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How Long Does Mortgage Approval Take in Sheffield?

Acquiring a property is a significant financial commitment, and it’s natural to have numerous questions about the mortgage process. As seasoned mortgage brokers in Sheffield, we’ve helped a diverse range of buyers, almost all of whom have asked us, “How long does mortgage approval take?”

If you’re a first time buyer in Sheffield with queries like these, seeking expert mortgage advice is of high importance. However, it’s important to note that not every question has a one-size-fits-all answer, especially when it comes to timelines, as they depend on individual circumstances.

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

For those with a clean credit history, mortgage approval could take approximately 2-3 weeks. This timeframe is illustrative and may vary. Issues with current or past credit can extend the approval process considerably.

Lenders meticulously scrutinise credit files to assess the applicant’s reliability and ability to afford a mortgage. If there are credit challenges, approval might take months.

It’s essential to understand that there’s no universal timeframe for mortgage approval; it hinges on the lender’s policies and your unique financial situation.

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

Mortgage approval today is a more intricate process compared to the pre-credit crunch era. Gone are the days of easily accessible mortgages. The current process involves a thorough examination of an applicant’s personal and financial details.

Lenders analyse credit history, income, including occupation, and outgoings via bank statements to evaluate the applicant’s financial capacity. The goal is to ascertain the type of borrower you are and whether you can comfortably manage a mortgage on a Sheffield property.

Given the volume of applicants, this process naturally takes time.

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

As your mortgage broker in Sheffield, our process is structured to guide you seamlessly through each stage leading up to your mortgage application.

We aim to make your mortgage journey stress-free, allowing you to focus on discovering your ideal Sheffield property while we handle the intricacies of the mortgage process.

Step 1: Free Mortgage Appointment

To initiate your mortgage journey, schedule your complimentary mortgage appointment with one of our experienced mortgage advisors in Sheffield. You can choose a convenient date and time online or contact our team directly.

With availability seven days a week, we provide flexibility for appointments tailored to your schedule. During this free session, lasting approximately 30-45 minutes, your mortgage advisor will gather essential information to understand your goals and guide you along the mortgage process.

Step 2: Finding the Perfect Mortgage Deal

Upon completion of your mortgage appointment, your dedicated mortgage advisor in Sheffield will furnish you with a key document: the mortgage agreement in principle (AIP).

This document becomes essential when making an offer on a property, serving as evidence to the estate agency that you’ve secured pre-approval from a mortgage lender.

With the AIP in hand, you can actively start searching for your desired property. If you’ve already identified your dream home, we can swiftly progress to the next step.

Once you’ve successfully secured an offer on the property, we’ll match it with the ideal mortgage deal from our diverse panel of lenders, encompassing both high street and specialist products.

The details of this chosen mortgage deal will be clearly outlined in a comprehensive mortgage illustration document, ensuring you have a complete understanding of the terms.

Step 3: Mortgage Application

If you’re satisfied with our service and the proposed mortgage product, it’s time to prepare your mortgage application. Your mortgage advisor will help you in gathering the necessary documents to demonstrate your affordability for the mortgage.

Once everything is in order, we’ll submit your application to the mortgage lender.

Step 4: Mortgage Lender Checks

With your mortgage application submitted, the process now rests in the hands of the mortgage lender. It’s important to note that we never recommend a mortgage product that’s likely to be declined.

The lender will scrutinise your attached documents to verify your affordability, check your identification, and confirm your current registered address. If you’ve received a gifted deposit, the lender may require the last three months’ bank statements from the donor and a signed gifted deposit form.

Step 5: Mortgage Valuation Survey

Distinguishing itself from a house survey, a mortgage valuation survey is conducted by a property surveyor sent by the lender to assess the property’s true value.

Different types of property surveys are available, and your mortgage advisor in Sheffield will guide you on the most suitable one for your property type. The survey aims to establish the actual value of the property, ensuring that your requested mortgage aligns with the property’s true worth.

Step 5: Formal Mortgage Offer

Following the lender’s checks, successful applicants will receive formal mortgage approval. Your mortgage advisor in Sheffield will promptly convey this positive news.

At this point, the process transitions to solicitors for the exchange of contracts and completion of remaining legalities, bringing you one step closer to collecting your keys.

Get Mortgage Ready

Whether you’re a first time buyer in Sheffield, looking to move home, remortgage in Sheffield, or venture into buy to let properties, understanding the mortgage process is important. As your trusted mortgage broker in Sheffield, we recommend initiating the process up to six months in advance.

