Specialist Archives - Essexmoneyman

Sole Name Mortgage for a Married Applicant in Essex

Mortgage Advice in Essex for Sole Name Mortgages

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

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

Previous Credit Problems

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

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

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

Borrowing Capacity

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

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

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

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

Tax Implications

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

We Can Usually Help

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

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

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

What Does a Mortgage Broker in Essex Do?

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

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

Jobs of a Mortgage Broker in Essex

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

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

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

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

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

Before Your Application

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

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

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

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

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

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

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

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

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

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

During Your Application

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

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

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

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

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

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

After Your Mortgage Offer

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

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

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

The Positives of Using a Mortgage Broker in Essex

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

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

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

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

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

Why use a mortgage broker in Essex?

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

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

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

9 Questions to Ask When Buying A House in Essex

First Time Buyer Mortgage Advice in Essex

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

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

The 9 Most Common Questions:

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

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

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

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

2. Is there a property chain?

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

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

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

3. What comes with the sale?

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

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

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

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

4. Are the neighbours friendly?

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

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

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

5. How much does it cost to run?

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

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

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

6. Which way does the house face?

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

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

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

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

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

8. Are you open to offers?

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

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

9. When can we move in?

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

Moving Home Mortgage Advice in Essex

Removing a Name From a Mortgage in Essex

Removing a name from a mortgage advice in Essex

There are many reasons why you may want to remove a name from a mortgage. The process will be complicated and stressful no matter the reason why you want to remove a name. Taking out a mortgage in multiple names can be complicated anyway, never mind trying to get out of one.

We aren’t saying that you can’t remove your name from a mortgage, you can if you need to.

Why would you want to remove a name from a mortgage?

Divorce & separation

As a mortgage broker in Essex, the most common reason for wanting to remove a name from a mortgage is because of a divorce or separation. In this situation, the homeowner may want to remove their name or their ex’s name from the mortgage.

Financial arrangements are amongst the most important things to sort out during a divorce and separation, however, unfortunately, they seem to get left until last. Leaving complex processes till last can be stressful and time-consuming; surely, you’d want to get the financial aspects sorted straight away? The more time given to these processes, the better too.

Your lender, building society or mortgage broker in Essex will need to check whether or not the party leaving the mortgage agreement will be able to live comfortably with just one income. The party staying within the property must also be able to manage the mortgage payments on their own.

Both parties must agree for a name to be taken off a mortgage, therefore, if one party doesn’t want the name removed, the process can’t go ahead without taking the situation to court. This can be costly and take a lot of time.

When going through a divorce or separation, it’s important to get specialist mortgage advice in Essex. Speaking to a professional will be extremely beneficial further down the line.

Transferring to a family member or friend

Surprisingly, this process is quite simple. It can be made even simpler you go to a mortgage broker in Essex.

You’re essentially just transferring equity to your family member or friend. The names on the mortgage will switch and the equity within the property will stay the same. First of all, the new homeowner will need to prove that they can afford a mortgage. They will have to go through an affordability and eligibility assessment to prove this.

A party is not paying their share

If a party is not paying their way, you may start receiving consequences even though it was nothing to do with you. As a mortgage broker in Essex, we see this situation a lot, it’s hard to do much about it by yourself as you can’t make someone pay their payments, they have to do it themselves.

Missed payments can negatively affect everyone else in the household. When you’re financially linked with people, if they do things that can harm their credit file, you may get impacted too.

In a situation like this, it’s best to approach someone who can do something to help. Even speaking a professional mortgage advisor in Essex can help.

Need help removing a name?

When you’re wanting to remove a name from a mortgage, it may be best to get guidance and assistance with the process. Getting specialist mortgage advice in Essex should work.

Describe your issue to your mortgage advisor in Essex so that they can get a clear understanding of your situation. Remember, before you can continue, the named party that you’re trying to remove will need to agree for the name to be removed. This can be a struggle if they’re adamant that they don’t want it removed.

Get in touch and book your free mortgage appointment with a specialist advisor in Essex. We’re available 7 days a week!

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.

Have You Been Declined For a Mortgage in Essex?

