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The Quarter 1st Floor,
27-28 Burgate,
Canterbury, Kent, CT1 2HA

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YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE OR ANY OTHER DEBT SECURED ON IT

The information on this website is subject to the UK regulatory regime and is therefore targeted at consumers based in the UK

Approved by The Openwork Partnership on 04/12/2025

September 23 2024

The essentials you need to know about credit checks before borrowing money

The essentials you need to know about credit checks before borrowing money

The information a lender finds during a credit check is important – it could affect whether you’re able to borrow money, including through a mortgage, and the interest rate you’re offered. Yet, they can also seem perplexing.

Indeed, a Royal London survey found that a third of Brits had never looked at their credit report.

The good news is that we can help you cut through the jargon, so you feel more confident next time you apply for a loan.

Lenders usually carry out a credit check to assess how much risk you pose

Lenders carry out a credit check by looking at your credit report to understand how financially stable and reliable you are. Your credit report includes:

Personal details, such as your name and address
Borrowing and payment history
Current borrowing and credit limits
Details of people you’re financially linked to, like your partner.

If their check indicates that you are more likely to default on repayments, a lender may offer you a higher interest rate, which would affect your repayments and the total cost of borrowing, or even reject your application.

Hard v soft credit check

Two different types of credit searches can be carried out – a hard or soft credit check.

A soft credit check happens when you review your credit report or a lender checks to see if you’re eligible for certain offers. A soft credit check doesn’t show up on your report.

A hard credit check is usually carried out when you’ve made a finance application, such as a credit card or mortgage, and the lender wants to take an in-depth look at your report.

Hard credit checks may be noted on your credit report for up to two years and will be visible to other lenders.

Several hard credit checks in a short space of time may affect your ability to borrow as it could indicate you’re struggling to manage your finances. As a result, taking the time to understand which lenders are suitable for your needs could be useful as it may reduce the number of hard credit checks that are carried out.

A hard credit check can only be performed with your permission.

Don’t worry if you’re unsure about the two different types of credit searches and what they mean to you, we’re on hand to talk you through it all.

6 useful steps you could take to improve the outcome of a credit check

By reviewing your credit report and score before applying for credit, you may have a chance to improve how lenders view you. Here are six steps you may be able to take.

Search your credit report for any mistakes and contact the provider to fix them
Register on the electoral register to demonstrate stability
Reduce your outstanding credit
Pay more than the minimum payment on a loan or credit card
Avoid late payments by automating bills
Be careful about applying for new forms of credit.

Speak to your adviser if you have any questions

If you have any questions about your credit report or are worried about what it means for your future, including the ability to secure a mortgage, please don’t worry. Contact on 01227 209989 or email info@mymny.co.uk

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.

Approved by The Openwork Partnership on 20/12/2023.

Registered Company | 11400063

Website Designed by QuickWebs

Reach Out

The Quarter 1st Floor,
27-28 Burgate,
Canterbury, Kent, CT1 2HA

Useful Links

Our Services

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE OR ANY OTHER DEBT SECURED ON IT

The information on this website is subject to the UK regulatory regime and is therefore targeted at consumers based in the UK

Approved by The Openwork Partnership on 04/12/2025

September 23 2024

The cost of moving home

The cost of moving home

Buying a home comes with extra costs and fees you need to be aware of – from securing your mortgage to booking the removal van.

Whether you’re a first-time buyer, downsizing, or moving to your dream family home, it’s an exciting – and busy – time. It also comes with costs that could take you by surprise, so here’s a look at the ones you’re likely to come across and how we can help you through the journey.

Advice fee

We can help when you’re applying for your mortgage in principle, putting you in a strong position once an offer is accepted. The benefit of using a broker is that they have the expertise to ensure you’ve covered the required checks and paperwork related to buying your home and getting a mortgage.

We will let you know at the start of the process about our fees.

Booking and arrangement fees

These fees go to your mortgage lender. The booking/application fee is usually £100 to £300, but the arrangement fee can be much higher, anything from £0 to over £2,000 or a percentage of the loan. We can help you decide whether it’s better in the long term to opt for a mortgage with a slightly higher interest rate and lower arrangement fee, rather than a high arrangement fee and lower interest rate.

Valuation fee

Your mortgage lender will need to value the property themselves to make sure it’s not over- or under-priced. The valuation will also confirm the amount they’re willing to lend to you. Some lenders don’t charge a valuation fee, but if they do, it can cost upwards of £250 – depending on the size of the property and its value.

Surveyor’s fees

It’s important to know that the valuation fee doesn’t look at the structure of your new home, or any issues to do with maintenance and repair. We will be able to arrange an expert to conduct a thorough structural survey of the property. This will help you decide whether to negotiate the terms of the sale with the seller and their agent – before you exchange contracts. Survey fees can range from around £300 to over £1,500 – all depending on the level of service required and the size of the property.

