Embarking on a mortgage journey can feel overwhelming, especially for first time buyers in Beverley or those looking to move or invest in property. With numerous options available, it’s crucial to make informed decisions from the start to save time and costs down the line.
At our company, we offer a personalised and friendly service, catering to your specific mortgage needs. We understand the complexities of the process and have the expertise to guide you through it. Our team is dedicated to providing expert mortgage advice in Beverley, assisting both new and existing customers.
In this article, we’ve compiled a comprehensive overview of the advantages and disadvantages of working with a mortgage broker in Beverley. Discover why many people trust us for their mortgage advice needs in Beverley and benefit from our knowledge and guidance.
While some believe that finding a mortgage deal on their own will save them money, the reality is more nuanced, especially when it comes to a mortgage broker in Beverley. While brokers may charge a fee, the actual cost depends on individual circumstances and the chosen company.
If you have extensive knowledge and a straightforward case, going direct might be easier and more cost-effective. For more complex situations or if you lack knowledge in the mortgage market, seeking the assistance of a mortgage broker in Beverley can prove invaluable.
Without proper knowledge, you run the risk of choosing the wrong deal or facing a rejected mortgage application. Both scenarios can lead to increased expenses or negatively impact your credit score, affecting future mortgage prospects.
With a dedicated mortgage advisor in Beverley, their primary goal is to help you achieve your mortgage goals. They strive to provide the right recommendation the first time, at the best price. While there may be a service fee involved, the potential savings in the long run can outweigh the costs.
In the past, many customers preferred approaching their banks directly out of loyalty and familiarity with the traditional way of conducting the mortgage process.
Back then, customers would visit their local branch and often interact with the same bank manager, benefiting from their expertise and personal knowledge of their financial situation.
Previously, having the bank manager personally review and approve your mortgage application was seen as advantageous, as they possessed a deep understanding of your finances.
With the advent of technology and online banking, the mortgage process has undergone significant changes, particularly with the introduction of digital credit scoring.
Nowadays, the bank manager does not manually assess each case. Instead, a sophisticated online system evaluates your eligibility for a mortgage. This process is standardised and applies uniformly across banks, ensuring fairness regardless of the institution you choose.
The focus has shifted from personal interactions to digital assessments based on objective criteria.
While it’s true that going directly to a lender can offer access to exclusive deals, it’s important to note that these options may be limited to that particular company. Banks typically provide their best deals, but they may not consider other lenders’ offerings.
It’s worth considering that mortgage lenders extend beyond banks, and there are numerous alternative options available. The deal a bank recommends may not necessarily be the most competitive one among all available lenders.
Seeking specialist mortgage advice in Beverley can provide you with a significant advantage. Our expert mortgage advisors in Beverley will thoroughly review your case and leverage our extensive panel of lenders to find the best deal tailored to your specific needs.
Another benefit of consulting a mortgage broker in Beverley is access to exclusive deals that are not available elsewhere.
Whether you’re a first time buyer, moving home, or looking to remortgage in Beverley, we can present you with a wide range of options to choose from, ensuring you find the most suitable mortgage solution.
In the aftermath of the 2007-08 credit crunch, significant improvements were made in the mortgage market. One of these changes came in the form of the 2014 Mortgage Market Review, which required lenders to provide mortgages only with extensive expert advice.
Gone are the days when anyone at a bank could grant a mortgage without proper checks or qualifications. The new regulations ensure that customers receive appropriate advice tailored to their circumstances.
These changes also introduced consumer protection measures that were previously lacking. If you believe you have been misadvised, you now have the option to file a complaint with the Financial Ombudsman or seek compensation through the Financial Services Compensation Scheme.
This increased consumer protection provides reassurance to customers, ensuring they receive reliable advice and guidance throughout their mortgage journey. This applies not only to mortgage brokers in Beverley but also to mortgage lenders, as both are subject to these regulatory requirements.
Choosing to approach a bank instead of a mortgage broker in Beverley can come with a drawback in terms of timing. Getting in touch with someone at a bank can often take months, and once the process begins, you may not receive frequent updates throughout your mortgage journey.
At Beverleymoneyman, we prioritise responsiveness and convenience for our customers. Our dedicated team of mortgage advisors in Beverley will reach out to you at a time that suits your schedule.
We’re available from early morning to late evening, seven days a week, including weekends and even some bank holidays.
