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Mortgage Calculator
A quick way to find out how much a mortgage is likely to cost you.
Best Mortgage Deals
Pick of the best in the market at the moment.
Downloads
Select from a range of FREE Downloads.
Mortgage Calculator
A quick way to find out how much a mortgage is likely to cost you.
Best Mortgage Deals
Pick of the best in the market at the moment.
Independent Whole of Market Mortgage Advice – Purchasing a house and arranging a mortgage
Independent whole of market mortgage advice is just the start of how we can
help. Based in Sheffield but able to serve all of
UK we want to assist with all stages of the home
buying process. This section explains all stages
of the purchasing a house and arranging a mortgage.
It’s common knowledge that moving house
is one of the most stressful events to occur in
everyday life. Whether you’re a first time
buyer, or an experienced mover, the number of
considerations to bear in mind sometimes seems
like an insurmountable burden. Here are some of
the things to bear in mind and a useful Purchase
Planner to make that move go a little smoother.
How Much Can I Borrow?
There are thousands of mortgages within today’s
current market, aimed at many different types
of borrower. Each lender has their own criteria
for working out how much you can borrow, based
on a number of different factors. The general
method of calculation is 3 x single income + your
partner’s income, or alternatively, 2.75
x joint income.
Some lenders use an affordability calculation that may result in you being able to borrow more although remember you must feel comfortable meeting the mortgage payments and other costs even if interest rates rise.
Use our simple affordability calculator to work out how much you can really afford to spend on monthly mortgage payments.
The best advice is to speak to us, work out your budget and get an Agreement in Principle from one of our lenders and a mortgage guarantee certificate from us.
Some lenders use an affordability calculation that may result in you being able to borrow more although remember you must feel comfortable meeting the mortgage payments and other costs even if interest rates rise.
Use our simple affordability calculator to work out how much you can really afford to spend on monthly mortgage payments.
The best advice is to speak to us, work out your budget and get an Agreement in Principle from one of our lenders and a mortgage guarantee certificate from us.
Look at Areas
Who are you and what are you looking for? Chances
are you will be staying in this property for 5
-7 years, therefore you must establish what factors
are important to you in relation to the area in
which you want to live. Are you a first time buyer
looking for the buzz of city living, or a couple,
about to start a family, looking for a house in
the right catchment area?
It is essential that you research your move carefully – so here are some top tips:
It is essential that you research your move carefully – so here are some top tips:
- Phone local estate agents to gauge which are the best areas for your requirements.
- Go to www.dfes.gov.uk/performancetables to look at school performance tables
- Speak to the council. Council officers will know where money is being spent on better transport, shopping facilities, or schools. They will also know about regeneration projects planned for city centres or run-down industrial areas.
- Speak to the planning department who will know about proposals from property developers.
- Drive round the areas at different times of the day and night to measure traffic noise etc
- Why not try driving to and from work at the appropriate times. The last thing you want to do is have perfect house and not see any of it because you're stuck in traffic!!
- Try www.upmystreet.com. This site will provide you with lots of interesting information such as education and policing statistics.
Make an Offer
Once you know where you want to live it is time
to start looking for the ideal property. The link
below allows you to print out a list giving contact
details for all the estate agents covering Sheffield
and the surrounding area.
It is wise before you make an offer to find out who you are bidding against, not only in terms of what their offers are, but also what their circumstances are. This way you can try to work out how high the opposition can go and how fast they can move. This, combined with your borrowing potential supplied by Simplicity, means you can decide what your opening bid will be, and what you set your upper limit at.
One point of warning - should the property move to sealed bids, or when buying at auction, be careful not to get carried away and exceed your pre-determined limits - no matter how lovely a house is, you can’t enjoy it if you can’t afford to live there.
It is wise before you make an offer to find out who you are bidding against, not only in terms of what their offers are, but also what their circumstances are. This way you can try to work out how high the opposition can go and how fast they can move. This, combined with your borrowing potential supplied by Simplicity, means you can decide what your opening bid will be, and what you set your upper limit at.
