The Importance of Mortgage Advice
Whether you’re buying a property or just remortgaging, mortgage advice can be a great help. Taking advice can make the difference between a successful mortgage application and being rejected. It may also lead to a better deal, potentially saving you thousands of pounds over the mortgage term. Not only are you getting an expert who can find a good deal, but you’re getting someone who will assess your needs and make…
Possible Mortgage Changes
The financial regulator the Financial Conduct Authority (FCA) is looking at ways it can make the mortgage market more accessible, with a number of proposals on the table. Those proposals could have important implications across the spectrum for homebuyers, owners remortgaging, and the wider property market. The review of mortgage rules stems from changes that were made in the wake of the 2008 financial crisis, which tightened important aspects of the market,…
Are you confident about repaying your mortgage?
Are you confident about repaying your mortgage? Your mortgage is one of your biggest financial commitments, and as such, you do not want to have sleepless nights worrying about repaying this debt. It is more important than ever to be on top of your repayment plan given that many households are seeing their monthly mortgage bills going up. According to analysis by Nous, the average monthly mortgage bill has…
Should I make overpayments on my mortgage?
When you are setting your financial and lifestyle goals, paying off your mortgage is likely to be at or near the top of the list. So, it’s reasonable to start thinking about whether you could overpay slightly every month in order to pay it off more quickly. But there are many variables to consider beforehand to be sure it’s the right decision for you. Firstly, does this approach help…
Homeowners resent stubbornly high mortgage rates
While the sense of turmoil that defined Liz Truss’s brief premiership has thankfully subsided, the legacy of the measures she (tried to) implement still remains. According to the Bank of England, the number of mortgage approvals hit its lowest level since 2009 – excluding Covid lockdowns – during January this year. That means that the mortgage market has contracted for five months in succession, and many analysts believe this…
Don’t panic over mortgages amid market turbulence
Since the Chancellor, Kwasi Kwarteng, delivered the recent Mini-Budget, we’ve seen the pound crashing to its lowest level against the dollar in 37 years, the Bank of England buying £65 billion of government debt to stop some pension funds collapsing and the International Monetary Fund openly criticising the government and urging it to re-evaluate its policies. We’ve also seen many lenders stop offering mortgages. In fact, a record 935…
Top 5 reasons to speak to a mortgage adviser
When it comes to taking out a mortgage or re-mortgaging your property, speaking to your bank might seem like a logical, natural first step to take. But you could be overlooking an alternative that would help you make a much more informed decision, as well as get a better deal on something that is one of the biggest financial commitments you are ever likely to make. Here are our…
Could your property help you with retirement planning?
Do you know how much your home has gone up in value since you bought it? If you purchased your house more than 20 years ago, chances are it’s worth a great deal more than it was originally. According to Aviva, the average value of a property owned by 65 to 74-year-olds is now £287,000. To put this into perspective, the average house price in the UK 20 years…
What does the end of the mortgage affordability test mean for you?
The Bank of England recently announced changes to its mortgage borrowing rules, with a key affordability test being scrapped. The stress test, introduced in the wake of the 2008 financial crisis, required lenders to work out if potential borrowers could manage if interest rates rose by up to three percent. So what does this change mean for you? Well, it could make it easier for potential mortgage borrowers, such…
What is the state of the mortgage market after a year of Covid?
Like all markets, the mortgage market has not avoided the impact of coronavirus. A year after the start of the pandemic let’s take a look at what we can learn from the last twelve months and what can be expected as we move forward. The availability and variety of mortgage products saw a fairly dramatic decrease throughout 2020. Many lenders withdrew deals from the market when the first impacts…