We understand that every customer has a unique lifestyle, which is why our advisors are available throughout the day. You can easily book an appointment beyond traditional 9-5 hours or on weekends through our simple online booking system.
Our commitment to responsiveness doesn’t end there. Whether you’re at the beginning or nearing the completion of your mortgage, our friendly team will keep you informed every step of the way. If there are any changes, your dedicated mortgage advisor in Beverley will promptly get in touch with you.
It’s this emphasis on high-quality service that has made local mortgage brokers in Beverley like us a preferred choice for many. Instead of national banks, more and more people are opting to approach knowledgeable local experts who provide personalised support and guidance.
With our extensive industry experience, we have encountered various scenarios that can present slightly more challenges than the usual mortgage cases.
One such scenario is a mixed deposit, where two different sources of funds, such as a gifted deposit and personal savings, need to be audited and accounted for. Additionally, individuals on zero hour contracts pose considerations regarding the consistency of their income.
For those looking to make a second property purchase, assessing their affordability and financial capability becomes crucial. Self employed individuals in Beverley without a fixed income also face challenges in securing a mortgage.
A poor credit history can also impact an applicant’s eligibility, as lenders may view it unfavourably. Ultimately, affordability is a key factor, determining if applicants can comfortably manage the mortgage.
In the past, mortgage lenders competed primarily by offering better deals, but the focus has now shifted to meeting specific criteria. It’s important to note that while you may find a cheaper deal, it may not align with your unique circumstances and requirements.
Applying for a mortgage involves a hard search, which leaves a footprint on your credit file. Declining a deal in principle can negatively impact your credit file without clear reasons provided, adding to the frustration.
At Beverleymoneyman, we understand the intricacies of these situations and have the expertise to guide you through them. Our mortgage advisors in Beverley will leverage their knowledge and experience to help you find suitable mortgage options, even in challenging circumstances.
We are committed to providing personalised advice and support throughout the application process, ensuring you have the best chance of securing the right mortgage for your needs.
Mortgage brokers in Beverley play a vital role in helping you navigate the mortgage application process and increase your chances of approval. With their extensive network of lenders, they have access to a wide range of options and can find the most suitable deal that aligns with your specific criteria.
Once they have assessed your case, they can initiate the process of securing an agreement in principle for you. At Beverleymoneyman, we prioritise efficiency and aim to provide you with an agreement in principle within 24 hours of your free mortgage appointment.
It’s important to note that an agreement in principle does not guarantee or automatically commit you to a mortgage. It offers the advantage of having an expert review your credit file in advance, which can help protect your credit score.
Our team of dedicated mortgage advisors in Beverley is committed to getting our recommendation right the first time, ensuring that you have the best chance of a successful mortgage application.
When it comes to finding the right mortgage solution, there are advantages and disadvantages to both approaching a mortgage broker in Beverley and going directly to lenders. The choice ultimately depends on the speed and level of security you desire.
At Beverleymoneyman, we are a dedicated mortgage broker in Beverley with extensive experience assisting clients at various stages of their mortgage journey.
Whether you’re a first time buyer in Beverley taking your initial steps into the mortgage world, nearing the end of your fixed period, or looking to remortgage in Beverley, our team is here to provide expert guidance.
You can easily book a free mortgage appointment or remortgage review to speak with our knowledgeable mortgage advisors in Beverley. We understand the importance of flexibility and strive to accommodate your availability, subject to our schedule.
To gain further insight into our services, we encourage you to explore the exceptional customer reviews we have received.
These testimonials reflect the high level of service we consistently provide to our satisfied clients. Additionally, you can find valuable mortgage-related content on our YouTube channel, MoneymanTV.
When it comes to your mortgage goals, our team is dedicated to helping you find the right solution. Contact us today to discover how we can help you on your mortgage journey.
In this article, we will explore the advantages and considerations of equity release plans, which are commonly recommended for individuals aged 55 and above.
Equity release in Beverley allows homeowners to unlock tax-free funds from their primary residence. One of the key features of equity release in Beverley is that you retain full ownership of your property.
We will delve into the benefits and potential drawbacks of equity release, providing you with a comprehensive understanding of this financial option. By examining both the pros and cons, you can make an informed decision about whether equity release in Beverley is the right choice for you.
