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What is a Property Chain & How Can You Avoid Them?

Moving home mortgage advice in Sheffield

When you’re moving home in Sheffield, you may come across all sorts of different hurdles and obstacles along the way. Whether it’s something to do with your offer not being accepted straight away or your application being stuck in the pipeline, there’s always something.

A common problem that homebuyers come across are property chains. Getting stuck in a property chain can often slow down, if not put to a halt, your home moving journey.

What is a property chain?

A property chain is a string of house purchases that rely on one another to complete the chain. If you’re a first time buyer in Sheffield, you will always be at the start of the chain, whereas, if you are selling a property, you’ll be at the end.

Picture it as an actual chain linking houses together. For a buyer to move into the property that they’re buying, they need to wait for the seller to move out first. However, the seller is in the same situation as you! They too are waiting for their seller to move out so that they can move in.

Depending on the property chain that you’re linked with, the link could go on and on. If you’re lucky, you may only have a couple of purchases linked with your property chain or even just one!

How long will the process take in a property chain?

The answer to this question is completely situational. You don’t know what situation that your seller’s seller is in (complicated… we know).

You may not even know that you’re in a property chain, the whole process could run smoothly, and you wouldn’t know any different. Everyone hopes for this situation, who doesn’t want a quick and simple moving home process.

If things don’t go your way, you may be stuck in a waiting scenario. As a mortgage broker in Sheffield, we recommend that you begin your process at least six months of preparation. This means that you have plenty of time to search for that dream home and allowed time just in case you get stuck in a property chain.

What happens if my property chain breaks?

Unfortunately, if you’re linked with a property chain and one purchase doesn’t go through, the whole chain behind it could suffer. When a property chain breaks, you will have to wait or look for another property.

If the property chain breaks at your purchase, if you act quickly, you may be able to stop it from breaking the entire chain. If you’re selling, you could contact the people planning to buy your property by contacting your estate agent; this way, you can inform them of the situation sooner rather than later.

Whether it’s something wrong on the seller’s level or on your level, there are still ways to prepare for a break in the property chain. For example, you could try and buy a property that isn’t in a chain or in a small chain, sell your property and rent temporarily or buy a new-build property, etc.

For more moving home mortgage advice in Sheffield, contact our expert mortgage advisors in Sheffield today.

How can a property chain break?

A property chain can break for many different reasons. It could happen at your’s, your seller’s or even your buyer’s level:

  • The buyer’s mortgage application was declined
  • A seller decides that they don’t want to sell their property
  • A buyer/seller loses their job or becomes ill
  • The property survey that was carried out on the property highlighted some major damages and structural issues

These are just a few examples, there are many more reasons. Depending on the length of the property chain that you’re in will depend on how drastically these situations impact your ability to move home.

How can I avoid a property chain?

It can be hard to avoid a property chain; especially if you’re buying a busy time of year or when the market is hot, for example, January.

Moreover, you could do your research and talk to your estate agent so that you know exactly what your position is during the application stage. Arranging your finances as early in the process as possible would be smart. The more that you are prepared for things that could wrong, the better.

If you manage to avoid a property chain (also known as ‘chain-free’) you should be able to continue straight through the moving home process. This is assuming that you provide evidence that you can afford a mortgage and provide a deposit for the property.

Thinking of moving home in Sheffield?

If you are buying and selling your home, let our moving home mortgage advisors in Sheffield help you through your process.

You can book your own mortgage appointment for free online. Get started today and we can help you get through the moving home process stress-free. We can’t wait to hear from you.

Planning to get a Mortgage in Sheffield

How to Plan & What to Expect

If you are considering buying a house, don’t be spontaneous. Taking out a mortgage requires careful planning and preparation over a long period. 

That said, you will be surprised at the number of people we deal with regularly, who are more accustomed to their buying behaviour and have therefore neglected to prepare for a mortgage in advance.

Many reasons why a first time buyer in Sheffield like yourself jump into such a significant financial commitment on a whim. Some of the most common including; 

  • I am buying from a family member who is now moving home.
  • My landlord decided to sell their property but offering me the first refusal.
  • I saw a for sale sign outside a house and am currently interested in buying.

