Bristol, Bath and Exeter Mortgages Online's Blog

Easter Opening Hours

admin@swmortgages.com (Caz Blake-Symes) — Wed, 28 Mar 2018 09:51:07 GMT

Happy Easter from Bristol, Bath and Exeter Mortgages Online

We would like to wish all our clients, friends and business partners a very Happy Easter.

Our Opening Hours will be

Good Friday Closed

Easter Saturday 10am - 4pm

Easter Sunday Closed

Bank Holiday Monday Closed

If you would like to book a Free Consultation with one of our Mortgage Advisers whilst we are closed over the Easter break, please leave a message on any of our numbers or drop us an email.

We will be resuming normal working hours 8.30am to 7.30pm from Tuesday 3rd April.

www.bristolmortgagesonline.com 0117 325 1511 email info@swmortgages.com

www.bathmortgagesonline.com 01225 584 888 email info@swmortgages.com

www.exetermortgagesonline.com 01392 690 888 email info@swmortgages.com

Join the race to remortgage

admin@swmortgages.com (Caz Blake-Symes) — Sat, 24 Mar 2018 12:17:08 GMT

Rates are on the rise so move quickly to secure a long-term discount deal

Adapted from an article by David Byers, March 17 2018, The Times

Borrowers are scrambling in record numbers to take out fixed-rate mortgages before an expected rise in the Bank of England base rate. This month 25 lenders, including Barclays, Halifax, NatWest and TSB, raised the cost of mortgage deals, including 11 in the past week. A total of 49,800 mortgages were arranged in January, more than in any month since November 2008, according to UK Finance, the body that represents banks and other lenders.

Economists believe that the Bank’s monetary policy committee will soon raise the base rate from 0.5 per cent to 0.75 per cent, which will mean annual repayment increases for the 4.5 million homeowners on variable rate or tracker mortgages.

Shaun Church, a director of Private Finance, says “Rumours that interest rates could be on the up in a matter of months has caused borrowers to take speedy action, locking in the incredibly competitive and favourable rates available.”

A 0.25 percentage point rise would mean that someone with a 25-year mortgage of £500,000, paying the average variable rate of 4.76 per cent interest, faces paying £72.40 more each month, or £868.80 a year. The average two-year fixed deal is 2.37 per cent.

Mr Church says that far too many borrowers are still languishing on variable rates and will be sitting ducks when rates rise. “Too many people are not as on top of their finances as they could be and are paying much more than they should.”

To get details of all costings and an exact quote for the monthly repayments, please call us to book your FREE consultation, we also do not charge for getting you an Agreement or Decision in Principle.

For more expert information or to book your free consultation please visit one of our websites or contact us

www.bristolmortgagesonline.com 0117 325 1511 email info@swmortgages.com

www.bathmortgagesonline.com 01225 584 888 email info@swmortgages.com

www.exetermortgagesonline.com 01392 690 888 email info@swmortgages.com

We have an opportunity for a Mortgage Progressor/Administrator

admin@swmortgages.com (Caz Blake-Symes) — Mon, 12 Mar 2018 00:00:00 GMT

Join our successful team at Bristol Mortgages Online

We will shortly be looking for a Mortgage Progressor/Administrator to join our team at Bristol Mortgages Online, based at our offices at Henleaze House, Henleaze, Bristol.

This is a key appointment for us and in order to get the best person for the job, we are prepared to be flexible regarding working hours and salary.

This role is fundamental in offering our clients whose mortgages we are progressing a First-Class Service. The other aspect is to provide excellent back up to our team of busy Mortgage Advisers.

Essential Skills

· To be presentable and well spoken

· Good written and oral communication skills.

· Excellent methodical and organisational skills.

· Excellent Computer/IT literacy.

· Accurate with good attention to detail.

· Excellent telephone and customer facing skills

· Ability to work under pressure and meet deadlines.

Desirable Skills

· Previous experience in the Mortgage sector

· CeMap qualified or willing to train at own expense.

· Knowledge of mortgage related software such as MortgageKeeper.

To find out more about our business please visit our website at www.bristolmortgagesonline.com

Check out our 5-star Google and Facebook reviews. This is the standard that we expect from all members of staff.

If you think you that you would find this opportunity to be an exciting next step in your career, please email your CV to Caz Blake-Symes, Group Operations Manager caz@swmortgages.com

NO AGENCIES

Bath Mortgages Online Has Moved!

admin@swmortgages.com (Caz Blake-Symes) — Mon, 26 Feb 2018 00:00:00 GMT

Our new address is 1 Queen Square, Bath BA1 2HA

We are celebrating our First Anniversary this month and we have outgrown our offices already!!

