Can I Remortgage in Sheffield to Pay Off Debt?

As homeowners approach the end of their mortgage term, they have various options available to them. The most common choice is to remortgage in Sheffield, where a new mortgage is taken out to replace the old one, often with a better deal.

Not everyone wants to secure a better deal. Some homeowners opt to remortgage in Sheffield for the purpose of releasing equity or making home improvements, while others consider product transfers as an alternative to remortgaging.

Product transfers involve staying with the current mortgage lender but switching to a new mortgage product with them.

Another frequently encountered option is a debt consolidation remortgage in Sheffield. By consolidating unsecured debts like credit cards and loans into a single, more manageable mortgage payment, homeowners can reduce their monthly expenses.

Securing unsecured debt against your home is a complicated process that usually requires expert guidance. It is always advisable to seek professional mortgage advice in Sheffield before proceeding with a debt consolidation remortgage.

How can I pay my debts by remortgaging in Sheffield?

In order to consolidate your debts through a remortgage in Sheffield, your mortgage advisor in Sheffield will assess your eligibility based on the equity available in your home. Equity represents the difference between the value of your property and your current mortgage balance.

It is essential to have enough equity in your property to support this type of remortgage, just as with a remortgage in Sheffield to release equity.

In this scenario, you will use a lump sum to pay off your unsecured loan debts, and these costs will be added to your mortgage balance, extending your repayment term.

This extended term means you will end up paying more interest over time, resulting in higher overall payments than before. It is important that you carefully consider the long-term impact of this approach and seek expert mortgage advice in Sheffield before you go any further with it.

Can you remortgage in Sheffield early?

The viability of remortgaging in Sheffield before the end of your term, entirely depends on how far along you are. Generally, homeowners will start the remortgage process six months ahead of time, so that their new deal starts when the old one ends.

Remortgaging in Sheffield earlier than this may come at a significant cost, as there may be early repayment charges to contend with. For instance, if you’re only two years into a five-year fixed-rate mortgage, you’re likely to face an early repayment charge if you choose to remortgage earlier.

While it may be a viable option in some situations, it’s important to remember that you’d be forfeiting your current, likely cheaper mortgage deal, and the money spent on the ERC could be used to pay off your debts.

Before considering an early remortgage, it’s essential to take expert mortgage advice from a mortgage advisor in Sheffield. They can help you determine whether this is the best option for your unique situation or whether an alternative, such as a further advance, may be a better choice.

Are you able to take out a further advance?

A further advance is a type of additional borrowing that allows you to borrow more money from your current mortgage lender, typically at a different interest rate than your primary mortgage.

Although it can be used for home improvements, it may not be the best option for debt consolidation since you are securing additional debt to your home. This means that if you are unable to keep up with payments, you risk falling into arrears and potentially facing repossession.

A further advance can be a viable option if you are not yet eligible for a remortgage in Sheffield, such as if you are still within your fixed or introductory period. It can provide a means of paying off your debts and spreading your costs across your mortgage term with lower interest rates than a personal loan.

To determine if a further advance is the best option for you, it is recommended to speak with a mortgage broker in Sheffield who can assess all available options.

The Pros & Cons to Remortgaging in Sheffield to Pay Off Debt

Like any mortgage options, remortgaging in Sheffield to consolidate debts has both it’s benefits and risks.

The most significant advantage is that it can lower your overall monthly payments by merging your credit providers’ payments into one manageable mortgage payment, however, increasing your mortgage amount means that you will pay back more over a longer period.

This could free up more disposable income or allow you to overpay on your mortgage if it is appropriate. It is important to note that consolidating your debt may be more expensive in the long run since you will pay the lower interest rate for a more extended period.

Moreover, consolidating your unsecured loans puts your home at significant risk since these loans are now secured against it. If you miss any payments, you could face the possibility of repossession.

Therefore, it is crucial to carefully consider the risks and benefits before opting for a remortgage in Sheffield to consolidate debt. Is the potential loss of a family home worth consolidating your debts? It would be better to speak with a mortgage advisor in Sheffield before making any decisions.

Should I remortgage in Sheffield to pay debt?

At the end of the day, this ultimately depends on your individual circumstances. Although it can be a risky move, it can also provide significant benefits and help you improve your financial situation.

