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Lifetime ISA Explained in London

Lifetime ISA Mortgage Advice in London

The Lifetime ISA (LISA) is a new, modern scheme that helps first time buyers create a housing deposit to get onto the property ladder. This is not to be confused with the recently ended Help to Buy ISA scheme.

This scheme provides buyers with a great incentive to purchase a property using this scheme. There are many many benefits that can only make your mortgage process easier! As a Mortgage Broker in London, we are seeing a rapid increase of applicants with a Lifetime ISA in place.

It is becoming more and more popular, especially with the phenomenal increase in the cost of living. Having a deposit boost in place will benefit your application and could potentially put you in front of other buyers when making an offer on a property.

What is a Lifetime ISA?

A Lifetime ISA is a savings account where your money grows tax-free. It works just like a normal savings account where you can add money in lump sums or through smaller monthly instalments, it’s completely up to you.

For every penny that you save, you will receive a 25% government bonus. The way that this works is that every tax year, whatever the amount is that you have saved, you will receive an extra 25% bonus on top.

The total amount per tax year that you can save is capped at £4,000. So, the maximum that you can save per year is £5,000 (£4,000 own savings + £1,000 govt. 25% bonus).

Where can I use my savings?

You can only access the scheme as a first time buyer in London. And, the funds that you have saved can only be used on your first property.

Once money has been transferred into the ISA, it cannot be withdrawn without a 25% charge. For example, if you were trying to withdraw £500 from your ISA, you will only get £375.

There is another way to use your Lifetime ISA, you can use it for later in life savings. As a Mortgage Broker in London, we do not offer advice in this case.

It is also worth knowing that you can also only have one Lifetime ISA in your life, therefore, you will need to decide what you want to use it for.

What are the scheme requirements for Lifetime ISA?

In order to set up your Lifetime ISA account, you will need to meet the scheme requirements:

  • This has to be your first home purchase
  • You can only add a maximum of £4,000 to your Lifetime ISA each tax year
  • The property that you are buying must cost £450,000 or less
  • Your savings account must be open for at least a year before you can make a purchase
  • You must be over the age of 18 but less than 40


Find out more about the LISA on the government’s OwnYourHome website or get in touch with our team at Londonmoneyman. Our first time buyer Mortgage Advisors in London are available to talk 7 days a week, just give us a call!

LISA Mortgage Advice in London

If the Lifetime ISA sounds like the scheme that can help you make a start on your mortgage journey, make sure to get in touch with our team. First time buyer mortgage advice in London is only one call away!

Alternatively, follow our book online process and select a date and time for your appointment.

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What is a Cashback Mortgage?

Cashback Mortgage Advice in London

There are many different types of mortgages, and some of them will be perfect for your situation and some will not. The type of mortgage that you obtain will be down to what you are looking to achieve and your personal and financial situation.

There are no ‘regular’ mortgage types, there are the most popular ones and the specialist ones. Cashback mortgages fit into the specialist category as they are only taken out in certain circumstances and they have become less popular over recent years.

Not all mortgages will be beneficial to you and your situation, and that’s why it’s important to shop around and make sure that you take out a product that is right for you.

How do Cashback Mortgages work?

After paying off your whole mortgage term (paying off your mortgage), you will receive a lump sum from your lender. You should not confuse this with your shorter fixed terms.

The amount that you receive back is based on a percentage of what you have borrowed. This percentage is something like 1% or 2%. This may seem like a small amount, however, if you took out a £360,000 mortgage, 1% is £3,600 and 2% is £7,200. Sometimes lenders may offer a little more, it depends on the lender.

Will a Cashback Mortgage benefit me?

There are pros and cons to Cashback Mortgages. First of all, like other mortgage products, you may be offered some extra perks for taking out the deal. These perks could include a free mortgage valuation or some other sort of fringe benefits.

Once you receive your lump sum, you will be able to spend it on whatever you want. We’ve often seen people use the money to improve parts of their homes such as an extension or conversion. Most of the Cashback Mortgage customers that we have dealt with are those taking out lower mortgages.