Mortgage Advice in Essex For Difficult Situations

Every mortgage lender has their own different way of deciding who gets accepted and who doesn’t. Some lenders criteria are hard to match up against and some are a little easier, it all depends on how strict they are and the quality of your credit score.

Often we see that mortgage applications are declined simply because a customer does not meet the right criteria. It’s reasons like this why we feel you’ll truly benefit using a Mortgage Broker in Essex, like ourselves. Our team of dedicated advisors will work hard to get you the most appropriate lender for you and your circumstances.

How can I avoid disappointment?

Firstly, before you apply, you should check your credit file to see whether or not it is in a good state. If it is not, then you may need to try and improve your credit score. There are lots of different ways that this may be possible, as listed in our article, though we will always recommend that you speak to a Mortgage Advisor in Essex to know exactly what to prioritise when working to improve your credit score.

It’s worth noting that only very few people are realistically eligible for every deal that is available on the market. This means that most of the time, people are just searching for the wrong deals for what they’re looking to do. Just because you have seen a cheap deal, doesn’t mean that you will pass the lenders criteria and qualify for it.

As an experienced and dedicated Mortgage Broker in Essex, we advise that do some research into the different types of mortgages available or Get in touch to benefit from a free mortgage consultation.

What are other applicants doing?

Something else we see regularly is customers using price comparison websites to find a mortgage. Whilst there may be nothing wrong with this, you need to remember that the price comparison websites can only check the different costs of a deal, not match you to all the nuances of a lenders criteria.

You can end up wasting a lot of time, as it can be weeks down the line of an application sometimes when a mortgage lender finally declines your case. Because of this, you may end up losing your property and/or breaking down a property chain. You may also find yourself getting declined because of picking the wrong mortgage, which in turn could damage your credit score due to a failed application.

Reduction in loan amount

Customers may find themselves being eligible for various deals, but in order to match the criteria for them, may end up being offered reduced deals. This seems to happen quite often, as the lender will first say that you can borrow a set amount and then later on change their mind and find a way to reduce the mortgage that were previously available to customers.

As mentioned, lenders all have their own unique way of doing things. You will often find that there is a huge difference between lenders and it’s very unlikely that you are going to match up against all of their criteria. You need to narrow down your options and work out what your best option will be.

Your Mortgage Broker in Essex is here to help

Whether you’re a First-Time Buyer in Essex or Moving Home in Essex, we believe that getting in touch for some expert mortgage advice will be incredibly beneficial to you and your mortgage process. Not only will we support you from start to finish, through your journey, but we will also try to find you the most appropriate mortgage deal for your personal circumstances.

Over the years we have worked with thousands of specialist mortgage cases and been able to help customers who maybe feel down on their luck, find a level of success with mortgages that they never thought they’d achieve.

Approaching a trusted and dedicated Mortgage Broker in Essex, like Essexmoneyman, you’ll also be able to learn how best to improve your credit score, in the event of any unfortunate financial circumstances.

Need help with a Specialist Mortgage situation? Get in Touch today with a Mortgage Broker in Essex for a free initial mortgage consultation.

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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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.

Remortgage to Release Equity

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 a remortgage to release equity as a means of covering their deposit for buying a future property to add to their property portfolio.

For homeowners who are over the age of 55 and have a property that is worth at least £70,000, it may be beneficial looking at your options for Equity Release in Essex. Speak to a qualified later life mortgage advisor to learn more about lifetime mortgages.

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 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

Why Mortgage Protection Insurance is Essential to Have in Essex

Insurance Advice in Essex

Mortgage Protection Insurance is an umbrella term used to encompass various different types of insurance. The purpose of any type of mortgage protection cover is to limit financial stress on you and your loved ones from any unforeseen circumstances that may occur later down the line.

Here Malcolm has put together a video to talk to you about the significance of having the correct insurance in place for your personal circumstances. The key message here is due to the coronavirus pandemic; the importance of health and getting insurance is now higher than it has ever been.

