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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.

What is a Property Survey & Which One Should I Choose?

Property Survey Mortgage Advice in Essex

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.

Types of property survey

There are three main types of property survey:

  • Mortgage Valuation
  • Homebuyer’s Report
  • Full Structural 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.

Types of Property Survey Explained | MoneymanTV

Mortgage Valuation

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.

Homebuyer’s Report

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.

Full Structural Survey

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.

Do I need to get a survey on a new build?

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.

Mortgage Advice in Essex

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.

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

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. 

Gifted Deposit FAQ’s | Mortgage Advice in Essex

What is a Gifted Deposit Mortgage | MoneymanTV

What is a gifted deposit?

A gifted deposit is money given to a homebuyer to buy a property and can equate to some, or all of their deposit needed, with an understanding that you don’t need to repay the person who gave it to you.

How can gifted deposits help?

Gifted Deposits are beneficial when you can afford your monthly repayments but struggle to afford the initial deposit; this is common for lower-income people. Having more gifted deposit available may also enable you to receive conceivably better rates from a mortgage lender.

Who can gift the deposit?

It’s usually birth or adopted parents and carers who can gift you the deposit. You may have come across this referred to as the “Bank of Mum & Dad”. Additionally, other family members could also get acknowledged. It depends on the individual lenders, so your dedicated mortgage advisor in Essex needs to be accurate.

Do your parents know you need help?

We often find that customers don’t know that their parents can support them out with their mortgage or don’t have the confidence to ask for help. Some parents will be more than happy to help their children, it’s a massive chapter in there lives, and their gifted deposit will allow them to live a sheltered life in a property they can call home. 

Generally speaking, buying a house is a long term commitment. However taking out a mortgage often works out better than renting, you could potentially be paying less per month. Although parents can sometimes gift it earlier on in life if they already have enough saved or have released a certain amount of equity from their own home, the deposit usually is from inheritance.

Gifted deposit vs loans

Most lenders will not accept a loan to pay off your deposit. It comes down to the lender being uncertain that you’d have enough disposable income to pay back both the loan and the mortgage concurrently.

Is there a maximum or minimum gifted amount?

There is no maximum limit on the amount that someone can give you as a gift, with more deposit often giving you better rates, at least one lender that insists you put in at least 5% deposit from your income.

Who can benefit from a gifted deposit?

The people who reap the most benefits from this tend to be First Time Buyers and Home Movers in Essex. It can also be beneficial when used in conjunction with the Help to Buy Scheme, as the required 5% deposit, depending on the lender, can be paid via gifted deposit.

What proof is required?

For the most part, all lenders will require a gifted deposit form. Depending on the lender, you may ask to provide additional proof and ID (things like donor ID or bank statements).

Gifted Deposit Mortgage Advice in Essex

Can I Have Two Mortgages in Essex?

Mortgage Advice in Essex

In some cases, you are able to get two mortgages; sometimes you can get even more. Depending on an applicant’s situation and their reason for applying for another mortgage, a second mortgage should always be considered.

Can I Have Two Mortgages? | MoneymanTV

There are lots of different things to consider when applying for a second mortgage. You will have to have a valid reason why you are applying for a second mortgage, here are the most common reasons that we come across as a Mortgage Broker in Essex:

  • To raise money for your existing home
  • In order to rent out your existing property and move home in Essex
  • To help out your children
  • So that you can purchase a Buy to Let property in Essex
  • To move out of your existing home and get your name off a mortgage

Raising money for an existing property

People who have built up equity in their home may want a second mortgage to release some of their equity to fund another purchase or something else. When people release equity for another mortgage, they could be doing it to fund a Buy to Let property, fund a deposit on a new home… it could be for a lot of different things.

When transferring equity onto another property, you must know that it’s like starting fresh. You will need to obtain another mortgage for the property that you are transferring equity to. If you are currently on your lender’s standard variable rate of interest (SVR) you should look around for different products, it’s likely that you’ll be able to access a competitive rate.

Whatever the reason is for you wanting to transfer equity to get a second mortgage, you should be aware that it can be a specialist subject and if you get things wrong, it could be costly down the line. This is why it could be within your best interests to approach a Mortgage Broker in Essex for mortgage advice. They will help you through the whole process and will even try and get you a great second mortgage deal to accompany your property.

