Burger Menu

Why can’t it be easier to get a mortgage in Essex?

Specialist Mortgage Advice in Essex

As a mortgage broker in Essex, we’ve seen many first time buyers in Essex and home movers struggle to start their mortgage journey. Whether this is due to their total deposit size, affordability or credit score, when we see an applicant in need of support, we will always offer a helping hand.

If this is also your situation and you can’t seem to get going with your mortgage application, you may need to contact a professional. As mortgage experts ourselves, we have seen lots of different reasons why applicants have been declined for a mortgage. Here are some of the most common scenarios that we come across:

Failing to match criteria

Every lender will have their own, individual credit scoring criteria and you’ll find that some will be easier to match than others. You won’t be able to match every single lender’s criteria as most of them, especially specialist lenders, have carved out their own niche audiences. Furthermore, if you are an applicant with a high credit score and good affordability, you will not need to look for a specialist product or lender who normally works with applicants with lower credit scores.

You’ll also find that lenders offering the lowest rates will likely have the strictest lending criteria. To pass their criteria, you’re going to need a higher credit score and a clean credit history, etc.

Lenders need to know that you’re reliable and that they can trust you. They’ll never take on an applicant that has the potential to fall into areas over the course of their mortgage term. If you’re suffering from bad credit issues, you may need to look for a specialist over a high street lender.

In fact, we are a specialist mortgage broker in Essex and we have access to lots of different specialist lenders on our panel. We can compare each lender’s products and see whether you match any of them. It’s our job to help struggling customers take that first step onto the property ladder, even when they think that it’s impossible.

Deposit amount

How much do I need to put down for my initial deposit? Is it 5%, 10%, 15%?

Usually, the lower that your credit score is, the higher your initial deposit will have to be. Remember that a deposit total will also vary from property to property. An increase in property price means an increase in the deposit amount.

If you don’t have a deposit, it’s very unlikely that you’ll be able to get a mortgage. There’s only a couple of scenarios where you may be able to get a mortgage without a deposit. One example would be if you’re taking out a right to buy mortgage in Essex.

You should take a look at government-led schemes, there are many different ones available that could help you get a mortgage with a small deposit. The schemes were brought in to help mortgage applicants struggling to get onto the property ladder. A couple of the ones at the forefront of the market include the Help to Buy Equity Loan, Shared Ownership or the Mortgage Guarantee scheme?

Find out more here: ownyourhome.gov.uk

Computer says no

As a mortgage broker in Essex, in some cases, we see that the applicant was not told the reason why their mortgage application was declined. Sometimes, your lender can just decline your application.

You may need to get mortgage advice in Essex if you find yourself in this situation. It could be anything from that you’ve tried to take out the wrong product to that you simply didn’t match the lender’s criteria. We tend to call this scenario “the computer says no”.

Essexmoneyman will never put your application in front of a lender when we know that you won’t pass their lending criteria.

As a mortgage broker in Essex, our job is to try and pick out a perfect mortgage product that suits your personal and financial situation. During the first stage of our process, we will measure your affordability. This is a huge part of the mortgage process, we need to know that you can afford a mortgage before continuing.

Fast & Friendly Mortgage Advice in Essex

Once you pass through the first couple of stages of the mortgage process, the rest of your journey should be stress-free and easy-going. You may need a mortgage advisor in Essex by your side throughout the whole journey.

You will now no longer need to ask yourself “why can’t it be easier to get a mortgage?”, you can use a mortgage broker in Essex and get all of the help that you need.

Advisors in Essex are available 7 days a week. Book your free mortgage appointment online today.

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.


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

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.

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

Buying as a Sitting Tenant in Essex

Mortgage Advice in Essex for First-Time Buyers

When customers get in touch, we often find that they’re that they are looking for specific Specialist Mortgage Advice in Essex. A large portion of our customers are currently renting from a landlord who is looking to sell their property, with the renter willing to be the one to buy it.

From the perspective of a landlord, selling a property to their current tenant can be a much easier and more beneficial process. As such they may present the tenant with the option of buying the property before it goes on the open market.

Mortgage Advice in Essex for a landlord

Reasons a landlord may be selling

Because of government tax relief clamps, many landlords are now paying more tax than they would have done in the past, leading some to quit the housing market and go find other investment opportunities elsewhere.

Property investors are really serious about their jobs and pride themselves on keeping the property market going. As such they find themselves going through these legislative changes. Serious Buy-to-Let landlords see their ventures as long-term investments, whereas amateur landlords are more likely to sell if things don’t quite go their way.

The benefits of selling to a tenant

  1. It saves them money that they would otherwise go towards estate agent commission.
  2. They will continue to receive a steady flow of income until the purchase is finalised.
  3. There is a chance to save money on refurbishment costs, as the tenant is likely already happy with the state of the property.

Mortgage Advice in Essex for a tenant

The benefits of buying from a landlord

There are also benefits to the sitting tenant, not just the landlord. These include:

  1. As someone who already lives in the property, you are familiar with it.
  2. There is no property chain and no waiting for a previous homeowner to move out.
  3. Due to the landlord not having to put as much money aside to sell the home, you mind yourself being offered a discount on the property.

If the price you both agree on is below the value of the property, a lender may accept putting the equity in the property towards your deposit. If there is enough equity in there, there may be a chance you don’t even need a deposit at all.

If you have any further questions relating to buying your landlords property as a sitting tenant, Get in Touch and we’ll see how our mortgage advisors in Essex can help.

Should I Use My Estate Agent’s In-House Mortgage Advisor?

Estate Agent Mortgage Advice in Essex

In the beginning of your mortgage process, if you choose to use a large estate agent, they will likely try to persuade you to use their in-branch Mortgage Advisor and their recommended conveyancers. You are under no obligation, however, to use their in-house advisor and you can still get the same or better deals from elsewhere! Unfortunately, First Time Buyers are often the ones that get caught out and end up being tricked into using services that they don’t want or need.

