Are you seeking valuable mortgage tips and guidance to help you on your path to homeownership? We recognise that you may have various questions and uncertainties as you embark on this journey.
In this article, our goal is to tackle your most important inquiries and offer valuable insights to empower you in navigating the mortgage realm with confidence.
Whether you are a first time buyer in Cardiff or considering a remortgage in Cardiff, we are here to provide comprehensive assistance. Let’s transform your homeownership aspirations into a reality!
Evaluating your borrowing capacity stands as a pivotal stride in the mortgage journey. Consider factors such as your income, monthly expenditures, and existing debts.
You have options at your disposal: employ online mortgage calculators for a preliminary estimate, or engage the services of a dedicated mortgage advisor in Cardiff for a bespoke and precise evaluation tailored to your individual financial circumstances.
Armed with this knowledge, you can make well-informed decisions that will pave the way for securing your ideal mortgage.
Staying well-informed about interest rates is an important aspect of making informed decisions. It’s essential to remain updated through reputable financial news sources, websites, or by seeking advice from experienced mortgage advisors in Cardiff who can furnish you with real-time updates on interest rates.
Being aware of current market trends will give you the confidence to make the most suitable choices for your mortgage journey. Additionally, you can explore our YouTube channel, MoneymanTV, where we consistently share monthly market updates on this subject.
Stay in the know about the latest trends and insights to ensure well-informed decisions throughout your mortgage journey.
Invest some time in examining various mortgage types, such as fixed-rate, adjustable-rate, and interest-only mortgages. Each of these options comes with its unique features, advantages, and factors to consider.
It’s advisable to conduct comprehensive research and consult with mortgage professionals to determine the mortgage type that best suits your individual requirements and financial objectives. This careful evaluation will guide you towards making an informed choice.
Building a strong credit score is essential when seeking favourable mortgage terms. Make it a priority to pay your bills on time, maintain a low credit utilisation rate, and meticulously review your credit report for any inaccuracies or discrepancies.
Should you encounter challenges related to your credit, numerous agencies are ready to offer assistance and expert guidance in enhancing your credit standing.
Building a strong credit score is essential when seeking favorable mortgage terms. Make it a priority to pay your bills on time, maintain a low credit utilisation rate, and meticulously review your credit report for any inaccuracies or discrepancies.
Should you encounter challenges related to your credit, numerous agencies are ready to offer assistance and expert guidance in enhancing your credit standing.
Both options have their advantages. A mortgage broker in Cardiff, such as our team, can grant you access to multiple lenders, facilitating comprehensive comparisons to find the best offers.
On the other hand, approaching a mortgage lender directly establishes a direct relationship. We recommend carefully considering your preferences, conducting thorough research, and seeking recommendations to make an informed decision that aligns with your specific needs.
It’s important to be aware of expenses beyond the mortgage amount, including arrangement fees, valuation fees, legal fees, and potential early repayment charges.
Take the time to review fee schedules provided by mortgage lenders and consider seeking advice from financial professionals to gain a comprehensive understanding of all the costs involved in your mortgage journey.
Building up a deposit requires discipline and meticulous planning. Begin by establishing a budget, trimming unnecessary expenses, and investigating government schemes like Help to Buy in Cardiff or Right to Buy in Cardiff, each with its own set of eligibility criteria.
Furthermore, consider high-interest savings accounts or ISAs designed specifically for first time buyers in Cardiff to expedite your savings progress. These strategies will help you work towards your deposit goal more effectively.
An agreement in principle offers an initial estimate of the potential mortgage amount a lender might consider based on fundamental information. In contrast, a formal mortgage offer represents a legally binding document in which the lender commits to granting the loan, contingent upon certain conditions.
The timeline for processing a mortgage application can vary significantly. Typically, it takes several weeks to complete the entire process. Various factors, including the type of property, your credit history, and how efficiently you provide required documents, can all influence the timeline.
To ensure a smoother and more efficient process, it’s vital to maintain open communication with your mortgage advisor and be prepared for any potential delays that may arise.
With these fundamental answers to your most pressing mortgage questions, you are now well-equipped to begin your journey into the world of mortgages.