Conveyancing costs

Buying a property involves lots of paperwork, and the legal side of things (known as conveyancing) covers the fees to solicitors or licensed conveyancers to carry out the work (‘disbursements’) as well as their own specific fees. Conveyancing can cost from £850 to £2,000, and disbursements, for example local authority searches which can cost around £250 to £450.

Electronic transfer fees

On the day you complete the sale and exchange contracts, a fee of around £50 will be added to your costs to cover the transfer of funds from your lender to the solicitor.

Insurance

Your lender will need to see that your new home is insured with buildings insurance. In 2022, the average cost of buildings and contents insurance was between £146 and £152 a year. We will help you find the best insurance plan to cover your new home and calculate how much contents coverage you will need as part of your insurance. At the same time we can review your personal coverage to check that you have enough life insurance to cover the mortgage should anything happen.

Removals

Once you’ve got the keys to your new home, it’s time to move in! Removal firms can charge anything upwards of £300, depending on how much you’re moving and how far it’s going.

We will help take the stress out of home buying and can find you the competitive deals and savings available.

Don’t forget the stamp duty

As a buyer you will have to pay a stamp duty land tax, this depends on whether you’re a first-time buyer, where you live, and where the property is located within the UK. First-time buyers will pay no stamp duty land tax on properties up to £425,000.

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.

Approved by The Openwork Partnership on 08/04/2024

For more information on Mortgages or to get in touch with the MyMny team, click below:

Registered Company | 11400063

Website Designed by QuickWebs

Reach Out

The Quarter 1st Floor,
27-28 Burgate,
Canterbury, Kent, CT1 2HA

Useful Links

Our Services

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE OR ANY OTHER DEBT SECURED ON IT

The information on this website is subject to the UK regulatory regime and is therefore targeted at consumers based in the UK

Approved by The Openwork Partnership on 04/12/2025

September 23 2024

What’s the difference between a product transfer and a remortgage?

What’s the difference between a product transfer and a remortgage?

If you want to stay on top of your mortgage repayments and ensure you’re getting the right deal for your circumstances then remortgaging is one of the most important financial decisions you can make.

But is it best to change to a new mortgage product with your current lender via a product transfer or look to remortgage with another provider?

The reality is that there are advantages, disadvantages, and differences to whichever route you choose to go down, which is why it’s essential to speak with an experienced advisor who can guide you through the options available.

What is a remortgage?

A remortgage is when you replace your current mortgage with one from another lender. This is often done when your existing deal has come to an end, and you’re attempting to find a better deal than your current lender can offer.

What is a product transfer?

A product transfer involves switching to a new mortgage deal, often one with a different interest rate, or one fixed for another set period of time, with your current lender.

Should I stay with my existing lender or move to a new one?

When your mortgage comes to an end, it’s always a big decision to work out what your next move should be.

It may be that a product transfer onto a deal with a fixed interest rate for a longer period offers the kind of financial certainty that best suits your needs. Or it could be that remortgaging with a different rate, a different amount and a different term, offers the flexibility you require.

Staying with your current lender may feel like the saftest option when your mortgage comes to an end, but that’s no guarantee that you’ll be getting the right deal. That’s why we recommend shopping around to find a mortgage that fits you.

Take the weight off your shoulders with specialist help

The most important element of the process is that you’re armed with the information you need to make the right decision for you. Which is where we come in.

As mortgage experts, we have access to a wide range of lenders and can look at the options available to you including any new deals from your current lender as well as make sure you don’t end up on their standard variable rate, which tends to be higher than the rates on most other options. So, make sure you don’t leave this big financial decision until the last minute.

We will talk you through all the pros and cons of both a remortgage and a product transfer. Working hand-in-hand with you, we will assess all your options and help you make the right choice for you and your individual circumstances.

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.

For more information on Mortgages or to get in touch with the MyMny team, click below:

Registered Company | 11400063

Website Designed by QuickWebs

Reach Out

The Quarter 1st Floor,
27-28 Burgate,
Canterbury, Kent, CT1 2HA

Useful Links

Our Services

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE OR ANY OTHER DEBT SECURED ON IT

The information on this website is subject to the UK regulatory regime and is therefore targeted at consumers based in the UK

Approved by The Openwork Partnership on 04/12/2025

September 23 2024

Tips to finding your first home

Tips to finding your first home

Searching for your first home can be an overwhelming experience, but when it’s the biggest purchase of your life, you need to ensure that it’s right for you. There are so many things to consider, so to help you with one of the biggest decisions in your life, we have drawn up some helpful tips and guidance when finding your first home.

Start with an open mind

There is the danger of becoming too fixated on certain locations or certain properties. It’s important to be open when searching for your first home, ensuring that you’re considering all locations and types of houses. Often buyers become stressed because they have narrowed their search down too far too early.

