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How hard is it to get on the Property Ladder?

Your home may be repossessed if you do not keep up repayments on your mortgage. Young people are finding it even harder to get onto the property ladder with the news that the average salary requirement has risen by 18% over the last three years in some cities. In fact, first-time buyers need an average £53,000 salary to buy a home in the UK’s 20 largest cities. Research company Hometrack has carried out research into the affordability of property for first time buyers, and one of the findings was that only three out of 20 major cities has become more affordable since 2015. The cities with the biggest drop in affordability in the past three years were Bristol and Manchester. This is a result of where rapid growth in house prices had pushed up the average wage needed by a first-time buyer by almost a quarter. A first-time buyer in Bristol now needs to earn £58,826 per year in order to afford the average property, while three years ago they would need £47,283. In Manchester the salary requirement of those wanting to get onto the property ladder has jumped by more than £6,500 to £34,770. London is still too expensive for many young first-time buyers, with the study showing that £84,250 was the average income required to buy an average property. In addition, it has become harder for first-time buyers to buy a property in Leicester, Nottingham and Peterborough, with home values rising by more than the rate of growth in earnings over the past three years. It is believed that over 30% of young people may never own their home and could be forced to live and raise families in insecure private rental accommodation throughout their lives. The Institute for Fiscal Studies also said the chances of a young adult on a middle income owning a home in the UK had halved in the past 20 years. Although wages have risen just above the rate of inflation, property values have risen at a much faster rate.  There has been a slowdown and drop in London, but most of the country has seen values rise by more than 3% each year, and in Scotland this is even higher as demand continues to outstrip supply. Property in the north-west has seen annual increases of about 5.6% and properties in the south-west and West Midlands rising by about 4.4%. In contrast, the annual increase in average weekly pay was 2.9% in the UK. In London, Cambridge, Oxford and Aberdeen, affordability has improved slightly where the average income needed to buy a home has risen by 1% in the past three years. Higher interest rates could make it harder for more people to buy a home, while there were also affordability caps imposed on mortgages to stop banks lending to people who may find it difficult to repay their loans. If you would like advice on buying a property for the first time, contact Talk Mortgage Broker today.

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Is Your Social Media Account Affecting Your Mortgage Application?

Did you know that some banks will look at your social media account before offering you a mortgage, or an insurer will grant you cover? In fact, there are even some companies that will check what banks may see – for a fee. How does it work? Some credit score apps are working with lenders to see if you will be able to meet your repayments and financial obligations and they are doing this by checking whether there are signs of irresponsible purchasing behaviour and interests. Companies like Experian have always analysed consumers to give banks a picture of how much of a risk you are, although Experian has stated that they do not use Social Media for this purpose. However, whenever you apply for a loan or a job, other companies may vet your social media and they even charge you a fee to see the information and assumptions about you that they are providing to these organisations. These companies may put together a report of the impact your social media has on your borrowing ability. It will give you an indication of the predictions companies are likely to make about you based on the data that is available online. You can then use this report to change aspects of information publicly available in order to paint a more reliable picture to potential lenders. What do they check? These information-gathering companies will look at your Facebook, Twitter, LinkedIn and Gmail profiles, as well as online shopping receipts to see whether you are a competent spender. It can also look at newsletter sign ups and log-ins, so be wary as you may be unwittingly sharing information about your preferences. What can you do? In fact, by signing up to things through Facebook and Google it may save you time, but it is giving the app a picture of your interests and spending habits, so it’s worth taking the time to register fully for access to these online services otherwise you are giving access to your contacts, images, your location and your browsing history. Most of the time, this data is analysed by machines and you’ll be given a score. Therefore it’s essential that you set your account to private so that only you have access to your account and information posted. Everything you share or post online publicly tells people something about you, your habits and your behaviour. It can also help criminals steal your identity. Our advice is to go into Facebook and use the option to view your profile from the public’s point of view and adjust your privacy settings You could also download your entire Facebook history in the privacy section so you can see exactly what’s been stored about you and make changes to protect yourself in the future. If you would like further advice on mortgages or protection, contact Talk Mortgage Broker Peterborough today. 01733 306 226 Your home may be repossessed if you do not keep up repayments on your mortgage.

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How to get the best deals to re-mortgage in Peterborough

There are lots of reasons why home owners in Peterborough look to remortgage. You may want to raise money for home improvements, to consolidate debts or to purchase another property – maybe a holiday home or helping a child to buy their first house. You may want to remove or add a partner from the mortgage. At The Mortgage Broker, we understand that you don’t have time to scour the market looking for the best deals and want advice on what is the best offer. Your current lender or high street bank may have said no to a remortgage, but there are a wide range of lenders out there offering many different products. We have access to a wide range of deals across the market and can advise on what will work best for your personal situation. How many times have you found a good interest rate from a lender, only to be hit with a large fee for securing the new mortgage? We will look at each offer across the term of the deal and let you know the real cost to you. We can also provide a free valuation of your property and won’t charge you an arrangement fee. You can rest assured knowing that our mortgage advisers provide a free, no-obligation service to take the hassle out of re-mortgaging your home in Peterborough. call today on 01733 306226 to find the best deals for re-mortgaging your Peterborough home.

