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A Mortgage 2024: Navigating Market Trends, Seizing Opportunities, and Securing Your Financial Future
Introduction to a Mortgage 2024 Having successfully navigated the challenges of 2023, marked by a cost-of-living crisis, escalating mortgage rates, and economic uncertainties, we understand the importance of steadfast financial support. As we step into 2024, rest assured that we are here to continue assisting you in keeping your finances on track. First Time Buyer
Who is a First Time Buyer? Unveiling the mystery!
Buying a home is an exciting milestone, but it can be daunting for first-time buyers. The process of buying a property can be complicated and there are many factors to consider. One of the most important questions to answer is Who is a first time buyer? This blog post will explore this question and provide
Does Equity Release Affect Benefits? – Navigating your Financial Horizon
Introduction – Does Equity Release Affect Benefits? Unlocking the equity tied up in your home can be a transformative financial strategy, but the concerns about its impact on existing benefits often linger. In this comprehensive guide, we delve deep into the intricacies of equity release and its relationship with various benefits. Our goal is to
Decoding Self Employed Mortgage with 1 Year Accounts – Navigating the Path to Homeownership
Introduction to Self Employed Mortgage with 1 Year Accounts. Embarking on the journey to homeownership can be especially intricate for self-employed individuals, as they face a unique set of challenges when securing mortgages. Unlike traditional employees with steady pay checks, the irregular income streams and fluctuating profits characteristic of self-employment can make lenders uneasy. Navigating
Changes to Mortgage Rates – Unlocking the latest Rates
Stay in the know as the mortgage landscape undergoes exciting changes! Here’s the latest scoop on adjustments to mortgage rates from some major players: Halifax Mortgage Rates- November 15th, 2023 Halifax is taking a proactive approach by reducing fixed rates across the board. This move is designed to make homeownership more accessible and affordable for
Do You Need Life Insurance to Get a Mortgage? Unveiling the Relationship Between Life Coverage and Homeownership
Do you need Life Insurance to get a Mortgage? As we delve into the nuances of this symbiotic relationship, we will uncover why some lenders insist on life insurance, the options available, and the implications for your journey to homeownership. So, fasten your seatbelt as we navigate the landscape where mortgages and life insurance converge,
Remortgage to Release Equity – Unlocking Your Home’s Hidden Value: A Comprehensive Guide
Understanding the Concept of Remortgage to Release Equity In this section, we will delve into the fundamental aspects of remortgaging to release equity, ensuring you have a clear grasp of the concept. We’ll explore what equity in your home means, the advantages of releasing it, and how the remortgaging process can be a valuable tool
What is a Fixed Rate Mortgage? Demystifying Fixed Rate Mortgages
What is a Fixed Rate Mortgage? A fixed rate mortgage is a financial agreement that provides homeowners with stability and predictability in their monthly mortgage payments. The key defining feature of a fixed rate mortgage is that the interest rate remains unchanged for the entire term of the loan. This means that once you secure
How to improve your credit score!
