Tag : remortgage

Mortgage Advice

The value of our advice

The value of our advice

Good financial advice and planning helps people to protect and build their assets, make the most of their investments and help to achieve the goals and lifestyle they desire.

Establishing priorities
Every client we meet has a unique and varied range of financial planning needs, so it’s important to establish priorities right from the start if we are to create a meaningful and relevant plan.

As time passes, your financial plan will need to evolve, and regulatory changes can impact the effectiveness
of any structures already in place. That’s why we recommend a regular review to ensure that your plans remain on track and relevant.

The importance of ongoing advice and service
If you choose to receive ongoing advice and service from us, we’ll invite you to regular meetings where we will monitor the progress of your plans and discuss any adjustments required in the light of changing circumstances.

We believe that ongoing service can help you continue to make well-informed choices and give you the best chance of achieving your goals through key life stages.

Five promises we make to our clients

  1. We will help you arrange your finances so that they work as effectively as possible towards funding your life goals.
  2. We will help you take steps to ensure your income, assets and family are protected from the impact of long-term illness, disablement or death.
  3. We will advise you on how your investments can benefit from relevant tax reliefs and allowances. We will also advise you on the most effective way of withdrawing income or capital from your arrangements when the need arises, or how best to pass wealth to your intended beneficiaries.
  4. We will help you keep your plans in focus by regularly meeting with you to review and refresh arrangements. This might be a result of changing personal circumstances, legislation, new opportunities and any other factors relevant to your situation.
  5. We will be accessible and responsive whenever you wish to contact us with queries or requests.

For more information about any of our services, please get in touch.

Financial Advice

The value of mortgage advice

The value of mortgage advice

With so many mortgage lenders offering their products on the high street and online, it can be tempting to cut out the middleman and ‘go direct’.

But when you’re making such an important financial commitment, the guidance you can get from a qualified mortgage adviser can be invaluable. Here are five ways we can make a difference to your mortgage search:

  1. We know what a good deal looks like
    We have access to a wide range of well-known lenders and thousands of mortgage deals, so we can find a
    rate that suits you. But we also look beyond the rate. Lender administration and booking fees, length and
    type of loan, valuation costs and repayment methods can all affect the total amount you pay. By considering
    all these elements, we can recommend a solution tailored to your individual circumstances.
  2. We know the market
    If your needs or circumstances are ‘out of the ordinary’, it may be much harder for you to find a mortgage now than it was a few years ago. This is particularly true if you’re self-employed or a small deposit, or are
    borrowing into retirement. We can save you the time and hassle of trawling the market, and help you find a
    lender willing to provide your loan.
  3. We’ll do the hard work for you
    Selecting the most appropriate mortgage is just the start. We’ll work with you to complete all the necessary
    application forms, liaise on your behalf with solicitors, valuers and surveyors, and help to make the
    process as smooth as possible.
  4. We’re professionally qualified
    Unlike many branch and telephone-based mortgage sellers in banks and building societies, we’re qualified
    to advise you on a broad range of lenders and products. This means you benefit from genuine choice coupled with quality advice.
  5. We go beyond the mortgage
    We can help you safeguard your investment in your home by advising on a range of products that can
    financially protect your home, and your family, should the worst happen.

If you’re looking for a new mortgage, we’d love to help.

Your home/property may be repossessed if you do not keep up repayments on your mortgage.

Mortgages

Mortgage-savvy millennials

Mortgage-savvy millennials

When it comes to their mortgage, are younger people making better financial decisions than their older counterparts?

The term ‘millennial generation’ applies to people born somewhere between 1980 and 2000, a 20-year span which also saw a huge rise in property prices. At the start of 1980, the average house price was £22,677, but by the end of 2000 this had risen to £81,628. Today the figure stands at £209,971.

A recent study shows the dramatic rise in property prices means just one in five 25-year-olds can afford to buy a property, and the average age of a first-time buyer in the UK has been pushed up to 30. Despite the financial challenges, almost three quarters of UK millennials intend to buy their first home in the next five years.

Repayment vs interest-only
The millennials who’ve bucked the trend and already made the first rung of the housing ladder obviously prefer the concept of reducing their loan month by month, with the vast majority (92%) of 18-34 year olds choosing a repayment mortgage, compared with 68% of those aged 55 and over.

Fixed rate
Younger borrowers also seem to prefer to know what their mortgage repayments are going to be, with nearly 70% opting for a fixed-rate deal compared with 35% of their older counterparts. They also seem happy to shop around, with a quarter remortgaging to potentially reduce their monthly payments, whereas 82% of those aged 55 and over have stuck with the same mortgage.