Before making any decisions, it is important to get mortgage advice in Sheffield from a qualified mortgage expert. Our mortgage advisors in Sheffield are available for a free mortgage appointment to discuss your options and recommend alternatives if there are any available.

You should think carefully before securing other debts against your home. By adding your unsecured debts to your mortgage, which is secured on your home, you are potentially putting your home at risk if you cannot make the required repayments.

Although the total monthly cost of servicing your debt may have reduced, the total cost of repayment may still have risen as the term of your mortgage is longer than it may have taken to repay the debts originally.

What is a Tracker Mortgage?

Tracker Mortgages in Sheffield

Tracker mortgages are just one of the many different types of mortgages out there. Some mortgages will be more beneficial to you than others, it entirely depends on your personal and financial situation. Just because a Tracker Mortgage is perfect for someone else, doesn’t necessarily mean that it will be right for you.

As a mortgage broker in Sheffield, we recommend that you enquire or do your research first before taking out any products. You need to make sure that it benefits your circumstances. If you get locked into a deal that isn’t right for you, you may have to wait until the end of your fixed term to switch products or research your option for a Remortgage in Sheffield.

In this article, a Tracker Mortgage will be the primary focus, looking at how it works and why it may be a good option for you. Feel free to watch our Tacker Mortgage YouTube video below, where Malcolm explains what Tracker Mortgages are and the pros and cons that come with them:

What is a Tracker Mortgage?

When you take out a Tracker Mortgage, you’ll be tracking the Bank of England’s base interest rate percentage. This percentage will be used to work out your mortgage payments.

Usually, on top of the tracked percentage, your lender may add another percentage to slightly further increase your interest rate. The extra percentage of interest that they add is normally around 1%-2%. So, your interest rate should always be another percentage over the Bank of England’s.

How can a Tracker Mortgage help me?

Since a Tracker Mortgage tracks your interest rate percentage from the Bank of England, if their base rate is low, then your mortgage payments should be lower. Typically, their base rate lies around the 0%-1% mark, however, this will change month to month.

During the credit crunch crisis in 2008, the Bank of England’s interest rate shot right up. It even reached 5% at one point, which meant that customers were potentially paying their mortgage with a 6% interest rate. We all thought that a similar situation would happen again during the coronavirus pandemic in March 2020, although, this time the rates went down. If you had a Tracker Mortgage in this period, you’d be tracking the Bank of England’s base rate at 0.1%! At the time, you couldn’t take out a Tracker Mortgage as the rates were too good to be true. Lenders would be losing money if they kept handing them out.

A Tracker Mortgage can be a gamble sometimes. You’re depending on the economy performing well so that your base rate maintains its percentage. The base rate may fluctuate now and again, however, in most cases, it should stay at a similar rate.

Your mortgage options in Sheffield

There are lots of different types of mortgages, and some will be much more beneficial to you than others. It all comes down to your personal and financial situation.

If you want to find out more about Tracker Mortgages and how they work, feel free to get in touch with our brilliant team. If you want to discuss your other mortgage options, that’s completely fine too!

Our mortgage advisors in Sheffield have been helping first time buyers in Sheffield, home movers and people looking to remortgage for over 20 years now – we know what we’re doing.

Book your own free mortgage appointment online today and we can discuss all of your mortgage options in Sheffield.

What are The Different Types of Mortgages Available in Sheffield?

The Different Types of Mortgage

You might be a First Time Buyer in Sheffield who are looking to take that initial step on the property ladder or looking to move into a different property through Moving Home in Sheffield, or your mortgage term is coming to an end so are looking to Remortgage in Sheffield. Either way, you’ll quickly find that there are a lot of options available for you when it comes to taking out your mortgage.

Below, we have put together an extensive list that highlights the most popular types of mortgages out there to customers on the mortgage market.

If you are interested in any of the mortgage options mentioned below and are looking for more information, then do get in touch as we will be able to connect you with a knowledgeable mortgage advisor for expert, fast & friendly mortgage advice in Sheffield & surrounding areas.

What is a Fixed-Rate Mortgage?

This type of mortgage means that your monthly mortgage payments will stay the same throughout the duration of your mortgage term.

