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Thanks in part to COVID 19, there are a lot of people who are now working from home. It has become a way of working that some people prefer and is something that many people are sticking with permanently.
Technology has allowed people to easily communicate to their colleagues from their homes through video calls and allowed people to have access to everything they need. Having access to a computer, at least, can allow you to be flexible with your work environments like home or office, regardless of what job you have.
If you are looking to renovate your property for a home office, and need to raise additional funds to carry out the work, our mortgage advisors in Derby can help look at your capital raising remortgage options. In many cases, we find people remodel their spare room or a garage as their chosen office space.
Finding a suitable remortgage deal is the next thing to do. This could be done either on your own or with the support of a mortgage broker in Derby. It’s entirely up to you. Another option is to go to the bank directly, but they will only provide deals that are offered in-house.
There are thousands of deals out there so, shopping around can be a good option and this is something you can do with the assistance of a mortgage advisor. You will probably find that the deals the bank offers aren’t as good compared to the ones you may find when you shop around.
Getting a helping hand from one of our knowledgeable mortgage advisors in Derby can be beneficial. We can search through thousands of remortgage deals for you to find the one tailored to your circumstance and future plans.
To kick off the process, start with estimating how much you think the costs for the works are going to be. The costs might range between £5,000 to £15,000. The room size and the amount of work that is needed to transform the room into a fully-fledged office will be factored in the amount you might have to pay.
Remortgaging seems to be in its prime time due to the interest rates being the lowest we have seen in a while. For example, if you manage to get a 2% interest rate on a typical 25-year mortgage term, to borrow an additional £5,000 you may only pay back £21 per month and £65 a month might allow you to borrow an additional £15,000.
The change in working from home could potentially save you money in travel every week. It will also have a big benefit on the environment by reducing your carbon footprint and will allow you to work flexibly around daily errands such as the school run.
Get in touch with a knowledgeable remortgage advisor in Derby if you are looking at converting a spare room or garage into an office. We have a great deal of experience in finding the best mortgage that is tailored to our customer’s needs. Our team knows how to find you that 1/1000 deal!
Here at Derbymoneyman, we offer a free remortgage consultation as well as carefully considering every single remortgage situation. Get in touch today and we will see how we can help with finding the right match for your remortgage needs.
When you are ready to Move Home in Derby in order to progress further up the property ladder, you will need to take on the task of selling your existing home on the property market. You may have got the deposit for your next property purchase through the amount of equity in your home (the amount it sells for minus your current mortgage balance) post-sale.
The deposit can be increased in many different ways like your personal saving or a Gifted Deposit from a family member or friend. Both of these options are common among many First Time Buyers in Derby to achieve their homeowning goals, however, the option is available to those looking to move house in Derby.
As the seller of the property, it’s likely that you will a rough estimate on the lowest asking price you will accept, however, you may be open and willing to consider other offers out of this range. How quick the sale is can be effected by the way you market and present your home to potential buyers.
It’s best to look at whether your asking price is above the average price is in the surrounding areas. You need to be considerate and fair with the price regardless of if the estate agent told you that the property could be sold at a much higher amount, this doesn’t mean it will get sold at that price.
Cause as much traction to your property is something you need to do within the initial few weeks of your listing. With this in mind, if you find you aren’t receiving a lot of viewing for your property, you may want to consider dropping your asking price.
In the case where you have already found your potential dream home and are still living at your current house, it’s key that you sell it as quick as possible. This is why having a fair asking price can be beneficial as you are more likely to attract a potential a lot quicker.
Through our time as a reputable Mortgage Broker in Derby, we have gained vital experience and extensive knowledge within the mortgage industry. In terms of properties, the main factor that always stands out to any homebuyer.
It’s all about first impressions which is why the outside of the property should be attractive to many potential buyers. Look at the exterior of your home through the eyes of someone who has never seen it before, is the front lawn well kept? Is there anything that needs fixing?
Having an eye-catching, well-presented exterior could be done by jet-washing your driveway and neatly mowing the lawn. Not only is the buyer looking at the house but also how well you have kept it which is why it’s key to consider these things because you want to demonstrate to the buyer that you have taken good care of your home.
Furthermore, this also will peak more interest to the buyer as they will see the outside looks good and will then wonder what the inside is like. Having this can make the buyer hopeful and could result in a potential sale.
You need to remember that this is first time the buyer is going to see your property and their initial impression will be key in their decision process and whether or not you will get a sale. Make the most out of the viewing by having that ‘kerbside appeal’ to interest as many buyers a possible.