Talk to your local estate agent

It’s worth booking in a conversation with your local estate agents as after all, they are the experts. They will be able to give you an idea of properties available in the area, upcoming areas to search in and whether your budget is realistic to where and what you’re looking for.

Check out the location before putting an offer in

You don’t want to commit to a house before even knowing what the location or neighbourhood is like. If you fail to do this, you could be stuck…for a long time! It’s a good idea to identify three to four neighbourhoods you’d like to live in based on commute time, schools, recreation, crime, and price.

Use property-finding websites

With the world evolving, property search websites have become the most popular way in finding properties for sale and to rent. They are easy to use, open all hours, provide you accurate results and you don’t even have to move from the sofa! Some of the many include Rightmove, Zoopla and OnTheMarket.

Speak to a mortgage adviser

Mortgage advisers can give you an idea of how much you will be paying monthly on certain properties, taking various fees and rates into account. They will also be able to tell you whether your budget is enough to get you the property you want and what deal they believe is best in light of interest rate developments.

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.

Approved by The Openwork Partnership on 14/03/2024.

Key Takeaways:

It’s important to consider everything when making one of the biggest purchases of your life.
Buying your first home is an overwhelming experience, so making sure you’re open to everything is key.
When finding your first home it’s important to consider things like the neighbourhood, whether it’s a starter house or your forever home, price and affordability.
Estate agents are great for finding your first home, they will give you insight into where to buy, upcoming areas to buy into and if you can afford certain areas.
Property-finding sites are great for finding your first home, they are open all hours, are easy to use and you don’t have to move from the sofa!
Speaking to a mortgage adviser can help make the process of finding your first home as smooth as possible.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.

For more information on Mortgages or to get in touch with the MyMny team, click below:

Registered Company | 11400063

Website Designed by QuickWebs

Reach Out

The Quarter 1st Floor,
27-28 Burgate,
Canterbury, Kent, CT1 2HA

Useful Links

Our Services

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE OR ANY OTHER DEBT SECURED ON IT

The information on this website is subject to the UK regulatory regime and is therefore targeted at consumers based in the UK

Approved by The Openwork Partnership on 04/12/2025

September 22 2024

Considerations for first-time buyers

Considerations for first-time buyers

Being a first-time buyer can be daunting. Not only are you about to make one of the biggest financial decisions in your life, but you’ll probably also have family members and friends offering their ideas on the right house, mortgage, lender conveyancer and even removal company for you.

We’ve put together some ideas to try and take away some of the stress and confusion and give you confidence to move through the home buying process as smoothly as possible.

Get the right advice

Of course, we’re going to say that – it’s what we do! We’ll review your circumstances and look at your income, debt, day-to-day outgoings, employment and the size of your deposit, to assess what you can afford to borrow now and in the future. We’ll talk you through the types of mortgages we think are right for you and the lenders who offer them.

Save as much as possible

Buying a house is going to be expensive so it’s important to save, save, save and save some more to get yourself in the best position possible. Many lenders will accept a minimum deposit of 5% of the cost of the house you’re buying but aim higher. The bigger your deposit the smaller the mortgage (and monthly mortgage payments) making you more attractive to a lender.

Compromise

We can all admit that it is easy to get a little carried away when looking for your ‘dream’ home, but sometimes buying your first house is all about compromise. Deciding what you’re prepared to compromise on is an essential step when considering your first home. Whether it’s the luxury of having a drive or a bigger garden, it’s unlikely that you’re going to get everything you want at a price you can afford.

Know your budget

Your hard-saved deposit and monthly mortgage repayments aren’t the only expenses you need to be mindful of when buying your first home:

Some lenders will charge for a valuation fee to help them establish how much they are prepared to lend you.
You’ll also need to factor in the cost of a survey (depending on the type of property you’re buying and the lender you choose to go with you might need a basic mortgage valuation, a homebuyer’s report or a full structural survey).
In Scotland you also need to budget for Land and Buildings Transaction Tax and in Wales you’ll need to budget for Land Transaction Tax. If you live in England or Northern Ireland, you won’t pay any Stamp Duty Land Tax on properties worth up to £250,000.
You’ll also need to pay your solicitor or conveyancer for any legal work and local searches they do on your behalf.

Talk to us and we can help with practical financial advice on your first and future home purchases.

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.

Approved by The Openwork Partnership on 14/03/2024.

Key takeaways:

It’s important to consider certain things when you’re about to make the biggest financial decision of your life.
Knowing your budget is a huge consideration for a first-time buyer as knowing what you can and can’t afford as well as additional fees is imperative.
Getting the right advice from a professional will allow you to go through the home buying process as smooth as possible.
It’s important to remember your first home is unlikely to be your forever home, so don’t rush and look to the future.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.

For more information on Mortgages or to get in touch with the MyMny team, click below: