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Fixed-Rate Mortgage Advice in Essex

What is a fixed-rate mortgage

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

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

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

What is a Fixed-Rate Mortgage | MoneymanTV

Medium & Long Term Fixed Mortgages

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

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

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

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

What other fees are involved?

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

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

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

Early Repayment Charge (ERC)

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

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

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

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

Fixed-Rate Mortgages in Essex

The Importance Of Having Your Mortgage Reviewed in Essex

Mortgage review advice in Essex

If you haven’t checked on your mortgage payments and rates in a while, perhaps it’s time for a change. We are regularly approached by customers who are checking to see whether they can access a better mortgage rate or not, and the majority of the time… they can!

In fact, most applicants show that they’ve been able to access a better deal for much longer than expected; this is why you should get your mortgage reviewed, especially when it’s for free.

What is a mortgage review?

Firstly, a mortgage review is a simple look over your current mortgage situation and personal and financial circumstances to see whether you can access a better mortgage rate or not.

A mortgage review is carried out by your lender, building society or mortgage broker in Essex. The process will work similarly to the way your original mortgage process did, starting with your enquiry through to completion.

During the process, you will also have to supply evidential documents such as Identification, bank statements, payslips and proof of address. This will allow your mortgage situation to be evaluated effectively as you have documents to back up factors like your income and how you are managing your current mortgage payments.

If you go through the mortgage review process and it turns out that you can’t access a better rate or you’re already on the best rate, you should know that you won’t be charged at this point if you use our services. So, you should take advantage of our free mortgage review, just to get an idea of what your current mortgage situation is.

Why is a mortgage review important?

A mortgage review is always worth it if you end up being on a better rate from it. Even though you’ve already been through the process before, doing it again could save you lots of money, further down the line.

Getting a mortgage review from time to time (usually every time your fixed mortgage term ends), may prevent you from slipping onto your lender’s standard variable rate on interest (SVR). Their SVR can usually be quite high. It’s likely to be higher than your current rate, meaning that you may see your monthly mortgage payments go up by quite a bit.

Remortgage and product transfer

If your mortgage review concludes that you can access a better rate, it’s now time to remortgage or transfer products. If your remortgage advisor in Essex can see that there are deals out there that you match the criteria to, they will try and pick one out that perfect for you through a remortgage or product transfer.

A remortgage is when you take out a new mortgage product with another lender and a product transfer is when you take out a new mortgage product with your existing lender. Either route will help you obtain a new mortgage deal at a new rate (hopefully more competitive!).

Taking out a new mortgage product and avoiding your lender’s SVR could save you a lot of money further down the line, and that’s why a mortgage review can be so important.

Mortgage review to release equity

Equity release can be a specialist subject, so before trying to take equity from within your home, we would advise that you speak to an expert for equity release advice.

Taking out equity

During your mortgage review, you may get the option to take out a new mortgage product and take equity out too. You can release equity from your property for home improvements, to pay off debt or to even go on holiday, it’s completely up to you what you do with the money.

Releasing equity is a specialist subject remember, so if you are looking for a new mortgage deal and wanting to release equity too, we would recommend that you speak to a mortgage broker in Essex, like ourselves.

Free mortgage review

For a free mortgage review in Essex, get in touch with our team today. We have helped thousands of customers in the past achieve a better mortgage rate, even when they thought that they couldn’t!

For expert mortgage advice in Essex, contact Essexmoneyman today; open 7 days a week.

Remortgage for Home Improvements in Essex

Remortgage Advice in Essex

Firstly, what is a remortgage? Remortgaging is simply switching to a new mortgage product. This can also be known as a product transfer. The difference between a remortgage and a product transfer is that when you remortgage, you change products and lenders, whereas when you complete a product transfer, you change mortgage products but stick with the same lender.

The reasons for people wanting to remortgage can be different, it all depends on what the homeowner wants. They may want to look for a better rate of interest, consolidate their debts, or raise capital for things such as home improvements.

In this article, we are going to focus on remortgaging/transferring products for home improvements.

How does it work?

Before you remortgage, you will have to work out the estimated costs for the home improvements. Home improvements could be anywhere from extensions to conversions, so depending on how you want to improve your home, the costs may increase.

Once you have worked out your estimated costs, they will be incorporated into your mortgage. This will slightly increase your overall monthly payments as you are now paying off your mortgage as well as your home improvements. In some cases, your payments may barely increase. Again, this all depends on the home improvements being carried out. As a Mortgage Broker in Essex, we’ve seen some customers go up by an extra £50, to an extra £200.

Estimated costs include:

  • Architect’s plans and services
  • Planning permission (Neighbours etc.)
  • Building costs (Materials, Workers etc.)
  • The VAT
  • Building regulation inspections


We would also advise that you have some spare savings aside from the remortgage, as if things go wrong or the costs don’t quite add up, you may have to cover them.

