Your house is likely to be the most expensive asset you will ever buy. There are a multitude of different mortgage products available including fixed rate mortgages, discount and tracker rates or even an offset mortgage. Deciding on the most suitable option is often a confusing and time consuming choice to make, and potentially an expensive one to get wrong. Choosing a mortgage that is suitable for your needs and circumstances therefore involves a great deal of thought and careful consideration.
As a qualified independent mortgage broker with a main office in Newport, I offer a bespoke financial planning service providing impartial mortgage advice for a variety of clients in Cardiff, Newport and the South Wales area. In addition, I have a Kenilworth based office providing unbiased mortgage advice for clients in Warwickshire, Solihull and the West Midlands.
A recent study produced by Moneymarketing.com found that from the 11.8 million households in the UK with a mortgage, 1.4 million of those are currently on a fixed rate that will expire in 2008. Furthermore, the chairman of the Council of Mortgage Lenders (Steven Crawshaw) expects a total of only £50 billion mortgage lending offered this year, which is less than half of the £107 billion total mortgage lending for 2007.
The diverse range of clients therefore includes existing homeowners moving house or re-mortgaging for a better interest rate, first time buyers looking to get a foothold on the property ladder and also buy-to-let investors. Being an independent mortgage broker, I am able to recommend the most suitable mortgage and related protection products for you from the thousands of products available on the marketplace. If you are an existing homeowner, moving mortgage lenders can be a daunting task however it can also save you a lot of money, which is why you should seek independent mortgage advice from an experienced and unbiased mortgage broker.
Do you have an existing mortgage with a special rate expiring soon?
Are you currently paying your lenders standard variable rate of interest?
With the current mortgage climate of increased mortgage rates and uncertainty about property prices, the number of first time buyers and other homeowners moving property has been decreasing steadily over the last six months. Each time a lender increases the interest rates on their product range, this leaves other lenders exposed to being inundated with new business. This has resulted in these lenders increasing their own rates, which has created a leap-frogging effect with mortgage rates increasing, together with a drastically reduced product range. In contrast, the Bank of England has reduced their base rate by a total of 0.75% since January alone. There has therefore been a recent political appeal to implore lenders to reduce their mortgage rates in order to help homeowners and first time buyers during the current credit crunch.
To illustrate the reduction in the number of mortgage products in the marketplace, from August 2007 until February 2008 the number available has reduced from over 45,500 to less than 22,000 (source: Trigold), which is a drop of 52%. With a limited amount of products to choose from, along with the global credit crunch tightening its grip further, it is vital that mortgage holders obtain an unbiased recommendation from a local independent mortgage broker.
Mortgage lenders may also insist on some form of life assurance for your mortgage in the unfortunate event of the death of the borrower (or borrowers in the case of a joint mortgage) before the outstanding debt is repaid.
Even if you have been refused a mortgage elsewhere, or have an impaired credit rating, I may be able to help you.
For more information, please contact my office on 0800 6345 422 or
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You can choose how to pay for the advice by agreeing for a commission fee paid from the selected lender or a set fee (between £400 and £700 depending on the loan amount). If a fee is chosen, all of the available commission will be refunded to you. Full details of this will be discussed and outlined before any research is performed.