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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.
Speak With a Mortgage Advisor – It’s Free!
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.
Speak to a Mortgage Advisor in Epping
Feel free to ask us any questions about the moving home process, we would love to try and help!
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.
Speak With a Mortgage Advisor – It’s Free!
We’re here to help you find your ideal property and make your move to Colchester as smooth and straightforward as possible.
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.
Speak to a Mortgage Advisor in Harlow
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.
Speak With a Mortgage Advisor – It’s Free!
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.
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.
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.
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.
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.
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.
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.
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.
Taking the initial step onto the property ladder can be quite an intimidating process for some home buyers, especially if you’re looking to purchase a property by yourself.
To counteract this, we regularly hear from lots of first time buyers in Essex that are instead looking to buy a property with a friend or partner if they can do so.
When we look to calculate your maximum mortgage amount, lenders will factor in both your income and your co-borrowers’. Having two applicants means you’ll be splitting mortgage costs between you both, which can help increase your chances of getting offered.
It is very important to remember that if you were to default, your co-borrower could also be responsible for the full mortgage, and vice versa.
As an open and honest first time buyer mortgage broker in Essex, we have put together a collection of handy things we recommend to bear in mind when moving into a property with a friend or partner.
Depending on the lender that you go with, you may be able to co-borrow with up to four people jointly.
It’s important to factor in though that the more you have involved, the higher the chance of someone pulling out before the term ends. You should always be careful with whom you choose to buy a property with.
You may be able to increase your mortgage later if you prefer, though you and your co-borrowers will all have to agree. With that in mind, plan ahead for your future and your plans for the property.
Joint tenancies tend to be something that is more favoured by civil partnerships or married couples. If one half of the party were to die, the property would be immediately given to the other half. The way the law sees it, is that joint tenants are two halves of one whole, one borrower.
If either of you were looking to remortgage or sell the property, both of you would have to agree before proceeding with the mortgage.
Alternatively, if you and your co-borrower are friends or family, then it is a lot more likely that you will go down the route of ‘Tenancy in Common’. In this case, you both own your own part of the property.
You aren’t required to split your shares equally either. This means that if one of you are making a more significant financial investment than the other, you will own more of the property than the other.
Another reason that this works out well if you are a ‘Tenant in Common’, is that you have the freedom to act independently. What this means is that if you wish to sell or give away your share
A mortgage lender will make it clear that all borrowers are jointly and severally liable. If one of your co-borrowers decides not to pay their part of the mortgage, you will be responsible for keeping up the payments.
When you look to buy a home with your then other half, you never really predict that you’re going to split up before the term is up. After all, it is a large financial commitment to make anyway, let alone with someone else, and making any changes to it is not an easy process.
It is even more complicated when you factor in children, as it is likely that one parent will stay with them whilst you are left to move out and possibly find your own mortgage. In this case, whether you are the one staying or going, both parties will require the assistance of a mortgage advisor in Essex.
Whether the person has been paying the mortgage with the input of their ex or not, unfortunately doesn’t change the fact that it was applied for in a joint name. In the event of arrears, they will still chase both parties.
Before you can remove your ex-partner from a mortgage, the lender will need complete confidence in your ability to maintain mortgage payments and will reassess your income to make sure that this is the case, before they will proceed.
We regularly find that in the case of being unable to afford a mortgage alone, the mortgage applicant will instead apply jointly once again with a friend, family member or new partner. Mortgage advice in Essex is definitely recommended in these situations.
As touched upon above, in the event of potentially divorcing or separating your partner whilst on a mortgage, you are both still jointly liable for the property and its mortgage payments.
In this case, if you were the one leave and wanted to remove your own name from their mortgage, you couldn’t just make an agreement between the two of you, they would need to get in touch with their lender.
If you were looking to get a mortgage of your own, the lender would take into consideration the property you are currently tied to, therefore it’s important to make sure that you are removed off the previous mortgage.
You should always take out mortgage advice in Essex when faced with circumstances like these.
Some lenders will be more generous than other lenders, when it comes to how much they will be willing to lend you. Your dedicated mortgage advisor in Essex will take this into account when recommending the best mortgage lender for you to approach.
First time buyers in Essex may find that their first experience of entering the world of home ownership can be stressful. It doesn’t always have to be that way though.
