Can You Remortgage in Scunthorpe During a Fixed Term?

Remortgaging in Scunthorpe offers opportunities to save on mortgage payments or tap into the equity locked within your home. It’s a viable option for homeowners seeking to optimise their finances or release funds through equity release.

Many homeowners start the remortgage process in Scunthorpe around 3-6 months before their current mortgage deal expires. Some homeowners are uncertain about remortgaging during a fixed term, especially earlier than the typical timeframe.

A fixed term mortgage involves an interest rate that remains unchanged for a predetermined period, usually between two and five years. Throughout this period, you have a contractual obligation to maintain regular monthly mortgage payments.

In this article, we will explore the possibility of remortgaging in Scunthorpe during a fixed term and discuss whether it’s a viable option to consider.

When should you look into a remortgage in Scunthorpe?

Typically, homeowners in Scunthorpe aim to secure a remortgage for their property approximately 3-6 months before their existing mortgage deal expires.

This time frame allows ample opportunity for a mortgage broker in Scunthorpe to fulfill their role and ensures a smooth transition, as your new deal will be ready to commence when the old one concludes.

Remortgaging within this timeframe allows you to avoid being placed on your mortgage lender’s higher standard variable rate of interest (SVR), which often exceeds the Bank of England base rate.

The SVR typically remains higher than the Bank of England base rate and fluctuates at the discretion of the mortgage lender, often resulting in more expensive terms.

Opting for this route is unlikely to be the most favorable choice. Instead, your mortgage advisor in Scunthorpe will utilise this period before your current deal ends to search for suitable options tailored to your specific requirements, such as if you intend to remortgage for home improvements.

Can you remortgage in Scunthorpe during a fixed term?

Remortgaging in Scunthorpe during the fixed term, prior to the usual 3-6 month period, can be classified as an early remortgage. Technically, it is possible to engage in early remortgaging while still within the fixed term.

It’s important to consider that pursuing an early remortgage may result in incurring early repayment charges imposed by your mortgage lender. These charges arise from breaking the contractual agreement you entered into at the beginning of your deal.

While there are no specific restrictions preventing you from opting for an early remortgage, it’s crucial to weigh the potential financial implications of the associated early repayment charges.

Should I remortgage in Scunthorpe early?

Determining whether it’s advisable to pursue a remortgage in Scunthorpe during your fixed term depends on your specific goals.

It is always recommended to seek professional remortgage advice in Scunthorpe to assess your situation accurately. Typically, homeowners consider remortgaging when there is a valid reason to do so.

Common motivations for remortgaging include securing a better deal if you are currently paying a higher interest rate than what is available in the market. Additionally, remortgaging can help safeguard against potential interest rate increases and inflation changes.

Ultimately, the key consideration is ensuring long-term financial viability, taking into account the potential cost of early repayment charges.

It’s important to assess whether pursuing an early remortgage will genuinely benefit you or if waiting would be a more suitable approach. Evaluating the overall impact on your finances is key in making an informed decision.

Why don’t people usually remortgage in Scunthorpe early?

It is generally advisable to avoid remortgaging early during the fixed term due to the potential high costs associated with early repayment charges. The earlier you choose to remortgage in Scunthorpe, the higher these charges may be.

If the financial benefits outweigh the costs, and it aligns with your overall savings goals, early remortgaging could be a viable option. It is crucial to consult with a mortgage lender in advance to assess your individual circumstances and determine if this is the most suitable course of action for you.

Their expertise will help you make an informed decision about whether early remortgaging is the optimal route to pursue.

Can I remortgage in Scunthorpe early with the same mortgage lender?

While the typical understanding of a remortgage in Scunthorpe involves obtaining a new mortgage with a different mortgage lender, it is worth noting that you may have the option to stay with your current mortgage lender through a process called a Product Transfer.

Surprisingly, this option is often just as popular as a traditional remortgage.

Your mortgage lender, much like your mortgage advisor in Scunthorpe, may proactively inform you when your existing deal is nearing expiration, allowing you to plan for your remortgage in Scunthorpe. It is also possible to explore an early Product Transfer.

While an early Product Transfer may involve an early repayment charge, it can be advantageous in terms of lower fees compared to remortgaging with a new mortgage lender.

