First-Time Buyers · Advanced Hacks
The First-Time Buyers 100.
Advanced Hacks
Focus: Pro tips for experienced borrowers and complex deals.
What’s the process for updating my address with institutions?
TL;DR
Moving house? Learn exactly what’s the process for updating your address with banks, HMRC, utility providers, and local councils in the UK. Follow our essential checklist to stay compliant and secure.
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What does a solicitor do in the home-buying process?
TL;DR
Discover the essential role of a solicitor or conveyancer in the UK home-buying process. From searches and contracts to exchange and completion, we explain how they protect your investment.
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What happens during exchange of contracts?
TL;DR
Discover exactly what happens during exchange of contracts in the UK. Learn about the legal binding stage, paying the deposit, setting the completion date, and what risks are involved.
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How will rising interest rates affect my options?
TL;DR
Rising UK interest rates impact mortgages, loans, and savings. Learn how rising interest rates affect your options, borrowing costs, and property investments.
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Is downsizing or upsizing a better option for my circumstances?
TL;DR
Deciding between upsizing and downsizing depends entirely on your financial goals, lifestyle needs, and property market timing. Learn how to weigh the costs and benefits accurately.
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When should I start thinking about selling or upgrading my home?
TL;DR
Considering selling or upgrading your UK home? Learn the optimal timeframes, financial considerations, and market factors that influence your decision to move or renovate.
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What is the best way to organise moving?
TL;DR
Moving house can be stressful. Learn the essential steps, timelines, and financial considerations needed to organise your move efficiently, reducing stress and cost in the UK.
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When is the completion date set?
TL;DR
Understanding when the completion date is set is key to a smooth property transaction. Learn about the exchange of contracts, the role of solicitors, and what factors might influence the timeline in the UK.
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What happens if the survey finds issues?
TL;DR
Discover what happens if your property survey reveals problems. Learn about renegotiating the price, requesting repairs, mortgage implications, and deciding whether to proceed.
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What happens if the seller rejects my offer?
TL;DR
If a seller rejects your property offer, don't panic. Learn what steps you can take next, including negotiating, reassessing your finances, or walking away. Understand the UK housing market process.
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Is now the right time to make financial changes, considering the economy?
TL;DR
The current economic climate presents challenges and opportunities for financial planning. Learn how to assess whether now is the right time to make significant financial changes, considering inflation, interest rates, and your personal goals.
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Am I comfortable taking on more debt to pay off the equity loan?
TL;DR
Deciding whether to remortgage or take on more debt to clear your equity loan is a major financial decision. We explore the costs, risks, and benefits of borrowing against your property’s value.
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How much will a solicitor charge for handling legal aspects of repayment?
TL;DR
Discover how much solicitors charge for handling loan repayment legalities in the UK. Understand fixed fees, disbursements, and potential extra costs for complex cases.
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Should I involve a solicitor for any legal aspects?
TL;DR
Navigating complex financial products often requires legal expertise. Find out when and why you should involve a solicitor for any legal aspects related to UK property finance or loans.
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Am I planning to start a family or make other life changes that might affect my housing needs?
TL;DR
Planning a family or a major life change? Understand how these events impact your housing needs, finances, and mortgage options in the UK. Essential guide for future planning.
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Do I plan to stay in the property for the long term?
TL;DR
Planning to stay in a property long-term affects your mortgage choice, renovation plans, and potential tax implications. Learn how your timeframe influences financial decisions.
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Can I afford the repayments on a new mortgage or loan to replace the equity loan?
TL;DR
Worried about replacing your Help to Buy Equity Loan? We break down how lenders assess affordability for a new mortgage or loan, focusing on income, debt, and the crucial factors that determine if you can manage the increased repayments.
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What are property deeds, and do I need to review them?
TL;DR
Understand what UK property deeds are, why they matter for ownership, and when you should review them. Essential guide for homeowners, buyers, and those seeking finance.
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Can I back out of the purchase after making an offer?
TL;DR
Yes, in the UK you can legally back out of a property purchase after making an offer up until contracts are exchanged (the point of no return). Understand the risks, costs, and legal implications involved in withdrawing your bid.
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What type of property suits my needs (flat, terraced, semi-detached, detached)?
TL;DR
Choosing the right property is crucial. Learn the pros and cons of flats, terraced, semi-detached, and detached houses to determine what type of property suits your needs best in the UK.
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Are there legal protections in case of financial hardship?
TL;DR
Facing financial hardship in the UK? Learn about the legal protections, statutory rights, and support available, including breathing space, debt advice, and lender forbearance rules.
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Should I review the terms of my Help to Buy contract with a solicitor?
