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The rise of self employed workers and the evolving business landscape has led to the increasing popularity of home offices. Working from home has become the new norm.
If you are working from home, there has to be a point where you need to consider investing in a home office. There are various approaches you can take in getting a home office, for example, you can get one via a remortgage! In this guide, we will explain how this process works and how you can remortgage in Cardiff for a home office.
First and foremost, let’s understand what remortgaging entails. Essentially, it involves either renewing your existing mortgage deal or switching to a new one. There are several reasons why you might consider remortgaging; you may be seeking a more competitive mortgage deal with a better interest rate, your current mortgage term may be coming to an end, or you may want to remortgage for the purpose of home improvements.
Remortgaging in Cardiff could potentially extend your mortgage term, but it could pay off in the long run with a better rate or the addition of a brand-new home office.
When you remortgage for home improvements, your monthly mortgage payments will slightly increase. This is because you’ll be paying for the home improvements in addition to your mortgage. However, if you’re considering a home office and want to remortgage for it, the increase in your mortgage payments shouldn’t be significant.
On average, the cost of creating a home office ranges from £5,000 to £10,000, resulting in a potential increase of just £20 to £60 per month over a 25-year term. While your mortgage term will be extended, the long-term benefits of having a brand new home office outweigh the minimal increase in payments.
Additionally, remortgaging allows you to build equity in your property, which can be used to fund the work on your home. Opting for a remortgage for your home office can save you money in the long run compared to paying for it upfront, as the latter option may require a larger sum over a shorter period.
There are numerous reasons why investing in a home office is a wise decision, particularly during these uncertain times. Whether you’re self employed in Cardiff or your employer has instructed you to work from home, a home office can offer various benefits.
It provides a dedicated space for work, enhancing productivity and separating your professional and personal life. Furthermore, having a designated home office can improve your work-life balance and overall well-being.
While moving to a larger property with a pre-built office is an option, it’s essential to consider the associated costs. In addition to the property price, you’ll need to account for expenses such as removal fees, property survey fees, and mortgage arrangement fees.
If you prefer to stay in your current home and avoid the hassle of moving, remortgaging in Cardiff for a home office presents an excellent opportunity.
If you’re interested in remortgaging for a home office and require expert advice, don’t hesitate to get in touch with our team. We offer a free remortgage consultation in Cardiff, where we carefully consider all remortgage situations.
By slightly increasing your monthly mortgage payments, you can create a peaceful and productive workspace within your home. Say goodbye to working in the kitchen or makeshift desk; let us help you transform your home office dreams 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.
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.
As a homeowner, if you don’t plan to sell your property and move, and your mortgage has a fixed term, it’s common to consider remortgaging your home in Cardiff about three months before the end of your fixed term.
This isn’t considered early remortgaging, as the process typically takes that amount of time. That being said, some individuals may choose to remortgage earlier, possibly six months or more before their mortgage term expires.
This leads to the question, “Can I remortgage in Cardiff before the end of my fixed term?” The answer is yes, there are no legal restrictions preventing you from doing so, however, that doesn’t necessarily mean it’s the best option for your situation.
When it comes to remortgaging in Cardiff, you typically have three options to choose from: tracker mortgages, discount rate mortgages, and fixed-rate mortgages.
Tracker mortgages are tied to the Bank of England base rate, which can be cost-effective when rates are low, but can be expensive when they are high. These mortgages are not fixed, but you can have a “collared rate” that doesn’t drop below a certain level.
Discount rate mortgages are a type of variable rate mortgage that are offered to you by your mortgage lender as a discount from their standard variable rate mortgage.
Fixed-rate mortgages are the most popular of the three options. They allow you to lock in a specific interest rate for a certain number of years, usually ranging from 2 to 5 years.
The downside is that if interest rates decrease, you may end up paying more, but the likelihood of reaping the benefits of a fixed rate is higher, as those rates are more likely to increase, meaning you’ll be fixed into a lower interest rate than would otherwise be the case.
Homeowners may consider remortgaging in Cardiff for various reasons such as securing a better interest rate, funding home improvements, consolidating debts, etc.
These objectives can all be accomplished in the three months leading up to the end of the mortgage term, so why else would you look to remortgage in Cardiff early?
While it is possible to remortgage in Cardiff to secure a better interest rate near the end of your fixed term, there may be situations where you wish to act sooner. For instance, if you are currently paying a higher interest rate than what is available, you may consider switching early.