We are very pleased to be relocating to 1 Queen Square, Bath BA1 2HA. Although many of our appointments and consultations are carried out at our clients’ homes or business premises, our new offices gives us greater flexibility if clients want to come to us, in lovely surroundings.

Queen Square is situated in the heart of the City of Bath, in a prime location within the finance and business district. The building is one of 27 that makes up the well renowned Queen Square, which is known for its fine architecture, with the designer John Wood the Elder stating "The intention of a square in a city is for people to assemble together". 1 Queen Square is a glorious period property with many original features; the offices are well equipped and offer modern technology solutions.

The building is a short walk from the main car park and only 5-10 minutes from Bath Spa Rail Station.

If you would like to book a FREE consultation to see one of our expert Mortgage Advisers, please call 01225 584 888 or email info@swmortgages.com.

Services we offer include:

· First-time Buyer Mortgages

· Home-buyer and Remortgages

· Buy to Let and Investment Mortgages

· Equity Release and Lifetime Moorages

· Second Charge and Bridging loans

· Life cover and full protection insurance.

For full details please visit www.bathmortgagesonline.com

We also have branches in Bristol and Exeter please call Bristol 0117 325 1511 or Exeter 01392 690 888

Are you sitting on an Interest-Only Ticking Timebomb?Are you sitting on an Interest-Only Ticking Timebomb?

admin@swmortgages.com (Caz Blake-Symes) — Fri, 09 Feb 2018 00:00:00 GMT

Call Bristol, Bath or Exeter Mortgages Online for Expert AdviceCall Bristol, Bath or Exeter Mortgages Online for Expert Advice

Hundreds of thousands of homeowners could be at risk of losing their homes by ignoring how they will pay off their mortgage, a regulator has warned. Nearly one in five mortgage-holders has an interest-only home loan, meaning they would need savings or other funds to pay a final lump sum. The Financial Conduct Authority (FCA) said the end of these mortgage terms would peak in the next 10 to 14 years.

Interest-only deals allow borrowers to pay off the amount borrowed only when the mortgage term ends, usually after 25 years, but there is concern that a host of homeowners do not have plans in place to pay the final bill. The FCA said that 1.67 million full interest-only and part-capital repayment mortgages were still outstanding, representing 17.6% of all mortgages in the UK. One peak of these final bills has come in the past year or so, for those who took out endowment policies in the 1990s and 2000s.

Less affluent, middle-aged homeowners who often converted to interest-only deals in 2003-09 - who are concentrated in the South West, East and North West of England, as well as London and the West Midlands - will see their final repayment demand come in 2027-28. The regulator said that lenders had improved their communications with customers at risk since its initial report on the issue five years ago.

What are your options…

Some believed that they had an adequate repayment plan in place, while others were simply burying their head in the sand.
Some had little trust in their lender, so were suspicious of the letters reminding them to have a repayment plan in place.
Borrowers are urged to talk to their lender or an Independent Mortgage Broker as early as possible, otherwise they would restrict their options over time of paying off their mortgage.

What the experts say ..

"We are very concerned that a significant number of interest-only customers may not be able to repay the capital at the end of the mortgage and be at risk of losing their homes," said Jonathan Davidson, executive director of supervision at the FCA.

Hannah Maundrell, from comparison service Money.co.uk, said : "You may be able to remortgage your property, extend your mortgage to give you time to raise the money to pay it back or look into taking out another mortgage from a different lender. If you're at risk of losing your home, there are government schemes that could help..”

How Bristol, Bath and Exeter Mortgages Online can help…

There are a number of options that we can help you with.

Keep calm and take advice before making any rushed decisions.
Call us today for a FREE no obligation consultation with one of our Expert Advisers.
We can look at your existing mortgage and options may include,

Restructuring
Changing to another lender
Changing to a repayment mortgage
If you are over 55 an Equity Release plan may be an option.

If you would like to talk to us about your Interest-Only mortgage or any Mortgage or Protection queries, please call us to book your FREE consultation.

www.bristolmortgagesonline.com Tel 0117 325 1511

www.bathmortgagesonline.com Tel 01225 584 888

www.exetermortgagesonline.com Tel 01392 690 888

A Record Year for Home-movers in the UK

admin@swmortgages.com (Caz Blake-Symes) — Sat, 27 Jan 2018 00:00:00 GMT

Bristol, Bath or Exeter Mortgages Online offer the best remortgage or home-mover mortgage deals

Adapted from a Zoopla article by Nicky Burridge January 17, 2018

For the first time, home-movers are paying an average deposit of over £100,000, with Londoners putting down nearly double this, reports Lloyds Bank.

What’s the latest?

The number of homeowners moving property rose to the highest level for a decade in 2017 despite house prices reaching record levels. An estimated 370,300 people traded up or down the property ladder during the year, 2% more than in 2016 and the highest level since 2007, according to Lloyds Bank.