Renting out an existing property

It’s not unusual for people to move out of an existing property with plans to rent it out. Yes, they will have two mortgages, however, they will have some income coming in from the property’s tenants.

If you are looking at getting a second mortgage and Moving Home in Essex, you must know that your previous home is still a huge financial commitment. Before you are accepted for a second mortgage, your lender will have to confirm whether you will be able to afford two mortgages or not. They must be certain that if a tenant suddenly moves out, you’ll still be able to afford both sets of mortgage payments.

This works the same as a Buy to Let mortgage, however, since you are doing it the other way around, it’s known as a Let to Buy.

Purchasing a home for children

If parents see that their children are struggling to get onto the property ladder, they may sometimes gift their children a mortgage through a second mortgage.

Due to the rapid increase of homebuyer demand, parents are offering a helping hand to their children. It’s mostly struggling First Time Buyers in Essex that we see benefit from this situation the most, although, it could be home movers too.

It’s kind of like a gifted deposit, but the mortgage is in the parent’s name. Sometimes it’s grandparents who offer to help out too, it depends on your situation and whether you are lucky enough to be offered this option or not.

Buy to Let mortgage

Similarly to Let to Buy, Buy to Let is owning a second mortgage on a property for the pure intent of renting it out. There is nothing wrong with doing this if you want to pursue your Buy to Let landlord journey. we have worked with thousands of Buy to Let landlords before so we know the process extremely well.

For Buy to Let Mortgage Advice in Essex, make sure to get in touch with our Buy to Let team, we know how to help!

Named on an existing mortgage

Is your name linked to a mortgage on an existing property but you want to move out and get your own place? If so, you must know that it can be quite difficult to get your name removed from this mortgage deal, it may require Specialist Mortgage Advice in Essex.

Usually, this situation comes around when a relationship breaks down in the property. Whether it’s a friendship or a relationship, it’s always unfortunate when it happens. In situations like these, more often than not a Mortgage Broker in Essex like ourselves can help out.

If you want stress taking off your back or any help at all with securing two or more mortgages, make sure to get in touch with us. Trying to get one mortgage can be hard enough in some cases, never mind two or more!

We are here to help and will always have your best interests at heart. Speak to a Mortgage Advisor in Essex today.


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Renting & Buying Mortgage Advice in Essex

First Time Buyer Mortgage Advice in Essex

Should I Rent or Buy in Essex | MoneymanTV

The question that every First Time Buyer in Essex will ask… “should I rent or should I buy?”.

As opposed to putting them both up against each other, you should consider the pros and cons to both and then decide on which option suits you and your future best. Of course, everyone has their own different things going on in their life and that’s why you should consider both options. You don’t know which one will suit you best until you take a look at the main differences.

Buying a House in Essex

More often than not, especially if you are younger, parents will encourage you to invest in property sooner rather than later. There are pros to doing this, but there are cons too.

Mortgage payments

In terms of monthly payments, you’ll often find that paying for a mortgage will be cheaper than renting. The Bank of England’s interest rates may fluctuate from time to time, so your mortgage payments could change and go up.

There are ways around this though, for example, if you secure a fixed-rate mortgage, your payments will remain the same until your term is over. Here’s an overview of fixed-rate mortgages:

If you were renting, your payments may also change. With increasing maintenance costs and Buy to Let Mortgage interest rates, you may find that your landlord may bump up your rent. It’s unusual for a landlord to want less from you, it’s a rare situation.

Security

As long as you can manage to keep up with your mortgage payments, you will always have that sense of security within a home. No one can force you to move out as you are the property owner.

Being a tenant leaves you with little protection against things like this, you can get asked to move out whenever your landlord wants you out. Yes, they will give you notice; however, you can’t really argue with them as it’s their property. Some landlords may consider your personal circumstances and give you a longer notice period, however, not every landlord is as lenient and you may have to move out as fast as you can. All of this worry doesn’t come with owning a home.

Uncertainty

The property market loves to reshuffle things now and again, it’s often a surprise when it happens too – you never know when a market boom or crash is around the corner. It’s great news when you find out that your house is going to go up in value, however, this works both ways and unfortunately, your property price can also go down in value.

History suggests that even if you purchase a property during the very peak of the market, as long as you can afford to keep hold of the property, eventually property prices will go back up. During the credit crunch in 2008, sold values dipped dramatically. After a few years and backing from the government, the market shot back up and before you know it, property values had reached an all-time high.

