If you are planning to take out a mortgage in Cardiff, it is crucial to seek professional mortgage advice in Cardiff at the beginning of your mortgage journey. This applies to all individuals, regardless of whether you are a first-time buyer or considering remortgaging your property.
Obtaining mortgage advice from an expert mortgage broker in Cardiff can make all the difference between a first time buyer in Cardiff having their application accepted or rejected. By seeking the help of a professional, you can benefit from their extensive knowledge and experience in the field of mortgage lending. They will be able to provide you with valuable guidance on what to look for when searching for a suitable mortgage deal, which can be challenging for those who are unfamiliar with the process.
At Cardiffmoneyman, we have a team of experts who are well-equipped to search through thousands of mortgage deals on your behalf. We understand that finding the right mortgage can be a time-consuming and overwhelming process. Therefore, we aim to simplify the process for you by providing you with a range of mortgage options that suit your individual needs and circumstances.
By entrusting us with your mortgage journey, we hope to help you save both time and money. Our team will work closely with you to ensure that you are well-informed about your options and that you make an informed decision that is best for you.
When it comes to finding the best mortgage deal for your circumstances, your dedicated mortgage mdvisor in Cardiff is responsible for the task. Some people believe that there is no significant difference between a mortgage advisor and a broker, but this is only partially true.
Mortgage advisors are trained professionals who work for mortgage broker in Cardiff, independently, or for larger banks or building societies. The difference between them lies in the companies they work for, compared to Cardiffmoneyman.
At Cardiffmoneyman, we have a team of specialist mortgage advisors in Cardiff who are authorised and regulated by the Financial Conduct Authority. They have access to a vast panel of various mortgage lenders, enabling them to select and recommend the most suitable deal for your needs.
In contrast, many advisors who work directly for lenders will only offer their products, and their advice may be biased towards their employer. Our advisors, on the other hand, possess extensive knowledge of lending criteria and have experience providing expert advice to customers with all types of individual situations.
Therefore, by choosing to work with our mortgage advisors in Cardiff, you can rest assured that you will receive impartial and professional advice that is tailored to your unique circumstances. Our advisors will guide you through the mortgage process, helping you understand your options, and ensuring you make an informed decision that best suits your needs.
The process of buying your first property can be overwhelming and confusing, especially for first-time buyers. However, our team of dedicated mortgage advisors is here to help guide you through every step of the way. We understand that the journey to homeownership can be stressful, and that’s why we are committed to supporting you, even beyond the moment you get your keys.
Whether you are a first time buyer or looking to remortgage in Cardiff for home improvements or to release equity, our team of specialist mortgage advisors in Cardiff can provide you with the guidance and advice you need to make informed decisions. We can also assist you if you are purchasing your next property to move into or add to your portfolio.
Our team has extensive knowledge of the mortgage market, and we work with a wide range of lenders to help you find the most suitable mortgage deal. If you are a landlord looking for a buy-to-let mortgage, our team can assist you in finding a suitable mortgage that meets your unique needs.
We believe in taking the time to understand your individual circumstances and financial goals. By doing so, we can provide you with personalised advice that is tailored to your needs, giving you the confidence to make informed decisions throughout your mortgage journey.
Using a mortgage broker in Cardiff can make the home buying process smoother and less stressful. Our customers appreciate having a knowledgeable and supportive advisor to answer all their questions and concerns throughout the process. In addition, our mortgage brokers can help in the following ways:
Our mortgage advisors in Cardiff are dedicated to ensuring that you have the best possible chance of getting approved for a mortgage. Although there are no guarantees, we will use our expertise to increase your chances of success. We will work with you every step of the way, answering any questions you may have and providing you with the support you need to navigate the complex process of buying a home.
We take great pride in providing high-quality service to our customers, seven days a week. At the core of our business is a commitment to putting people first and striving to exceed their expectations. If you’re looking for a mortgage broker in Cardiff, we would be delighted to provide you with a free mortgage consultation with one of our expert advisors.
During your consultation, our mortgage advisor will take the time to understand your unique financial circumstances, answer your questions, and provide you with personalised advice on your mortgage options. We understand that the mortgage process can be daunting, which is why we strive to make it as simple and stress-free as possible.