Homemovers paid a record £296,731 on average for their next property, nearly £6,000 more than they paid in 2016. The typical deposit they put down also broke through the £100,000 barrier for the first time across the UK as a whole, with those in London putting down nearly £200,000. Despite the increase in people moving home, numbers remained significantly down on the high of 653,700 seen in 2007.

Why is this happening?

Lloyds attributed the rise in people moving home to a combination of factors. Low mortgage rates have helped to make trading up the property ladder affordable, while strong house price rises in recent years mean existing homeowners have built up significant equity cushions.

At the same time, high levels of employment have helped people to feel confident about making big financial decisions, such as moving home. The rise also comes following a slight decline in the number of people moving home in 2016, which saw the first dip for five years.

Who does it affect?

The number of property owners who moved home rose in all areas of the country in 2017 except Greater London. Lloyds said high house prices in the capital had adversely impacted the market, with only 22,600 people moving home, 6% less than in 2016.

At the other end of the scale, the south east saw the highest number of people trading up or down the property ladder at 65,400, more than double the number of movers in the south west, which was in second place at 27,500.

What’s the background?

During the past five years, the average price paid by a homemover has soared by 44% or nearly £91,000. People trading up the ladder in London have seen the biggest change with the typical homemover in the capital paying 59% or £211,702 more than they did five years ago at £568,816. Those in the north have seen the smallest increase at 29% or £41,960.

It is not only property prices that have soared, the average deposit put down by a homemover has also risen by 45% in the past five years to average £100,387.

Unsurprisingly, people in London put down the most at £196,535, while those in Northern Ireland had the smallest deposits at £46,032.

Top 3 takeaways

An estimated 370,300 homeowners moved house in 2017, the highest level since 2007
Home-movers paid a record £296,731 for their next property, nearly £6,000 more than in 2016
The typical deposit they put down also broke through the £100,000 barrier for the first time

If you would like to talk to us about a Home-move or Remortgage please call us to book your free consultation .

www.bristolmortgagesonline.com 0117 325 1511 email info@swmortgages.com

www.bathmortgagesonline.com 01225 584 888 email info@swmortgages.com

www.exetermortgagesonline.com 01392 690 888 email info@swmortgages.com

Bristol, Bath and Exeter Mortgages Online offering fantastic remortgage deals

admin@swmortgages.com (Caz Blake-Symes) — Sat, 20 Jan 2018 00:00:00 GMT

Coming to the end of your mortgage deal? Come and talk to one of our Advisers

Although thinking about organising a remortgage can feel like a hassle, the good news is that mortgage rates are still at incredibly competitive levels. By switching to a better deal, you could find your monthly repayments come down significantly – particularly if you've built up a decent amount of equity in your home. So, if you are soon to remortgage, let us help you through the whole process from the initial quotation through to completion.

When should I apply for a new mortgage?

You should think about applying for a new mortgage two to three months before your existing deal comes to an end. It can take anything up to a month to get an offer from a mortgage lender (though this can sometimes be much quicker) and an offer will typically be valid for three to six months or until a specific completion deadline.

Due to the fact that we are wholly independent, we will examine the entire mortgage market for you. We deal with many lenders over and above High Street lenders and those found on comparison sites. Many exceptionally competitive and flexible lenders only deal with reputable Mortgage Brokers, like ourselves, so our clients gain from our expertise.

Once we have discussed all the options available to meet your specific needs and you have chosen the most appealing option, we will arrange an Agreement in Principle from the lender, we will then help you to the can complete your application. Clients frequently return to us time and time again, due to our fantastic administration and progressing support, which we think is second-to-none.

How easy is it to remortgage?

If you're not moving home, switching to another mortgage will be more straightforward. We will help you to assess how much you can borrow, and this will depend on how much equity you have in your home, what your income and outgoings are, and your credit rating.

When you apply for a new mortgage, it can be tempting to bump up the term again, perhaps back to 25 years to keep repayments down. But Instead, if you can afford to, reduce the term of your mortgage to say 20 years. That way you'll save yourself five years' worth of interest.

Our Advisers will be able to provide you with all options and configurations for you to be able to make an informed decision.

What will it cost to remortgage?

Some lenders will charge a booking or processing fee to secure a mortgage, typically around £100 - £150. Many mortgages also come with product fees which can cost anywhere from £500 to £2,500. Bear in mind it may be work out cheaper to opt for a mortgage with a higher interest rate but lower fee than one with a lower interest rate and higher fee. Our Advisers will give you a full illustration to show you all the benefits and pitfalls of every option.

Your new lender may charge a valuation fee for commissioning a valuation of your property (typically £300-£400). You'll have to pay legal fees to your solicitor, though you may find your lender covers some of this. Fees will vary depending on the solicitor, but expect to pay around £500.