This proactive approach allows for the arrangement of an agreement in principle and early property exploration within your budget. If you’re considering a property purchase in Sheffield, seize the opportunity to start your mortgage journey now.

Book your free mortgage appointment online or by contacting our team today.

Your Essential Sheffield Mortgage Guide: Answering Your Top Questions

Are you in search of valuable mortgage tips and advice to facilitate your path to homeownership? We fully understand the uncertainties and questions that may arise during this process.

In this article, our primary objective is to address your most pressing questions and provide insightful guidance to empower you to navigate the mortgage landscape with confidence.

Whether you’re a first time buyer in Sheffield or exploring your options for a remortgage in Sheffield, we’ve got you covered. Let’s collaborate to turn your homeownership dreams into a gratifying reality!

How much can I afford to borrow?

Evaluating your borrowing capacity is a fundamental aspect of the mortgage process. Consider factors such as your income, expenses, and existing debts.

You can begin by using online mortgage calculators to get a rough estimate. However, for a more precise and tailored assessment, it’s advisable to consult with a dedicated mortgage advisor in Sheffield.

Their expertise will provide you with accurate insights based on your unique financial situation, enabling you to make well-informed decisions and set yourself on the path to securing your ideal mortgage.

What are the current mortgage interest rates?

Staying well-informed about interest rates is vital for making informed decisions throughout your mortgage journey.

Stay updated by following financial news, reputable websites, or seeking advice from knowledgeable mortgage advisors in Sheffield who can provide real-time updates on interest rates.

Having a clear understanding of the current market trends will empower you to make the best choices for your mortgage. You can also explore our YouTube channel, MoneymanTV, where we regularly upload monthly market updates related to this topic.

By staying informed about the latest trends and insights, you’ll be better equipped to navigate your mortgage journey with confidence and make well-informed decisions.

What types of mortgages are available?

It’s crucial to invest time in exploring the various available mortgage types, including fixed-rate, adjustable-rate, and interest-only mortgages. Each option comes with its unique features, benefits, and considerations.

To make an informed decision, it’s advisable to conduct thorough research and seek mortgage advice in Sheffield from experienced mortgage experts. Their expertise can help you in identifying the most suitable mortgage type that aligns perfectly with your specific needs and financial goals.

By taking this approach, you’ll be well-prepared to select the mortgage that best suits your circumstances and paves the way for successful homeownership.

How can I improve my credit score?

Establishing a strong credit score is a vital step in securing favourable mortgage terms. To achieve this, it’s essential to consistently pay your bills on time, maintain a low credit utilisation ratio, and regularly review your credit report for any errors or discrepancies.

If you encounter credit-related challenges, there’s no need to worry. Numerous agencies and resources are available to provide assistance and guidance in improving your credit situation.

By proactively managing your credit, you can enhance your prospects of qualifying for a mortgage with better terms and conditions.

What documents are required for a mortgage application?

Typically, a standard set of documentation is required for a mortgage application, including proof of income, identification, bank statements, and employment history.

For a personalised and smooth mortgage application process, it’s advisable to seek advice from mortgage lenders or experienced mortgage advisors in Sheffield.

They can help you in preparing a tailored list of necessary documents based on your specific financial situation and individual needs. With their expertise, you can navigate the documentation process with confidence, increasing the likelihood of a successful mortgage application.

Should I use a mortgage broker in Sheffield or go directly to a mortgage lender?

Both options have their unique advantages. As a mortgage broker in Sheffield, we provide access to multiple lenders, facilitating comprehensive comparisons to find the best mortgage offers tailored to your requirements.

Conversely, approaching a mortgage lender directly establishes a direct relationship. We recommend considering your preferences, conducting thorough research, and seeking recommendations to make an informed decision that aligns with your specific needs and financial goals.

Whether you choose to work with a mortgage broker in Sheffield or approach lenders directly, the key is to find a solution that best suits your home buying journey.

What are the associated costs and fees?

Beyond the mortgage amount, it’s crucial to consider additional expenses like arrangement fees, valuation fees, legal fees, and potential early repayment charges.

Take the time to carefully examine fee schedules from various mortgage lenders to gain a comprehensive understanding of all the costs involved.