You have the choice in the duration you want to fix your payments. It’s common for people to choose a fixed term of around 2,3 or 5 years or longer.

The benefit of this option is that your outgoings will probably be the biggest one in your finances, regardless of what happens with inflation, the interest rates, or the nationwide economy.

What is a Tracker Mortgage?

A tracker mortgage will mean you will have a mortgage interest rate that usually reflects the Bank of England’s base rate.

Because of this, the lender nor the mortgage lender will set the rate and it will fluctuate when the base rate does. For example, if the base rate goes up, your interest goes up. Therefore, if it goes down, yours will go down too which obviously would be beneficial to you.

It will require you to pay at a percentage that is higher than the Bank of England base rate. For example, if the base is 1% and you are tracking at 1% above the base rate, this will result in you paying back your interest at a rate of 2%.

What is a Repayment Mortgage?

A repayment mortgage will involve you paying back a combination of both the interest and capital each month. This is the mortgage people looking to buy a home usually go for.

If you have been able to keep your payments going for the mortgage term duration, you will be guaranteed to have paid it off in full and achieve the goal of owning your own home by the end of it.

This option can be seen across the industry and wider world as the most risk-free way to pay your capital back to the mortgage lender. When you begin your term, the amount you’ll be paying will be mostly the interest with your balance reducing at a slower rate. This is particularly the case if your term is 25,30 or 35 years.

Within the last ten years or so of your mortgage, the process speeds up. This means you will be paying back more capital than interest, with the balance reducing at a far quicker rate.

What is an Interest-Only Mortgage?

As a Mortgage Broker in Sheffield, we do find many buy to let mortgages being set up frequently on an interest-only basis ( this option does benefit many landlords), it is progressively more difficult these days to obtain a residential property on an interest-only mortgage.

This is due to the process because when you reach the end of your term, you are still required to pay the full mortgage amount to pay off all in one go, with no additional income to fund the amount you’re required to pay.

With this in mind, there a range of unique circumstances where this can be an appropriate route for a customer to go down such as downsizing when you are older or if you are in a situation in which you have other investments you are able to use to pay back the capital.

When it comes to offering these products, it’s common to find that lenders can be incredibly strict. Furthermore, the loan to values usually is much lower than they were in previous years.

What is an Offset Mortgage?

An offset mortgage is where your mortgage lender will create a savings account that will work simultaneously with your mortgage account.

To put this in an example, if you had a mortgage balance of £100,000 and you deposit £20,000 into your savings account, you will be required to only pay interest on the difference between those figures which in this case would result in £80,000.

This option can be a very efficient way of controlling your finances, especially if you won’t be paying higher rates of tax.

What is a Cashback Mortgage?

Cashback Mortgage Advice in Sheffield

There are many different types of mortgages available, and most of them are entirely different. In this article, we will talk about the cashback mortgage and how it works.

Does it benefit you in the long term or short term? How does it compare to my other mortgage options in Sheffield? Let’s take a look and answer the most frequently asked questions regarding cashback mortgages.

Firstly, if you prefer to watch our moneymanTV video on cashback mortgages, feel free to watch it below. As a Mortgage Broker in Sheffield, we receive many questions about cashback mortgages, so mortgage advisor and our managing director Malcolm ‘the Moneyman’ decided to make a video to make cashback mortgages easier to understand:

What is a Cashback Mortgage?

Cashback mortgages are pretty self-explanatory. To put it simply, after paying off your mortgage or after finishing your mortgage term, you will get some money back.

The sum you get back gets based on a percentage of what you have borrowed. It usually’s something small like 1 or 2%. Some lenders like to have a fixed price in the contract. Even if you have a long mortgage term, this is a fixed amount, and it will not increase over time.

Will a Cashback Mortgage benefit me?

Cashback mortgages come with both advantages and disadvantages. For example, some Cashback Mortgages might come with a free property valuation or some fringe benefits.

Cashback Mortgages can be very attractive to customers that are borrowing lower mortgages. You will get some money back plus some benefits on the side. If you are offered a reasonable percentage on your Cashback Mortgage, you should consider taking it up as it may be worth it in the long term.

The only real disadvantage to a cashback mortgage is that they usually come with high-interest rates.

