As a mortgage broker, we traditionally see a surge in enquiries from clients looking to “remortgage”, or apply for a secured loan to consolidate debt accumulated during the previous year and over Xmas.
Unfortunately, although many people would still like to go down this route, with falling house prices and the tightening of credit supply, it is likely that this consolidation option will not be available.
This will leave many with mounting debts and combined with rising unemployment and / or reduced working hours, they will no longer be able to afford the monthly payments.
Do you need our help? - If you are struggling to meet all your credit commitments, you are not alone. According to statistics produced in July 2008, the number of people seeking advice on debt problems is over 6,000 every day.
Don’t bury your head in the sand – There will be a solution. The worst thing you can do when you know you have a problem, is to do nothing. Worrying about which bill to pay first and constantly trying to balance the monthly budget causes stress and anxiety. It is essential that you act quickly to ensure that you can benefit form the best solution for you.
We can help! – By contacting us, we can arrange an initial meeting to discuss your situation and a financial program can be put together to make life more manageable. Our regulated advisers can give help and support you in balancing your monthly budget. Crucially, allowing you to live whilst creating a programme to repay your financial commitments. Solutions are individually tailored to your specific needs.
Remember our advice is completely FREE OF CHARGE and we will happily explain to you which options are open to you and discuss the pros and cons of each. We can then look at one of the following:
Debt Management Individual Voluntary Arrangement Bankruptcy
To find the most suitable and affordable solution for you.
For a free confidential, personal chat, please call us today on 01243 261945
Tuesday, 16 December 2008
Friday, 14 November 2008
A summary of our key services
A summary of our key services…
Advising and arranging residential mortgages for Home Purchase or Remortgage – As an Independent mortgage broker, we have whole of market access to all available deals, so why not let us do all the hard work and make sure your next mortgage is the very best that is available – and we charge NO broker fees.
Advising and arranging Buy to Let mortgages for both Purchase and Remortgage – we provide a full advice service to assist both new landlords looking to purchase their first property, through to the experienced landlord with a substantial portfolio. With the fast changing market place, our service can be invaluable to ensure you obtain the right mortgage.
Equity Release – let us explain to you the various options that are available and help you to decide whether such a scheme would meet your needs. We can then review the whole market to see who is offering the best deal for your individual circumstances.
Life Insurance – Critical Illness Cover – Income Replacement Policies – Accident & Sickness Policies – Redundancy Cover… A full advice service is offered to help you protect yourself and your family adequately. We will make sure you have the best policies to protect the areas that are important to you. We will prioritise your needs to ensure you have sufficient protection whilst still adhering to your budget.
Buildings / Contents Insurance – In this highly competitive market, this is certainly worth reviewing on renewal each year. With access to some extremely attractive rates, we feel certain we can beat your existing quote and provide you with excellent levels of cover.
Debt Advice – An unfortunate fact and an area that will certainly be more needed over the coming months. We can give general advice on how to deal with creditors, or provide you with more specific advice on Debt Management, Individual Arrangements or even Personal Bankruptcy.
Advising and arranging residential mortgages for Home Purchase or Remortgage – As an Independent mortgage broker, we have whole of market access to all available deals, so why not let us do all the hard work and make sure your next mortgage is the very best that is available – and we charge NO broker fees.
Advising and arranging Buy to Let mortgages for both Purchase and Remortgage – we provide a full advice service to assist both new landlords looking to purchase their first property, through to the experienced landlord with a substantial portfolio. With the fast changing market place, our service can be invaluable to ensure you obtain the right mortgage.
Equity Release – let us explain to you the various options that are available and help you to decide whether such a scheme would meet your needs. We can then review the whole market to see who is offering the best deal for your individual circumstances.
Life Insurance – Critical Illness Cover – Income Replacement Policies – Accident & Sickness Policies – Redundancy Cover… A full advice service is offered to help you protect yourself and your family adequately. We will make sure you have the best policies to protect the areas that are important to you. We will prioritise your needs to ensure you have sufficient protection whilst still adhering to your budget.
Buildings / Contents Insurance – In this highly competitive market, this is certainly worth reviewing on renewal each year. With access to some extremely attractive rates, we feel certain we can beat your existing quote and provide you with excellent levels of cover.
Debt Advice – An unfortunate fact and an area that will certainly be more needed over the coming months. We can give general advice on how to deal with creditors, or provide you with more specific advice on Debt Management, Individual Arrangements or even Personal Bankruptcy.
Thursday, 16 October 2008
CREDIT CRUNCH _ NOW CREDIT CRISIS !!!
At some point over the last couple of weeks, the media seem to have changed the name of the financial news from Credit Crunch to Credit Crisis!
I feel certain that we are all getting a little tired of the constant daily reminders of the problems in the financial sector and although I would not wish to belittle the seriousness of the problems, would like to hear some good news occasionally!
I thought I would let you know how the mortgage market is from a Brokers perspective…
The good news – for residential mortgages to purchase property with a deposit of 25% - mortgages are still freely available at reasonable rates – maybe not as good as the “tracker” rates that were available last year at less than Bank Base Rate, but with the recent reduction in the Base Rate, these should be considered as good rates now!