Tidying up every part of your home can be a huge chore, however, it’s the best way to impress your viewers! You need to make your home look clean, welcoming and comfortable.
Decluttering is the first port of call, in particular, around the entrance of the property. Viewers need to see your home has been well kept as soon as they step foot on the property. Little details like a new doormat or a new doorbell can make all the difference.
As you have organised your hallway, it’s then time to clean each room in your house. Kitchen and bathroom need to be fully clean and taken care of as they are key parts of the house. Even the inside of any cupboards and wardrobes need to be nicely arranged and cleaned.
For those who smoke, the smell can usually linger around the house. Therefore, open windows to get some good air in the house before any viewers arrive. Try and remove any objects in the house that smell of smoke too as that could enhance the smell further.
All of your interior doors should look presentable with a fresh coat of paint if necessary, brass fixtures polished and make sure each for open and close as they should.
Let some natural light in each room if possible or some good lighting. Any darker room needs blinds and curtains open. The temperature of your home should be comfortable to enhance the viewer’s experience.
You should test all lightbulbs to ensure they are working. Tap into the senses further by ensuring your house has a welcoming smell. Try to avoid any cooking smell and go for alternatives like air fresheners, incense or oil diffusers.
Eliminating any distractions that could affect the viewing like children or pets is key. You want to make them feel comfortable and calm without any unnecessary interruptions from small children and animals.
On the other hand, they may be best to have around. Many people could be looking for a home to settle down and start a family, it’s all about having that nice balance of welcoming and homey, to distracting.
Following on from this, it may be nice to display any family picture or painting to decorate the house. It can show to a viewer how a family has created fond memories in the home.
It’s good to let your home viewer roam free around your home so don’t crowd them too much. Couples usually like to have private conversations and comments they want to keep in mind as they look around.
As mentioned your kitchen and bathroom should be clean and spotless. Organise your belongings by putting away any items you don’t use often in cupboards and storage containers. This includes any towels and clothes which need to be nearly folded and put away with no coat hangers or any towels left on hooks or on the floor.
To create a fresh, clean essence to the home, think about washing your curtains, wiping your walls down and cleaning your floors and windows. Speaking of windows, they should be shiny and smear-free. Change out your bedding to clean, fresh bedding as well as carry out any minor repairs.
Consider looking at buying new carpets for smaller rooms as a cheap way to impress your viewer. Having fluffy, new carpets in place can show that you take care of your place and keep up with any moderations.
Creating an open space is something many homeowners don’t think about but can be beneficial for viewings. This can give the viewer an opportunity to look at how they would decorate the property and gives them some kind of canvas to mentally create on.
This is why you should put stuff that doesn’t need to be out into cupboards. You will be helping yourself by taking this approach as it means moving can be more straightforward by simply packing and transporting your belongings to your new home.
In terms of your kitchen, make sure your worktops are as clear as possible also put any pots away.
The size or style of a garden could be at the top of many homebuyers’ preferances. You may find that it is a deciding factor for a viewer who is looking at your home. Generally at the back of the house, the garden will be a lasting impression when looking at your home.
Give your garden a good declutter by picking up any rubbish and putting away any unnecessary things. You shouldn’t be throwing everything in the shed as there’s a chance for homebuyers to look inside that too.
Check that your fences have their slats properly in place and are freshly painted or creosoted. Bright and colourful gardens can be eye-catching and inviting to viewers so add a nice variety of plans flowers as well as some garden decoration e.g ornaments, birdfeeders etc.
It’s all about making the garden look inviting and presentable to the point where a potential sale could happen. Carrying out some gardening tasks like removing weeds and dead flowers, cutting the grass, and removing grass clippings can help towards the overall presentation of the home
Not only does your home need to provide a good persona, but so do you! Being a good host can help towards the overall impression of the house. Be welcoming, honest and authentic towards your viewers. You need to sell your home in the best possible light in order to get a potential offer.
In order to be authentic and honest, mention any problems that occurred in the home whilst keeping a balanced perspective. For instance, if you had an issue with a leak in the past, say how straightforward it was to fix and that’s unlikely it will happen again any time soon.
In the case where you are working with an estate agent, it’s usual for them to earn their commission by talking to the property viewers as much as possible. Remember that you know your home as much as they do, you lived there yourself. Therefore, don’t hesitate to get involved and provide further information to the viewer.
