Bower Mortgage Company

8,698 new mortgage products in 3 months: Mortgage Advice for Borrowers never so important

Sarah McInerney — Sun, 24 Jul 2011 23:01:46 +0000

Research by Defaqto has revealed that between April and June 2011, some 8,968 mortgages were either introduced onto the market or updated by lenders, and almost 600 products were taken off the market.

During these same three months, 186 totally new fixed rate mortgages came onto the market as did 80 new standard tracker rate products and 99 new buy to let loans.

So it has to be said, with so much change, how can consumers possibly keep up with the mortgage market without the help of a mortgage broker?

Changing Seasons

Say you start researching possible mortgages in the spring and you work out roughly which product you’ll go for, how much it will cost you in fees and what rate you’ll be paying. It takes you a good three or four months to find a suitable property. Now we’re nearly into autumn. That mortgage you had your eye on in the spring has been pulled. But on the plus side, there is a range of better deals recently introduced that might save you even more money.

The only realistic way to keep on top of the changes in the mortgage market, and make sure you’re getting the best deal possible, is to engage the services of a whole of market mortgage broker.

Mortgage Brokers get Daily Product Updates

Every day, mortgage brokers get notifications from lenders about their latest new products and find out about which deals they’ve pulled. Some new loans are launched and on offer for only a limited period, so it’s a case of blink and you might miss it, unless you have a broker on the case for you that is. And these brokers won’t just be seeing the offers from the major lenders, they’ll get wind of the deals being placed on the table by the smaller providers which can so often deliver longer term savings.

There is enough to do when searching for your first property, investing in a buy to let or moving home. So why not hand over the mortgage aspects to someone who day by day does nothing else other than keep on top of the home loan market? At least that way you’ll know you are getting the very best deal possible.

Your home may be repossessed if you do not keep up repayments on a mortgage or any debt secured on it.

Bower Mortgage Company: FSA regulated UK-wide mortgage advice from friendly, qualified, experienced mortgage planning specialists. Quality, face to face advice and a strong focus on building long term customer relationships. For money saving mortgage and mortgage protection advice, contact Bower on 0800 411 8668; e-mail info@bowermortgagecompany.co.uk.

How to get the Best Remortgage Deal

Sarah McInerney — Thu, 21 Jul 2011 23:01:55 +0000

Your home is your biggest asset and as such has a great deal of time, money and worry spent on it. However, it is often the case that homeowners do not even realise that they are paying over the odds or that there are better mortgage deals on the market, meaning every month thousands are unnecessarily struggling to meet repayments.

No matter what your current situation is, it is always a good idea to look into remortgage deals. For even more options and for expert guidance, speak to a remortgage broker.

Exclusive Remortgage Deals

Seeking remortgage advice from an independent whole of market remortgage adviser will bring many benefits.

Firstly, as they are independent, they will be able to look at remortgage deals from a number of different lenders, not just those on the high street and price comparison websites. It is often the case that smaller lenders have more flexible deals which could really help you make significant savings. Remortgage rates do vary, so finding the best one can be difficult. This is what a remortgage adviser will be trained to do, so put your trust in them.

Secondly, if you invest in the services of a remortgage broker, they will become your dedicated adviser. They will get to know you, your current situation, and your future aspirations and work out a remortgage deal that fits you perfectly. It is a false belief that when it comes to remortgages, one size fits all. This could not be further from the truth.

Long Term Savings

There really is nothing to lose by looking for a remortgage deal. If you have had your mortgage for many years, you may be surprised at how many better deals there are on the market. Rather than just sticking with what you have, ask a remortgage broker to look into other deals on your behalf. Wouldn’t it be worth it if you could make significant savings on your monthly repayments and get yourself some additional borrowing into the bargain?

Your home may be repossessed if you do not keep up repayments on a mortgage or any debt secured on it.

Don’t miss out on Money Saving Mortgage Deals – Use a Mortgage Broker!

Sarah McInerney — Sun, 17 Jul 2011 23:01:07 +0000

Mortgage lender Santander recently starting quoting a ‘shelf life’ on their new mortgage deals.