Different Types of Mortgages in Sheffield

Compared to other mortgage options available, Cashback Mortgages are not the most popular. However, they are still worth considering. We still see customers at Sheffieldmoneyman looking for Cashback Mortgages, and they are a great backup option if you don’t qualify for your first choices.

If you want a more in-depth viewpoint, be sure to book your free mortgage appointment online or give us a call to speak with a Specialist Mortgage Advisor in Sheffield. Our team will be more than happy to explain the benefits of taking out a Cashback Mortgage and why they could be a suitable option for you.

The Importance Of Having Your Mortgage Reviewed in Sheffield

Mortgage review advice in Sheffield

One of the biggest financial commitments in your life will be a mortgage, therefore, from the moment that you take one out, you must be aware of the things that come with getting one.

People tend to think that once you get a mortgage, you can forget about it and just keep paying it off one month at a time, however, this is not the case. When you take out a mortgage, you will be fixing yourself into a term and your term could be between 2 and 10 years (It’s usually 2-3 years).

Once this term is over, you will fall straight onto your lender’s standard variable rate of interest and it’s likely that this rate will be higher than your current one, therefore your mortgage payments will increase. This is why you should keep on top of your mortgage and make sure that you know when your term ends. It’s also why you should be getting your mortgage reviewed towards the end of every term.

You may be able to access a better rate or deal; you will never know unless you get your mortgage reviewed and find out.

What is a mortgage review?

It’s exactly what it sounds like!

To get one, you need to approach your mortgage broker in Sheffield, lender or building society and let them know that you want to re-evaluate your mortgage product and see whether you can access a better rate. From here, you will start your journey to remortgage in Sheffield.

Overall, the process works just like how your first mortgage process did. You will be asked to provide evidential documents to support your affordability, you are who you say that you are, etc. With this information, they’ll see what sort of products you can access.

Since you’ve been paying off your mortgage and have hopefully been keeping up to date with your payments, your credit score should be well above fair/good and maybe even excellent. A higher credit score can potentially open you up to competitive mortgage products.

Some of our applicants can’t access a better product than they’re already on. In this situation, you can maybe think about renewing your mortgage product with your lender. As a mortgage broker in Sheffield, we only charge for our services past the point where you move forward with your mortgage deal, not whilst searching for one. It’s completely up to you if you continue with us or not.

Why is a mortgage review important?

Going through the mortgage process again can be tiring, but would it be worth it if you ended saving money on your monthly mortgage payments? We think so…

Getting a mortgage review and evaluating your mortgage product could prove financially beneficial further down the line. If you manage to get a better rate, you could end up saving lots of money.

Taking a mortgage review at the end of every mortgage term would prevent you from slipping onto your lender’s standard variable rate of interest (SVR).

Standard variable rate (SVR)

Your lender’s SVR is likely to be much higher than your current rate. This is because lenders SVR is tracked from the Bank of England’s base rate plus their own percentage. If you end up on your lender’s SVR you can choose to either stay on it if you’re happy paying their rates or can take a mortgage review and try to access a better deal.

You can’t switch mortgage products mid-way through your fixed mortgage term without paying an ERC (early repayment charge), so you’ll have to wait until the term finishes. Even though you can’t switch right away, it can still be worth looking at what sort of deals that you can access to get an idea of what you could move onto after your mortgage term is over.

Remember that you are not required to stay with the same lender/remortgage in Sheffield, if you want to shop around elsewhere to find a better deal, you can do so.

Equity Mortgage Advice in Sheffield

Lots of equity in your home

Due to the constant rising in house prices, if you’re lucky enough to have built up equity within your home, you may be able to access more competitive mortgage deals.

Mortgage rates are based on loan to value ratios. By rule of thumb, the more equity you have, the lower the interest rates you will be able to access.  

There may also be some capital raising options available to you. If you are interested in this, please speak with an expert mortgage broker in Sheffield like us.

Little equity in your home

If you haven’t owned a home for long or your property hasn’t increased in value yet, there may still be money-saving options with your current mortgage lender. 

If you’ve kept up to date with your mortgage payments, you may find that you’ll be able to access product transfer deals.