For remortgages that are less than 75% of the property value, again, there are some sensible deals available – with free valuations, free legal costs and in some cases No arrangement fees. In this area, I currently favour the Lifetime trackers that are competitively priced.
For purchases and remortgages at higher loan to values, up to 90%, there are still plenty of deals available, albeit at slightly higher rates. Lenders are being more cautious (as they should be with property prices decreasing) and client’s that have experienced past credit problems will find this more difficult (although not always impossible).
Now to the bad news - With regards to borrowing more than 90% of the value of a property – this area of the market has been totally decimated – and at the time of writing, there are only a couple of lenders that lend at this level. Even in these cases, borrowing would be restricted to a maximum of 95% of the property value and it is likely the remaining lenders will soon retreat.
With the recent news of the “Banks Bailout”, we are yet to see lenders offering better products and relaxing their criteria, but by the time you read this, it could all have changed again…..
I feel certain that we are all getting a little tired of the constant daily reminders of the problems in the financial sector and although I would not wish to belittle the seriousness of the problems, would like to hear some good news occasionally!
I thought I would let you know how the mortgage market is from a Brokers perspective…
The good news – for residential mortgages to purchase property with a deposit of 25% - mortgages are still freely available at reasonable rates – maybe not as good as the “tracker” rates that were available last year at less than Bank Base Rate, but with the recent reduction in the Base Rate, these should be considered as good rates now!
For remortgages that are less than 75% of the property value, again, there are some sensible deals available – with free valuations, free legal costs and in some cases No arrangement fees. In this area, I currently favour the Lifetime trackers that are competitively priced.
For purchases and remortgages at higher loan to values, up to 90%, there are still plenty of deals available, albeit at slightly higher rates. Lenders are being more cautious (as they should be with property prices decreasing) and client’s that have experienced past credit problems will find this more difficult (although not always impossible).
Now to the bad news - With regards to borrowing more than 90% of the value of a property – this area of the market has been totally decimated – and at the time of writing, there are only a couple of lenders that lend at this level. Even in these cases, borrowing would be restricted to a maximum of 95% of the property value and it is likely the remaining lenders will soon retreat.
With the recent news of the “Banks Bailout”, we are yet to see lenders offering better products and relaxing their criteria, but by the time you read this, it could all have changed again…..
Monday, 15 September 2008
2.3 trillion protection gap
According to various sources, we are seriously under insured, with only 25% of males and 17% of females insuring their own lives!
Tailored Mortgages not only offer independent mortgage advice, but also offer advice and recommendations for various insurance products to help keep you in your home if the unexpected happens.
The loss of a partner, a serious illness, redundancy - how would you manage financially? Could you cope and maintain your current lifestyle and continue to raise your family?
Many people have life cover to protect their mortgage, but what about the other every day expenses? Utility bills, Council Tax, Food, Travel, Car Expenses, Childcare…the list could go on.
Life Insurance and other protection products are there to help provide financial peace of mind when it’s needed most. They are designed to provide you with a cash lump sum or a monthly benefit and depending on the products chosen can help you to:
Maintain your standard of living
Pay your monthly bills and meet your daily living costs
Pay off your debts
Afford to stay in your family home rather than having to downsize
Premiums are based on your age, gender, lifestyle and current health – it is usually considerably cheaper than most people think.
Even if you set up an insurance policy when you purchased your home, this would be worth looking at again. Personal circumstances change and insurance should be reviewed on a regular basis as part of your financial planning. Over the last few years policies have become more comprehensive and with more providers offering more products, prices have become more competitive – you might find you could save money.
Please don’t delay, contact us TODAY to discuss your individual requirements and see how little it could cost YOU for peace of mind.
Online instant quotes are available from our website – www.tailoredmortgages.co.uk
Tailored Mortgages not only offer independent mortgage advice, but also offer advice and recommendations for various insurance products to help keep you in your home if the unexpected happens.
The loss of a partner, a serious illness, redundancy - how would you manage financially? Could you cope and maintain your current lifestyle and continue to raise your family?
Many people have life cover to protect their mortgage, but what about the other every day expenses? Utility bills, Council Tax, Food, Travel, Car Expenses, Childcare…the list could go on.
Life Insurance and other protection products are there to help provide financial peace of mind when it’s needed most. They are designed to provide you with a cash lump sum or a monthly benefit and depending on the products chosen can help you to:
Maintain your standard of living
Pay your monthly bills and meet your daily living costs
Pay off your debts
Afford to stay in your family home rather than having to downsize
Premiums are based on your age, gender, lifestyle and current health – it is usually considerably cheaper than most people think.
Even if you set up an insurance policy when you purchased your home, this would be worth looking at again. Personal circumstances change and insurance should be reviewed on a regular basis as part of your financial planning. Over the last few years policies have become more comprehensive and with more providers offering more products, prices have become more competitive – you might find you could save money.