By staying with the same mortgage lender, you can potentially avoid additional legal costs associated with switching to a new mortgage lender for your remortgage in Scunthorpe.

Fees to Consider with an Early Remortgage in Scunthorpe

When you decide to remortgage, it’s important to be aware of the various fees involved in the process. This is particularly relevant if you are considering an early remortgage in Scunthorpe, as you will likely encounter an early repayment charge.

Early Repayment Charge

This charge is almost always applicable when you intend to leave your mortgage before the agreed-upon period, especially during the fixed term. The earlier you exit your contracted mortgage, the higher the cost of this charge.

It is imposed because you are breaking the contractual agreement you made with your mortgage lender regarding the repayment period.

Exit Fees

Exit fees are commonly associated with most mortgage types and are typically required upon fully repaying your mortgage. They may apply at the end of your full mortgage term or when you remortgage in Scunthorpe to a new deal.

Valuation Fees

Valuation fees are often associated with remortgaging in Scunthorpe, as they are incurred when you switch to a new mortgage lender who needs to assess the value of your property.

While some mortgage lenders may offer this service for free, others may charge a fee. Your mortgage advisor in Scunthorpe can provide more detailed information during your mortgage appointment.

Arrangement Fees

Arrangement fees, also known as product fees, are typically associated with specific mortgage deals. In many cases, you can choose to add these fees to your mortgage balance and pay them off monthly. Alternatively, paying them upfront is also an option.

It’s important to consider these fees and discuss them with your mortgage advisor in Scunthorpe to gain a comprehensive understanding of the costs associated with your remortgage.

How to Remortgage in Scunthorpe Before Your Fixed Rate Ends

Typically, most mortgage deals, including fixed rates, require a commitment of at least 6 months before you can consider remortgaging in Scunthorpe.

Therefore, the chances of being able to remortgage during this initial period are very slim, however, it is possible to remortgage in Scunthorpe afterwards, although it will come with higher fees the earlier you choose to do so.

To determine the specific fees involved, it is advisable to contact your mortgage lender directly. Additionally, seeking guidance from a trustworthy and qualified mortgage advisor in Scunthorpe is essential before making any decisions.

We recommend booking a free remortgage review, where a member of our experienced remortgage advice team can discuss your reasons for wanting to remortgage in Scunthorpe early. They will provide insights on whether it is more advantageous for you to wait or proceed with your plans as intended.

Top 5 Mortgage Hurdles You May Come Across in Scunthorpe

Specialist Mortgage Advice in Scunthorpe

The mortgage process can come with its highs and lows with many people encountering challenges on the way. You may find that people fail to match the lending criteria in situations like failing to match lending criteria or going through a divorce/separation.

Mortgages can be complex! You can’t get a mortgage instantly. First of all, you will be required to pass lender credit checks and affordability assessments to show that you’re eligible for a mortgage. In the case that you come across a hurdle around this time, we do recommend that you seek the assistance of a mortgage specialist to progress your application. As a First Time Buyer in Scunthorpe, the issue may be complicated but we can explain these problems and direct you towards the best solution.

Below is a list of the most popular mortgage hurdles that home buyers may encounter through the mortgage process.

Common Mortgage Hurdles

Childcare Fees

You may find that applicants are turned away because you have children, however, it is an unlikely case. If you are in this situation, your overall offer may be a little higher than if you didn’t have them.

Lenders will account for childcare costs in your expenditures when they are assessing your affordability. The reason why they do this is to be sure that you can afford a mortgage so they need to consider all your outgoings. When it comes to childcare costs, (depending on the number of children you have) they can go into the hundreds each month and they don’t go down! They’ll see these costs as recurring payments and will treat them as they treat a car loan or hire a purchasing agent.

Regardless if you don’t pay for childcare, like a nursery, you still may be offered less than other buyers who don’t have children.

Divorce/separation

It’s a sad case when this happens, however, when you and your partner go your separate ways and you’re both linked to a mortgage, you may need to solve your financial situation first. Keep in mind that the longer you leave it, the more complicated it can get.

If you’re still financially linked to someone else, lenders may find it difficult to carry on your application, especially if you’re linked through a mortgage. Because of this, you will be managing two sets of mortgage payments each month, which could be difficult to take on.