Remember the significance of seeking advice from trustworthy mortgage advisors in Cardiff, conducting comprehensive research, and maintaining an active role throughout the process.
By following these steps, you can approach your aspirations of homeownership with assurance and take the necessary steps to transform them into a reality!
If you’re aiming to streamline your process, save time and money, and reduce stress associated with mortgage decisions, there are substantial benefits to enlisting the assistance of a seasoned mortgage broker in Cardiff.
As experienced professionals, we have access to an extensive array of mortgage deals, enabling us to meticulously select the one that perfectly aligns with your unique circumstances.
In contrast, going directly to a bank limits your options to the mortgage deals offered by that specific lender, providing no opportunity to explore multiple alternatives.
Our team is here to accommodate your schedule, offering appointments seven days a week, from early morning to late evening, ensuring we work around your busy lifestyle.
Additionally, you can make use of our website’s booking form to schedule a video or telephone consultation with a mortgage advisor in Cardiff at a time that suits your convenience.
To embark on your mortgage journey as a first time buyer in Cardiff, the first step is to schedule an appointment with a mortgage advisor in Cardiff.
During this meeting, you’ll provide them with essential information about your circumstances and plans. Subsequently, they will carefully evaluate a range of mortgage options to identify the one that suits you best.
For both first time buyers in Cardiff and those moving home in Cardiff who choose to proceed with their mortgage advisor’s recommendation, there’s an added benefit of receiving an Agreement in Principle (AIP). Our goal is to secure this document within 24 hours of your initial appointment.
An AIP is a valuable asset as it’s often requested by estate agents when you make an offer on a property. It demonstrates your commitment to the purchase and your financial readiness, with a mortgage lender ready to provide the necessary funds.
We provide comprehensive support throughout the offer process, help with property surveys, and offer optional insurance recommendations to safeguard your family and home from unforeseen events.
Additionally, you’ll need to furnish your mortgage advisor with relevant documentation to support your mortgage application. The specific requirements vary depending on your circumstances and the lender you choose.
Rest assured, as a mortgage broker in Cardiff, we’ll guide you through this process and ensure you have everything in order.
Upon receiving your documents, our role as a mortgage broker in Cardiff includes a thorough verification process.
We will then provide you with a mortgage illustration that clearly outlines the details of the deal you’ve agreed upon with the recommended mortgage lender. This step occurs just before we submit your application.
Once you’ve given your approval for our recommendation, your application is submitted. Your dedicated mortgage advisor in Cardiff will send copies of your documents to the mortgage lender.
Throughout this process, we maintain regular communication with you, ensuring you stay informed about the progress of your application.
As soon as the mortgage lender reaches a decision on your application, we will promptly reach out to you. In the event of a successful application, you will receive a formal mortgage offer.
From this point onward, the finalisation of the deal and the transition to your new home are in the capable hands of your solicitor.
As a dedicated mortgage broker in Cardiff, our utmost priority is to ensure your best interests are at the core of every action we take.
If there are opportunities to save you time, money, and reduce stress, we are committed to seizing them. Our ultimate goal is to place you in the most advantageous financial position possible.
Our authentic customer reviews bear testimony to the enduring relationships we cultivate with those who reach out to us.
These reviews vividly illustrate the positive transformations experienced by individuals through our mortgage advice service, highlighting the profound impact of homeownership facilitated by our expertise.
The credit scoring game often stirs up concerns among both first time buyers in Cardiff and folks who are moving home in Cardiff. Lots of people think it’s an unfair way for mortgage lenders to judge who gets a loan.
But here’s the thing: mortgage lenders don’t quite see it the same way. To them, credit scoring is like a superhero that helps them manage risks better and gives them consistent results, all while keeping costs down.
If you’re anxious over how credit scoring might mess up your mortgage plans, take a breath. Remember, the mortgage world is a mixed bag, with different lenders using their own special scoring methods and rules.
Now, to make this journey smoother, it’s a good move to grab a recent copy of your credit report as you kick off your mortgage adventure.
Handing your Cardiff mortgage advisor an up-to-date credit report right from the get-go gives your chances of getting accepted on your first try a real boost.
This kind of proactive move helps your mortgage advisor really get what’s going on with your financial past. That way, they can find recommendations that are tailor-made for you.
