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Bridging loans in Essex offer a versatile solution for those in need of short-term financing, especially when there’s a gap between the sale of one property and the purchase of another.
This financial tool is designed to provide quick access to funds, making it an ideal choice for various scenarios in the property market.
A bridging loan, sometimes referred to as bridging finance in Essex, is a short-term loan used to bridge the gap between a debt coming due and the main line of credit becoming available.
These loans are typically used by individuals or businesses to cover immediate cash flow needs. They are secured loans, meaning the borrower must provide collateral, usually in the form of property.
Unlike traditional mortgages, bridging loans are designed to be repaid quickly, often within 12 months.
Bridging loans in Essex come in two main types: open and closed. Open bridging loans do not have a fixed repayment date and are ideal for borrowers who are waiting for their property to sell.
Open bridging finance provides flexibility, but the borrower must demonstrate a clear exit strategy.
Closed bridging loans have a predetermined repayment date, often aligned with the completion date of a property sale. Closed bridging loans are usually less risky for lenders, which might result in more favourable terms for the borrower.
Bridging loans in Essex can be used for a variety of purposes, including property purchases. If you’re buying a new home before selling your current one, a bridging loan can cover the purchase cost, allowing you to move quickly in a competitive market.
For auction purchases, bridging finance is particularly useful where the full purchase price is required within a short timeframe. Property refurbishments are another common use, as investors and developers often use bridging loans to refurbish properties before refinancing with a long-term mortgage.
The process of obtaining a bridging loan in Essex generally involves the application, where the borrower provides details of the property being used as collateral and the intended use of the funds. The lender then arranges for a valuation of the collateral property to determine its worth.
If the application is approved, the lender offers terms including the loan amount, interest rate, and repayment period. Once terms are agreed upon, the loan is funded, and the borrower receives the necessary funds.
Interest rates on bridging loans in Essex are generally higher than those of traditional mortgages due to the short-term nature and higher risk associated with these loans. The rates can be either fixed or variable, depending on the lender and the specific terms of the loan.
Repayment of bridging finance is usually structured in one of the following ways: monthly interest payments, where the borrower pays interest monthly with the principal repaid at the end of the loan term; rolled-up interest, where interest is accumulated and paid in full at the end of the loan term along with the principal amount; or retained interest, where the interest for the entire loan term is deducted from the loan amount upfront and the borrower receives the net amount.
Bridging loans in Essex offer several advantages. Speed is a significant benefit as bridging loans can be arranged quickly, often within a few days. They also provide flexibility, as these loans can be tailored to meet the specific needs of the borrower with flexible terms and conditions.
Additionally, they offer access to large sums of money, which can be crucial in competitive property markets.
However, there are risks associated with bridging finance in Essex. High-interest rates are a notable drawback, as the cost of borrowing is higher compared to traditional mortgages.
The short-term nature of these loans means they need to be repaid within a short period, typically within 12 months. Lastly, there is the risk of repossession if the borrower fails to repay the loan, as the lender can repossess the collateral property.
Embarking on the journey of property ownership presents a key decision between two paths: making an upfront purchase or opting for a mortgage with gradual repayment.
Each option entails its own set of expenses. While an upfront payment demands a substantial initial sum, choosing a mortgage spreads out the costs over the long term.
Opting for an upfront property purchase is a commendable investment, whether it’s for personal residency or engaging in buy to let in Essex. Entering the property market positions you favourably for future financial stability.
In most cases, cash buyers hold a distinct advantage over those relying on mortgages.
Their reliability is highly valued by sellers, as cash transactions ensure swift sales without the complexities of property chains, which often cause delays. By bypassing affordability checks, cash buyers can proceed promptly.
Moving home in Essex can inherently be stressful, but cash buyers streamline the process, bypassing potential hurdles associated with mortgage procedures.
While mortgage applicants can also expedite the process with thorough preparation, involving an experienced mortgage broker in Essex ensures a smoother journey through the intricacies of property transactions.
Opting for a mortgage entails a significant financial commitment, typically spanning 20-25+ years. A cash offer eliminates the need to repay a loan, avoiding interest payments that would inflate monthly costs under a mortgage arrangement.
When cash isn’t readily available, securing a mortgage becomes the alternative route.
Rather than depleting life savings for a property purchase, choosing to save while obtaining a mortgage presents a viable alternative. Both paths lead to property ownership, and with a good credit score, securing a mortgage may require only a 5% deposit.
Monthly repayments vary based on interest rates, mortgage products, and property specifics, allowing for gradual payment and potential overpayments.
Properties marked “cash buyers only” warrant caution, often indicating underlying issues or the need for repairs. While obtaining a mortgage for such properties might pose challenges, conducting a property survey is advisable regardless of the payment method chosen.
This precautionary step, recommended for both cash and mortgage buyers, ensures a thorough understanding of the property’s condition.
Undertaking a property purchase without guidance could put you at a disadvantage compared to those with a mortgage advisor in Essex. An advisor simplifies the moving process, and our goal is to provide swift and friendly advice service.
Consider reaching out to our team for a free consultation to navigate your moving journey effectively.
Amassing a deposit emerges as one of the most daunting challenges for those stepping into the property market, particularly for first time buyers in Essex.
The housing market landscape has undergone significant transformations over the past two decades, with prices consistently on the ascent. Naturally, this upward trend in house prices correlates with a rise in the minimum deposit required to secure a mortgage.
So, what precisely is the required deposit for a mortgage?
Typically, lenders specify a minimum deposit of 5%. In practical terms, a 5% deposit equates to 5% of the property’s value. For example, if you are eyeing a property valued at £200,000, your deposit would need to be £10,000.
