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Brexit: What it means for UK home movers
After the majority of the British public voted to leave the EU it has understandably sparked much discussion and concern over what will happen to house prices and the cost of mortgages in the UK.
Many of you looking to move house may be tempted to sit tight for now and wait and see what happens as political leaders are still in the midst of creating contingency plans. However, it is important to remember that the main reasons you wanted to move house still remain the same, regardless of the new and unknown territory we are in, and these are the things that will continue to drive the property market. Houses will still become available, families will still grow, and people will still want to get on the property ladder. So although people’s sentiments may have changed of late, ultimately there is still a supply and demand apparent in the market.
If interest rates fluctuate?
With no announcements yet as to what will happen to interest rates, for now, all we can do is prepare ourselves for what might happen further down the line.
What we do know right now is that banks and building societies are still in the business of lending and there are some very good deals in the market at the moment. At Mortgage Advice Bureau we currently have access to thousands of products from many lenders so by speaking to an adviser there’s a very good chance we can find a mortgage to suit your circumstances.
Remember: we survived the credit crunch when we thought the odds were against us, so we need to remain calm and keep a level head until further information comes to light over the next few weeks.
Life insurance
A mortgage is probably the biggest financial commitment you will ever have in your lifetime, so although it isn’t a nice subject to talk about, it’s advisable that you prepare yourself for all eventualities and protect your home, and your family, with life insurance.
Even during times of stability, it is advisable to look into taking out protection for your mortgage to give yourself financial security and peace of mind. This way you are prepared for all of life’s eventualities and you don’t have to think about it again further down the line.
Speak to Mortgage Advice Bureau
If you’re looking to sell your house, or are in the middle of buying a house, our experienced mortgage advisers would be more than happy to speak with you. We can iron out your concerns and offer worthwhile advice in relation to your personal situation. We offer advice over the phone or face-to-face depending on your preferences, so please contact us today to arrange an appointment.
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What is a mortgage valuation?
When you use a mortgage to buy a house, as part of the process, your lender will arrange a mortgage valuation. This is to ensure that the property is worth the amount they’re lending you to buy it. Mortgage valuations are conducted by a surveyor who is a member of the Royal Institute of Chartered Surveyors (RICS). Only a surveyor who is a member of RICS can carry out a mortgage valuation.
What does a mortgage valuation include?
A mortgage valuation usually involves a brief inspection of the property which takes the surveyor less than twenty minutes. The surveyor will then prepare a short report for your mortgage lender, which confirms the valuation figure, along with comparable properties of a similar style in the nearby area which have recently sold in order to support the surveyor’s valuation figure. Some lenders will provide borrowers with a copy of the whole valuation report or an extract from it, others don’t provide anything at all, so you’ll need to check to see what will apply in your individual case. Also, some lenders don’t charge for a mortgage valuation but others do, so it’s best to check with your mortgage adviser if this is something you’ll have to pay for.
Who is the mortgage valuation for?
The main thing to bear in mind is that a mortgage valuation is carried out solely for the benefit of your mortgage lender, and not on your behalf as the borrower. Therefore, it won’t provide you with any details of any property defects, for example if there is any evidence of subsidence or an issue with the roof or rainwater goods which could be a significant cost to repair. For that sort of detail, you’ll need another type survey that you’ll have to pay separately for.
Different types of surveys
There are three types of home survey that can be commissioned on your behalf (the buyer) in order to determine the condition of a property. As with a mortgage valuation, home surveys can only be carried out by a surveyor who is a member of RICS. The three types of home surveys are: 1. Level One survey (also called a RICS Condition Report) 2. Level Two survey (also called a RICS HomeBuyer Report) 3. Level Three survey (also called a RICS Building Survey) These vary in the level of detail that the Surveyor includes in each, but broadly speaking, a Level One survey is the most basic and the Level Three survey is the most detailed. If you decide that you’d like to have a home survey in addition to your mortgage survey, it’s best to mention this to your mortgage adviser when you initially apply for a mortgage. That’s because it may be possible for the surveyor who conducts the mortgage valuation to also undertake your home survey, although this isn’t necessarily always the case. If not, it may be that you’ll have to find another surveyor and arrange your home survey yourself. You can find a list of surveyors in your local area by visiting the RICS website at www.ricsfirms.com
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Currently in council rented and wanting to know your options?
Give us a call and speak to one of our advisers.
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#financialservices #mortgages #credit #dreamhome #ukmortgages #mortgagebrokers # business #buyingahome #broker #underwriting #loans #househunting #remortgage #homeloan #property #devon # mortgagerates #insurance #trust #mortgagebudget #newbuild #cashloan #aip #valuation #firsttimebuyer #propertyladder #sold #homesearch #welcomehome #littlethings
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Happy Sunday.. It doesn't matter what you do with your weekend, just enjoy it.
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#mortgages #weekend #happyweekend #dayoff
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Did you know that you can Rent to Buy with some housing associations?
Rent to Buy offers borrowers new build homes to rent for a pre-defined period of time with the expectation that you will buy a share of the property at the end of the rental period.