The Drawbacks with not Planning for a Mortgage

Disadvantages include leaving buyers open to various potential issues with their mortgage. Some common mortgage hurdles we have faced with customers include:

  • Not having any savings or not having enough for the deposit (an easy solution could be a Gifted Deposit!)
  • Having a low credit score that went unchecked (I had no reason to check it at the time.)
  • Inconsistent bank accounting and overdrawn/late payments.
  • Being self employed in Sheffield and having poor recent accounts.

Saving for a Deposits

Savings can be pretty tricky. Especially if you are renting at the moment, balancing a constant income and significant outgoings and essential purchases each month limit what you can save in-between. 

The good news is that family members can help via the use of a Gifted Deposit. Some first time buyers in Sheffield ask family members to try and help whenever they can. If a family member is looking to help. We recommend it’s best to give them as much notice as possible to get their finances in order!

Credit Rating

Getting an up to date credit report is not an incredibly difficult task. You may have seen TV adverts for various credit reference agencies, but we recommend Check My File, as they can collate the data from these sources into one for you to compare.

Once you have downloaded your credit report, you can send it across to a mortgage advisor in Sheffield, who will look at this for you. We see these reports daily, and we know what sort of things the lenders like to see and what they do not want to see.

Bank Accounts

When a lender looks at your bank statements, lenders would rather not see lots of unnecessary bank charges or gambling transactions on your bank statements. You will need to provide the lender with a reasonable explanation as to what has been happening on your account and how you plan to resolve this going forward if any issues arise.

Self Employed

For customers who are self employed in Sheffield, we understand that Accountants try to minimise the tax liability for their customers. That said, if your year-end has come around, then there is nothing to stop you from submitting another set of accounts earlier than you might typically do. 

Especially if you think your business has grown in the last 12 months. Some lenders consider ignoring previous years’ figures if the latest ones are favourable.

No matter your circumstances! If you are still facing one of the problems above, it’s possible that we may be able to help you get in touch. Our team of expert mortgage advisors in Sheffield are here to try and help.

Gifted Deposit Mortgage Advice in Sheffield

How to get a mortgage with a gifted deposit?

First time buyers in Sheffield are relying on gifted deposits to get a mortgage. Find out what a gifted deposit is and how it can help your get onto the property ladder.

What is a Gifted Deposit? | MoneymanTV

While the market has gotten tighter with rules, making it more challenging than it used to be to obtain a mortgage. It can still be possible to buy a property in certain situations.

For example, after spending over three years in the same rental property from the local authority, be that a housing association or council. You may be eligible to buy a property under the Right-to-Buy Scheme in Sheffield. We have seen that they may allow you to use the equity from that property in place of a deposit in some cases.

In most cases, people get around the long and stressful process of saving up their deposit by being given a Gifted Deposit. A gifted deposit is when a homebuyer receives money to use as a down payment on a property. Depending on the amount given, it could be used for the whole deposit or just a portion of it.

Gifted Deposits FAQs

Who can gift the deposit?

Most lenders will have specifications on who can and cannot gift a deposit. If you consider buying a house with your parent’s money ‘bank of mum and dad’, this is the source of funds people often ask. Other family members such as grandparents and siblings are usually allowed.

That said, More distant family members such as aunties and uncles are much less likely to be permitted. A mortgage deposit gift from friends, meanwhile, is improbable to be accepted.

If you’re a parent looking to get your children on the property ladder, a gifted deposit is a good way of doing so!

If the person gifting to you is aged over 55, they may look to take out Equity Release in Sheffield as a means of gifting you a deposit.

Can it be a loan rather than a gift?

In most situations, it will need to be a gift, with the lender requiring that the donor sign a letter (which we can help prepare) to confirm the funds are non-refundable, and they will not put a “charge” on the property you are buying. There are exceptions out there, with at least one notable lender who will accept this.

That said, you must be careful, as taking out a personal loan just before applying for a mortgage will most likely negatively affect your credit score, which could lead to a mortgage application being rejected. 

Also, the mortgage lender will have to take the monthly payments for the loan when they are calculating how much they will lend you.

How much can be gifted for a deposit?

There is no maximum limit on the amount of gift you can receive. But most lenders will insist you put in at least a 5% deposit from your funds.

Are you looking for a Mortgage Advisor in Sheffield?

As an open and honest mortgage broker in Sheffield, we can utilise our extensive panel of lenders to search through 1000’s of Right-to-Buy Mortgage deals for you.

We aim to offer help and guidance during the process, answering any questions you may have along the way. We even aid with other services when necessary, such as conveyancing.

