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, lettings and block management business. 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, block management, mortgage advice and property maintenance services.

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

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.

Free, independent mortgage advice, Nottingham

Independent mortgage advice provided in Nottingham

Are you looking for mortgage advice, Nottingham or a mortgage broker provided in the Nottingham area?
Our independent mortgage advisor has over 22 years experience in finding some of the best mortgage deals for home buyers, saving them money on interest rates.

We are available to chat with over the phone, or in person – at either your own home or at our branch in Nottingham.

During your mortgage advice appointment you can find out:

  • Which lenders will approve a mortgage based upon your personal financial circumstances
  • How much you could borrow from a lender
  • Which lenders have the best interest rates based on your income
  • How you can gain approval for a mortgage if you have any debts, CCJs or loans
  • How much your monthly repayments would be on a mortgage
  • Plus much more!

Whilst we do have an estate agency side to the business, we are not affiliated to any particular lender. This means we can compare potentially hundreds of different lenders to help find you the best mortgage deal.

Mortgage rates could be due to rise in the next few months, so ensure you have a mortgage approved before then. View our latest mortgage interest blog post to find out more.

Paul, our Nottingham independent mortgage advisor, has created a video to explain how he can find one of the best mortgage deals for you. It is literally everything you needed to know if you have no idea about mortgages or applying for your first mortgage!

Paul is based at our Nottingham estate agency branch but is not affiliated to any particular lender. This means he is truly independent and can compare the whole of market to find one of the best mortgage deals for you. He can also offer mortgage advice based around almost any financial circumstances.

You can visit our financial services page to book an appointment with Paul. The initial appointment is free.

Can’t afford your first home? Think again!

Looking to book a mortgage advice appointment in Nottingham? Use the form below and Paul or Dan will call to advise or book an appointment.

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You can also download our free mortgage advice e-book to explain the whole mortgage application process. It is definitely worth a free for all 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. 

Walton & Allen Financial Services: Mortgage Advice Nottingham

Visit our dedicated mortgage advice Nottingham website.

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?

Find out more about our mortgage advice services.

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.

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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Mortgage rates at an all time low

According to the Daily Mail, official figures state mortgage rates have hit the lowest on record.

Experts explained this could be due to the collapse of the buy-to-let market after tax hikes on second properties and this could have made lenders desperate for new business.

Lowest mortgage rates

If you didn’t know already, mortgage rates have launched which are now below 1%. This has had a knock on effect on average rates, with popular two-year fixed-rate deals down now to just 1.26%.

This particular example would work for anyone with a 40% deposit and would see monthly repayments on a £150,000 mortgage drop, saving around £400 per year.

If you don’t have a 40% deposit then this wouldn’t be the deal for you, however other deals which are applicable should also have seen a fall in rates.

Looking at your own mortgage deal

This is obviously a great time for both first time buyers and for those who have been on the same mortgage deal for a while. According to The Mail, experts say now is the perfect time to look for the best deal, especially those who have been on a 3-6% rate. You’re effectively ‘throwing your money down the drain’.

Independent mortgage broker, Paul, says ‘now is possibly the best time to look as we have never seen rates as good as this. Even if you can’t get the absolute cheapest deal, using a broker such as myself will help to find the best one specific to your financial situation. It’s possibly a once in a life time opportunity!’.

Fill in the form below to speak with independent mortgage broker, Paul, free of charge

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

low mortgage rates nottingham

Read more about our Financial Services.

 

Mortgage Advice e-Book Guide

Mortgage advice e-book – Free download

Walton and Allen estate agents Nottingham have produced a handy mortgage advice e-book to help you through the whole mortgage application process.

If you’re a first time buyer looking to get your first mortgage then you’ll definitely want to read this.

Included in this mortgage e-book is:

  • Finding out how much you can potentially borrow to own your first property
  • Getting an agreement in principal
  • The mortgage application process
  • How mortgage lenders help you
  • Finding the right mortgage advisor for you

Receive your free mortgage advice e-book via email using the form below.

Find out more about independent mortgage advice provided by Walton & Allen.

Mortgage Interest Relief Restrictions – Another Landlord Tax

Mortgage interest relief and how landlords may have to pay more tax

From today (6 April 2017), mortgage interest tax relief available to Landlords for residential buy to let properties will be restricted. The restrictions are being imposed by Central Government on a tapered scale and so the full impact will not be felt until 2020/21.

Walton & Allen, in association with Beaumont Chapman Chartered Accountants, have analysed this impact so that Landlords can plan for their next and future tax returns.