Telegraphic transfer fees will also be charged for transferring money to your solicitor when you complete and cost around £25 to £50.

We do not charge you for your free consultation, nor to get you an Agreement in Principle. Our typical fees for UK residential and buy to let mortgage advice is £490. Initially £195 will be payable on submission of your application to the lender and the balance of £295 will be due within 14 days of you receiving the mortgage offer. If the mortgage completes, we will also receive any commission payable from the lender. Fees for Expat Remortgages will vary.

If you've decided to get out of your current mortgage deal early, you may have to pay an early repayment charge (ERC). Again, we will give you an illustration of whether it is financially beneficial to settle your existing mortgage so that you can decide what is best for you.

What happens if I don't do anything?

If you don't apply for another mortgage before your existing deal ends, you'll be moved onto your lender's Standard Variable Rate (SVR). The SVR varies between lenders but is typically pegged a few percentage points above the Bank of England base rate. Because the SVR is variable, it can change at any time.

SVRs are also not always competitive, so you could pay out far more than necessary if you stay on your lender's SVR. The good news though is you can move off your lender's SVR at any time.

What are the best mortgages?

For more expert information or to book your free consultation please visit one of our websites or contact us

www.bristolmortgagesonline.com 0117 325 1511 email info@swmortgages.com

www.bathmortgagesonline.com 01225 584 888 email i nfo@swmortgages.com

www.exetermortgagesonline.com 01392 690 888 email info@swmortgages.com

Our latest Newsletter – Hot off the press!

admin@swmortgages.com (Caz Blake-Symes) — Sat, 06 Jan 2018 00:00:00 GMT

Mortgage & Protection Issue 2 - Winter 2018

Our launch newsletter was very well received with positive feedback saying it very useful and informative. We very much hope that you will find lots to interest you in this issue too.

Some of the topics covered include:

The recent interest rate rise.
Current mortgage market update.
Ready to Remortgage?
Check your Credit Rating.
Protecting your mortgage and your family.
Making the most of your Buy to Let mortgage/investment.
Facts for First-time Buyers.

Please CLICK HERE to view or download your copy

Content Overview

We’ve recently seen the first rise in a decade in the Bank of England’s Bank Rate. It’s not a massive jump, but it does signal the likely direction we’re going in. That said, we remain in a low interest rate environment. So, whilst those on a variable rate are likely to see a rise in their monthly payments, it’s not too excessive at this stage and if you’re looking to change, you may be pleasantly surprised by some of the deals on offer.

In this issue, we consider this and the various borrowing scenarios that you may face, which might prompt you to assess your requirements. As part of that process, we will help navigate you through the massive array of lenders, product choices and affordability criteria, and, hopefully, protect your credit rating in the process.

Elsewhere, aside from resolving any borrowing needs, do also consider the peace of mind brought about by having suitable protection cover in place, should the unexpected occur.

The Buy-to-Let landlord may, understandably, feel somewhat unloved at the moment, with tax concerns and even more rules to contend with (the Portfolio Landlord initiative is the latest development). We set out how we can help about deals on offer, and a hand holding role for the increased paperwork.

In 2018 we may see First-Time Buyers accounting for almost half of all house purchases financed by a mortgage.

We look at some of the key drivers for this sector and where we can help.

A Relevant Life Plan is a ‘death-in-service’ policy that offers a different type of life cover, and is something for both employers and employees to consider, as it can be tax-efficient, and is more flexible than a registered group scheme.

We hope you find the issue of interest and, once you’ve had a chance to look through, do pass it onto friends, relatives or work colleagues, if you think it may be relevant to them too - or please email us their details and we we can send them their own copy.

For expert advice and more information or to book your FREE consultation please visit one of our websites, call or email.

Bristol Mortgages Online www.bristolmortgagesonline.com Tel 0117 325 1511

Bath Mortgages Online www.bathmortgagesonline.com Tel 01225 584 888

Exeter Mortgages Online www.exetermortgagesonline.com Tel 01392 690 888

#bristolmortgagesonline

#exetermortgagesonline

#bathmortgagesonline

#mortgageandprotectionnewsletter

Making Sure You get the Best Buy to Let Mortgage or Remortgage Deal

admin@swmortgages.com (Caz Blake-Symes) — Thu, 07 Dec 2017 00:00:00 GMT

Expert Advice for Landlords and Investors

Life for Buy to Let Landlords has become increasingly difficult over the past few years. However, at Bristol Mortgages Online and Bath Mortgages Online, we have found that more and more existing and potential landlords are realising the huge benefits of dealing with experienced, knowledgeable fully independent brokers like ourselves. Landlords who own four or more mortgaged buy-to-let properties can expect lenders to look across their whole portfolio if they want to apply for a mortgage on a new property.