Speaking of credit reports, these things are kind of like chameleons – always changing with the times. So, taking the reins and ironing out any issues or mix-ups on your report beforehand can seriously smooth out your whole mortgage ride.
Don’t worry, your mortgage advisor in Cardiff will know how to climb all those scoring system mountains. They can steer you toward lenders whose rules match your situation like a glove.
They’ve got the knowledge and the contacts, so they can up your chances of landing a mortgage that’s just right for you, all while giving credit scoring a run for its money.
When it comes to credit reference agencies, you’ll recognise names like Experian and Equifax. However, we’d suggest considering CheckMyFile because it gathers information from various sources, giving you a fuller picture.
CheckMyFile is a user-friendly tool to access your credit report. It provides a detailed view of your credit history and financial standing. You can try it out for 30 days, and if needed, cancel without hassle.
Simply use the link below to enjoy a special offer, getting an immediate and free PDF download of your credit report. This helps you quickly review your credit details and address any issues.
This resource is valuable, providing the information you need to make well-informed decisions when applying for a mortgage or dealing with financial matters.
Try it FREE for 30 days, then £14.99 a month – cancel online anytime.
When you’re looking to boost your credit score, it’s smart to be careful with those price comparison websites. They can accidentally trigger credit searches that end up hurting your score. So, it’s a good idea to use them with caution.
Especially if you’re planning to get a mortgage soon, try to avoid taking on more credit during this time. Lenders prefer not to see a sudden increase in your borrowing activities.
Another thing that can actually help your credit score is being on the electoral register. Just make sure your name and address are correct and up-to-date because this info plays a role in shaping how creditworthy you seem.
And speaking of addresses, it’s a good practice to double-check that all your listed addresses are correct. You wouldn’t want to seem like you’re living in multiple places at once, right?
Now, here’s the thing: it’s all about balance when it comes to your credit card. Instead of maxing it out every month, try to use it wisely and pay off the balance completely each time. That shows you’re handling your credit responsibly and can give your score a boost.
Closing down old store or credit card accounts might cause a slight dip in your score at first, but it’s a smart move in the long run. It can actually make you less vulnerable to fraud.
If you’re financially tied to someone like a family member, friend, or ex-partner, through joint accounts or shared financial stuff, their not-so-great credit history might end up affecting your score.
Now, for the accounts that are still active, it might not be that easy to cut these ties. But if the accounts have been closed, you can actually ask credit agencies to disconnect these financial links.
The more you share about your financial situation with our friendly mortgage advisors in Cardiff, the better they can help you out. They know their stuff and having all the details lets them give you tailored advice that really suits your situation.
So, don’t be shy about opening up and keeping the communication flowing. That way, you’re setting yourself up for the best possible support throughout your whole mortgage journey.
Obtaining an agreement in principle, also known as a mortgage in principle or decision in principle, is a crucial step in determining how much you can potentially borrow before applying for a mortgage.
Typically, a soft credit check is conducted to obtain an agreement in principle, which will not have any impact on your credit score. A hard credit check may be required in some cases.
It’s important to note that there is no obligation to proceed with a mortgage application after receiving an agreement in principle.
At Cardiffmoneyman, we can usually secure an agreement in principle for our clients within 24 hours of their initial mortgage appointment. It’s worth noting that an agreement in principle is usually valid for a period of 30 to 90 days, but it can be renewed.
Our expert team can guide you through the process of renewing your agreement in principle, providing you with the confidence to navigate the property market.
In order to obtain an agreement in principle, you’ll need the help of a reliable mortgage broker such as Cardiffmoneyman, who can act on your behalf and communicate with the mortgage lender to obtain this document for you.
You can schedule a free mortgage appointment with one of our experienced mortgage advisors in Cardiff either by using our Get Started online form or by giving us a call.
During this appointment, your mortgage advisor in Cardiff will request proof of your income, employment, credit history, and other relevant personal information that will be useful in determining your eligibility for a mortgage.
Once you’ve provided this information, we are usually able to obtain your agreement in principle for you within 24 hours. This will give you an approximate idea of how much you may be able to borrow, allowing you to proceed with confidence on your home-buying journey.