Why would I want to remortgage for home improvements?

The most common reason for people remortgaging for home improvements is to make more space. Whether it’s because they’re starting a family or just want a bit of extra room within their home, the whole process is easily done and it also saves you moving home in Essex.

Rather than going through the whole moving process, if you already love the home that you live in… why move? It often works out that it’s much cheaper to remain inside your current home too!

You can remortgage for various different types of home improvements, some include:

  • Kitchen conversion – If you are long overdue for a new kitchen, it may be time to remortgage for a new kitchen. In fact, many people choose to go down this route over most home improvement options.
  • Conservatory – If you need a place that gets you out of the house, but not quite of the house, a conservatory could be the right extension for you. A conservatory provides a nice quiet place to relax at the back of a house with a lovely garden view.
  • Loft conversion – Lofts are very popular amongst most homeowners, in fact, it’s rare to find a house that doesn’t have one nowadays. In particular, loft conversions are loved by people who have families or are looking to start one.
  • Garage – A garage provides an extra safe place of storage for a car, household items… or it can even be converted into a man cave or a games room if you’d like!
  • Garden extension – Many people don’t realise that they can extend their garden through remortgaging for home improvements. If you feel like you want a change of scenery in your back garden, you are able to do so by a remortgage!

Remortgage Advice in Essex by MoneymanTV

Remortgage for home improvements summary

If you are thinking of improving your home and want to go down this route, feel free to get in touch with our team for remortgage advice in Essex. Whether it’s because you need more room or just because you want to modernise your home, there is always a good reason to remortgage.

Our team works 7 days a week, so make sure to get in touch whenever you want to have a chat about your remortgage options. There are other reasons to remortgage, so if you want to go down another route, we would be more than happy to help with that too.

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.


Mortgage Advice in ChelmsfordMortgage Advice in BasildonMortgage Advice in Harlow

A Guide to Remortgages in Essex: Top Reasons to Consider

Remortgage Broker in Essex

The mortgage journey is one full of adventure and the potential for great reward. It has its fair share of both highs and lows, but ultimately you will end up with either your dream property to settle down in and maybe start a family, a stepping stone property to propel you higher up the ladder or an investment purchase to provide you with some additional income.

Regardless of the route you took, there will eventually come a time when you are reaching the end of your mortgage term. You could sell up and upsize/downsize into a new home, starting fresh. Maybe you are looking sell your portfolio to the tenant or another buyer and look at other investment opportunities? The most popular option that customers take, however, is a Remortgage.

What is a Remortgage?

First, let’s look at the definition of the term. A Remortgage is where you use the proceeds from a new mortgage obtained to pay off a pre-existing mortgage. There are a wide variety of different options when taking out a Remortgage, ranging from minor to major.

Utilising the 20 years or so knowledge of our resident “Moneyman” Malcolm Davidson (host of our YouTube channel MoneymanTV), we took the time to put together a quick guide to all the options you could have when it comes to taking out a Remortgage in Essex.

Remortgage For Better Interest Rates

Your initial mortgage deal will normally last on average around 2-5 years and feature low fixed rates or possibly discounted rates for that time period. In some cases, you may even be placed on a tracker mortgage, which follows the Bank of England’s base rate, increasing and decreasing as and when their rate does so.

When your existing mortgage term ends you will likely be moved along to something known as the lenders “Standard Variable Rate” (you may see this mentioned across the web simply as SVR). In short, an SVR is a mortgage with an interest rate that can change depending simply on what the lender deems it necessary to charge. This does not follow the Bank of England’s base rate like a tracker mortgage does.

As such, these are usually end up being the most expensive paths to take, leaving many to look at Remortgaging for better rates, with the idea of hopefully saving you money on your monthly repayments.

Remortgage For Home Improvements

2-5 years into occupying your home, you may have a complete change of heart. Maybe you feel that you need an extra room or larger living space for your kids or belongings, a new kitchen, a new office, or a handy new loft conversion. Rather than move into a larger house, a large number of homeowners seek to release their equity with a Remortgage in order to cover the costs of these additional projects.

Though the concept of having to obtain planning permission and fund/manage your own project may seem rather daunting, some would argue it’s a lot less stressful and more rewarding than the process of having to find a new home, selling your current one and moving your personal belongings.

Over the course of time, this may prove even more beneficial. Creating more space and having good quality craftsmanship will likely increase the properties value, something that is useful for if you ever do decide to sell up or rent out.

Remortgage for Changes to Your Term

In many cases, people may simply wish to Remortgage in Essex for a better mortgage term, whether this be by reducing the length or switching to a more flexible and favourable product. Reducing the length does mean you won’t be paying back your mortgage for as long as you might have done, so aren’t completely tied down forever, but as such your monthly repayments will be a lot higher than you might’ve expected beforehand. The longer your term, the lower the payments will be over the length of said term.