Homes are available through a range of housing associations on assured shorthold tenancies with an affordable rent of 80% (or less) of market rents.
The rent is payable for a pre-defined and limited period, after which time there is an expectation that you will purchase the property on the terms of Shared Ownership.
The rental period provides you with the opportunity to save for a deposit towards buying a share in the home, enabling you to access mortgage availability.
If your circumstances have changed and you're no longer able to afford to buy, your landlord may review your tenancy and there is no guarantee that your tenancy will be renewed after each of the agreed periods.
Some housing associations offer variations of Rent to Buy. Many of these schemes are marketed with different names, for example “Try Before You Buy”, "Part Buy Part Rent" or “Rent Save Buy” etc. Please enquire with the relevant housing association to clarify the terms under which scheme you are interested in is being offered.
Interested in Rent to Buy or perhaps Shared Owership ? Please don't hesitate to get in touch with our helpful team of mortgage advisers. We can put you in touch with an adviser local to you.
📞 01752 204000 📧 [email protected] 🌎 mabsouthwest.co.uk #financialplanning #insurance #credit #home #plymouthuk #advisers #lifeinsurance # creditreport #brokers #lenders #mortgagelender #homebuyers #preapproved #forsale #realestate #mortgagepro #realty #properties #homeforsale #loans #remortgage #budget #solicitors #newbuild #insurance #money #realestate #finance #finance #personalloan
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It's the little things ❤️
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Think of a Help To Buy equity loan?
Give us a call and speak to one of our advisers to discuss Help to Buy.
📞 01752 204000 🖥 mabsouthwest.co.uk 📧 [email protected] #insurance #financialsuccess #moneymanagement #financialadvisers #lifeinsurance #commitment #home #buyingahome #incomeprotection #mortgagerates #valuation #goals #homesweethome #listing #forsale #properties #ukmortgages #solicitors #dreamhome #newhome #ahouseahome #listed #mortgages #househunters #buying #underwriting #income #selfemployment #mortgage
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The Art of Decluttering
We all know that feeling when your house becomes so full that you feel like you can’t see the wood for the trees. If this sounds familiar to you, then it’s time to sit up and finally de-clutter your house, once and for all!
Over the years, your belongings build up. People buy you things for your birthday and Christmas, children or grandchildren buy and collect things, and before you know it your home is well and truly cluttered up and full to capacity!
But don’t panic. There are several ways you can declutter your house, so have a read of the below for some helpful ideas of how you can make a good start…
1. If you haven’t used it by now then you probably won’t
Adopting this motto will help you sort through your belongings, separating those things that you use and need, from the things that you end up holding on to for the sake of it.
It can be tough parting with your belongings, especially if they hold sentimental value, but as soon as you acknowledge that they haven’t be used for a good few months, making the decision to get rid of them will become easier and will clear your home up, which will ultimately make you feel much better.
2. Sell them on
The things that you no longer need but are still in good condition can be sold on to another good home. You could hold a garden sale, car boot sale or use an online third party, like Gumtree or Ebay. This is an easy way of getting rid of your unwanted belongings and you can make a bit of money too! Similarly, you could support a charity close to your heart and send it to the local shop.
3. Dividers
Placing dividers in your drawers will allow you to split your belongings up into groups and organise them accordingly. Things will no longer get mixed up into one big pile, which can be rather stressful when you can’t find the thing you need!
4. Paperwork
Any important documents or paperwork should be kept all in one place. The best way to do this is to keep them all together in one file. Any unimportant paperwork can be thrown away - just make sure you shred anything with your name, address or any confidential information on it e.g. bank statements.
A slow but constant accumulation of things overtime will lead to clutter, and not sorting out the clutter will lead to hoarding. Nip it in the bud now and implement some of these changes, so you can sit back, relax and enjoy a clutter-free house!
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Why switch from renting to owning?
Renting can be a great way to gain your independence. Whether you’re moving out of your family home, or moving to a different area, you can experience what it’s like to fend for yourself, such as managing the household bills, cleaning, cooking etc. But if you’ve been renting for a while, you might now want to spread your wings and take the next step up onto the property ladder and consider buying somewhere you can call your own.
What do you need to know about home ownership? In all honesty, aside from the financial commitment, there isn’t a huge difference between renting and buying, as you’ll still have to make a monthly payment, but it will be a mortgage payment to your lender rather than a rent payment to your landlord.
The main things to make sure you account for are:
1) Paying the deposit upfront - For many, this is the biggest hurdle when it comes to buying your own house. 2) Taxes and insurance - Stamp Duty will need to be paid on properties over £300,000 outside of London and £500,000 within London. Insurances, such as life cover and building and contents will also need to be considered. 3) Extra fees, such as surveys and solicitors - Make sure you have enough money left in the pot to cover the costs of surveys and solicitor fees. 4) Maintenance costs - In rented accommodation you can fall back on your landlord if you have any maintenance issues, such as the boiler stops working etc. but when you own your own home, you are the landlord! Therefore, if anything goes wrong, you need to make sure you can pay to get it fixed, so you’ll need to keep an emergency fund to one side.