Within the last few weeks, two fixed rate deals were launched by the lender, available only through brokers. One was a five-year fixed rate at 4.99%. It was free from fees and offered up to 85 per cent loan-to-value. The other was a two-year fixed rate at an astonishingly low 2.89%. It was aimed at borrowers with a minimum 40 per cent deposit and carried a £995 fee. The deals were available for seven days only.By placing time limits on their deals, mortgage providers can control the amount of lending on that particular loan, preventing them from being overrun with applications and going over-capacity.Santanderfeels the time limit makes things fairer for borrowers.

Are you a Lucky Borrower? Don’t Leave it to Chance…

And how lucky the borrower who gets their hands on a limited period deal that could save them hundreds of pounds over the course of a year and make a real difference to their disposable income. That borrower though would have to be a real market-watcher if they were going to cash in on a blink-and-you’ll-miss-it deal. And they will never even see the ones that are broker exclusives, like theSantanderproducts.

That’s why it’s so important to engage the services of an independent whole of market mortgage broker when looking to borrow.

Keep your Finger on the Borrowing Pulse with a Mortgage Broker

A mortgage broker is notified as soon as a new deal is launched, and they’ll know exactly how long it will be around for. If they feel you need to move quickly, they will tell you so you don’t waste valuable time haggling over a selling price. What you save on the mortgage could well make the negotiations futile anyway.

A mortgage broker will also know how your chances fair with certain lenders and won’t waste time putting you forward for products you’ll be unlikely to be approved for.

Make sure your Broker is Whole of Market

Question your chosen mortgage broker as to their coverage of the market though; make sure they are whole of market rather than panel-tied, then you can be sure you will have access to every deal, from every lender, without limits. And if you are a first time buyer, check the broker’s experience in this sector; an experienced mortgage broker will usually be able to source good value low-deposit deals; deals that you will rarely see elsewhere.

Your home may be repossessed if you do not keep up repayments on a mortgage or any debt secured on it.

Mortgage Rates: They’ve Never Been so Low

Sarah McInerney — Sun, 10 Jul 2011 23:01:49 +0000

According to Moneyfacts, the average rate of a fixed term or tracker is at its lowest level since 1988.

The Moneyfacts research has revealed a two year fixed rate is available at an average of 4.32% and for those happy to tie in for three years, it’s 4.92%. Those borrowers with a longer term view in mind can fix for five years at 5.29%. Two year trackers are averaging out at 3.37%.

Good News for First Time Buyers as Lenders cut Rates Across all Tiers

Moneyfacts spokeswoman Michelle Slade said: “Earlier this year the market expected a rise in bank base rate that saw mortgage rates start to rise. An imminent rise in bank base rate now appears unlikely and the cost of funding on the swap rate market has reduced. This reduction in funding costs has led to average mortgage rates falling to their lowest level since Moneyfacts started recording rates in 1988.”

She continued, “Lenders appear to be applying cuts equally across all LTV tiers, which is good news for first-time buyers, as previously cuts were only being applied to the lower LTV bands. While rates may still fall slightly further, it is likely that some lenders will instead opt to make existing competitive deals available to borrowers with smaller deposits.”

Don’t Delay: Secure a New Mortgage Deal as soon as you can

And Michelle Slade summarised with this sound advice: “If borrowers delay too long to secure a new mortgage deal, they could find that they miss out on some of the lowest rates ever seen.”

A whole of market mortgage broker can study each and every deal on offer from lenders large and small and will often come up with an exclusive offer that won’t be found elsewhere, and could well only be available to brokers, possibly for a very limited period.

It is vital to take professional advice when taking out a mortgage; whether a first time buyer, moving home or re-mortgaging, the best mortgage deals are, quite simply, not found on comparison websites or in your bank where advisers there are tied to just a few offers, if you’re lucky.

Mortgage rates have never been so low according to Moneyfacts; so speak to a whole of market mortgage adviser today and find out what deals are on offer and start enjoying the savings they could bring.

Your home may be repossessed if you do not keep up repayments on a mortgage or any debt secured on it.

Bad Credit? Mortgage Deals ARE Available; it’s knowing where to look

Sarah McInerney — Thu, 07 Jul 2011 23:01:56 +0000

Not everyone has a perfect credit history. In fact, more and more people are finding themselves in a situation where they think they have little chance of getting a loan or a mortgage due to bad credit. Mortgage lenders are being more careful who they lend to, but you should not write off getting one just because of past troubles. Bad credit mortgage deals are available, but only if you know where to look.

