Towards the end of the initial fixed period of your mortgage, will be the time to start looking at your options for a Remortgage in London. If you were to consider remortgaging with the same lender, this would be called a product transfer.
This can be something that not too many people know about, particularly if you have been doing your research before your fixed period ends. Truth is though, that product transfers are perhaps just as, if not more popular than a remortgage itself.
A remortgage is taking out a new mortgage with a new lender, which will replace your previous mortgage. That tends to come with more favourable interest rates and lower monthly repayments. Doing so would require documentation to be provided in order to qualify for that deal.
When you make a product transfer, you will be with the same lender. This means that providing your circumstances haven’t changed, you usually won’t be asked to submit any further documentation. You can choose a new deal that you qualify for and have it replace the previous one.
The main reasons for looking to do a product transfer, are appealing to homeowners. First, you could save yourself quite a bit of money.
This is because it doesn’t require solicitors or a valuation, so those fees won’t be there. You also have the option of saving yourself from a redemption fee or early repayment charge (though arrangement fees might still be present).
It can also prove to save you a lot of time and allow for easier service. Remortgaging in London can often take a while to put together, whereas because the lender already knows what you are like and likely won’t require any documents, product transfers can often be a lot quicker to finalise.
Others may instead opt for a remortgage. The reason this is a popular choice is because of the flexibility involved.
You will have access to more than just your current lender, with potentially better deals available elsewhere. If you manage to find a much better rate than you are currently on, this will save you money in the long run.
Additionally, a product transfer only allows you to take out a new mortgage on the same term, whereas a remortgage can allow for new terms. Doing this could allow for your next remortgage process to go easier.
Another popular choice for people to look out for is to remortgage to release equity (the difference between what is owed and the value of the property), as a means of funding potential home improvements, putting down the deposit for another property, and more.
Releasing equity doesn’t quite work the same with product transfers, though you may be able to arrange something called a further advance. Get in touch with a mortgage specialist to learn more about further advance and product transfers.
Typically speaking, because you are staying in the same property, with the same lender, you will not need a solicitor for a product transfer.
Where this will be appropriate, is if you are making changes to your mortgage terms, such as removing or adding a name to your mortgage. At this point, you will likely need a conveyancer or solicitor.
Typically speaking, you will not need a credit check for a product transfer. This may potentially be different though for some lenders. The reason this is usually the case, is because the lender already knows they can trust you to pay back your mortgage.
Alternatively, if you have had credit problems during your current mortgage or are remortgaging with another lender to do something such as release equity, you may have another credit check taken out on you.
When doing a product transfer, something you may need to look at is whether or not you have any plans to move home in the future. Your current deal may not allow you to port your mortgage to a new home.
Taking out a remortgage instead, can allow for the flexibility to port your mortgage if you need to.
Here at Londonmoneyman, our team can provide expert Remortgage Advice in London and will be more than happy to go over your case and take a look at what you’re hoping to achieve.
Not only will we be able to get you through the process quickly and efficiently, but you’ll benefit from the various deals available to you, thanks to the vast panel of mortgage lenders we have.
Our service goes beyond this though, as we genuinely care about our customers. If you’re looking to product transfer and we believe it’s in your best interests to remortgage instead, we will say so. The same goes if you were looking to remortgage and we felt like you should product transfer instead.
We believe in full transparency and honesty with the customer – you should be put first. To discuss your product transfer options, or for further remortgage advice, book your free remortgage review and we will see how we are able to help.
Fixed-term contracts were once considered to be more of a less conventional form of income, though nowadays they’re a lot more commonly found.
As a general rule of thumb, the only difference between this fixed-term contract employment and regular employment, is how the contract that you have is structured.
Regular employment generally will typically mean you have to sign a contract at the start of your employment, which will remain in effect until you are either terminated or you hand in your notice to the employer.
If you are employed on a fixed-term contract, this will mean you are only a contracted employee for a specific length of time, as opposed to permanently. That being said, you’re still classed as PAYE, which is similar to what a teacher on a per year contract.