Your credit score Although you would have needed a good credit score to in order to rent, there’ll be further affordability checks that you’ll have to pass before the lender agrees to lend you the money. Read our tips on how to improve your credit score, if you’re worried about your score.
Life events You’ll often find that it is the unpredictable nature of life events that can give you that final push from renting to buying. Perhaps your landlord is deciding to sell the property, perhaps you’re having a baby and need somewhere with more space, or perhaps you want to move to the next stage in your relationship and live with your partner.
Commitment One thing that’s for sure when buying a house is the long term commitment that it requires. For many, a mortgage will be the largest financial commitment you ever have so you need to make sure that you’re absolutely ready and know how much you can borrow. However, it’s not just the financial commitment you need to be sure about. You need to be ready to settle down in one area and know that this is the right decision for you.
Mortgage Advice Bureau We’re here to help get you started on the journey to owning your own home. If you’re feeling unsure where to start then please contact us today and we can put you in touch with a mortgage adviser local to you. In the meantime, it’s worth having a read through some of our helpful first time buyer guide.
📞01752 204000
#mortgageadviser #mortgagebroker #mortgage #mortgages#mortgageadvice #protection #protectionadviser #sharedownership
Your home may be repossessed if you do not keep up repayments on your mortgage.
There will be a fee for mortgage advice. The actual amount you pay will depend upon your circumstances.
The fee is up to 1% but a typical fee is 0.3% of the amount borrowed
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Lewis talks about his experience of the house-buying process and making the decision to switch from renting to buying.
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Help us find your dream mortgage
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How to Add value to your house.
Making improvements to your home is not only a great way to refresh and revive old surrounds, but it’s often used as a way to maximise the value of your house and work your way up the property ladder.
Depending on how adventurous you’re feeling, you can make smaller improvements, such as redecorating, or you could move up the scale and undergo renovation projects to completely transform your home and potentially add greater value to it.
Larger home improvements Extension One-story or two-story, the whole width of your house or just the width of one room, extensions can come in many different varieties and they’re great for giving you extra living space.
Loft conversion You could make better use of redundant loft space in your house by converting it into an extra room. You can then utilise this space however you want to, whether it’s an extra bedroom, a playroom for the children or a home gym, perhaps.
New kitchen Renovating your kitchen can be a bit of a hassle as it’s a main room in a house that is used on a daily basis. But if you can update it then your property could become a whole lot more appealing to prospective buyers who won’t have the headache of replacing it themselves.
New bathroom Similarly, having a new bathroom installed can also be a bit tricky, but this is a staple room in the house that will attract people to your property and hopefully increase its value too.
Conservatory Adding a conservatory to your house can give you that much needed extra living space for downstairs. With a range of styles to choose from, you can pick one that falls within your budget and meets your needs all-round.
Ensuite If you have a large bedroom, why not consider shaving a bit of space off the side to make room for an en-suite? En-suites are great for convenience and families, so you aren’t all queuing up in the mornings!
Kerb appeal If you want to make some worthwhile changes to your property but don’t want to do anything too drastic, there are a few things you could do to improve its kerb appeal.
New windows and front door These can instantly change the appearance of your house and can also improve the security of it too.
Driveway Nothing beats a warm welcome to a house, and being met with a neat and tidy driveway, whether block paved, tarmacked or otherwise, is a lovely way to do so.
Porch The convenience of a porch is often overlooked but it can serve a great purpose in a family home. It gives you somewhere to store your coats and dirty shoes, keeping them out of the house so your hallway can remain clean and tidy.
Smaller home improvements How to add value to your home though, if larger renovations or home improvements are not your thing? Fortunatley for those who'd prefer to make smaller and more affordable alterations, there are several simpler things you could try.
Mirrors and light fittings Adding mirrors to rooms will allow the light to bounce around the room, making them appear bigger. Statement light fittings are on trend right now, so take your time to choose something that is right for the room and has the ‘wow’ factor.
Declutter Spend some time going through your things and getting rid of anything you haven’t used for a few months - chances are you won’t need it again. Take anything that is still in good condition to your local charity shop, rather than throwing it away.
Redecorating Redecorate the house to give it a fresh new look. If you’re hoping to put your property on the market soon, stick to neutral colours and inject colour into the room via accessories and soft furnishings.
Landscape gardener Speak with a landscape gardener to plan how you can best make use of the garden space you have. This will finish your home off nicely and make it far more attractive to prospective buyers.
To fund any of these home improvements, you might be considering remortgaging to release some of the equity you have built up. To speak to a professional about remortgaging, Mortgage Advice Bureau’s advisers are happy to help. We have access to a range of products from, so you don’t have to worry about finding the right mortgage to suit your needs.
📞 01752 204000 📧 [email protected] 🌎www.mabsouthwest.co.uk
#mortgage #mortgageadviser #protection #protectionadviser #mortgages#mortgagebroker #mortgageadvice
Your home may be repossessed if you do not keep up repayments on your mortgage.
There will be a fee for mortgage advice. The actual amount you pay will depend upon your circumstances.
The fee is up to 1% but a typical fee is 0.3% of the amount borrowed
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