Considering a new mortgage? We can help!
Fri 19 Jun 2015
Mortgages and financial products have been taking a central role in many news stories relating to the state of the current housing market.
Rates are at an historic low and competition between lenders is at an all-time high, however with the introduction of the Mortgage Market Review (MMR) last year it could potentially mean it will be more difficult for some people
to borrow the amount they need to secure the home they want.
We strongly believe all mortgage borrowers should take independent mortgage advice before making a financial commitment. It is probably the biggest financial commitment a person will make and it can be a costly mistake if the appropriate advice is not taken. This would apply for not only people buying a new home but also if you have decided and maybe in a position to remortgage.
Rates have the potential to rise early next year and this, combined with the new EU guidelines set to come into effect March 2016, could make it difficult for you to obtain a new mortgage. Lenders will be required to implement stricter affordability checks which could mean you become trapped on your lenders Standard Variable Rate (SVR).
If you have not reviewed your financial products recently or if you would like more information about what impact this could have on you, we strongly recommend you speak with our Independent Mortgage & Protection Advisor.
They can provide you with Independent advice and guidance. They can review your options; whether you are planning on moving or if you simply wish to your review your current mortgage.
We feel now is the time to review your finances to make sure you are prepared for the new rules.
Please contact us on 01920 822999 and we can arrange a convenient time for our advisor to contact you.
Sources:
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBTS SECURED ON IT.