For those in this situation, it’s best to approach us for Specialist Mortgage Advice in Scunthorpe. This is something many customers have approached us for and below is the most common questions we get:

• How can I remove my ex’s from my mortgage?
• How do I remove my name from my ex’s mortgage?
• Can I have two mortgages?

Speak to a professional advisor if these are the type of topics you are wondering about because they may be able to help you with these problems. Going through a divorce is stressful enough so adding extra stress of your mortgage can make it worse. Get in touch with our team if you are looking to obtain Divorce & Separation Mortgage Advice in Scunthorpe.

Benefit income

A variety of lenders will have different perspectives on benefit income and will assess it differently. Additional benefits that could be assessed include child tax credit, working tax credit, disability benefit or pension. Every lender will differ in what they choose to assess.

We have a variety of different specialist lenders that all have their own unique lending criteria and will measure a range of income. This type of lender may benefit your case.

New job

Starting a new job, generally, will mean you are on a higher salary. Having more money will mean you can afford finances like a new mortgage. Because of your new higher salary, you may feel like getting a mortgage will be easier, but this isn’t always the case.

Probation periods may not work in your favour when it comes to the lenders and will depend on the likelihood of you staying on. On the flip side, others may not be bothered by this. To fully get an idea of how committed you are to a job, lenders may look into your work history to see how long you were employed in the previous workplace, making sure that you are not the type to jump between workplaces.

Lenders want to be sure that you are an applicant who will not be employed within months so gaps in employment can have a negative effect on a successful mortgage application.

Depending on the lender, you may be qualified for a mortgage before even starting the job. This will be no more than a month in advance.

Evidencing a deposit for a mortgage in Scunthorpe

When you’re applying for a mortgage in Scunthorpe, you will need to make sure you evidence your deposit and be able to prove where you obtained it from. In the circumstance where you’ve simply built it over time, you will need to show this through your bank statements. We do find customers are given a gifted deposit meaning the person gifting you the money will need to prove where they have got the money from.

By doing this you are keeping in line with the anti-money laundering regulations which will show a lender that the funds have been legally raised. As well as the lender, your solicitor and estate agent may also ask for this evidence.

We do find many applicants can easily slip up on this part of their mortgage application. Not evidencing your funds correctly can put you at risk for the lender to begin questioning where the money actually came from. Having a Mortgage Broker in Scunthorpe by your side will guide you through how to evidence your deposit correctly. We can provide support through this step with you so you are in the best position for mortgage success.

Do Gambling Transactions Look Bad on My Bank Statements?

When lenders look at your bank statements they will be highlighting various factors. They do this to establish whether you are the best applicant to lend to. Generally, an ideal applicant will be able to show how well they manage their finances and prove that they can keep up to date with their monthly payments.

If you are wondering what lenders look for on your bank statements, check out below how one aspect of your bank statement can impact your ability to get a mortgage in Scunthorpe.

Mortgage Questions to Consider

What has it got to do with the lender whether I gamble or not?

If you enjoy gambling once every couple of months or it’s a daily occurrence, be aware that gambling in a massive amount usually impacts your mortgage application. Being a frequent gambler, regardless of losing money or not, you may be declined because of your gambling habits.

Obviously, no one can dictate how you live your life, however, the media does advise that you ‘gamble responsibly’. Keep in mind that a lender needs an applicant that doesn’t oppose risk to them. They want to lend to someone who will keep up with their mortgage payments so there is less risk of repossession.

Looking at the perspective of the lender, would you want to lend some money to someone who frequently gambles with a large amount of money or someone who’s always on top of their payments and doesn’t gamble?

Is it still possible to get a mortgage if I’ve got gambling transactions on my recent bank statements?

Gambling is not an illegal act, however, the one-off gambling transaction on your bank statements will not mean that you’ll get automatically declined. They will assess the gambling transactions to if they are reasonable and responsible. The things they will look out for are how frequently you gamble, the number of transactions and how they relate to your income.

For those who are infrequently gambling in small amounts, this shouldn’t impact significantly to if you get accepted or not. On the flip side, if you are a regular gambler, this could affect your application. Going into your overdraft because of gambling can reflect badly on your application.

Is there anything else lenders wouldn’t want to see on my bank statements?

Lenders will take a thorough approach to your bank statements. There are a variety of things they will look into, however, generally, they want to look at your bank statements and be confident that you are a reliable applicant to lend to.