Unfortunately, Cashback Mortgages can come with high-interest rates, and that is what can put people off. You should speak to a Mortgage Advisor in London to get an idea of what rates you can access.

Different types of mortgages in London

There are many different types of mortgages. Some mortgages will not match your situation or the property that you’re purchasing, and that’s why it’s important that you find the right one. Finding the right one for you can be a difficult task though! This is where a Mortgage Broker in London like us comes in.

We can search 1000s of mortgage deals for you and we will make sure that you are on the best deal for your personal and financial situation. If you are interested in Cashback Mortgages and are considering taking one out on your property, feel free to get in touch. Getting Specialist Mortgage Advice in London could be very beneficial to your situation.

Follow our ‘Book Online’ process and book a free mortgage appointment with a Mortgage Advisor in London. Pick your own date and time, there are slots available seven days a week.

How Much Deposit Do I Need to Buy a House in London?

Deposit Mortgage Advice in London

When buying a property, you will need to put down a deposit. This deposit amount can change depending on the property value, your credit score and your personal and financial situation.

Your lender will need to know that you are a reliable applicant, therefore, you will have to pass certain affordability assessments before your application is accepted.

A Mortgage Broker in London like us will help you prepare your mortgage application and make sure that you look the best that you can do in front of your lender.

Why do I need a deposit for a mortgage in London?

Pre-credit crunch era, you wouldn’t need a deposit to get a mortgage, in some cases, you’d be able to borrow 100% of the property’s price. Some lenders were even offering more than the actual value of the property, for example, you may get £125,000 for a £100,000 property. You can see where it all went wrong.

You are now required to pass affordability assessments before being able to borrow any amount of money this large. Lenders don’t want to be lending to someone who cannot afford to pay them back. The last thing that they want is to repossess your property.

Usually, you will need a 5% deposit minimum. If you cannot make this amount, you may need to ask for help through a gifted deposit or continue saving until you reach the required amount.

Can the government pay the deposit for me?

The government cannot pay for your deposit, however, there are schemes available that can help you increase your deposit amount.

For example, the Help to Buy Equity Loan scheme, allows you to make up a 25% total deposit. You will have to meet the 5% minimum deposit, then the government will top it up to make up a total of 25%. This scheme only applies to new-builds and you have to be a First Time Buyer in London.

The Equity Loan that the government lend you is interest-free for the first 5 years. Afterwards, you’ll start receiving interest on the amount left.

Is a 5% deposit enough?

Most high street lenders will ask for a 5% minimum deposit. If you’ve got bad credit, you may be asked to put down a higher percentage, e.g., 10-15%.

If you’ve got your 5% deposit and are ready to make an offer on a property, you will need to arrange a mortgage agreement in principle so that the estate agents are aware that you’ve been accepted by your lender. As an experienced Mortgage Broker in London, we are able to prepare you a mortgage agreement in principle within 24-hours of your mortgage appointment.

How much do I need to put down if I have a poor credit history?

Having poor credit may mean that you have to put down a higher deposit. Some lenders may ask for 10-15% of the property’s value. They need to make sure that you are a reliable applicant that can afford their mortgage payments before lending to you.

There are different ways to improve your credit score. If you try to implement these changes and show your lender that you’re trying to improve your finances, it will reflect better on your application.

How much deposit do I need for a Buy-to-Let property?

If you are looking at taking out a Buy to Let in London, you are going to need a minimum deposit of 25%.

When it comes to taking out your second, third or even fourth mortgage, you’re going to need a higher deposit, no matter what the reason is for doing so. Affording multiple sets of mortgage payments can be difficult, and that’s why lenders ask for more evidence so that they’re certain it’s within your limits.

Can I take out a loan for the deposit?

Despite this being possible, not all lenders will allow it. It’s rare to find a lender that is okay with this as you would have a 100% mortgage.