Our team of mortgage advisors in Cardiff is passionate about helping people achieve their dream of homeownership. We work with a wide range of lenders and have access to exclusive mortgage deals to help you find the most suitable mortgage for your needs. Contact us today to learn more about how we can assist you with your mortgage needs.
If you are only planning on living for a short period, renting makes more sense. However, if you are going to stay in a particular area for a long time, saving for a deposit and buying would be more suitable.
If you had parent(s) who took out a mortgage, this might encourage you to be a first time buyer in Cardiff once you saved enough for a deposit or have been fortunate enough to receive a gifted deposit. This article will take a look at the benefits and drawbacks of buying a home.
The property market fluctuates, leaving people unsure whether when is the best time to start putting your foot onto the property ladder. Before committing to a purchase, you should speak with a mortgage advisor in Cardiff to discuss all your options.
With that said, this is more than just an investment. It’s a home. The most important factor is finding the most suitable one for your circumstances.
More often than not, your repayments on the mortgage can sometimes be cheaper than rent. Interest rates tend to fluctuate, too, meaning your mortgage payments can do the same. Alternatively, you could look a taking out a fixed-rate mortgage.
A fixed-rate mortgage will ensure your payments remain the same for a set period. On the flip side, rental properties typically see prices stay the same or increase.
Owning a home creates a sense of stability for them and their families. Providing you can keep up your payments, nobody can force you to leave your home if you don’t want to.
As a tenant, you get some protection with things like how much notice you need to be given, and if they want the house back, your hands are firmly tied. However, when you factor in family, work or schools nearby, this isn’t ideal for you.
At times, Landlords give their tenants the first refusal to buy the property if they are selling, as this saves them on Estate Agent fees.
Renting can be a more flexible option than owning a property. There’s nothing to stop you from giving your landlord notice if you want to leave for a job in a different area.
As a homeowner, this becomes awkward as you have to decide whether or not they want to rent out your home or sell it. The process of selling a home and buying a new one is both expensive and time-consuming.
If you’re unsure of your commitment to a set area and feel you may move again, you should consider whether or not it’s worth buying a property. It should be viewed as a long term investment.
Landlords should be responsible for all major repairs that a tenant needs. Some are better than others when it comes to this, and you still might end up doing some repairs yourself.
If you are a homeowner, then all of this is down to you, ensuring the property (a condition of any mortgage you take out).
Contrary to popular belief, owning your own home is not for everyone. If you are young and moving in with a partner for the first time, renting may very well be the perfect option for you.
There’s nothing wrong with renting for a while. However, life is unpredictable, and for one reason or another, you may need to remove someone’s name from a property, which can be difficult on a mortgage.
There are not many more extensive financial commitments than buying a home, so everyone should consider the options before diving in. If you decide to rent through, it may take you much longer to save up for a deposit.
Overall, most folks tend to decide on buying over renting. However, no matter whether you’re paying rent to a landlord or paying for a mortgage, you’re still making monthly payments to live somewhere.
The consensus is that people would much rather their payments go towards their benefit than someone else. It’s often just a matter of timing and being in a better financial position.
Home movers in Cardiff are often in two minds whether to move or not (e.g. “I like my neighbours, but I’d like an extra bedroom). However, most potential first time buyers in Cardiff, if asked, would likely say they want to be on the property ladder.
They are often unphased by and disinterested in external factors such as ongoing political events. So whilst the housing market does go through fluctuations, this hardly ever puts people off wanting to get onto the property ladder.
It should always be classed as a long-term investment, and whilst it might not be ideal if your home drops in value, history suggests that when that does occur, the prices go back up in the long run.
95% mortgages are an option if you fit the criteria, if you are more than halfway to having the 5% deposit available, it’s worth trying to get an agreement in principle in place. To make sure you are eligible for a mortgage when the time comes.
The mortgage journey is a rewarding process. Owning your own home can give you many achievements further in life, like a sense of financial security and getting into a better position to start having children/starting a family. For some, first time buyers in Cardiff felt that owning their own home was one of their top financial goals.
Suppose your reason for wanting to own a home was that it provided a sense of security. Others felt that taking out a mortgage was cheaper than renting.
Despite and any hurdles you might have come across along the way, you will end up with a stepping stone to further boost you up the property ladder or in a position to make an investment purchase to provide some extra income.
Remortgaging is where you take out a new lender’s product on a property you already own to either replace your existing mortgage or borrow additional money against your property. Suppose you decide to stay with your current lender and negotiate a new deal with them. Then this is called a product transfer.
