Bank of England raises interest rates: What does this mean for mortgages?

Mortgage rates rise to the highest rate since 2009

The Bank of England has raised interest rates from 0.5% to 0.75%, the highest rate since 2009. The base rate is set by the Bank of England and is used by banks to calculate interest rates, although it is not compulsory to follow it.

Although this is not a huge increase, this is just another expense for home owners who have already had to take on hikes in council tax and energy prices.

What does a rise in interest rates mean for mortgages?

The rise in interest rates will immediately affect over three and a half million mortgages where monthly repayments are likely to rise. This is if these mortgage deals are on a tracker or variable rate.

Royal Bank of Scotland, Natwest and Ulster Bank have all put up their variable mortgage rates with immediate effect. Barclays have said they will up their rates on 1st September 2018.

How can you avoid a rise in your mortgage payments?

If you’re on a fixed rate mortgage currently then there is no need to panic. Your mortgage payments should remain the same until the end of your contract term.

If you are on a tracker or variable rate and your mortgage payments have risen then you may be able to move to a fixed deal. Check your mortgage deal though to see if there will be a fee to do so.

What are your next steps?

If you’re confused about any of this, or just want to look at a great fixed deal for yourself, why not talk to our mortgage broker? There’s no fee to chat and we can compare the whole of the market to find one of the best deals for you. Call 0115 9243304 or use the form below to leave us a message.

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A mortgage is a loan secured against your home. Your home may be repossessed if you do not keep up repayments on your mortgage or any other debt secured on it. Think carefully before securing other debts against your home.

 

 

 

Self Employed Mortgage Advice Nottingham

Self Employed Mortgage Advice in Nottingham

Are you looking for self employed mortgage advice in Nottingham? We have listed some important points below for those looking to get self employed mortgage advice.

It’s a common thought that people who are self employed may have more trouble getting a mortgage than those who are employed. This is not always the case though!

If you are completely self employed (sole trader), the owner of a limited company and receive a salary, dividends or a mixture of both then we can help you.

What you’ll need for self employed mortgage advice

Lenders like to see proof of a steady income before they decide to approve a mortgage, so you will need proof of income. They will usually equire evidence of this from the last two to three years, although some lenders may be able to work with just one year.

When you apply for a mortgage, or talk to a mortgage broker, you’re likely to need the following documents:

  • Photo ID
  • Address ID – Such as a utility bill or bank statement
  • Proof of deposit
  • 2-3 years SA302 and tax year overviews

Improve your mortgage application chances

You must take into account some other factors when applying for a mortgage, whether you’re self employed or not. You’ll need to declare if you have any outstanding credit card balances or debts and usually will need to list your monthly expenditure. Most importantly, ensure your spending is in order and try to boost your credit rating when you can.

If you are a tenant renting a property through Walton & Allen Letting Agents Nottingham, you can apply for your rental payments to affect your Experian credit rating. So, if  you pay on time and in full every month, your credit rating could go up.

You can also check your credit rating for free using Experian or ClearScore, amongst others.

Talk to a mortgage broker

So, are you ready to find out how much you can borrow if you’re self employed? You can talk to our specialist self employed mortgage broker either by calling 0115 9243304, or alternatively use the form below. All mortgage situations considered!

Please note that we are not affiliated to any particular lender, although we are a traditional high street estate agent. This means we will attempt to find you one of the best deals possible by comparing the whole of the mortgage market.

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Mortgage and Protection advice is provided through our association with Premier Mortgage Services (Nottingham) Ltd. By submitting your details through this mortgage calculator you accept that we will pass your information to them. We never share your details without your permission.

A mortgage is a loan secured against your home. Your home may be repossessed if you do not keep up repayments on your mortgage or any other debt secured on it. Think carefully before securing other debts against your home.

 

First Time Buyer Mortgage Advice

Do you need first time buyer mortgage advice?

Are you looking for first time buyer mortgage advice or first time buyer mortgages? Whether you have already found a first home or are still looking then we can help.

We lay out some important tips for how to potentially get some of the best first time buyer mortgage deals.

Can you afford a first time buyer mortgage?