This would result in you having two sets of loan repayments going out, which could be difficult to manage.

Can someone gift me a deposit?

Yes, you can receive the deposit as a gift. Typically, buyers receive a gifted deposit from their parents or family members when they’re struggling to make up the minimum 5% deposit.

This must strictly be a gift and not a loan. The party gifting the deposit must confirm that this is the case.

As a Mortgage Broker in London, we see situations where the gifted deposit boosts the applicant’s deposit up to around 7 or 8%. This can make you appear more reliable and have a positive impact on your application.

Are there any circumstances where I don’t need a deposit?

There are some of the main situations where you may not need a deposit for your mortgage:

  • If you are buying a property as a sitting tenant from your landlord and you receive a discount
  • Your family member has given you a discount from the open market value
  • You qualify for a discount under the Right to Buy Mortgage scheme

Please note that the above information and guidance is for reference purposes only and is not to be viewed as personal financial or mortgage advice.

Mortgage Advice in London

What Do Lenders Look for on Bank Statements?

Mortgage Advice in London

When applying for a mortgage, your lender will ask you for multiple different documents to support your application. One of the most important things that they will ask for are your bank statements.

Bank statements allow a lender to see exactly how an applicant spends their money. They will be able to analyse how often you spend your money, what you spend your money on and how much you have left each month.

Lenders want to see that someone is managing their money responsibly and will be able to maintain their mortgage payments each month. Lenders need to be confident when accepting an applicant, they will never accept an applicant that won’t be able to keep up-to-date with their payments.

https://www.youtube.com/watch?v=hz-E7VW9yxg
What Do Lenders Look For On My Bank Statements? | MoneymanTV

What bad things are lenders looking for?

Gambling transactions

One of the first things that a lender will notice on bank statements is gambling transactions. Whether it’s a common reoccurrence or a now again gesture, gambling rarely goes down well with lenders. Of course, the more that you do it, the harsher the impact on your chances of being accepted for a mortgage with them.

In fact, if you barely gamble, it won’t really make a difference to your application, your lender will be able to see a few transactions and probably allow it. There isn’t anything illegal about gambling, however, you should know that gambling agencies always say to “gamble responsibly”.

Neither us nor the lender can never tell you how to live your life but on the other hand, we can tell you to be responsible and be aware that you may struggle to get a mortgage if you are frequently gambling and losing monies in large sums.

You have to think as if you were in their shoes. Would you lend money to someone who gambles frequently or someone who never gambles? Lenders will only lend to a borrower that is reliable.

Dipping into your overdraft

Lenders will not be impressed if you are consistently dipping into your overdraft. If you are only touching your overdraft now and again, your lender may not be too fussed by it, however, if it’s every single month, your chances of being accepted for a mortgage may be lowered. To make matters worse, if you are exceeding your overdraft limit every month, lenders will not take this lightly and could even be completely put off.

As you know, another thing that lenders look for on your bank statements are gambling transactions. If you are dipping into your overdraft because of gambling, lenders may have little interest in your application. Having a combination of the two leading factors to why lenders turn away applications on your bank statements unfortunately never ends well.

Loan repayments

Showing that you are capable of repaying loans on time is a good indication that you are reliable. If you are managing to meet your payments easily, it will always look good on your application.

Furthermore, this can backfire though if you are taking out too many loans. Yes, it can be good to pay off loans to show that you can manage your finances to meet the payments, however, it also shows that you maybe didn’t have the money at the time that you applied for the loan and you hoped that you would be able to pay it off when the time came. Once again, as a Mortgage Broker in London, we advise that you be cautious with your finances and take a smart approach.

Bounced direct debits

Bounced direct debits occur when pre-arranged fees are charged on your account and you don’t have the sufficient funds to pay the fee. For example, if you are on a mobile phone contract, you will have a recurring bill which is usually monthly. If you forget about this bill and end up spending the money that you needed to save, the provider will try and take the money from your account despite it have nothing in. This will show up as a bounced payment, and if it happens regularly, your lender may think that you are unreliable.