Under Prudential Regulation Authority (PRA) rules, from the end of September 2017 lenders will have to take into account all the buy-to-let properties an investment property owner has a mortgage on when deciding whether to lend. This is so they can be certain landlords will be able to afford any new addition borrowing, both now and if interest rates rise in the future.

What impact will this have?

So far, all lenders have confirmed exactly how they are implementing the new rules. Some, however, have indicated that they may no longer offer mortgages to those with larger property portfolios, which could mean mortgage choice becomes more restricted. Those who do continue to lend to portfolio landlords are likely to want to see more information about the portfolio as a whole, including details of rental income, as well as landlords’ overall costs and personal income and tax liabilities, to ensure that landlords aren’t over-exposed.

This means that portfolio landlords may have to produce larger quantities of paperwork to support their mortgage applications, so it’s important to ensure all records are up to date

If you are a portfolio landlord and are planning to remortgage or add to your existing properties, you may want to consider acting sooner rather than later. If you haven’t reviewed your buy-to-let mortgages for a while, it’s therefore worth checking the rates you are on now to see if you might be able to remortgage to a better deal.

Remember other PRA changes

If you are intending to review your portfolio in the next few months, it’s important to take note of other PRA changes which have already come into effect. For example, lenders must apply a ‘stress test’ of a minimum interest rate of 5.5% for the first five years of the loan. However, some lenders apply lower stress tests on five-year fixed rate buy-to-let deals. Because the rate is fixed over this period it won’t be affected by rising interest rates and so avoids the need for a higher stress test. Lenders similarly may adopt a more flexible approach if landlords are remortgaging on a like-for-like basis.

Some lenders may also adopt a less restrictive approach for landlords who are basic rate taxpayers, as tax relief changes introduced in April which restrict the amount of tax relief they can claim only affect higher or additional rate taxpayers.

What we offer

The Directors and Senior Mortgage Advisers at both Bristol Mortgages Online and Bath Mortgages Online, have expert knowledge of a host of specific Buy to Let products for investment mortgages and remortgaging purposes. Many of these lenders are specialists in this sector and will only deal with clients via specialist, independent mortgage brokers like us.

For expert advice and more information or to book your FREE consultation please visit one of our websites, call or email

Bristol Mortgages Online www.bristolmortgagesonline.com Tel 0117 325 1511

Bath Mortgages Online www.bathmortgagesonline.com Tel 01225 584 888

Exeter Mortgages Online www.exetermortgagesonline.com Tel 01392 690 888

Summary of the 2017 Budget

admin@swmortgages.com (Caz Blake-Symes) — Wed, 22 Nov 2017 00:00:00 GMT

Stamp Duty Changes : Great news for First-time Buyers!

Stamp duty and housing

Stamp duty to be abolished immediately for first-time buyers purchasing properties worth up to £300,000

To help those in London and other expensive areas, the first £300,000 of the cost of a £500,000 purchase by all first-time buyers will be exempt from stamp duty, with the remaining £200,000 incurring 5%.

95% of all first-time buyers will benefit, with 80% not paying stamp duty

Reduction will apply immediately in England, Wales and Northern Ireland although the Welsh government will have to decide whether to continue it when stamp duty is devolved in April 2018

It will not apply in Scotland unless Scottish government decides to follow suit

£44bn in overall government support for housing to meet target of building 300,000 new homes a year by the middle of the next decade

Councils given powers to charge 100% council tax premium on empty properties

Compulsory purchase of land banked by developers for financial reasons

£400m to regenerate housing estates and £1.1bn to unlock strategic sites for development

Review into delays in developments given planning permission being taken forward

For further information regarding Stamp Duty and Land Tax please visit www.gov.uk/stamp-duty-land-tax

For expert advice and more information or to book your FREE consultation please visit one of our websites, call or email.

Bristol Mortgages Online www.bristolmortgagesonline.com Tel 0117 325 1511

Bath Mortgages Online www.bathmortgagesonline.com Tel 01225 584 888

Exeter Mortgages Online www.exetermortgagesonline.com Tel 01392 690 888

Change in Interest Rates

admin@swmortgages.com (Caz Blake-Symes) — Sat, 04 Nov 2017 00:00:00 GMT

What Does the latest Interest Rate Rise Mean For Your Mortgage?

Most peoples’ mortgage deals are either fixed-rate or variable. A fixed rate deal is for a set period, whereas with a variable rate deal, the interest rate can move at the discretion of their lender.

If you have been on the same mortgage deal for quite a few years now, you’re most likely on a variable rate deal. This means that unfortunately, your rate will increase with today’s base rate rise.