It may seem like a silly question, but ensure you can afford all the costs associated with a mortgage. When seeing a broker for first time buyer mortgage advice they will be able to explain all the costs to you. To give you an idea though, you have many costs which need to be considered, including:

  • Deposit
  • Monthly payments
  • Interest rates
  • Living costs
  • Insurance

Other costs which you may not have thought about include the fees involved in buying a house. You’ll have to pay legal fees to your Solicitors, stamp duty if your first home will cost over £300,000 and obviously moving costs such as removal firms or buying new furniture.

An ideal place to start would be to see a broker for free initial advice. Our recommended mortgage brokers at Premier Mortgage Services can compare the whole of the market to look at all first time buyer mortgage deals. This comparison will be based on your personal financial circumstances, so you know you are getting tailored advice which should work out as one of the best mortgage deals for you.

Understand the different types of mortgage

There are several different types of mortgage. Would you prefer to get a fixed rate mortgage where your monthly payments stay the same? Another option would be to go with a tracker/fixed rate mortgage where your payments could move depending on the Bank of England base rate. If you choose to go with a fixed rate mortgage, should you go for 2 years, 5 years or more? These are all things that can be explained by a mortgage broker if you are unsure of the best option for you.

Look out for first time buyer schemes

There are plenty of first time buyer mortgage schemes to help you take your first step onto the property ladder. When looking for first time buyer mortgage advice it may also be beneficial to look at our help to buy advice page. You could be eligible for certain schemes.

It is also advisable to look at options such as a Lifetime ISA or a Help To Buy ISA, where the government will top up your savings by 25% once you purchase your first home.

Prepare early to attract good mortgage lenders

Remember, mortgage lenders need to know that you will be able to pay back the money you’ve borrowed. They calculate this using a variety of information, although some of the most obvious ways are your annual income, any loans or credit cards and your credit rating.

You can look at keeping your credit rating healthy early on by ensuring you manage your credit card and monthly outgoings well. Lenders may also look to see if you can manage paying regular bills such as a phone contract. Also remember to look at your monthly outgoings including social outings, gym memberships and even your spend on groceries and transport. Lenders may not allow you to borrow as much if your spending habits are very high compared to your income.

If you are a tenant renting a property through Walton & Allen Letting Agents Nottingham, you can apply for your rental payments to affect your Experian credit rating. If  you pay on time and in full every month, your credit rating could go up.

You can check your credit report for free using a number of different services, including Experian or ClearScore.

Collate the necessary documents early

You’ll need certain documents to find out which mortgage deals can be best for you. When you see a mortgage broker, whether at Walton & Allen or elsewhere, you’ll need the following:

  • Photo ID
  • 4 months payslips and bank statements
  • P60
  • Address ID – Such as a utility bill or bank statement
  • Proof of deposit
  • If self employed mortgage, 2 years SA302 and tax year overviews

You may not need these documents for an initial chat about first time buyer mortgage advice, although it would be helpful to have them ready should you wish to go ahead with a recommended mortgage deal.

Chat to a mortgage broker!

Any good mortgage broker will be able to compare the whole of the mortgage market for you, finding you one of the best mortgage deals available. An initial chat with our brokers for first time buyer mortgage advice is free of charge and will give you a good idea about how much you can borrow. You can also find out what your monthly repayments would be. Why not fill in the form below to receive a call back, or call 0115 9243304 today.

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If you’re a first time buyer and are completely new to mortgages then we have everything covered for you! We’ll explain the whole process so you fully understand and then will find one of the best mortgage deals for you. You can also chat to our sales team within our estate agent branch. They will be able to show you some properties suitable for first time buyers.

A mortgage is a loan secured against your home. Your home may be repossessed if you do not keep up repayments on your mortgage or any other debt secured on it. Think carefully before securing other debts against your home.

Mortgages: Use our Nottingham Mortgage Calculator

How you could potentially save £400 with our mortgage broker

You could end up paying up to £400 extra on your mortgage every year. This is if you do not compare the whole of the mortgage market, according to Mortgage Strategy.

So, how could this happen? If you go direct to your bank or take advice from brokers who are not whole of market then you may end up paying more. Whole of market means the mortgage broker can look at almost every lender available.

The Financial Conduct Authority (FCA) have published a report. This analyses mortgage broker panels that contain a limited amount of lenders. Their findings reveal that these smaller panels can lead to recommendations from lenders with more expensive products.