Whether you are looking to remortgage or take out a product transfer, you will notice that many products out there each have their own set of different deals and rates available. Further down, we listed the most popular remortgage products accessible to most homeowners, along with why remortgaging may be beneficial to you.
When is a good time to remortgage? Whether it is to secure a better deal, for home improvements, consolidate debts, to release equity or because your circumstances have changed.
A fixed mortgage term lasts between 2 and 5 years for the vast majority. During that period, you will be paying off some interest and capital. 2-5 years later, when it comes to your remortgage, you may be in a position to be in a lower loan-to-value bracket, allowing you to access better rates.
If you decide further down the line not to remortgage, you risk yourself going onto a lender’s standard variable rate of interest (SVR). Which could be much higher than what you are currently on.
However, if you remortgage before this happens and you fit into a better loan-to-value bracket. You could be moved onto a much better rate, resulting in saving you money each month.
If you have been placed on a tracker mortgage, you will find that your monthly payments and interest rate corresponds with the Bank of England’s base rate, which can fluctuate depending on the economy’s performance.
For example, if the economy has dipped, base rates may lower, and vice versa. Lenders may also add an extra percentage onto this base rate so that you are usually tracking a rate between 2-4%.
Once you are on the property ladder and settled into your new home, you may feel that the place needs some home improvements – whether that’s a new extension, conversion, or redecorating. If you choose to remortgage, there’s a possibility that you can get this work done for a reasonable price.
You will need to have the estimated costs of the improvements to get an idea of how much it will cost you. Then you can incorporate these costs into your mortgage upon taking out a new product. You will find that your monthly payments will increase depending on what you hope to achieve.
If you are looking to start having children/starting a family, want to add value to your home or add some home improvements, we would recommend remortgaging instead of going through the process of having to sell and buy a property simultaneously. In some circumstances, it’s easier to improve your current home.
If you are looking to extend or shorten their whole term to try and switch to a more flexible product shorten your term will lead to paying off your mortgage quicker. But, it can also mean higher repayments. Whereas extending your term can reduce your payments but you will be paying off your mortgage a lot longer.
During the process, you can decide whether to extend your term or not. Choosing to shorten your term will lead to the option of overpaying, which can help pay off your mortgage faster.
Although a flexible mortgage sounds like a good idea, they usually coincide in the form of a tracker mortgage. A tracker mortgage matches the Bank of England’s base interest rate, which changes depending on how the economy performs.
Equity is the difference between what is still owed on the mortgage and the property’s current value. The longer you’ve owned property, the more equity you’re likely to have in it. At some point, you’ll be able to remortgage and release some of this equity to turn it into a lump sum of cash.
You can spend this cash however you want to. Some choose to use the equity to put down another deposit on another home to help a family member.
As a Mortgage Broker in Cardiff, we often see that landlords with a buy to let in Cardiff release equity to put down a deposit onto another property to expand their portfolio.
If you are over the age of 55 and have a property valued around at least £70,000, it may be worth looking at your options for equity release in Cardiff. Speak to an expert later life mortgage advisor to learn more about this.
If you’ve built up some unsecured debt and want to incorporate it into your mortgage, this can be made possible in some cases. However, you will need to get in touch and speak to Mortgage Advisor in Cardiff, as debt consolidation is a ‘complex’ subject.
Debt consolidation is based on how much you owe, your property value, and your credit rating. You need to consider that you’re trying to incorporate large sums into your mortgage. Therefore, your total mortgage amount will increase.
If you have bad credit and need help from a mortgage expert, don’t hesitate to contact us. We have debt consolidation experts at Cardiffmoneyman that will be happy to help you with your needs.
It may be time to start your remortgage journey if you are coming towards the end of your fixed mortgage term. If you aren’t quite ready for that stage yet, we can take that stress away and do it for you!
We would advise that within 6 months of your deal ending, it may be time to start looking around for deals.
Book your own free remortgage appointment online today. We have advisors who are experts in giving Remortgage Advice in Cardiff. It’s our job to help you through your process and try and find you the most suitable deal that matches your personal and financial situation.
For first time buyers in Cardiff statistics show that in recent years property prices have increased at a faster rate than wages. We have found that many people look to purchase in joint names with a partner or friend in order to be able to afford a suitable home at a more reasonable price.
