» Read the complete article

If you think that buying a home is as easy as signing a mortgage application then you are wrong – if you are going to be able to afford to get onto and move up the housing ladder you are going to need some expert help.

Research from Unbiased.co.uk says a quarter of house-buyers are clueless as to how much buying their home will really cost them – one in ten think house-buying extras will only cost up to £1,000 when in reality conveyancing fees alone could cost this much.

In order to cover the additional costs of house-buying, over two fifths of house-buyers say they will dive into their savings and nearly a fifth plan to add these costs on to their mortgage. These are both viable options but are they right for you?

It costs as much as £1000 for a survey on the property, another £1000 for a basic solicitor's service. Then it could be £300 for a local search, as well as a hefty stamp duty bill of maybe £2,000 or £3,000 at least . And then there are extra costs of moving, like removals and traveling – it all adds up.

Karen Barrett, chief executive of Unbiased.co.uk says: "Buying a home is a huge financial commitment, and it is crucial for consumers to factor in all the additional costs involved in order to then calculate which price bracket they can afford.

"Consumers should ensure they seek advice from a whole of market mortgage adviser so they are fully aware of all the costs involved in house-buying before they find themselves out of pocket. Especially if they decide to add these extra costs onto their mortgage – as the added interest will be on top of the value of your property – pushing the cost up significantly."

SOURCE: Unbiased.co.uk, 07/04/10

To keep up with the latest news and comments on the mortgage market please visit the Mortgage Broker Blog.

» Click here for the original article

Many people move house for many different reasons, but one thing is common in all their attempts and that's a new mortgage – whatever the reason for a move, everyone needs some professional advice when it comes to their mortgage.

According to the National Association of Estate Agents, one of the main reasons people are currently moving is to be able to purchase larger property – it says the housing slump is easing as more people scale up. This is great news, but further proof that people need a mortgage adviser to aid them in their property market adventures because scaling up means a bigger mortgage and new, bigger responsibilities.

While three quarters of people say the main reason to move is upscaling, there are always other reasons to seek a new home. The NAEA found that the factors in moving house included divorce, debt, a family death and a new job. All of these scenarios have their own financial challenges, so seeking out a good mortgage adviser when you are planning to move is always a good idea.

Peter Bolton King, chief executive of the NAEA says: "The fact that there has been an increase in the number of people moving to a larger property suggests the UK is slowly emerging from the economic downturn. This may also be attributed to increased mortgage availability which is encouraging news for the property industry."

So whatever your reason, speak to a mortgage adviser about your move.

SOURCE: NAEA, 01/04/10

To keep up with the latest news and comments on the mortgage market please visit the Mortgage Broker Blog.

» Read the complete article

Do you open your mortgage bill every month and wish it was smaller? We'd all love to pay out less of our hard-earned wage on bills, but when it comes to your mortgage there may be something you could do.

There are more than 10 million people in the UK with a mortgage and many of them simply do not regularly check whether they are paying too much. They will begrudgingly pay out the bill every month and may grumble, but will not actively go out and see if there is a chance they could be paying less.

Mortgages are the single biggest financial responsibility any of us are likely to ever take on. It's hundreds of thousands of pounds of debt that must be paid off each month over decades – surely if there were a way to reduce that massive burden it would be worth exploring.

The crazy thing is there is a simple way. If you haven't done so, talking to a mortgage broker could be the answer. A professional mortgage broker spends his or her professional life searching for the best mortgage deals for their clients. They have access to a large percentage of the entire UK mortgage market, which is thousands of loans offered by banks, building societies and specialist lenders from all over the UK.

So if you want a better mortgage rate, talk to a mortgage broker. It might be that there is nothing out there for you right now, but it might be that you could be paying hundreds of pounds less every month just by switching to a new loan and a new provider.

To keep up with the latest news and comments on the mortgage market please visit the Mortgage Broker Blog.

» Click here for the original article

It's that time of year when people begin to traipse the streets looking for their new home. It might be their 10th home or it might be their first, but all home buyers need some expert mortgage advice behind them.

It's easy to forget about everything else but the property. You want to find the perfect home, one that is just right for you and your family. You want it to be able to accommodate your needs now and in the future. It has to fit in with your lifestyle and it must not be any sort of burden.

But the same goes for the finance on that home. A mortgage is a huge financial decision, so it has to be right. Like the perfect home it must fit with you and your family's needs now and in the future. It has to not impede your current lifestyle and it cannot become a financial burden that would put your family at risk.

That's why you need to search out a mortgage professional while you are searching out the perfect home. They will help you source the best mortgage for your situation from the whole of the UK mortgage market.

So if you are about to enter into the home buying fray, get some expert mortgage advice on your side – talk to a professional mortgage adviser about your options for homeownership this year.

To keep up with the latest news and comments on the mortgage market please visit the Mortgage Broker Blog.

» Read the complete article

There has been scant chance for first-time buyers to celebrate over the last two years but the latest Budget did make them cheer – the Chancellor announced tax breaks for those struggling to get onto the property ladder.

In his last Budget before the general election, Chancellor Alistair Darling announced vote winning tax cuts for those who have failed to be able to afford their first home. For two years he will stop stamp duty levies on all properties under £250,000 bought by first-time buyers.

This will save first-time buyers thousands, giving them more money to add to their deposit and giving them a better chance of getting a mortgage.

David Hollingworth, head of communications for London & Country Mortgages says: "Removing the burden of stamp duty all the way up to £250,000 will be a real boost to the beleaguered first-time buyer. They are currently struggling with the need to raise a significant deposit to secure a mortgage, so an incentive that could be worth as much as £2,500 has to be a positive move.

"Whilst, it may not lead to a sudden surge of first-time buyers entering the market it will go some way to easing their path to home ownership."

Karen Barrett, chief executive of unbiased.co.uk, says that 42% of all people searching for a whole of market mortgage adviser on her website last month were first-time buyers, which she says has remained the number one advice driver since the start of 2010.

She says: "After a year of economic turbulence, consumers are more aware than ever of the importance of being financially educated. First-time buyers in particular need to ensure they understand the added costs involved in the house purchase process. A whole of market mortgage adviser can make sure first-time buyers are guided through the mortgage process and aware of all the costs involved, including stamp duty."

SOURCE: HM Treasury, Unbiased.co.uk, L&C, 24/03/10

To keep up with the latest news and comments on the mortgage market please visit the Mortgage Broker Blog.