Robert Nichols, CEO of Portico says:

“Those on variable rate mortgages will see a small increase in their monthly mortgage payments. For example, for the average mortgage in Britain of £175,000, an increase of 0.25% would increase monthly payments by about £22 a month.”

But it’s not all bad news, approximately 70% of people who take out a residential mortgage have done so on a fixed rate basis. These customers will not be instantly affected by the base rate rise from the historical low of 0.25%. But if you’re on a fixed rate mortgage, that doesn’t mean you can just sit back and relax. If your fixed term is soon to run out and you will be looking to get a new fixed-rate deal, the quicker you act the better rate you will secure. Rates are going to continue to rise over the next five years - so I’d advise locking in a low, fixed rate now.

Deals Are Still Close to the Lowest-Ever Levels

If you’re hoping to get on the property ladder, it will come as welcome news that there are still some fantastic products on the market. Please contact Bristol, Bath or Exeter Mortgages Online for a FREE Consultation to discuss your First Time Buyer, Remortgage or Buy to Let mortgage requirements.

Can Landlords Mitigate the Interest Rate Hike?

Landlords are already seeing their profits decrease as a result of recent tax changes and changing legislation, and today’s interest rate increase will simply add on more costs.

Mark Lawrinson, Regional Director at Portico says landlords can mitigate the hit by cutting their interest costs:

“Buy-to-let mortgage interest rates have dropped dramatically in recent years, so deals currently on the market will be a lot better than products arranged a few years ago. It’s sensible therefore to shop around and remortgage. That being said, landlords will now have to consider the new PRA rules.”

With large increases in property prices over the last five years, another tip is to get your rental property re-valued. This will make your lender recalculate your LTV, and a lower LTV means a better interest rate and a larger choice of lenders.

We will be delighted to discuss any of your mortgage or protection requirements with you.

For expert advice and more information or to book your FREE consultation please visit one of our websites, call or email.

Bristol Mortgages Online www.bristolmortgagesonline.com Tel 0117 325 1511

Bath Mortgages Online www.bathmortgagesonline.com Tel 01225 584 888

Exeter Mortgages Online www.exetermortgagesonline.com Tel 01392 690 888

Lifetime Mortgages and Home Reversions Plans for over 55s

admin@swmortgages.com (Caz Blake-Symes) — Fri, 27 Oct 2017 00:00:00 GMT

From Independent Specialists at Bath Mortgages Online

A Lifetime Mortgage is where the provider lends you a percentage of your property’s value in the form of tax-free cash. As with a traditional mortgage you will be charged interest on the loan however, with a Lifetime Mortgage you have the option not to make any monthly repayments (although you can if you want to) and there is no set term or repayment date. If you do decide to make monthly repayments this will typically only cover the interest on the loan however, you will have the flexibility to set up the Lifetime Mortgage to repay all, some, or none of the interest over the life of the plan.

As with all Lifetime Mortgages, the loan plus interest continues until the plan comes to an end, usually when you pass away or move into long-term care. At this point the property is sold to repay the original sum borrowed, plus any interest that has accrued.

There are a number of different types of Lifetime Mortgages which we will be able to discuss with you and some of the more popular schemes are outlined below.

Lump Sum Lifetime Mortgage Plans

This type of product simply allows you to release all of the equity in one lump sum. Once the equity has been released the interest will start to accrue on the full loan amount.

Drawdown Lifetime Mortgage Plans

A Drawdown plan is similar to the Lump Sum option however you can retain a cash reserve that can be drawn down at some point in the future. Interest is only charged on the total amount you withdraw, and therefore this plan can save you a significant amount compared to a Lump Sum plan.

Enhanced Plans

If you or your partner have any health or lifestyle conditions you may be able to release more money from your home. Over 100 conditions qualify you for a larger cash release from your home including high blood pressure, diabetes, cancer, angina, kidney disease, and dementia. Lifestyle conditions such as a history of smoking or a high/low Body Mass Index (BMI) can also qualify. No medical assessment is necessary, and one of our specialist advisers can find out if you qualify for this type of plan for you.

Protected Plans

If you want to guarantee an inheritance for your family this is now possible with some Lifetime Mortgages. You can choose a fixed amount or a percentage of your home to be left to your beneficiaries when your plan comes to an end. This amount will be guaranteed.

Interest Payment Plans

Interest payment plans allow you to choose how much interest you want to pay and how long you want to pay the interest charged each month (for example, 1 year, 5 years or even up to the lifetime of the loan). The advantage of this option is by paying some (or all) of the interest payments during the plan term, the amount your provider takes at the end will be less, as you have already paid off some (or all) of the interest accrued. Also, if for any reason you are unable to make repayments, this plan can be converted so interest is added as with a standard Lifetime Mortgage. With options such as this it is essential that you seek specialist independent advice and speak to one our advisers to find the best plan for your needs.