To ensure you are well-informed about these expenses, seek guidance from mortgage professionals who can walk you through the details and help you in making informed decisions. Being aware of the complete financial picture will enable you to plan effectively and avoid any surprises along the way.

How can I save for a deposit?

Building a deposit for your new home requires discipline and thoughtful preparation. Start by creating a budget that helps you track your income and expenses. Identify areas where you can reduce unnecessary spending to save more effectively.

Explore government schemes designed to help homebuyers, such as Right to Buy in Sheffield, while keeping in mind their specific eligibility criteria. These schemes can offer valuable support on your journey to homeownership.

Consider opening high-interest savings accounts or first time buyer ISAs, designed to accelerate your savings with attractive interest rates and potential government contributions.

By implementing these strategies, you can take significant steps towards accumulating your deposit and realising your dream of owning a home in Sheffield.

What is the difference between a mortgage agreement in principle and a formal mortgage offer?

An agreement in principle (AIP) provides an initial estimate of the mortgage amount a lender may be willing to offer, based on fundamental information provided by the borrower.

In contrast, a formal mortgage offer represents a legally binding document, demonstrating the lender’s commitment to providing the loan under specific conditions.

It serves as a significant milestone in the mortgage process, as it outlines the terms and conditions of the mortgage and lays the groundwork for finalising the home purchase.

How long does the mortgage application process take?

The timeline for processing a mortgage application can vary and typically takes several weeks on average. Various factors, such as the property type, credit history, and the efficiency of document submission, can influence the duration.

To ensure a smoother and more efficient process, it’s essential to collaborate closely with your mortgage advisor in Sheffield and be well-prepared for any potential delays that may arise.

By staying proactive and organised throughout the application process, you can help expedite the journey to securing your dream home.

Get Mortgage Ready!

Equipped with these essential answers to your key mortgage questions, you are now ready to embark on your exciting mortgage journey.

Remember, seeking guidance from trustworthy mortgage advisors in Sheffield, conducting thorough research, and maintaining a proactive approach throughout the process are all crucial elements.

By following these steps, you can confidently pursue your dream of homeownership and take the necessary actions to turn it into a reality!

How Long Does a Mortgage in Principle Last in Sheffield?

A “mortgage in principle,” which is also called an “agreement in principle” or a “decision in principle,” is a helpful tool when you’re thinking about getting a mortgage in Sheffield. It gives you an idea of how much money you could potentially borrow before you officially apply for a mortgage.

To get an agreement in principle, the lender usually checks your credit information. This is called a “soft” credit check, which doesn’t really affect your credit score. The good thing is, you’re not committed to anything after you get this information.

At Sheffieldmoneyman, we can usually arrange this for you within a day after your first mortgage meeting. Remember, an agreement in principle is valid for about 30 to 90 days. This gives you enough time to search for a suitable property.

If this period ends and you haven’t found a property yet, don’t worry. We can help you renew your agreement in principle so you’re all set for your mortgage journey.


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How do I get a mortgage agreement in principle in Sheffield?

To secure a mortgage agreement in principle in Sheffield, you typically have two main routes. You can directly communicate with a mortgage lender, or you can reach out to a trusted mortgage broker in Sheffield, like us.

As an experienced mortgage broker in Sheffield, we can liaise with the lender on your behalf to obtain this important document. Reaching out to our mortgage advisors in Sheffield is simple. You can either fill out our Get Started form online or give us a call.

This initial contact will allow you to schedule a complimentary mortgage appointment. During this appointment, you’ll have the opportunity to talk to an expert and receive your agreement in principle within just 24 hours.

To progress and secure this document, you’ll need to provide evidence of your income, employment details, credit history, and other personal information.

These details will be used to evaluate your eligibility for a mortgage in Sheffield. Additionally, this process will give you an estimate of the amount you might be able to borrow.

When should I get an agreement in principle in Sheffield?

Before you start searching for properties in Sheffield, it’s a wise step to consider obtaining a mortgage agreement in principle.

This preliminary document gives you a rough idea of how much you could borrow. This helps you avoid wasting time looking at properties that might be beyond your budget.

Furthermore, having an agreement in principle can provide you with an upper hand when it comes to making an offer on a property. Sellers and estate agents often perceive applicants with an agreement in principle as committed and serious buyers.

This could give you an edge over other potential buyers who haven’t taken this step. It’s important to understand that an agreement in principle doesn’t guarantee that you will definitely get a mortgage, but it’s an invaluable tool during the home-buying process.

