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Owning a home that is filled with happiness, love and warmth is the dream of every first time buyer in Cambridge at the start of their process. Having your own home feels special, no matter where you go or whatever you do, you will always feel most comfortable in your own house.
There is no doubt that buying a home is one of the biggest financial decisions you will ever make, so it’s understandable you’d want to get things right the first time around. If you’re finding it difficult to obtain a mortgage, a mortgage broker in Cambridge may be able to help.
Once you have your home, you will be able to take pride in being a homeowner and having the freedom to make any changes (so long as planning permission approves, if necessary) that you want to. That’s why getting the right mortgage advice in Cambridge is a must have.
Of course with taking on a new financial venture, you’ll want to know how much it will all cost. Whilst specifics vary, we have put together a guide about the costs of buying a home in Cambridge, what is included, what to look out for and how to best prepare as a first time buyer in Cambridge.
Estate agency fees can at times be negotiable and will have a starting fee that varies from agent to agent or company to company. More importantly, the most affordable agents are the field experts who you will find working online.
The main reason for their lower prices, is that they aren’t covering the costs of maintaining a physical location such as an office. That being said, you should still be conscious about what you do online and make sure you prepare ahead of time for the right deal.
Before you take out a mortgage for such a large amount of money, the mortgage lender you are looking to borrow from needs to make sure that the property in question is actually worth the amount that you will be paying for it.
In order to achieve this, the mortgage lender needs to conduct a professional survey, which may cost you some extra charges in the form of a survey fee. On the other hand, some mortgage lenders may provide this free of charge, although they may not provide you with the report.
For the surveys you do pay for, you could be looking at a few hundred pounds. Of course, if you want an in-depth home buyer’s report for documentation, the service fee almost doubles.
Your mortgage advisor in Cambridge will explain the differences between each survey to help you make a more informed decision. For first time buyers in Cambridge, it may be recommended to go with the premium survey if the property is old or in somewhat worse condition.
Though you may consider an in-depth survey an expensive option, it may save you from repairs and maintenance costs throughout the coming years.
As a typical rule of thumb, the mortgages that have the lowest interest rates tend to have higher service charges. Set up fees for the mortgage can be as low as nothing at all, to as much as a few thousand pounds, it really does vary.
An open & honest mortgage advisor in Cambridge will help you to make arrangements for all of your finances, especially when it comes to your mortgage arrangement fees. In some cases, the lender arrangement fees can also be added to your mortgage.
The inclusion of a solicitor is a crucial part of your mortgage, as it is them who will be handling the legal side of the purchase and mortgage process.
For instance, they may validate the property ownership, find out any future plans for adjoining properties, as well as the most important step, which is the processing and handling of funds, to complete the sale of the property.
When you view your solicitor’s fee, check if their quote includes VAT and local searches. Though a typical solicitor’s fee is a few thousand pounds, the legal verification is worth the price. Getting first time buyer mortgage advice in Cambridge can help you find out which is the best solicitor for you.
Some properties or purchases may be subject to stamp duty – a paid land tax to the government. You can check the official government website to get the latest updates and more information regarding stamp duty.
The rules concerning this tax change every now and again, so it’s worth checking to make sure you’re up to date. If stamp duty is something you need to pay, your mortgage advisor in Cambridge will advise on this.
Before you get in touch with a trusted and dedicated mortgage broker in Cambridge, it is important to make sure that you do your research first, so that you are going with the best mortgage broker for you.
An expert mortgage broker in Cambridge will sometimes charge a small fee, which will entirely depend upon the amount of your mortgage and complexity of your case. Most mortgage brokers, like us, will only charge a fee, upon completion of your mortgage, not upfront.
When moving home with a mortgage, many people will hire a van to move all of their belongings into their new home.
We would always recommend hiring local removal companies to make the most of their services. The costs of these can vary, though it could be said that hiring and driving your own van could cost less.
If you need further assistance or Credit Score Mortgage Advice in Cambridge, feel free to get in touch with our team.
Divorce can wreak havoc on your emotions, finance, and of course, the home you embellish with love. But instructively speaking, it should not be taken as a stressful event, instead of a process that needs considerate handling.
At times, it may be confusing and even daunting when legal implications get in the way. In the line of reasoning, the most important being managing your finance and mortgage. That’s why getting Specialist Mortgage Advice saves the day. So, let’s dive in and learn everything you need to know about divorce and separation when having a Mortgage Advice in Cambridge.
At Cambridgemoneyman, we believe in sharing our first-hand knowledge with our clients that helps them tackle their mortgage-related legal matters. This guide contains practical information about most of the queries that our clients are anxious to ask.
Our specialist mortgage broker in Cambridge has answered the 3 most important and commonly asked questions. We understand your hesitation and hope that the detailed answers will make it easier for you to take the first step towards settlement.