As mortgage brokers in Essex, our role involves assessing your income and affordability to determine whether a mortgage with a 5% deposit aligns with your financial situation or if a higher deposit may be necessary.
The possibility of securing a mortgage with a 5% deposit may be influenced by the duration of your adverse credit history. Individuals with less-than-ideal credit records may discover that some lenders require a higher deposit, typically ranging from 10% to 15% of the property price.
In 2013, the government introduced various schemes, aimed at helping individuals in realising their homeownership aspirations by providing financial aid.
Several schemes exist, each with its unique features. Here are some of the most popular:
The Mortgage Guarantee Scheme, initiated in 2021 and set to run until 30 June 2025, empowers first time buyers in Essex to secure a 95% mortgage, necessitating only a 5% deposit.
Exploring this scheme might bolster your prospects of obtaining a mortgage if you are a first time buyer in Essex.
Even after the scheme concludes, securing a mortgage with a 5% deposit remains viable, contingent upon your creditworthiness and affordability.
Shared Ownership in Essex presents a distinctive opportunity for individuals to both purchase and rent a property, offering an affordable path to homeownership.
Under this scheme, aspiring homeowners buy a share of the property, typically ranging from 25% to 75%, and pay rent for the remaining portion.
Over time, individuals can increase their share through “staircasing,” gradually progressing towards full ownership.
While not a conventional scheme, the Lifetime ISA is a government-led initiative aiding first time buyers in saving for their deposit. This tax-free savings account caters to individuals aged 18 to 40, helping them in their quest to purchase their first home.
Contributors can deposit up to £4,000 annually, with the government adding a 25% bonus (maximum £1,000) to facilitate property purchases. This incentive serves as a valuable boost for those saving towards their initial home purchase, making homeownership more financially attainable.
To delve deeper into these schemes, visit OwnYourHome.gov.uk for a comprehensive list. Alternatively, reach out to our mortgage advisors in Essex to discuss your options.
In certain cases, a scheme may not be necessary to secure a mortgage with a 5% deposit; it could already be financially viable.
If you are a first time buyer in Essex, kickstart your mortgage journey by booking a free appointment online today!
When contemplating a move to or within Essex in pursuit of your dream home, one of the primary considerations is undoubtedly the location. However, it’s not just about where; it’s also about what’s there and what priorities shape your ideal home.
To help you in this journey, we’ve compiled an in-depth list of factors that many homebuyers weigh when deciding on their perfect residence.
Determining the type of setting you envision living in is important, as this will likely be your home for several years, potentially even where you start a family.
Whether you thrive in bustling urban environments or prefer tranquillity in the countryside, carefully assessing the pros and cons of each option is essential before committing to a location.
Transport links play a pivotal role in many people’s decisions. Whether for socialising, work, shopping, or leisure activities, ensuring your home has suitable transport options is vital. Additionally, consider the costs associated with these modes of transport, including fuel expenses if you’re a driver.
For parents, evaluating the local schools is a key consideration. Researching catchment areas for the homes you’re interested in and consulting school league tables can provide valuable insights. Even if you don’t have children currently, considering future plans is prudent.
Nearby facilities can influence your decision, and it’s helpful to distinguish between necessary and preferred amenities. Whether it’s a gym or a nearby shop, prioritising your essential needs can guide your choice between two areas with different facilities.
The proximity of friends and family can be a significant factor for many home seekers. Having a support network nearby provides comfort, while others may prioritise a quieter, more solitary lifestyle.
Maximising your property purchase often depends on the area you choose. While starting with a more affordable property might mean compromising certain features, it could be a strategic move to eventually attain your ideal home.
The local community contributes to your living experience. Whether you prefer a quiet environment or a bustling community, gathering information from estate agents, community pages, or local websites can offer insights into the area’s atmosphere.
Job considerations are key, especially if you’re moving due to a new role or career opportunity. Assess the distance between your new workplace and potential homes, taking into account the possibility of remote work and the need for a home office.
The types of properties available vary, from end-terrace houses with gardens to modern city apartments. Exploring your options through viewings will give you a better sense of the type of property that suits your preferences.
Awareness of any proposed local investments is valuable information. Researching potential developments in the area and assessing their impact on your lifestyle is vital for long-term satisfaction.
Armed with a comprehensive list of factors, when the time comes to make offers and secure a mortgage, feel free to reach out to us for a free mortgage appointment.
Our dedicated mortgage advice team is available seven days a week, subject to availability, to help you whether you’re a first time buyer in Essex or moving home in Essex.
Acquiring a property stands as a significant financial commitment, often prompting numerous questions about the mortgage process.
As dedicated mortgage brokers in Essex, we’ve helped diverse buyers, and a common query, especially from first time buyers in Essex, is the duration of the mortgage approval process. Seeking expert mortgage advice is key for navigating these inquiries, considering the complexity involved.
The timeline for mortgage approval varies, typically taking 2-3 weeks for those with unblemished credit. However, this is a generalised estimate; individual circumstances play a pivotal role.
Complications may arise if there are credit issues, necessitating an in-depth examination that can extend the process, sometimes for months. It’s essential to understand that the approval timeframe is contingent on both the lender and the unique financial situation of the applicant.
Securing mortgage approval today involves a meticulous assessment of an applicant’s personal and financial standing.
Unlike the pre-credit crunch era, lenders now delve deeply into credit, income, and expenditures, gaining a comprehensive understanding of the applicant’s ability to afford the mortgage.
This intricate process acknowledges the individuality of each application but requires time, considering the multitude of applicants.