Your Comprehensive Guide to improve Your Credit Score and Secure Your Dream Home Are you a first-time homebuyer based in Basingstoke, eager to improve your credit score? If you’re nodding your head, you’re in the right place. Your credit score plays a pivotal role in determining whether you can secure a mortgage and the interest
Mortgage Capacity Report – Your Guide
Mortgage Capacity Reports and Financial Clarity Going through a divorce or separation is a challenging journey, and one crucial aspect that often arises is navigating home purchases. To make informed decisions during this sensitive time, you need to understand your financial capacity. In this guide, we’ll explore the significance of Mortgage Capacity Reports and how
Private Medical Insurance with Pre Existing Conditions: Unlocking Peace of Mind
Introduction to Private Medical Insurance with Pre Existing Conditions: Private medical insurance offers a safety net for your health, providing timely access to top-quality healthcare. However, if you have pre existing conditions, it can be challenging to find the right coverage. At MDJ Mortgages, we understand your concerns and are here to guide you through
Family Income Benefit Explained: Maximising Financial Security for Your Loved Ones
Understanding Family Income Benefit – Providing for Your Family’s Future What Is Family Income Benefit? Family Income Benefit (FIB) is like a financial safety net for your family. It’s a special kind of life insurance that’s designed to make sure your loved ones have money coming in if something happens to you. Imagine it as
How Does a Remortgage Work – Unlocking Home Financing
The Ins and Outs of Remortgaging: A Comprehensive Guide to How Does a Remortgage work. Introduction Welcome to MDJ Mortgages, your trusted source for mortgage advice in Basingstoke. If you’re a homeowner considering a remortgage, you’re in the right place. In this detailed guide, we’ll break down the intricacies of remortgaging and show you how
What is Loan to Value? Your Essential Guide to Mortgage Success
Introduction to What is Loan to Value! Understanding Loan to Value (LTV) is the cornerstone of informed decision-making when it comes to mortgages. It’s not just a financial jargon; it’s a key that unlocks the doors to smarter homeownership. At MDJ Mortgages, we believe in empowering our clients with knowledge, and that begins with demystifying
Does a First Time Buyer pay stamp duty? A guide for first-time buyers
Does a First Time Buyer pay stamp duty? Buying your first home can be a daunting experience, and it’s essential to understand all the costs involved before taking the leap. One of the most significant expenses that first time buyers may face is stamp duty land tax (SDLT). So, the question is, does a First
What Does Equity Release Mean? Unlocking Financial Freedom
Introduction to What Does Equity Release Mean? Are you facing financial challenges in your retirement years? The concept of equity release could be the key to unlocking the financial freedom you deserve. As retirees, many of us find ourselves in situations where our pensions or savings may not cover the costs of maintaining our desired
Navigating Small Business Health Insurance Solutions and Strategies
Small Business Health Insurance Solutions The Importance of Small Business Health Insurance Solutions Health insurance is a pivotal aspect of running a successful small business, and understanding its significance can make a world of difference. Let’s explore why it’s more than just a benefit, it’s a strategic necessity. Why Small Businesses Need Health Insurance: Small
Mortgage Protection Insurance: Safeguarding Your Home
Understanding Mortgage Protection Insurance The Basics of Mortgage Protection Insurance Mortgage Protection Insurance is like a safety net for your home, ensuring that your loved ones are financially secure even if the unexpected happens. But what exactly is it? At its core, Mortgage Protection Insurance is a specialised form of insurance designed to pay off
When Fixed Rate Mortgage Ends What Happens and How to Navigate the Transition.
Introduction – When Fixed Rate Mortgage Ends What Happens “When Fixed Rate Mortgage Ends What Happens” – a phrase that might provoke a sense of curiosity, perhaps even a touch of anxiety, especially if you’re a homeowner nearing the conclusion of your fixed-rate mortgage term. Understanding what occurs when your fixed-rate mortgage ends isn’t just
Discounted Mortgage Rates: An Eye-Opening Path to Financial Empowerment
Discounted Mortgage Rates – What are they? When embarking on the journey to homeownership, understanding your mortgage options is paramount. One such option that often piques the interest of homebuyers is the enticing world of discounted mortgage rates. But what exactly are discounted mortgage rates, and how can they work in your favour? At their
Getting Mortgage Ready: Your First Step Towards Homeownership Success
Introduction to Getting Mortgage Ready Embarking on the journey of homeownership is an exciting and life-altering decision. The prospect of having a place to call your own, building equity, and creating lasting memories is something that many aspire to achieve. However, before you can unlock the door to your dream home, there’s a crucial step
Finding the Best Company for Equity Release: Your Comprehensive Guide
Introduction to Finding the Best Company for Equity Release Understanding Equity Release Equity release is a financial arrangement that allows homeowners, typically aged 55 and older, to access the value tied up in their properties without having to sell them. It provides a means to unlock cash, either as a lump sum or in regular
How to Choose the Right Private Medical Insurance Policy: A Comprehensive Guide
Access to quality healthcare is a crucial concern for individuals and families in the UK, with the National Health Service (NHS) providing vital medical care to millions of people every year. However, increasing demand for medical services has led to longer waiting times, making it more challenging to get prompt access to medical treatment. Private
Understanding Mortgage Affordability: How Much Can You Really Borrow?