It helps you navigate the journey with a clearer understanding of your potential budget and demonstrates your seriousness to sellers and agents alike.

What information does a mortgage lender look at when you apply for an agreement in principle in Sheffield?

When a mortgage advisor in Sheffield helps you in obtaining an agreement in principle, they will require specific personal details from you. This information is needed to relay to the mortgage lender, helping them determine the feasible amount they can lend you. The key details include:

It’s worth noting that mortgage lenders might also request additional information from you, such as bank statements or proof of income, particularly if you’re self employed in Sheffield. These documents could be required before the lender makes a final decision regarding your loan application.

What is the difference between an agreement in principle and a mortgage offer?

An Agreement in Principle (AIP) is a document from a mortgage lender in Sheffield that provides an indication of the amount they might be willing to lend you, based on the details you’ve supplied.

However, it’s important to understand that an AIP doesn’t guarantee a mortgage offer, and it doesn’t establish a legal contract. On the other hand, a mortgage offer is an official commitment from a mortgage lender in Sheffield.

It signifies their intent to provide you with a mortgage, after conducting the necessary checks. This offer is a significant step in the mortgage process, as it indicates that you’re nearing the final stages. Once you receive a mortgage offer, it becomes legally binding when accepted.

The offer outlines the terms and conditions agreed upon for your mortgage, encompassing the interest rate, mortgage term, and any associated fees.

To reach this stage, you’ll need to furnish the mortgage lender (potentially through your mortgage broker in Sheffield, if you’ve taken that route) with more comprehensive information and undergo a thorough credit check. Additionally, the mortgage lender will usually require a property valuation.

Upon receipt of your mortgage offer, you’re positioned to proceed with your property purchase, as long as you fulfil any conditions specified in the offer.

In essence, an Agreement in Principle is a valuable tool for understanding your potential borrowing capacity, while a mortgage offer is a formal commitment from the lender, binding both parties to the stipulated mortgage terms and conditions.

Will having an agreement in principle taken out affect my credit score?

In nearly all situations, obtaining an agreement in principle for a mortgage is unlikely to significantly affect your credit score. This is primarily because the vast majority of mortgage lenders opt for a soft credit check during the AIP process.

This type of check doesn’t leave a visible mark on your credit report. It’s important to be aware that some mortgage lenders might conduct a hard credit check as part of the agreement in principle procedure. Unlike soft checks, hard checks can leave a visible record on your credit report.

This can potentially impact your credit score, particularly if you’ve applied for multiple AIPs with different mortgage lenders within a short timeframe. It’s crucial to remember that an actual mortgage application typically involves a hard credit check, which can indeed influence your credit score.

Given these considerations, it’s generally advisable to be cautious about the number of mortgage applications you submit.

It’s a good idea to apply for an agreement in principle only when you are genuinely committed to moving forward with your property purchase. This approach can help you manage and maintain your credit score effectively.

What is the benefit of having an agreement in principle in Sheffield?

Obtaining an agreement in principle comes with several advantages when you’re applying for a mortgage in Sheffield.

First and foremost, having an agreement in principle provides a clear picture of the amount you could potentially borrow. This enables you to narrow your property search to a realistic price range.

By doing so, you avoid wasting time and potential disappointment that might arise from considering properties beyond your means. Secondly, an AIP grants you a significant edge over other potential buyers when it comes to making an offer on a property.

Sellers are more inclined to consider offers from buyers with an AIP, as it demonstrates genuine commitment and active pursuit of mortgage approval. Lastly, having an AIP in Sheffield can streamline the mortgage application process once you’ve identified a property you wish to purchase.

This is because the mortgage lender has already conducted an initial evaluation of your financial situation and eligibility. As a result, they may be able to expedite your mortgage application in a more efficient manner.

Overall, possessing an agreement in principle proves highly advantageous for anyone seeking to buy a property. It not only clarifies your borrowing capacity, but also positions you ahead of other potential homebuyers and can expedite the mortgage process significantly.

How much does a mortgage agreement in principle cost in Sheffield?

Acquiring a mortgage agreement in principle usually comes at no cost. It’s essentially a statement provided by a mortgage lender, offering an estimate of the amount they might lend you based on the details you’ve supplied.

It’s important to note that obtaining an agreement in principle doesn’t involve any financial commitment on your part.

What happens if I get rejected for an agreement in principle in Sheffield?