The FCA have released a statement. “Based on our data analysis, we found that intermediary firms use a small number of lenders recommend more expensive products on average compared to intermediary firms who use a great number. The price difference could be around £400 for the first year of the incentivised period of the median loan amount.”

How you could potentially save £400 on your mortgage

Walton & Allen are pleased to be able to compare the whole of the market, where our panel includes almost every available lender. This means we are always looking to find you one of the best deals possible, based on your financial circumstances.

To talk to a mortgage broker today you can call 0115 9243304 or use the form below to request an appointment. Mortgage and Protection advice is provided through our association with Premier Mortgage Services (Nottingham) Ltd. By submitting your details through this mortgage calculator you accept that we will pass your information to them. We will never share your details without your permission.

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Our mortgage brokers will provide advice either at our offices or at your own home. They also have an office in Stapleford too. Moreover, they will always attempt to book appointments at a time to suit you.

A mortgage is a loan secured against your home. Your home may be repossessed if you do not keep up repayments on your mortgage or any other debt secured on it. Think carefully before securing other debts against your home.


Walton and Allen Financial Services Ltd is an Appointed Representative of Stonebridge Mortgage Solutions Ltd, which is authorised and regulated by the Financial Conduct Authority. Registered Office: 3 Derby Road, Ripley, Derbyshire, United Kingdom, DE5 3EA. Registered Company Number: 10063471 Registered in England & Wales.

We have sourced this information from Mortgage Stratergy

Nottingham Mortgages

Nottingham mortgages and mortgage services

Finding the right Nottingham mortgages can be very stressful and time-consuming, especially when doing it with little experience. In this day and age you can find a lot of information on comparison websites which may help you, but lenders pay to get their products featured, and these comparison sites don’t cover all the deals that are available in the marketplace. Some of the best ones are only available through intermediaries and you may miss out on the deal that is right for you.

Without some good advice and help, you could find yourself making hundreds of enquiries, but still not feeling confident you’ve found the right deal for your financial circumstances. Figures state that these days over 70% of buyers are choosing to seek out independent financial advice. Feedback also suggests that people want to work with a mortgage adviser because they value the personal service they receive.

Need a mortgage broker? Find out how we can help you with initial free, independent mortgage advice.

Helping you make the right choices every time

Wherever you are on the housing ladder, if you’re looking for your next mortgage, you’ll naturally have choices, lots of them; but would you know which is the best option for you? Should you opt for a tracker mortgage or go for a fixed-rate deal? If you want to fix your rate, what are your options? Are mortgage deals that offer ‘extras’ worthwhile? Do they represent good value for money? Can I get a buy-to-let mortgage? Making the wrong choice about your mortgage could mean that you end up paying hundreds, even thousands of pounds more than you need to.

Your mortgage questions answered

By talking to us, rather than trawling hundreds of websites and spending hours putting in applications to a range of lenders, not only will you save yourself stress and time, you’ll be able to tap into a wealth of good advice that can help ensure you make a success of your property purchase.

Mortgage advisers, such as ourselves, undergo professional training and know an awful lot of useful stuff, not only about the mortgage market, but about the whole home-buying and selling process. We can also offer tips on everything from drawing up a budget for your move, to getting the right type of survey done, to choosing a solicitor or conveyancer.

The key to offering a great service? We offer independent advice, and are on your side. We’ll be able to help you every step of the way, offering advice on making sure your finances are in order before you put your application in, and helping you put in place the right type of insurance policies to protect your mortgage and your home.

Making your application

Although all lenders operate broadly the same lending criteria, the way in which we interpret the rules will differ. We can ensure that your application is made in the right way and to the right standard for that lender. We will handle all the paperwork, and keep you up-to-date with how your application is progressing. If you’d like help with your mortgage, then do get in touch.

Your next steps

Talk to us today about how we can help you with any Nottingham mortgages. We offer free initial advice, either over the phone, in person at our office or at your own home. Talk to us using the form below, or by calling 0115 9243304.