To help you make the most of any upcoming house viewings and to be as prepared as you possibly can be, we’ve put together a list of nine common questions that are worth asking when it comes to buying a house in Essex.
There is nothing wrong with taking your time to have a think about whether or not you would like to buy a property before committing to a purchase. It’s understandable, as doing something like this will be one of, if not the most important financial commitment you ever make.
A good starting point is to find out how many people have viewed or enquired about the property you have your eye on. This can give you a more accurate idea of how much time you have to ponder before making a final decision.
If it isn’t too popular, maybe you can take some time before deciding. If it’s popular, maybe you should decide sooner rather than later.
If the property is currently stuck within a chain, it may possibly cause some significant impact on different areas of your mortgage process.
If there is no onward chain, chances are your process will be able to continue smoothly, especially if you are not part of a chain yourself. On top of this, if the process is not reliant on you selling your property first, you will have more advantage as a home buyer.
This is because you will not have any part in holding up the home buying process. Definitely remember to mention this when negotiating a price with a seller.
Depending on who the previous homeowners were, you might find that they have left some items behind to save on costs. This could definitely benefit you.
The items generally left behind are what is called “white goods”. This includes things like washing machines, freezers, fridges and kettles. You may also find that the seller has left their shed behind in the garden.
If the appliances are all working well it is perfect for new buyers who are looking to save a bit of cash until they get their own items and modernise the place a bit. Alternatively, if you don’t want or need these items, it will be up to you to get rid of them.
On the flip side to this, if you are a first time buyer in Essex, looking to buy a new build property, it is worth asking about optional extras. Doing so can see your new home potentially furnished, ready for when you are able to move in.
When you are moving into an area that you don’t know too much about, it is definitely worth your time to try and get a feel for what the neighbours are like, as a good or bad neighbour experience can often be one of the more vital “make or break” instances of your home experience.
Once again, if you are looking to move into a new build property, you and your neighbours will be the ones creating the community. This is a bit of a risk, as you will be building a neighbourhood from scratch with strangers.
Of course, first impressions are not the be all end all, but it’s always important to at least have a friendly dynamic with neighbours as you both will be presumably living next to one another for a considerable amount of time.
The running costs for the property you’re looking to live in can very much depend on the specific location in Essex, especially with it being a county. Therefore, it is important to do plenty of research and ask some questions.
For example, find out how much you could be looking to pay on council tax, as well as the average spend on utilities. This can generally be achieved by asking the seller or doing some online research.
Having this information will help you out when it comes to budgeting for a property.
Perhaps you are fond of relaxing in the garden on a late summers evening. Maybe you would even like to read a book in the natural light. Whether it is one of these or something else entirely, the direction that the house is facing can make quite the difference.
That being said, some locations can often mean that you have to pay a more premium price for a south-facing garden, due to the fact that they receive the most sun throughout the day.
Once again, this is a factor that can definitely have an impact on your budget. Therefore, it is important that you find out a bit more information about the following;
Making negotiations on the price of a property is a fairly standard part of the house-buying process. With that in mind, it’s essential to make sure that you are as prepared as possible to make any offers on a property.
It is also worth having a conversation with the seller or estate agent to determine what kind of offer may be considered too high or too low for the property in question. Find out if anyone else has made any offers prior to your enquiry, and if they’ve been rejected.
By putting aside a date in your diary, you will be able to put together a structured plan for your other jobs, such as instructing a conveyancing solicitor, boxing up all of your belongings and arranging a removal van to collect everything from your home and take it to your new one.
There are many reasons why you may want to remove a name from a mortgage. The process will be complicated and stressful no matter the reason why you want to remove a name. Taking out a mortgage in multiple names can be complicated anyway, never mind trying to get out of one.
We aren’t saying that you can’t remove your name from a mortgage, you can if you need to.
As a mortgage broker in Essex, the most common reason for wanting to remove a name from a mortgage is because of a divorce or separation. In this situation, the homeowner may want to remove their name or their ex’s name from the mortgage.
Financial arrangements are amongst the most important things to sort out during a divorce and separation, however, unfortunately, they seem to get left until last. Leaving complex processes till last can be stressful and time-consuming; surely, you’d want to get the financial aspects sorted straight away? The more time given to these processes, the better too.