The true cost of a mortgage deal

The mortgage deal that carries the lowest interest rate may not be the best deal. This is because these types of deals often come with high set-up/arrangement fees.

As a mortgage broker in Sheffield, we will consider all the costs that come with getting a mortgage and try to find a deal that saves you money in places that you didn’t think you could.

We will consider your personal and financial situation when it comes to trying to find you the perfect mortgage deal. And, we will also take your credit history, the property being mortgaged, valuation fees and any arrangement fees into account.

Get in touch for Remortgage Advice in Sheffield today.

How to Improve Your Credit Score in Sheffield

What credit score will I need for a mortgage in Sheffield?

The higher your credit score is, the more likely that a lender will accept your application for a mortgage. This is different from the likelihood of someone with a poor credit score finding the same success. A mortgage lender will study your application carefully to determine whether or not you can afford a mortgage.

However, there is still no guarantee to be accepted the first time. Even if your credit score is pretty high. Each mortgage lender will have their own specific criteria that you need to match to obtain their deal, and it is unlikely that you will meet the criteria for all lenders across the panel.

Each lender’s criteria are different from 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.

Speak to a Mortgage Broker in Sheffield

Here at Sheffieldmoneyman, our mortgage advisors in Sheffield will work alongside you and find the most suitable lender who offers the best deal for your circumstances, with criteria that you can meet. It is the job of your dedicated mortgage broker in Sheffield like us, to search for thousands of deals and hold your hand throughout the entire process, and always have your best interests at heart.

You will be kept in the loop at all times with what’s 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 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.

Fixed-Rate Mortgages | Mortgage Advice in Sheffield

Fixed-rate Mortgage Advice in Sheffield

What is a fixed-rate mortgage?

Generally, you’ll find that the longer that you fix your mortgage for, the higher your interest rate is going to be. This is why you should look for a shorter fixed term, so that you can access lower rates.

Even though short term fixes could eventually save you money, your mortgage will need to be regularly reviewed and renewed more frequently. When it comes to your remortgage in Sheffield, it can depend on how the economy is performing and what sort of deals of available to what sort of rate you’ll pay on your new product.

Sometimes, you may end up paying more than your previous months’ mortgage payments, and then sometimes you may end up paying less.

Medium & long term fixed mortgages

If you would prefer to fix your rate for a longer period, you can take out a medium to long term fixed mortgage if you want to.

The most popular fixed rates are 5-year terms. These deals are sort of in the middle, not too short nor too long. They also add the security of constant monthly payments for the foreseeable future.

The only negative to fixing into a 5-year term is that your overall payments may be more than if you were to had fixed a 2-year product and then a 3-year product, but not by much.

If you wanted to go even further and try and secure a 7 to 10-year fixed-rate product, you may need to try and access specialist lenders as there are a limited number of these products on the market. They aren’t the most popular of choices amongst home buyers and owners, due to the length of the term. You won’t get much flexibility with a mortgage in the long term; they may also come with expensive setup fees and rates.

Fees to consider

In addition to interest rates and monthly mortgage payments, you’ll also have to consider booking and arrangement fees. A booking fee will be charged upfront and an arrangement fee will be charged at completion. Sometimes these fees can be incorporated into your mortgage payments, however, this can increase the total amount paid in the end.

If you’ve got the funds in place to do so, you may want to pay off a chunk of your mortgage early. Usually, people do this after they’ve received a large lump sum of money for something.

If you do this, you may be charged with an ERC or otherwise known as an early repayment charge. You are tied into a deal for a set period of time, so jumping out of the deal early will cost you. You can continue with repaying early if you are okay with paying the ERC.

An ERC is calculated as a percentage of the amount that is still owed on the whole mortgage, not your term. For example, if you have £200,000 left on your mortgage, you may get an ERC of 2% which is £4,000. If a current deal is available on the market that you want to access, it may benefit you more to take the ERC and remortgage early.

Remortgage Advice in Sheffield

As a mortgage broker in Sheffield, we would recommend not chasing after ‘headline’ deals. You need to remember that the deals with the lowest rates come with the highest arrangement/setup fees.

For remortgage advice in Sheffield, please contact us today. We have helped 1000s of customers fix excellent mortgage rates in the past, and you could be next!