Purchasing in joint names usually will increase your maximum borrowing capacity, as the lender will look at all party’s income and take this into account when running the affordability calculations.
Surprisingly, we work with some lenders who will accept up to 4 people co-owning a property.
If for any reason, one of the co-owners of the property decides to no longer contribute to the mortgage repayments, any joint owners will still have the legal right to reside in the property unless this is ruled otherwise by a court.
If you would like to increase the mortgage at a later date, you must gain consent from all co-owners involved. It’s therefore essential that you make long term plans about what will happen in the future should you end up wanting different things.
We find the most popular tenancy for married couples or those in civil partnerships is ‘joint tenancy’. With this type of tenure, if either party were to pass away, the property would be handed over to the co-owner. If you have taken out relevant life insurance, at this point, your mortgage would be repaid.
With ‘joint tenancy’, when looking to remortgage or sell the property in the future. It would be required that all names on the tenancy agree to this.
When purchasing with relatives or friends, we find that ‘tenants in common’ is the most popular tenure. You will still jointly co-own the property but are have the flexibility to do so not with equal shares. This works well if one party is making a more significant financial contribution than the other.
With ‘tenants in common’, another positive aspect, is that you can act independently. For example, you can choose to sell or give away your share of the property to someone else without the need to consult other parties.
All mortgage borrowers are jointly and severally liable for mortgage payments. If you find yourself paying all future payments without a co-owner, you will still be liable. You are preventing the mortgage from falling into any debt.
As mortgage arrears showing on your credit file could have the potential to stop you from obtaining a mortgage in the future.
It is best to think of it like this: You don’t own 50% of a property, you own 100% jointly.
Lenders will need to be confident that you can keep up with monthly payments on your own before they can approve of this happening.
When purchasing a home with a partner, it’s a whole new chapter starting in your life and can be a great way to start fresh with another individual. In all the excitement of moving home, it can make you wonder about the justifications if things go sideways.
As seen from above, a mortgage is a big financial commitment and making changes is going to be a challenge.
With physical proof that you can maintain mortgage payments since your old partner moved, the lender may agree to your request to put the mortgage into your single name. However, lenders like the idea that there are two people to pursue in the event of arrears occurring.
To remove someone, you will need to take out a remortgage in Cardiff, where they will carry out a brand-new affordability assessment, precisely in the same way as they would at the point of purchase.
Whilst a lender may not accept a request, it’s always beneficial to speak with a mortgage advisor in Cardiff beforehand, as there may be other lenders who could agree to your transfer request.
It can also be worth talking to family members to see if they can help you out to make life a little bit easier. They can do so by replacing your ex on your mortgage or by gifting you a lump sum to reduce the amount owed, meaning your savings can contribute to easing your future mortgage payments.
If you and your partner split up and you leave the family home, then your responsibility is still shared for mortgage payments even if an agreement was settled with your ex that they will make all the payments.
If you are sending your partner money each month, you should keep an eye on your credit report to ensure they are paying the mortgage. If they default, then it will impact your own score.
Is your name still linked with an existing mortgage? Then the payments for that will be considered if you buy a new home of your own. That will mean lenders might not lend you as much as you would like.
Buying a home with someone is different from renting with them. It’s always better to agree on what would happen to the house should things not plan out as expected.
Mortgage protection insurance is a term used to encompass various types of cover designed to protect borrowers like first time buyers in Cardiff from events that could severely impact their ability to maintain mortgage payments.
There are different variations, but when connected to a mortgage, they are all there to provide peace of mind and usually fall into the following categories:
As a rule, if the policyholder dies within the term, then the sum assured should be enough to pay off the outstanding mortgage balance and ensure the borrower’s dependents aren’t left with a debt they might not otherwise be able to manage.
Our protection specialists in Cardiff can run through all the different types of life cover and recommend the most suitable plan for you.
Critical Illness Cover works similarly to life insurance in that it is usually taken for a specific term of years and can have different options such as level/increasing.
It pays out a lump sum, and, like life cover, it is taken on a decreasing term basis in line with the reduction of your mortgage balance for borrowers.
The key is that the benefit is paid if you fall victim to one of several specified critical illnesses and pays out whatever the long-term prognosis of that illness. The type of illnesses covered vary from company to company.
That’s why this type of insurance cannot be solely price-driven and always recommended advice.