For some Landlords the changes being introduced may not really start to take effect until 2020 onwards. However, for those who are higher rate tax payers and are currently incurring and offsetting significant mortgage interest against their rental income, these changes could result in a significant increase in the amount of tax they will pay.

We have worked some examples for Landlords who are in each of the different tax bands. In order to tailor the effects to the East Midlands property market, we have made the following assumptions;

Rental Income Received: £600 pcm or £7,200 p.a.
Purchase Price: £100,000<
Loan Amount: £75,000 (75% LTV)
Mortgage Interest Rate: 2.5% p.a.

Observations

There is no change in the tax payable if the tax payer is a basic rate tax payer as what they lose in the restriction is given back as a 20% tax credit.#
If a Landlord is a higher rate tax payer, say earning other income of £55,000 or more, the tax will increase by approximately £100 a year. The new measures only adversely kick in for those landlords with high finance costs e.g. multiple properties or are highly geared.

For those landlords with high finance costs, e.g. In excess of £10,000 p.a. the impact on their tax liability will be much greater.

Mark BattyMark Batty, Director of Walton and Allen Letting Agents, said “Landlords, whilst being the Governments recent punch bag, are advised to make best use of any taxable deductions available to them, such as letting agents fees, management fees etc. to minimise their tax liabilities.”

Anoushka Akins

Anoushka Akins, of Accountants Beaumont Chapman added “It is important to keep a record of the interest that has been disallowed as it may be possible to claim a credit against future tax. Your accountant will be able to assist you with this or otherwise contact Beaumont Chapman on anoushka@beaumontchapman.co.uk.”

Every Landlord’s personal and property circumstances are different and so they are strongly advised to seek individual professional accountancy advice.

Have you also heard about the landlord selective licensing scheme where you may have to pay £600 to the city council, per property?

 

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

What is a Mortgage Broker?

Mortgage Broker Nottingham

What is a mortgage broker and what mortgage advice can they offer?

Our in-house mortgage advisor, Paul, offers some words of advice.

Would you buy a pair of designer prescription glasses without first having an eye test?

Would you part with your hard earned cash to buy a brand new car off the forecourt without first test-driving it?

Would you book and pay for a late deal holiday without first checking your passport was in date?

Would you chance viewing properties and finding the one of your dreams without actually knowing you are good for the mortgage?

Of course not!

A mortgage broker is just another word for mortgage advisor.

Using one of our highly trained and experienced mortgage advisors to obtain a mortgage Approval in Principle (AIP) before viewing any properties will ensure there’s no heartache at a later stage.

An AIP is a fully credit checked and credit scored application which lets you know if a particular lender will actually lend you the money, giving you the confidence of knowing you could actually buy that house!

An AIP comes in several guises, such as a Mortgage Promise, a Decision in Principle or a Mortgage Certificate.

The process of obtaining one is pretty straight forward; meet one of our advisors for an informal chat where they will take all of your current personal and financial information.

Using their wealth of knowledge, they will then research the market to find not only the cheapest deal for you, but to pinpoint which lender(s) are most likely to lend the amount you want, based on your current circumstances.  All lenders will calculate your maximum mortgage in different ways, meaning some are more generous than others.

There are lenders for pretty much most circumstances, from those who are self-employed, to those with lower available deposits and also clients with a chequered credit history; the job of our advisors is to find that lender and then confirm whether they would actually consider lending you the money.

Most Estate Agents will want to know your position and are able to proceed so that they can tell the seller of the house your current position.

Those viewers with an AIP are taken more seriously than those without.  This is because when you make an offer on the house and want the seller to take the house off the market to avoid further viewers outbidding you, the seller can be confident you are good to go and are then more likely to stop further viewings on the house.

Would you sell your car to someone and let them drive it away on the strength of them telling you they think that they can get the money together and will be back with the cash if they can?

Of course not!

Sometimes it’s not always straight forward though;  you could actually be declined for a mortgage with most, if not all lenders, but there is always a fundamental reason for this.

Once we can establish what is stopping an approval, we can discuss ways forward.  This may be something as simple as ensuring you are registered on the electoral register at your home address or maybe clearing a credit card or two may do the trick.

To conclude, having an approved Agreement in Principle before you view properties puts you in the best position you can be – it will give you the confidence when viewing and you can actually think to yourself “This house could be mine!”, rather than falling in love to later find it just doesn’t work out!

Why not register your interest to book a mortgage advice appointment today?

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