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News and updates from the Basingstoke Mortgage Advisor

Financial Planning

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

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Mortgages

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

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First Time Buyer

What are Fixed Mortgage Rates?

Fixed interest rates refer to the interest rate that is set for a specific period of time, for example a 2 year fixed mortgage. This means that the interest rate will not change during the period it is fixed for, regardless of any changes in market conditions. One advantage of fixed interest rates is that

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Mortgage Broker – Why should you use one? 10 Benefits

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

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Basingstoke Mortgage Broker
Mortgages

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

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Researching Equity Release
Equity Release

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

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Home movers

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

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Mortgages

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

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Home movers

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

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Home movers

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

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First Time Buyer

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

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Insurance

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

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Home movers

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

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First Time Buyer

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

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Home movers

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

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First Time Buyer

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

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Financial Planning

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

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Critical Illness

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

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Financial Planning

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

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First Time Buyer

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

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First Time Buyer

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

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First Time Buyer

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,

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Researching Equity Release
Equity Release

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

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First Time Buyer

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,

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Mortgages

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

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Critical Illness

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

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Critical Illness

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

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Critical Illness

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

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First Time Buyer

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

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Mortgages

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

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Mortgages

Annual house price growth slows

Αnnual house price growth softened in August but remained in double digits for the tenth successive month. Meanwhile, prices rose by 0.8% on a monthly basis after taking account of seasonal effects – the thirteenth consecutive monthly increase for this measure. Modest slowdown In the past two years, the average house price has increased by

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insurance, Basingstoke, protection
Family Income Benefit

Family income benefit for regular income

Many people like the immediate reassurance of leaving their family a lump-sum payment once they are gone. But for others, the idea of providing a regular income is more appealing. Instead of an instant windfall, a life insurance policy with a family income benefit means your family will receive fixed, tax-free payments should you die

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insurance, critical illness, mortgage adviser basingstoke,
Critical Illness

Critical illness cover offers key safety net

As the main breadwinner, you do everything you can to provide for your family. But have you considered how they would cope if you became too ill to work? Safety net Critical illness cover typically pays out as a lump sum if you are diagnosed with a particular illness set out by the terms of

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insurance, life insurance, mortgage broker Basingstoke,
Insurance

Could I live without life insurance

Planning for what you’ll leave behind once you’re gone is no easy task. But if you have loved ones that rely on your income, finding the right life insurance policy can make facing the unknown a little less daunting. Peace of mind Knowing your loved ones will not face financial hardship in your absence brings

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Mortgages

Rates and repayment lengths rise

Rising rates again dominated the mortgage market in August, while enduring cost-of-living pressures helped propel longer-term fixes back into the limelight. Bank rise More than two million mortgage holders on variable or tracker mortgages are already facing higher repayments after the Bank of England’s Monetary Policy Committee voted to raise its main interest rate by

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Remortgage

Think about switching, says FCA

Against the backdrop of rising rates and a worsening macroeconomic situation, the Financial Conduct Authority (FCA) is urging people to consider switching mortgage providers to find a better deal. Big savings Awareness of the need to switch has increased in recent years. Currently, 370,000 mortgage holders could save money by switching their mortgage, down from

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home insurance, mortgage broker basingstoke
Home Insurance

Trust neighbours, not plant pots

Ever left your key under a plant pot when heading off on holiday? If you have, you’re not alone. A new survey1 reveals how many people do exactly that. Most respondents check their doors (61%), and windows (58%) are locked before setting sail. Half ensure no valuables are visible from outside the property. Despite these

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moving home, mortgage broker basingstoke
Home movers

Prepare to sell in seven steps

In the seller’s market of the pandemic years, properties have been changing hands at double speed.  As the market starts to cool, however, the finer details will become even more important. Small changes can make a big difference; it’s about making your home as appealing as possible to prospective buyers.  Here are seven ideas for

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Insurance, Basingstoke, Life insurance
Insurance

Financial impact of cancer is £891 a month

83% of people with cancer in the UK experience some kind of financial impact from their diagnosis, new research1 has found. At the most challenging times, critical illness cover can ease some of this financial burden. Cancer cost The research showed that the average financial impact of a cancer diagnosis is £891 a month –