This doesn’t just apply for mobile phone bills, it also applies for credit card charges, memberships/subscriptions and basically anything that you’ve made a pre-arrangement to pay back.

To summarise bounced direct debits, make sure that you are keeping up-to-date with your ongoing financial commitments and that you are meeting bills and fees before their due dates.

What good things are lenders looking for?

Managing your finances

Now that we’ve covered the things that lenders don’t want to see on your bank statements, let’s take a look at what they want to see.

Firstly, they want to see that you can manage your finances. This could mean clearly evidencing your savings and showing that for the past 3 months you’ve been putting money into a savings account and not taking any back out. It could simply be that you have lots of spare cash left at the end of the month, either way, this will look good and should impress your lender.

Tax payment planning, prudent spending and budgeting your expenditures are different ways to help you manage your money. The more cash that you have remaining at the end of the month, theoretically, the better mortgage deal you should be able to access.

Evidence

A lender can be impressed by your bank statements, but where is all of the money coming from?

You’ll need to evidence where your money is coming from, e.g. your income and bank transfers. This does work both ways though, if there are large transfers going out of your account, you will need to back them up too. On another note, if you are Self Employed in London you will need to evidence your latest 2 years’ tax calculations and corresponding overviews.

Evidencing your deposit is a huge part of your mortgage application and so is evidencing incoming and outgoing lump sums of money that appear on your bank statements. If you can evidence these with no hassle, your lender should gain more trust in you and your application, making you more likely to get an offer.

How can I improve?

As a Specialist Mortgage Advisor in London, we always advise applicants to plan ahead and always be sensible. Think responsibly and make sure that you are making yourself look the best that you can.

Remember that your bank statements will show your salary credits, your regular bill payments and your bank transfers. With this in mind, it’s very important that you make sure that everything is evidenced and paid off. It may even be worth taking a break from gambling during the months leading up to your mortgage application in London; your bank statements will be put into the best light possible this way.

If you need help during the mortgage application process and want assistance in making your bank statements show your reliability, feel free to get in touch with our Mortgage Broker in London.

Get Mortgage Ready in London

Mortgage Preparation Advice in London

So you want to begin your mortgage journey, but do you know what you need to get ready for a mortgage application? Do you know how to make an offer on a property and what what you need to make one?

With these questions in mind and the competitive nature of the property market, perhaps it’s time to get mortgage ready!

Getting “mortgage ready”

Being prepared and ready for a mortgage could put you ahead of many other home buyers in London. If you have everything place and set to go, you will look confident and reliable, which a lender will like.

Get your documents ready

Whether you choose to go directly to a lender, through a Mortgage Broker in London like us or an online switch, you will always need certain documents to evidence who you are and how you are going to pay for a mortgage. Here are the documents that you will need for your mortgage application, you can either watch our helpful YouTube video for a detailed overview or read our list below:

https://youtu.be/5EC0wBMYfhk
  • Proof of ID (Photographic ID)
  • Proof of address
  • Last three months’ bank statements
  • Proof of deposit
  • Proof of income

Mortgage agreement in principle

A mortgage agreement in principle is certificate or statement from a lender to confirm that you can borrow from them for a mortgage. You will need one of these in order to make an offer on a property and in some cases you will also need one to take property viewings.

If you choose to come to your Mortgage Broker in London, once you have provided us with your details for your mortgage application, we can arrange a mortgage agreement in principle. We aim to turn around a mortgage agreement in principle for you within 24 hours of your application.

Feeling unprepared?

If you are feeling a little unprepared and want some help from an expert Mortgage Advisor in London, you should consider getting in touch with us. We have years of valuable mortgage experience and we know exactly what you need for a great mortgage application!

Whether you’re looking for First Time Buyer Mortgage Advice in London, Remortgage Advice in London, or something completely different, just know that we are here to help. Get mortgage ready and gain that special home buyer’s confidence with Londonmoneyman.