Your lender, building society or mortgage broker in Essex will need to check whether or not the party leaving the mortgage agreement will be able to live comfortably with just one income. The party staying within the property must also be able to manage the mortgage payments on their own.
Both parties must agree for a name to be taken off a mortgage, therefore, if one party doesn’t want the name removed, the process can’t go ahead without taking the situation to court. This can be costly and take a lot of time.
When going through a divorce or separation, it’s important to get specialist mortgage advice in Essex. Speaking to a professional will be extremely beneficial further down the line.
Surprisingly, this process is quite simple. It can be made even simpler you go to a mortgage broker in Essex.
You’re essentially just transferring equity to your family member or friend. The names on the mortgage will switch and the equity within the property will stay the same. First of all, the new homeowner will need to prove that they can afford a mortgage. They will have to go through an affordability and eligibility assessment to prove this.
If a party is not paying their way, you may start receiving consequences even though it was nothing to do with you. As a mortgage broker in Essex, we see this situation a lot, it’s hard to do much about it by yourself as you can’t make someone pay their payments, they have to do it themselves.
Missed payments can negatively affect everyone else in the household. When you’re financially linked with people, if they do things that can harm their credit file, you may get impacted too.
In a situation like this, it’s best to approach someone who can do something to help. Even speaking a professional mortgage advisor in Essex can help.
When you’re wanting to remove a name from a mortgage, it may be best to get guidance and assistance with the process. Getting specialist mortgage advice in Essex should work.
Describe your issue to your mortgage advisor in Essex so that they can get a clear understanding of your situation. Remember, before you can continue, the named party that you’re trying to remove will need to agree for the name to be removed. This can be a struggle if they’re adamant that they don’t want it removed.
Get in touch and book your free mortgage appointment with a specialist advisor in Essex. We’re available 7 days a week!
Fantastic! You have passed all of the required exams and have found great success in becoming a newly qualified teacher. Now it’s time for you to find a teaching job and get started in the classroom to rack up some experience.
In some cases, to be closer to that job, you may be required to look at moving home in Essex. If you own your own home already, you may benefit from the assistance of a mortgage broker in Essex.
Soon after you’ll be needing a new home to start a life in. Once here, you’ll be trying to balance the struggle of homeownership whilst finding comfort within your newfound role in the education system. This isn’t something you’ll be alone in, as we’ve dealt with many customers who feel this same way.
Hopefully with the help of a dedicated mortgage advisor in Essex, your process will go a lot smoother and quicker, reducing your stress.
The process of finding a lender who will be willing to offer a mortgage to newly qualified teachers can prove to be a little challenging. The reason for this is down to having little to no work history or being on a temporary contract.
Even though this is the case, you can worry less knowing that you may still be able to obtain a mortgage as a newly qualified teacher.
From time to time, some lenders may even offer good deals with those working within the teaching industry. The key to this is finding the best lender for your personal and professional circumstances.
This is usually the difficult part, though by enlisting the help of a mortgage advisor in Essex, you will be working with someone who can search thousands of deals and match you to the right lenders criteria.
The different types of mortgage available for newly qualified teachers generally include:
Here are some things that lender may consider during your process:
Our trusted and knowledgeable team of mortgage advisors in Essex have a lot of experience working throughout this industry, helping various people with the situations they are in relating to their mortgage. You’ll find there are lots of different benefits to seeking first time buyer mortgage advice in Essex.
To take a look at your mortgage options, get in touch, and our dedicated team will take some details from you to determine whether or not you have the possibility of obtaining a mortgage suitable to your personal and financial circumstances.
Once you’ve had an offer accepted on a property, your lender will need to make sure that the house is worth what you said that you’d pay for it. They will do this by performing a property survey on the house.
A property survey will also show the overall condition of a property. If the property is in poor condition needs lots of work doing on it, your lender may lower the original amount that they were going to offer you as their mortgage offer doesn’t match the property price.
From minor damages to repairs that need action taken on them straight away, a property survey will show everything you need to know about a home before you move in.
There are three main types of property survey:
Each survey type is different in how they work, pricing and how long they take to carry out. In some cases, your mortgage lender may include a free property survey in your offer. This entirely depends on the lender that you’ve used as not every lender will offer this service free of charge. If a survey is included within your deal, you may end up paying slightly more for set-up/arrangement fees etc.