Getting Prepared for a Mortgage in Sheffield

Moving Home Mortgage Advice in Sheffield

So, you are now ready to take a further step up the property ladder and further your mortgage goals. Whether you are a first time buyer in Sheffield, new to the experience or a home mover in Sheffield looking to sell your current home and live somewhere else, you will still need to start getting prepared for your mortgage.

Here are some expert tips from an open and honest mortgage broker in Sheffield:

Know Where You Stand Ahead of Your Mortgage

As an experienced and well trusted mortgage broker in Sheffield, we always recommend taking advantage of mortgage advice as early on in the mortgage process as you can. This will allow you to get an idea of how much you could possibly borrow and what your estimated monthly costs may be.

You need to prioritise getting an up-to-date credit report, as you will need to know what your current credit score is and what you could potentially do to improve it, if necessary. The better your credit score is, the higher chance you have of your mortgage application being accepted.

There are a lot of different ways that you could potentially improve your credit score in Sheffield and to the surprise of many, it isn’t always too difficult to do so. In some cases, it is even possible to obtain a mortgage deal despite having a low credit score, though this ultimately depends on your lender and the way they look at your circumstances.

By ensuring you have both a mortgage advisor in Sheffield by your side and an up-to-date credit report to hand, you could increase your chances of being accepted for a mortgage in the future. A trusted mortgage advisor in Sheffield will be able to work through everything on your behalf, guiding you throughout the process.

Getting Organised for a Mortgage

Here at Sheffieldmoneyman, we have the ability to obtain a fully credit-checked agreement in principle for you, something we can turn around within 24 hours of your initial appointment.

A dedicated mortgage advisor in Sheffield will help you to get prepared for everything prior to submitting your mortgage application.

In doing this, your mortgage lender will want to see some proof of identification, so that you can prove you are who you say you are, along with where you are living and the amount that you earn from your job.

In knowing this, you can now prepare for all the necessary documents you’ll need. These are as follows;

Proof of ID

In terms of proving who you are you’ll need to produce some photo ID. Acceptable types of ID include a driving license or valid passport.

Proof of address

In addition to the above, you’ll need to prove where you live. You’ll need to produce a utility bill or original bank statement dated within the last 3 months.

Last 3 months’ bank statements

Lenders will always have a keen interest in what your spending habits are, compared to anything else.

They need to be absolutely sure that you will have the ability to regularly maintain your monthly mortgage payments on top of everything else you have going out. They will analyse your bank statements very carefully and take everything into consideration.

Lenders aren’t too fond of seeing gambling on your bank statements. It’s something we often see catching people out, as they haven’t realised that it can harm your chances of obtaining a mortgage down the line. They also don’t like seeing customers go over their overdraft limit, as this basically means your spending money that isn’t there.

It’s reasons like this why we always advise that you be careful and make sure that your statements are going to appeal to a mortgage lender, rather than put them off from lending to you.

Proof of deposit

You will have to prove you have the funds in place for the deposit and also be able to evidence this for anti-money laundering purposes. Try not to move money around your various accounts too much as it will make evidencing the audit trail a more complex process than it needs to be.

Lenders take a preference to applicants who are able to evidence that they have been saving for their deposit. It shows that you have a good understanding of how to put money aside every month and not spend money you don’t have. You’ll also need to factor in any large credits into your accounts.

Quite often we find that the money for a deposit has been gifted by family members. These funds will also need to be evidenced, with the “donor” being required to sign a letter for the lender. This will be to confirm that the funds are strictly a gift and not something they will be needing back from the mortgage applicant.

Proof of income

In terms of affordability, the most important thing is to be able to prove your income. If you are employed this tends to be done by providing the lender with your last 3 months’ payslips and most recent P60. Lenders often take into account regular overtime, commission, shift allowance and bonus.

A list of your expected outgoings

Make sure that you do plenty of research ahead of time. Preparing for your mortgage and making a note of your anticipated outgoings after you move house puts you in a great position prior to starting the application process.

You can work out an estimate of how much the council tax and utility bills will be. In addition to that, you can also work out your regular expenditures, such as any food and drink you will be buying. This will demonstrate how much disposable income you have available to pay your mortgage from.

You need to accommodate lots of time to prepare for your mortgage application. It can sometimes be a lot quicker and much easier to approach a mortgage broker in Sheffield who can take the bulk of the process and do it on your behalf.