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Your home may be repossessed if you do not keep up repayments on your mortgage.

nottingham mortgages

Walton & Allen Financial Services grows to new network

Walton & Allen Financial Services Ltd have chosen Stonebridge Mortgage Solutions Limited as their new network.

mortgage advice nottingham

Stonebridge is recognised as one of the UK’s largest broker networks and with the growth of Walton and Allen Financial Services Ltd since its inception in March 2016 it seems appropriate to have a larger network to broaden our services to our clients.

Walton and Allen Financial services can provide clients with Mortgage, Life and General Insurance Advice but now, with Stonebridge, can also provide access to Commercial lending, Bridging finance, Pensions and Wills via referral only.

Mark Batty, Director, (left) said ‘we are very pleased to further our financial services offering which compliments the established sales and lettings. Mortgage applications are going from strength to strength in the current financial climate and we are seeing more people than ever wanting to move home, invest or buy their first property.’

Walton & Allen are one of the leading property brands in Nottingham, offering property sales, lettings, mortgage advice and property maintenance services.

Click here to chat with one of our mortgage advisers or fill in the form below.

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Stamp duty scrapped for first time buyers

First time buyer stamp duty scrapped up to £300,000

Philip Hammond has scrapped stamp duty for first time buyers in the 2017 budget. This will affect anyone buying a property for the first time with a value of up to £300,000.

So how much will you save? As an example, if you were a first time buyer purchasing a £200,000 property before today, you would have had to pay £1,500 to the government. This will now be scrapped completely. A £160,000 property would have cost you £700 in stamp duty and a £250,000 would cost you £2,500.

This announcement equates to around 80% of first time buyers now not having to pay stamp duty.

The idea behind this is to help those who are struggling to buy their first home. Stamp Duty can not be included as part of your mortgage and has to be paid in full upfront.

Are you currently renting?

There is even more good news for you. Buying your first home should, in theory, now be more affordable. You may be able to afford to buy sooner than you thought.

Our best advice is to speak to our mortgage adviser who should be able to find a mortgage deal for you, no matter your financial circumstances.

What if you have a bad credit rating?

More good news! Walton & Allen are the currently the only high street agent in the country to help you increase your Experian Credit Score by paying your rent on time and in full. If you are a tenant in a property managed by Walton & Allen then you can qualify. Find out more here.

If you are not currently a tenant with a property managed by Walton & Allen you can ask your landlord to switch agents. It’s simple to do and should not cost them any more money than they are currently paying. Visit our Credit Rating page to find out more.

What price house can I afford to buy?

Are you currently a tenant living in rented accommodation? Do you dream of owning your own house?

There are some who rent a property who do so because they feel they cannot afford to buy their own home. In reality though, you could buy a house and it may cost you less than you think.

I’m a mortgage broker here at Walton & Allen Estate Agents and I can find a mortgage deal for almost anyone, no matter their financial circumstances. You may feel you cannot get a mortgage – Maybe you have a low income or your credit score may not be the best? You’d be surprised though at what we can find for you!

What price house can I afford to buy?

On average, a mortgage lender will offer you around 4.5 times your salary. Often extras like regular overtime can also be included.

Many other factors can impact how much money a lender will provide, including loans, car payments and credit card bills, etc.

The deposit

You’ll also need a sum of money to put towards a house you buy as a deposit. This is usually a minimum of 5% of the total price of the house, but the more you put in the less you are likely to have to pay every month. Your deposit can come from savings or a family gift.

Other costs

You need to be aware of other costs when you look to buy a house. You will need money for solicitors who legally have to arrange the purchase and sort contracts. You may also have to pay stamp duty which is a government tax. If you choose to use a mortgage broker such as myself, there may also be a fee involved, although this will always be discussed with you first before you apply for the mortgage.

How can you find out if you can afford to buy?

The quickest and easiest solution is to talk to a mortgage expert. A chat with me to discuss your requirements at our Estate Agent branches, or at your home, is free of charge. You can fill in the form below for me to call or email you at any time. We can then have a quick chat over the phone, at your home, or in our office in Nottingham.

What government schemes are available to help?

Have a look at our other blog post on affording your own home to find out what schemes are available such as ‘Help to Buy’.

Remember

A mortgage is a loan secured against your home. Your home may be repossessed if you do not keep up repayments on your mortgage or any other debt secured on it. Think carefully before securing other debts against your home.