Home Reversion Plans

While most customers find that a Lifetime Mortgage suits their needs best, there is another type of Equity Release plan available. A Home Reversion plan allows you to sell part or all of your home to a reversion plan company in exchange for a tax-free cash lump sum.

You can have the right to stay in your home effectively rent-free for as long as you choose which is why you don’t typically receive the full market value for the share of the home you sell.

If you sold half of your property to the reversion company, when the plan comes to an end (usually when you pass away or move into long-term care) then the money raised from the resulting sale of your home would be split equally between the reversion company and your estate.

Some customers choose a Home Reversion plan because the amount of equity you are initially able to release is typically greater than compared to a Lifetime mortgage.

However, in exchange for this greater sum of equity you will have to be comfortable with the fact that:

You will no longer own your own home – however you can retain a percentage share
If your house value goes up, then you only benefit from the increase to the percentage you still own (if any)
You will receive less than the market value of your home (whatever percentage you sell)
As you are selling part of your home it can be very difficult to end the plan and buy back the percentage you sold, so it’s less flexible than a Lifetime Mortgage

For expert advice and more information or to book your FREE consultation please visit one of our websites, call or email.

Bristol Mortgages Online www.bristolmortgagesonline.co m Tel 0117 325 1511

Bath Mortgages Online www.bathmortgagesonline.com Tel 01225 584 888

Exeter Mortgages Online www.exetermortgagesonline.com Tel 01392 690 888

Our Charity of the Year

admin@swmortgages.com (Caz Blake-Symes) — Fri, 13 Oct 2017 00:00:00 GMT

We have chosen to support a cause very close to our hearts

Bristol, Exeter and Bath Mortgages Online, have chosen to support a cause very close to our hearts. In May 2017, our MD’s eldest daughter, Tallulah, at the age of 19, was diagnosed with a rare neurological condition called Ataxia type AOA2. Tallulah had been to see numerous specialists since the age of 11 before having this condition diagnosed

What is ataxia?

Ataxia is the name given to a group of neurological disorders that affect balance, coordination, and speech. There are many different types of ataxia that can affect people in different ways.

Who gets ataxia?

Anyone of any age can get ataxia, but certain types are more common in certain age groups.

How many people have ataxia?

The ataxias are rare conditions. Estimates from recent studies say that there are at least 10,000 adults and around 500 children in the UK with a progressive ataxia.

Is there any cure?

Some forms of ataxia are treatable, but in most cases, there is still no cure. We are supporting research and putting all our efforts in trying to get treatments or cures for the ataxias.

What causes ataxia?

There are many different causes for ataxia. It's important to remember that ataxia is a symptom and may occur as a result of many different underlying conditions. Many ataxias are inherited conditions and caused by having defects in certain genes. Research is ongoing to identify other genes which cause inherited cerebellar ataxias and discover how they exert their effects These people would be diagnosed as having idiopathic cerebellar ataxia and there are many researchers focusing on finding new genes and new types of ataxias.

How to support Tallulah

Despite having to deal with her recent diagnosis and just starting at Sheffield University, Tallulah has set herself an incredible personal challenge of raising £10,000 to help fund research and build awareness of Ataxia.

Please can you click on the link below to donate to the very worthy cause. We will be donating on a regular basis for each completion we finalise and will be organising fund raising events .

We are asking all our friends, family, clients and business partners to donate so that Tallulah will reach her target of £10,000.

Please click HERE on the link below to go to Tallulah’s Just Giving fundraising page

The Benefits of Choosing Us to be Your Mortgage Broker

admin@swmortgages.com (Caz Blake-Symes) — Sat, 07 Oct 2017 00:00:00 GMT

“Expert Mortgage Advice from Professionals You Can Trust”

Using Bristol, Bath or Exeter Mortgages Online saves you the legwork. We have regular contact with a wide variety of lenders, some of whom you may not even know about. The alternative to working with us, is to call up dozens of lenders and compare their mortgage terms and rates on your own. We save you the time and headache of having to do that. Using our expert knowledge of the whole market, we can also steer you away from certain lenders with onerous payment terms buried in their mortgage small print.

We give you more choice

We search the whole market for the best product for you, as we are not tied to a specific lender. Some lenders work exclusively with mortgage brokers and rely on them to be the gatekeepers to bring them suitable clients. You may not be able to contact some lenders directly. We may also be able to get special rates from lenders due to the volume of business generated that might be lower than you can get on your own.

You may save some fees

There are several different types of fees that can be involved in taking on a new mortgage or working with a new lender, we may be able to negotiate with lenders to waive or reduce some of these fees which can save you hundreds to thousands of pounds.