Introduction to Mortgage Affordability: Welcome to our blog, where we explore the vital topic of mortgage affordability. In this article, we will discuss the importance of understanding mortgage affordability and the significance of determining how much you can borrow. Whether you’re a first-time homebuyer or an experienced homeowner, grasping these concepts is crucial for making
Insurance policy – 8 different types and why they should be important to you.
Insurance Policy – What do you need to know. There are several types of insurance policies you need to protect your home, your assets, and your family and it can be confusing knowing which ones you need and how to set them up. Here we will go through the different types of insurance policies and
Understanding the Equity Release Council
Introduction to the Equity Release Council The Equity Release Council is a pivotal regulatory and self-regulatory body within the equity release industry. Its primary role is to establish and uphold rigorous standards, guidelines, and a code of conduct for all industry participants, including lenders, advisers, and intermediaries. This council serves as a steadfast guardian of
Let’s talk about your protection
The cost-of-living crisis is taking its toll and many UK consumers are looking to reduce their outgoings. Before you consider cancelling your protection policy speak to me first. If affordability is a concern, you could reduce the amount of cover or remove additional benefits. Or in the case of income protection, you could consider increasing
How long does a remortgage take? We have the answer!
You may be wondering how long does a remortgage take and think that it is too early to start looking at your options but here at MDJ Mortgages we like to start the process as early as 7 months prior to your current mortgage deal ending. This is to ensure that we capture the best
How does Equity release work?
Understanding Equity Release As mortgage brokers in Basingstoke, we understand that equity release can be a complex and often misunderstood topic. However, it can also be a valuable financial tool for those who need it most. In this beginner’s guide, we’ll be covering everything you need to know about equity release, from what it is
Is Going Private Quicker Than NHS?
When it comes to healthcare, the National Health Service (NHS) is the first port of call for many people in the UK. But is going private quicker than NHS? This blog will explore this question and discuss the pros and cons of both options. Advantages of Going Private One of the main advantages of going
The pros and cons of equity release: What you need to know
At our mortgage broker firm in Basingstoke, we understand that equity release can be a big decision. While it can be a useful way to access the equity in your home, it’s important to consider both the pros and cons before making a decision. In this blog, we’ll be discussing the pros and cons of
Can I Ask to be Referred to a Private Hospital on the NHS?
The National Health Service (NHS) is the UK’s publicly funded healthcare system. It provides free healthcare to everyone who is a UK citizen and is considered to be one of the most comprehensive and extensive healthcare systems in the world. However, due to the increased pressure on the NHS, some people may wish to access
Understanding the Different Types of Mortgage: Which 1 is Right for You?
Introduction to different types of mortgages In the dynamic mortgage market, it’s crucial to understand the different types of mortgages available to make informed decisions. Whether you’re a first-time buyer, a homeowner looking to remortgage, or an investor considering buy-to-let properties, this guide will help you navigate the various mortgage options. Different types of mortgages:
Too ill to work. Could you survive financially?
Nearly half (45%) of adults between the ages of 25 and 44 who don’t have a protection policy aren’t sure they could cope financially if they were too ill to work. Worrying research from LV= suggests that a large minority of working adults could be in significant danger of financial distress if they fell ill.
Equity Release Types of schemes – What are they and are they right for you?
At our mortgage broker firm in Basingstoke, we understand that equity release can be a confusing topic. There are a range of different types of equity release schemes available, each with their own pros and cons. In this blog, we’ll be discussing the different types of equity release schemes and explaining how they work. Equity
Full Underwriting vs. Moratorium: Which is the Best Private Medical Cover Option for You?