Get in touch for a free mortgage review today.

Single Mortgage Application When Married in Sheffield

Mortgage Advice in Sheffield

Applying for a mortgage as a single applicant whilst married is not uncommon. There are, several reasons that can justify applying for a mortgage in just one name, and some lenders will consider this arrangement. 

Reasons, why a single application can be more fitting than a joint mortgage, is if: 

• Your partner has bad credit or a CCJ on their credit file. 
• One applicant is unemployed. 
• You’re using a deposit from your savings. 
• Your partner already has a mortgage. 
• One applicant has a much lower income than the other. 

There are many more reasons to get a sole mortgage when you’re married. Our mortgage advisors in Sheffield are available seven days a week to book you in for a free mortgage consultation and help you get started. 

Applying for a sole mortgage while still married 

Some lenders will only accept a joint mortgage if you’re married. However, there are lenders out there that will allow for sole applicants whilst married to get a mortgage.  

If you are looking to take out a mortgage in your sole name, you should contact a mortgage broker in Sheffield. We have been in the mortgage business for over two decades now, making us knowledgeable mortgage experts in the field. We can search through thousands of deals on your behalf, hopefully finding a mortgage to suit your circumstances. 

Our mortgage advisors in Sheffield will need to ask you specific questions about your reason for wanting a sole named mortgage. For example, if you do not wish to apply for a joint mortgage because your partner has bad credit, you both may be able to get a joint mortgage, as there may be lenders willing to put both names on the mortgage. 

Other reasons can include if you are looking to purchase a sole name mortgage for personal reasons, our advisors might be able to find lenders who are likely to approve. Most lenders are not comfortable with this arrangement because you’re purchasing a property for you and your partner. Lenders favour both applicants to be on the mortgage. This is to avoid possible conflicts in the future, especially if the couple were to divorce.  

Are you going through a divorce? 

If you’re separating from your partner or going through a divorce and looking at your mortgage options. You will find useful information here, divorce and separation mortgage advice in Sheffield.  

The best decision is to speak to a mortgage advisor in Sheffield, who can provide you with a more tailored answer regarding your circumstances. 

Mortgage advisors in Sheffield for married applicants 

Again, we highlight the importance of always seeking mortgage advice in Sheffield before applying for a mortgage, particularly if you’re married but want to get a mortgage in one name. 

Our mortgage advisors in Sheffield specialise in complex mortgage applications. If you are looking to purchase a property in your sole name whilst married, please don’t hesitate to contact us. Our specialist mortgage advisors in Sheffield have a wealth of knowledge and there is rarely a situation that they haven’t come across before. 

What is a property survey and which one should I choose?

Property Survey Mortgage Advice in Sheffield

Once you’ve had your offer accepted on a property, you are going to move onto the next stage of the mortgage process… getting the property surveyed.

A property survey is carried out to determine whether the true value of a home correlates to the amount that a buyer has offered for it. The survey will also show the overall condition of a property, highlighting defects and damages (if there is any).

Types of property survey

There are lots of different types of property surveys, however, three stand out as the most popular amongst the crowd:

• Mortgage Valuation
• Homebuyer’s Report
• Full Structural Survey
  
  

A property survey may be carried out free of charge depending on the lender that you use. If you are offered a free survey, you may be limited to what you can see on the report, or sometimes the lender may not give you a copy.

Each survey differs, some will provide great detail and tell you everything that you need to know about your property, whereas others will not. Usually, the more that you pay for a survey, the more in-depth the report will be.

If your survey shows something about the property that you weren’t told about, by law you are allowed to approach the seller and work out a price reduction is necessary.

Mortgage Valuation

A Mortgage Valuation is the simplest property survey and usually the cheapest. They are carried out to find out the true value of a property.

Before committing to lending to you, your lender will need to find out whether the property’s value matches how much you are set to borrow from them. If you put in an offer above the property’s value and it gets accepted by your seller, it’s good for them but not for your lender, therefore it’s unlikely that your lender will accept your application. This is because they will have to lend more than the property is actually worth; this is called a down valuation. If you can make up the difference between what you said you’d pay and the mortgage amount, you’ll be able to go ahead with your lender, although, if you can’t then the lender will pull out of the deal.