Each survey works differently, for example, one survey may go more in-depth than another. If your survey report shows something about your property that you weren’t told about, by law you are allowed to approach the seller and work out an alternative price if necessary.
These are the simplest types of property surveys. Mortgage valuations are performed to measure how much a property is actually worth.
If a Mortgage Valuation is carried out and it’s found that the property is not worth the amount that you’ve agreed to pay for it, your lender may withdraw their offer as they’ll be lending you more than the property’s worth. You can either try and re-negotiate the price with the owner or pay the difference between the offer and how much the lender is now going to lend you. This situation is called a down valuation.
This survey is the cheapest property survey; however, it won’t go into much detail. The survey will focus on obvious repairs and defects such as structural damages. It will not, however, show small, minor damages on the property.
For a report with further detail, you’ll need to upgrade your survey. Although this may be costly, in the long run, this could be worth it as you may find out everything that needs preparing in your home before further damage is done.
A Homebuyer’s Report will determine how safe the property is to live in. The survey looks at issues such as mould, damp walls and ceilings or things that do not pass the current building laws.
The property will be examined from top to bottom, inside and out. The surveyors will look at everything. This process could take up to a day on a large property.
As a mortgage broker in Essex, we would always recommend a Full Structural Survey if you want a detailed report of the home that you’re buying. We would particularly advise those buying an older house to take up this survey too as it will highlight major repairs and damages in the property. Older buildings are more likely to come with defects and damages.
Although a Full Structural Survey is the most expensive property survey, it will provide you with the most information about the property. The report will go in-depth, highlight the overall condition of the property, and show what changes will need to be made if the property purchase goes through.
A Full Structural Survey can take as long as a whole day depending on the size of the property.
If you are buying a new build property, property surveys work a little different. You’d think that since the property is new, you wouldn’t have to get a property survey carried out on it, however, it’s always best to do one just in case.
There is a property survey designed for new builds called a Snagging Survey. This survey will break down the property’s overall condition, pointing out both minor and major issues. The survey can point out something as simple as a missing door hinge to a crack in the ceiling (which is unlikely to find in a new build).
If you’re moving into a new build that’s already been built, it would be wise to get a snagging survey carried out on the property before you move in. This will give you the power to negotiate pricing if there is anything wrong with the property.
If you’re struggling to choose a property survey, our mortgage advisors in Essex are always here to help!
Get in touch with our mortgage team. We’ve helped thousands of First Time Buyers in Essex and Home Movers in Essex choose the best property survey for their new home, let us help you next.
You can obtain the services of a surveyor to carry out a Homebuyers report or building survey through the Royal Institution of Chartered Surveyors.
Once you are ready to move home in Essex and progress further up the property ladder, you need to start thinking about selling your existing home on the property market. The amount of equity in your home (the amount it sells for minus your current mortgage balance) post-sale, can be put towards your deposit for your next property purchase.
You will have the ability to top up your deposit of course, through a variety of different means, including the use of your personal savings, as well as a gifted deposit from a family member or friend. The latter is an incredibly popular way for many first time buyers in Essex to get onto the property ladder, though it’s still acceptable for homeowners looking to move house in Essex.
A seller will always have an idea of the lowest asking price they’re willing to accept, though a lot of them keep an open mind and are willing to at least entertain other offers. The way that you market and present your home to potential buyers will play a big factor in the speed of sale.
From both a buyer and sellers viewpoint, you’re going to need to do some research to be prepared for this process. Let’s start with a look at how to sell your home quickly:
When figuring out what your asking price is going to be, you need to make sure that you’re not going far over what the average price is nearby. Try not to be unreasonable; just because the estate agent has told you that the property could possibly sell for this crazy amount, doesn’t mean that it will actually get sold at that price.
Within the initial few weeks of your listing, you ideally want to draw in as much attention as you possibly can. If you are struggling to get a lot of viewings for your property, it might be worthwhile dropping your asking price.
If you have already found a home that you have now set your heart on, whilst still living at your current house, you need to try and sell it as quick as you can. That is the benefit of a fair asking price, as you are more likely to attract a potential sale early on into listing it on the market.
Our experience as a fast & friendly mortgage broker in Essex spans over 20 years. When looking at properties, the primary feature that always stands out, is the exterior of the property (generally the front).
Making sure your home looks easy on the eyes from the outside is your best bet for getting buyers interested in your home. This is all about nailing that first impression, so you need to be aware of how your home would look to someone not accustomed to their surroundings like you no doubt will be.