If you are forced to sell your home at the wrong time, you may end up losing money. You may have to sell your home quickly because of a relationship breakdown, a reduction of income or another personal situation.

Don’t rush into a purchase, get Mortgage Advice in Essex

You shouldn’t rush into a property purchase; buying a home is a huge financial commitment and you should only go forward with one if you are ready to do so.

Considering your future capabilities of being able to afford your mortgage payments is always smart too. You can protect yourself from some of these things, for example, if you are unable to work due to an illness, you could look at Critical Illness cover to help down the line.

You can always get the help from a First Time Buyer Mortgage Advisor in Essex if you are unsure on whether or not to purchase a property over renting one.

Renting a House in Essex

Now that you know a little more about the pros and cons of buying a home, now let’s talk about renting in Essex. Depending on your situation, renting could be the best option for you. There are a lot of different questions to ask before rushing into renting.

Flexibility

Buying a home is a long-term investment, you should be thinking about where you can realistically see yourself in the next 5-10 years. Whereas, when you are renting, you can consider the fact that you can move out whenever you want. For example, you could have been renting, but saving for a mortgage in the background. Once you have saved up enough for your deposit or you receive a gifted deposit, you can move out whenever you want to and get your process started in Essex, you just have to give your notice.

If you can’t see yourself living within your particular area for a very long time, you should think about the idea of renting. There is no point in buying if living in a certain area is only a temporary part of your life.

Repairs

When you are renting, your landlord should be responsible for any major repairs on the property. You will find that some landlords are better than others, for example, some may take their time in getting back to you, and some may be great and get right back to you. You should do your research and check out reviews before you go ahead with anything.

You will have to contribute to some repairs though. The major repairs should be handled by the landlord and minor repairs should be taken care of by you. In Essex, if you choose to buy a home you will have to take care of all of the repairs and damages inside of the property.

Moving Home in Essex with a friend(s) / family member?

When deciding whether to buy or rent with a friend or family member, as a Mortgage Broker in Essex, we would recommend that you look at renting first. Renting is a fantastic and more beneficial option is this is the route that you want to go down.

If you get tied into a mortgage deal and get yourself financially linked with your friend(s)/family, it can cause problems down the line when you want to move on and out of the property. It’s not always as easy as it seems to get your name removed from a mortgage.

It can often require Specialist Mortgage Advice in Essex to get this sort of thing moving. So, if you are looking at renting or even purchasing with a friend(s) or family, you should seek out an expert advisor’s help to assist you along the way.

Summary – Buying vs Renting

Now that you know some of the pros and cons to buying and renting, you should now weigh up your options. Which is right for you? Which will benefit you most? Where will you be in 5+ years’ time?

These are questions to consider during any big decision in your life. You could even make a list of the pros and cons, that seems to always help!

When it comes down to the numbers, the majority of people choose to buy over rent, they see it as an early opportunity to get themselves onto the property ladder. People would also rather the money go towards their own benefit rather than someone else’s.

If you need more renting vs buying advice in Essex, feel free to get in touch with our friendly team today and claim your free mortgage consultation.

The Pros & Cons Of Using A Mortgage Broker In Essex

Have you ever thought of using a mortgage broker in Essex? Well, you may not realise it initially but the fact is there are some good reasons for it. Although, it is quite possible to proceed by directly contacting the lender, most people prefer dealing with a mortgage broker.

What Are The Pros & Cons Of Using A Mortgage Broker?

People often consider it a great chance to save money by not hiring a mortgage broker. It seems a cost-effective idea to proceed with everything on your own.

So you may also be one of those who prefer going directly to the Bank or Building Society. Another pro that was previously in the minds of the people was that “the Bank Manager knows my finances inside out”, although this changed when credit scoring was introduced.

It is also true that some lenders have various mortgage products only for the people who directly reach out to them. The main intention behind such ideas is to attract the consumers directly and grab their attention with exclusive offers.

Ultimately, it serves as a great tool to spread the business. The interesting part is that it is equally enticing to speak with a mortgage broker as well. Some offers can be found only through a mortgage broker.

From 2014 onward, it was not possible for the lenders to sell mortgages to anyone on a non-advised basis. At that time, it was a common perception that non-advisors were forcing their advice on the customers and not letting them benefit from consumer protection benefits that should come with speaking to a professional mortgage advisor in Essex.