Our role as mortgage brokers in Essex involves a structured process leading to your mortgage application. This approach aims to simplify your journey, allowing you to focus on finding your dream property while we handle the intricate details of the mortgage side.
Initiate your mortgage journey by scheduling a free appointment with our mortgage advisors in Essex. With 7-day availability, you can select a convenient time online or contact our team.
During this appointment, lasting 30-45 minutes, our advisor will gather essential information to understand your goals along the mortgage journey.
Post your mortgage appointment; you’ll receive a mortgage agreement in principle (AIP), a key document when making an offer on a property. This pre-approval signals to estate agents that you’ve been endorsed by a mortgage lender.
With an accepted offer, we can swiftly progress to finding the perfect mortgage deal from our extensive panel of lenders, presenting it in a detailed mortgage illustration.
If you choose to proceed with our service, the next step involves preparing your mortgage application. Our support includes helping you compile necessary documents to evidence your affordability. Once ready, we submit your application to the chosen lender.
Upon submission, the mortgage lender takes charge, conducting thorough checks. Rest assured, we only recommend products aligned with your eligibility to avoid unnecessary declines. They verify documents, ensuring your affordability and confirming your identity and deposit source.
A mortgage valuation survey, distinct from a house survey, determines the property’s true value. Your mortgage advisor in Essex guides you on the appropriate survey type. The lender conducts this to safeguard their interests and ensure the property’s value aligns with your offer.
Following checks, successful outcomes lead to formal mortgage approval. Your mortgage advisor in Essex communicates this positive news, marking the transition to solicitors for contract exchange and completion of legal formalities. Once completed, you’re set to collect your keys.
Irrespective of your buyer status, whether a first time buyer in Essex, home mover in Essex, or investor, understanding the mortgage process is important. Starting the process early, possibly six months before plans materialise, is advisable.
If you’ve had an offer accepted or are contemplating a property purchase in Essex, now is the opportune moment to commence your mortgage journey. Act promptly by booking your free mortgage appointment online or contacting our team.
Turning the page to a new chapter in your homeownership journey opens you up to new options to explore For example, if you are moving home in Essex, you may need to consider porting your mortgage to your new property. But… what is porting?
In this article, we discuss porting a mortgage and how the process works, as well as looking at the pros and cons of doing so.
In some cases yes, in some cases no, not every mortgage deal on the market is portable. While the vast majority of high street mortgages are portable, there are some exceptions. This is especially true for mortgage products from specialist lenders, as these mortgages are often more complex and may not be eligible for porting.
To determine if your mortgage is portable, it is best to contact a mortgage broker in Essex like ourselves or your mortgage lender directly.
Porting a mortgage entails more than a mere financial transaction; it often stems from practical considerations. One of the main reasons people port their mortgage is to stay on the same interest rate. If you’ve secured an attractive rate with your existing mortgage, porting allows you to carry this rate over to your new property, shielding you from potentially higher rates prevalent in the current market.
Furthermore, porting a mortgage provides a streamlined and convenient process, avoiding the complexities of securing an entirely new mortgage.
Even if your mortgage is portable, you may choose not to port it. There are various factors to consider when making this decision. For example, your current mortgage lender may not be willing to lend you the additional funds needed for your new property, or the interest rates on those additional funds may be less favourable.
In some cases, it may be more cost-effective to accept the Early Repayment Charge (ERC) and take out a new mortgage on your new property.
When moving home in Essex, these are factors to consider before trying to port your mortgage.
When you choose to port your mortgage, a sub-account is created. This account is attached to your mortgage and holds the additional funds required for your new property. The sub-account may have a different interest rate than your original mortgage, meaning you may have different rates for each mortgage and direct debit.
However, it is important to monitor these sub-accounts as overlapping products can cause complications in the future. It may be necessary to realign the sub-accounts, which could result in one of the sub-accounts briefly falling onto a lender’s variable rate.
Porting your mortgage and moving home in Essex demands informed decision-making. Our dedicated team of mortgage experts is committed to providing a helping hand through the whole process, making sure that it is done efficiently and correctly.
Whether you are contemplating the advantages of porting your mortgage or seeking moving home mortgage advice in Essex, our experts are equipped to guide you through the entire process.
We understand the significance of flexibility, and to accommodate your busy schedule, we offer the convenience of booking your free mortgage consultation online or over the phone. Our commitment to accessibility extends to providing mortgage appointments over the weekends and on bank holidays too.
Contact us today to take the first step towards your moving home journey in Essex.
Regardless of the specific mortgage path you choose, whether you’re a first time buyer in Essex, moving home, or seeking to remortgage, your mortgage lender will invariably require a copy of your bank statements. In actuality, they will solicit various forms of documentation to establish your financial capability for obtaining a mortgage.
Lenders analyse bank statements for a multitude of purposes. These encompass assessing your mortgage affordability, evaluating your financial stability, and gauging your responsible management of monetary matters.
The preparatory phase of your mortgage journey holds the utmost significance. As a mortgage intermediary situated in Essex, we strongly recommend that you deliberate on your bank statements and contemplate the information you wish to portray within them during the months preceding your mortgage application.
Moreover, in terms of the elements that capture a lender’s attention on your bank statements, substantial emphasis is placed on transactions related to gambling activities.
While gambling itself is not illegal, it’s evident that lenders tend to view mortgage applications less favourably if they see significant gambling transactions on your bank statements.
There’s a notable distinction between gambling during events like the Grand National and consistently wagering substantial sums every weekend. This underlines the importance of practising responsible gambling, particularly in the lead-up to your mortgage application and throughout the process.