When considering private medical insurance (PMI) in the UK, one important decision is whether to opt for full underwriting or a moratorium. What is Full Underwriting? Full underwriting involves completing a detailed medical questionnaire, which includes questions about current and past medical conditions, family medical history, and lifestyle factors. Based on this information, the insurer
Is Equity Release a good idea? 5 Factors to Consider
Is Equity Release a good idea? At our mortgage broker firm in Basingstoke, we understand that equity release can be a big decision. It’s important to carefully consider whether it’s the right option for you and your individual circumstances. In this blog, we’ll be discussing some of the key factors to consider and discover if
First Time Buyer should I buy now: 5 Factors to Consider
First Time Buyer should I buy now First Time Buyer should I buy now: As a first-time buyer, one of the most important decisions you’ll make is when to buy your first property. Timing is everything in the property market and getting it right can mean the difference between finding your dream home at a
Your Comprehensive Guide to Private Medical Insurance: Answering FAQs and Exploring Coverage Options
The UK has a proud tradition of providing free healthcare through the National Health Service (NHS). However, in recent years, wait times for certain treatments and procedures have increased, leading many to consider private medical insurance as a way to access healthcare more quickly. In this blog, we’ll be answering some of the most commonly
Equity Release for Home Improvements: What you need to know
Equity Release for Home Improvements At our mortgage broker firm, we know that making home improvements can be a costly endeavour. However, if you are over 55 and own your home, equity release may be an option to fund your renovation project. In this blog, we will explore equity release for home improvements and what
Can Couples Retain First Time Buyer Status if One Partner has Previously Bought a Home?
Can Couples Retain First Time Buyer Status if One Partner has Previously Bought a Home? Buying a home is one of the biggest decisions a couple can make together. It’s important to understand the rules and regulations around first time buyers in the UK, as they can have a big impact on your ability to
First Time Buyer Inherited Property? What does this mean
First Time Buyer Inherited a Property? The answer to this question is not as straightforward as it may seem. On the one hand, as a first time buyer inherited property may seem like an easy way to become a homeowner without having to go through the process of buying a property for the first time.
Can First Time Buyers Get an Interest Only Mortgage?
Can First Time buyers get an Interest Only Mortgage? As a first-time buyer in the UK, you may be wondering whether you’re eligible for an interest-only mortgage. An interest-only mortgage can be a tempting option, as it allows you to pay lower monthly repayments initially. However, it’s essential to understand that an interest-only mortgage is
Can first-time buyers get a buy-to-let mortgage?
Introduction: If you’re a first-time buyer in the UK looking to invest in a rental property, you may be wondering whether you’re eligible for a buy-to-let mortgage. While it may seem like a good way to invest in the property market, getting a buy-to-let mortgage can be challenging. In this blog, we’ll take a closer
Deposit for a First Time buyer – How much do you need?
Buying a home for the first time can be an exciting and daunting experience. One of the key questions is what deposit for a First Time buyer is needed. In this blog post, we’ll take a look at the different types of deposits required for first-time buyers, as well as some tips to help you
Using Equity Release for Long-term care
Using equity release to pay for long-term care At our mortgage broker firm in Basingstoke, we understand that paying for long-term care can be a significant financial burden for many families. However, we also know that equity release can be a viable solution for some people. Equity release is a way to access the value
Equity Release and Inheritance
Equity release and inheritance: Equity release is a financial product that allows homeowners to access the equity in their homes, providing them with a lump sum or regular income in the form of a loan secured against their property in the same way as a traditional mortgage. While it can can be a useful tool
Equity Release vs Downsizing: Which is the better option?
Equity Release vs Downsizing: At our mortgage broker firm in Basingstoke, we understand that when it comes to accessing the equity in your home, there are a variety of options available. Two common options are equity release and downsizing. In this blog, we’ll be discussing the pros and cons of each option to help you
How to avoid Equity Release scams: Tips for protecting yourself
How to avoid Equity Release scams At our mortgage broker firm in Basingstoke, we understand that equity release can be a viable option for homeowners looking to access the equity in their homes. However, it’s important to be aware of the potential risks and scams that can come with this type of financial product. In
What’s happening with housing? April 2023
Rising rates dominated the news around housing and mortgage markets throughout 2022, setting the tone for an expected market downturn in 2023. After the latest Bank Rate rise in February increased repayments for those on variable rates, how will the mortgage and housing markets react? Up and down On 2 February, the Bank of England
Equity Release? Your FAQ’s Answered Here!