Obtaining a mortgage agreement in principle can be a wise decision before starting your property search, as it gives you a general idea of how much you can borrow. This will help you avoid wasting time on properties that are beyond your financial means.
Moreover, having an agreement in principle can give you an advantage when making an offer on a property. Sellers and estate agents may perceive you as a serious buyer, giving you an edge over those without an agreement in principle.
It is crucial to note that an agreement in principle is not a guarantee of a mortgage, but rather a useful tool in the home-buying process.
To obtain an agreement in principle, your mortgage advisor in Cardiff will need to collect some personal information from you to pass on to the mortgage lender. This information is used to determine the amount the mortgage lender is willing to lend to you.
The mortgage lender will require your full name, date of birth, current address, and the length of time you have lived there.
They will also need to know your employment status and how long you have been in your current job. Additionally, details of your income, including any bonuses or other sources of income, will be necessary.
Your regular outgoings, such as loans, credit cards, or car finance, will also be considered. Furthermore, your credit history will be checked to evaluate your creditworthiness, including your past credit accounts such as mortgages and loans.
Finally, based on the information provided, the mortgage lender will assess your affordability, taking into account your income and outgoings to calculate how much you can realistically afford to pay each month.
It’s important to note that the mortgage lender may require additional information, such as bank statements or proof of income if you are self employed, before making a final decision on whether to lend to you.
An agreement in principle (AIP) is an initial document that outlines the amount a mortgage lender is willing to lend based on the information you have provided. It’s important to note that an AIP does not guarantee a mortgage offer, and there is no legal obligation.
A mortgage offer is a formal agreement from a mortgage lender that confirms they will lend you the necessary funds after conducting a thorough assessment, and is one of the final stages of the mortgage process.
Once it has been accepted, it becomes legally binding and sets out the terms and conditions of the mortgage, including the interest rate, term, and any fees or charges.
To reach this stage, you’ll need to provide more detailed information to the mortgage lender and undergo a comprehensive credit check. The mortgage lender will also require a property valuation.
After receiving the mortgage offer, you may proceed with your property purchase, provided that you meet any conditions stipulated in the offer.
Typically, obtaining an agreement in principle for a mortgage will not significantly impact your credit score, as most mortgage lenders will carry out a soft credit check that won’t be visible on your credit report.
It’s important to note that some mortgage lenders may perform a hard credit check during the agreement in principle process.
This could leave a visible record on your credit report and potentially affect your credit score, especially if you’ve applied for multiple AIPs with different mortgage lenders within a short time.
It’s essential to keep in mind that a mortgage application generally involves a hard credit check, which can impact your credit score.
Therefore, it’s wise to limit the number of mortgage applications you make and only apply for an agreement in principle when you’re genuinely considering purchasing a property.
Obtaining an agreement in principle (AIP) for a mortgage provides several benefits that can streamline the property buying process and enhance its efficiency.
Primarily, having an AIP enables you to have a clear understanding of how much you can borrow, which facilitates your search for properties that fall within your budget. This not only saves you valuable time but also helps you avoid the disappointment of viewing properties that are outside your price range.
Secondly, having an AIP can offer you a competitive edge over other potential buyers when making an offer on a property. Sellers may prefer to accept an offer from a buyer who already has an AIP, as it demonstrates that they are committed and actively seeking a mortgage.
Lastly, an AIP can expedite the mortgage application process once you find a property to purchase.
As the lender has already conducted a preliminary assessment of your financial situation and eligibility, they may be able to process your application more efficiently, thereby reducing the time it takes to receive the mortgage offer.
It’s important to note that applying for multiple AIPs with different mortgage lenders within a short period of time could potentially harm your credit score, as some mortgage lenders may conduct a hard credit check.
Therefore, it’s recommended to limit your applications and only apply for an AIP when you are genuinely interested in buying a property.
Obtaining an agreement in principle for a mortgage typically does not involve any fees or charges. It is simply a document provided by a mortgage lender that outlines the amount they are willing to lend to you based on the information you have provided.
It is important to note that an agreement in principle does not mean that you are financially obligated to continue, nor does it guarantee that you will receive a mortgage offer.