A mortgage advisor in Sheffield will be able to work out how much everything is potentially going to cost you and guide you through the entire mortgage process, doing their best to work hard and try to secure you a competitive mortgage deal.

Getting ahead and planning early will always impress your mortgage lender. Let an expert mortgage broker in Sheffield help you out. Get in touch to book your free mortgage appointment with a trusted mortgage advisor in Sheffield.

Can I get a mortgage as a student?

Student mortgage advice in Sheffield

University is a place to enjoy some of the greatest things that come with adult life; for example, freedom and independence Although, University costs a lot of money, and sometimes it can be hard to see exactly what you’re putting your money into, especially when it comes to accommodation fees.

Student accommodation can be a hit or miss situation. You may get an amazing landlord in Sheffield that takes care of you and your housemates, regularly checking in and taking care of property repairs and damages. On the other hand, you could get a landlord who does the opposite and leaves you with something like a broken washing machine for 4 weeks!

When you’re raking out money for rent month on month and getting the minimal back, it can be hard to ignore the fact that you should be getting treat better. Why don’t you look at becoming your own landlord? This way, you will be in charge of things and manage your property your way.

This can be made possible through a student mortgage. Taking out a mortgage as a student may not only save you money in the short term, but also in the long run.

Why should I get a student mortgage?

Getting a student mortgage will allow you to save costs on your accommodation and will also give you an early opportunity to get yourself onto the property ladder. They are more popular amongst higher education students who plan to continue their education through to their masters/PhD.

If you’re not planning to live in the property in the future, you can always sell up when you’re ready to move on. You could even keep it as a buy to let in Sheffield to rent out to other students!

By the time that it comes to the end of your course, you should have built up a bit of equity within your home. You can withdraw this equity if you would like. Equity can be turned into cash, and you can spend it however you want, it’s your money after all. It could be anyway from a wedding to a new car. The more equity in your home, the more money you can withdraw.

There are lots of things you could do with your property in the future!

How can I get a student mortgage?

Student mortgages can sometimes be hard to obtain. The reason behind this is that you need to have funds in place to afford one, and as a student, that can be difficult.

As a mortgage broker in Sheffield, when we come across a student mortgage application, we have to ask the applicant a set of questions so that we can find out whether they qualify for one or not. Firstly, we will need to know if you have a deposit for the property. This can be something like a gifted deposit, a Lifetime ISA or even as simple as funds from a savings account.

Secondly, we need to know that you can actually afford a mortgage. Your mortgage advisor in Sheffield will measure your affordability right off the bat. You will need some sort of income to take out a student mortgage. Some lenders will accept a part-time job, whereas others will only accept a full-time job.

Showing reliability

Your lender needs to know that you’re a reliable applicant. You can show this in multiple different ways. Here are a few examples:

Increased deposit amount – Putting down a higher deposit would mean that the total amount that you borrow would decrease, hence also decreasing your mortgage payments.

Using government schemes – Using government-led schemes under the “Own Your Home” program, you may be able to access a larger deposit for your student mortgage. A few of the schemes included are the Help to Buy Equity Loan, Lifetime ISA and the Shared Ownership scheme; there are many more if you visit https://www.ownyourhome.gov.uk/all-schemes/.

Have an AIP ready – An agreement in principle can benefit your student mortgage application. It proves that a lender has already agreed to lend to you providing that you can supply documents to evidence your income, affordability, etc.

This is just naming a few. For further ways to appear more reliable during your student mortgage application, get in touch with our mortgage advisors in Sheffield today.

What type of property can I buy with a student mortgage?

Like most mortgage options, you have to meet certain requirements before getting the green light:

  • The property that you’re taking the mortgage out on has to be within a 10-mile radius of your University.
  • The property has to be 3-4 bedroom house.


With this in mind, you’ll also have to think about what you’re going to do with those spare rooms. To help you manage your money, the best idea could be to look into renting them out.

What happens if I can’t afford my payments?

Lenders will be aware of all of the risks that come with lending to a student. This is why they always take precautions.

When signing the papers for your student mortgage, you’ll have to declare a guarantor. This is someone who will cover your payments if you fail to pay them at any time. There are some limitations to who your guarantor can be:

  • They cannot be over 65 at the point of your application.
  • The guarantor must own a property in the UK.
  • They must live inside this property in the UK.