There’s also the fact that taking an appointment with a bank can sometimes take months to happen. A mortgage broker in Essex can often get you booked in within that week.

Now you can easily understand how these kinds of issues gave rise to the importance of mortgage brokers and diverted the minds of the people towards them. As a result, more and more applicants started relying on the mortgage brokers and were quite willing to pay their fees.

Now they had more trust for the mortgage brokers who are often able to offer their services the same day, like ourselves. We are always ready to help you, so Get in Touch and we will put you through the qualified mortgage advisors either immediately or within the same day if we can.

Handling Difficult Cases

You might be wondering: what can be the reasons that make some mortgage applications far more difficult than they should. So let’s have a look at some of the examples: 

  • The applicant has the poor credit history  
  • They are self-employed and the income is not fixed 
  • The deposit source is mixed that contains both gifts as well as the savings 
  • They want to keep their current house and want to buy another 
  • Zero hours contracts of the contract workers
  • And the most important is affordability 

In the past years, it was much easier for the lenders to get the competitive edge by just presenting more enticing offers than their competitors. But it is not as simple now and the thing that distinguishes one lender from the other is the lending criteria.

To make all this easier, all you need to do is to discuss your situation with an experienced and professional mortgage broker and ask them whether they encountered a similar situation in the past or not. After a lot of research and hard work, a mortgage broker will hopefully be able to help you through and recommend the most suitable mortgage that matches with your budget and does not break the bank.

Here it is worth mentioning that even if the application is simple, we have more experience and knowledge that will surely help you in getting the most appropriate deal. For example, we have a professional team of mortgage advisors in York that will guide you about other professional options and services such as solicitors. When you keep yourself in touch with us, we will also update you about the surveys and protection information available to you.

Responsive Service

Our distinguishing feature is that we are far more fast and responsive compared to the other mortgage brokers. The biggest reason why customers often need the mortgage help is that everyone nowadays is very busy and needs someone who can lift off the weight. Our mortgage advisors will do that for you quite smoothly and you will definitely appreciate the benefits of having an expert on board.

Ready to discuss your mortgage plans? Feel free to Get in Touch with your specialist mortgage broker in Essex. We are available from 8am until 10pm, 7 days a week, to help you out in finding the right mortgage deal. 


We cover Essex and surrounding areas: Mortgage Broker in ChelmsfordMortgage Broker in BrentwoodMortgage Broker in Southend-on-Sea

Leasehold Houses in Essex

Leasehold House Mortgage Advice in Essex 

After the introduction of the Help to Buy Mortgage Scheme, a lot of home builders started putting up their newly built homes for sale on a leasehold basis other than a freehold one. After a while, the government decided to intervene after seeing how wrong the system was.

Some of the major housebuilders in the UK have been accused of neglecting social conscience in a bid to make profit. These housebuilders tend not to care that the country needs new houses, but are rather interested in making profit. The media have accused them of intentionally waiting for the market to be favorable without building new homes, a term referred to as “land banking”.

The consolidation of the industry has made builders inherit lands that are on leasehold into their organization. They claim to provide both leasehold and freehold properties up for sale to buyers to help them make informed decisions.  

Property market for leasehold houses 

Alot of persons began feeling as though the property market had shifted a lot towards leasehold houses as soon as they got an idea of how much the builders have been making from the leases. Alot was exposed after it was discovered that a chief executive of one of leading builders in UK made about a £100m in bonus.

After asking for permission to make certain alterations in their homes, some of the leasehold owners discovered that they had received thousands of pounds in quotes. The fees were charged by leasehold management companies.

The owners also discovered that the annual ground rents would double after ten years and they would find it difficult to sell their homes in the future after this increase.

They were able to notify their MPs and the subject was debated in parliament; it was agreed by the government that anyone buying a house (not an apartment or a flat) will most likely be a freehold.

So, if you own one of these houses and you are not aware it is a leasehold then it’s important you know that you can inform the free holder of your house if you have interest in purchasing the freehold off them.

You will have to negotiate a deal with the free holder if you’re interested in buying. The length of time that you have lived in the property would have to be factored in as well.  

Problems with leasehold houses 

Service charges are also another major issue alongside leasehold house. When housebuilders get permission from the council to build on a plot of land, certain areas such as roads, grass verges are usually left out.