In the case where you exceed your overdraft limit every month, your lender might conclude that you are finding it difficult to manage your finances. We would always advise that you are always aware of this even though it’s likely that you will be okay doing so. As well as this, they will look at additional credit commitments that you have like like credit card or loan payments, etc. This is a key point as you will need to put aside a set amount every month to pay back the loan just like you would a mortgage payment.

We strongly recommend that you look out for credit transactions from pay-day loan companies or known as ‘undisclosed’ loan repayments. This can raise issues if you told them that you had no additional loans to account for but it is evident on your bank statements. With this in mind, you need to be fully honest with your lender and tell them everything before they view your bank statements.

What can I do to improve things?

As a Mortgage Broker in Scunthorpe, our team always suggest that the best way to improve things is to be rational and organised.

First of all, plan ahead! Normally, your lender will ask for a minimum of three months’ bank statements.
Therefore, before you apply, put yourself in a position where you are financially able and slow down on things like gambling and dipping into your overdraft. Little changes in your finances can help.

Approaching a Mortgage Broker in Scunthorpe, like ourselves, our team will help you with this process and find you the product that will help you the most. We do find there is some specialist lenders out there who will request fewer bank statements than others, a mortgage might be able to access one of these deals.

Get in touch with a Mortgage Broker in Scunthorpe

As a first time buyer in Scunthorpe and you are stepping into the mortgage world for the first time, we strongly recommend that you seek specialist mortgage advice from a mortgage advisor in Scunthorpe.

The Importance of a Remortgage Review in Scunthorpe

If you have been on the same mortgage rate since you first bought your mortgage, it may be time for you to look at cleaning your finances and having a remortgage review. Doing so could mean that you have access to a much more appropriate mortgage deal.

What is a remortgage review?

Simply explained a remortgage review is the process of looking at your current mortgage deal, making sure there have been no changes in circumstances and perhaps seeing if you are able to get a better mortgage deal or not.

When you make an enquiry about taking out a remortgage in Scunthorpe, your expert and dedicated mortgage advisor in Scunthorpe will want to know all about the deal you currently have, so that you can compare the different products available to you.

They will analyse your current rate of interest, all your monthly payments and your current financial and personal circumstances, to work this out. If your dedicated mortgage advisor in Scunthorpe is not able to find you a better mortgage deal, they will be transparent and say so.

Why should I get a remortgage review?

If you have been keeping up-to-date with all of your mortgage payments and have been working on building up your credit score to ensure it is in a good standing, it is entirely likely that you will be able to remortgage for a better deal.

Going through the process of a remortgage review, then switching your mortgage deal onto a new one with a new mortgage lender, is called remortgaging. You can do the same thing, but stay with the same mortgage lender and this is called a product transfer.

Depending on your personal and financial circumstances, you may be more suited for one than the other. In rare cases, you may actually find that you are better staying on your current mortgage deal and falling onto your mortgage lenders SVR, though it is more likely you will remortgage or product transfer.

It is important to remember that you are never guaranteed to be getting a better mortgage deal when you go for your remortgage review, though it is worth at least enquiring. Here at Scunthorpemoneyman, we offer a free remortgage review with an expert remortgage advisor in Scunthorpe.

What are the benefits of a remortgage review in Scunthorpe?

When you take up our offer of a free remortgage review a mortgage broker in Scunthorpe, your dedicated mortgage advisor in Scunthorpe will take on the bulk of the process, searching through 1000s of mortgage deals on your behalf, finding the right one for you.

If our mortgage advisors in Scunthorpe feel that a deal they have found will benefit your situation, they will present it to you. Once you are happy to proceed, we will progress to gathering documents and submitting your mortgage application.

For customers that prefer doing things on their own, you’ll find that comparison websites can help you find different deals, though you may not necessarily meet the mortgage lender criteria and there can be other costs that you have perhaps not factored in.

We have seen customers in the past, who have gotten in touch with us after previously switching onto a rate they saw online that had additional costs that they weren’t aware of, costing them a fortune. These can include set-up fees, early repayment charges and more.

Remember that whilst you can go directly to a mortgage lender, a mortgage broker in Scunthorpe will have much more to choose from with their vast panel of mortgage lenders. You will also, importantly, benefit from consumer protection.