TL;DR
Reviewing your Help to Buy equity loan contract is crucial before making major decisions like remortgaging or selling. Learn why specialist legal advice is essential for interpreting scheme terms and avoiding costly compliance errors.
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Is my property subject to leasehold or freehold conditions?
TL;DR
Confused about UK property tenure? Learn how to easily check if your property is subject to leasehold or freehold conditions, understand the implications, and discover your rights.
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Are there any legal restrictions related to my Help to Buy agreement?
TL;DR
Help to Buy equity loans involve significant legal restrictions. Learn about rules regarding ownership, subletting, selling, and required valuation processes.
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Would shared ownership be an alternative option for me?
TL;DR
Considering shared ownership in the UK? We explore the scheme, how it works, eligibility criteria, and key considerations to determine if shared ownership is an alternative option for you.
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What are the costs of renting a similar property in my area?
TL;DR
Understanding what are the costs of renting a similar property in my area is crucial for budgeting. We break down monthly rent, deposits, holding fees, bills, and moving expenses.
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How would selling and renting affect my long-term financial goals?
TL;DR
Understand how selling your property and transitioning to renting impacts your financial stability, wealth accumulation, and long-term goals in the UK. We cover budgeting, investment potential, and flexibility.
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What should I do if I encounter unexpected problems with the property?
TL;DR
Unexpected property issues can delay purchases or require extra funding. Learn how to navigate valuation discrepancies, structural problems, and funding gaps effectively.
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Is the area at risk of flooding?
TL;DR
Worried about flood risk when buying a UK property? Learn how to check flood maps, understand insurance costs, and assess the financial implications of high flood risk areas.
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Is there a risk of subsidence?
TL;DR
Subsidence risk is a major concern for UK homeowners and buyers. Learn what causes it, how to spot the signs, and the financial implications for mortgages and insurance.
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Is there a risk of losing my home if I cannot repay the equity loan?
TL;DR
Is there a risk of losing your home if you cannot repay the equity loan? Learn about secured lending risks, including default consequences, legal proceedings, and potential property repossession.
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What are the risks of not paying off the equity loan promptly?
TL;DR
Understand the severe risks of defaulting on secured equity loans, including credit score damage, increased charges, legal action, and potential property repossession.
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What’s the best way to build equity in my home?
TL;DR
Learn the most effective strategies for increasing your home equity. We explore accelerated mortgage payments, property renovations, and market considerations in the UK.
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How do my decisions impact my family or dependents?
TL;DR
Understand how your financial, legal, and lifestyle choices profoundly affect your family's future security and well-being. Learn practical steps for robust planning in the UK.
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Promise Money is a broker not a lender. Therefore we offer lenders representing the whole of market for mortgages, secured loans, bridging finance, commercial mortgages and development finance. These loans are secured on property and subject to the borrowers status. We may receive commissions that will vary depending on the lender, product, or other permissable factors. The nature of any commission will be confirmed to you before you proceed.
More than 50% of borrowers receive offers better than our representative examples
The %APR rate you will be offered is dependent on your personal circumstances.
Mortgages and Remortgages
Representative example
Borrow £270,000 over 300 months at 7.1% APRC representative at a fixed rate of 4.79% for 60 months at £1,539.39 per month and thereafter 240 instalments of £2050.55 at 8.49% or the lender’s current variable rate at the time. The total charge for credit is £317,807.66 which includes £2,500 advice / processing fees and £125 application fee. Total repayable £587,807.66
Secured / Second Charge Loans
Representative example
Borrow £62,000 over 180 months at 9.9% APRC representative at a fixed rate of 7.85% for 60 months at £622.09 per month and thereafter 120 instalments of £667.54 at 9.49% or the lender’s current variable rate at the time. The total charge for credit is £55,730.20 which includes £2,660 advice / processing fees and £125 application fee. Total repayable £117,730.20
Unsecured Loans
Representative example
Annual Interest Rate (fixed) is 49.7% p.a. with a Representative 49.7% APR, based on borrowing £5,000 and repaying this over 36 monthly repayments. Monthly repayment is £243.57 with a total amount repayable of £8,768.52 which includes the total interest repayable of £3,768.52.
THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME
REPAYING YOUR DEBTS OVER A LONGER PERIOD CAN REDUCE YOUR PAYMENTS BUT COULD INCREASE THE TOTAL INTEREST YOU PAY. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT.
Promise Money is a trading style of Promise Solutions Ltd – Company number 04822774Promise Solutions, Fullard House, Neachells Lane, Wolverhampton, WV11 3QG
Authorised and regulated by the Financial Conduct Authority – Number 681423The Financial Conduct Authority does not regulate some forms of commercial / buy-to-let mortgages
Website www.promisemoney.co.uk