage agreement will be able to live comfortably with just one income. The party staying within the property must also be able to manage the mortgage payments on their own.
Both parties must agree for a name to be taken off a mortgage, therefore, if one party doesn’t want the name removed, the process can’t go ahead without taking the situation to court. This can be costly and take a lot of time.
When going through a divorce or separation, it’s important to get specialist mortgage advice in Essex. Speaking to a professional will be extremely beneficial further down the line.
Surprisingly, this process is quite simple. It can be made even simpler you go to a mortgage broker in Essex.
You’re essentially just transferring equity to your family member or friend. The names on the mortgage will switch and the equity within the property will stay the same. First of all, the new homeowner will need to prove that they can afford a mortgage. They will have to go through an affordability and eligibility assessment to prove this.
If a party is not paying their way, you may start receiving consequences even though it was nothing to do with you. As a mortgage broker in Essex, we see this situation a lot, it’s hard to do much about it by yourself as you can’t make someone pay their payments, they have to do it themselves.
Missed payments can negatively affect everyone else in the household. When you’re financially linked with people, if they do things that can harm their credit file, you may get impacted too.
In a situation like this, it’s best to approach someone who can do something to help. Even speaking a professional mortgage advisor in Essex can help.
When you’re wanting to remove a name from a mortgage, it may be best to get guidance and assistance with the process. Getting specialist mortgage advice in Essex should work.
Describe your issue to your mortgage advisor in Essex so that they can get a clear understanding of your situation. Remember, before you can continue, the named party that you’re trying to remove will need to agree for the name to be removed. This can be a struggle if they’re adamant that they don’t want it removed.
Get in touch and book your free mortgage appointment with a specialist advisor in Essex. We’re available 7 days a week!
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.
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.
The different types of mortgage available for newly qualified teachers generally include:
Here are some things that lender may consider during your process:
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 seeking first time buyer mortgage advice 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.
Once you’ve had an offer accepted on a property, your lender will need to make sure that the house is worth what you said that you’d pay for it. They will do this by performing a property survey on the house.
A property survey will also show the overall condition of a property. If the property is in poor condition needs lots of work doing on it, your lender may lower the original amount that they were going to offer you as their mortgage offer doesn’t match the property price.
From minor damages to repairs that need action taken on them straight away, a property survey will show everything you need to know about a home before you move in.
There are three main types of property survey:
Each survey type is different in how they work, pricing and how long they take to carry out. In some cases, your mortgage lender may include a free property survey in your offer. This entirely depends on the lender that you’ve used as not every lender will offer this service free of charge. If a survey is included within your deal, you may end up paying slightly more for set-up/arrangement fees etc.
Each survey works differently, for example, one survey may go more in-depth than another. If your survey report shows something about your property that you weren’t told about, by law you are allowed to approach the seller and work out an alternative price if necessary.
These are the simplest types of property surveys. Mortgage valuations are performed to measure how much a property is actually worth.
If a Mortgage Valuation is carried out and it’s found that the property is not worth the amount that you’ve agreed to pay for it, your lender may withdraw their offer as they’ll be lending you more than the property’s worth. You can either try and re-negotiate the price with the owner or pay the difference between the offer and how much the lender is now going to lend you. This situation is called a down valuation.
This survey is the cheapest property survey; however, it won’t go into much detail. The survey will focus on obvious repairs and defects such as structural damages. It will not, however, show small, minor damages on the property.
For a report with further detail, you’ll need to upgrade your survey. Although this may be costly, in the long run, this could be worth it as you may find out everything that needs preparing in your home before further damage is done.
A Homebuyer’s Report will determine how safe the property is to live in. The survey looks at issues such as mould, damp walls and ceilings or things that do not pass the current building laws.
The property will be examined from top to bottom, inside and out. The surveyors will look at everything. This process could take up to a day on a large property.
As a mortgage broker in Essex, we would always recommend a Full Structural Survey if you want a detailed report of the home that you’re buying. We would particularly advise those buying an older house to take up this survey too as it will highlight major repairs and damages in the property. Older buildings are more likely to come with defects and damages.
Although a Full Structural Survey is the most expensive property survey, it will provide you with the most information about the property. The report will go in-depth, highlight the overall condition of the property, and show what changes will need to be made if the property purchase goes through.
A Full Structural Survey can take as long as a whole day depending on the size of the property.
If you are buying a new build property, property surveys work a little different. You’d think that since the property is new, you wouldn’t have to get a property survey carried out on it, however, it’s always best to do one just in case.
There is a property survey designed for new builds called a Snagging Survey. This survey will break down the property’s overall condition, pointing out both minor and major issues. The survey can point out something as simple as a missing door hinge to a crack in the ceiling (which is unlikely to find in a new build).
If you’re moving into a new build that’s already been built, it would be wise to get a snagging survey carried out on the property before you move in. This will give you the power to negotiate pricing if there is anything wrong with the property.
If you’re struggling to choose a property survey, our mortgage advisors in Essex are always here to help!
Get in touch with our mortgage team. We’ve helped thousands of First Time Buyers in Essex and Home Movers in Essex choose the best property survey for their new home, let us help you next.
You can obtain the services of a surveyor to carry out a Homebuyers report or building survey through the Royal Institution of Chartered Surveyors.
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.
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.
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.
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.
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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.
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Essexmoneyman.com & Essexmoneyman 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