Sometimes, it’ll be as simple as having a driveway nicely jet-washed and a front lawn that is well kept and neatly mowed. This shows the buyer that you have taken good care of your home and you genuinely want people to be impressed by the way it looks.
This also creates intrigue with the person viewing your home. If the outside is this good, what might the inside be like? this creates a good feeling on their journey around, which could be enough to encourage a sale.
Remember, nobody ever gets a second chance to make a first impression on someone. Ensure your house has a great “kerbside appeal” in order to make the most out of each viewing you receive.
Although it’s always a chore to do, the first key step in trying to impress your viewer is to tidy everything up! This will help them feel welcome and comfortable when walking around your own home.
Remove anything that is unnecessarily cluttering the place, especially from the front area of the property. When your viewer walks in, you want them to get a sense that you’ve really looked after this home. Anything from a new doorbell to a new doormat can make a big difference.
Once you have sorted out your hallway, you should look around and clean your house room by room. Always take extra care when cleaning your kitchen and bathroom as these are some of the most important parts of a house. Cupboards and wardrobes should have everything neatly arranged within them.
If you are a smoker, the smell of smoke can often linger around the home, so it may be worth your time giving the house a good airing before any viewers show up. Anything that smells smokey and can be removed, take it out of the property.
All interior doors should be painted, clean all the brass fixtures and make sure all the doors can open as close as they are supposed to.
Make sure that each room has good lighting, preferably natural light if you can. Open all curtains and blinds in any of your darker rooms. Your home should feel nice and warm but not too hot that it makes the viewer uncomfortable.
All lightbulbs should be tested before the viewing to be certain that they are working properly. Despite what people claim about “baking bread” smells, this is an old-fashioned approach and could be detrimental to your viewings, so ensure there are no cooking smells around your home at all.
Although you may find doing so difficult, it’s important to try and avoid having your children or pets getting in the way whilst your viewers are taking a look around the property. Your goal is to make them to feel as relaxed as possible and not be stressed out, tripping over small children and animals.
It has to be said though, that it’s not inherently a bad thing to have them around, especially if the people looking around are considering starting their own family. It’s all about finding that balance between cute and homey, to annoying.
Another helpful tip in trying to help them feel at home, is to display any family pictures or paintings that you have laying around to decorate the house. It provides them with another friendly reminder that it is a cherished family home with lots of fond memories attached to it.
Definitely let your home viewer explore on their own and don’t crowd them too much. If they are a couple, they will likely want to discuss between themselves at various points throughout their look around.
As touched upon previously, your kitchen and bathroom should be impeccably cleaned and presented. Anything that isn’t in daily use should be put away into storage containers or cupboards. Your towels should be neatly stacked away as well and not left dangling on hooks or piled on the floor. The same goes for your clothes.
Consider washing your curtains and blinds, wiping your walls down and cleaning your floors and windows. On the topic of windows, they should be shining inside and out. Replace old bedding with fresh, new bedding and also carry out any repairs that need to be done.
Investing in new carpets for smaller rooms can be a cheaper alternative route for impressing your viewer. Carpets make rooms feel like they are welcoming and can show your viewer that you have truly taken care of the place.
A lot of homeowners who are selling their home often don’t realise that creating some open space can actually be rather helpful during viewings. The reason for this is because it allows your viewer to get mentally creative and consider the potential inside the property.
Anything currently being stored outside of cupboards should be put away or thrown away if it doesn’t need to be out. This can also be quite handy for moving, as anything that doesn’t immediately need to be out, can be packed away ready to be transported to your own new home.
Make lots of room on your kitchen worktops too and ensure that you haven’t left any pots out and about.
The type of garden attached to a property can often be the deciding factor for lots of people viewing a property. This is especially important as it’s generally the last thing they will see when touring your home.
Remove any excess rubbish outside and put away anything that is cluttering the view. Don’t take this as a call to stuff the shed though, as homebuyers will likely want to see inside that too.
Make sure that your fences have their slats properly in place and are given a fresh coat of paint or are creosoted. People really enjoy looking around colourful gardens, so adding some bright flowers (blues, pinks, yellows etc.) could lighten the place up and appeal to the viewer.
