There are still some decent deal on offer, but mortgage rates seem to be edging slightly upwards and may continue on that path.* So, is it time to act?
(Source: *Mortgage Brain, November 2018 release)
In this respect, With around 5,000 mortgage products out there, meeting a wide range of needs, it can also be confusing process that highlights the need for advice. So, it’s no wonder that 85% of all mortgages continue to go through intermediaries (such as us). *
(Source: *iress, 2018 Mortgage Efficiency Survey, October 2018)
Identifying a route for You
These days there are far stricter rules applied to ‘evidencing of income’ and ‘affordability’. They are in place to ensure that borrowers are stress-tested to see if they can, not only meet the current payment, but are also able to cope should be interest rate rise.
In this respect, different lenders may interpret the rules in different ways, meaning that if you can’t get the loan you need from one, you may from another. This is a further reason for securing advice from an adviser who is operating in this marketplace, day-in, day-out. Our involvement may also help to protect your credit score, by not applying to too many different lenders.
You can Relax
We also recognise that most of you will have time-pressed lives. In which case, we’d endeavour to help reduce the hassle of filling out forms and applications.
Furthermore, we would hold your hand throughout the process, and try to liaise with the various parties along the way.
We’re help to help You
Of course, you can undertake this whole process yourself. For example, if your deal period is coming to an end, then you may consider remortgaging with the same lender, because you feel they delivered the most suitable deal for you last time.
However, in this dynamic mortgage environment, lenders might be chasing market share at different times, so it may not be the best option to limit yourself to what’s on offer from just one of them.
That’s why it makes sense to ask us to assess the wider marketplace. It is an important process, even if the upshot is that you stay where you are.
In the first instance, to get a feel for payments against the interest rate you’re currently on vs. what you believe could be on offer; do check out the mortgage calculator to see how this may pan out.
Please get in touch if you would like to hear more.
You may have to pay an early repayment charge to your existing lender if you remortgage.
Your home may be repossessed if you do not keep up repayment on your mortgage.