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How can you measure the value of advice?
We have put together a series of posts. focused on advice and how it will benefit mortgagees. We have broken down the key areas to focus on key wins.
The Mortgage Market
The mortgage market is complex with all lenders having different market specialisations, product offerings, rates, types of property they will lend on and believe it or not even geography can play a part. Plus, lenders may often use more complex calculations to establish what they consider to be affordable and can have very differing criteria from each other.
Reviewing the best rates available on a comparison site will give information on potentially the best priced deal at that moment in time for individuals who match all the lenders criteria. This can often mean that when searching for the ideal product for your situation, it is not always about rate. Finding the right mortgage for your personal situation is about taking into consideration your personal objectives and situation, then factoring in the differing lender criteria and establishing which lender and scheme will you fit with?
Equally, if you are fortunate enough to fit with the market leader. Another consideration could be your mortgage term. Your term is likely to be a period of perhaps 10-40 years. Is it likely that the market leader, be offering their existing client’s market leading rates at the end of the next specialised rate period such as a fixed rate ending or indeed for the next 10-40 years?
It is, almost guaranteed that the lender will not be the market leader for your mortgage term. Therefore, reviewing your options and benefiting from professional advice on a regular basis will in most cases assist you make the right decisions for you. Making sure that you benefit from savings on interest and overall payments made.
What does an Independent Mortgage Broker do and how can they help?
A professional independent Mortgage Broker will assist you in many ways, examples being:
My Mortgage & Protection Experts are specialist Independent Mortgage Brokers. Our ethos is ensuring that our clients benefit from quality, professional mortgage & protection advice. It is important to work with our clients on an ongoing basis to advise on suitable mortgage products that will focus on suiting their current needs and requirements plus focusing on reducing interest paid and repayment of their mortgage in as short a timescale as possible.
Protection of our clients is also a fundamental aspect of our advice process. Advising clients on how best to protect their home, their family, and their income.
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.