Enquiring for remortgage advice in Scunthorpe from a mortgage broker in Scunthorpe can often be better for your situation. Mortgage lenders can only offer their own products, whereas a mortgage broker in Scunthorpe can cherry pick the best deal from multiple mortgage lenders.

Remortgaging and Early Repayment Charges

If you are currently tied into a specific mortgage deal and are looking to remortgage, unless your deal is set to end soon, you may need to pay a fee in order to do so. This is called an early repayment charge (ERC) and occurs when you move away from a loan too early.

Our trusted and dedicated mortgage advisors in Scunthorpe will take any ERC’s into account when assessing the benefits to you financially of taking out a remortgage. Of course it won’t always be appropriate, but there also may be times when it is.

Once your initial mortgage deal has concluded, you are likely to fall onto your mortgage lenders standard variable rate of interest (SVR). At this point (or in a few months prior to it), you probably won’t be paying an early repayment charge.

Your mortgage lenders SVR is typically much higher than your current fixed rate of interest and will track the Bank of England’s base rate, plus a percentage increase of their own. As such, it can be quite expensive to remain on this interest rate.

Remortgage Advice in Scunthorpe

We have a great deal of experience in the world of mortgages, helping customers to remortgage for over two decades now. Our team of remortgage advisors in Scunthorpe are only a phone call or booked appointment away, from helping you with remortgage advice in Scunthorpe.

Book a free mortgage appointment today and speak to an expert mortgage advisor in Scunthorpe. We look forward to hearing from you and helping you soon!

Can I Port My Mortgage to a New Property in Scunthorpe?

Porting Mortgage Advice in Scunthorpe

If you are a homeowner with a mortgage to your name, you may notice that a certain amount of high street mortgages that are on the market are portable.

A portable mortgage in Scunthorpe works by taking your mortgage from one property to another if you decide to move home and want to avoid the penalty charge for doing so.

For those looking to move into a new home and are already going through your fixed rate mortgage deal, a portable mortgage could be helpful as you will have the potential to avoid having an Early Repayments Charge (ERC) for moving.

Are all mortgages portable?

Remember, not every mortgage deal that is available on the market is portable. This is even less likely if you are on a mortgage with a specialist mortgage lender because their mortgage is probably more complex to qualify initially and they would discourage you to port it.

In order to find out if porting a mortgage will be available to you, we would highly suggest that get in contact with your mortgage regarding this.

Should I port my mortgage?

In some cases, a homeowner may decide that option is not fit for them and choose not to even if their mortgage is flexible enough to achieve this.

There is a range of reasons why customers may not look to port their mortgage. For instance, the mortgage lender may not be willing to provide the additional funds or the different interest rate in those funds.

With this in mind, it may be best to accept the Early Repayment Charge (ERC) and move to a different mortgage lender altogether, however, this only applies if it works out cheaper to go to that new deal.

What is a sub-account?

This is when an account will be attached to your mortgage when you look to port it and the extra funds will move onto a deal different from your original mortgage.

Due to this, each of these will be on two different rates of interest that are applied on both the mortgage and the direct debit.

Keep in mind that because products can overlap, it can become an issue further down the line which means it might need looking into in the future so they are realigned. With this, it may mean one of the sub-accounts falls onto a lender’s variable rate briefly.

Mortgage Advice in Scunthorpe for Porting Your Mortgage

For those looking to Move Home in Scunthorpe or are looking for a Buy to Let in Scunthorpe, contact and speak to a mortgage expert.

Through our 20-plus years of experience as a Mortgage Broker in Scunthorpe, we take pride in helping thousands of mortgage applicants in circumstances like this and will work hard in supporting you towards achieving your mortgage goals.

The Main Reasons People Decide To Move House in Scunthorpe

Home Mover Mortgage Advice

There are plenty of different reasons why a homeowner may look to move home. Here, we look into the most common reasons that we have seen through our time as a reputable Mortgage Broker in Scunthorpe.

More Living Space

Homeowners will sometimes look to move home as they are in need of more living space. This is especially the case if you are a First Time Buyer in Scunthorpe as it’s likely you bought a much smaller home initially.

From this, you may find your circumstances change further down the line which could lead to you looking for a larger one because you are looking to start a family for example or you generally might want more space.