Searching for your own Mortgage Advisor in Essex could ultimately be the best path for you to take. An estate agent’s advisor will be biased to only their products, whereas a dedicated mortgage broker in Essex will be able to give you more perspective of each side.

If you do your research and still end up back with your in-house advisor, that’s your call and is far enough, though you should always remember that you have other options you can choose from, should you want that.

Our view consists of both transparency and efficiency, as we want to provide the best possible customer experience and also the best advice for your individual financial situation, whilst still delivering both a fast & friendly mortgage advice service.

Sales tactics of estate agents

If you do go down the route of using your estate agent’s in-house mortgage advisor and conveyancer, you need to take a look at where the cost of their service is coming from. They could be charging you for their services without asking you and adding it to additional fees, with the hope that you don’t notice.

Speaking with a trusted mortgage broker in Essex will eliminate these concerns, as you get exactly what you paid for, no strings attached. Your dedicated advisor will gladly break each cost down for you and relieve any uncertainty you may be feeling.

Even though it is a highly illegal tactic, if you choose not to take the estate agents in-house mortgage advice, they may refuse putting your offer forward on a property you are fully capable of being accepted on. For example, you could be using a broker and they may push another offer to completion over yours, simply because you aren’t using their services. Again, please note that these situations are illegal.

Estate agents may try even more underhanded tactics by doing things like trying to charge you with extortionate in-house conveyancing fees. Even with a straightforward purchase, they have been known to try and charge you with fees upwards of £1,500. If something like this happens during a purchase, you have full rights to ask them where they have got these prices from and for them to provide a full breakdown of where the costs have come from.

A trusted mortgage broker in Essex only has your best interests at heart, meaning a lot of the problems caused by going with an estate agent can be avoided.

How can I get a Mortgage in Essex?

Finding the right Mortgage Advisor

Trying to choose the right Mortgage Advisor can be hard; but is there a way to make it easier?

Sometimes you will have a specific case that might require specialist care and attention. An estate agents in-house advisors will only care about making money off you. When you Get in Touch with a mortgage broker in Essex, you can be matched up with an experienced advisor relative to that field.

An example of this, is that in our company we have specialist buy-to-let mortgage experts who are able to help out buy-to-let enquiry is presented to them. Once you’ve had a free mortgage consultation and an agreement in principle (often turned around in 24 hours or less), you could be linked with your perfect advisor and get started on the mortgage process.

We have been providing mortgage advice for years now and have been helping struggling customer take that leap into the mortgage market for over 15 years. You can find out more about our expert mortgage advice service by looking at our incredible customer reviews.

Getting behind the wheel to start your own mortgage journey

If you would rather take matters into your own hands, you should know that it’s perfectly okay to do so. Most of the process can now be done online! Along with the use of price comparison websites, you may be able to find yourself the best deal for what you need.

The benefit of doing things online is that you have the chance to save money on additional fees. As long as you are confident in what you are doing and know what you are looking for, you could complete the process quicker than initially anticipated.

One thing to bear in mind is shopping around and comparing online may be a little trickier than you think. You will need to make sure that you’ve found the best deal before agreeing to something. Here are some things you should be careful of when choosing to find a deal by yourself:

  • Are you able to match the criteria for the “Best Buy” rates? Check before applying, as if you are declined, this could damage your credit score.
  • Have you conducted proper research? Many of these comparison sites earn a commission from lenders and where there is no commercial relationship with a lender, they may choose to exclude various deals that could benefit you.
  • If it goes wrong, you might end up losing some money. Be aware of valuation and applications fees if you are not 100% certain that you have been accepted. You will not be refunded these fees.
  • It is completely your responsibility to progress your application and also sorting out any problems if you encounter any problems down the line.

Should I use my Bank or a Mortgage Broker?

Using your bank’s Mortgage Advisor

Making an appointment with your bank’s Mortgage Advisor isn’t exactly a hard task, however, it may not be the right choice for you to make. If you do opt to do this, here are a few things you should keep an eye out for:

  • They won’t shop around for the best deal; they can only offer their own deals; some of their deals may not suit you at all! They also won’t tell you about other mortgage lenders rates that might be cheaper!
  • You may find yourself being declined, even if you’ve been a longtime customer of that bank. We’ve seen customers of 20 years still get turned away for “lack of information”.
  • There can often a long waiting list for a mortgage appointment, with some lenders making customers wait around 6-months for a mortgage appointment.
  • Your bank may have inexperienced advisors on their team and therefore are unable to work on more complex cases. This is why many people get declined, as instead of solving the issue, banks instead choose to just not work with those customers.

Using a Mortgage Broker in Essex

Getting in touch with a mortgage broker that is not associated with the estate agent ensures you have someone working purely on your behalf as an inexperienced First Time Buyer in Essex. This also reduces any conflict of interest risks.

The process will be kept between you and your designated Mortgage Advisor in Essex. We have no external ties to any building societies, banks or estate agents, working solely for you. Whilst we have lenders on panel, they’re purely there for the deals they offer, allowing us to find the best deal for your personal circumstances.

Our team of advisors and administrators only have your best interests at heart. Managing Director Malcolm Davidson is here to explain the pros & cons of using a trusted mortgage broker:

Why Should I Use A Mortgage Broker? | MoneymanTV

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


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

Moneyman Logo







Moneyman Logo




Moneyman Logo

Ask Your Question





    Moneyman Logo

    Moneyman Logo







    Moneyman Logo

    Book your Free Consultation

    7 Days 8am - 10pm

    Moneyman Logo

    Moneyman Logo