Some opt for a more flexible mortgage term when the time comes to Remortgage in Essex. The benefits provided by this option can prove winsome to some current homeowners. You may gain the ability to overpay, resulting in the choice of paying your mortgage off as quickly as you’d like, as well as being able to carry the same mortgage and rates over to another property, should you decide to move at any time later on in life.

Though a flexible mortgage sounds like the ideal situation, they usually come in the form of a tracker mortgage, which as mentioned previously, follows the Bank of England base rate. This means one month your payments could fluctuate based on interest, making them a little unpredictable and unreliable in an instance where most would rather have financial security.

Equity Release

Everyone has some level of equity in their home or property. This is worked out with the difference between what is still owed on the remaining mortgage and the current value of the property. As touched upon briefly, this can be used for home improvements, however, there are still a variety of options available for you out there.

Some use it to cover long-term care costs, to supplement their own income, to have a nice family getaway, to pay off an interest-only mortgage or to simply have free spending money to do with as they please.

In some cases, we find that a lot of Buy to Let landlords will use Equity Release as a means of covering their deposit for buying a future property to add to their property portfolio.

Remortgage to Consolidate Debt

On the topic of Equity Release, another big one people use it for, is to pay off any unsecured debts you may have built up over a period of time.

Though it may seem like an easy enough process, Debt Consolidation not only bases the amount on how much you’re owed and the value of the property, but it is also based on your credit rating. This could mean you are limited in the amount you are able to borrow.

Additionally, to pay off your pr-existing mortgage and your debts, you will need to borrow more than the amount of your outstanding mortgage. This means your monthly repayments will most likely be a fair bit higher. Though not an ideal situation, at least you can rest assured that should you find yourself in an unfortunate predicament, you do have some options out there.

If you have a particularly damaged credit rating, you do still have options to choose from, though these will be quite difficult and require very Specialist Remortgage Advice in Essex before going forward. Even then, there is no guarantee of a remortgage, so do not get your hopes up until you speak with a professional.

You should always seek mortgage advice in Essex before choosing to consolidate and secure any debts against your home.

Experienced Mortgage Advisors in Essex – Get in Touch

If you are reaching the end of your term and are wondering what your option may be for Remortgaging, it can be very beneficial to Get in Touch with an experienced and dedicated mortgage broker in Essex.

An advisor will be able to discuss your circumstances and future goals, in order to create the best plan of action for you in the next step of your path to obtaining a mortgage. It is our aim to ensure this go-around is a quicker and smoother process than your initial mortgage journey.


We cover lots of different areas in Essex: Remortgage Advice in ChelmsfordRemortgage Advice in ColchesterRemortgage Advice in Ipswich

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

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

Armed Forces Help to Buy Scheme in Essex

Help to Buy Mortgage Advice in Essex

Armed Forces Help to Buy Scheme | MoneymanTV

Good news for anybody working in the military, according to Ben Wallace, the Army Families Federation Defence Secretary. The Help to Buy scheme that was designed to help military personnel find themselves a home to own has now been extended.

When it was introduced back in 2014, the intention of this £200 million scheme was to provide a financial boost to anyone from the forces who needed help buying a home. The scheme was initially intended to end back during December 2019, as a thank you for their commitment to their service and dedication to the United Kingdom, the government has opted to carry this on until the end of 2022.

How does this help to buy work?  

Those who are eligible will have access to borrow up to half their annual salary (a maximum of £25,000), without the application of any interest on this. They are able to use this for either a first home purchase, to move into a new home, as well as other related property costs such as estate agent fees.

One of the more appealing parts of this is that you won’t need any current savings to start the process of what you’re looking to do on the property market. Some of the money raised from the loan you’ll receive via the scheme can be used to put towards your deposit or other costs, such as: 

  • Stamp duty 
  • Solicitors fees 
  • Estate agent fees 

Something that is fantastic for forces personnel, is that the majority of lenders will accept the loan towards the deposit for a new home. A scheme that is more relaxed than some of the others, the Forces Help to Buy loan can be paid back over a period of 10 years, so you’re in no rush to pay it back.

No matter whether you have thought about the property-owning route or not, if you have served your country in any form of military and can meet the right criteria (length served, service term left and medical categories), you are eligible to purchase your home using this scheme.

Click here to read through the details on this from the government.

How a mortgage advisor in Essex may be able to help

Our dedicated and trusted mortgage advice team in Essex are here to support you from day one. Right from the beginning of your process when you call up, right through until competition and beyond, your mortgage advisor in Essex will make sure you are looked after, ensuring that you end up with the most appropriate result for your personal situation.