If you are looking at having that extra but would prefer to stay in your home instead of Moving Home in Scunthorpe, you may have the option to raise capital through a remortgage as a way to build the space you need.

This is usually popular with homeowners who are looking to grow their families but want to build up the family home that they already love.

Many parents decide to convert their loft into a bedroom for one of their children which could result in further free space for them to use for a home office, gym and whatever they fancy!

By remortgaging for home improvements, you are potentially increasing the value of your home which is helpful if you ever decide to sell your home. Contact our team today for Remortgage Advice in Scunthorpe if you are interest in this option.

Change of Scenary

As a Mortgage Broker in Scunthorpe, we often have customers contact us regarding moving home in Scunthorpe as they are looking for a change of scenery instead of looking at different areas altogether. Again, this is common in homeowners who previously had first time buyer mortgages in Scunthorpe.

They may be looking into this option as they had a limited budget at the time so decided to settle for a cheaper property in order to get that first step onto the property ladder. From this, they may have more money coming in and are looking to move to a more prosperous neighbourhood.

Choice in schools is not in the forefront of people’s mind when they moving into their first home because they may not want to start a family at this point. With this in mind, those who have started or are planning to start a family, will consider this when they are looking at where to move.

Family & Friends

A number of home movers usually decide to move home in Scunthorpe cause they want to be slower to their friends and family. We do find this situation usually crops up when a couple looks at starting their own family or after a significant loss.

In the situation where both parents are working full time and are looking to start a family, it is likely that they will ask their family to help them out with childcare. This can be helpful as nurseries can be pricey and working this into your schedule be challenging.

Speak to a Mortgage Advisor in Scunthorpe

If you are considering Moving Home in Scunthorpe, you may benefit from the help and support of an expert Mortgage Broker in Scunthorpe. Our team will be able give you a rundown of the costs that come with the moving home process.

Here at Scunthorpemoneyman, we have access to a large panel of lenders which allows us to search through 1000s of mortgage deals to find you the most appropriate one for your financial situation. Book your free mortgage appointment today!

As mentioned, there is the alternative of remortagaing for home improvements instead of Moving Home in Scunthorpe. This is something we have rich knowledge and experience in. Simply book yourself in for a free remortgage review by contacting our team or booking online.

Buying a Property with a Partner or Friend(s) in Scunthorpe?

Tips for Buying a House/Apartment with a Partner or Friend(s)

It’s common for First Time Buyers in Scunthorpe to find it difficult to get their footing on the property ladder on their own so will look at the easier option of moving in with a partner or friend. There are plenty of benefits from going down this route. For instance, it won’t take a long time to save for a deposit, and lenders favour two or more people to buy a property together, splitting the equity in it and being responsible for the mortgage payments.

How many people can jointly own a property?

It’s likely to find that some mortgage lenders will allow up to four people to co-own property together. Due to multiple parties being involved, this will involve some discussion if something changed in circumstances. Be aware that if one borrower ends up not putting forward their contributions to the mortgage payments, the lender will go to the rest of the group for payment.

Each joint owner will still hold a legal right to live within their home unless a court rules otherwise. This still applies if an individual withholds their contribution, they still own part of the property.

This is why you need to be selective when it comes to who you are buying with.

In the circumstance where one of the co-owners would like to increase the mortgage in the future, all borrowers need to consent. It’s good to plan for down the line in case someone ends up with a different plan in mind or a change in circumstance.

Joint tenancy or tenancy in common?

Joint tenancy is an option that is popular amongst couples who are married, in civil partnerships or just cohabiting. Usually, tenants are relatives or friends that are interested in buying a house together. This does involve needing the applicant’s consent if you decide to sell or remortgage the property in the future.

When it comes to a tenancy in common, both co-owners will jointly own the property, however, there isn’t any legal requirement to do so in equal shares regardless of whether one party earn a lot more per month than the other.

For those that you a tenant in common, they have the freedom to sell or give away their share of the property t someone else if they decide to remove themself from the situation.

In the unfortunate event that one of you were to pass away, the property will be owned by the other owner on the mortgage. As a Mortgage Broker in Scunthorpe, we always recommend taking out Life Insurance in Scunthorpe within the mortgage process. By taking this out, it’s possible to use life insurance to pay off a mortgage.