Anything you can do to liven up your garden could really give you the edge in pushing for a potential sale. Removing weeds and dead flowers, cutting the grass, removing grass clippings are all tasks you should definitely do to present it in it’s best light!
The truth is, people love other people, they like things that are relatable. You’ve got to make a good impression on your viewers too, so remember to be welcoming, honest and most importantly, be authentically yourself. At the end of the day, each viewer is just one of hopefully many, so where one declines to offer, another might.
Create a balanced perspective on every problem going on within your home. For example on this, if you had a problem with a leak in the past, say how you easily fixed it and that it’s not likely to happen again any time soon.
If you’re working with an estate agent, they will want to earn their commission by talking to the property viewers as much as possible. Always remember though, that no one knows as much about the house as you do… You lived there yourself! So don’t be afraid to jump in and give out more information to the viewer.
Last of all, remember the emotions attached to buying a home, especially if you’re dealing with a first time buyer in Essex. If you have a family, make sure you let them know how important and memorable this home has been during your tenure, as this is sure to leave an impression on any viewers who already have a family or are looking to start their own.
A fixed-rate mortgage is a mortgage that has been fixed for a particular set length of time, with the interest rates remaining the same for the entire duration.
Generally speaking, people within the mortgage world believe that the longer you fix your mortgage for, the higher that interest rate is probably going to be. With that in mind, if you are looking for the lowest rate possible, you should really look at taking out a short term fixed-rate mortgage.
The downside to a short-fixed term, is that you will be reaching the end of your term a lot quicker, meaning you will need to renew a lot sooner than you might have wanted. When the time comes to take out a remortgage in Essex, your monthly mortgage payments might be a lot more than they were before your term finished.
If you would rather not be searching for new fixed-rate deals every two years, but also have a preference to not reach the point where interest rates go too high, you might be better suited for a medium-term fixed rate mortgage.
Five-year fixed rates are some of the more popular choices that we come across when speaking to first time buyers in Essex, as they will provide you with the security of consistent monthly payments for the rest of your term. The downside with this one, is that if interest rates drop whilst you’re locked into that fixed deal, you will end up paying more overall than you otherwise would have had if you had gone with a shorter term.
The flip side to that, is if interest rates go up during your term, you’ll be sat comfortably at that lower rate for the duration. It’s because of this, that lenders may increase the interest rates on shorter terms, to future proof themselves, just in case. Usually, the longer your term, the more expensive it is going to be.
There are only a select number of 7 to 10-year fixed rates available to home buyers on the property market. These have always been the least popular of the choices, due to how long they are overall. Many feel that having a decade-long term is too long to be fixed in for a mortgage.
On top of interest rates, you will also need to consider the booking and arrangement fees that are involved.
A booking fee is payable upfront, whereas an arrangement fee is only payable on completion of the mortgage. You might know people who have added fees to the total of their mortgage amounts, but this of course increases the total amount you’d be paying off at the end.
Sometimes you might also find that your financial circumstances can suddenly change and you might need to repay your mortgage balance a lot earlier than had initially been planned for. When this happens, you will likely end up being charged for it.
This charge is known as an Early Repayment Charge (ERC for short). The ERC is calculated as a percentage of the amount that remains on the mortgage balance. If we say as an example, the mortgage amount you have remaining is £200,000 and you are able to pay that off earlier on into your term, with a percentage that is 2%, you would end up having to pay back £4,000 to cover the broken fixed contract.
Many homeowners aren’t aware of the Early Repayment Charge and think it’s as simple as paying off their fixed mortgage early. You are tied into a contracted deal and you can’t just jump out of it and pay it off early, unless you are quite content having additional large charges added to your account.
People who know about the charge may opt to just pay it off early anyway, in order to get a better deal that is currently on the market, especially if it is a limited offer that may not be available a few months down the line.
As an experienced mortgage broker in Essex, we would highly recommend that you avoid chasing after “headline” deals. Always make sure you remember that the lowest rates tend to come with the highest setup fees. Please get in touch today for any further fixed-rate mortgage advice in Essex.
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© Essexmoneyman 2025.
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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: 9 Gallows Lane, Beverley, United Kingdom HU17 7FJ.
Authorised and Regulated by the Financial Conduct Authority.
We are entered on the Financial Services Register No. 627742 at www.register.fca.org.uk.
© Essexmoneyman 2025.
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