As a mortgage broker in Essex, like us, and also for lenders, our role isn’t to dictate how you live your life, but we do emphasise the need for caution. Lenders have an obligation to ensure responsible lending practices.
Lenders are obligated to demonstrate to regulatory bodies that they’re lending to applicants with financial responsibility. Consequently, they will not lend to individuals who display an inability to manage their financial affairs. Would you lend a large amount of money to an individual who consistently engages in gambling compared to an applicant with minimal gambling activity?
Infrequent gambling transactions should not significantly impact your eligibility for a mortgage in Essex. Moreover, lenders scrutinise how these activities influence your overall account balance. Do they lead to overdraft usage? Are you borrowing funds to gamble, or wagering money you don’t own?
If your financial behaviour in the period leading up to your mortgage application reflects irresponsibility, lenders will be put off by your mortgage application and may turn you away.
Lenders in Essex consider more than just gambling transactions; they will also look at various aspects of your bank statements:
Their aim is to ensure that you align with the type of applicant they seek to lend to. By observing your account activity and posing inquiries about your transactions, lenders aim to establish a level of trust in your financial reliability.
However, occasional use of your overdraft should not significantly hinder your mortgage application. The real concern arises when constant overdraft reliance becomes apparent, indicating financial difficulties.
Demonstrating reliability and being sensible with gambling is precisely what lenders seek. Take proactive steps, demonstrating your commitment to the mortgage process and your intention to present yourself in the best possible light.
Typically, lenders request your most recent three months’ worth of bank statements. Keeping this timeframe in mind, ensure that you manage your finances responsibly and sensibly during this period.
If you engage in regular gambling, it might be worth considering a temporary hiatus. Many betting apps offer features for setting betting limits, which could be a valuable option. Not only could this positively impact your mortgage application, but it could also have benefits for your mental well-being.
As a mortgage broker in Essex, our role is to guide you through the entirety of your mortgage journey, right from the very first steps. We’ll carefully review your supporting documents alongside you, ensuring that you present yourself optimally given your circumstances.
Our team of mortgage advisors in Essex will provide continuous assistance throughout your application process. We have availability seven days a week, please don’t hesitate to reach out for specialist mortgage advice in Essex at a time that suits you best.
The topic of credit scoring often sparks concerns among both first time buyers in Essex and individuals moving home in Essex. Many perceive it as an unfair method used by mortgage lenders to determine loan eligibility.
It’s important to note that mortgage lenders have a different perspective on this. For them, credit scoring helps them manage risks effectively and yielding consistent outcomes while keeping costs in check.
If you’re worried about how credit scoring might impact your mortgage plans, take a moment to relax. Remember, the mortgage landscape is diverse, with various lenders employing their unique scoring methods and criteria.
To navigate this process more smoothly, it’s a smart move to obtain a recent copy of your credit report as you embark on your mortgage journey.
Supplying your mortgage advisor in Essex with an updated credit report right from the start significantly increases your chances of securing approval on your first attempt.
This proactive approach allows your mortgage advisor in Essex to gain a solid grasp of your financial history, enabling them to offer personalised recommendations.
Speaking of credit reports, they’re quite dynamic – always changing with the times. So, taking the initiative to address any issues or discrepancies on your report before applying can greatly streamline your mortgage experience.
Rest assured, your mortgage advisor in Essex is well-versed in navigating the intricacies of credit scoring systems. They can guide you towards lenders whose criteria align well with your situation.
With their expertise and network, they can enhance your likelihood of securing a mortgage that perfectly fits your needs, giving credit scoring a run for its money.
When delving into the world of credit reference agencies, the names Experian and Equifax are likely familiar. There’s another contender worth considering: CheckMyFile.
This platform takes a unique approach by gathering information from various sources, giving you a more comprehensive and well-rounded view.
Navigating CheckMyFile is a breeze, making it simple to access your credit report. It offers an intricate portrayal of your credit history and current financial standing. The best part? You can explore its features during a 30-day trial period, and if needed, cancel without any hassle.
To sweeten the deal, you can take advantage of a special offer by using the link provided below. This grants you an instant and complimentary PDF download of your credit report, allowing you to quickly assess your credit details and address any potential concerns.
This resource holds substantial value, arming you with the insights needed to make well-informed decisions, whether you’re in the process of applying for a mortgage or navigating various financial matters.
Try it FREE for 30 days, then £14.99 a month – cancel online anytime.
When you’re on a mission to give your credit score a boost, it’s wise to tread carefully with those price comparison websites. They can accidentally trigger credit searches that end up having a negative impact on your score. So, it’s a good idea to use them cautiously.
Especially if you’re gearing up to secure a mortgage in the near future, it’s a good strategy to steer clear of taking on additional credit during this time. Lenders generally prefer not to witness a sudden surge in your borrowing activities.
Another factor that can actually work in favour of your credit score is being listed on the electoral register. Just make sure that your name and address are accurate and up-to-date, as this information plays a role in shaping your perceived creditworthiness.
Speaking of addresses, it’s a smart move to double-check that all the addresses listed are accurate. After all, you wouldn’t want to give the impression that you’re simultaneously living in multiple places, right?
It’s all about balance when it comes to your credit card. Rather than maxing it out every month, aim to use it wisely and settle the balance in full each time. This demonstrates responsible credit management and can give your score a positive nudge.
While closing down old store or credit card accounts might lead to a slight dip in your score initially, it’s a savvy step in the long run. It can actually reduce your vulnerability to fraud.