In the event that your mortgage agreement in principle is declined, it indicates that the mortgage lender has determined that you do not qualify for the amount of mortgage you have requested. That said, there may be several reasons why this decision was made.
It is important that you ascertain why your application was declined and take appropriate measures to address any issues. This may involve improving your credit score, reviewing your financial circumstances, or supplying additional information to the mortgage lender.
Being turned down for an agreement in principle does not necessarily imply that your full mortgage application will also be rejected.
The mortgage lender will undertake a more comprehensive assessment of your finances and credit history when you submit a full application, and may propose a different amount or type of mortgage.
Furthermore, it is vital to understand that making multiple applications for agreement in principle with various mortgage lenders may adversely affect your credit score.
Therefore, it is recommended to conduct research in advance and consider working with a mortgage broker in Cardiff to help you find the appropriate mortgage lender for your situation.
We would recommend that you speak with a mortgage broker in Cardiff before making any property offers if you are considering first time buyer mortgage in Cardiff or a home mover mortgage in Cardiff.
By obtaining an agreement in principle beforehand, you can determine how much you can borrow and narrow your property search to those within your budget.
As a mortgage broker in Cardiff, we can provide an AIP for you within 24 hours of your initial mortgage appointment, streamlining the process for you.
Book your free mortgage appointment today and let us help you to obtain your agreement in principle, as you head out on your mortgage journey with the support of a trusted mortgage broker in Cardiff.
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’re contemplating taking out Life Insurance in Cardiff or revising your current policy, you might be unsure about whether to include Critical Illness Cover as well.
Critical Illness Cover offers a lump sum payment in case you are diagnosed with a severe illness that is covered by the policy.
This article will look further into this type of insurance and help you to determine whether it is a suitable option for you.
Critical Illness Cover in Cardiff is a type of insurance that provides a lump sum payout when you’re diagnosed with a severe illness that falls under the policy’s coverage.
The payout amount is dependent on the level of cover you have and the extent of your illness. A few policies may also offer partial payouts for less severe illnesses.
The range of illnesses covered by the policy varies among providers, but usually will include conditions such as cancer, heart attack, stroke, and multiple sclerosis.
Certain policies may also cover other diseases or conditions, like Parkinson’s disease, kidney failure, and any major organ transplants.
When you are thinking about Critical Illness Cover in Cardiff, your unique circumstances and priorities will play a significant role in deciding whether it’s the most suitable choice for you.
To help make an informed decision, consider the following factors:
There are many different benefits to taking out Critical Illness Cover:
Just like any insurance, Critical Illness Cover also has some potential drawbacks that you should consider before purchasing it:
If you’re unsure about whether Critical Illness Cover is the right fit for you, there are alternative options to consider:
If you’re still uncertain about whether Critical Illness Cover is the right choice for you, it’s wise to seek expert insurance advice from a professional protection advisor in Cardiff.
At Cardiffmoneyman, our protection advisors are well-equipped to offer advice on various insurance products, including Critical Illness Cover.
We can help you in understanding the pros and cons of different policies, and help you determine the appropriate level of coverage based on your individual circumstances.
As well as Critical Illness Cover, we can also provide insurance advice on other products like Life Insurance in Cardiff, Income Protection, and Family Income Benefit.
By assessing your current policies or recommending new ones, we can help ensure that you are well-protected in the event of unexpected events.
Our team can also offer mortgage advice in Cardiff, including buy to let mortgages in Cardiff, remortgages in Cardiff, and first time buyer mortgages in Cardiff, among others.
We can help you navigate through the various options available and locate the best mortgage deal that suits your specific requirements.
To summarise, whether you require Critical Illness Cover or not depends on your individual circumstances and priorities.
If you have a pre-existing medical condition, a high-stress job, or are concerned about your financial situation in the event of a serious illness, then it may be worth exploring this as an option.
That being said, it is important to weigh the potential benefits and drawbacks of the policy and any alternatives.
At Cardiffmoneyman, our protection advisors in Cardiff are ready to assist you in navigating the complex world of insurance and finding the most suitable protection for your needs.
Well done! You have completed all of the necessary exams and have successfully achieved your career goal of becoming a Newly Qualified Teacher in Cardiff. The next step for you to take is to find yourself a job within the classroom, using your newly gained qualifications!