In practice, many companies will offer life and critical illness cover as a combined policy and would usually payout on the “first event”, i.e. whatever happens first – either death or a severe illness – the payout is made. They can also be written on a single or joint life basis.
Whereas life and Critical Illness Cover pay out a lump sum, income protection pays out a monthly sum designed to replace your wages if you are unfit to work.
Unlike Critical Illness Cover, there are no restrictions on the illnesses or injuries covered, the only factor being whether they make you unfit to work.
However, there are restrictions on how much you can cover and how quickly benefits would start to be paid.
Like life and Critical Illness Cover, these policies are underwritten based on your health and lifestyle when you apply. All income protection policies are written on a single life basis.
Unlike the traditional forms of policy, the cover would pay an annual or monthly income for the remainder of the plan’s term rather than pay out a lump sum.
Thus, it can replace the primary breadwinner’s income for several years, dependent upon a particular client’s circumstances and, because of this, would usually be written on a level or basis or an index-linked basis designed to keep up with inflation.
There’s an adage that says you can never have too much insurance. Indeed, many people have one or more of the different types of policy, and it would be wrong to think of Mortgage Protection Insurance as just an “either/or” choice.
However, affordability plays a massive part in the real world, so whilst it would be fantastic to cover yourself for every potential opportunity, a good advisor will sit down with you and tailor the type of cover to be the most suitable combination to your family’s priority and budget.
Each lender has a different playing field when it comes to credit scoring. You may find it easy to pass with some lenders and hard with others. If you fail to approve a credit score, lenders can sometimes be unhelpful and not tell you the exact reason why you failed.
It might be down to a mixture of things, and they can’t find exactly why your application was unsuccessful.
It is the place where your specialist Mortgage Broker in Cardiff offers you a helping hand. If you can obtain a copy of your credit file, come and speak to one of our Mortgage Advisors in Cardiff and they will try their best to match you with a lender that you have a high chance of passing through.
Also, offering a deposit of more than the minimum of 5% will increase the chances of you succeeding a “good” credit score for a mortgage.
If you have a credit card, using it regularly and paying it off every month is a great way to prove that you can keep on top of payments. Registering on the voter’s roll can also really help and is easy to set up.
If you also have any old bank accounts or store cards that are no longer in use, you should get them closed down as this looks better from the lenders’ viewpoint.
If you have failed a lenders’ credit score, don’t worry! There are lots of different lenders out there, all with additional criteria. You should eventually find one that you will fit perfectly, and there are many ways to improve your credit score, it all takes time and good patience.
On the other hand, please don’t apply for too many hard credit checks as the more you do, the worse effect it can have on your file. Lenders can see you are failing over and over, possibly removing all of your chances of passing altogether.
As well as having their unique lending criteria, each lender will also have their way of how working how much you can borrow. It is more than usual to approach ten different lenders and receive ten completely different answers. Some will be lenient, and some will be strict.
For example, if you are Self Employed in Cardiff, the lender may be more generous. You will find that some lenders will assess 100% of an employee’s overtime and bonuses and others may not, it depends on the lender. Others may allow you to pass with “unearned” income such as tax credits, child benefits, and maintenance.
As a trusted Mortgage Broker in Cardiff, we have a large panel of lenders. We can approach any of these for you, without the need for a credit check, to perform an affordability assessment for you.
If so, to get ahead of the game, you could have an affordability assessment carried out before you start searching for properties. Here’s what would show you what sort of financial situation you are in before you begin getting credit checks.
Providing evidence that you have kept on top of your mortgage and rent payments does not guarantee that you will pass a lender’s own affordability test.
Each lender has their own strict lending criteria. Some are better than others, depending on your personal and financial situation. Lenders want to attract good quality borrowers who may not fit their competitor’s criteria. They engage them by carving out niches for themselves.
Here are some reasons why your mortgage application could be denied or has been getting denied for being outside of policy:
If you come to us, your mortgage broker in Cardiff, we can find the best lender for you based on your situation. Even if you think your problem is a little complicated, don’t hesitate to get in touch.
We have dealt with thousands of complex cases, and we can’t wait to help you through yours. With our help at Cardiffmoneyman combined with a perfectly matched lender, you will be able to put down a deposit for a mortgage in no time. Get in touch with a mortgage advisor in Cardiff and receive a free mortgage consultation today.