Can I Remortgage in London for a Home Office?

Home Office Remortgage Advice in London

Home offices are constantly becoming more and more popular. Whether it’s down to the increase of Self-Employed workers or reworked business models, we are seeing a great amount of interest in them. With businesses having to adhere to the latest government guidelines, most employers have had to let their staff work from home. Whether this is going to be a permanent thing or not, we don’t really know; it also depends on your company’s business model.

If it’s looking like you’re going to be working from home for the foreseeable future, you may want to consider the idea of investing in a home office. You can’t work from a kitchen counter forever… can you?
 
There are a few different ways to get a home office, you can straight-up pay for one to get decorated and combine all of the costs, do it all by yourself or remortgage for home improvements. In this article, we are going to talk about the advantage of choosing to remortgage other the other options.
 
This is our remortgage for a home office video that is featured on our YouTube channel ‘MoneymanTV’. We hope that it helps you understand how you can remortgage for a home office: 

https://www.youtube.com/watch?v=hF-APtrNdTg
Remortgage for a Home Office UK | MoneymanTV 

What is remortgaging? 

First of all, what is a remortgage? A remortgage is a renewal of your current mortgage deal or a switch over to a new deal.

There are lots of different reasons why someone may want to remortgage, it’s entirely on the individual’s situation. You may want to remortgage to get a better deal and rate, your term may be approaching its end and you need another deal to roll on to or you might want to remortgage for home improvements.

As a Mortgage Broker in London, we would say that when you want to make big home improvements, going down the remortgage route is a very safe option. Extending your mortgage term for a little while longer to invest in home improvements could prove beneficial both short and long term. 

Remortgaging for home improvements 

Remortgaging for home improvements will slightly increase your mortgage payments each month, however, it will balance itself out in the long run. Your payments will increase as you are paying for the home improvements on top of your current mortgage deal; you will hardly notice the extra amounts though.

We would say that the average price for a home office is between £5,000 – £10,000. So, for example, if you were to go down the remortgage route, you may find that you have to only have to pay back as little as £20 – £60 a month over a 25-year term. Yes, your term will increase, however, you will get a brand new home office to enjoy at a small extra cost each month. You will also have equity built up in your property, and this will be used to fund the work on your home.

So you get to save money down the line and get a home office, it’s a win win scenario.

Reasons to remortgage for a home office

Whether you have been told by your company that you will be working from home from now on or have started your own company and are now Self Employed in London, there are many reasons to why investing in a home office could be very beneficial for your new working from home life

  • More productive – Generally speaking, people who work from home are more productive. People like being in a space where they feel most comfortable, it’s only human.
     
    If you have children, we do understand that it can be difficult to balance their attention and work (especially in lockdown), although, by the time your home office is ready, it’s likely that they’ll be back at school!
  • Travel costs – You can say goodbye to all travel costs when you are working in your home office. You are only travelling from your bed to your office!

    You can forget about filling up your car every week or paying for a daily bus/train ticket.

  • Saving time – You will definitely save time working from home; when you finish work, you will already be home. If you are lucky, you may even get an extra half an hour in bed!

    Your stress levels may also be reduced as you are avoiding the frustration of traffic, getting to work on time and making it home for something important.

  • Same job from home – Technology is great, isn’t it? Thankfully, modern-day technology allows us to do everything at home that we could do in the office. You can still participate in meetings over the telephone or on a video call; you don’t have to worry about communication. 
  • Flexibility – Your business may be generous and let you work different hours that suit you best. It could be to do the school run or to spread the working day out between your colleagues; there may be a good reason to start and finish earlier.
     
  • Environmentally friendly – Are you an eco-friendly person? Having a home office will allow you to do a bit more for the environment, without you even realising. Despite using electricity at home, you will still be reducing your carbon footprint as you won’t be using your car every day.

