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Our Mortgage Broker Guide to getting a mortgage in Bishop Auckland

The mortgage application process has 4 stages regardless of which mortgage lender you use:

    Approval/Decision in Principal (AIP/DIP)
    Mortgage in Principal (MIP)
    Mortgage Valuation
    Mortgage Offer

Read about the full mortgage process here - What is the mortgage process?

Mortgage Broker Bishop Auckland Tip 1
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Mortgage Broker Tip 1

Mortgage BrokerTip 2

Moving regularly can decrease your credit score

Frequent changes of address are likely to result is your credit score decreasing. It can affect your credit rating if you haven’t been registered at one address for an extended period of time.

Lenders favour stability over constant changes of address as inconsistency increases your risk profile. You will often be asked “Have you lived at this address for longer than 3 years?” so they can judge the likelihood of you making repayments regularly.

Offset Mortgage

Offset mortgages let you link your savings with your mortgage. In doing so, you will only pay interest on the value of your mortgage that surpasses that of your savings. Interest rates are often slightly higher for offset mortgages, but the benefits include being able to reduce your monthly payments or shorten the period of time you are paying back your mortgage.

It is commonly thought that offset mortgages are restrictive and expensive but you can get at your money quickly, shorten your mortgage significantly and you don’t have to have all your savings in one account.

Bishop Auckland is a quaint market town situated 30 miles south of Newcastle upon Tyne and 25 miles north west of Middlesbrough. It has a strong historical association with the period of the Industrial Revolution as it was a coal mining hotspot. Notable landmarks include Auckland Castle, locally known as The Bishop’s palace, and the remains of the Binchester Roman Fort.

DL14 7JH

Property Price Stats for Bishop Auckland

Average property price in Bishop Auckland £118,575
% Change compared to last year 12%
Population of Bishop Auckland 16,276 (2011)

The property price data is sourced from the Land Registry's UK House Price Index and you can view up to date property prices by clicking - Land Registry House Price Index >> Land-Registry

Mortgage Broker Bishop Auckland - Recently Completed

  • Victoria Ave, Bishop Auckland DL14 7JH
  • Cockton Hill Rd, Bishop Auckland DL14 6HS
  • Newgate St, Bishop Auckland DL14 7EJ
  • Woodhouse Ln, Bishop Auckland DL14 6LB
  • Market Pl, Bishop Auckland DL14 7NP

Local High Street Banks in Bishop Auckland

Mortgage Broker in and around Bishop Auckland

Our Bishop Auckland mortgage broker can help you with your mortgage app;lication locally or in any of the surrounding areas including Binchester, Toronto, Escomb, Coundon, Coundon Grange, Shildon and Tindale.

Which banks are local to you?

  • Barclays Bank - Jenkins House, Bob Hardisty Dr, Bishop Auckland DL14 7TH
  • Lloyds Bank - Newgate St, Bishop Auckland DL14 7EG
  • HSBC - Newgate St, Bishop Auckland DL14 7HQ/li>

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Bishop Auckland Mortgage Broker Insider Tips

Only use solicitors who have been entrusted with the Conveyancing Quality Scheme (CQS) award..

All solicitors are not the same! The Law Society only gives its Conveyancing Quality Scheme award to applicant solicitor firms who have passed strict quality control assessments and can prove that their standards of experience, qualification and professionalism are sufficiently high.

SAM Conveyancing only employs CQS solicitors who proactively manage all their clients.

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