Lenders have to have a backup just in case anything happens. This situation is in the worst possible scenario of course.

For help achieving your student mortgage dreams and first time buyer mortgage advice in Sheffield, get in touch today. We can help you see whether you match the criteria for a student mortgage or not.

First time buyer mortgage advice in Sheffield

What Are The Main Reasons People Decide To Move House?

Moving Home Mortgage Advice in Sheffield

Moving home can be a stressful, time consuming and costly process, which begs why so many homeowners choose to do it? From lack of space to a new change of scenery, this article will explain the top reasons people decide relocating to Sheffield is the best option.

Bigger living space

We often foresee this with customers, as first time buyers in Sheffield usually go for a smaller property to start with, only for a situation to change down the line that leaves them needing a much bigger living space. 

An example of this is that they may start a family and require some extra room. That said, they might generally want a bigger home than they currently have.

Rather than moving home in Sheffield, some homeowners look to raise capital by taking out remortgage to fund home improvements, such as building an extension, conversion or a home office. 

An increasingly popular option, especially with growing families and could give that extra bit of space you need whilst retaining a place that no doubt has grown in sentiment over time.

People may also take out a remortgage for home improvements to raise the property’s value, just in case they ever look to create an opportunity for turning a significant profit from the sale.

Change of scenery

We hear that some homeowners wanted a change of scenery and were quite intrigued to try out completely different areas.

You’ll commonly find that this section of borrowers tends to be once again first time buyers who had a limited budget and stuck with a lower-end property for the time being due to slightly more reasonable house prices. 

It’s likely that these borrowers now have a higher income than they used to and want to live in a more affluent location.

Family & friends

Other customers tell us that they wanted to move to be closer to both their friends and family. This sort of situation comes up when couples start their family.

If both parents work, this would mean that childcare services are needed. But, seeing as many Private nurseries nowadays are seemingly expensive, parents reach out to relatives for help with childcare.

Speak to a Mortgage Advisor in Sheffield

If you are thinking of moving home in Sheffield, you will need to know roughly how much moving home will cost. Get in touch with a mortgage advisor in Sheffield, and they will help you calculate your maximum borrowing capacity. Giving you an estimated quote on what your monthly payments could be.

For those looking at remortgage, get in touch today and speak to an expert remortgage advisor in Sheffield.

Improving your Credit Score in Sheffield | Mortgage Advice in Sheffield

Credit Score Mortgage Advice in Sheffield

Way to improve your credit score | moneymanTV

The higher that your credit score is, the higher the likelihood that your application will be accepted by the mortgage lender. This is different to the likelihood of someone with a poor credit score finding the same success. A mortgage lender will study your application carefully in order to make sure you can definitely afford their mortgage.

That being said, there are still no guarantees when it comes to mortgages, even if your credit score is pretty high. Each mortgage lender will have their own specific criteria that you need to match in order to obtain their deal, and it is unlikely that you will meet all of those.

Each lenders criteria could be vastly different to another and they have developed their own unique ways of figuring out whether you match what they’re looking for or not. In some cases, you might actually find yourself matching up with the majority of them and in some cases, maybe you only match up with a few of them.

It is the job of your dedicated mortgage advisor in Sheffield to work alongside you and find the right lender who is offering the best deal for your personal circumstances, with criteria that you can meet. Whether your advisor is from your bank, the lender or a trusted mortgage broker in Sheffield like us, they will match you up to your mortgage needs as best they can.

Getting in touch with a mortgage broker in Sheffield will be of a great benefit to you, as our experienced mortgage advisors will work their hardest to find you the best deal for your personal situation, always having your best interests at heart.

You will be updated on a regular basis with exactly what is going on, so you’re not left stressed and confused about the process. It’s one of our many aims during your mortgage journey to make sure everything goes as smoothly and stress-free as it possibly can.

Whether you are a First Time Buyer in Sheffield, planning on Moving Home in Sheffield or Self Employed, we will do our best to provide you with helpful tips and tricks to help you improve your credit score and eventually, secure an amazing mortgage that you’ll be thrilled to be walking away with.

Credit Score Mortgage Advisor in Sheffield

There are a variety of different credit reference agencies in Sheffield you could go with, though the most popular ones are Experian and Equifax. Before you rush into anything, make sure that you do some research into each agency as it is possible that some of them may be holding incorrect data and it could help you identify any discrepancies.