If you’re financially tied to someone, like a family member, friend, or former partner, through joint accounts or shared financial responsibilities, their less-than-stellar credit history could potentially impact your score.
Now, for the active accounts, severing these ties might not be straightforward. However, if the accounts have been closed, you have the option to request credit agencies to unlink these financial connections.
The more transparent you are about your financial situation with our approachable mortgage advisors in Essex, the better equipped they are to help you. They’re well-versed in their field, and having all the pertinent details empowers them to provide tailored advice that aligns perfectly with your circumstances.
So, don’t hesitate to open up and keep the lines of communication flowing. This way, you’re positioning yourself for top-notch support throughout your entire mortgage journey.
Are you a first time buyer in Essex on the lookout for your dream home? Are you a home mover yet to decide on the perfect location in Essex? There are many wonderful residential areas in and around Essex, it is just finding the right area for you!
To help you make the right decision we have put together our top list of places to live in Essex (in no particular order).
Location:
South Essex
Avg. House Price:
£560,000
Brentwood is a charming town located in the South of Essex, just outside the border of Greater London.
Known for its beautiful countryside and historic Elizabethan houses, Brentwood is an ideal location for all types of buyers looking to live in Essex.
As one of Essex’s most sought-after towns, Brentwood offers a diverse range of properties on the market. Buyers will find everything from modern apartments to elegant terraced, semi-detached, and detached houses, with prices reflecting the area’s desirability and quality of life.
The average property price in Brentwood is higher than in many other towns in Essex, due to its prime location and excellent amenities. However, for first time buyers in Essex who can afford to invest a bit more, Brentwood provides excellent value in terms of lifestyle and community.
For those looking to move into a larger home, Brentwood’s wide selection of properties makes it an ideal choice. The area is perfect for families seeking more room and a higher standard of living.
Landlords considering investing in buy to let properties in Essex should not overlook Brentwood. The town’s high demand for rental properties ensures a steady stream of potential tenants, making it a lucrative investment opportunity.
Brentwood is well-connected to London and other parts of the Southeast, making it a convenient location for commuters. The town boasts excellent transport links, including a train station with services on the Elizabeth Line, providing easy access to London and beyond.
For those who prefer to drive, Brentwood’s proximity to the M25 offers a straightforward route to all parts of England. The town’s location just outside London ensures that residents can enjoy a quieter, more relaxed lifestyle while still being close to urban amenities.
Brentwood is home to some of Essex’s top-rated schools, making it a popular choice for families. The town offers a variety of educational institutions, from primary schools to prestigious secondary schools, ensuring that children receive a high-quality education close to home.
The community in Brentwood is vibrant and active, with a wide range of local events and activities. From farmers’ markets to cultural festivals, there’s always something happening in Brentwood, providing plenty of opportunities for residents to socialise and engage with their neighbours.
Brentwood is a desirable and convenient area to live in Essex. With its excellent schools, convenient transport links, and a variety of property types, it offers something for everyone. Whether you’re a first time buyer in Essex, a family looking for more space, or an investor seeking a profitable opportunity, Brentwood could be the perfect location for you.
If you’re interested in buying a home in Brentwood, get in touch with our team. We can arrange a free consultation with our mortgage advisors to discuss your options and guide you through the process.
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We’re here to help you find your ideal property and make your move to Brentwood as smooth and straightforward as possible.
Location:
South Essex
Avg. House Price:
£340,000
Basildon is another beautiful town located in the South of Essex.
Known for its swift transport connection to other cities, a great choice of amenities, and plenty of outdoor space on its doorstep, Basildon is one of the best places to live in Essex.
There a many different types of properties available in Basildon, with the majority being semi-detached and detached properties.
The area has an average house price of £340,000, meaning that a 5% deposit would require £17,000 and a 10% £34,000. Some first time buyers may struggle to achieve this amount in Essex, therefore, the area may be more suited to home movers.
In terms of transport links, Basildon has three railway stations. Each runs regular commuter services to London and other locations across the country. The local bus services are extensive, offering a range of connections to nearby destinations including Canvey Island, Southend, Billericay, and Chelmsford.
If you’re travelling by vehicle, Basildon is situated just off the A13, A127, and A130 – all of which offer direct access to major motorways like the M25 as well as well-trodden routes in and around the region.
Basildon is home to a good mix of primary and secondary schools that cater to all including something for the tiny tots, Basildon has a great selection of certified playgroups, nurseries, and pre-schools. Every educational base is covered in this area.
If Basildon feels like the place for you and you would like to know your mortgage options, get in touch with our team today and we can help you find a mortgage product for you and your new property.
Speak to a Mortgage Advisor in Basildon
Feel free to ask us any questions about the moving home process, we would love to try and help!
Location:
North West Essex
Avg. House Price:
£447,000
Saffron Walden, situated in the North West of Essex, is a picturesque market town renowned for its rich history and charming character.
This delightful area offers a peaceful yet vibrant lifestyle, making it a sought-after location for various types of buyers.
Saffron Walden boasts a diverse range of properties, from historic timber-framed houses to modern family homes. The town’s property market caters to a wide array of preferences and budgets, ensuring that there is something for everyone.
The average property prices here are reflective of the town’s desirability, yet they offer good value considering the quality of life in the area.
First time buyers will find a variety of affordable options, especially within the town’s outskirts. For those looking to move into a larger home, Saffron Walden’s spacious properties and picturesque surroundings provide an ideal setting. The town is also perfect for retirees seeking a tranquil and beautiful place to settle down.
Investors should consider Saffron Walden due to its steady demand for rental properties. The town’s appeal to families, professionals, and retirees ensures a reliable tenant base, making it a promising investment opportunity.