If you discover that your application for a mortgage agreement in principle has been declined, it indicates that the mortgage lender has determined you ineligible for the requested mortgage amount. Various factors can contribute to this outcome.

When faced with this situation, it’s crucial to understand the reasons behind the decision. You might need to evaluate your financial status or credit history, and in some cases, furnish additional information to the mortgage lender.

In certain instances, it could entail exploring other options and seeking a mortgage lender who is more aligned with lending close to, if not the full amount you intend to borrow. Importantly, being declined for an AIP doesn’t automatically translate to rejection for a full mortgage application.

During a complete application, the mortgage lender conducts a more comprehensive assessment of your financial situation and credit history. This might lead to an offer for a different amount or a distinct mortgage type.

Additionally, it’s worth noting that making multiple agreement in principle applications with different lenders can have an adverse impact on your credit score. Thorough research prior to applying is essential.

Having a mortgage broker in Sheffield by your side can greatly help in finding the right mortgage lender, potentially saving you from multiple attempts.

Get a Mortgage Agreement in Principle in Sheffield

Whether you’re considering first time buyer mortgages in Sheffield or home mover mortgages in Sheffield, it’s advisable to engage with a mortgage broker in Sheffield. This will enable you to secure your agreement in principle before making any property offers.

Normally, we’re able to secure an AIP for you within a mere 24 hours after your initial mortgage consultation. This swift process can provide valuable assistance as you embark on your mortgage journey.

Book your free mortgage appointment today, and we’ll work diligently to ensure you obtain your agreement in principle as promptly as possible. Begin your mortgage journey with the support of a mortgage broker in Sheffield by your side.

What Are The Main Reasons People Decide To Move House?

Moving Home Mortgage Advice in Sheffield

Many people find the moving home to be a stressful, time consuming and costly experience, however, it’s process people do decide to go through. It could be for many reasons like a lack of space, a career change or a change in scenery. Below is the most popular reasons why people move and relocate to Sheffield.

Bigger living space

This can be a common reason amongst First Time Buyers in Sheffield as they usually start with a smaller property due to living either on their own or with another person. Then they find in the future they need a bigger space due to personal changes in their lives.

It could be that you are looking to start a family and need more room which could lead to them wanting to look for a bigger home.

Alternatively, you might enjoy your current home so look to raise capital by taking out a remortgage to fund home improvements, like a building extension, conversion or a home office in instead of Moving Home in Sheffield.

We do find the remortgage option to be a popular one, in particular, with growing families as this gives them the opportunity to have that extra bit of space whilst staying in a house they have grown attached to through the years.

Another reason why people take out a remortgage for home improvements is to increase the property’s value. This can be beneficial in the future if you are looking to turn a significant profit from the sale.


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Change of scenery

If you are looking for a change in scenery, moving home can be perfect for this and can be the top reason why homeowners look to move.

First Time Buyers commonly choose this option because they were likely to have a limited budget so go for a lower end property. Due to having a higher income, they now have the opportunity to live in a more prosperous location.

Family & friends

A different location may open up the opportunity to be closer to both their friends and family. This usually occurs when couples start having a family.

Being close to family can be helpful when it comes to childcare. With many private nurseries being expensive, it can be handier for parents to seek help from their families for childcare.

Speak to a Mortgage Advisor in Sheffield

When it comes to Moving Home in Sheffield, you will need to have a rough idea of the cost of moving home. Speaking to a Mortgage Advisor in Sheffield would help with finding out how much you would be able to borrow which will give you an estimated quote on what your monthly payments could be.

For more information, contact us today and we will connect you with a knowledgeable remortgage advisor in Sheffield.

Can I Have Two Mortgages in Sheffield?

Second Mortgage Advice in Sheffield

Depending on your income, affordability and the amount of equity built up inside your property, you may be able to take out a second mortgage.

People take out a second mortgage for various reasons, such as for a Buy to Let, Let to Buy, Holiday Let, family purchase, specialist situation or Commercial purposes. If you are considering one of these options, watch the video below or read on to find out how second mortgages work and why one could be the best option for you.

Reasons to Take out a Second Mortgage

In our twenty years of working as a Mortgage Broker in Sheffield, we have come across many different types of customers that are looking to take out a second mortgage. Here are some of the most common customer scenarios that we come across.