Remortgaging vs Moving Home in London 

Yes, Moving Home in London is an option, you could move into a bigger place with an office already built-in if you want to. On the other hand, you need to weigh up the costs of this option. On top of the property price, you will have to consider the costs of Moving Home in London, these include removal fees, property survey fees, mortgage arrangement fees etc. 

It will be more expensive, however, it’s a viable option if you are looking at Moving Home in London anyway. You could consider Moving Home in London to secure a place that already has an office space, however, you must know that this option will be much more costly than remortgaging.

Considering how little extra you will be paying per month, in the long run, remortgaging for home improvements could be your best option over moving home. If you are wanting to go ahead with a remortgage for a home office and don’t want to move home, now is your best opportunity to get Remortgage Advice in London

Remortgage Advice in London 

If you are looking for Remortgage Advice in London, you should get the ball rolling with Londonmoneyman. We offer a free remortgage consultation to every customer, so feel free to get in touch with us and claim it.

If you are tired of working from your kitchen table or a make-shift desk, now is the time to consider getting a home office. Whether you choose to fund it all at once or over a longer period of time through a remortgage, it’s entirely up to you.

Divorce & Separation Mortgage Advice in London

Specialist Mortgage Advisors in London

It’s never planned and it’s always devastating when it happens, however, when it comes to divorce or separation, there are a lot of legal and financial matters that will you’ll need to resolve before you go your separate ways. Unfortunately, things don’t always go as smoothly as anticipated and that’s why it’s better to know what’s to come rather than be unprepared.

Your Specialist Mortgage Broker in London has put together a list of the three most common questions that we get from customers going through a divorce or separation and need our help. We hope that this puts you at ease knowing that you aren’t the only one who has searched for advice in these hard times.

  1. How can I remove my ex-husband/wife or partner from my mortgage?
  2. How can I remove my name from my ex-husband’s/wife’s or partner’s mortgage?
  3. Can I have two mortgages?
https://www.youtube.com/watch?v=VYfJidosUSo&t=4s
Divorce / Separation Mortgage Advice UK | MoneymanTV

Removing an ex-partner’s name

Buying a home together is a huge financial commitment, so as you can imagine, getting a name removed from a mortgage is not always easy. In fact, making any sort of changes to your mortgage can be hard unless you’re coming to the end of your mortgage term.

If there are children involved, things can get a little more complicated. In most cases, we see that the mum stays in the property, but either way, it may come down to whoever is “in situ” takes on the responsibility of the mortgage.

When you are trying to remove an ex-partner’s name from a mortgage, you’ll need to supply evidence that you’re going to be able to meet your mortgage payments on your own. Lenders will study your salary and your disposable income and then work out whether or not it’s realistic that you’ll be able to hold your own weight.

Your lender will also measure your ex-partner’s affordability and check whether they will be able to afford a mortgage on their own going forward. They will perform a full affordability assignment on both you regardless of whether you have kept up-to-date with your mortgage payments in the past or not.

You must know that since you joint bought the property with your ex-partner, your lender can pursue either of you in the event of mortgage arrears.

Removing your name

If you want to remove your name from a mortgage it’s a similar process to how you remove your ex-partner’s name. Although, in this situation, you are the one that is trying to vacate the property and move on which can sometimes cause some difficulties.

This may cause difficulties as you will need consent off your partner that you can take your name off the mortgage. Your lender will also perform a full affordability check on your ex-partner to check whether they’ll be able to afford their mortgage payments or not.

If you are given consent to remove your name off the mortgage and your partner is able to afford the mortgage payments on their own, it’s in no doubt that you’ll eventually start looking for your own place. If or when you do, you should know that your lender will take the mortgage payments from your old property into consideration. Some lenders will be generous, some will be strict. Finding the most suitable lender for you can be hard and that’s why we recommend in getting Specialist Mortgage Advice in London, especially when going through a divorce or separation.

Getting help

In some scenarios, there may be someone there to offer a helping hand with the mortgage payments. More often than not, family members may help out or in other cases, there may be a new partner that is willing to step in.