Equity release can often get a bad reputation in the media. However, it’s important to remember that for some people, it can be a lifeline in times of financial difficulty. Take, for example, a recent client we helped who was struggling to meet their monthly expenditure due to the rising cost of living and increase
Equity Release used for gifted deposits
It’s estimated that first-time buyers (FTB) using a gifted deposit can get onto the property ladder up to 11 years faster than prospective buyers consistently saving. The research1 found that a UK household saving £180 a month would take 10.9 years to reach the average £23,549 deposit needed by first-time buyers in England. In contrast,
Will remortgaging be cheaper? 6 things to consider!
One of the most asked questions when a clients’ current mortgage deal is coming to an end is: Will remortgaging be cheaper? Whilst there are many factors to consider when remortgaging such as interest rates, fees and terms of the new mortgage, Remortgaging can still save you money especially, if the alternative is to go
Possibilities abound for First Time Buyers in 2023
It’s fair to say that there’s a lot of gloom around the housing market right now. But 2023 could provide ideal opportunities for first-time buyers (FTBs) to get on the housing ladder. Buyers’ market Most experts are predicting significant price falls in 2023, which would be the first time that house values have dropped for
Market conditions are pushing more older homeowners towards Equity Release!
Equity release has been slowly drawing closer to the traditional mortgage market, with experts believing that this is partly due to the complex market we find ourselves in, and the cost-of-living crisis which has had a damaging impact on homeowners who rely on their pensions to maintain their standard of living. One expert has said
Remortgaging – 10 Reasons to remortgage!
Remortgaging is a process where you switch your existing mortgage to a new lender. You usually do this when your current mortgage product has run out and you want to avoid going on the standard variable rate offered by the current lender, which is usually higher than other rates on offer. Remortgaging may allow you
How much money do I need for a deposit to buy a house?
The amount of money you need to save as a deposit to buy a house will depend on several factors, including the type of mortgage you are seeking and the purchase price of the home. In general, lenders require borrowers to have a down payment of at least 5% of the purchase price of the
Don’t cancel your insurance cover in haste
Inflation hit new heights in October, with a rise of 11.1% year-on-year1, driven mostly by essentials such as food and fuel. As the increasing cost of living continues to impact on people’s lives, it is more important than ever to remember another financial essential – protection insurance. Protection gap Protection is a vital part
10 Great Ways to Boost your credit score
Boost your Credit Score with MDJ Mortgages Boosting your credit score is a crucial step in achieving financial stability and securing important financial milestones, such as obtaining a mortgage. Your credit score reflects your creditworthiness and plays a significant role in determining your eligibility for various financial products. In this comprehensive guide, we’ll explore ten
Bank of England rise in interest rates – February 2023
Bank of England raise interest rates to 4%, but what does this mean for mortgage rates? As I am sure you are aware, especially, if you are looking to buy a home or coming to the end of a fixed rate mortgage deal there has been a lot in the news about the rise in
What is a Mortgage decision or Application in principle?
A mortgage decision or application in principle is a conditional approval of a mortgage loan by a lender. It is not a final approval, but it does indicate that the lender is willing to lend to the borrower based on the information provided. To obtain a mortgage decision in principle, a borrower will typically need
What are variable mortgage rates?
Variable mortgage interest rates, also known as tracker or discounted mortgage products, are mortgage loans with interest rates that can fluctuate over time. The interest rate on a variable mortgage is tied to an economic index, such as the Bank of England base rate or the own building society standard variable rate. As the index
Biggest interest rate increase in 33 years
After the Bank of England’s Monetary Policy Committee (MPC) voted to increase Bank Rate to 3% in early November, households across the country are feeling the effects of pricier borrowing. Going up The rise of 0.75 percentage points, an eighth consecutive increase and the biggest since 1989, has a significant impact on borrowers. Future
Mortgage Broker – Why should you use one?