Offset mortgages also appear to be more attractive to younger generations with one third of 18-34 year olds taking out an offset mortgage (where they will use their savings to either reduce the term or repayments on their mortgage) compared to just 11% of over 55s.

If there is a conclusion to be made from these statistics it could be that millennials are more savvy when it comes to their mortgage, but remember, interest rates have remained at record lows for nearly ten years; something that’s very much in their favour.

Figures correct as at September 2017

Whatever age you are, whether you’re looking to buy for the first time, remortgage or move up the housing ladder, please get in touch to see how we can find the right mortgage for you.

Your home/property may be repossessed if you do not keep up repayments on your mortgage.

conveyancing

Do you know your credit rating?

Do you know your credit rating?

If you’re looking to take your first steps onto the housing ladder you may have sacrificed your takeaways and holidays to save the deposit and scoured hundreds of houses online. But have your checked your credit history?

Even if you’re remortgaging or moving up the housing ladder your credit history will be important.

What is a credit score?
A credit report includes details of your credit history including any credit you’ve applied for (like loans,
credit cards, and overdrafts), credit you’ve been given and how you’ve managed the repayments. Also included are your address details (current and previous), public records such as county court judgments and financial associates (someone who is financially linked to you eg. a joint mortgage or bank account).

All the details in your credit report are analysed to calculate your credit score. This score is used by
lenders as an indication of how you’ll manage and repay the money you borrow.

Scores on the doors
The general rule is the higher the score the better, and the more likely you’ll be accepted for a mortgage or other credit.

If you’re looking to take out a mortgage or remortgage, check your credit score regularly. You can usually get a simple overview for free and it pays to check with several different sources. Noddle, Equifax, ClearScore and Experian all offer a service to help you understand your rating.

According to research from Experian, when the home buyers who were surveyed checked their
credit 18% found their score was lower than expected. The good news is that there are ways
to improve a low score:

  • Pay more than your minimum payments on credit cards
  •  Bring your overdraft down
  • Close unused credit accounts
  • Register for the electoral roll

Happily, 54% of those surveyed found their score was higher than expected and 25% were surprised
by their score. Given that 43% of people haven’t checked their credit score it may be that many are unaware of the impact it may have until they come to apply for a mortgage.

If you’re a first-time buyer looking for a mortgage or a homeowner looking to remortgage, please get in touch to see how we can help find the right mortgage for your circumstances.

Your home/property may be repossessed if you do not keep up repayments on your mortgage.

Financial Advice

Are you considering remortgaging?

Are you considering remortgaging?

With continuing low interest rates, you may be considering remortgaging to save money.

Even if your mortgage provider has recently reduced its Standard Variable Rate (SVR), moving to a new mortgage deal could save you money. But before you’re tempted by an attractive introductory rate, it’s worth considering the bigger picture.

Should I stay or should I go?

It’s true that moving to a new deal could save you money, just remember to check that you won’t incur an Early repayment Charge (ERC) if you change your mortgage before the end of your current deal. It’s also worth factoring in any potential legal, valuation and administration costs that may be associated with signing up to a new mortgage deal.

Tougher lending rules

Mortgage regulation may also have changed since you took out your current deal. The EU Mortgage Credit Directive of 2015 introduced stricter lending criteria which has led to mortgage lenders having to take greater steps to check affordability – including on remortgages.

You can expect to be asked to show evidence of your income, such as payslips and bank statements, and your outgoings, including other debt repayments, household bills and living costs such as travel, clothing, entertainment and childcare.

Changing the type of deal

When looking at new deals, you may want to consider a different type of mortgage arrangement to your current deal.
For instance, you may decide you would benefit from the option of payment holidays, or a more flexible repayment arrangement.

If you have significant savings, you may want to switch to an offset or current account mortgage, where you use your
savings to reduce the proportion of the loan on which you pay interest.

Are you still covered?

If you’re thinking of changing your mortgage, remember to review your protection arrangements at the same time – especially if you don’t already have cover in place, or your circumstances have changed since you last reviewed your cover.

The value of personal, family, or income protection should not be underestimated if it means keeping the roof over your heads when you need it most.

With so many areas to consider, it makes sense to seek professional mortgage advice. We can help you weigh up the financial benefits of remortgaging, choose the most appropriate deal, handle your mortgage application and ensure your loan is properly protected.

[gem_quote style=”5″]If you’d like help choosing the right mortgage, please get in touch.[/gem_quote]

Your home/property may be repossessed if you do not keep up repayments on your mortgage