Yes, it is absolutely a potential option. It may be a little challenging if you are looking for a first time buyer mortgage in London, though we do still have mortgage lenders on panel who will consider these types of circumstances.
How long your current contract length is can have an impact on whether or not you can obtain a mortgage. If your contract is a short-term one, you may find it even more difficult to take out a mortgage.
The reason for this, is because you are not guaranteed any sort of long-term employment. Coupled with a large, long-term outgoing such as a mortgage payment, this could be a risk to a mortgage lender.
Most mortgage lenders will want to see consistent, longer term contracts one after another. This will showcase to the mortgage lender that you are likely to keep on with regular contracted work, which in turn will help you in maintaining your mortgage payments.
In addition to this, you can further increase your chances of having a mortgage application accepted by having written confirmation from your employer that once your contract has ended, it will be renewed with the same employer.
If you have had or are currently having any breaks in employment, mortgage lenders may see this as a problem due to their uncertainty of whether or not you can maintain your monthly mortgage payments.
On the off chance you have had any significant employment gaps over the course of the last 12 months, you may not be able to get a mortgage. This is dependant on the mortgage lender and their own criteria, though a more sustainable income may work in your favour more with some lenders.
Further to this, what is defined as a gap in employment will vary per mortgage lender. Some will see a week as a gap of employment, whereas others may deem 4 to 5 months as a gap.
An expert mortgage broker in London will be able to check lender criteria and match you up with the most appropriate one.
In order for a mortgage lender to consider accepting your application for a mortgage, you will need to provide them with multiple pieces of identification.
The types of documentation you will need to submit to a mortgage lender, include;
An expert mortgage advisor in London will be able to take a look at your documents in advance, to make sure it is all suitable for passing along to a mortgage lender.
If they require any other forms of ID from you, they will let you know so that you are more prepared for your mortgage journey ahead.
It is very likely that, providing you have a solid history of consistent employment, with very few or no gaps and a contract with a good amount of time left on it, you will be able to apply for a 95% mortgage, only putting down a 5% deposit.
Unfortunately, because it is deemed to be a risk to the mortgage lender, if your contracts are more short-term or you have some gaps in your employment, you may need to put down a much larger deposit in order to secure a deal with a mortgage lender.
Perhaps you are already a homeowner. If this is the case and you are on a fixed-term contract, heading towards the end of your fixed mortgage period, you may be curious of the options you have present.
It is at this stage that we would greatly recommend getting in touch with remortgage experts like ourselves and benefitting from remortgage advice in London.
This is because on top of the possibility of new deals that you may be able to access, there may well have been a change in your income. Maybe you aren’t working as often as you were in the past? Is your average income lower than it used to be?
It is elements like this that can have an effect on your ability to remortgage your property. Depending, you may have limited options, perhaps even with extra costs.
Enquiring for remortgage advice in London with expert mortgage advisors is definitely recommended ahead of jumping in to remortgage your home.
For anyone who is curious about whether or not it is possible for a home buyer or homeowner to obtain a mortgage whilst on a fixed-term contract, the simple answer to this question is yes, it is.
In order for you to have a much better chance of getting a mortgage with these circumstances, book a free mortgage appointment today with a dedicated mortgage broker in London and we’ll see how we are able to help you.
There are many different types of mortgages, and some of them will be perfect for your situation and some will not. The type of mortgage that you obtain will be down to what you are looking to achieve and your personal and financial situation.
There are no ‘regular’ mortgage types, there are the most popular ones and the specialist ones. Cashback mortgages fit into the specialist category as they are only taken out in certain circumstances and they have become less popular over recent years.
Not all mortgages will be beneficial to you and your situation, and that’s why it’s important to shop around and make sure that you take out a product that is right for you.
After paying off your whole mortgage term (paying off your mortgage), you will receive a lump sum from your lender. You should not confuse this with your shorter fixed terms.
The amount that you receive back is based on a percentage of what you have borrowed. This percentage is something like 1% or 2%. This may seem like a small amount, however, if you took out a £360,000 mortgage, 1% is £3,600 and 2% is £7,200. Sometimes lenders may offer a little more, it depends on the lender.
There are pros and cons to Cashback Mortgages. First of all, like other mortgage products, you may be offered some extra perks for taking out the deal. These perks could include a free mortgage valuation or some other sort of fringe benefits.
Once you receive your lump sum, you will be able to spend it on whatever you want. We’ve often seen people use the money to improve parts of their homes such as an extension or conversion. Most of the Cashback Mortgage customers that we have dealt with are those taking out lower mortgages.
Unfortunately, Cashback Mortgages can come with high-interest rates, and that is what can put people off. You should speak to a Mortgage Advisor in London to get an idea of what rates you can access.
There are many different types of mortgages. Some mortgages will not match your situation or the property that you’re purchasing, and that’s why it’s important that you find the right one. Finding the right one for you can be a difficult task though! This is where a Mortgage Broker in London like us comes in.
We can search 1000s of mortgage deals for you and we will make sure that you are on the best deal for your personal and financial situation. If you are interested in Cashback Mortgages and are considering taking one out on your property, feel free to get in touch. Getting Specialist Mortgage Advice in London could be very beneficial to your situation.
Follow our ‘Book Online’ process and book a free mortgage appointment with a Mortgage Advisor in London. Pick your own date and time, there are slots available seven days a week.
When your mortgage term is coming to its end. Your options are to either sell up and upsize/downsize into a new property. Maybe you are in the market for selling your portfolio to the tenant(s) or another buyer and want to know what options are available? The most popular option, however, overall of the above, is a Remortgage.
A Remortgage is a process of moving your existing mortgage to a new provider or switching to a different arrangement with your current lender. There are lots of different opportunities when taking out a Remortgage.
By taking advantage of the 20 years or so knowledge of our resident “Moneyman” Malcolm Davidson mortgage advisor and director of Londonmoneyman and host of our YouTube channel MoneymanTV, has put together a quick remortgage guide to help you understand the main reasons homeowners choose to remortgage.
In some cases, your initial mortgage deal will normally last somewhere between 2-5 years and feature low fixed rates or possibly discounted rates. Your lender may suggest placing you on a tracker mortgage, which follows the Bank of England’s base rate.
When your mortgage term is ending you will be placed onto the lenders Standard Variable Rate (SVR). SVR’s can affect whether the interest rate moves up or down, depending on what the lenders choose.
They also don’t follow the Bank of England’s base rate like a tracker mortgage hence why they can be riskier, as the lender is not legally obligated to charge the recommended amount.
Because of this, SVR’s are usually the most expensive option to take, leaving many to look at Remortgaging for better rates, which will hopefully save them some money on their monthly repayments.
Spending several years occupying your home, you may come across wanting an extra room or a much larger living space to start a family, a newer and modern kitchen, a new office as more people are working from home or loft conversion. If you weren’t sure whether to do some home improvements or move into a bigger house, some choose to release their equity with a remortgage to cover the costs of any work needed or wanted.
The idea of having to obtain planning permission and fund/manage your own project seems time consuming, some will argue it’s a lot less stressful and more rewarding than the process of having to go property hunting again, selling your current home and having to move all your possessions.
At the same time, creating more space and having good quality craftsmanship will likely increase the value of your home. This comes in handy if you ever do decide to sell up or rent out.
Some homeowners may choose to Remortgage in London for a more suitable mortgage term, whether that’s switching to a more flexible product or reducing the length. However, doing so means you won’t be paying back your mortgage for a long duration. But, you’ll be faced with higher monthly repayments. The longer your term, the lower the payments will be over time.
Other homeowners may choose to opt-in for their remortgage term to be more flexible. The befits of doing so are if you gain the ability to overpay, you will be able to pay off your mortgage quickly, as well as being able to carry the same mortgage and rates over to another property, should you decide to move later down the line.
We tend to find that flexible mortgages usually come in the form of a tracker mortgage. A tracker mortgage follows the Bank of England base rate. Meaning your mortgage payments will fluctuate based on interest.
All homeowners will have some form of equity in their property. This is worked out with the difference between what is still owed on the mortgage and the current value of your property. As previously mentioned, equity can be used for home improvements. However, there are other routes to go down.
Some homeowners choose to cover long-term care costs, whereas others may choose to add to their income, to have a holiday, to pay off an interest-only mortgage or simply have some extra money to spend on whatever they would like.
In other cases, Buy-to-Let landlords will use their remortgage to release equity as a means of covering their deposit for purchasing additional properties for their portfolio.
Equity Release in London is something that homeowners who are over the age of 55, with a home that is worth at least £70,000, could benefit from using. Take a look at your options by getting in touch with an expert later life mortgage advisor who can help you better understand lifetime mortgages.
Others may choose to release equity to pay off any unsecured debts that may have built up over time. However, Debt Consolidation not only bases the amount on how much you are owed and the value of the property, but things like your credit rating are also a factor. All this can limit you on the amount you can borrow.
To pay off your previous mortgage and your debts, you will need to borrow a substantial amount. This means your monthly repayments will be higher.
If you have a poor credit score, you might have a slim chance to remortgage, you might benefit to look into Specialist Remortgage Advice in London. Even then, there is no guarantee that you could remortgage.
You should always seek mortgage advice before choosing to consolidate and secure any debts against your property.
If you are coming to the end of your term and are wanting to know what your options are, we highly recommend you book your free mortgage appointment to speak with one of your experienced and trusted Mortgage Advisors in London.
Our team will discuss what’s the most suitable options for you and your circumstances, to create the most suitable plan of action for you in the next step of your mortgage adventure. We aim to ensure this go-around is a quicker and easier process than when you took out your initial mortgage.
A credit score is a numerical expression based on a level analysis of a person’s credit files to represent an individual’s creditworthiness. Lenders use this numerical expression to determine your affordability for a mortgage, loan, credit card, and the rest. Although different lenders have different credit scoring criteria, the credit score listed on your file will usually range from 300-800+.
???? 300-580 – This is an example of a poor credit score, and having a credit score like this may minimise your chances of being accepted by a lender.
???? 580-670 – A score like this is deemed fair, and some lenders may be more lenient with you when you have a score alike.
???? 670-740 – This is a good score, and your odds of being accepted will be high if you have this score on your credit file. We tend to find that this is usually the average credit score range.
???? 740-800 – This score is excellent. A score as good as this will put your chances even higher of being accepted.
???? 800+ – If you have a score that’s 800+, that is a perfect credit score. Your chances of being accepted are well above average; well done!
If you have a credit score above 670, a lender will likely see no problem lending to you. On the other hand, if your score is less than 670, you may struggle to get the competitive deals that other applicant’s with a higher score are accessing.
Our team of Specialist Mortgage Advisors in London have dealt with an extensive array of cases daily. It’s often the case that mortgage applicants come to us after being declined by their bank due to a low credit score or something similar. Their job is to step in and assist wherever they can to get your application mortgage ready.
There are various reasons why you could have a low credit score. The most common understanding that we come across is that the applicant is the subject of a county court judgement (also known as a CCJ). If you fail to repay a loan/borrowed money, you will likely get a CCJ.
A CCJ can leave a harmful impact on your credit file for up to six years or more. We strongly advise that you make sure that you pay off your debt before applying for credit. It will surely pop up on your file, and the lender will start asking questions.
Neglecting to stick to credit agreements can be bad too. Anything like failing to keep up with a Mobile Phone contract can cause damage to your file. It’s the little things like this that can cause substantial damage. For example, dipping into your maximum arranged overdraft every month could cause a long term adverse effect. Even using loads of price comparison websites can sometimes affect your score.
These are just a few things that could negatively impact your credit rating, and there are lots of other reasons why you could have bad credit. However, our mortgage advisors in London job is to help you develop your score, so you get the chance to move into your dream property!
There are multiple ways to improve your score. But the most crucial part is not to give up just because you have a low score because it’s still possible to secure a mortgage in some cases.
Trying to improve your credit score can be a challenging task, that’s why we hope that this handy guide can give you some indication on how to improve it. We must inform you that every lender has there very own lending criteria, so your score may impact what deals you can access.
Additionally, it also means that just because you have an excellent score doesn’t mean that you’ll match every deal. It’s sometimes down to personal circumstances. It’s all up to your lender and their criteria.
Every time you go directly to a lender and their in-house mortgage advisor puts you through for a deal, they will perform a soft or hard credit search on you, and this search will leave an imprint on your credit file. If your application gets declined for any reason, the credit search performed could harm your credit score. Multiple searches may lower your chances of getting accepted for a mortgage in the future.
Applying for credit can sometimes ricochet on you, especially if you don’t have a reason for doing so. If you can pay back the credit that you’ve borrowed, it may look good on your application. However, flip the situation on its head, and your credit score could end up in trouble if you fail to meet the credit payment deadline.
During your mortgage application, we strongly advise that you hold off applying for credit. In some cases, you may be able to get away with it, but lenders may believe that you are struggling for money in other scenarios, they could think that you are putting it towards your deposit or using it to aid your mortgage payments.
Here at Cambridgemoneyman, we aim to get it right the first time, which means that we will take a look at your credit score and only approach lenders that hold criteria that we know you’ll pass.
Here’s an easy way to improve your credit score; make sure that you get registered on the voter’s/electoral roll. Being registered on the roll shows that you are who you say you are. All you need to do is go to the government’s electoral roll page, and it’s easy to get registered from there. Additionally, this could be a great way to boost your score.
You must provide accurate information when registering on the voter’s/electoral roll, ensuring that everything gets filled out correctly. You will need to use your current living address, not your previous address.
We always recommend checking that all of your accounts and details get linked with your current address during the mortgage application process. Additionally, this won’t affect you as much if you are a First Time Buyer in London and this is your first application.
However, if you are Moving Home in London from rented accommodation and you still have your parents address linked with any of your accounts, your lender will pick up on it straight away. That’s why it’s essential to change your addresses and make sure that it’s up-to-date before applying. Being linked to the wrong address could impact your credit score.
If you go down the broker route, your Mortgage Advisor in London will help you out with this step. They will make sure that everything is updated with you to ensure that you have the best chance possible of being accepted for a mortgage.
Maxing out your credit card(s) each month will heavily impact your credit score. Your lender will like it if you can pay off your credit card balance each month as it shows that you can manage your money.
If a lender can see that you are exceeding credit card limits and always dipping into your overdraft, they may think that you don’t take your finances seriously.
If you are still financially linked to an ex-partner or family member, your credit score could be getting harmed without you even knowing. If the account is still active and live, you won’t be able to remove your links. The only way to remove your connection is to get in touch with the credit reference agencies and make a request.
Depending on the lender and how strict their lending criteria is, they may be lenient and allow some wiggle room. If there are some personal reasons involved, your lender may be considerate and factor them into your application, and it’s entirely up to them what they do.
A Mortgage Broker in London like us will always be transparent with you and factor in every bit of detail. Even if you have a score on the lower end of the spectrum, our hardworking team of Mortgage Advisors in London are determined to secure you a deal that will suit you.
We have access to specialist mortgage deals through our vast panel of lenders; we are sure that we will find one that matches your mortgage needs. If you need further assistance or Credit Score Mortgage Advice in London, feel free to get in touch with our team.
In the time period that followed the credit crunch, during 2013, the UK Government introduced a new mortgage scheme with the intention of strapping a rocket to the property market and hoping to see it soar once again. This new scheme was called Help to Buy and its mission was to assist First-Time Buyers in London in finding their footing on the property ladder.
