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On the 23rd of June, the Chancellor met with the UK’s largest mortgage lenders, UK Finance, and the FCA to agree to new commitments to support struggling mortgage borrowers.
The following announcement will hopefully provide some assistance and peace of mind to households that are having financial difficulties because of the cost-of-living crisis.
As a result of the charter, lenders have agreed:
In addition, the government says it has delivered action to make Support for Mortgage Interest easier to access. Borrowers on Universal Credit can now receive help with mortgage interest payments after three months.
Lenders who have already signed the charter include the Big Six banks, Virgin Money, TSB, and a host of building societies, which together represent approximately 85% of the mortgage market.
MMPE are also pleased to offer some exciting news for Homeowners. The ability to lock in your mortgage deal in advance using our 4 Simple Steps.
Take some time to consider your personal situation, your future needs, and requirements. What plans have you with regards to your home for the future, such as:
Note: Product transfers are not always a suitable option as they may not be the best mortgage product on the market for you. To create real value for clients, MMPE take into consideration each client’s individual circumstances, such as the need for additional borrowing, overall costs etc, which may make remortgaging a better option.
As a broker, we compare and analyse the wider financial position and circumstance. We take into consideration all factors, including equity, your loan to value (LTV), your credit history, and your plans for your home/property. Plus, any additional costs and eligibility for products all play a part.
It might suit you to choose a different lender who may offer a better rate, scheme term or additional borrowing.
If you go direct to a lender, the benefits of A, B, C, D, E, and F above are lost. Do not delay your review; it could mean you lose the best deals.Don’t just choose a rate, it may not be suitable, and you will benefit from advice.
In this volatile mortgage market with rates likely to continue to rise, planning ahead, being proactive and getting professional advice could prove invaluable. Equally, planning and the timing of research and applications are often critical.
MMPE are available to help provide advice and support. You benefit from guidance, preparation, and personal research to assist in making a better-informed decision at the right time.
If you are concerned about being able to repay your mortgage in the future, please arrange your mortgage review so that we can provide further guidance.
Please note that we also have availability of a 12-month remortgage product option if you would like to review your options earlier than the 6-month stage. Book a review here.
If you would like assistance, then please book in a no obligation review.
Fee’s & Charges – 95% plus of all reviews are carried out without charging our client a broker fee, as the lender pays MMPE. MMPE, however, reserve the right to charge a fee if you decide to make significant changes to your loan structure, such as extending the term or debt consolidation. Typically, our fee for this service would be £395, and this is discounted to £199 for existing clients. Any fee chargeable would be fully discussed and agreed upon in advance of any application.No Obligation Review Here
My Mortgage Experts & Protection Experts Ltd (FCA 937076), is an Appointed Representative of King Mortgages Ltd.
King Mortgages is authorised & regulated by the Financial Conduct Authority (FCA). King Mortgages Ltd is entered on the financial services register http://register.fca.org.uk/ under reference number 803561.
The information contained within this website is subject to the UK regulatory regime and is therefore primarily targeted at consumers based in the UK.
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Changes in property value, coupled with a potential reduction in your loan amount (with a repayment mortgage), mean a change in the equity available in your property (Loan to Value); hence there could be improved opportunities for a better mortgage for you.
Sussed will track when your mortgage is due to expire (usually when your mortgage payments rise substantially as you will automatically transfer to your lender’s standard rate).
The app will alert you when it’s the right time to discuss your options with your mortgage broker.
Sussed can help you plan.
This feature is ideal for today’s economy and increasing prices. Sussed will continually scan the market, looking for the best-fixed rates available, especially when interest rates are rising.
Using a series of algorithms, our clever technology can identify longer-term fixed rates available today that could save money against predicted rates at the end of your current product term (including the cost of transfer) – sussed is doing all the hard work.
With automatic property value updates and your Mortgage information loaded, this feature calculates the amount of equity and the maximum potential loan that may be available within a landlord’s portfolio. This will assist with seeing if there is the opportunity for to perhaps buy another property from leveraging your portfolio.
Within sussed, you will also be able to see each of your properties with a roadside picture, a confirmed property value, monthly rental, current mortgage balance, payments, interest rate and the Loan to value/Gross rental yield.
Sussed can help you manage your portfolio.
This feature is there waiting for interest rates when they reduce. Using the same technology as Rate Riser, sussed will identify if your current deal is now able to be improved.
Should the interest rates decrease, sussed will compare deals available on the day with your existing deal and flag if there is an opportunity for you to save money by switching.
There are price limits on homes you can buy with an equity loan. The limit is different for each region in England.