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Getting a mortgage in Peterborough with credit issues

Worried if you can get a mortgage for your first home in Peterborough due to your credit score? At The Mortgage Broker, we have years of experience supporting people across Peterborough to buy a home and secure a mortgage whatever their credit score. Our mortgage advisers will call you to understand your credit situation and what you’re hoping to borrow to buy your first home. We can help you to check your credit score and understand what this means for borrowing. If you have defaulted on a payment in the last 12 months or have a really poor credit score, you may struggle to find a lender but we can advise you on how to improve your rating so you can borrow in the future. We save you time by searching across a wide market to see which lenders will give you a mortgage and advise you on the best deal for you. And if you decide to make the move for your first home in Peterborough, we’ll guide you through the whole process from applying to starting your mortgage when you collect your keys. Give Gio a call today on 01733 306226 for a free, no-obligation chat on how you can buy your first home in Peterborough whatever your credit rating.

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Can I get a mortgage if I’m self-employed?

Getting a mortgage or re-mortgaging when you’re self-employed in Peterborough can be a minefield. Some high-street lenders will want three years of accounts before they will consider you for a mortgage. Here at The Mortgage Broker we’ve helped hundreds of self-employed people in Peterborough to get a mortgage. We have access in minutes to a wide range of lenders across the market, saving you time and effort shopping around. Each lender looks at self-employed people differently – some will want a year of accounts while others want more. We can give you a quick view of what the market offers and advise on the best deal for your situation. We will support you through the whole process from understanding who will lend to you, what the best terms are to working through all the documentation needed.  call today on 01733 306226 for a free, no-obligation chat on how you can buy a home or remortgage in Peterborough when you’re self-employed.

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Five things first time buyers in Peterborough need to know

Here at The Mortgage Broker, we get a lot of enquiries from first time buyers looking to buy a home and take on their first mortgage in Peterborough. Our mortgage adviser Gio talks through the five most common questions.

  1. Can I get a mortgage?
We start by asking first time buyers in Peterborough what their employment situation is. We need to know if you’re in permanent employment, contract working, on probation or self-employed. There are lenders across the market whatever your employment status, but this helps us to find the right mortgage deal for you.
  1. How much can I borrow?
This will depend on your income, the term or length of mortgage deal, plus how much you can afford to pay back on your monthly bills. We always talk this through with first time buyers, so we get a picture of how much you can spend on your Peterborough home.
  1. How much will my monthly cost be?
The monthly mortgage cost is calculated based on how much you have borrowed and the length of the mortgage term. It is also linked to whether you decide on a repayment or interest-only mortgage. We look at deals across the market to give you a clear picture of your options and to ensure your mortgage is affordable for you.
  1. Will my credit score effect my mortgage?
All lenders will run a check on your credit score to see if you’re a risk to lend to. Even if your credit score is high, there are things you can do to improve it and we’ll advise you on this. An important part of what we do for first time buyers is that we can work with lenders to get you a mortgage agreement in principle, without impacting on your credit score.
  1. How much deposit do I need?
As a starting point you can potentially obtain a mortgage deal with a 5% deposit and there are help to buy schemes that we can advise on. The greater the deposit you have, the better mortgage interest rate you can potentially access depending on your particular situation. As always, we will look at a range of lenders to give you the best offers. Call 01733 306226 for a free, no-obligation chat on how you can buy your first home in Peterborough.  

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Remortgages – Peterborough

Your Remortgage in Peterborough As the mortgage market remains fluid and ever-changing, many borrowers are opting to remortgage every couple of years so as to benefit from the new rates that are available to them.  If you opt not to take advantage of a new deal and to stick with what you currently have for the duration of your mortgage then you could be missing out on the chance to reduce the overall amount you are going to have to pay back. In some cases this can be a large amount so why not have a look in to a remortgage?  

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First Time Buyers – Peterborough

Top Tips for First Time Buyers Peterborough If you're reading this, then buying your first home is probably quite high on the list of your 5-year plan. But how do you go about connecting the dots from those initial savings to eventually signing the contract for your first time buyer mortgage Peterborough? Here are some handy tips to get you started!  

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First Time Buyer Mortgages in Peterborough

For those of you looking to buy your first home in or around the Peterborough area, you are probably facing the common circumstances of trying to save every last penny and to not get lured in by the temptation of Friday night takeaways, drinks with friends and sunny days out. And so you sit at home, convincing yourself that all of this is worth it and you will get your dream home, it’s just a matter of patience! Whilst this mindset is ideal, here are a few options that you may not have stumbled across, that have the potential to accelerate your quest for your first time buyer mortgage.  

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First Time Buyer Mortgage Guide Peterborough

A Guide for Your First Time Buyer Mortgage in Peterborough

Your first time buyer mortgage is just one part of the puzzle and something that needs to be considered properly. This post briefly covers some of those considerations.  

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