These areas would then need to be outsourced to other companies, saving money for the homeowners and builders. The owners of the leasehold property would then have to contribute on top of their council tax. This could happen to either leasehold or freehold houses.

The costs of service charges may rise as well and this is another expenditure that will be added on your taxes as well. In some case, the residents would have to come together into an association that would allow them pick another service provider.

As trusted Help to Buy Mortgage Advisors in Essex, it’s important you consult your solicitor first concerning the lease if you intend to buy leasehold houses. It’s quite easy to get excited about buying a home, it’s important you realise that this is a major investment and the decision should be done carefully.  

The Different Types of Mortgages in Essex Explained

Mortgage Advice in Essex

Regardless of whether you are a First Time Buyer in Essex looking to make that initial jump onto the property ladder, or are going through the process of Moving House in Essex, it will soon become apparent that there are multiple different types of mortgage available to customers.

Some options are a little more popular than others and some are quite hard to come across. We put together a list of mortgage types we find that we encounter the most frequently and that you will likely come across in your search for a mortgage. You will also see each section accompanied by one of our MoneymanTV episodes, which we hope you will find very useful ahead of the mortgage process.

We have a collection of Helpful Mortgage Guides on moneymanTV here, as well as our “Mortgages Explained” playlist here.

What is a Fixed-Rate Mortgage?

A fixed-rate mortgage means that your mortgage payments, for a specific period of time, will stay the same, giving some consistency to your process. The length of your fixed payments is completely your choice, with generally homebuyers choosing common lengths of anywhere around 2, 3 or 5 years or longer.

Regardless of any changes to inflation, interest rates or the economy you can rest easy knowing that your mortgage payment, often your single biggest outgoing, will not drastically change, giving you some normality.

What is a Fixed-Rate Mortgage? | MoneymanTV

What is a Tracker Mortgage?

A tracker mortgage means that the interest-rate of your mortgage will follow the base rate of the Bank of England. What this means is that the lender that you are with do not choose interest-rate and neither will you. Instead, you will be paying a percentage above the Bank of England base rate, something which can change slightly. A prime example of this, is if the base rate is 1% and you are tracking at 1% above base rate, that means you will be paying a rate of 2% on interest.

What is a Tracker Mortgage? | MoneymanTV

What is a Repayment Mortgage?

When you take out a repayment mortgage you will be paying back capital and interest combined each month of your term. So long as you keep your payments going for the full length of the mortgage term, you will be guaranteed to have your mortgage balance paid off by the end, with the property then becoming yours to own.

In regards to mortgage payments, this is considered to be the most risk-free way to pay your capital back to the mortgage lender. Early on into your mortgage term, you will primarily be paying back the interest portion of the payments, and your balance will start to go down really slowly. This is especially the case if you have taken out a longer term of around 25, 30 or more.

Where this changes for you, is when it comes to the last ten years or so of your mortgage. Your monthly mortgage payments will be more capital than interest, with the balance coming down much faster.

What is Repayment Mortgage? | MoneymanTV

What is an Interest-Only Mortgage?

Whilst many modern day buy-to-let mortgages are set up on an interest-only basis, you’ll find it a lot harder trying to get a residential property on the same basis. The likelihood of a mortgage lender offering an interest-only product to customers these days is not very high, though in some cases it is possible.

Situations where this might apply to a customer include downsizing when you are older or have other investments that can be used to pay back the capital. Lenders have strict rules when it comes to offering these products now and the loan to values are a lot lower than they used to be back in the day.

What is an Interest-Only Mortgage? | MoneymanTV

What is an Offset Mortgage?

With an offset mortgage, the lender will set you up a savings account that will function alongside your mortgage account. The way that this works is that, for example, let’s say you have a mortgage balance of £100,000 and £20,000 is deposited into your savings account, you only pay interest on the difference between this, which in this case is £80,000. This can be a very efficient way of managing your finances, especially if you pay a higher rate of tax usually.

What is an Offset Mortgage? | MoneymanTV

Essexmoneyman.com & Essexemoneyman are trading styles of UK Moneyman Limited, which is authorised and regulated by the Financial Conduct Authority.
UK Moneyman Limited is authorised and regulated by the Financial Conduct Authority.
UK Moneyman Limited registered in England, registered number 6789312 and registered office 10 Consort Court, Hull, HU9 1PU.


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