We personally would suggest using a platform called Check My File, as this collates data from all the major ones like the aforementioned two, giving you a wider overview of how your credit file is looking. In signing up, you will receive a free 30-day trial, followed by a monthly fee of £14.99. Your account can be cancelled at any time prior to the end of the trial should you see fit.

There are lots of different things you can do to improve your credit score. Here we have some for you to have a look at:

Avoid Unnecessary Credit Searches

You will find that having multiple credit searches taken out against you could actually end up having a negative effect on your credit score in the long run. Even the use of price comparison websites is a factor that could harm your credit score.

If you are planning to apply for a mortgage, we strongly suggest that you avoid applying for any other credit in the meantime. Paying your credit back is a good thing for your score in the long run, providing that you can show lenders that you are able to maintain your monthly repayments.

That being said, borrowing during a mortgage application is something that could make the lender think that you cannot afford the deposit and are relying on the credit to give you a financial boost.

Check You Are On The Voters’ Roll

A great yet very simple way for you to get a boost to your credit score, is to register yourself for the electoral roll. It can demonstrate stability and this is something that the lenders like to see. You must make sure that your name is spelled correctly, and you must include your current registered address, not your previous one.

If you are not registered on the voters’ roll, you should definitely sign up for it. It is very easy to do online and it is something that could contribute well to improving your credit score.

Don’t Run Close to Your Maximum Limit

Maxing out your card each month is something else that can actually reduce your credit score. The lender will prefer to see that you are using a credit card and paying off the balance in full each month, as this will show that you are good with your money management.

If a lender sees that you are exceeding credit card limits or overdrafts,it might give them the impression that you don’t take your finances seriously. This once again could drastically harm your chances of getting accepted for a mortgage.

Check Your Address History is Keyed Correctly

Sometimes, if you have forgotten to tell a previous credit provider that you’ve moved into a new property, it can come across like you are actually living in multiple properties at the same time. Lenders don’t like to see this so you must make sure that you are on top of your address history so that it displays correctly on your credit report.

Remove Financial Links To Others

If you have a family member or ex-partner financially linked to you, this could be affecting your score without you even being aware of it. If the account is still live, then you won’t be able to get the financial association removed. If you want to remove any of these links, you should absolutely get in touch with the credit reference agencies and make a request.

Applicants see credit scoring as an unfair way to assess a mortgage application. Your mortgage lender would disagree with that, as at the end of the day, they are in the business of making money and they need to be sure you will be able to keep up your payments. It’s also much cheaper for them to operate through a computer-generated credit scoring system, as this keeps the process consistent and efficient.

Send an up-to-date copy of your credit report to your dedicated mortgage advisor in Sheffield ahead of time to increase your chances of being accepted the first time. The more your in-the-know your advisor is regarding your finances, the better it will be.

Also, there are still some lenders that prefer to operate the way companies used to and will manually assess your application. They will still have rules that they stick by regarding the number of defaults and CCJs that they will allow customers to have.

Shared Ownership – What is it? How does it work?

Introduced off the back of the credit crunch in 2012, the Shared Ownership scheme gives first time buyers and home movers the opportunity to buy a share of and rent a property.

Shared Ownership Mortgage Advice in Sheffield

What is shared ownership?

Utilising the Shared Ownership scheme will allow you to take out a mortgage on/purchase a percentage of a property and then pay the remainder back on rent. The percentage that you take out will usually be between 10%-75%. Although, in some cases, you may be allowed to take out a 10% share.

As a result of taking out a mortgage in this fashion, you’ll be able to put down a smaller deposit. This makes your task of getting onto the property ladder a whole lot easier!

Perhaps partial homeownership is the route that you need to take.

How does the scheme work?

Since it’s likely that you’ll only be purchasing a 25%-75% share in the property, the minimum required deposit should be lower; although, this can still differ depending on your credit history.

You’ll be accessing Shared Ownership through the ways of a mortgage, meaning that you’ll only need to take out a mortgage on the percentage that you’re buying. For example, if you’re buying a share of 50% on a £250,000 house, you’ll only need to take out a £125,000 mortgage. Plus, rather than producing a deposit that’s based on the full property price, you’ll only have to supply a deposit based on the percentage that you’ve taken out; in this example, if you were required to put down 5% or more, you’d only have to supply £6,250.