What happens if one party stops making mortgage payments?

Each mortgage borrower is jointly and equally responsible for paying their mortgage payments on time. Therefore, if one party stops paying, the parties left have to make up for the remaining to prevent possible mortgage arrears.

It’s important to keep up to date on each payment in order to prevent the risk of falling into arrears which could stop you from getting a mortgage in the future. Go into this deal with the idea that you don’t own 50%, you own 100% jointly.

Removing a Name From your Mortgage

In the case where it doesn’t all go to plan, due to maybe being in a disagreement with your co-owners or the breakdown of a marriage/relationship, you may be exploring the option of removing others from your mortgage or removing yourself from their mortgage.

If you are in this situation, it’s best to speak to an expert Specialist Mortgage Advisor in Scunthorpe who can look at your options. Check out our article about ‘divorce & separation mortgage advice‘ for more information on divorce and mortgages.

Help to Buy Mortgage Schemes

Help to Buy Mortgage Advice in Scunthorpe

After the unfortunate events of the 2008 credit crunch, the government needed something to try and bring the mortgage market back to prominence. One of the ways they did this, was introducing “Help to Buy Schemes” to help first time buyers onto the property ladder.

There are a various different Help to Buy Schemes available, some which may be more applicable to your circumstances than others. Here is a list of the schemes that may be useful for you.

Help to Buy Shared Ownership Scheme

The Help to Buy Shared Ownership Scheme was brought in to give mortgage applicants the ability to buy some of their property, and pay rent on the remaining percentage.

You will typically own between 25-75%, though this is not always the case. The remaining percentage is likely to be owned by a local authority, such as council or housing association. When you come into more funds, you may be able to increase the percentage you own.

The way that your payments work is that you will be paying both mortgage and rent. This basically means you are paying 100% of the ground rent and service charge on your home. This is still the case, even if you have the minimum share amount.

Bonus: Lifetime ISA

Though not technically a Help to Buy Scheme, the Lifetime ISA often is forgotten. It isn’t typically a first port of call, though it can be very handy for anyone looking to secure a property as a first time buyer in Scunthorpe.

It works as a type of savings account where your money can grow tax-free. The government will also top up your savings by a further 25%, so if you can meet the the £4,000 maximum amount, you will get a nice little £1,000 bonus.

You have to meet specific criteria in order to use the Lifetime ISA. More information about this can be found by clicking the link below or booking in to speak with a mortgage advisor in Scunthorpe.

9 Questions to Ask When Buying A House in Scunthorpe

Homebuyer Mortgage Advice in Scunthorpe 

First Time Buyers in Scunthorpe stepping into the mortgage world for the first time may find the experience a bit overwhelming. This is why it’s good to be prepared in order to make the most out of your house buying experience. Below are 9 questions to ask yourself as a First Time Buyer in Scunthorpe who’s looking to purchase a property.

1. How much interest has there been in the property? 

Before committing to any property, it’s a good idea to ask how many people have looked and enquired about the property. Because a mortgage will be one of the biggest financial commitments in your life, you need to know how you have left to make a final decision. If the property is getting a lot of attraction, you’ll need to make that final verdict sooner, rather than later.

2. Is the property chain free?

A property chain is when several transactions are occurring at the same time for the sale and purchase to go through. If the property is a part of a chain, this will have a significant effect on your mortgage process. When it comes to a new home, there is no onward chain.

All this can increase the chance of you moving in quickly especially if you are not part of a chain yourself. You can have more of an advantage as a buyer if you don’t need to sell your own property first because you won’t be interrupting the home buying process. It’s good to utilise this benefit when negotiating the property price.

3. What’s included in the sale? 

In some circumstances, previous owners tend to leave some items behind. These items can include electronic goods like washing machines, fridges, freezers, or things like sheds that have been left for the next occupant. This doesn’t apply to new build properties as they come as standard or agreed upon before being built.

The downside is for those who don’t want these items you’ll have to find a way to dispose of them. In the circumstance where you buying a new build property, there might be items you can buy that can be fitted and ready on moving in day.

4. What are the neighbours like?

Knowing whether or not your neighbours are good people can be the final factor in making that decision if you want to live on the property or not. After all, you and your neighbours will be the ones building a community, so it’s always best that everyone gets along with each other.