 

Bad Credit Mortgages

How do you get a mortgage with bad credit?

There are two words that nobody likes to hear – Adverse Credit. But what does it mean?

Your credit score

To understand bad credit mortgages you will need to know what your credit history is and how it affects everything. Every time you take out a credit product, such as a loan, credit card, current account or even a mobile phone contract, it is reported to the credit reference agencies. Your credit report is then updated monthly showing if you have paid your debt on time or if you haven’t. This then appears on your report as (usually) little coloured circles or ticks and crosses – Green is good, red is bad – This information is held on file for 6 years.

What is adverse or bad credit?

Adverse credit is simply having red marks on your file instead of green, this could be down to many factors such as being late with credit card payments or even completely missing the payment entirely – The easy solution is that if you owe money, pay it and be on time.

How does adverse credit affect you?

Adverse credit affects your ability to borrow, once you apply for credit your credit reports will be accesses by the lender to make sure you have a good history of paying your debts and on time – Put yourself in their shoes…. If you leant someone £20 and they haven’t paid it back, then they ask for another £20 you would think twice about lending it to them – this is the same principle but on a larger scale.

If this happens a lender may decline to lend to you or may present a deal with a less favourable rate – This is what is known as having “adverse credit”.

How do you know if you have adverse or bad credit?

The only way to know is by accessing your credit report, you can do this by registering online.

Does it mean that you cannot get a mortgage if you have adverse credit? In all honesty, it depends how bad your file is and what the adverse credit is against – Again, if you have a past of missing mortgage payments do you really think another mortgage company will want to gamble lending you money?

Bad Credit Mortgages

What can you do?
The only way to increase your credit rating and file is to have credit and show a history of paying debt on time and in full. A good way to start is by using a credit card for small amounts and paying it off in full each month.

Just because you have adverse or bad credit does not mean you cannot get a mortgage. Our mortgage advisors at Walton & Allen aim to be able to find a mortgage for almost any financial circumstance. Why not give them a call on 0115 924 3304 or fill out the form below to book a mortgage advice appointment?

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Find out more about our mortgage advice services.

Mortgage and Protection advice is provided through our association with Premier Mortgage Services (Nottingham) Ltd. By submitting your details through this mortgage calculator you accept that we will pass your information to them. Your details will never be shared with anyone else without your permission.

A mortgage is a loan secured against your home. Your home may be repossessed if you do not keep up repayments on your mortgage or any other debt secured on it. Think carefully before securing other debts against your home. 

Mortgage rates are due to rise

According  to The Guardian, mortgage interest rates are due to rise very soon. Rates have been at an all time low of 0.25% but an increase could be just around the corner.

The Bank of England last week issued the warning after voting to freeze borrowing costs for the time being, whilst making clear this wouldn’t be the case for much longer.

How much will it cost you?

A rise in interest rates could mean the average household bill will increase considerably. The exact amount would vary depending on when the mortgage length, terms and whether it is a fixed or variable rate. As an example, a mortgage of £200,000 with a 25 year term would cost a family over £300 per year if rates were to rise by 0.25%. A rise of 1% could see a huge increase of over £1,200 a year in additional payments!

What can you do prevent this?

David Blake (Which? Mortgage Advisers) has said said that borrowers need to plan ahead to prevent having to pay out larger amounts on their mortgage every month. If you’re on a variable rate mortgage deal, now would be the best time to look at a fixed rate instead.  “I would urge anyone who finds themselves on a variable rate to speak to an independent mortgage broker to find out their options”.

A fixed rate mortgage means that your interest rate is locked for the length of the term. This could be for 2 years, 5 years or even 10 years. Should interest rates rise during this time you would not have to pay anything more during this period.

Walton & Allen estate agents offer a free advice service with our independent mortgage adviser. We compare the whole of market to find one of the best deals available for you. Enter your details below to receive a callback or email.

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Remember, a mortgage is a loan secured against your home. Your home may be repossessed if you do not keep up repayments on your mortgage or any other debt secured on it. Think carefully before securing other debts against your home.

Considering selling your home?

If you’re looking at changing your mortgage you may also be considering moving home. We also offer free valuations to find out how much your property is worth. Fill in your details below to see how much you could potentially sell your house in Nottingham for.

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