After you’ve put down your deposit and your offer is accepted, you’ll start paying back your mortgage month on month; just like any other mortgage. As an additional cost, you’ll also be paying rent to the housing association. Your rent plus your mortgage payments shouldn’t be as expensive as had you taken out a 100% mortgage.

Costs and fees

There are lots of different costs to consider when taking out any type of mortgage. In terms of Shared Ownership costs, you will have the obvious set-up/arrangement fees and maybe some booking fees. Also, you are likely to receive stamp duty tax if your property is above the stamp duty threshold and you’ll have to consider legal solicitor fees too.

Costs will vary depending on the property that you’re buying. Factors such as deposit size, monthly payments, arrangement fees will differ from property to property.

How can I apply?

To qualify for Shared Ownership, you will have to meet certain requirements:

  • You have to be at least 18 years of age.
  • If you live outside of London, your combined household annual income must be less than £80,000. If you live in London, this is upped to less than £90,000.
  • You cannot own another property during your Shared Ownership mortgage application. You must either be a first time buyer in Sheffield or in the process of selling your current property.
  • If you can afford a house on the open market, you will not be able to access this scheme. It was designed to help struggling homebuyers.
  • You must prove that you are not in any kind of arrears, this includes mortgages and rent.
  • You’ll have have to provide evidence that supports a good, clean credit history. This means that you will struggle if you have a CCJ (county court judgement) associated to your name or have had previous credit problems.

This may seem like quite a lot, however, it’s only the same as most other Help to Buy schemes. Some requirements differ, but at the end of the day, the scheme was made for a specific target audience. For example, if you do have bad credit problems, there are different ways to go about getting a mortgage rather than trying to use the Shared Ownership scheme.

Speak to a Shared Ownership Mortgage Advisor in Sheffield

We have been working within the mortgage industry for over 20 years now and have successfully helped many applicants get through their Shared Ownership journey.

Shared Ownership sometimes comes under the umbrella of ‘Help to Buy’, so for Help to Buy mortgage advice in Sheffield, you should get in touch with our fantastic team.

We offer a free Shared Ownership mortgage consultation to all customers; take advantage of this 7 days a week! We hope to hear from you soon.

How a Mortgage Broker in Sheffield can take away the stress of Moving Home

Moving home has built up a reputation of being stressful and daunting, however, it isn’t like that at all!

With the help from a mortgage broker in Sheffield, your moving home journey can be made stress-free. It’s our job to handle the mortgage side of the process, trying to find you a great mortgage deal whilst you search for your dream home.

Whether you’re thinking about moving home, taking up property viewings or are ready to make an offer on a house, we can help you get your mortgage process started.

Why a Mortgage Broker in Sheffield?

How can a mortgage broker in Sheffield help? How can we help you through your moving home journey?

Taking care of the ‘stressful’ parts of the process

It’s our job to search through mortgage deals on your behalf. You won’t have to shop around for thousands of mortgage products, trying to find one that matches your financial situation and the property that you’re making an offer on… that’s our job!

We only need some documents from you to evidence your income, who are you etc. Then we can search for the perfect deal for you. If we find one that matches your personal and financial situation that comes with a competitive rate and you want to continue with it, we can get ready to submit your mortgage application for you.

Fast and friendly process

We have been in the mortgage industry for over 20 years now, we know what we are doing. If you’ve already a property that you want to make an offer on, we can quickly help you find a mortgage offer that matches your situation so that you can continue with your purchase.

Our mortgage advisors in Sheffield are experienced in finding a quick but competitive mortgage product. Once you’re in contact with our team, we’ll pass your straight onto your dedicated mortgage advisor so that they can arrange your free mortgage consultation and get some information from you.

We can also arrange an agreement in principle for you within 24-hours of your application. Potentially, this can aid your property offer as it shows that a lender is willing to let you borrow for them.

Or an easy-going process

You may be a first time buyer in Sheffield or moving home in Sheffield, and want your journey to completion to be a little slower, and that’s completely fine!

If you want a simple, easy-going process, your mortgage advisor can slow things down for you. Don’t be afraid of asking lots of questions and taking your time during the process. Your mortgage advisor in Sheffield will be open and honest with you at all times, they will tell you exactly what’s going during every step of the process.