The final point, consider the emotion attached to buying a home, in particular, if you are speaking with a First Time Buyer in Derby. For sellers with a family, let the viewer know about how important and memorable this home has been during your time there. This can leave a touching last impression on the viewer, especially for those looking to start a family or already have one of their own.
It’s no secret that we think going with a mortgage broker would be your best option, however that isn’t the only path you can take. Sometimes it is worth exploring your options. Generally speaking though, we find that most people opt to side with a Mortgage Broker in Derby. Let’s take a look though at the positives and negatives of both, allowing you to decide for yourself.
As a general rule of thumb, a mortgage broker (like Derbymoneyman) will charge a broker fee on top of the costs you are already needing to pay for. On the flip side, the majority of mortgage lenders won’t require this, leaving you with money still in your pocket.
On top of this, going to a mortgage lender directly will open you up to exclusive deals you can only get through going to them. This attracts business from both those looking to get a mortgage and even mortgage brokers. These are also only allowed to be offered by the broker itself and not just anyone in a branch without proper mortgage advice training or consumer protection knowledge.
Luckily in 2014 this was banned nationwide, only allowing for experienced and fully qualified mortgage advisors in Derby to provide any kind of mortgage advice and product recommendation. This took a while for people to get used to however, and some customers were left waiting for a month, sometimes even more.
Even today, this can still happen to some customers. This isn’t the best when you have already had an offer accepted on a property you like. It’s reasons like this that mortgage applications via mortgage brokers went on the rise. A part of our charm is offering a same day service, hoping to put you through with a qualified mortgage advisor in Derby as soon as possible, often within the same day unless the customer requests otherwise.
In the days before the 2010s, it was a lot harder to look as possible mortgage deal comparisons, whereas nowadays everything is now at your fingertips and easy to find out. The hardest part now is not comparing, but rather finding criteria that you match up with and features that can be tweaked to match your individual situation. It is still advised that you be wary though, as deals with the lowest fees often come with the highest arrangement fees.
Something else to look out for is affordability. You could find the greatest deal in the world with a lender, but if you can’t afford it, you won’t get it. This in turn ends up being a large factor as to why people opt to use a mortgage broker in Derby. Using our knowledge of lender criteria, we will do our best to find you an appropriate and affordable deal for your circumstances.
With regulations these days being a lot tighter (a lot of that being thanks to the Credit Crunch), mortgage applications are not as easy as they once were. For the inexperienced home buyer, it can be an overwhelming experience to go alone. Here are some possible hurdles that customers may find along the way:
Over the years, Mortgage Lenders had gotten rather competitive with each other, trying to offer better deals than their fellow lenders. Due to legislation changes post-Credit Crunch, most of these changes are now in regard to the lending criteria.
Some of these examples include how much they are willing to the self-employed versus the employed, as well as leniency when checking previous credit report issues.
Your circumstances are completely unique to you. Whatever the situation, it is unique to you. When speaking to an experienced Mortgage Broker in Derby about your situation, it will be likely that they have encountered something similar in the past. Hopefully with their experience in play, you’ll end up with the most appropriate deal for you, along with lower interest rates.
Our service is more than just mortgage focused. Even if the application is simple and straightforward, customers will often still rely on a mortgage advisor in Derby for more. Customers are welcome to discuss with us how much they are planning to offer on a property, and we can recommend services such as solicitors and property surveys. One of our most important services is running through any available protection with our customers.
Something else we pride ourselves on is the ability to be a responsive mortgage broker in Derby, offering out of hours and weekend appointments to all our customers. Our dedicated team of mortgage advisors in Derby are available 7 days a week!
A factor that gets overlooked regularly, is that most applicants seem to be busy and need the assistance of a mortgage broker to handle the mortgage proceedings and eliminate possible stress. Professional applicants can reap the benefits of this as well, as they have their own clients that they are able to charge their services to.
In the future, we could see lenders wanting to bring back more customers from mortgage brokers. In this case, it’s unlikely that they will invest in more staff, instead opting for a more technological route.
For anyone looking for a quick and easy process, who is comfortable doing things that way, it’s great. Mostly we find though, whether they are First Time Buyers in Derby, Self Employed in Derby, or looking to Remortgage in Derby, people prefer people and would much rather have human interaction and input in their mortgage case.
Offset mortgages are not as popular as they were in the past. The demand for these types of mortgages has reduced drastically because people aren’t as good at saving as they used to be. However, these mortgages are a fantastic option for customers who are able to put some money aside each month or if some money is inherited or used as a gifted deposit.