At long last, thanks to Help to Buy, there was confidence in the market once again. Things were not completely normal, however, as homeowners and lenders alike were still left a little cautious. Mortgage lenders were being very careful with who they lent to and how much they gave out to borrow.
There are multiple different Help to Buy schemes, with some going strong since 2013, and others that have not. One of most popular Help to Buy schemes is called the Help to Buy Equity Loan, a scheme that is still available to this day for customers to take advantage of if they need to.
If you are an inexperienced First-Time Buyer in London, the Help to Buy Equity Loan scheme could be an incredibly helpful way to get yourself onto the UK property ladder. There are requirements, but they are quite straightforward;
It’s at this point that the Government will loan you up to 20% to make up the total of a 25% deposit. For example, if you have a 10% deposit, the Government will loan you 15%; you have 7% they loan 18%, and so the pattern continues.
It is very important to remember that this Equity Loan is a loan and not just free money. This means that the loan will have to be paid back on top of your 75% mortgage. You get a period of 5 years to pay back this loan interest-free, though after these 5 years, you will start gaining interest on the remaining loan amount, starting at 1.75%.
You may have already accessed the scheme and have reached the 5 year period for your interest-free loan, unable to pay off the remaining balance before interest accrues. You may find the help from an expert Help to Buy Mortgage Advisor in London extremely useful as you may need to organise your repayments via the route of a Remortgage.
In taking out a Remortgage in London, it may be possible to combine your remaining mortgage amount and your equity loan amount into one set of monthly repayments. Once again, if you are struggling to meet your repayments, it may be worth your time speaking to a professional Remortgage and Help to Buy expert in London.
The Help to Buy Shared Ownership scheme was introduced as a means of allowing homebuyers to purchase a percentage of a mortgage and then pay the rest back with monthly rent repayments. The share percentage of the home that you buy will likely be between 25-75%. The remaining percentage on the property belongs to the housing association.
This means that you share the property and you don’t own every bit of it. The percentage of the property that you own can be increased further down the line. As an experienced Mortgage Broker in London, we usually find that people increase their share in the home once they have settled in or when they have more money spare to do so.
If you are in need of Help to Buy Mortgage Advisor in London, our team are here to help. As a company, we have been helping struggling customers secure Help to Buy mortgages for many years now and know how to guide First-Time Buyers through the mortgage process.
Our advisors are available 7 days a week, so don’t hesitate to Get in Touch with us for expert Help to Buy Mortgage Advice in London.
Home offices are constantly becoming more and more popular. Whether it’s down to the increase of Self-Employed workers or reworked business models, we are seeing a great amount of interest in them. With businesses having to adhere to the latest government guidelines, most employers have had to let their staff work from home. Whether this is going to be a permanent thing or not, we don’t really know; it also depends on your company’s business model.
If it’s looking like you’re going to be working from home for the foreseeable future, you may want to consider the idea of investing in a home office. You can’t work from a kitchen counter forever… can you?
There are a few different ways to get a home office, you can straight-up pay for one to get decorated and combine all of the costs, do it all by yourself or remortgage for home improvements. In this article, we are going to talk about the advantage of choosing to remortgage other the other options.
This is our remortgage for a home office video that is featured on our YouTube channel ‘MoneymanTV’. We hope that it helps you understand how you can remortgage for a home office:
First of all, what is a remortgage? A remortgage is a renewal of your current mortgage deal or a switch over to a new deal.
There are lots of different reasons why someone may want to remortgage, it’s entirely on the individual’s situation. You may want to remortgage to get a better deal and rate, your term may be approaching its end and you need another deal to roll on to or you might want to remortgage for home improvements.
As a Mortgage Broker in London, we would say that when you want to make big home improvements, going down the remortgage route is a very safe option. Extending your mortgage term for a little while longer to invest in home improvements could prove beneficial both short and long term.
Remortgaging for home improvements will slightly increase your mortgage payments each month, however, it will balance itself out in the long run. Your payments will increase as you are paying for the home improvements on top of your current mortgage deal; you will hardly notice the extra amounts though.