5. How much does it cost to run? 

Depending on the house and the location will factor in the costs. This is why it’s important to do your research and ask the right questions. Even things like how much the Council Tax is as well as the average spending on utilities. All this can be checked online by researching online or asking the seller.

6. Which way does the house face?

The direction the house faces can be an important factor too. If you enjoy relaxing in the garden in late summer evenings or reading books in natural light. You may find that having a south-facing garden is an ideal choice, but sometimes it comes with a larger expensive.

7. How much work will be required after moving in? 

Below are some things you may want to look into. 

• How energy efficient is the property? 
• Does it have any damp? 
• Are you able to move around your furniture?

8. Are you open to offers? 

The house buying process starts with negotiating a property price. If you are wanting to build your skills on this, check out our how to make an offer on a property in Scunthorpe article. As soon as you are prepared, you can then begin negotiating.

To find out if your offer is too high or too low, it’s best to have a chat with the seller of the home or estate agent. From this, you can find out any other offers that have been made and rejected before your offer.

9. When can we move in?  

Having a date set in the diary can allow you to plan the other tasks you need to do in advance. These tasks could include instructing a conveyancing solicitor, packing your belongings and sorting out a removal van to bring your belongings to the new property.

Devoted Mortgage Advisors in Scunthorpe

Our devoted team of Mortgage Advisors in Scunthorpe can search 1000’s of deal. Before viewing any properties, we reccomend that you speak to a Mortgage Broker in Scunthorpe like ourselves. We can give you an idea of the maximum amount you can borrow for a mortgage as well as get you sorted with an Agreement in Principle, which can help you when making any offers on a property.

To speak to a Mortgage Advisor in Scunthrope today, book your free mortgage appointment today. Our team can get you in the best position of being ‘mortgage ready’. As well as this, you will be early on in the home buying process and could put you ahead of any other home movers who may not be as organised when offering on your property.

Making an Offer on a Property in Scunthorpe

First Time Buyer Mortgage Advice in Scunthorpe

Once you are all ready to make your first offer on a property, it is important that the seller or the estate agent knows all about your personal and financial circumstances. Telling them all of your details give you a higher chance of being accepted.

Mortgage agreement in principle

99% of the times, you will never beat a cash buyer, lenders love less paperwork and a quick home buying process, which wouldn’t be the case if they had accepted someone wanting a mortgage. If you can’t afford to go down this route, to improve your chances of being accepted for a mortgage, you should get a mortgage agreement in principle prepared before you make your offer.

Having a mortgage agreement in principle at the ready shows that you have planned ahead and really want to secure this property. Whereas, if you don’t have one, your lender will know that you weren’t prepared and that you aren’t fully aware of how to apply, which could go against you.

This is why approaching a Mortgage Broker in Scunthorpe could really benefit you during the home buying process. Once you find a property that you are interested in making an offer on, Scunthorpemoneyman can quickly get you together with a mortgage agreement in principle. Depending on your situation, we can sometimes offer the same day service.

Don’t give up!

Buying a property is a negotiation process. If your first offer gets rejected, don’t worry, it’s perfectly normal to not be accepted first time round, you will get another chance to increase your original offer.

If your increased offer is also rejected, you may have to raise your offer again to match the asking price. If the property has just been listed on the property market, it’s unlikely that the seller is going to budge from their asking price. If you aren’t prepared to match their asking price, you may have to walk away and start looking for more properties.

To get a rough idea of what you may have to pay for your property, you should check out Zoopla and Rightmove and take a look “sold” prices of houses that are similar to the one that you are looking at. These prices are pulled from the Land Registry so they are reliable and can be used as a comparison.

You will sometimes see that some houses end up selling for less than their actual worth and this is because they could’ve been repossessed, sold to a tenant at a discounted price or an inter-family sale.

Speak to a Mortgage Advisor in Scunthorpe today

If you are still unsure about how to make an offer on a property and need help getting on the property ladder as a First Time Buyer in Scunthorpe, you should get the help off an expert Mortgage Advisor in Scunthorpe. They will do all they can in order to try and get that dream home of yours secured.

We are available 7 days a week, so if you ever have any mortgage questions, you know who to call. Receive a free mortgage consultation today with your expert Mortgage Broker in Scunthorpe.