Buy to Let Mortgage in Sheffield

Current or budding landlords may want to invest in another property to climb the property ladder. If you are a landlord and already have more than one Buy to Let in Sheffield, you may find it slightly easier to take out a second mortgage as you’ve already demonstrated that you can afford more than one set of mortgage payments. This does not mean that you are guaranteed a mortgage though. You will still have to pass usual credit checks and affordability assessments.

If you are a First Time Buyer landlord in Sheffield, you will have to prove that you are able to manage two sets of monthly mortgage repayments. Lenders will factor in the equity in your current property, the type of property that you’re buying, the rental income from the Buy to Let and your personal and financial circumstances.


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Let to Buy Mortgages in Sheffield

Similarly to Buy to Let second mortgages, If you are planning to Move Home in Sheffield to become a landlord/grow your Let to Buy portfolio, your lender needs to make sure that you can manage both sets of mortgage payments. Some of our customers have already had tenants for their Let to Buy lined up during their second mortgage application process.

Lenders will assess your income, affordability, equity in your current home and personal and financial circumstances before accepting your second mortgage application.

Holiday Let Properties in Sheffield

Holiday Let properties are great investments for those looking for an extra source of income. As a bonus, you will also have a place to stay at no added cost!

They work in the same way as Buy to Lets, however, your income from the Holiday Let may be more infrequent. Peak times, e.g., summer or Christmastime may provide you with more income; the lender will factor this into your Holiday Let second mortgage application as there will be times when you will have no rental income to contribute to your repayments.

You will need a large deposit for a Holiday Let as most of the properties in holiday locations are expensive.

Family Purchase

Are you looking to take out a second mortgage to help a family member move into a new property?

Housing prices have skyrocketed, and First Time Buyers are struggling more than ever to get onto the property ladder. With this in mind, family members are offering a helping hand and taking out a mortgage in their own name so that their loved ones can move onto a property.

An alternative for parents or grandparents would be to gift their family members a gifted deposit. This can take off some of the pressure of saving up for that 5% mark and could help boost the overall deposit when combined with the applicant’s own savings.

You must be aware that the donor of the gifted deposit must declare in writing that this is not a loan it is a gift that should not be paid back in the future. The donor must also provide bank statements and proof of where the deposit has come from.

Specialist Situation

If you are in a complex situation and you need to take out a second mortgage, we are here to try and help. A common situation that we come across involves applicants separating or going through a divorce and one party needs to take out another mortgage so that they can move out of the property.

In this situation, your lender will need to make sure that you afford two sets of mortgage payments as you will still be accountable for the repayments on your’s and your ex-partner’s mortgage. When you move out of the property, until your ex-partner can afford the repayments on their own, you will have to contribute towards them.

If you are in a complicated situation and you need to obtain a second mortgage, don’t hesitate to get in touch and we can take a look at your situation. We offer expert Mortgage Advice in Sheffield to all types of customers, struggling with all different kinds of mortgages.

Equity Release for a Second Mortgage in Sheffield

Equity Release is a way to release funds in your home to gain a lump sum of cash. There are different reasons why someone would want to release their equity; some people will use this cash to fund a second mortgage, take out a lifetime mortgage to replace their current mortgage or spend on something else of their choice. The lump sum that you release can be spent on anything you want to. We have seen customers use the money to pay for weddings, buy a new car and even to pay off debt.

Equity release is a very complicated subject, therefore, we would recommend getting in touch with our team to help you through the process. Getting a second mortgage can be difficult enough, never mind getting a second mortgage by releasing equity in your property.

Book your free mortgage appointment online or over the phone today by contacting a member of our team. We can’t wait to hear from you!

The Costs of Buying a Home in Sheffield

Buying a Home Mortgage Advice in Sheffield

Have you ever wondered how much the costs of buying a home in Sheffield are? If you are a First Time Buyer in Sheffield, there is a list of fees to consider when buying a new home, including the fees and your deposit.

Make sure you have saved plenty to cover all the upfront costs. Let’s take a look at some of the costs of buying a home that you need to know about:

The Costs of Buying a Home UK | MoneymanTV

Estate Agent Fees

The only time you will require an estate agent is when you want to sell a property. The fees of the estate agents differ from one agent to another. The fee of an estate agent may not be cheap and the ones that can be hired for a low rate are online-based because they don’t have their own established offices.

If you can afford it and don’t mind paying a high fee, then you should go for a local estate agent that has an office as they can provide you with a personalised service. However, this can cost you around 1 to 2% of your overall selling price.