We would say that the average price for a home office is between £5,000 – £10,000. So, for example, if you were to go down the remortgage route, you may find that you have to only have to pay back as little as £20 – £60 a month over a 25-year term. Yes, your term will increase, however, you will get a brand new home office to enjoy at a small extra cost each month. You will also have equity built up in your property, and this will be used to fund the work on your home.
So you get to save money down the line and get a home office, it’s a win win scenario.
Whether you have been told by your company that you will be working from home from now on or have started your own company and are now Self Employed in London, there are many reasons to why investing in a home office could be very beneficial for your new working from home life
Yes, Moving Home in London is an option, you could move into a bigger place with an office already built-in if you want to. On the other hand, you need to weigh up the costs of this option. On top of the property price, you will have to consider the costs of Moving Home in London, these include removal fees, property survey fees, mortgage arrangement fees etc.
It will be more expensive, however, it’s a viable option if you are looking at Moving Home in London anyway. You could consider Moving Home in London to secure a place that already has an office space, however, you must know that this option will be much more costly than remortgaging.
Considering how little extra you will be paying per month, in the long run, remortgaging for home improvements could be your best option over moving home. If you are wanting to go ahead with a remortgage for a home office and don’t want to move home, now is your best opportunity to get Remortgage Advice in London.
If you are looking for Remortgage Advice in London, you should get the ball rolling with Londonmoneyman. We offer a free remortgage consultation to every customer, so feel free to get in touch with us and claim it.
If you are tired of working from your kitchen table or a make-shift desk, now is the time to consider getting a home office. Whether you choose to fund it all at once or over a longer period of time through a remortgage, it’s entirely up to you.
Following on from the recent announcement made by British Prime Minister Boris Johnson, we felt it appropriate to share some positive news that came with the new lockdown rules.
Much like during the November 2020 lockdown, the property market is still open for business as usual. You are still able to take up house viewings, continue your purchase and put your home up for sale.
Below, we have a mortgage market update from the ‘moneyman’ himself, Malcolm Davidson:
Throughout the last lockdown, back during November 2020, there was a significant increase in the amount of mortgage enquiries banks and brokers were receiving. The boom in purchase approvals for homes reached an outstanding 105,000 in November, which was the highest recorded figure since August 2007.
In October 2020, purchase approvals were at 98,300. This increase of 6,700 is impressive when you think about where we were, working through the middle of a nationwide lockdown.
In terms of the property market, the January 2021 lockdown is currently working on a similar level to the previous one we experienced back in November 2020. You are still very much able to start your mortgage journey in 2021. How you start this is completely your call.
Whilst some take the route to do this themselves, accepting the help of a dedicated and experienced mortgage broker in London can reduce stress, time and the possible cost of the matter, depending on what you’re looking to do.
January is always a popular time of year for first time buyers in London, moving home in London, landlords and so on, with more mortgage products becoming available again as time progresses. This is allowing for more mortgage options to those looking to invest in the property market.
Yes, thankfully 90% mortgages are still available and lenders are getting more and more confident in the UK property market over time. They know that the demand for properties and mortgages is still alive and well, and that people will only start coming back when they are confident that they can get a deal with a 5-10% deposit.
There are also other ways to access a 90% mortgage, through something like the Help to Buy Equity Loan scheme or the Help to Buy Shared Ownership scheme. If you want a Help to Buy in London to walk you through the process, explaining how these methods could help you obtain a mortgage with only a 5-10% deposit, make sure to get in touch and a mortgage advisor in London will assist you how in any way they can.
The property market is still open, which means Londonmoneyman is ready for business as usual! We have a team of dedicated Mortgage Advisors in London available, 7 days a week, all throughout the year to help you along your property owning path to a mortgage.
Don’t worry, we still offer a free initial mortgage consultation to all customers who get in touch, no matter the situation.
Is your mortgage deal coming to an end? Are you looking for a replacement deal to switch over too? If so, your Remortgage Advisor in London is here to help!