Joint investment in a home is a huge commitment on a financial basis and needs to be dealt with carefully. Similarly, removing a name from the mortgage or any other changes can be strenuous unless you come to the end of your mortgage term.
When you are a family and have children involved, things can get a bit more complicated. In most cases, the mother gets hold of the property. Whoever agrees to reside in the house is the most likely to take full responsibility for the mortgage.
If you want to remove your ex-partner’s name from the mortgage, you need to provide solid proof that you can afford your own mortgage payments by yourself. Lenders will keenly study your salary, expenses, disposable income and then decide if you can hold your own mortgage or not. Moreover, they will also check your ex-partner’s credentials to decide whether he/she will be able to go forward with their mortgage or not.
Finally, they will perform an assessment on your credit file before coming to a decision. More importantly, since the mortgage was in partnership, the lender can follow you both in the mortgage arrears list.
The same process follows if you want to remove your name from the mortgage. However, the scenario is a bit different and tough for those who prefer to vacate the house. Removing your name from the mortgage requires duly signed consent from you and your ex-partner. Again, the lender needs to carry out a detailed affordability assessment to confirm whether your partner can manage the installments on their own or not.
If your partner agrees to remove your name from the mortgage and can afford the payments, you are clean to look for your own place. When you move into a new place, your lender will consider your former mortgage payments. But the fact is not all lenders are the same as some are more strict than others and rarely consider your state of affairs.
Hence, you need to try and find the right lender for you, and that’s exactly where we come in. Cambridgemoneyman not only provides you with divorce and separation Mortgage Advice in Cambridge but also will help you find that perfect lender for your own circumstances.
Yes, you can have multiple mortgages and properties as long as you can afford to pay for them. Once you apply for a new mortgage, your lender has the power of decision. They will take an affordability test that includes checking your credit profile before acceptance. When checking your file, your lenders have full access to check all the mortgages that your name is under.
They will try to figure out how much you contribute to these mortgage payments. Finally, they will decide whether you can manage the new mortgage expenses or not. They make the final decision by even following the other financial commitments to your credit.
Furthermore, the lenders will also account for the likelihood and the risk factors for your house’s repossession. If they find you high risk, they won’t take the chance and you may be declined. On the other hand, as a specialist mortgage broker in Camrbridge, we have the solution to all your problems.
You can get an affordability check at our Mortgage Broker in Cambridge before connecting with a mortgage lender. At Cambridgemoneyman, we analyse your affordability first so that you can make a final decision.
We have expert mortgage advisors in Cambridge with years of experience with both class and professionalism. Reach us out for any divorce and separation Mortgage Advice and assistance. Our amazing team of dedicated field specialists will be more than happy to help.
Are you approaching the end of your deal? Do you need to borrow some extra money for capital or home improvements? If so, then now could be the best time to remortgage.
As a mortgage broker in Cambridge, it’s not unusual for us to see customers forgetting to renew their mortgage deal. When this happens, people end up slipping onto their lenders’ variable rate which is usually higher than their current rate. This is why we always advise that you keep on top of your mortgage and make sure that you know when your deal is coming towards its end, especially if you have a short-term deal.
If you know that you’re coming towards the end of your mortgage term, it’s time to take the next step. Remortgaging can be a complicated process, so don’t hesitate to contact your remortgage broker in Cambridge.
Over our 20 years of working within the mortgage industry, we have learnt that the best way to find a better remortgage deal is to shop around first. Before committing to the same lender, take a look at the other deals out there as there are hundreds if not thousands. Although not every deal may match your criteria, some certainly will and that’s why it’s important to shop around first before rushing into accepting the first deal that is offered to you.
We say this with your best interests at heart; more often than not, your lender will not reward you for your loyalty and are probably offering better deals to first time buyers in Cambridge.
If you are wanting to find a competitive rate and are interested in switching products, it could be your best option to approach a mortgage broker in Cambridge. They will work by your side and help secure you a deal that matches your personal and financial situation. For example, here at Cambridgemoneyman, we will always aim for a deal that is better than your current one.
Speaking to a mortgage advisor in Cambridge should be your first option when you don’t know where to look for competitive deals. Another benefit to using a mortgage broker in Cambridge is that they can have their own panel of lenders, some of which you can’t access by yourself.
Looking to upgrade your home? Thinking of finally treating yourself to a fancy new kitchen or a spacious home office? Well, did you know that this can all be done through remortgaging?
Whether you want to invest in your property or add more living space to make more memories in your dream home, remortgaging for home improvements could be the right option for you; there is nothing wrong with giving your home a makeover. You can increase your mortgage to pay for cosmetic alterations as well as structural work.