Invest in Proactive Bad Credit Mortgage Advice

If you have tried most of the major lenders and been unsuccessful, it is time to consult the experts. A bad credit mortgage broker should be the person you call for plain talking and helpful guidance. What’s more, they have a good track record of finding bad credit mortgage deals for homeowners who have not had much luck finding one on their own.

It is easy to just accept a situation. Many people who wish to become homeowners have, year after year, been knocked back and the will to find a solution can subside. This is entirely understandable, but by speaking to a bad credit mortgage broker, there is something that can be done.

Independent whole of market mortgage advisers will have access to mortgage deals that are not available on the high street or on price comparison websites, meaning the chances of you finding a lender willing to finance you will dramatically increase.

Finding a Solution

If you have previous mortgage arrears or CCJs, it is vital you seek bad credit mortgage advice as soon as possible. By doing so, you will soon have a solution to what you thought was an irreversible situation. A bad credit mortgage adviser will know the industry inside out and will tell you in no uncertain terms what your options are and what the next logical step should be.

Every bad credit mortgage adviser will be focused on finding you the best mortgage product that will save you money, so there really is nothing to lose by contacting them.

Your home may be repossessed if you do not keep up repayments on a mortgage or any debt secured on it.

Lifestyle Changes call for Life Insurance Changes: Is your Cover up to date?

Sarah McInerney — Sun, 03 Jul 2011 23:01:53 +0000

Most people recognise the importance of life insurance and have taken out cover at some stage. But many don’t realise the significance of keeping it up to date. When things change that could impact your finances, it’s important to make sure your level of life insurance cover is still adequate.

Sainsbury’s Life Insurance has revealed in a recent survey that more than five million Brits could be leaving their dependants facing a financial struggle because over half with life insurance don’t update their cover when a significant change occurs in their personal circumstances.

82% of people who changed jobs did not update their cover. 65% who had children didn’t either. 46% got married, yet didn’t alter their life insurance. 59% made an investment in buying a home, but they failed to make any life insurance change and 42% moved to a home with a bigger mortgage, and still kept the same level of cover.

Why you need to update your life insurance cover

If you change jobs, and start earning more as a result, in time you’ll get used to a higher level of disposable income and will make lifestyle changes accordingly. If your life insurance cover doesn’t increase to reflect these changes, your family could face the stark reality of having to reduce their outgoings if your income is suddenly lost.

When you have children, or more children, you need to make sure there is cover in place to take care of their financial needs should you no longer be around to care for them.

Getting married or moving in together sets you on the road to becoming financially dependent on each other, so you’ll need to make sure what you get used to as a joint income is covered by your life insurance policy. Paying the mortgage, the bills and keeping up with the lifestyle you’ve become used to, all need to be considered.

When you move to a bigger house, your mortgage will no doubt increase, as will your bills. Is your life insurance cover adequately covering these increases?

If you take out loans, or borrow additional funds on your mortgage, you’ll need to make changes to your cover so it can take care of the extra debt and not leave your loved ones in financial difficulty.

It’s not just the mortgage that needs to be covered…

Don’t just think in terms of paying off the mortgage; your life insurance cover needs to take care of much more. Groceries, utilities, council tax, education; all expenses that dependants will struggle to meet without your income.

Life insurance policies have never been cheaper and cover is available from only £5 per month. Speak to an independent, whole of market mortgage protection consultant for advice to make sure you are getting the right level of cover for your needs, and the best life insurance deal on the market.

Your home may be repossessed if you do not keep up repayments on a mortgage or any debt secured on it.

Fifteen Per Cent of Borrowers Never Switch Mortgage Lender

Sarah McInerney — Sun, 26 Jun 2011 23:01:47 +0000

Some fifteen per cent of borrowers have never changed their mortgage lender, according to research from Go Compare.

Go Compare’s business development director, John Miles, said: “Against a backdrop of rising prices for fuel and groceries, car insurance premiums at record highs and low interest rates on savings, consumers could make much needed savings by reviewing their financial products and switching to a better deal. But as our survey reveals nearly a quarter of consumers haven’t switched on to the benefits of switching.”

There could well be a whole host of far more attractive mortgage deals out there, but how do you find them? Comparison websites are all very well, but did you know, not every deal can be found on them?

Some mortgage lenders do not advertise their products on comparison websites and in fact, some of their deals are only available through independent mortgage brokers.

This is why it is good practice to seek advice from a whole of market mortgage broker who will scan the entire market to find you the best money saving deal.

