Tag Archive for: Mortgage Adviser

What is your job role?

Director & Mortgage Adviser

What is your favourite meal to cook?

So many to choose from! I am a massive fan of a one-pot dish (limited washing up!) so something like a chicken, ham & leek pie would be up there as a favourite.

If you suddenly had 25 hour days, how would you use your extra time?

See more of my daughter and sleep longer!

If you had to play one album forever, what would it be?

Something upbeat and timeless. Tina Turner would have to be up there for Proud Mary alone.

Of all the places you’ve travelled to, what was your favourite and why?

Lapland with the family. Meeting Santa Claus in his home with my daughter was truly magical.

What is your favourite family tradition?

Watching The Muppets Christmas Carol on Christmas Eve as a family – love it!

What do you enjoy most about your job?

Helping dreams come true – to be part of that journey with a client is a real honour.

What is something you find challenging about your work?

Paperwork and lack of time to get it done. Being regulated means there is so much to be done behind the scenes which is often challenging.

A recent survey from Direct Line showed that one in four landlords report not being able to keep up with changing regulations. Therefore, it may be a bit of a shock to many landlords to hear that from 2025, all newly rented properties will require an energy performance certificate rating of C or above, with this deadline extended to 2028 for existing tenancies (please note these dates are subject to change).

Failure to comply will lead to a property becoming unrentable.

Making changes to improve a property’s energy efficiency rating will help to improve the overall energy efficiency of the UK housing stock and to assist the government in meeting the ambitious net-carbon zero targets set out earlier this year.

But on a more direct level, making the improvements ahead of the impending 2025 deadline will ensure that properties remain commercially viable for the short and long term for landlords. Putting off making necessary changes could leave landlords exposed to extended void periods when their property can’t be rented out while works are being completed.

What can be done to improve the EPC rating?

If you’re a landlord, you’ll need to prepare, especially if your rating is at E to G. You can start by making sure that you have done the following to improve your EPC rating.

1. Improve your lighting to LED light bulbs.

2. Insulate the walls and roof.

3. Improve windows with double or triple glazing.

4. Install an energy-efficient boiler.

5. Use a smart meter.

Generally, investing in renewable energy will help to improve your EPC of your rental property, especially using products such as solar panels and ground-source heat pumps.

But beware – analysis from Habito published late 2021 found the average cost of upgrading a property from just an EPC ‘D’ rating to ‘C’ is £6,155.  A cost that, at the moment, the landlord needs to burden. So it is inevitable that more than half (52%) of landlords with properties with an Energy Performance Certificate of D or below are considering selling due to the rules requiring them to improve their rating, according to research from The Mortgage Works (TMW).

Eco-friendly properties could also lower your mortgage costs

A growing number of banks and building societies will offer landlords a lower interest rate if their home is more energy-efficient.

Green mortgages may offer lower interest rates, as they are viewed as more valuable to prospective buyers and renters who would benefit from lower energy bills. But you will usually need an EPC rating of A or B to qualify for a green mortgage.

If you’re looking for an eco-property to let out or are carrying out work to improve a property, reviewing green mortgages could help you get more out of your investment.

Please contact us to discuss your mortgage needs.

Please note: This blog is for general information only and does not constitute advice. The information is aimed at retail clients only.

Some buy-to-let mortgages are not regulated by the Financial Conduct Authority.

Fiona McCulloch

What is your job role?

Mortgage & Protection Assistant

Where is the most beautiful place you’ve visited?

Definitely the Amalfi Coast in Italy! It’s just so picturesque.

If you were a film character, who would you be and why?

Probably Anne Hathaway’s character in The Devil Wears Prada (my favourite film). Who wouldn’t want free designer clothes?!

Can you play any instruments?

Just a few! We’re quite a musical family so I’ve played the cornet, clarinet, piano and guitar. My sister played the tenor horn and violin too, so it was never quiet in our house.

Do you have any regrets?

I don’t really regret anything, because if things hadn’t happened the way they did I wouldn’t be where I am now – with my husband, in my new house and in a job that I love.