What Insurance is Right for you? | MoneymanTV

There are a lot of different insurance options to choose from when it comes to protecting you and your family. Here at Essexmoneyman, we are able to compare lots of providers in order to find you the best policy for your own individual circumstances. The following insurance policies that we are able to offer you are:

  • Life Insurance
  • Income Protection Insurance
  • Menu Plan
  • Critical Illness Insurance
  • Family Income Benefit

For some clarity on each of these, Get in Touch and speak with one of our experienced & trusted Mortgage and Protection Advisors in Essex today. Our dedicated team will always be at the other end of the phone or email to help with the insurance process.

Life Insurance Cover

Life insurance is an insurance policy that minimises your loved ones’ financial impact in the event you or another joint policyholder pass away. Our Mortgage Advisors in Essex can run through all the different life covers accessible to you and advise the most suitable plan for you.

Critical Illness Insurance

Critical illness cover is an insurance policy that covers serious illnesses detailed within a policy. Typically, these will include Stroke, heart attack, certain types and stages of cancer, and more.

Various illnesses will not get covered, for example, certain types of cancers. And you are unlikely to be covered for pre-existing health issues you knew you had before taking out the insurance. As mentioned, the specific illnesses covered and not covered will be detailed in your policy.

The most important thing is that the benefit gets paid if you fall victim to one of several specified critical illnesses and pays out whatever the long-term prognosis of that illness. The type of conditions covered vary from company to company; that’s why this type of insurance cannot be solely price-driven, and seeking Specialist Mortgage Advice in Essex is advised.

In practice many businesses will offer Life and Critical Illness Critical cover as a combined policy and would usually payout on the “first event,” namely whatever happens first – either death or a severe illness – the payout is made. They could also get written on a single or joint life basis.

Income Protection

Whereas Life and Critical Illness cover pay out a lump sum, Income Protection pays out a monthly sum intended to replace your wages if you are unfit to work. In contrast to the Critical Illness cover, there are no limitations on the illnesses or injuries covered, the only factor being whether they make you unfit to work.

There are, however, the restrictions on how much you can cover and how quickly benefits would start to get paid. Such As Life and Critical Illness cover, these policies are underwritten based on your health and lifestyle when you apply. All income protection policies get written on a single life basis.

Menu Plan

You can combine Life Insurance, Critical Insurance and Income Protection, into what’s called a menu plan. The providers give you a discount each time you add a benefit in, which can be a cost-effective way of taking cover.

With a Menu Plan, you can mix and match a range of cover and benefits to tailor a plan that suits your needs and budgets. We strongly advise all our customers should the worst happen, least you have covered yourself and your family, to find out more speak to one of our mortgage Advisors in Essex today.

Family Income Benefit

The least common of the mortgage protection policies can often be useful, especially for young households. These plans can get taken to Life and/or Critical Illness Cover, and get underwritten on the application in the same way.

However, in contrast to the traditional forms of policy, rather than paying out a lump sum, the cover would pay an annual or monthly income for the remainder of the plan’s term. Consequently, it can replace the primary worker’s payment for several years, dependent upon a particular client’s circumstances. Such an approach would usually get written on a level or basis, or an index-linked basis designed to keep up with inflation.

Get in Touch with a Mortgage Advisor in Essex Today

Many people have one or more of the different types of policy, and it would be wrong to think of Mortgage Protection Insurance as just an “either/or” choice. However, affordability plays a massive part, whilst it would be fantastic to cover yourself for every potential opportunity.

Our Mortgage Advisors in Essex are here to discuss with you and tailor the type of cover to be the most suitable combination to your family’s priority and budget. To find out more, give us a call or fill out our enquiry form to speak with one of our Dedicated Protection Specialists Advisors in Essex today.

Essexmoneyman.com & Essexemoneyman are trading styles of UK Moneyman Limited, which is authorised and regulated by the Financial Conduct Authority.
UK Moneyman Limited is Registered in England, No. 6789312 | Registered Address: 10 Consort Court, Hull, HU9 1PU.

Authorised and Regulated by the Financial Conduct Authority.
We are entered on the Financial Services Register No. 627742 at www.register.fca.org.uk

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

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


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

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