Our Mortgage Broker Guide to getting a mortgage in Stockton-on-Tees
The mortgage application process has 4 stages regardless of which mortgage lender you use:
| |
Mortgage Broker Tip 1 | Mortgage Broker Tip 2 |
Read your credit report – is the information correct?Having incorrect information on your credit report can have a negative effect on your credit rating.
a) Is your name correct? b) Is your address correct? c) Are there any mobile phone contracts still showing? Ensure the above information is correct to get the highest credit rating you can. Using the address details stored in your credit file, write to any company that has incorrect information about you. | Fixed rate mortgageThis type of mortgage is one whereby the interest rate is fixed for a certain period of time, which could be anything from 2 to 10 years. After this period of time, the mortgage reverts to the lenders standard variable rate which can go up or down.
The advantages of a fixed rate are the mortgagor knows exactly how much each monthly repayment will be in the fixed rate period and it will not be affected by the sudden changes in the Bank of England base rate. The disadvantage is that the fixed rate tends to be higher than the rate for a variable rate mortgage. |
Stockton-on-Tees is a market town situated 6 miles west of Middlesbrough in County Durham. The first settlement is thought date from Anglo-Saxon times. It was an ideal location as it was on high ground on the northern bank of the River Tees.
In 1138 the manor of Stockton was built and was bought by Bishop Pudsey in 1189. Stockton Castle is thought to have been built in the 1300s but it was captured by the Scottish in 1644 and then was destroyed at the end of the Civil War.
Stockton-on-Tees is home to the first railway, being one of the termini of George Stephenson's Stockton and Darlington Railway. It also saw the invention of the friction match by John Walker in 1857.
It also is the location of the most northerly hippopotamus remains ever found on earth. A molar tooth was found in 1958 and are thought to be 125 thousand years old.