What is the nerdiest thing you do in your spare time?

I play board games online with some friends once a week. It started during the pandemic and we’ve just kept going since. We play in person now too.

What do you enjoy most about your job?

I love helping clients going from the first steps of buying their first/next home to getting the keys in their hand. It’s great to be part of a major life event with clients.

What’s something you find challenging about your work?

Whenever a chain falls through for sales/purchases, it’s always quite sad to hear. I can empathise with our clients as that has happened to me too.

Stuart Rodgers

What is your job role?

Trainee Mortgage & Protection Adviser

If you could witness any historical event, what would you want to see?

I would love to see real life dinosaurs! Wouldn’t want to get too close though. Maybe if Jurassic Park becomes a reality I’ll get my chance.

If you won the lottery tomorrow, what would you do with the money?

Fly to Hawaii and spend the next month on the beach sipping cocktails from coconuts, in my floral shirt and hula skirt.

What is the top item on your bucket list?

There are quite a few items left on my list, but skydiving has to be at the top. I am not great with jumping off diving boards though so I might need a push to get out of the plane.

Finish this sentence – On Sunday mornings you can usually find me…

full from breakfast and out walking the dog along the beach or through the park. Usually thinking about what’s for lunch!

Flashback to when you were in primary school – what did you want to be when you grew up?

When I was really young I always wanted to be a Power Ranger. Jason the Red Ranger to be exact. I even told people that was my name.

What do you enjoy most about your job?

The team I work with. We all get on so well and love to have a laugh. No day is boring and there are always people there to support you when you need help.

What do you find challenging about your work?

In the protection aspect of my role, we have to have some frank conversations with people about death and illness, which isn’t a particularly pleasant thing to think about. But it is all made easier knowing that we have helped to protect those families at the end of it all.

This year has been like no other and the mortgage market, as expected, has been impacted by the Covid pandemic.

Although house prices climbed to record highs during 2020, the volume of mortgage transactions fell. Lenders also became more risk averse and fewer borrowers withdrew equity from their homes.

So, what are the main changes for the mortgage market?

Fewer mortgages

There was an unprecedented decline in the range of mortgage products available during the lengthy first UK lockdown. Such low numbers have not been seen since the financial crisis of 2007.

In February 2020, deals with a loan to value above 90% represented 10% of the UK’s residential mortgage market. By June, these had fallen to fewer than two per cent. Buyers became sceptical, nervous and unsure about their futures. Unemployment has become a real threat for lots of people and this had an impact on the mortgage market.

Fewer borrowers

The number of mortgages agreed fell significantly during the lockdown crisis; but it is now edging slowly back up. In January this year, the number of people securing a mortgage was 16% higher than in January 2019. But by April, figures were 54% down on the previous month a year earlier. It was picking back up again in June, but still below the trend of previous years.

It is thought that the rebound was due to the increase in demand at the end of lockdown, as the market almost completely froze in the early stages. The lockdown has meant many out-of-town homes with more outside space have become very popular as people worry about future lockdowns. City dwellers appear to be heading out into suburbs and smaller towns and villages.

Remortgaging

The remortgage market wasn’t hit quite as hard as the rest of the mortgage market. The pace of remortgaging certainly took a hit, but figures remain fairly consistent with the patterns of the last five years.

Those remortgaging are typically established homeowners with lots of equity in their properties. This suggests that the market was much kinder to the older generation, but the younger first-time buyers still had a mountain to climb.

What’s next?

There are signs that the market is bouncing back and starting to recover. The second lockdown restrictions are easing a little, and people are regaining some confidence to mix with others. There’s also more economic stability, although many industries and sectors are still at risk of mass job losses. This will become more apparent once the furlough scheme finally ends next year.

Mortgage products have reduced, and costs have continued to rise, so first-time buyers and those with limited savings have fewer options than they did prior to lockdown.

While house prices continue to rise, it remains to be seen what the next six months look like for the mortgage market. Many are expecting to see a boom as restrictions continue to ease, especially in light of news about three potential vaccines becoming available.