Living in Saffron Walden offers a unique blend of historic charm and modern convenience. The town centre is bustling with independent shops, cafes, and restaurants, providing a vibrant community atmosphere. The twice-weekly market is a highlight, offering fresh local produce and artisanal goods.
Families will appreciate the excellent educational facilities in Saffron Walden. The town is home to several highly-rated primary and secondary schools, as well as private institutions that offer top-notch education. The supportive community and safe environment make it an ideal place for raising children.
Saffron Walden’s cultural scene is rich and varied, with numerous historic sites and attractions. The stunning Audley End House and Gardens, a grand Jacobean mansion, is a must-visit, along with the beautiful Bridge End Garden. The town also boasts a variety of local events and festivals, ensuring there is always something interesting happening.
Despite its rural charm, Saffron Walden is well-connected, making it a convenient location for commuters. The town is served by the nearby Audley End train station, which provides regular services to London Liverpool Street, Cambridge, and Stansted Airport. This makes it an excellent choice for those working in the city but preferring a quieter home environment.
For those who travel by car, the M11 motorway is easily accessible, providing links to London, Cambridge, and the wider motorway network. This ensures that residents can quickly reach major destinations for both work and leisure.
Local bus services in Saffron Walden are reliable and cover the surrounding villages and towns, making it easy to get around without relying solely on a car. This connectivity enhances the town’s appeal for both families and professionals.
Saffron Walden is a historic and charming market town that offers a unique blend of heritage and modern amenities. With its diverse property options, excellent transport links, and vibrant community, it’s an ideal location for a variety of buyers.
If Saffron Walden sounds like the perfect place for your next home, start exploring the available properties today.
Our team of mortgage advisors in Essex are here to assist you through every step of the buying process, ensuring you find the best mortgage deals and make a seamless transition to your new home in Saffron Walden.
Speak With a Mortgage Advisor – It’s Free!
We’re here to help you find your ideal property and make your move to Saffron Walden as smooth and straightforward as possible.
Location:
South Essex
Avg. House Price:
£615,000
Epping Forest, located in the South of Essex, is a highly desirable area known for its stunning natural beauty and affluent neighbourhoods.
This picturesque region offers a serene living environment while being conveniently close to London, making it an ideal place for various types of buyers.
Epping Forest boasts a range of high-quality properties, from charming cottages to luxurious detached homes. The area is particularly popular with those seeking a peaceful, countryside lifestyle without sacrificing proximity to urban amenities. The property market here tends to be on the higher end, reflecting the affluence and desirability of the area.
First time buyers might find the prices challenging, but for those able to invest, Epping Forest offers excellent value in terms of lifestyle and property quality. The area is also ideal for families looking to upsize, with many homes offering spacious gardens and ample living space.
Epping Forest offers an exceptional quality of life, combining the tranquillity of the countryside with convenient access to modern amenities. The area is home to numerous independent shops, high-end boutiques, and a variety of dining options, from cosy cafes to gourmet restaurants.
Families will appreciate the excellent educational institutions in and around Epping Forest. The area boasts a range of highly regarded primary and secondary schools, as well as independent schools that offer top-tier education.
One of the standout features of Epping Forest is its stunning natural scenery. The forest itself, managed by the City of London Corporation, provides a vast expanse of woodland perfect for walking, cycling, and horse riding. This green space is a haven for outdoor enthusiasts and those looking to enjoy a healthy, active lifestyle.
Despite its rural charm, Epping Forest is exceptionally well-connected, making it an ideal location for commuters. The Epping Underground Station, on the Central Line, offers direct services to central London, allowing residents to reach the city in under an hour. This convenience makes it perfect for those working in the capital but preferring a quieter home environment.
For those who travel by car, the M11 and M25 motorways provide excellent links to London, the wider Essex area, and beyond. This ensures that residents can easily access major road networks, whether for commuting or leisure travel.
Local bus services in Epping Forest are reliable and frequent, covering the surrounding towns and villages, making it easy to get around without a car.
Epping Forest is an affluent and highly sought-after area that offers a unique blend of natural beauty and modern convenience. With its high-quality properties, excellent transport links, and exceptional standard of living, it’s an ideal location for discerning buyers.
If Epping Forest sounds like the perfect place for your next home, start exploring the available properties today. Our team of mortgage advisors is here to assist you through every step of the buying process, ensuring you find the best mortgage deals and make a seamless transition to your new home in Epping Forest.
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Location:
North East Essex
Avg. House Price:
£325,000
Colchester is a vibrant town in the North East of Essex, renowned for its rich history and modern amenities.
As Britain’s oldest recorded town, Colchester offers a unique blend of ancient charm and contemporary living, making it an ideal place for various types of residents.
Colchester’s property market is diverse, catering to a wide range of preferences and budgets. The town features an array of properties, from charming period homes to contemporary new builds.
Whether you’re a first time buyer looking for an affordable starter home or a family seeking a spacious property, Colchester has something to offer.
The average property prices in Colchester are competitive compared to other areas in Essex, making it an attractive option for buyers looking to get more value for their money. Additionally, the ongoing development and investment in the area promise potential for property value growth, making it a wise choice for investors.
Colchester is known for its excellent quality of life, with a variety of amenities that cater to residents of all ages. The town boasts a vibrant shopping scene, with numerous high-street stores, independent boutiques, and the popular Lion Walk Shopping Centre. For dining and entertainment, Colchester offers a plethora of options, from cosy cafes and gourmet restaurants to theatres and cinemas.
For families, Colchester provides a strong educational infrastructure, with a range of highly regarded primary and secondary schools, as well as the University of Essex.