Whether you’re looking to Remortgage in London to save money or to raise capital for one reason or another, then you’ve come to the right Mortgage Broker in London. We have been helping customers find outstanding remortgage deals for 11 years now, we know exactly what to do to find you an amazing deal.
For some borrowers, remortgaging can be a great way to improve your financial situation as it may give you the option to consolidate any short-term debts.
Getting Remortgage Advice in London could be within your best interests as you will receive full guidance and support from an expert Remortgage Advisor rather than doing it by yourself. A Mortgage Broker in London like us, will not only help you secure a deal they will try and help you save money in areas you didn’t think you could.
Having worked within the mortgage industry for over 11 years, we have come across almost every single remortgage scenario. Here are some that we regularly come across:
With the introduction of the new mortgage market regulations in 2014, it became much harder to Remortgage without the help from a Mortgage Broker in London. People find it hard because of the sheer amount of mortgage types out there and it’s often hard to qualify for every single one of them. Also, people don’t really know the differences between the mortgage types whereas a Mortgage Advisor will and can tell you the difference between each of them and which one will suit you the best.
We also work for you, we are not tied to any particular estate agents or lenders. We always have your best interests at heart, our aim is to try and find you a great mortgage deal based on your personal and financial situation.
Your experienced Mortgage Broker in London is not just here to get you a remortgage deal, we are here to support you through your remortgage journey, taking all of the stress off your back and making the process run as smooth as possible. We want the best for you and for you to come out smiling, knowing that you’ve received an excellent mortgage advice service that ended with you securing an amazing remortgage deal.
As your Remortgage Advisor in London, we are here for you 7 days a week. You can get in touch whenever you want, we work around you. We also offer a free initial mortgage consultation, so make sure to get in touch as soon as you can!
When your current mortgage term is approaching its end, your lender may offer you a new deal to switch over to, this is known as a product transfer. You aren’t switching lender; you are just switching to another one of their deals.
You are under no obligation to stay with your lender, you can search around elsewhere for as many deals as you want. In fact, most people shop around, you may end up finding a better deal by doing so.
Unfortunately, the answer is no. Lenders will not reward you for loyalty, and that’s why, as a Mortgage Advisor in London, we always advise that you look elsewhere for a deal first. Most lenders prefer to offer better deals to First Time Buyers and new customers before their existing ones.
As a Mortgage Broker in London, we would recommend that you don’t be loyal to them and try searching for more competitive deals that could save you some money. We often find that there is a better deal out there, you just need to find it.
This is where we come in, we will search through 1000s of mortgage deals for you until we find the perfect one for your personal and financial situation. We have over 38 different lenders on panel and we can individually look through each one until we find a competitive deal for you. 90% of the time, we will find you an amazing deal that will save you both time and money.
We know that it is extremely easy to switch over to a new deal online, we sometimes don’t blame people it’s that easy! However, it’s also very easy to make a mistake online and it could end up getting you on the wrong deal. If this happens to you, you are in a sticky situation as you chose to take no sort of financial advice, which lenders will have no sympathy for. Lenders like customers that switch over online as they end up making more money from you.
If you want the same fast service along with expert financial advice, you should approach a Mortgage Broker in London. For example, at Londonmoneyman, we always have your best interests at heart, we will always try to find the best deal for you and not for us. We aren’t tied to any lenders so we are free to choose any mortgage product that we think will benefit you the most.
As soon as you choose an online switch, you are waving goodbye to your consumer rights and protection that you would’ve got had you gone the Mortgage Broker route. It’s perfectly normal to conduct a mortgage switch online, we are just asking to be careful as we have seen customers fall into these traps before. Just because a deal is cheaper than your current one, doesn’t mean that you will match its criteria.
At the end of the day, we want the best for you, we want you to come out with the best remortgage deal/ product transfer possible. If you have any further questions or concerns about your remortgage, feel free to get in touch as we would love to try and help you. We know that remortgaging can be stressful and that’s why we are here to offer a helping hand through your remortgage journey.