The estate agent’s fee might be up for negotiating, especially in the “seller’s markets”. This is when many agents are competing to get instructions from you because there are not many houses left on the market for them to deal around with. So, if you are a Moving Home in Sheffield, consider the estate agency fees wisely.

Survey fees

First Time Buyer in Sheffield like yourself, will be made aware that before you take out a mortgage, the lender will need to know that what you are paying is actually the worth of the property. Some lenders might will offer this service for free but they might not share with you a copy of their reports.

If your lender is not offering a free valuation service, then you’re going to have to pay a fee. This fee can be as high as a few hundred pounds, which can be way above budget for many people. If you want a more detailed and informative report, it’s most likely that you’ll have to pay an even higher fee.

Here at Sheffieldmoneyman, our Mortgage Advisor in Sheffield will explain the different types and ranges of surveys consist of so that you’ll be able to make a decision that will be the most suitable for your current circumstances.

Depending on the condition that the house is in, you may have to upgrade the survey accordingly so that you get all information you need in the report.

A good survey is very expensive, but at the same time, it can provide important information about the property. If you end up buying a property without getting it checked, you could end up paying a lot more for the repairs you’ll have to deal with in the future.


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Mortgage arrangement fees

The general rule of thumb is that the mortgages that have the lowest minimum interest rates are the ones that come with the highest fees. Fees required to set up a mortgage can actually range from zero to more than a few thousand pounds! If it’s an option, you may want to add your lender’s arrangement fee to your mortgage.

Your Mortgage Advisor in Sheffield will always aim to recommend the cheapest product that will meet your needs perfectly without any issues. They will also be able to calculate the total mortgage amount that will be required over a term.

Here’s a top tip: if you are borrowing a higher amount, you are going to want to try and keep the interest rate as low as possible.

Solicitor’s fees

If you are starting the process of buying a home in Sheffield, you will need to have a solicitor as well so that all of the legal work can be taken care of. For example, the legal aspects include who owns the property, who’s selling it and so on. Without a solicitor, people can sometimes get caught in illegal issues as well. So, you need to have one to successfully carry out your moving home journey.

Solicitor fees vary, some may appear quite expensive and this is because their quotes include the VAT as well. Though remember that not all solicitors are on “panel” for all lenders, so you need to be careful and choose the right one for your needs. Once again, your Mortgage Advisor in Sheffield will be able to help you make the right decision in this regard as well.

Stamp duty

There are purchases that will be subject to Stamp Duty. Stamp Duty is a tax that you pay to the government when you are buying a house. Often, First Time Buyers in Sheffield can get a bit confused about this fee. The rules regarding which purchases will have this tax change frequently so you can check it here:

Broker fees

If you are a First Time Buyer in Sheffield who wants mortgage advice, you should also know about mortgage broker fees. Almost every mortgage broker will charge some sort of fee for their services and the amount that you will have to pay will mostly depend on how much the lender is paying the broker for the work that they will be doing on their behalf.

A lot of the Mortgage Brokers in Sheffield will only charge you a fee you if they are able to get a formal mortgage offer for you. You better check the online reviews about your chosen Mortgage Broker in Sheffield before you hire them.

Removal fees

You need to know about the removal fees too. There are lots of people who hire a van and move themselves, however, we advise against this idea. Removal companies will charge you more money, but their service is worth the money. They will make your moving day a lot less stressful in many ways.

Mortgage Advice in Sheffield

So, these are the main costs of buying a home in Sheffield. If you are a First Time Buyer and are looking for Mortgage Advice in Sheffield, get in touch with us and we will help you get everything done in the simplest and the most effective manner!

Buying a house is a very complicated and tough task, however, if the right steps are taken, the process could be completed smoothly with ease.

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?

What is a Fixed-Rate mortgage? | MoneymanTV

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?

What is a Tracker mortgage? | MoneymanTV

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?

What is a Repayment mortgage? | MoneymanTV

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?

What is an Interest-Only mortgage? | MoneymanTV

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?

What is an Offset mortgage? | MoneymanTV

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.


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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.


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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.

10 Factors to Help you Decide Where to Live in Sheffield

Moving Home Mortgage Advice in Sheffield

One critical factor when moving home in or around the Sheffield area is to consider where you want to locate. If you’re looking for this dream home or something to let out, you also need an ideal area. It would help if you considered what the area is like, what is there, and what is a priority.