Mark Jones, Mortgage Broker at MDJ Mortgages 10 Benefits of Using a Mortgage broker. Applying for a mortgage whether you are a first-time buyer or an experienced homeowner can be confusing. Using a mortgage broker will help you find the best mortgage product to suit your personal needs and circumstances. 1. You’ll get access to
Are you a first time buyer? Be ready to buy in 4 easy steps.
The home-buying process can be complex for the first-time buyer (FTB). So much so that finding the right home can start to seem like the least of your concerns! Here are some top tips to prepare financially before you kick off your search: Know what you need. Before you start searching, make sure you separate
Equity release for the everyday?
In difficult financial conditions, many people are looking to make savings. For those fortunate enough to own their own home, this could mean releasing equity from their home. Equity release is a financial option that allows homeowners to access the equity that they have built up in their property, typically in the form of a
The disadvantages of staying on a Standard Variable Rate (SVR)
Have you thought about your re-mortgage options? Recent consumer research carried out by Legal & General Mortgage Club, found that 41% of respondents were considering not re-mortgaging, and instead staying with their existing lender and accepting the switch to a Standard Variable Rate (SVR). So why are people opting to stay? The research uncovered these
10 Mortgage Jargon Busters
Whether you are buying your first home, looking for a new property or simply remortgaging, you may come across unfamiliar terms and jargon that can be confusing. Like many industries, the mortgage industry has it’s own language, and it can be overwhelming for first time buyers or even those who have been through the process
Remortgage and your Life Priorities
Before securing your next mortgage deal, it’s important to reflect on what’s changed, and also what’s likely to change in the future. These are factors which could influence how much you need or want to borrow. As an adviser I can help you ensure your next mortgage fits both your current and future needs. After
Remortgage – should you Stay or Switch?
Did you know that 55% of customers say they’re likely to stay with current lenders when it comes to re-mortgaging? As part of Legal & General’s research, they delved into the reasons behind why customers said they would stay with their existing lender. 42% gave the reason of trust and a belief that existing
Longer wait to get the keys
It now takes five months, on average, to complete the process of buying a house1, a rise of nearly a quarter since 2019. In the last six months, the average time taken to complete the home buying process stands at 153 days, up from the 124 days recorded in 2019. Reasons for the longer wait
Mortgage and Protection – Autumn 2022 Statement Update
Housing and mortgage repayments were not at the forefront of Chancellor Jeremy Hunt’s Autumn Statement, delivered on 17 November, though a few significant announcements were made in relation to Stamp Duty and social rents. For those looking to buy, the latest fiscal event provided opportunities for big savings a mortgage broker can help you understand
Don’t just think about rate when you Remortgage
Understandably, most people seek out the lowest interest rate when re-mortgaging. In fact, 63% of respondents in a recent survey by Legal & General Mortgage Club, declared interest rates to be the most important factor when either re-mortgaging with their existing lender, or moving to another provider. Although an important factor, there is so much
The latest on Stamp Duty
Buying a house is a major achievement and milestone. Recent changes to Stamp Duty aim to boost the number of people getting onto or moving up the property ladder. Under the new system, in England and Northern Ireland, the first £250,000 of a property’s value is exempt from Stamp Duty, up from £125,000. Buyers then
Remortgage – It’s not always about the best deal.
When you remortgage, it isn’t always about the best deal, it is about the best deal you can get. Lenders used to dole out mortgages to anyone who wanted one, but things have changed and now being accepted for one can be difficult. Today lenders will cherry pick their customers, and by doing so this
Everybody’s talking about rates
Why are rising interest rates bad news for mortgage holders? And what role does inflation play in pushing repayments higher? Inflationary effect The pace of inflation has been well ahead of the Bank of England’s (BoE’s) target of 2% throughout 2022. In September, the consumer prices index (CPI) rose to 10.1%1. The BoE’s latest forecasts
Should you get advice before you Remortgage?