That being said, this will likely result in early repayment charges, though if the savings from the switch outweigh these charges, it may still be a worthwhile option.
Typically, with the way the market trends are, this is more likely to be the case. Whilst you could simply wait until the end of your fixed period to remortgage in Cardiff and accept the current interest rate, over the course of 2-5 years, the rate may have increased by 2-3% or more.
If you are only a year away from being able to remortgage in Cardiff without incurring charges, you may decide that remortgaging early is worth the cost in order to secure a lower interest rate for an additional 2-5 years.
Some homeowners may also choose to do a debt consolidation remortgage in Cardiff at this point, combining all unsecured debt into a single, more manageable monthly payment. This may result in paying more overall, but can also free up more monthly income for other expenses and necessities.
You should think carefully before securing other debts against your home. By adding your unsecured debts to your mortgage, which is secured on your home, you are potentially putting your home at risk if you cannot make the required repayments.
Although the total monthly cost of servicing your debt may have reduced, the total cost of repayment may still have risen as the term of your mortgage is longer than it may have taken to repay the debts originally.
The main reason to avoid early remortgaging in Cardiff is because of early repayment charges. The amount of these fees varies depending on how far into your term you are.
Typically, the closer you are to the end of your initial fixed period, the lower the fees will be. For tracker mortgages, there is no fixed period, but there may be an introductory period during which a fee can be incurred.
The high cost of these fees is why most people opt to avoid them. That sad, as previously mentioned, remortgaging early may still be worth it in the long run if it results in significant savings.
Before making any decisions, it’s important to speak with your mortgage lender and understand any early repayment charges you may face, if you choose to exit your deal early.
Ultimately, the decision to remortgage in Cardiff early is yours to make. If you believe that it will provide you with long-term benefits, then it may be the right choice for you.
Even still, it is important to be mindful of any potential costs and to speak with an expert to ensure that it is the best option for your specific circumstances.
The process of remortgaging in Cardiff can be started ahead of your fixed periods’ end by booking a free mortgage appointment for trusted remortgage advice in Cardiff today. They will be able to offer you expert guidance and help you find the best deal that meets your needs and goals.
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.
Critical illness cover is an insurance policy that supports you financially if you are diagnosed with a severe illness.
When taking out the policy, it’s important that you mention any underlying medical conditions you have. The conditions you have disclosed may not be covered by the policy. Furthermore, if you have failed to mention the underlying medical condition, this could potentially mean your policy would be voided in the event of a claim.
The financial support will be from a lump sum of money that is a one-off payment to help pay your mortgage, medical, or if needed, modifications to your home.
The insurance will cover you in the event that you are diagnosed with a particular medical condition or injury that is stated within the policy.
It’s important that you read the policy thoroughly to understand which specific conditions are covered. This is due to the fact that the policy will not cover all instances of a certain illness.
It’s common for customers to confuse critical illness cover with life insurance. They are two insurances that can be purchased together, however, what they cover is very different.
The following that might not be covered within the policy could include more severe forms of cancer and other conditions. Health problems you knew you had before you took out the insurance will probably not be covered. Furthermore, this type of insurance doesn’t payout if you pass away.
What will and won’t be covered will be stated in the policy details therefore make sure you understand the policy and check all the documentation protects your needs.
Other types of insurance can provide support should something unfortunate happen to you. Below, are a list of some you might want to look into:
At Cardiffmoneyman, we offer all our customers a free, no-obligation protection review where we will look into any existing policies you have in place and check if they are appropriate for you. It’s important to know that insurance is massively beneficial.
Affordability is key when looking into insurance. That’s why a protection specialist in Cardiff, like ourselves, can provide you with the best cover that is suitable to your circumstances and priorities your budget and family.
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.
We understand that going through a divorce or separation with your partner when you have a joint mortgage together can be difficult. This guide provides you with a list of frequently asked questions that you may want to know when it comes to divorce and separation.
In any case, you still need to keep paying your half of the mortgage even if you are living elsewhere in the meantime.
Regardless if only one of you is living there at the moment, you are both held equally liable for the debt as you and your ex-partner both agreed to take out a joint mortgage. Therefore, you need to keep paying half of your mortgage until it gets paid off.