Depending on your circumstances, you may actually need to start looking at the options you have for moving house in Cardiff, if say you are currently residing within a property that is situated further away from your new job.
Sooner rather than later, you will find yourself on the lookout for a new place to live, finding it difficult to maintain the balance between owning a new home, as well as trying to ensure that you remain comfortable in your new role within the education industry.
You are certainly not alone in this endeavour, however, as we have helped a great many customers over our years working with mortgages, helping people like you to reduce their stress and take on the weight of their mortgage process, whilst they focus on their career.
Sometimes you may find it to be quite challenging looking for a mortgage lender who is willing to offer a mortgage to a newly qualified teacher in Cardiff.
The main reasons why this will be the case, is because as a newly qualified teacher you will have either no work history or you will be on a temporary contract.
Even bearing this in mind, it’s not totally impossible to find a mortgage for an applicant who is a newly qualified teacher. Our team of open & honest mortgage advisors in Cardiff have helped many customers with this during our time as a mortgage broker in Cardiff.
Occasionally, you will come across some mortgage lenders who actually have specific specialist deals, that are on offer to applicants who work within this particular sector.
The key to finding mortgage success is finding the most appropriate mortgage lender for your circumstances and what you are looking to achieve. This is often the most difficult part of the process and if you can get that far, you’re generally on the right path.
It is times like this where an experienced and trusted team who provide expert mortgage advice in Cardiff, can take a look at thousands of mortgage deals, in order to find the most suitable one for you, with favourable interest rates.
You must always remember that whilst it can be a complicated process for some, you are not entirely restricted in what it is you can do and what mortgage options are present for you.
Below are just a selection of the most frequently encountered mortgage types that we have seen when working through the mortgage process with newly qualified teacher:
The mortgage lender may also review various other factors as well when you are applying for a mortgage as a newly qualified teacher. There are some mortgage lenders who will not need to see previous employment history, whilst still letting you access up to a 95% loan to value.
Depending also on the mortgage lender, a 12-month first contract may be treated as the same as a permanent job role, rather than treating it as temporary work, which other mortgage lenders may very well do.
Last of all, there could be some lenders out there who are willing to begin the mortgage process with you prior to your official work start date, so long as you can provide them with suitable evidence of a signed contract and a planned start date.
This can be incredibly useful to you, as you may find that you are ready to pay your very first mortgage payments with your first months wage from your new education job by the time that the mortgage application process has completed and your first bill is due.
Our open & honest team of hardworking and dedicated mortgage advice experts in Cardiff have an immense amount of experience working within the mortgage industry, helping a wide variety of home buyers with their unique and individual mortgage situations.
You will hopefully see that there are a lot of benefits to using the services of a mortgage broker in Cardiff. We will take on the process for you, searching through thousands of deals on your behalf, reducing your stress, recommending conveyancing solicitors and much more.
To take a look at the various different mortgage options that could be available to you, book yourself in for a free mortgage appointment with a fast & friendly mortgage advisor in Cardiff, who will take initial information from you and help you on your way to the next step of your mortgage process.
If you are struggling to make up a deposit for a property as a First Time Buyer in Cardiff, you may be looking at ways to help you build it up. There are ways to help you get onto the property ladder, such as the Help to Buy Equity Loan, Lifetime ISA, Shared Ownership scheme etc. However, if you are offered a gifted deposit, you may not need to utilise a scheme and can use this instead.
This article covers the most common questions regarding gifted deposits and how receiving one could benefit your mortgage application.
A gifted deposit is a lump sum of cash that is given to you to use towards or cover your mortgage deposit.
More often than not, homebuyers combine their savings with their gifted deposit to try and access competitive loan-to-value products. These products may also include better rates of interest.
A gifted deposit is strictly a gift and cannot be a loan. When accepting a gifted deposit, the person gifting you the deposit will need to sign a declaration form stating that is not a loan, it is a gift.
Usually, it will be the applicant’s parents/carers, family or friends that offer gifted deposits. Depending on the relation to the applicant, it will be down to the lender as to whether or not the gifted deposit is allowed.
If the person gifting the deposit is over 55, they will have the option to take out the equity in their home to use as a gift. If this is the route that the gifter is taking, it is important that they opt for Equity Release advice in Cardiff before doing so.