As a Mortgage Broker in Cambridge, we usually see that homeowners want to remortgage for home improvements because they have plans to start/already have started a family. However, if this isn’t your situation, we can still offer a helping hand and try and secure a great remortgage deal to switch onto. Whatever your situation is, we are still more than happy to help.
If you need to borrow a significant amount of money, your lender will reserve the right to ask you for estimates for the works you intend to have carried out. You don’t necessarily have to use the contractor that provided the estimate to do the actual works.
You can also raise capital on your property when you remortgage for almost any legal reason. For example, this could be for large consumer purchases, gifts to help family members, to purchase a buy to let mortgage or for debt consolidation.
It is important that you know that you will still be paying interest on a remortgage for a long time after you take one out so you need to make sure that you are borrowing for the right reasons and that you will be able to meet monthly payments during the whole mortgage term.
Adding unsecured debt to your mortgage may result in you paying back more interest overall. This is down to a mortgage term usually being much longer than the length or a personal loan. However, this isn’t the case all of the time.
You must consider that you are taking unsecured debt and securing on your home. This won’t sit easily with everyone as you are under the risk of repossession if you cannot afford your mortgage payments down the line.
If you have 0% credit cards, you will need to know that the interest rates that apply to the debts that you are considering rolling onto your mortgage will start attracting interest too.
Often, consolidating debts into your mortgage leads to a reduction in your monthly outgoings. Some customers end up reducing their payments by hundreds of pounds.
To summarise, we highly recommend that you take all of your options into consideration before deciding on anything. Whether you are thinking of switching deals for a better deal, home improvements, capital raising or debt consolidation, you should know that your expert Mortgage Broker in Cambridge is here to help. We have over 20 years of remortgage experience and often know exactly how to help; there is rarely a situation that we haven’t come across before.
To speak to a professional remortgage advisor in Cambridge and find out which option could be the best for you, feel free to get in touch. We can’t wait to help you get the ball rolling with your remortgage journey.
Purchasing a home is a significant milestone for many individuals and first time buyers in Cambridge. It’s a step towards stability and a long-term investment in one’s future. However, the rising costs can often make this goal seem daunting, especially for first time buyers in Cambridge.
The government has introduced various schemes and initiatives to support aspiring homeowners. One such initiative is the Lifetime Individual Savings Account (ISA), with the goal of helping individuals get onto the property ladder. Here, we’ll delve into the details of Lifetime ISAs and how they can be used for mortgage purposes.
A Lifetime ISA, commonly known as a LISA, is a government-backed savings account designed to assist people in saving for either their first home or their retirement. It offers individuals a unique opportunity to benefit from a 25% government bonus on their savings, up to a maximum of £1,000 per year.
This means that for every £4,000 you save in a LISA, the government will contribute an additional £1,000. This bonus makes a LISA an attractive option for those looking to build a sizable deposit for their first home.
One of the key advantages of a LISA is its versatility. The savings accumulated in a LISA can be used for purchasing your first home. For those focused on homeownership, the funds can be used to finance the purchase of a property valued up to £450,000. This opens up a wide range of options for potential homeowners, including properties in Cambridge, a city known for its prestigious university, rich history, and vibrant culture. You can find more information here on the Government’s Official Webpage.
While the LISA offers valuable benefits, there are some important restrictions to consider. To qualify for a LISA, you must be between the ages of 18 and 40, after which you can continue to earn interest on your savings but will no longer receive the government bonus. Additionally, if you withdraw funds from your LISA for reasons other than purchasing a home or retirement, you may incur a 25% withdrawal charge, which could negate some of the advantages gained from the government bonus.
For individuals in Cambridge, a city renowned for its historical architecture and academic prestige, purchasing a home might seem like a dream come true. A LISA can play a crucial role in making that dream a reality. With property prices in Cambridge reflecting the city’s desirability, having a robust deposit can be a game-changer when it comes to securing a mortgage. The government bonus provided through a LISA can significantly boost your savings, making it easier to achieve the required deposit amount and potentially accessing more favorable mortgage rates.
If you’re considering taking advantage of a Lifetime ISA for purchasing a home in Cambridge, we reccomend seeking professional guidance. Our mortgage advisors in Cambridge can offer advice tailored to your financial situation and housing goals. They can help first time buyers in Cambridge understand the fundamental of a ISA, assess how much you can realistically save, and navigate the mortgage application process. Booking a free mortgage appointment with a mortgage advisor in Cambridge can set you on the right path toward homeownership.
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Cambridgemoneyman.com & Cambridgemoneyman 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.
Authorised and Regulated by the Financial Conduct Authority.
We are entered on the Financial Services Register No. 627742 at www.register.fca.org.uk
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Cambridgemoneyman.com & Cambridgemoneyman 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.
Authorised and Regulated by the Financial Conduct Authority.
We are entered on the Financial Services Register No. 627742 at www.register.fca.org.uk
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