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Buying a Property with Cash – Better than a Mortgage in Essex?

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.

Why should I buy with cash if I can?

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.

Reliability

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.

Easy and Fast Process

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.

You Don’t Owe Anything

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.

Why should I get a mortgage and save my cash?

When cash isn’t readily available, securing a mortgage becomes the alternative route.

Cheaper in the Short Term

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.

Something Wrong With The House

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.

A Mortgage Advisor in Essex by Your Side

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.

Can I Get a Mortgage in Essex With a 5% Deposit?

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?

Can you get a mortgage with a 5% deposit in Essex?

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.

Can you get a mortgage with a 5% deposit with bad credit in Essex?

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.

Are there any schemes that can help me buy a property in Essex?

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:

Mortgage Guarantee Scheme

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 Scheme

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.

Lifetime ISA

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.

Learn More About Different Mortgage Schemes

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!

10 Factors to Help you Decide Where to Live in Essex

Analysing Common Home Buyer Needs

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.

1. Busy city or relaxing countryside?

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.

2. Transport Links

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.

3. Schools & Education

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.

4. Nearby Facilities – What You Need Vs What You Want

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.

5. Friends and Family

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.

6. Is the property good value for money?

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.

7. What is the community like?

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.

8. Career Changes

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.

9. Property Type

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.

10. Local Developments

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.

Moving Home Mortgage Advice in Essex

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.

How Long Does Mortgage Approval Take 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.

How long will it take for my mortgage to get approved in Essex?

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.

Why do I have to wait for my mortgage approval in Essex?

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.

Where does mortgage approval fit into the mortgage process in Essex?

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.

Step 1: Free Mortgage Appointment

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.

Step 2: Finding the Perfect Mortgage Deal

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.

Step 3: Mortgage Application

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.

Step 4: Mortgage Lender Checks

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.

Step 5: Mortgage Valuation Survey

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.

Step 6: Formal Mortgage 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.

Get Mortgage Ready

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.

Can I Port My Mortgage to a New Property in Essex?

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.

Are all mortgages portable?

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.

Why do people port their mortgages?

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.

Should I port my 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.

What is a sub-account?

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.

Mortgage advice in Essex for porting your mortgage

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.

Do Gambling Transactions Look Bad on My Bank Statements?

Why does the lender need my bank statements?

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.

What has it got to do with the lender whether l gamble or not?

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?

Will gambling affect my chances of getting a mortgage in Essex?

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.

What will lenders be looking for on my bank statements? 

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.

What can I do to show the lender I am reliable? 

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.

Get in touch with a mortgage broker in Essex

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.

Tips to Improve Your Credit Score in Essex

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.

Obtaining a Copy of Your Credit Report

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.

Tips to Improve Your Credit Score

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.

What are the 8 best places to live in Essex?

Are you a first time buyer in Essex on the lookout for your dream home? Have you 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 (and in no particular order) we have put together our top list of places to live in Essex.

The Best Areas to Live in Essex

1 – Brentwood

Known as the perfect commuter location for London, Brentwood is a town East of England. This area is known for its beautiful countryside that is located just outside the boarder of Greater London. Brentwood shows off its history through the many Elizabethan houses that still remain.

Brentwood’s claim to fame is the fact that the location was used to film the popular reality television show ‘The Only Way is Essex’, however, the area has more to it than its infamous scenery. It also has a thriving community that is proud to call Brentwood their home! There are lots of facilities in the area from food shops to a sports centre.

If you are working in the centre of London but are looking for a quieter area to live away from the hustle and bustle, Brentwood is your match. The area has a train station with services on the Elizabeth Line that can take you to popular parts of London. Along with this, the M25 runs through this town which is a perfect start to all parts of England and a great segway to the M1.

Whether you are a First Time Buyer in Essex or looking to move home, Brentwood has a variety of properties with ranging prices. If you are looking to start a family in the area or already have one, there are lots of schools providing both primary and secondary education. Get in touch with a Mortgage Broker in Essex today who can provide the help and support you need on your mortgage journey.

2 – Basildon

Nestled in the county of Essex, Basildon is a town known for its swift transport connection to other cities, a great choice of amenities, and plenty of outdoor space on its doorstep which makes Basildon a desirable place to live.

Plenty of housing opportunities, local amenities, and big city connections make it the perfect place for young professionals and growing families looking for a place to settle down in.