We’ve seen many cases where First Time Buyers are struggling to save for a deposit and they don’t realise that their parents can help them out or they don’t want to ask. In truth, most parents are more than happy to offer a helping hand and want to help them get onto the property ladder.
Depending on your personal and financial situation, buying a property may be more beneficial for you and could save you money in the long run. If this is the case, your parents may prefer you to be in this situation rather than you waiting longer to save for a deposit.
In most cases, you will not be able to use a loan as your deposit. There are rare cases where this is allowed, such as when you use the Help to Buy Equity Loan scheme.
If you take out a loan and try to use it as your deposit, your lender will be able to see this. They will view it as another large financial commitment in your name. This is also why a gifted deposit has to strictly be a gift and not a loan. If you received a gifted deposit due to struggling to save up for a deposit, you are likely to struggle to pay back two sets of loans.
There is no limit to how much you can receive as a gifted deposit. Remember, a higher deposit can often lead you to access better rates of interest due to your loan-to-value lowering.
Most applicants receive an average 5% gifted deposit or less. Usually, this is also combined with the applicant’s current savings to boost their overall amount.
Mostly, it is only First Time Buyers in Cardiff that we see with a gifted deposit. However, it is not uncommon to see those moving home with deposits in place too.
If you don’t receive a gifted deposit, remember that there are also schemes in place to help you boost your mortgage deposit, e.g. Lifetime ISA.
You will always need evidence of where your deposit has come from when applying for a mortgage. This works the same with gifted deposits.
You may also need to provide additional proof of ID or bank statements. Your lender and Mortgage Broker in Cardiff will ask for this upon your inquiry.
We would also advise that you keep the gifted deposit inside of the gifter’s account until you start your process. Lenders do not like seeing lots of money being transferred between accounts; especially during the months leading up to your mortgage application.
Every now and again we come across a customer who would like to remove someone else’s name from a mortgage. As a mortgage broker in Cardiff, the main reason we hear for this is divorce or separation.
When encountering an instance such as this, sorting out your joint financial commitments should be your primary focus, to prevent any challenges down the line. Unfortunately, they’re often left until last.
Doing so makes the process a lot more difficult, stressful and much more time-consuming, so you should always do this ahead of time. Speaking to a mortgage broker in Cardiff is a good way to get on top of this.
Leaving your name tied to someone else financially can be problematic for you in the long run, due to a few reasons.
The first being that because your name is still tied, you will still be chased for missed mortgage payments, whether you live there or not. There is no getting out of that situation once you are in it, as you are legally responsible until removed.
Additionally, your credit score will also be affected by the financial association. If the other person’s credit score drops, so too will yours. Furthermore, if you were looking to take out a mortgage of your own, in your own name, you would be finding yourself in a difficult process.
For one, it will affect your affordability, as the mortgage lender will see it as an already large financial outgoing. This means you will not be able to borrow as much for your property purchase.
On top of this, you could be faced with higher Stamp Duty tax implications because you will be purchasing a new property whilst technically still owning one already. This can end up being quite costly.
All in all, it is best practice to remove your name from someone else’s mortgage as soon as you possibly can.
If you are the person who will be taking on the property and full responsibility for mortgage payments, the first step is to find out whether or not you are eligible for a remortgage onto a new deal as a sole name applicant.
Speaking directly with your mortgage lender/building society or getting in touch with a mortgage broker in Cardiff will help you to determine this.
Prior to removing someone else’s name from a mortgage, it is important that you both agree who will be getting the property. If you disagree, you may end up forking out on court costs to come to some sort of decision.
If you are currently experiencing divorce or separation, it will definitely be worth your while in seeking specialist mortgage advice in Cardiff. An expert mortgage advisor in Cardiff will be able to help you with your mortgage process.
If you require any help removing someone else’s name from your mortgage, it is absolutely worth your time getting help from a specialist mortgage broker to help you remortgage in Cardiff.
We are here to provide expert mortgage advice in Cardiff, 7 days a week including weekends and some bank holidays, to provide support and guidance throughout your remortgage process. Book your free remortgage review today and we will see how we can help.
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.