At Beverleymoneyman, we pride ourselves on being among the select few mortgage advisors in the UK who can assess the entire range of later life mortgage products.
In considering the available options, we prioritise regular mortgages, which, in certain cases, can extend until the age of 85. We also explore the diverse array of specialist retirement interest-only mortgage products (RIOs) and lifetime mortgages, including equity release plans.
Our dedicated later life team will carefully evaluate your unique circumstances and recommend the most suitable product or combination of products. It is essential to remember that equity release in Beverley is not the sole solution, and there may be another option that better aligns with your specific needs.
Please note that equity release in Beverley plans allow you to release equity solely from your primary residence and not from a second home or buy to let property. In such situations, regular mortgage options may be more appropriate.
Our clients have various motivations for considering equity release in Beverley, with common reasons including home improvements, managing financial changes due to late-life divorce, paying off an existing mortgage, providing financial support to family members, and supplementing retirement income.
Equity release plans offer flexibility, allowing you to access funds either as a lump sum or in smaller increments whenever needed. Our knowledgeable equity release advice team in Beverley will carefully assess your circumstances and guide you towards the most suitable approach.
To get started, simply book your free, no-obligation consultation with our dedicated later life team in Beverley. You have the convenience of booking either by phone or online.
During this consultation, we will address any queries you may have and provide you with an overview of the available products, associated fees, and the amount you can potentially release.
Once you’ve had your initial meeting and decide to proceed with us, your mortgage advisor in Beverley will arrange a more in-depth follow-up session. This meeting will delve into the details, ensuring you are fully prepared for the application process.
Rest assured, we are committed to making the journey as stress-free as possible for you. We’ll assist you with every step, including arranging solicitors and navigating any valuation or legal requirements that may arise.
When it comes to equity release in Beverley, we highly recommend involving your family members right from the start. Their support and input can be invaluable during the application process, and they often bring up important questions and considerations.
Having your family members involved will provide you with reassurance that you have chosen the right company and will enhance the overall understanding of the benefits and potential drawbacks of the plan.
We welcome and encourage your family members to participate in the discussions, and we are more than happy to address any questions or concerns they may have.
With our video software, it’s convenient to include multiple family members in the calls and discussions, ensuring everyone is well-informed and involved in the decision-making process.
If you’re ready to move forward, we are here to assist you every step of the way. You can easily reach out to us by phone or book an appointment online to book a free consultation focused on later life mortgage options.
During the consultation, we will address any inquiries you may have and provide personalised recommendations tailored to your circumstances. Rest assured, we only require your ages and address for the call, ensuring a hassle-free experience.
To accommodate your busy schedule, we offer evening calls that can be adjusted to work around your work commitments or childcare responsibilities. We are committed to making the process as convenient as possible for you.
To understand the features and risks, ask for a personalised illustration. Equity Release in Beverley may come in the form of a lifetime mortgage or home reversion plan.
A lifetime mortgage may impact the value of your estate and it could affect your entitlement to current and future means tested benefits. The loan plus accrued interest will repayable upon death or moving into long term care.
A home reversion plan involves selling all or part of your home to a plan provider in exchange for a tax-free lump sum.
At the end of your mortgage journey, you will have fully fulfilled your mortgage goals whether that be living in your dream home for you and your family, occupying a property that was perfect for you to get onto the property ladder but you are now wanting to leave in the future or a buy to let investment property.
Whatever path you took initially, you will eventually find that your fixed period is ending. You might be thinking of looking at the option of moving into a property that is either bigger or smaller. In some cases, a landlord may look to sell up their portfolio.
Through our experience as a Mortgage Broker in Beverley, we usually find that many people will look at taking out a remortgage.
Firstly, let’s look at the definition of a Remortgage in Beverley. In summary, a remortgage is when you use funds you have raised from taking out a new mortgage in order to pay off an existing mortgage in your name. There are many different options to do this and many benefits for each.
With over 20 years of experience in the mortgage industry the ‘Moneyman’ Malcolm Davidson (host of MoneymanTV, our YouTube channel), has collated a helpful guide to all the remortgage options that are fitting for homeowners.
When it comes to your fixed period, this will usually be around 2-5 years. You may find that the fixed rates or potential discounted rates are usually lower. In some cases, homeowners might find themselves in a situation where they are placed onto a tracker mortgage, which will follow the inconsistent Bank of England’s base rate.