We hold your hand through to completion

We have a team of expert support and administration staff who will process your application, progress your offer and chase any queries. We work with you, your Estate Agents and Solicitors, to make the process as smooth as possible. This saves hours of your time waiting on calls and chasing a wide circle of people during office hours.

Our clients rate our service as being 5-star, please check out the links on our websites to view over 100 5-star Google Reviews

For expert advice and more information or to book your FREE consultation please visit one of our websites, call or email.

Bristol Mortgages Online www.bristolmortgagesonline.com Tel 0117 325 1511

Bath Mortgages Online www.bathmortgagesonline.com Tel 01225 584 888

Exeter Mortgages Online www.exetermortgagesonline.com Tel 01392 690 888

Fantastic Market for First Time Buyers

admin@swmortgages.com (Caz Blake-Symes) — Fri, 29 Sep 2017 00:00:00 GMT

Housing market activity is increasingly shifting towards first-time buyers, away from buy-to-let and cash, according to UK Finance

Adapted by a Zoopla article By Nicky Burridge September 27, 2017

What’s the latest?

Mortgage lending was subdued in August but first-time buyers continued to make the most of opportunities to get on to the property ladder. A total of £24.2bn was advanced by all lenders during the month, in line with monthly lending figures for most of 2017, once seasonal factors were taken into account.

Mortgage approvals for house purchases totalled 41,807 in August, also broadly unchanged from the previous six months, according to UK Finance. But first-time buyers continued to take advantage of the lack of activity by other groups, with a 17% jump in the number of people buying their first home compared with two years earlier.

Going forward, UK Finance said it expected lending growth to be dampened by a potentially more challenging economic outlook.

Why is this happening?

Housing market activity has been increasing modestly since the start of the year, but the mix of purchasers had shifted towards first-time buyers and away from buy-to-let investors, UK Finance said.

It added that there was also some evidence of rebalancing across the regions, with activity picking up in the north of England, Wales and Scotland, while it was more subdued in the less affordable regions of London, the south east and East Anglia.

Who does it affect?

There has been a significant shift in who has been driving activity in the housing market during the past year. Purchases by buy-to-let investors were 31% lower in July than they had been two years earlier, as a raft of tax changes have made the sector less profitable.

This void has been filled by first-time buyers, who traditionally buy the same types of properties as investors. A total of 356,000 first-time buyers bought a home in the year to the end of July, 17% more than two years earlier, and only slightly below the figure of 361,000 for home-movers during the same period.

What’s the background?

First-time buyers are not only benefitting from a fall in competition from investors, but they have also received support from a number of government schemes. The Help to Buy scheme enables people to acquire a property with just a 5% deposit, while the Starter Home initiative enables first-time buyers to purchase somewhere for below the market rate.

The Government has also introduced the Help to Buy ISA, whereby it tops up the savings of those setting aside money for a house deposit by 25%, or up to £3,000. Mortgage lenders have also become more open to lending to first-time buyers.

There are currently a record number of 90% loan-to-value mortgages on offer, with 275 different deals available.

Top 3 takeaways

Mortgage lending was subdued in August but first-time buyers continued to get on to the property ladder
A total of £24.2bn was advanced by all lenders during the month, in line with monthly lending figures for most of 2017
Mortgage approvals for house purchase totaled 41,807 in August, in line with the previous six months

For expert advice and more information or to book your FREE consultation please visit one of our websites, call or email.

Bristol Mortgages Online www.bristolmortgagesonline.com Tel 0117 325 1511

Bath Mortgages Online www.bathmortgagesonline.com Tel 01225 584 888

Exeter Mortgages Online www.exetermortgagesonline.com Tel 01392 690 888

Bristol Mortgages Online launches first newsletter

admin@swmortgages.com (Caz Blake-Symes) — Wed, 13 Sep 2017 00:00:00 GMT

Bristol, Bath and Exeter Mortgages Online are delighted to launch their first newsletter.

The newsletter is called “Mortgage & Protection News” and contains interesting and up to date reports in each issue.

This issue includes articles of interest from First time buyers through to Buy to Let Investors. In particular is a piece regarding dispelling some of the myths regarding Protection.

If you are an existing client or considering using us for the first time, please visit one of our websites and read through one of our 100 5-star Goggle Reviews to discover why our customer value the service we offer and come back to us time and time again.

Please click here to view or download our Autumn edition of “Mortgage & Protection News”

For expert advice and more information or to book your FREE consultation please visit one of our websites or contact us

Bristol Mortgages Online www.bristolmortgagesonline.com Tel 0117 325 1511

Bath Mortgages Online www.bathmortgagesonline.com Tel 01225 584 888

Exeter Mortgages Online www.exetermortgagesonline.com Tel 01392 690 888

Or email info@swmortgages.com