Speak when it suits you

Our team work during out of office hours so that you can speak to us at a time that suits you best.

We want you to be able to communicate with us when you feel most comfortable. Whether this is early or late, we’ll be available. This doesn’t just apply to our customer care team, your mortgage advisor in Sheffield will be able to book an appointment during the same working hours.

It’s all about taking the stress out of the mortgage process. We feel that we can help take away the stress from the process if you can contact your mortgage advisor in Sheffield at a time that is best for you.

Mortgage Advice in Sheffield

Our superb mortgage advice team can help you through the whole moving home process – from start to finish.

We offer a free mortgage consultation to every single customer, no matter their mortgage situation, so feel free to get in touch today.

Remember, as a mortgage broker in Sheffield, it’s our job to take away the stress from the whole moving home process. We work 7 days to ensure this!

Buying a Property with Cash – Better than a Mortgage?

When buying a home, you can choose one of two options: to buy it upfront or take out a mortgage on the property and pay it off over a fixed term.

Both ways are costly, however, buying a house with cash is the obvious most expensive option. Paying upfront requires you to pay the price that’s on the tag, whereas, taking out a mortgage allows you to pay off the property over a long period of time.

Why should I buy with cash if I can?

If you have the funds in place to do so, buying a property with cash could be a great investment. Whether it’s to live in yourself or to use as a buy to let in Sheffield, it can put you ahead of people on the property ladder who have taken out a mortgage.

Reliability

9 times out of ten, when making an offer on a property, if you’re a cash buyer you’ll have an advantage over other applicants who are taking out a mortgage. One of the reasons is due to your reliability.

A property seller who is looking for a quick purchase will love a cash buyer. Having a cash offer eliminates the probability of getting caught up in the property chain. This is where a property is being sold to a buyer, however, they can’t move in yet as they’re still trying to sell their current home and sort out their mortgage. This can go on and on, ending in repeated homeowners struggling to move out as they’re waiting on their buyer to move out.

This shows your reliability. You don’t have to wait around for your buyer, they can proceed straight away. Also, you won’t have to pass any affordability checks as you already have the funds in place and you won’t need a valuation to be carried out on the property.

Easy and fast process

Everyone wants a quick and simple process when moving home in Sheffield. It’s more than likely that if you were to make a cash offer, you’ll see the process through within no time at all as opposed to having you taken out a mortgage.

You won’t have to take out a mortgage if you choose the cash route. However, as a mortgage broker in Sheffield, we can say that sometimes it’s just as quick to take the mortgage route. It’s our job to provide a fast and friendly service in Sheffield.

You don’t owe anthing

Taking out a mortgage is the same as taking out a loan. You’re committing to around 25+ years of potential mortgage payments. If you buy a property with cash, you won’t be making this commitment.

You also won’t receive any interest. Your mortgage payments may increase each month due to interest, whereas if you’re buying with cash this can never happen as you’ve already paid it all off.

Why should I get a mortgage and save my cash?

If you don’t have the funds in place to make a cash payment, you’ll have to take out a mortgage on the property you’re looking to buy.

Cheaper in the short term

Rather than using all of your life savings to purchase a property upfront, you could save money short term by taking out a mortgage instead. Usually, depending on your credit score, getting a mortgage will only require a minimum of a 5% deposit (5% of the property’s value).

A mortgage allows you to pay off your home in monthly payments. Monthly payments allow you to pay little back each month not the whole of it in one go.

Something wrong with house

If you’re looking at a property and the listing says “cash buyers only”, it’s likely that the property needs lots of repairs doing on it. If this is the case, you are unlikely to be able to get a mortgage on this property. You may be dodging a bullet if you are choosing a mortgage over cash here.

Even though it’s not required, we’d always recommend getting a property survey carried out just in case. This applies to both cash buyers and mortgage applicants.

A mortgage advisor in Sheffield by your side

Going into a cash purchase blind may put you at a slight disadvantage to someone who has a mortgage advisor in Sheffield by their side. Things are as simple as possible when you have your own mortgage advisor in Sheffield.

As a mortgage broker in Sheffield, it’s our job to deliver a fast and friendly mortgage advice service. Get in touch today and we can help you through the moving home process. We can help you make an offer on a property, arrange an AIP within 24-hours and perform a free affordability assessment on you.

Get in touch today for a free consultation.

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

© 2021 Sheffieldmoneyman

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