We pride ourselves on a fast and friendly customer experience that is stress-free, contact us today and we’ll see how we are able to help.

Please remember, the Forces Help to Buy is not the same as the standard UK Help to Buy scheme.

Why isn’t it Easier to Get a Mortgage in Essex?

Specialist Mortgage Advice in Essex

During our 11 years of working in the Mortgage Broker industry, we have come across almost every single mortgage scenario possible. When we say this, we mean everything possible!

When we are faced with a complex mortgage situation in Essex, we always try our best to get by it, aiming to secure our client an amazing mortgage deal. This is why it may be within your best interests to approach a Mortgage Broker in Essex like us, as we know exactly what we are doing in almost every mortgage scenario. Mortgages can become very complicated very quickly, especially if you know nothing about them. Whether you’re a First Time Buyer in Essex, Home Mover in Essex or a Buy to Let landlord in Essex, we think that you would find our mortgage advice service extremely beneficial.

Reasons why you might struggle to get a mortgage in Essex

Passing lenders credit score

One of the struggles that can come with getting a mortgage is passing a lenders credit score. Basically, every lender has their own unique lending criteria that you need to match in order to get accepted by them for a mortgage. Every lender is likely to have very different criteria from one another.

As a Mortgage Broker in Essex, we often find that people don’t realise that lenders have these strict criteria and apply to a lot of them. This can have a reverse effect, the more you apply for, the more likely it is that you are going to get declined, which actually could leave a negative effect on your credit rating.

That’s why we always recommend not rush anything and always know what you are applying before you go ahead. Again speaking to a Mortgage Broker in Essex could prove extremely useful when applying for a mortgage. In fact, we have over 38 different lenders on panel that we can access for you, there is most likely a deal waiting for you amongst them!

Improving your credit score

To pass a lender’s strict lending criteria you often require a high credit score. Unfortunately, some applicants have low credit scores and can’t match what the lenders want. Having a low credit score could be down to numerous things and sometimes the only way to continue up the property ladder is to try and improve your credit score. In some cases, it’s fairly easy to improve, however, in other cases it can be quite tricky and you may require a Specialist Mortgage Advisor to help you out.

Your credit score is very important, so if you are worried about your score you should consider checking your credit file. Take a look at Check My File for more details and a free 30-day trial. This could make your mortgage journey just a little easier for you, we hope that it can help!

When you apply for a mortgage, your lender will either perform a soft or hard credit search. Soft credit searches will lightly touch upon your file and give them a basic overview of it. On the other hand, if they perform a hard credit search, they will get a more in-depth view of your file which can leave a bigger imprint on it.

How to Improve your Credit Score | moneymanTV

Remortgaging

A First Time Buyer mortgage isn’t the only mortgage scenario out there, there are lots of different situations that we come across as a Mortgage Broker in Essex. It can be hard to obtain a mortgage deal in all circumstances, however, one scenario that stands out is remortgaging.

Remortgaging is essentially renewing your mortgage contract, this can be on the same deal or a completely different one if you are open to switching products. Remortgaging can be quite stressful, searching through lots of different deals can catch up on you. We do encourage to do this though, searching through external deal through different lenders could allow you to land an even better rate. We always recommend shopping around before rushing into renewing your deal.

If you are struggling to find a better remortgage deal or just don’t want to shop around, you can always try a Mortgage Broker in Essex like Essexmoneyman. We will sort out everything for you and search through 1000s of remortgage offers in order to try and find you a competitive deal that will be worth your time. 9/10 times we get it right and we find our customers a great mortgage deal that they thought they could never get.

It’s not always the applicant’s fault…

In some cases, it’s not always the applicant’s fault that they are struggling to find a mortgage. One big factor is the economy and how it is performing during the time of your mortgage application. For example, during the coronavirus pandemic, we saw 95% and 90% deals removed from the market.

A suffering economy and getting a mortgage do not go hand in hand. In terms of saving money and making the most of your mortgage journey, it may be best to wait it out.

If you take a look at the mid-2000s (just before the credit crunch), it was stupidly easy to get a mortgage, just about anyone could get accepted. Now times have changed and the credit crunch has made lenders realise that they should be much more careful when accepting applicants for a mortgage.

Struggling yourself?

If you are struggling to get a mortgage and you want some help from an expert Mortgage Advisor in Essex, we are always here to offer a friendly helping hand. We know that it can be a hard and often stressful process and that’s exactly why we want to help you.

Whether you’re a First Time Buyer, Home Mover, Self Employed, looking at Remortgaging or a Buy to Let Landlord, we are here to help. Our amazing team of Mortgage Advisors in Essex are available from 8am-10pm, 7 days a week and will be ready to answer all of your mortgage questions. Contact us today for a free mortgage consultation.

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.


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

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