At the end of your fixed period, it’s likely that you will be placed onto the lenders Standard Variable Rate (also known as SVR). In short, an SVR is a mortgage with an interest rate and can completely change to whatever the lender wants to charge.
Even though this mortgage type does not fluctuate with the Bank of England’s base rate, a tracker mortgage would. Usually, the changes can happen when the base rate or the market changes. For instance, if the base rate increases, your lender may choose to increase their rate too.
Due to this, Standard Variable Rates are usually seen as a costly option to stay with, which can be one of the reasons why many homeowners generally go for a remortgage on their property for better rates. They do this in the hopes of having money down the line.
If you have lived in your home for a couple of years, you may be looking at giving your home a makeover. Instead of finding a new place to live that covers your house preferences, you could have the option to remortgage in order to release equity. By doing this, you could use these funds to upgrade your current home.
Through our time as a Mortgage Broker in Beverley, we have customers do a range of things in their homes. One of the most common things is to get more space in their properties. Some are interested in giving their kitchen a revamp and one that has become popular is converting the loft into another room or something else.
For many homeowners, taking on a large project that involves lots of planning and managing and will include getting permission can seem like a nerve-wracking task. We have found that many customers find this option a lot less stressful and more rewarding than moving into a new house.
Making changes and developments to your home could be really beneficial down the line because you are creating more space and modernising a well-built home which, in turn, can increase the property’s worth. Therefore, if you do decide to move home, this could help you out.
In some cases, homeowners do go down the route of taking out a remortgage in Beverley as a way to access better rates. This can be done by reducing the duration of your mortgage term or by switching to a more flexible product.
If you decide to reduce your mortgage term, you won’t be paying back, nor will you be restricted for as long. Therefore, you may find that the mortgage payments are higher for you. You would be paying less per month, the longer you have your mortgage term.
In many cases, customers decide to go for a more flexible mortgage term around remortgage time. You could have the option to overpay beyond the average amount (this usually comes with a cap), so you could pay off your mortgage quicker. If you decide to move, you could be able to pass the mortgage onto a new property.
This may be the best option, but these will usually come in the form of tracker mortgages. As seen before, this will correlate with the Bank of England’s base rate. This could result in your monthly payments being a bit unreliable, as they may change.
In the potential event of another momentous market crash, each homeowner will have a particular amount of equity existing within their home. This is usually calculated with the difference between what you will owe on the mortgage and the value of the property.
As previously stated, the common reason why people look at taking out a remortgage to release equity is so they can fund home improvements, however, you may have another reason to use the equity.
Other popular reasons include using the equity to cover long-term costs, as a way to provide an income boost, fund towards a large holiday, pay off an interest-only mortgage or to just to have extra disposable income.
Our team do work with Buy-to-Let landlords who will look at remortgaging to release equity from one of the properties in their portfolio and a way to cover the deposit for a future purchase.
We have found that some homeowners look to remortgage to release equity in order to pay off any built-up, unsecured debts.
These may seem like a simple solution to debts, but it all depends on the amount you can borrow for a debt consolidation remortgage which does depend on the amount you owe a creditor, the value of your home and the current state of your credit rating. Because of these factors, you could be limited in the amount you are able to borrow.
On top of this, to pay your previous mortgage off entirely, along with the debts you have built up, you will need to borrow more than you actually require for a mortgage. Therefore, this will most likely mean higher monthly payments.
This is not the best situation, however, you will rest assured in knowing that if you are struggling, there are options out there that you can take.
For those who have a damaged credit rating, there are some routes for you to take. This would be a complex case though which is why you will need to seek Specialist Remortgage Advice in Beverley prior to proceeding with it. Be aware, that this doesn’t guarantee you a mortgage.
We do recommend that you obtain the advice of a Specialist Mortgage Advisor in Beverley before they consolidate any debts against their home.
Towards the end of your initial fixed period, you may be looking into the options and routes you could take. This is where a Remortgage in Beverley can help.
To connect with an expert Mortgage Advisor in Beverley, book your free remortgage review today. We provide a helpful, tailored service with availability 7 days a week from early in the morning until late at night. This means you can book your appointment around your schedule.
Your designated Mortgage Advisor in Beverley will be able to go through your case and get to know your mortgage goals to build a suitable option for your mortgage journey. Our team work hard in making the process as fast as it was your last process.