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stamp duty
Insurance

Protection pay-outs rise again

Protection pay-outs for bereavement, illness and injury claims reached £6.8 bn in 20211, a second consecutive yearly high. The record-breaking figure means that, on average, more than £18.6m was paid out every day in life insurance, income protection and critical illness claims. In another turbulent year, protection continued to provide crucial support to millions of

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insurance, income protection, Basingstoke mortgage broker
Income Protection

Pandemic prod to remember income protection

Next to its better-known insurance siblings, income protection can sometimes be overlooked. The pandemic has provided a timely reminder of its importance. Furlough effect The government’s Coronavirus Job Retention Scheme, popularly known as ‘furlough’, supported up to 8.9 million people1 when they were unable to work during the pandemic. Having experienced the importance of such

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Time to end the mortgage myths!

Contrary to those age-old myths, you don’t need (1) a perfect credit rating, (2) the lowest interest rate or (3) your current bank. A poor credit history won’t help – but it certainly doesn’t make getting a mortgage impossible. Specialist lenders exist to offer mortgages to people with more complicated credit histories. A low initial

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Mortgages

Over 65? Don’t give up on a mortgage

Over 65s can have a harder time getting the mortgage they want1 – but that doesn’t tell the whole story. Only one in three potential borrowers over 65 is offered their full requested loan, compared with 75% of under 65s. This is despite older borrowers seeking an average of £100,000, far less than their youngers

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Financial Planning

Energy efficiency key for house hunters

Rising energy prices and the race to net zero are causing homebuyers to put more value on energy efficiency, a new survey1 suggests. Efficiency Asked to pick essential features for their new home, more respondents opted for energy-saving attributes than a year earlier. As the cost-of-living rises, households with poor energy efficiency ratings are paying

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Mortgages

Mortgages command greater share of spending

Average mortgage repayments now cost a third of earnings, new research1 has found. Percentages game The research took the average house price of £276,019, with a 75% loan-to-value mortgage of £207,014. Applying an average interest rate for a three-year fixed rate mortgage of 1.84% over a 25-year term, the average monthly mortgage repayment comes out

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Insurance

Protection pay-outs climb in 2021

Protection payouts rose again in 2021, with £6.8bn1 paid out on almost 300,000 different policies. In a year of pandemic-inflicted uncertainty and devastation, the figures highlight the crucial support offered by protection policies. On the up In total, £1.6m more was paid out every day in 2021 than a year previously. Individual payouts for protection

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home buyers, home movers
Mortgages

Plan to avoid homebuying stress

Job interview, driving test, family life… the list of life’s stresses is, unfortunately, long and varied. New research has revealed, however, that buying a home comes out on top. Can’t Buy Me Stress 37% of recent UK homebuyers said that buying a house was one of the most stressful experiences of their life, which puts

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Insurance

Seeing protection in a new light

Nobody wants to think something bad happening to them. Perhaps it’s why so many people shy away from protection insurance – after all, it’s all too easy to think ‘it’ll never happen to me’. Unfortunately, ‘it’ can and does happen, whether ‘it’ be injury, illness or death. However, new research shows that the pandemic had

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Income Protection

Wellbeing benefits of income protection

Income protection insurance can be a cost-effective way of protecting yourself financially if you are unable to work due to illness or injury. What many people don’t realise is that taking out an income protection policy can have benefits beyond the financial. Many policies now offer ‘extras’ to also help support policyholders’ health and wellbeing

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Financial Planning

The money taboo – it’s good to talk it out

Are you worried about your finances? If so, you’re certainly not alone. According to a recent survey, 90% of households are worried about rising prices1. Financial worries can cause a great deal of stress and anxiety. In fact, nearly one in five people say they have lost sleep over soaring prices in recent months2. Money

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Home Insurance

Are you protected from canine chaos? Home insurance

If like me you have a dog, you’ll know that they can be cute, loving… and a whole heap of trouble! Aviva1 recently backed this up when it revealed some of the company’s more noteworthy pet-related claims. From the pooch who turned on a tap and flooded his owners’ kitchen, to the pup who pulled

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