One point of warning - should the property move to sealed bids, or when buying at auction, be careful not to get carried away and exceed your pre-determined limits - no matter how lovely a house is, you can’t enjoy it if you can’t afford to live there.
Offer Accepted
At this point you should arrange your second appointment
with Simplicity. We will then:
You will need to decide what type of survey you require and may want to instruct additional reports (see www.thesurveyorsnetwork.co.uk). It is also important to arrange for the conveyancing to sort out the legal formalities of purchasing your property.
- Update our existing information about you.
- Search the entire market on your behalf to find you the best mortgage.
- Arrange the mortgage entirely on your behalf and chase its progress until completion, resolving any problems along the way.
- Help you arrange your Buildings and Contents Insurance.
- Help you arrange your Personal Protection.
You will need to decide what type of survey you require and may want to instruct additional reports (see www.thesurveyorsnetwork.co.uk). It is also important to arrange for the conveyancing to sort out the legal formalities of purchasing your property.
Mortgage Offer Arrives
You should read this very carefully and consult
with your solicitor before accepting the terms
of the mortgage offer. This is likely to be one
of the biggest decisions you are ever likely to
make, therefore it is essential that you take
a careful approach and fully understand the details
of the loan you are undertaking.
Make sure you look out for any conditions in the mortgage offer, do they need any further property reports to be carried out, what insurances are compulsory. Speak to us and get this all sorted as quickly as possible.
Make sure you look out for any conditions in the mortgage offer, do they need any further property reports to be carried out, what insurances are compulsory. Speak to us and get this all sorted as quickly as possible.
Exchange of Contracts
It is at this point you become legally committed
to the purchase of your property, and where applicable
pay your deposit to the vendors solicitors. It
is also at this date where all your insurances
should take affect, and you should inform your
removal firm of your completion date. Completion
can happen immediately but usually it will be
set for a week or so later.
Completion
CONGRATULATIONS!!! Your solicitor has sent the remaining payment
to the vendors solicitors and it’s time
for you to get the keys and move in.
The only thing left to do now is let everyone know you have moved, but hopefully, thanks to the help of Simplicity’s moving cards, you won’t find this too much of a chore.
The only thing left to do now is let everyone know you have moved, but hopefully, thanks to the help of Simplicity’s moving cards, you won’t find this too much of a chore.
How to Maintain a Good Credit Record
"Good credit" is based on two basic behaviours: responsibility and consistency. You
don't have to have a high income or purchase expensive
things. You just have to demonstrate good usage
and payment patterns - such as always paying your
bills on time and according to the agreement.
There are many ways that you can begin to build your credit. Common ones include: Making regular payments on a mortgage, buying a car, re-paying a student loan, re-paying a loan, holding a checking and/or a savings account, and making regular payments on utility bills. Credit bureaus, the companies that keep track of your credit history, use this type of information to determine your creditworthiness. Potential creditors turn to these bureaus to help determine if you have a history of paying bills in a timely and responsible manner.
A good credit record will make an enormous difference throughout your life. Not only when it comes to credit cards, but any time you need a lending product. Once you have a credit rating, it's a good idea to check it periodically to make sure the information is correct. You can obtain a report from one or more of the 3 larger credit bureaus: Experian, Trans Union and Equifax.
There are many ways that you can begin to build your credit. Common ones include: Making regular payments on a mortgage, buying a car, re-paying a student loan, re-paying a loan, holding a checking and/or a savings account, and making regular payments on utility bills. Credit bureaus, the companies that keep track of your credit history, use this type of information to determine your creditworthiness. Potential creditors turn to these bureaus to help determine if you have a history of paying bills in a timely and responsible manner.
A good credit record will make an enormous difference throughout your life. Not only when it comes to credit cards, but any time you need a lending product. Once you have a credit rating, it's a good idea to check it periodically to make sure the information is correct. You can obtain a report from one or more of the 3 larger credit bureaus: Experian, Trans Union and Equifax.