If this is not your situation and you are planning to pay for your mortgage payments by yourself, don’t be ashamed of getting advice from an expert! Our Mortgage Advisors in London are experienced in this specialist field and know exactly how to help. Getting help with your finances or with removing your/ex-partner’s name off a mortgage could take a heap of the stress of your back. We want the best for you at the end of the day.

Can I have two mortgages?

Yes, in fact, you can own multiple mortgages, however, before getting accepted for another mortgage, your lender will take a look at many different factors. When they are checking your file, they will be able to see that you are still linked to another mortgage.

They will check how much you are contributing to these mortgage payments and check whether or not you’ll be able to manage additional mortgage payments on top of them. Lenders will also factor in any other credit commitments that you have.

Lenders will also account the risk factor, for example, how likely is it that your home is repossessed because you couldn’t afford your mortgage payments. They won’t take any risks either.

If you’d rather get an affordability check before you directly approach a mortgage lender, you can approach a Mortgage Broker in London like us. We will perform our own credit check and affordability measures to find out whether it’s realistic that you’ll be able to afford another mortgage.

We have Mortgage Advisors in London that specialise in this field, so don’t hesitate to get in touch with us. We are more than happy to help.

Dedicated Mortgage Advice in London

Why Choose us as your Remortgage Advisor in London?

Is your mortgage deal coming to an end? Are you looking for a replacement deal to switch over too? If so, your Remortgage Advisor in London is here to help!

Whether you’re looking to Remortgage in London to save money or to raise capital for one reason or another, then you’ve come to the right Mortgage Broker in London. We have been helping customers find outstanding remortgage deals for 11 years now, we know exactly what to do to find you an amazing deal.

For some borrowers, remortgaging can be a great way to improve your financial situation as it may give you the option to consolidate any short-term debts.

Remortgage Advisor in London

Getting Remortgage Advice in London could be within your best interests as you will receive full guidance and support from an expert Remortgage Advisor rather than doing it by yourself. A Mortgage Broker in London like us, will not only help you secure a deal they will try and help you save money in areas you didn’t think you could.

Common Remortgage Scenarios

Having worked within the mortgage industry for over 11 years, we have come across almost every single remortgage scenario. Here are some that we regularly come across:

  • People are looking for a more competitive mortgage deal
  • Customers are wanting to raise money when you remortgage as well as securing a new deal
  • Peoples personal circumstances have changed since you last took out a mortgage
  • Applicants have been turned away by their existing lender for one reason or another i.e. criteria, credit score
  • Customers get stuck on their existing lenders’ standard variable rate and have been told that they can’t afford a cheaper mortgage deal
  • People want names adding or removing from their current mortgage
  • People want to remortgage their existing property onto a buy to let
  • Sometimes we get an unusual situation and applicants just want to discuss their remortgage options with a Remortgage Advisor in London

Reasons to choose Londonmoneyman as my Mortgage Broker in London

With the introduction of the new mortgage market regulations in 2014, it became much harder to Remortgage without the help from a Mortgage Broker in London. People find it hard because of the sheer amount of mortgage types out there and it’s often hard to qualify for every single one of them. Also, people don’t really know the differences between the mortgage types whereas a Mortgage Advisor will and can tell you the difference between each of them and which one will suit you the best.

We work for you

We also work for you, we are not tied to any particular estate agents or lenders. We always have your best interests at heart, our aim is to try and find you a great mortgage deal based on your personal and financial situation.

Your experienced Mortgage Broker in London is not just here to get you a remortgage deal, we are here to support you through your remortgage journey, taking all of the stress off your back and making the process run as smooth as possible. We want the best for you and for you to come out smiling, knowing that you’ve received an excellent mortgage advice service that ended with you securing an amazing remortgage deal.

As your Remortgage Advisor in London, we are here for you 7 days a week. You can get in touch whenever you want, we work around you. We also offer a free initial mortgage consultation, so make sure to get in touch as soon as you can!