Colchester is also rich in recreational and cultural activities. The town is home to several museums, including the Colchester Castle Museum, which offers a fascinating glimpse into the town’s Roman history.
Additionally, Colchester Zoo is one of the best in the country, providing a fantastic day out for families and wildlife enthusiasts.
Colchester’s location and excellent transport links make it a convenient place for commuters. The town is served by two main railway stations: Colchester and Colchester Town, both offering regular services to London Liverpool Street, Ipswich, and Norwich. This makes it an ideal location for those working in the capital but seeking a more relaxed lifestyle.
For those who prefer to travel by car, Colchester is well-connected by major road networks. The A12 provides direct routes to London and the East of England, while the A120 offers easy access to Stansted Airport and the M11 motorway. This ensures that residents can travel efficiently to various parts of the country.
Bus services in Colchester are frequent and reliable, covering the town and its surrounding areas. This makes local travel convenient, whether you’re commuting to work or exploring the region.
Colchester’s unique blend of historical charm and modern convenience makes it an ideal place to call home. With its affordable property market, excellent transport links, and a high standard of living, Colchester appeals to a wide range of buyers.
If Colchester sounds like the perfect location for your next home, start your property search today. Our team of mortgage advisors is here to help you navigate the buying process, ensuring you find the best mortgage deals and make a smooth transition to your new home in Colchester.
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Location:
South West Essex
Avg. House Price:
£345,000
Harlow is a historic town situated in South West Essex, just north of the scenic Epping Forest.
Harlow’s combination of affordability, excellent transport links, and a high standard of living makes it an ideal choice for a wide range of buyers.
Harlow provides a wide variety of housing options, catering to different preferences and budgets. From modern apartments to spacious family homes, there is something for everyone.
The town’s property market is diverse, featuring everything from contemporary new builds to charming older homes. First time buyers, families looking for more space, and even those seeking investment opportunities will find suitable options in Harlow.
The affordability of housing in Harlow, compared to other parts of Essex and the greater London area, makes it particularly appealing for first time buyers. The town’s continued development and investment in local infrastructure also make it a smart choice for those looking to settle down and grow their property’s value over time.
Harlow boasts a rich array of amenities. The town centre is home to numerous shops, restaurants, and entertainment venues, ensuring that there is always something to do. The Harvey Centre and the Water Gardens shopping complex provide extensive retail options, from high-street brands to local boutiques.
For families, Harlow offers excellent educational facilities, including a range of primary and secondary schools as well as the highly regarded Harlow College. These institutions are known for their high standards and comprehensive curriculums, making Harlow an attractive option for families prioritising education.
Harlow also excels in outdoor and recreational activities. The town features numerous parks and green spaces, perfect for weekend outings and leisurely walks.
Harlow Town Park is one of the largest urban parks in the country and provides a beautiful setting for picnics, sports, and family gatherings.
Harlow has excellent transport links, making it an ideal place for commuters. The town is well-served by Harlow Town and Harlow Mill railway stations, both of which offer frequent services to London Liverpool Street, Cambridge, and Stansted Airport. This makes Harlow a perfect base for those who work in the capital but prefer a quieter, suburban lifestyle.
For those who prefer to travel by car, Harlow is conveniently located near major road networks. The M11 motorway is easily accessible, providing direct routes to London, Cambridge, and beyond. Additionally, the A414 connects Harlow to Hertford and Chelmsford, ensuring smooth travel to surrounding towns and cities.
Bus services run frequently throughout Harlow, offering regular routes within the town and to neighbouring areas. This makes local travel easy and efficient, even for those without a car.
Whether you’re a first time buyer, a family seeking more space, or someone looking for a vibrant community, Harlow has something to offer.
If Harlow sounds like the perfect place for your next home, start exploring the available properties today. Our team of mortgage advisors is ready to assist you in navigating the buying process, ensuring you find the best deal and make a smooth transition to your new home in Harlow.
Get in touch with us to arrange a free consultation and take the first step towards your move.
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Feel free to ask us any questions about the moving home process, we would love to try and help!
Location:
South West Essex
Avg. House Price:
£256,000
Just North of Chelmsford lies the stunning town of Braintree. This quiet, old, market town is perfect for settling down and enjoying the countryside.
Braintree is a great place to live in Essex where you could find your dream home!
Moving home is a huge decision, especially if you are planning on moving to somewhere in Essex – there are so many choices available!
The types of housing that you will find in Braintree can range from apartments and bungalows to semi-detached and detached houses. Depending on your budget some properties in the area may prove more costly than others.
Braintree is a safe, quiet town in Essex, making it appealing to many families and those looking to settle down.
There are still lots of things to do in Braintree. From shopping at the Braintree Village outlet, enjoying a walk around the Bocking Blackwater Nature Reserve, eating at a restaurant in the town centre or having a drink in a historic, local pub, we are sure that you will find something for you in Braintree.
Getting around Braintree by car is going to be your best method of transport. With limited trains running each day, you are best getting around by yourself.
You can get in and around Braintree with ease, however. Busses run frequently throughout the town and surrounding areas, meaning that if you have a job in the local area, you’ll have no problem commuting.
Your drive to Chelmsford from Braintree should only take you around 40 minutes by car. It’s a straightforward route too, taking the A131.
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We’re here to help you find your ideal property and make your move to Braintree as smooth and straightforward as possible.
Location:
Central Essex
Avg. House Price:
£404,000
Chelmsford can be described as one of the nicest and safest places to live in the UK.