If you fail to pay your mortgage on time, it can harm both you and your ex-partner’s credit history. Failed mortgage payment could lead to repossession of the house if you do not keep up with repayments on your mortgage or any other debt secured on it.
It’s best to inform your lender sooner rather than later. We recommend you mention this to your lender when you know you are separating.
If you have both agreed it is best to move out, sell up and pay off the mortgage, any equity left after the mortgage has been paid off will be split between you and your partner. In terms of who gets what in the leftover funds is a matter between yourselves.
Our trusted mortgage advisors in Cardiff are here if you decide to move out and look to purchase a new property. They can recommend you with the best deal, offering honest mortgage advice.
In some cases, where the divorce is on good terms, you can decide to stay and pay the existing mortgage. This option can be beneficial if your mortgage is fixed for a couple of years.
In the situation in which you or your ex-partner will live in the property, then the remortgaging of the property would be under the current resident in their sole name.
You will need to remortgage in Cardiff if you decide to become the sole owner of the property because there is an existing mortgage in joint names. From this, you will then need to take out a new mortgage in your sole name, meaning your affordability will be reassessed.
Depending on your circumstance, yes you can get a second mortgage. When applying for a second mortgage, each lender will have different credit scoring systems they use and consider a range of factors.
One main factor to look at when applying for a second mortgage is your current financial commitments. From this, you can determine if you can afford the second mortgage as there could be a risk of your application getting declined which could negatively affect your credit file.
The good news is that, here at Cardiffmoneyman, we can perform a search for you that won’t damage your credit file. The maximum amount you will borrow will be confirmed when we have the necessary information gathered.
From this, you can have a good idea of your budget and how much your monthly mortgage will be on top of your current financial commitments.
Moving away from your current financial commitments can be a challenge, however, this is why having an expert mortgage advisor in Cardiff by your side could be beneficial.
An experience like moving home in Cardiff can be stressful, especially when a complex situation like divorce or separation is added to the mix. Our caring and knowledgeable mortgage advisors in Cardiff will do their best to help you with this process.
Negative equity can happen when the value of your property falls. In the situation where your joint home is in negative equity and you are divorced, it can become a challenge to sell the house and pay off the mortgage in full.
The outstanding debt might have to be split between the two of you or follow and agree with your mortgage provider’s advice.
Depending on the situation you happen to be in, a second mortgage may be a possible option for you to look at utilising. There are two different methods this can be achieved.
You may be able to obtain a Second Mortgage for buying an additional home or taking out a Buy to Let, allowing this to run alongside your existing mortgage. Alternatively, you may have the option of a Second Charge, where you take out an additional mortgage amount against the same property, with a different mortgage lender.
Below we’ve put together a guide on where this could be applicable, as well as a helpful video guide where Malcolm talks about the significance of taking out a second mortgage in Cardiff.
There are various different situations where someone might find themselves needing to have more than one mortgage. Through our experience as mortgage advisors in Cardiff we’ve heard of some fairly common recurrences, with these including, but not limited to;
1) Wanting a second mortgage to raise money for your existing home.
2) Looking to rent out your existing home and purchase a new one.
3) In the market to buy a new property with your name on another mortgage already.
4) Looking to help your children out with a second mortgage.
5) In need of a second mortgage to purchase a buy to let property.
Looking at the latter one, we feel it’s important to let you know that we have a vast wealth of knowledge on Buy to Let mortgages in Cardiff, having worked with many lenders including very specialist ones, all with their own unique lending criteria.
We also have a long history of helping Buy to Let Landlords with their properties. For more information on being a Landlord, please check out our Buy to Let Mortgage Advice in Cardiff page.
If you have equity in your home, you could have the option to take out a Second Charge to release this equity and fund the deposit for a potential additional purchase. It can also be just generally used for any purchase, such as a new car, a holiday or something else.
The way a Second Charge works is that if you still have equity sitting in your property, you may be able to take out a mortgage with a second lender, in order to release some of the equity in the property.
Usually, if you are on a lenders Standard Variable Rate, we are able to shop around for you and find a more competitive deal whilst also releasing Capital. A further advance with your existing lender may also be an option available to you.
In some cases, homeowners may be looking to keep hold of their existing property, with the intention of renting it out a taking out a second residential mortgage on a new property. This process is known as a Let-to-Buy Mortgage and has become increasingly popular over the last decade.
Sometimes your Children or even Grandchildren may be struggling to find their footing on the property ladder. As such we regularly see homeowners using either a Second Charge to release some equity to gift their loved one either a portion of, or the full amount of deposit.