In terms of transport links, Basildon has three railway stations. Each runs regular commuter services to London and other locations across the region. 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 you’re a big spender then Basildon certainly delivers, the high street is dotted with a mix of well-known retail names and inviting cafes, but the town’s impressive Eastgate Shopping Centre is home to a modern food court as well as almost every high street shopping brand imaginable.

As a bustling place with a community feel, there are plenty of local gatherings, groups, fetes, festivals, and events happening throughout the year. Perfect for First Time Buyers or Home Movers in Essex. If Basildon feels like the place for you and you would like to know your mortgage options, get in touch with a Mortgage Broker in Essex today who can provide the help and support you need on your mortgage journey.

3 – Saffron Walden

For nature lovers and those looking for a quaint and quiet area to live in, Saffron Walden may tick your boxes. With its green rolling hills and picturesque scenery, this rural town is rich in history with its line of colourful medieval houses. The area is located in the north-west of Essex and just 15 miles south of Cambridge.

Saffron Walden prides itself on its friendly community that constantly plans events along with hosting weekly clubs and activities. The area is brilliant for a day out with plenty of eateries and lots of attractions for families including Audley End House and Saffron Walden House. There is also a beautiful market that is on Tuesdays and Saturdays which is perfect is you are wanting to support local businesses.

Transport links are available by car with the town being located off the M11 which can take you to London along with a railway station which has regular services to London. Property prices can be may be slightly out your budget, however, settling down in the pretty, rural town of Saffron Waldren will be worth every penny. If you are a looking to start your mortgage journey, get in touch for open and honest Mortgage Advice in Essex. 

4 – Epping

Located in the Epping Forest district, Epping is situated just 17 miles from the centre of London which makes it a convenient place for a short commute to the capital city. If you are looking for an scenic green area away from the bustling city life, Epping could be the perfect fit for you.

The area is full of history with many archaeological finds being discovered within the forest showing that there was a human settlement dating back as far as 7500BC. One prominent part in its history was when King Henry III granted Waltham Abbey o hold a weekly market in 1253.

Fast forward to now, there is a market in the town every Monday that attracts many customers far and wide. There are lots to do within Epping including adventure parks, museums and plenty of nature reserves. The high street showcases a range of shops and eateries both independent and well known.

As mentioned, Epping is perfect for a convenient route into London for work via the underground’s Central Line and is brilliant for a rural escape from this major city. On top of these affordable properties in the area, are houses that are rich in history. There are many schools in the area which is perfect for families and make Epping brilliant for those looking at Moving Home in Essex to settle down and start a family.

Get in touch with our team today if you are looking to start your mortgage journey. We can provide you with the open and honest Mortgage Advice in Essex you need to fulfil your mortgage goals. Book online for your free mortgage appointment today!

5 – Colchester

If you are looking to move into a town that provides its residents with a rich history and modern lifestyle then Colchester will be the place for you. On top of Essex already being a popular region with commuters 24/7, Colchester is one of the UK’s oldest towns and biggest settlements, with the balance of an urban city lifestyle and rural living, this niche town is always thriving.

If you like to shop ‘til you drop, then Colchester offers a large variety of retail shops. The town centre is where you’ll find niche independent shops neighbouring bigger retail brands. If you fancy a bigger indulgence, we highly recommend you shop at Culver Square or take a trip to Lion Walk.

The town has a rich lineage of culture, not only it is home to the famous nursery rhyme ‘Twinkle, Twinkle Little Star’’ in 1806, but the Second World War song ‘There always be an England’ in 1940. The town is drawing from this distinguished cultural past and is now home to a budding arts movement, like the Colchester Arts Center and Mercury Theatre, the list is endless.

Going beyond the modern lifestyle, Colchester has a rich history dating back to over 2,000 years. If you are looking to find all the facts in greater detail and to find just how historically important the town is, then check out The Colchester Castle Museum, the exhibits will guide you through the history of Norman architecture, Roman medicine, witch-finders, and chariot. If you do choose to live in Colchester, you’ll definitely soak in the history.

Any foodies who are thinking to move into the area? Colchester has plenty of eateries around the town. The local resident loves heading to the annual Medieval Fayre & Oyster Market, where you’ll find a lot of seafood. Other options are available like charming pubs, farmers’ markets, and restaurants that are sure to please your appetite.

Colchester is home to a range of popular attractions which provide a variety of things to do with an array of museums, over 60 acres of parkland, home of two zoos in the UK, there is surely something to do to broaden your horizons and keep you busy 24/7.