Taking Away the Hassle

Many consumers reckon the ‘hassle’ of switching lender is not worth the savings. But a mortgage broker will take away this hassle by handling the switch, and all the paperwork, from start to finish on your behalf. So you get to save money, without spending any of your valuable time on the process.

There is a plethora of mortgage deals out there for the taking, so do not be put off potentially saving hundreds of pounds just because you do not have the time to scan the market. A whole of market independent mortgage adviser can do all the hard work for you so that you can enjoy the savings now and in the future. They’ll also advise you on mortgage protection policies, such as life assurance, redundancy cover and accident and illness protection, so you can have the peace of mind of knowing your most valuable asset is adequately protected.

Your home may be repossessed if you do not keep up repayments on a mortgage or any debt secured on it.

Why you should put your Trust in a Whole of Market Mortgage Adviser

Sarah McInerney — Thu, 23 Jun 2011 23:01:01 +0000

Knowing who you can trust when it comes to your money is often a dilemma that people across the UK face. In most cases, buying a home is the most expensive and important financial decision of a lifetime. If you are in a position where you are ready to invest in a property but are unsure of what’s involved, feel overburdened by getting the right mortgage or just want to leave everything in the hands of someone who knows what they are doing, invest in advice from a whole of market mortgage adviser.

What is Whole of Market Mortgage Advice?

Contrary to what you may think, not all mortgage advice is the same. You have the choice of whole market mortgage advice from an independent adviser, or you could use an adviser that is tied to one, or a panel of lenders.

If you use a tied adviser, your choices will be limited and there is no guarantee that a product will be properly suited to your specific needs.

Independent Advice

On the other hand, you could go for whole of market mortgage advice. This will be provided by a fully qualified, highly experienced whole of market mortgage adviser who is not tied to any lenders. This means you will be presented products from all of the lenders, even the lesser known ones and those not found on price comparison websites.

Consequently, the range of options will be much greater and a deal can be sourced which matches your unique requirements, rather than squeezing to fit an existing product. The rule ‘one size fits all’ does not apply with mortgages. The chances are a whole of market mortgage adviser will be in a much better position to find one that matches your specific requirements compared to a tied lender.

To ensure you get the best deal and make significant savings, always invest in whole market mortgage advice. Doing so could really make a difference to your finances long term.

Your home may be repossessed if you do not keep up repayments on a mortgage or any debt secured on it.

Mortgage Advice could Counter Debt Increases and Lowered Disposable Income

Sarah McInerney — Sun, 19 Jun 2011 23:01:29 +0000

When moneysupermarket.com questioned UK consumers on their approach to repaying debt, they found one in seven (14%) made only the minimum repayment each month. 10% do so because that is all they can afford, whilst 4% go down that route in order to free up disposable income.

The research by moneysupermarket.com also revealed the average UK personal debt, excluding mortgages, sits at £8,430. Head of loans and debt at moneysupermarket.com, Tim Moss, had this to say: “The nation has been left reeling with inflation now at 4.5%, the highest levels since 2008, and the crippling effects of soaring living costs. It therefore comes as no surprise that people have seen a rise in the amount they currently owe, compared to 2010.”

Tim Moss continued: “The younger generation has been hardest hit by rising levels of debt and it is important this group deal with this problem early on, rather than admit defeat. It’s also hugely worrying that 7% of people are resigned to the fact that debt will always be a burden in their life.”

There are two clear messages here. One is to increase disposable income, taking a look at reducing mortgage repayments is a good idea. Perhaps you could switch to a more favourable rate that will save you a great deal every month? A whole of market mortgage broker will advise.

With Debt Featuring so High on Concern-Lists, it Makes Sense to Insure

The other message is that with debt featuring so high on the concern-lists of so many people, surely it is vital to take out some form of insurance to make sure these debts are repaid should income suddenly drop? Redundancy insurance, or an accident or illness policy, will make provision for repayments to continue during periods of no income.

Speak to an independent mortgage and protection consultant. They will take time to understand your financial situation and will make recommendations to save you money short and long term, and protect you and your family.

Your home may be repossessed if you do not keep up repayments on a mortgage or any debt secured on it.

How to Pay off an Interest Only Mortgage in Retirement

Sarah McInerney — Sun, 12 Jun 2011 23:01:12 +0000

If you have an interest only mortgage and are heading for or in retirement, you may well have just received the shocking news that you are fast approaching your redemption date.