We find that there are many landlords looking to purchase additional Buy to Let properties to add to their portfolio, by taking out a second mortgage. Our team are able to use our expert knowledge to recommend the most suitable Buy to Let mortgage product based on your personal circumstances. You will be asked to produce a higher deposit for this mortgage than a typical residential mortgage.
If you are currently named on another mortgage and unable to get your name taken off of it, you may still want to try your luck and apply for a mortgage of your own. This is a situation we come across often and have experience helping many different customers with.
No matter your situation, if you are looking to get a second mortgage, we may be able to help. As a fast & friendly mortgage broker in Cardiff, our Advisors are able to search thousands of mortgage deals on your behalf, following up with a recommendation on the most suitable product for you based on your personal situation.
For more information get in touch to book your free initial mortgage consultation, and speak with a dedicated mortgage advisor in Cardiff.
A Remortgage is when a mortgage deal comes to an end and you have to either renew your deal or switch onto another one. If you are approaching the end of your mortgage term and you need a new deal to switch onto, perhaps it’s time to get Remortgage Advice in Cardiff.
If you leave a Remortgage too late, you could find yourself dipping straight onto your lenders’ standard variable rate (SVR). A lenders’ variable rate will always be a higher rate than your current fixed-rated, so make sure that you know when your deal is coming to it’s end and it’s time to remortgage.
When it’s time to remortgage, you should consider all of your available options:
More often than not, your lenders’ standard variable rate will have a greater interest rate than most of their fixed-rate mortgage deals. If you want to save the hassle of searching for another deal or are more than happy to match their payments, this could be an easy option for you. It depends on your lenders’ standard variable rate.
As a Mortgage Broker in Cardiff, we must inform you that in the majority of cases, applicants who are on their lenders’ SVR are able to access much better rates.
The only real positive to being on your lenders’ standard variable rate is that you are not tied into any particular mortgage deal, therefore you can shop around and look elsewhere for other mortgage options whenever you want to. You can’t do this whilst linked with a fixed-rate product. You are essentially overpaying for freedom.
If you were happy with your mortgage payments, you may be able to renew your current deal. Your lender will know that you are coming to the end of your deal, however, they may not tell you. It’s your job to know when it’s coming to an end and you must get in touch with them if you want to discuss teh possibility of renewing your deal.
When a deal suits your circumstances, we know that there is rarely a reason to swap products. The only time it really happens is when someone can get the same product from another lender for slightly cheaper.
In our opinion, this is your best option if you are looking at Remortgaging in Cardiff. Most of the time, there’s a better deal out there that’s available for you, it’s just the case of finding it. Remember that you are under no obligation to stay with your current lender, so when we say to “shop around”, you can look anywhere.
Lenders will never reward you for your loyalty, they are more likely to offer better rates to First Time Buyers in Essex. No matter how long your term was, they will never offer you discounted rates or products.
When you are looking for external deals, you have to be careful where you look. For example, if you choose to switch everything over online, you need to make sure that you pick a deal that is right for you. If you end up with the wrong deal, you will have to deal with consequences as you chose not to take Mortgage Advice in Cardiff and did everything yourself. If this results in you paying more than your previous rate, you can’t do anything about it, you will still have to pay.
There are ways to get out of a wrong deal, however, they include high fees and a lot of trouble. If you take Mortgage Advice in Cardiff you will avoid all risks of getting it wrong, as a Mortgage Broker like ourselves aim to get it right the first time!
Once you have chosen your Remortgage route and have a new/the same deal in place, you are free to continue as you were prior to remortgaging. You will continue paying your mortgage payments as usual.
Hopefully, you managed to get a competitive rate out of your remortgage and are happy with the product that you now have. Until your term is over, you don’t have to worry about remortgaging for a while now.
On the other hand, if your personal or financial circumstances change in Cardiff, you should know that you can remortgage again if you need too. If your situation has changed, your lender will take it into consideration and may be able to work something out for you.
If your situation is complicated, approaching a Specialist Mortgage Advisor in Cardiff could your best option. You can also Remortgage for home improvements and to raise capital, so don’t hesitate to get in touch if you need help with this.
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Cardiffmoneyman.com & Cardiffmoneyman 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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Cardiffmoneyman.com & Cardiffmoneyman 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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