When you take out an offset mortgage, the lender opens a Savings Account at the same time which is linked to your mortgage. Whilst the Savings Account won’t gain any interest, the money ‘offsets’ against the mortgage balance, e.g. if you owe £100,000 on your mortgage and you have £18,000 in your Savings Account then you only pay interest on £82,000.
This means Offset mortgages are extremely flexible, and money can be put in until the mortgage is completely offset. Any money that is put in the account is instantly accessible so it’s an ideal place for your ‘rainy day’ emergency fund. The Savings Account saves interest on your mortgage and doesn’t attract tax on anything that’s put in there which is particularly attractive to higher rate taxpayers.
If there is a reason that a lump sum will soon be acquired such as a possible future inheritance then an Offset Saver can be a good place to deposit the money until what is decided to use it on. The same applies to any bonuses that are received through work.
Consequently, there are some negative factors because of the availability to these flexible features. Offset mortgages tend to hold slightly higher mortgages rates and fees than other mortgages. Therefore, if the flexible features aren’t been put to use then it’s best to go with a standard mortgage.
Customers who like Offset Mortgages tend to stick with them and are less likely to remortgage in Derby as opposed to other customers. These types of mortgages can sometimes be tricky to understand but are worth looking into with a Mortgage Advisor in Derby. Many people often plan to overpay their mortgages when they first take them out but don’t seem to get round to it, this is often due to being uncertain about paying too much off their mortgage so that little is left for future capital requirements.
So if this sounds familiar then it may be best getting in touch with a Mortgage Advisor in Derby to make sure that the right mortgage is obtained and fitting to the situation that is being sought after.
When the mortgage deal that you initially obtained as a new customer comes to an end, your mortgage lender may offer you a new deal to help persuade you to stay with them for longer, this is known as a product transfer.
Lenders do not loyalty as a means of giving people rewards. The offer they make for you may not be competitive with deals you could get elsewhere regardless of your situation. Even more annoyingly, these product transfer rates are not as good as the deal they are offering to their new First Time Buyer in Derby customers.
Whilst swapping to a new deal with your current lender may well be fairly easy online, it is always in your interest to see what other deals you may be eligible for. Lenders will also tempt you to effect a new deal online without taking advice.
This can be really dangerous because if you do this without advice you are waving goodbye to all the valuable consumer protection you would otherwise have benefitted from.
We have seen numerous examples of customers affecting these “follow-on” deals and locking themselves into an inappropriate deal. Because they opted out of advice then they have waived a lot of their rights in terms of making a complaint.
We have had a case where a customer who was pregnant did this and was declined for a small further advance to fund some necessary home improvements a few months later. She then had to pay a hefty early repayment charge to swap to a new lender who would grant her the additional funds.
If we think a product transfer is the most suitable deal for you we will recommend that as a course of action for you and if we arrange the mortgage for you as a Mortgage Broker in Derby then all the regulation and consumer protection will apply.
In short, even if your requirement seems straightforward we recommend you always take advice – a second opinion costs nothing and making a mistake when taking a new product can be costly.
The Remortgage market in Derby is highly competitive and savings can generally be made by searching the market for a new deal.
The majority of high street mortgages which are on the market are portable. A portable mortgage is simply a mortgage that you are able to move from one property to another without paying a penalty. This works out well if you are considering moving home in Derby and are currently in the middle of a fixed rate deal because you can potentially avoid an early repayment charge.
It’s important to remember that not all mortgages are portable. If you are with a specialist lender then you may not have the opportunity to port your mortgage. The best way to find this out is to drop a quick call to your lender to confirm whether or not this is allowable.
Even with the availability of porting being available, not all customers choose to do so. Some reasons as to why customers don’t port could be due to factors including lenders not lending the extra money that a person needs to move or that the additional funds will be on a different rate to the one you have on your current deal. Depending on what new deal you are offered you might decide to overlook the repayment charge and swap to a different lender.
A sub-account will be created onto your mortgage when you port your mortgage and the additional monies end up being on a different deal to the original one. This means that although you only have one mortgage and one direct debit, two different rates of interest apply.
Down the line having sub accounts will lead to the different products overlapping which could get annoying. To get them back aligned at some point will mean one of the sub-accounts having to go onto the lenders’ standard variable rate for a period of time.
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Derbymoneyman.com & Derbymoneyman 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
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Derbymoneyman.com & Derbymoneyman 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
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