Perhaps you had planned to repay your mortgage by downsizing to a smaller property or selling up and moving in with relatives? If so, it may well be the case that you are facing the concern that stares many property sellers in the face lately: difficulty in selling.

And anyway, do you really wish to move home? Most people would say no, as they are happy living where they are. So what is the alternative?

If there is sufficient equity in the property, it can be released to pay off the capital on an interest only mortgage. And these days, thanks to new equity release plans that allow part or all of the interest to be repaid on a monthly basis, compound interest can be avoided providing there is sufficient income to cover the repayments.

A lifetime mortgage is a type of equity release plan that can be used to pay off a traditional mortgage. As with any equity release scheme, it is vital to take specialist advice before entering into a plan and this advice must come from an independent, whole of market equity release adviser who will carefully examine your situation and make sure this route is the right one for you.

Your home may be repossessed if you do not keep up repayments on a mortgage or any debt secured on it.

Understanding First Time Buyer Mortgages

Sarah McInerney — Thu, 09 Jun 2011 23:01:58 +0000

A lot has been written recently about how the current property market is making it difficult for first time buyers to get on the property ladder. Although this is true, there is no shortage of people looking to take their first step into home ownership. If you fall into this category, there is a lot of consider. So much in fact, it pays to invest in first time buyer mortgage advice.

Depending on what mortgage you get, first time buyer mortgage rates can vary and will be based on many different factors. A qualified mortgage adviser who specialises in first time buyer mortgage advice will show you a range of products which suit your situation perfectly.

There are a range of first time buyer mortgages which include:

Graduate and first time buyer mortgage: If you have a degree or a professional career, you could be offered a higher lending amount through a graduate mortgage deal. Graduate first time buyer mortgages can vary so make sure you seek advice before deciding on this option.

Rent to Buy first time buyer mortgage: These mortgages look at the amount you’ve been paying for rent and use this as a yardstick for how much you could afford to pay back with a mortgage. This is particularly appealing to those who have been renting for a long time and wish to make the step into home ownership.

Joint first time buyer mortgage: It is not uncommon for people to buy a home with a friend or family member. If you want to share the cost of a mortgage you can with joint first time buyer mortgages.

Whatever your specific situation, make sure you get the best first time buyer mortgage rates by taking advice from a qualified mortgage broker. They will be able to assess your situation and offer first time buyer mortgage advice on all of the specialist mortgages on the market.

Make sure they are a whole of market independent mortgage adviser so that they source deals from the whole market – improving your chances of finding a mortgage which is a perfect fit.

Your home may be repossessed if you do not keep up repayments on a mortgage or any debt secured on it.

Help for First Time Buyers

Sarah McInerney — Mon, 06 Jun 2011 00:15:23 +0000

Using a mortgage broker to fully handle a mortgage application takes away all the pressure. A broker will also go out of their way to find you a suitable product by scanning the whole of the market, something you know you don’t have the time to do.

According to a recent Halifax report which looked into the attitudes and behaviour of the younger generation toward home-ownership in the economic downturn, two thirds (64%) of non-homeowners believe they have no prospect whatsoever of buying a home.

Why? A belief lending is not forthcoming, the unobtainable deposit and a fear of the application process are all responsible.

Commercial director of Halifax Mortgages, Stephen Noakes, said: “Our research indicates just how many potential first-time buyers are not making it to the application stage because of a fear of being declined. We would like to help aspirational home buyers to realise they do have options, that they can apply for a mortgage, and that it is still possible to get onto the property ladder. At Halifax we approve 8 out of 10 mortgage applications from first-time buyers, and it is important that today’s potential first-time buyers don’t miss out because of the fear of rejection.”

First Time Buyer Mortgage Applications need not be Stressful

The report revealed extensive pessimism about the mortgage application process with 61% of first time buyers saying they do not want to go through the stress and anxiety of applying for a mortgage.

But with the help of a whole of market mortgage broker, there is no need for this concern because they completely remove all of the stress by handling mortgage applications on behalf of borrowers. All the forms, the phone calls and the negotiating is covered, leaving first time buyers free to get on with everything else on their home buying to-do lists.

A whole of market mortgage broker will work hard to seek the best money saving deal for first time buyers that will serve them well into the future.

Your home may be repossessed if you do not keep up repayments on a mortgage or any debt secured on it.