Why Choose us as your First-Time Buyer Mortgage Advisor in London?

First-Time Buyer Mortgage Advice in London

Over our past 11 years of working within the mortgage industry, we have helped thousands of First-Time Buyers in London secure excellent mortgage deals. It could be you next!

As your Mortgage Broker in London, we will search through 1000’s of First Time Buyer mortgage deals for you until we find one that’s perfect for you. We will take both your financial and personal situation into account when trying to find you a mortgage, this way the deal will benefit you in both ways.

Due to a highly competitive market, First Time Buyers often struggle to secure competitive mortgage deals. However, this could also be down to not knowing where to look. As a Mortgage Broker in London, we have access to a panel of 38 different lenders each with their own unique deals that we can search through for you.

There are lots of different types of mortgages available on the market and sometimes the choice can be overwhelming. We hate seeing struggling First Time Buyers stressing about their mortgage and struggling to find a deal, and that’s exactly why we want to offer a helping hand.

We consider all situations at Londonmoneyman and we will try to get over any mortgage hurdles that we are faced with.

Common First-Time Buyer Mortgage Scenarios

After working with thousands of First-Time Buyers in London, we came across a lot of similar mortgage situations:

  • Working out your monthly budget for you based on your property price
  • Producing a mortgage agreement in principle so that you can back up any offers you make with the estate agent
  • Completing your mortgage application through to getting you a mortgage offer
  • Explaining the different types of property surveys that are available to you
  • Recommending a local competitively priced solicitor with high service standards (if required)
  • Running through your mortgage offer(s) to ensure that all your details are correct
  • Also recommending any associated insurances with your new mortgage (if required)

Bumped into any mortgage hurdles so far?

We have also encountered a lot of similar mortgage problems when starting the First Time Buyer mortgage process. Usually, the applicant has been turned away from their bank and we are faced with the same reason to why you were turned away. However, we aren’t letting it get in the way, a Mortgage Advisor in London will try their best to overcome these hurdles. Here are a few:

  • Type of property being purchased
  • Your income structure and employment type i.e. self-employed
  • Buying off or with a family member
  • Buying undervalue
  • Bank declined or won’t lend enough
  • Buying off your landlord
  • Something else?

If this is your situation, it is important that you don’t keep applying to different lenders. This is because each time you get declined, a negative print is being left on your credit file. If you get declined too much, you could potentially lose all chances of getting a mortgage altogether.

Reasons to choose us as your Mortgage Broker in London

  • We would be able to work out your monthly budget based on your property price
  • We can produce a mortgage agreement in principle for you so that you can back up any offers you make with the estate agent
  • Londonmoneyman would be able to help you complete your mortgage application through to getting you a mortgage offer
  • We will be explaining the different types of property surveys that are available to you
  • Also, we can recommend a local competitively priced Solicitor with high service standards (if required)
  • Londonmoneyman will run through your mortgage offer(s) with you to ensure that all your details are correct
  • Also, we can recommend any associated insurances with your new mortgage (if required)

Londonmoneyman.com & Londonmoneyman are trading styles of UK Moneyman Limited, which is authorised and regulated by the Financial Conduct Authority.
UK Moneyman Limited is Registered in England, No. 6789312 | Registered Address: 10 Consort Court, Hull, HU9 1PU.

Authorised and Regulated by the Financial Conduct Authority.
We are entered on the Financial Services Register No. 627742 at www.register.fca.org.uk

The information contained within the website is subject to the UK regulatory regime and is therefore primarily targeted at customers in the UK.
Should you have cause to complain and you are not satisfied with our response to your complaint, you may be able to refer it
to the Financial Ombudsman Service, which can be contacted as follows

The Financial Ombudsman Service, Exchange Tower, London, E14 9SR
www.financial-ombudsman.org.uk

© 2022 Londonmoneyman

Londonmoneyman, Unit 3A, 34-35 Hatton Garden, Holborn, London, EC1N 8DX, UK

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