Remortgaging is a popular option for homeowners looking to save money on their monthly mortgage repayments, or to access the equity they have built up in their property However, the process of remortgaging can be complex and time-consuming, and a mortgage broker is essential when looking to remortgage. Research by Legal & General shows that
Insurance – concern as consumers cut back on cover
Fewer than one in four people has a life insurance policy that would support their family in the event of their death, a new study1 has found. As the cost-of-living burden worsens, experts fear that the protection gap could continue to widen. Indeed, a tenth of respondents said they have already given up one or
Why Should you Remortgage?
“Remortgaging means moving your mortgage from one lender to another to get yourself a better deal” Mark Jones, MDJ Mortgages. You can remortgage without moving home and whilst there are many reasons to remortgage the main one is very simple – saving money, big money! For many of you, your mortgage will be your
Stamp Duty savings for homebuyers
In September, the government announced a permanent Stamp Duty cut in England and Northern Ireland, which means no tax will be paid on the purchase of properties up to £250,000. Although most of the policies from the ‘mini-budget’ have since been scrapped, this one has stayed in place. Back to the pandemic During the summer
Mortgage blues? What to do
Mortgages became headline news in October – and not a headline many people wanted to read. Despite the doom and gloom of the current mortgage market, it is still possible to make a positive decision. Rates rise The political turmoil recently initially sent interest rates soaring and left millions of mortgage holders with hundreds of
House price growth slowing
The average house price in September rose 9.5% year-on-year, a slight dip from the sky-high figures in July and August. This is the first time annual house price growth has been in single digits since October 2021. The average house price is now £272,259. In another indicator of a slowing market, monthly growth was flat,
FCA warning letter about equity release
Older borrowers are at greater risk of purchasing unsuitable equity release products or lifetime mortgage products, the Financial Conduct Authority (FCA) has emphasised in a letter. Consumers facing financial stress are also more susceptible to the purchase of unsuitable equity release products, the letter noted. Given ongoing cost-of-living challenges, demand for credit is expected to
Are you ready to buy?
With house price growth easing and mortgage rates rising, the economic factors that influence the decision to buy or sell are hard to read. After the lockdown slowdown of 2020 and the home-buying rush of 2021, the housing market has steadied somewhat in 2022. Yet, with sustained demand from buyers and restricted stocks for sale,
Are ultra-long mortgages the answer?
As interest rates continue to soar, the government is considering ultra-long mortgages as a possible means to boosting homeownership. For some, a longer mortgage term could be a leg-up onto the housing ladder. Longer mortgage periods allow potential homeowners to borrow larger sums, which should allow access to a greater variety of available homes. Yet
Protect your family – and yourself
The benefits of income protection have been showcased over the last three years during the turbulence of the pandemic years. With more economic uncertainty ahead, now could be the ideal time to take out a policy that protects your loved ones and yourself. Awareness Week Income Protection Awareness Week, originally scheduled to start on 19
Alzheimer’s and Critical Illness Cover
World Alzheimer’s Day took place on 21 September to raise awareness of the degenerative disease and some of the support mechanisms in place to help those affected. This year, the special focus was on post-diagnosis support. One such protection is Critical Illness Cover, which provides you with a lump sum of money if you are
Giving up your insurance could be costly
As the cost-of-living squeeze starts to bite, many are looking to make savings on their monthly budget. Experts are warning families to think twice, however, before scaling back on essential protection. Cutting back The number of protection policies held by UK households has fallen by 8%1 year-on-year, research suggests. Worse yet, two in five people2
Rising FTB deposits
The average initial cost of a first-time buyer’s (FTB) mortgage deposit has climbed by 41% (after adjusting for inflation) in the last decade1, new research has shown. With the average UK house price currently sitting at £278,436, the largest initial hurdle facing homebuyers is the mortgage deposit. Based on the average of 15%, this initial
Mortgage deals at a time of rising rates
After increasing the Bank Rate to 2.25% in September, the Bank of England (BoE) has since said it will ‘not hesitate’ to hike rates further to curb inflation. Variable rates Changing rates have a significant impact on the amount you repay on your mortgage. Those on a tracker mortgage will see their rate increase (or