Colchester has a great landscape heritage, the environment of the region is filled with a variety of parks and open spaces that stretch beyond the town, amounting to 135 square miles of coast, woodland and countryside. It may be somewhere to walk, relax or view the wildlife, whichever you are after, Colchester certainly has something to offer everyone.

Living in a fitting place for any home mover in Essex as well as first time buyers in Essex. If Colchester is the perfect fit for you, our team is available 7 days a week and can provide you with expert Mortgage Advice in Essex should you need it. 

6 – Harlow

Located on the border with Hertfordshire and London, Harlow is a large town where residents can benefit from its affordable properties and excellent transport links. The area is more of a bustling town compared to some of the rural villages surrounding it. Being a large town, Harlow provides plenty of career opportunities as well as fantastic properties.  

Harlow’s history was prominent in 1947 as being one of London’s eight post-World War II new towns in the hopes to attract decentralization of the metropolis. Furthermore, there is a beautiful garden with the museum you can visit that brags about Harlow’s rich history even more! The Harvey Centre is a perfect place for retail therapy with a mixture of shops to satisfy a range of people and also has a cinema and dining area.  

There are lots of employment opportunities in and around the area of Harlow. Along with this, there are lots of primary and secondary schools and further education facilities which is perfect if you are looking to start a family. There are a range of properties with attractive prices that are fitting for Home Mover in Essex as well as those looking to buy their first property. If Harlow is the perfect fit for you, our team are available 7 days a week who can provide you with the expert Mortgage Advice in Essex you need.

7 – Purfleet-on-Thames 

In 2020 after a two-year campaign, the town’s name was officially changed to Purfleet-on-Thames, this town is a desirable place for home movers and First Time Buyers in Essex; to be so close to places like Essex and London, yet able to enjoy all the benefits of being away from the noise and pace of the city lifestyle.

Purfleet -on-Thames is home to the renowned Lakeside Shopping centre, as well as a nature reserve and an array of historic buildings, with the name of the town being linked to an exclamation of Queen Elizabeth looking on as her fleet departed to engage the Spanish Armada.

Nowadays, this town is in partnership with a regenerating project which will transform Purfleet-on-Thames into a new and modern riverside destination. The scheme hopes to rebuild the River Thames surrounded by a brand new town centre with shops, restaurants, new build homes, improved transportation, schools, and even a TV production studio. Later phases will deliver a new university campus.

With huge plans on the way, if Purfleet-on-Thames feels like the place for you and you would like to know your mortgage options, get in touch with a Mortgage Broker in Essex today who can provide the help and support you need on your mortgage journey.

8 – Chelmsford

Chelmsford can be described as one of the nicest and safest places to live in the UK. The city is full of transport links. Thanks to redevelopment, the city’s local economy has flourished. Both independent businesses and high street shops situate in and around the city centre.

There are shopping centres and outlets scattered around the city. On top of all of this, Chelmsford is full of rich historical sites. If you’re taking up property viewings or thinking about doing so in Chelmsford, you should get in touch with our advisors and we can sort the mortgage side of things; taking this stress off your back. 

Home Mover & First Time Buyer Mortgage Advice in Essex

Are you thinking of buying your first home or moving home and need mortgage advice in Essex? If so, Essexmoneyman is here to help!

Having worked in the mortgage industry for over 20 years has allowed us to access great mortgage deals. We will go through 1000’s of deals and pick out one that is most suitable for your personal and financial situation. Your mortgage journey is made easy with Essexmoneyman – your Mortgage Broker in Essex.

To speak to a first time buyer or moving home mortgage advisor in Essex, get in touch today and book your free mortgage appointment. We know that the mortgage process can be stressful and that’s why we want to offer a helping hand. We would love to hear from you and assist you in the world of mortgages.

Sole Name Mortgage for a Married Applicant in Essex

Mortgage Advice in Essex for Sole Name Mortgages

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

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

Previous Credit Problems

One of the reasons for a sole name mortgage application, could be that one of the 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.

Borrowing Capacity

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.

Tax Implications

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

We Can Usually Help!

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

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

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

What Does a Mortgage Broker in Essex Do?

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

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

Jobs of a Mortgage Broker in Essex

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

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

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

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

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

Before Your Application

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

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

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

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

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

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

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

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

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

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

During Your Application

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

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

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

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

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

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

After Your Mortgage Offer

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

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

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

The Positives of Using a Mortgage Broker in Essex

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

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

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

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

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

Why use a mortgage broker in Essex?

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

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

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

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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