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What Does Remortgage in Sheffield Mean?

If you’ve recently purchased your first home in Sheffield and your current mortgage deal is ongoing, the concept of remortgaging might be unfamiliar. Conversely, if you’ve been a long-time resident, you probably have a general understanding of when remortgaging comes into play.

Defining Remortgaging in Sheffield

Remortgaging, or refinancing, is simply the process of securing a new mortgage deal with a different lender to replace your current one. Typically, remortgaging occurs as your current deal approaches its end.

Crucial Aspects of Remortgaging in Sheffield

Let’s delve into the main components of remortgaging and how the process unfolds.

Switching Mortgage Lenders

When remortgaging in Sheffield, you’re essentially opting for a new product with a different lender. This switch could potentially expose you to products with more favourable interest rates. Additionally, homeowners in Sheffield may remortgage for better customer service, more advantageous mortgage terms, or specialised products not offered by their current lender.

Renegotiating Terms

If you’re content with your current mortgage but wish to alter the terms, remortgaging is an option. You may be able to adjust your mortgage term, switch from a fixed to a variable rate, or even change products entirely.

Unlocking Equity

For those seeking to extract funds from their home, remortgaging to release equity is a viable avenue. If your current lender doesn’t permit equity release, other lenders might. Specialist lenders often provide products facilitating this. The team at Sheffieldmoneyman is ready to guide you through options for equity release in Sheffield.

Reasons to Contemplate Remortgaging in Sheffield

Now that you understand how a remortgage can work, let’s explore reasons why individuals opt for remortgaging in Sheffield.

Avoiding the Lender’s Standard Variable Rate (SVR)

As your fixed mortgage term concludes, failing to remortgage exposes you to your lender’s standard variable rate (SVR), typically higher than your existing rate. Remortgaging allows you to sidestep the SVR by securing a new product.

Securing Lower Interest Rates

By exploring new remortgage products, you may access better interest rates, subsequently reducing your monthly mortgage payments.

As mortgage brokers in Sheffield, our role is to assist you in finding the ideal remortgage product for your unique situation, saving you both time and money whenever possible.

Enhancing Repayment Flexibility

Remortgaging enables adjustments to your mortgage repayment structure, making payments more manageable. This could involve switching mortgage types or altering the term.

Funding Home Improvements

If your home needs upgrades, you can finance these through a remortgage for home improvements. Costs are added to your mortgage, and monthly repayments adjust accordingly.

Debt Consolidation

Remortgaging may be an option to consolidate debts like credit card balances or personal loans into your mortgage, making repayment more manageable. However, consulting a mortgage advisor in Sheffield is advised before taking this step.

Accessing Equity Growth

Over time, your property value may rise, allowing you to access additional equity through remortgaging. This equity can be used for various purposes, from buying a car to planning a holiday.

Consult a Mortgage Advisor in Sheffield

Remortgaging is intricate, and seeking advice in Sheffield can help you secure the perfect remortgage product. We can sift through thousands of options to tailor a deal to your unique situation. Remember to research thoroughly, avoid hasty decisions, and seek the necessary remortgage advice in Sheffield.

The Different Types of Remortgage Options in Sheffield

If your current mortgage product is ending or you want to borrow a bit extra money, then it could be the right time for you to remortgage in Sheffield.

Once your current mortgage deal expires, if you do not remortgage, you will slip onto your lender’s standard variable interest rate (SVR). This interest rate is likely to be much higher than your current rate, meaning that your payments could go up. To avoid falling onto your lender’s SVR, you should remortgage nice and early to make sure that you are on the best rate available to you and your personal and financial situation.

There are other reasons why you may want to remortgage in Sheffield, not just to find a better deal. Some property owners will want to remortgage to achieve different financial goals or to access the equity they’ve built up in their property. In this article, let’s look at all of the different types of remortgage, starting with finding a better deal.

Remortgaging in Sheffield to Find a Better Deal

As mentioned in the paragraphs above, it is a much wiser decision to remortgage rather than to slip onto your lender’s SVR. In doing so, you could also manage to find yourself a much better mortgage product with a better rate than your previous deal.

As a mortgage broker in Sheffield, we always recommend starting your remortgage process at least 6 months prior to your deal ending so that you have the time to shop around. Shopping around and finding the most appropriate product for your situation can often help you save money. If you don’t want to spend hours searching through mortgage deals, using a mortgage broker in Sheffield like us would benefit you massively. We have 1000s of remortgage products on panel and will help you find the most suitable deal for your personal and financial situation.

Sometimes we see that some customers try and remortgage online via an online switch; we would not recommend this approach. If you take out the wrong remortgage product online, you have waved goodbye to your consumer protection, which you would have got haven you got mortgage advice in Sheffield. Taking out the wrong product can also cost you a lot of money as you will have to face charges to switch to a different deal.

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Remortgaging in Sheffield for Home Improvements

Do you feel as if your home could benefit from some investment and improvements? Well, did you know that you are able to remortgage for home improvements?

Rather than moving home in Sheffield, homeowners are using their remortgage as a gateway to improve their homes. By simply incorporating the costs of the home improvements into your mortgage, you could end up with some new additions to your home.

Home improvements include many things, such as a new kitchen, garden extension, loft conversion, home office, and the list goes on. Investing in your home could outweigh the costs of moving home and save you money now and in the future. Not only do you reap the benefits from these improvements, but you are also adding value to your home.

How it works is that you get the estimated costs for the work being carried out for your say home office, and then these costs are incorporated into your mortgage. The amount extra that you pay on your mortgage each month depends on the costs of the work being carried out.