To help you better understand the kind of place you want to find, we’ve compiled a list of different factors that some first time buyers in Sheffield, home movers, and landlords looking for buy to let mortgage advice in Sheffield when trying to find their ideal property. 

Are you looking to move to the countryside or the city?

It is important to develop an idea of the type of area you want to move to, as this is somewhere you will live for a good time, maybe even turning it into a family home further down the line. If you are someone who enjoys being at the heart of it all, city life is more suited for you. Otherwise, living in the countryside may be more appropriate if you prefer a quiet life.

In all areas, you’ll find pros and cons to either choice, so be sure to think a lot and research the location before you put your heart into a potential new home. 


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Public Transport in Sheffield

Transport links to and from your potential new location are crucial factors to consider. For example, if you are socialising with friends or family, do not work from home, or go out shopping, you may need easy access to the transport links needed.

Not to mention the price of each means of transport, depending on the location and regular use. How long does it take for you to get to each destination if you have a car? How much fuel will be? Where are the nearest gas stations? 

Schools & Education

For those who have children, you should see what schools are available nearby. Every parent wants to find the right school for their child. It is essential to learn about the various schools nearby to determine which school is most suitable.

If you do not have children now, but plan for the future or have no plans at all, it may be beneficial to look for it, just to prove yourself in the future. 

Nearby Facilities – What You Need Vs What You Want

When you plan a place to live, you may have certain facilities near you. We recommend writing down a list and separating what you need from what you want.

An example of this would be looking to have a gym in the vicinity but doing so could mean you have to live in an area without the essential shops you need regularly. You probably need more shops for your general life, so it could be something to priorities while finding an area near a gym is an additional bonus. 

Friends and Family

The distance between where you could live and where your family and friends are currently living can affect where you are. Some prefer to keep them nearby, so they have this support network if they need it.

On the other hand, some prefer to keep to themselves with their loved ones at a distance, prioritising staying at home over going out and socialising with people regularly. 

Is the property good value for money?

When making purchases, we all want to know we are getting substantial value for money. Figuring out this for your home will depend on the area that you are looking to move to.

Sometimes a better option is for you to look for a cheaper property to start with, although this could mean compromising various features or nearby facilities that you would have preferred to have had. 

What is the community like?

The local community can have a significant impact on your home life experience.

As established, some people prefer a quiet life. This may require a few nearby residents who keep themselves. Others like to have a thriving and busy community, usually where everyone knows and communicates regularly.

Talk to your real estate agent and find out what the area is like. Community Facebook pages or locally run websites are usually quite common these days, so they are worth looking for to get a rough feel for the area. 

Career Changes

Some home buyers may be moving because of a new job or career plan. This is what we have heard from customers a lot and is a huge factor. You need to look at the distance between your new home and your workplace.

If you are working in a home office and only visiting the office sporadically, would you be fine with life a bit further out? What is the space in the property? Is there even a room for the home office?

Those who will be looking for a job once they have already moved, do some research on local companies, and compile a list of leading employers to apply for. 

Property Type

You will find many different types of real estate available to you in the open real estate market, with these varying depending on where you are looking. Some prefer end-item properties with a garden to enjoy, while others prefer a modern apartment or studio apartment.

Make sure you have a good look at all the available options, undertake some property viewing and get a promising idea of the type of property you would prefer to live in. 

Local Developments

Any proposed local investment would be helpful to find information on, especially if you are looking to build a life within that home and stay there for quite a while. Online search will be the best port of call when looking to find any future investments. It’s important to consider whether these will benefit or detriment your lifestyle.

Again, those who prefer quiet life in the country could find their dream scenario turned into a nightmare if an important new housing development is planned nearby. 

How a Mortgage Broker in Sheffield Can Help You

Hopefully, you are now better equipped to find a place to call your home by reading our list. When the time comes to make offers on property and get yourself a mortgage, get yourself booked for a free mortgage appointment. We would be happy to help!

We have a dedicated team of mortgage advisors in Sheffield available from early until late throughout the working week and weekend, subject to availability. Whether you are a first time buyer in Sheffield or home mover, we can’t wait to hear from you.

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!


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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:

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. & Sheffieldmoneyman are trading styles of UK Moneyman Limited, which is authorised and regulated by the Financial Conduct Authority.

UK Moneyman Limited is Registered in England, No. 6789312 | Registered Address: 10 Consort Court, Hull, HU9 1PU.

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