Either way, the mortgage market is a fluid landscape at the moment. The mortgage and housing market is always subject to change, but we always scrutinise what is happening so we can give the best advice.

If you need help with your mortgage or remortgage, please do not hesitate to contact us.

Couple celebrate after gaining first time buyer mortgage

First-time buyers are understandably nervous when it comes to buying their first home. There is so much information out there and there are a lot of steps involved.

Your home is the likely to be the most expensive purchase you’ll ever make, so having a checklist really helps.

At Co-Navigate, we’ve been helping first-time buyers in Newcastle and beyond with mortgages for years.

So here is our advice:

Can you afford it?

Before you think any further about buying a house, you have to check out your budget. Can you afford a home?
There are many occasions where your monthly mortgage payment may be cheaper than your monthly rent payments. This means buying is often a better prospect because you will, one day, own the property.
But remember, when you’re buying a property, you’re also responsible for every bill. That includes building repairs, decoration, gardens and any associated costs, such as management company bills if you’re living in an apartment.
The best way to work out if you can afford a mortgage (or if you need to know when you’ll reach that point) is to speak to an expert. This is where Co-Navigate can help.
There are free calculators available online and this one from The Money Advice Service is very useful. But whilst it gives you an idea of affordability it doesn’t give you the full picture. Sitting with Lyndsey at Co-Navigate, you can discuss your options that will really help you to find a mortgage to suit your needs.

A deposit

Saving for a deposit is essential. You cannot get a mortgage without a deposit.
Why do you need a deposit? Well, lenders don’t want to take all the responsibility for the purchase, so you need to show you are serious and prepared to take a risk with your money too.
If you’re in the early stages of considering buying your own home, start saving now. Housing charity Shelter says it can take young families 12 years to save for a deposit of 20%.

Your mortgage

It’s a word you’ll have heard but what is a mortgage?
It is, quite simply, a loan from a specialist mortgage provider that you pay back over a number of years. The actual number of years varies massively from person to person and no one solution fits all.
Like any loan, there is interest to pay as well as the sum that you borrowed.
Remember that you must pay what you owe as your home could be at risk if you fail to do so. Failure to pay means the mortgage provider can and will take your home from you!
So where can you find a mortgage? You could try a bank or building society, but they’ll only offer you their own products and limited advice, or you could try an independent mortgage broker, like Co-Navigate. We are based in Newcastle but we have clients with mortgages from across the North East and the whole of the UK.
Why choose an independent mortgage broker? We can access mortgage deals from across the whole of the market whereas a bank or building society can only offer you their own products.
Not only do we have access to more deals, we often have exclusive mortgages that you won’t find on any comparison sites or from banks and building societies direct.
But more importantly you’ll have someone to hold your hand through the whole process. Someone who deals with mortgages day in and day out – an expert in their field.

Remember all your costs

We will look at buying a home and whether to choose new-build or pre-loved homes in a future blog, but the next point to remember is your costs.
Buying a house involves getting a number of professionals involved and they need to be paid.
For example, you will need a solicitor to carry out many of the legal aspects, including ‘conveyancing searches’. House sales website Zoopla explains what searches are here.
As well as the solicitor’s fee, there will be fees for those searches.
And we also advise looking at options around which survey needs to be completed. A Homebuyers Report, which can highlight any structural issues can often be useful. If there is anything seriously wrong, you can renegotiate the price and/or request issues are rectified before you complete. There are different types of survey report so make sure you find out more.
Many mortgage providers will offer a basic free valuation, but some will charge for this and can cost around £100-£400.
Stamp Duty is an often forgotten about tax which can significantly add to your purchase costs, especially if you already own another property. You can work out how much stamp duty will be here.
As you can see, fees can add up even before you complete on your home and you need to make sure you have the funds available.

What to do next?

Whether you’ve seen your first home or are just thinking about buying, why not contact Lyndsey today for a free no-obligation meeting to see how close you are to finding your first home.

Your home is at risk if you don’t keep up repayments on your mortgage.