Remortgage in Sheffield to Release Equity/Raise Capital

Remortgaging to raise capital is the same as remortgaging to release equity, they are the exact same thing. Raising capital can be done at the point of remortgage if you want to take money out of your home.

Some lenders will not let you release equity from your property if you have not been living in it for a certain amount of years. It is worth getting equity release advice in Sheffield before taking any money out of your home to make sure that it is the right decision for you.

This money can be used for a variety of things, such as putting down a deposit on a new property, making a large purchase, gifts to family members or paying off debt, Remember that it is your money so you can do what you want with it.

Remember you will pay interest on a remortgage for a lot of years normally so it’s really important you borrow for the right reasons. 

Remortgage in Sheffield to Consolidate Debt

If you have accumulated debt and are wanting to incorporate it into your mortgage, this may be possible through the power of remortgage in Sheffield.

You must know, however, when adding unsecured debt into your mortgage, you may end up paying back more interest overall. This is because a mortgage term is usually much longer than that of a personal loan.

You will also be putting unsecured debt into your home which can sit off with mortgage lenders. Remember that you are at risk of repossession if you cannot afford your mortgage in the future which is a lender’s last resort.

You will need to know the interest rates that apply to the debts that you are considering rolling into your mortgage. If you have 0% credit cards then adding these to your mortgage will start attracting interest. 

Debt consolidation is not for everything in any way shape or form. You need to be aware of the effects that debt consolidation can have on you, your financial situation and your credit so that you 100% know what you are doing.

Our remortgage advisors in Sheffield will make sure that this is the right route for you to take by talking through your other options with you. For example, a debt management plan (DMP) may be more suitable for your situation. We would love to offer our help and guidance to make sure that you are doing what is best for you.

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.

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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 | MoneymanTV

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.

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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?

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.

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.

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What is a mortgage review in Sheffield?

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.

Tips to Improve Your Credit Score in Sheffield

How to Improve Your Credit Score

For prospective first time buyers in Sheffield, as well as home movers in Sheffield, credit scoring often appears as an unfair way for mortgage lenders to evaluate their applications. Conversely, from the perspective of these lenders, credit scoring is perceived as a cost-effective and consistent to minimise their risk.

If you’re feeling apprehensive about the credit scoring system when applying for a mortgage, there’s no need to worry. The good news is that a multitude of mortgage lenders out there, each with their own unique scoring systems and criteria.

To alleviate your concerns and improve your chances of accepted, it’s a smart move to obtain a copy of your credit report when applying for a mortgage.

By providing your mortgage advisor in Sheffield with an up-to-date credit report right from the start, you offer them a clearer insight into your financial standing, thereby increasing the likelihood of a successful application.

Keep in mind that having this credit report in hand will also enable your mortgage advisor in Sheffield to identify any potential issues or areas that could benefit from improvement, allowing you to address them before applying for the mortgage.

This proactive approach not only bolsters your chances of approval but also grants you with more confidence and peace of mind throughout the entire mortgage process.

Always remember, each mortgage lender has its own set of criteria, so don’t feel disheartened if one lender turns down your application. Your mortgage advisor in Sheffield will work with you to find the best fit among the various options available in the market.

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Obtaining a Copy of Your Credit Report in Sheffield

When it comes to checking your credit report for mortgage purposes, you’ll find various credit reference agencies, including well-known names like Experian and Equifax. Our top recommendation is to go with CheckMyFile, as it provides a comprehensive overview based on information from multiple credit agencies.

The good news is that CheckMyFile offers a 30-day free trial, giving you ample time to review your credit report without incurring any costs during this period. The best part? You have the flexibility to cancel the trial whenever you like, if you so choose.

This approach allows you to make well-informed decisions regarding your creditworthiness, ensuring that your mortgage application rests on a solid foundation.

By using the link below, you’ll enjoy the added benefit of receiving a free, instant PDF download of your credit report. Take advantage of this opportunity to pave the way towards a successful mortgage journey!

Try it FREE for 30 days, then £14.99 a month – cancel online anytime.

Tips to Improve Your Credit Score

Improving your credit score is a cricial step when applying for a mortgage, and there are several steps you can take to boost your creditworthiness. First and foremost, be cautious when using price comparison websites, as they may trigger credit searches that could have a negative impact on your score.

To avoid any potential red flags for mortgage lenders, it’s best to refrain from applying for other types of credit in the immediate future.

One effective method to positively impact your credit score is by registering on the electoral roll. Ensuring that your name and address are accurate and up-to-date can have a positive impact on your score. Address errors can inadvertently give the impression of multiple residencies, potentially affecting your creditworthiness.

Moreover, handling your credit card usage wisely can significantly impact your credit score. Maxing out your credit card every month may lead to a reduction in your score, so it’s advisable to use it responsibly and pay the balance in full each month.

Though closing unused store or credit card accounts might cause a short-term dip in your score, it can be beneficial in the long run and reduce your vulnerability to fraud.

Furthermore, financial ties to family members, friends, or ex-partners can affect your credit score, especially if their credit history is poor. If you no longer have active financial connections with these individuals, you can request that credit reference agencies remove these links.

When seeking mortgage advice in Sheffield, providing our trusted and experienced mortgage advisors with comprehensive information about your finances will enable them to offer the best possible guidance and support throughout the mortgage application process.

With their expertise and your improved credit score, you’ll be well-positioned to secure the ideal mortgage that suits your needs and financial situation. It’s a step towards achieving your homeownership goals with confidence!

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.

What is a Fixed-Rate Mortgage | MoneymanTV

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.

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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 include: 

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.  

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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. 

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