Unfortunately, a Mortgage Valuation survey will not point out minor damages or repairs, it will just show clear structural defects that will require attention as soon as possible. If you want a report that goes further in-depth, you will have to pay more to upgrade to a different survey.

Homebuyers Report

A Homebuyers Report focuses on the safety of the property and how safe it is to live inside of it. The report will include problems such as mould, dampness or something that does not pass the current building laws.

This survey will be carried out by an expert. They will thoroughly examine the property from top to bottom so that they know exactly how safe it is to live in.

Full Structural Survey

As a Mortgage Broker in Sheffield, we usually recommend a Full Structural Survey, especially to those who are purchasing an older building. You sometimes need to be aware of everything.

This survey is the most expensive of the three and usually them all. This is because your surveyor will look at the whole property, often spending a whole day to determine its worth and to find out what’s wrong with it.

If the purchase goes through and you now know everything about the property, you may have saved yourself a lot of money in the long run as if you didn’t know about the damages, you couldn’t act on them meaning that they could worsen overtime.

Do I need to get a survey on a new build?

New builds usually requires a different type of survey called a snagging survey. This will highlight both minor and major issues. It could be from a missing door hinge to cracks in the ceiling.

If the new build has already been built, it would be wise to have a property survey carried out on it before you move into it. Just because the property is a new build doesn’t mean that there is nothing wrong with it. As a Mortgage Broker in Sheffield, we would always advise that you have some sort of survey carried out on a property.

Mortgage Advice in Sheffield

Whether you are a first time buyer in Sheffield or moving home in Sheffield, if you are struggling to choose the right property survey or just need general mortgage advice, feel free to get in touch with our team. Sometimes, it can be difficult to get the ball rolling when it comes to moving home, so make sure to get in touch if you need any help!

You can obtain the services of a surveyor to carry out a Homebuyers report or building survey through the Royal Institution of Chartered Surveyors.

What is a Mortgage Agreement in Principle, and how can it help?

What is an Agreement in Principle? 

An Agreement in Principle (AIP) is a statement or certificate from a lender to say that, in principle, they would lend you a certain amount and proves a First-Time Buyer in Sheffield like yourself that you are credit-worthy.  

If you are looking to get one, you need to get in touch and provide us with information about your mortgage needs and situation. Then, once we have processed your details, we can suggest how much you may be able to borrow. 

As a devoted mortgage broker in Sheffield, we can usually turn around an agreement in principle for you within 24 hours of your enquiry. Your Agreement in Principle can last anywhere between 30 and 90 days, depending on the lender. If your Agreement in Principle expires before you use it, it can be easily refreshed by speaking to your mortgage advisor in Sheffield. 

Does an Agreement in Principle affect my credit score? 

When applying for an Agreement in Principle, the lender will run a credit check to evaluate your eligibility. You will need to ask what level of credit survey they do. If the lender runs a hard credit search, it will leave a ‘footprint’ on your credit file visible to other lenders.  

A search footprint is a record left by a credit reference agency every time your credit report gets searched, either by yourself or by others. If there are a high number of hard searches in a short period, it can harm your credit score as it could signal that you’re struggling to get accepted by other lenders. 

However, if the lender has chosen to run a soft search, it won’t leave a footprint, and it won’t impact your credit score. 

Is an Agreement in Principle guaranteed? 

An AIP cannot guarantee that you will get a mortgage offer – you will still need to go through the entire mortgage application process when you find a property you want to buy, but this will help strengthen your chances.  

An AIP usually is valid for up to 30 – 90 days, and our mortgage adviser in Sheffield will be able to use the information as part of your mortgage application process. However, they will want to make sure the details are still correct.  

Some factors may affect the lender’s decision when making a complete application, such as their lending criteria or personal circumstances that have changed.  

Mortgage Broker in Sheffield – Our Service 

You may be a First Time Buyer in Sheffield, or you might be thinking of moving to the area and are looking for excellent mortgage advice. If this is your situation, we believe that you will benefit from our dedicated mortgage advice service in Sheffield. 

We offer a free initial mortgage consultation with one of our expert mortgage advisors in Sheffield, so please get in touch today and let us get the ball rolling on your mortgage application so that we can secure you an agreement in principle.