Situated in the centre of Essex, the location is perfect for anyone looking to live in an affluent and historic part of the country. The city’s rich history, combined with modern amenities, makes it an attractive place for families, professionals, and retirees alike.
Chelmsford’s combination of excellent transport links, rich history, and modern amenities makes it one of the most desirable places to live in Essex. The city offers a range of housing options, from contemporary apartments in the city centre to charming Victorian homes in leafy suburbs. With its low crime rates and a strong sense of community, Chelmsford is not only a beautiful place to live but also a safe and welcoming one.
The city is home to numerous parks, shopping centres, and cultural attractions, providing plenty of leisure opportunities for residents. Schools in Chelmsford are highly rated, making it an attractive location for families with children. The city’s vibrant community and regular events ensure there is always something to do, whether you’re interested in arts, sports, or social activities.
Chelmsford’s thriving local economy and excellent employment opportunities further add to its appeal. With a variety of businesses and industries based in the area, residents can enjoy the benefits of living close to their workplace, reducing commute times and enhancing work-life balance.
Being located in the heart of Essex, Chelmsford has some of the best transport links in the county.
Chelmsford train station is located in the city centre, just north of the main high street. From here, you can catch a ride to other large cities in Essex including Colchester, Billericay and Basildon. If you want to travel further afield, jump on the train to Ipswich, Cambridge or London and get there within an hour and a half.
If you prefer to travel by car, you can reach the M11 in less than 20 minutes. This motorway provides links to motorways such as the A1 and the M25.
Chelmsford is a beautiful city, filled with rich history and stunning properties. If you are looking for the best places to live in Essex, Chelmsford should be one of your choices.
If you are looking for help during your moving home journey, make sure to speak to one of our advisors to get your journey underway.
Speak to a Mortgage Advisor in Chelmsford
Feel free to ask us any questions about the moving home process, we would love to try and help!
As your mortgage broker in Essex, we can arrange an agreement in principle (AIP) within 24 hours of your free mortgage appointment.
When moving home, it is essential to have your AIP document in place to make sure that you can support any offers you make on an Essex property.
Are you thinking of buying a property and need mortgage advice in Essex? If so, Essexmoneyman is here to help!
We have over 20 years in the mortgage industry, helping buyers just like yourself find a perfect mortgage product for their new home. Our job is to take all of the stress out of the moving home process, let us help you through your journey!
We find that the vast majority of married applicants would much prefer applying for their mortgage jointly, as opposed to separately in their sole name. Property prices have often gone much beyond wage increases in recent years and a lot of the time, you need two salaries in order to qualify.
That being said, you may sometimes find that you are actually in a situation where one salary is enough to cover the amount that you are asking the mortgage lender to borrow. Additionally, an applicant may actually have their own specific reasons as to why they would rather apply in their sole name.
One of the reasons for a sole name mortgage application, could be that one of the couples has bad credit tied to their name, such as bankruptcy or perhaps a CCJ. This could be considered a specialist mortgage situation in Essex. This could prevent them from applying for a mortgage, even if they would like to.
In some of these cases, so long as the other half of the couple doesn’t have their own credit problems, they could still be able to apply for a mortgage in their sole name. This can also apply to business partners or friends.
The person who is eligible for a sole name mortgage would need to be wary of any future financial association with their partner. Any ties to them and their bad credit could affect your credit score drastically, lowering your chance of obtaining any future mortgage.
Other situations where one of the applicants may look to buy in their sole name, is if their other half happens to be unemployed for some reason.
As a general rule of thumb, couples where one half is unemployed, actually may have a lower maximum borrowing capacity than if the working applicant had instead applied in their sole name. We do find this situation coming up quite regularly.
Applicant age can also be a factor in how much you can borrow. If one of the applicants is young but the other is say, in their 50’s, a mortgage lender may be hesitant to lend as much, due to old age risks through their term (a 25 year term would take you to your 70’s!) and worries with income.
That being said, if the younger applicant were to instead apply in their sole name, there could be the likelihood of borrowing more and benefitting from a wider variety of mortgage lenders and mortgage deals.
You may also find that there could be related tax implications or even stamp duty, which could lead to one half of the applicants instead looking at their options for applying for a mortgage in their sole name, rather than with a partner.
Depending on the circumstances you find yourselves in personally and financially, many mortgage lenders can be strict and for security in payments, can be much less likely to lend to married applicants in their sole name, if they otherwise would have a partner to borrow with.
You may also find that mortgages can be much more complicated if couples go on to get divorced, though thankfully there are plenty of mortgage lenders who are willing to let sole name applicants take out a mortgage, so there could be options for you.
Our experienced team are well-versed in providing our customers with specialist mortgage advice in Essex. We are open 7-days a week, so book your free mortgage appointment in Essex today and we’ll get started on your mortgage process.
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Essexmoneyman.com & Essexmoneyman are trading styles of UK Moneyman Limited, which is authorised and regulated by the Financial Conduct Authority.
UK Moneyman Limited is Registered in England, No. 6789312 | Registered Address: 10 Consort Court, Hull, HU9 1PU.
Authorised and Regulated by the Financial Conduct Authority.
We are entered on the Financial Services Register No. 627742 at www.register.fca.org.uk
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Essexmoneyman.com & Essexmoneyman are trading styles of UK Moneyman Limited, which is authorised and regulated by the Financial Conduct Authority.
UK Moneyman Limited is Registered in England, No. 6789312 | Registered Address: 10 Consort Court, Hull, HU9 1PU.
Authorised and Regulated by the Financial Conduct Authority.
We are entered on the Financial Services Register No. 627742 at www.register.fca.org.uk
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