Please don’t delay, contact us TODAY to discuss your individual requirements and see how little it could cost YOU for peace of mind.
Online instant quotes are available from our website – www.tailoredmortgages.co.uk
Wednesday, 12 December 2007
Why use a mortgage broker?
I find it very strange that all mortgages are not arranged via an independent mortgage broker.
Whether you are buying a property for the first time, moving home or looking to remortgage, the same options are open to you when arranging your mortgage.
Go to your own Bank or Building Society, stay with your existing lender, use the services of an independent broker, utilise the services of an Estate Agent, search the internet and apply direct.
From the options above, the only way that you will ensure that you obtain the best deal is to use an independent mortgage broker.
"He would say that", I hear you clamour, "only interested in increasing his own business".
It is an actual fact though and generally, those that do not use an independent broker, go elsewhere because they have been bullied by an Estate Agent (your offer will look much better if we arrange your mortgage!), you cannot be bothered and use your own Bank or stay with your existing lender, or you think you know better than a qualified advisor and arrange the mortgage yourself!
Banks and Building Societies should actually receive very few "direct" applications - without shopping around, how can you possibly know you are receiving a good rate?! This method is for the VERY lazy!
Estate Agents must surely have a conflict of interests? They are morally obliged to act for the seller of the property. Furthermore, in most cases, you will find that although they advertise their services as "independent", they do not use all lenders and therefore you will never know if you have received the very best deal. Under the Estate Agent's Act, they are not allowed to insist you use their mortgage advisor - this is ILLEGAL. Do NOT be bullied!
The people that try to arrange their mortgage direct are the strangest of all the above! I would agree that there is an enormous amount of information available on the internet, but who would want to spend all that time researching something, when a qualified broker will do that free of charge?
There are several other reasons why using an independent broker is the only sensible way to proceed:
Not all lenders deal directly with the general public - some will only accept mortgage applications via an authorised mortgage broker.
Many more mortgage products are available via a mortgage broker. Lenders would prefer to do ALL their business via mortgage brokers as this reduces their costs. For this reason, many lenders offer incentivised products via brokers to give customers a reason to choose this method of application.
When searching online, it is almost impossible to compare products on a like for like basis - lenders have different variable rates - valuation fees / arrangement fees / legal fees vary from one lender to another - exit fees are different - reversion rates are different - the ability to port the mortgage if you move varies - the rules regarding further advances varies - the list goes on and on and on.....
I rest my case - why would anyone not use an independent mortgage broker, when it does not have to cost them any money at all!
Tuesday, 20 November 2007
Life Insurance
Why take out Life Insurance or Critical Illness?
The importance of life insurance or critical illness benefit may vary at the different stages of your life.
As a minor (under 18 years of age), you will have no financial commitments and few responsibilities. Protection insurance is not appropriate at this stage.
As you grow older you will progress through the stages of life – first job, moving out of the family home, living with a partner, buying a house, having children, buying a bigger house etc.etc..
Your requirement for life insurance and critical illness benefit will increase with added responsibility. It would be important for any debt (loans or mortgages) to be repaid on your untimely death and also to provide any loved ones left behind with sufficient money to continue living to an acceptable standard. Without sufficient insurance, the family home may have to be sold, with further upheaval at an already traumatic time.
Furthermore, you may suffer a critical illness that meant that you were unable to continuing earning the same amount of money that you have become accustomed to earning. Without protecting yourself adequately, you may have to sell your home and your life style may change to an unacceptable standard.
The cost of Life insurance and Critical Illness benefit will vary according to your age, whether you smoke, your medical history etc.etc… There is one factor that is certain though – the younger you are when you commence the insurance, the cheaper it will be, with many policies guaranteeing not to increase the premiums as you become older.
So act now as you never know what might happen tomorrow………..
Life Insurance Facts
Life insurance would be used to ensure that on your death, a lump sum is paid to either a specified beneficiary or to your estate.
This may be taken with a view to repay a debt, mortgage or loan and / or to provide a lump sum to enable your loved ones to maintain their current lifestyle after the inevitable loss of income.
Life insurance can be arranged on either a sole name basis or on a joint basis with another person.
Life insurance can also be arranged on either a “level term” basis, where the amount insured remains the same during the term of the insurance, or on a “decreasing term” basis, where the amount insured reduces over the term of the insurance – this would typically be used to protect a repayment mortgage.
There are further options that can be chosen on application:
“Waiver of Premium” this would “pay” your premiums in the event you were unable to work due to accident or illness.
“Increasing benefit” is an option that would allow you to increase the level of cover in the future, resulting in an increase in premium.
Critical Illness Benefit Facts
Critical Illness benefit pays out a tax free lump sum on the diagnosis of any one of a number of serious illnesses that would vary from one insurance company to another.
In general, they would include:
· Cancer
· Stroke
· Heart Attack
· Kidney failure
· Multiple Sclerosis
· Rheumatoid Arthritis
It can be used to repay a debt (mortgage or loan) or replace income during a lengthy period of illness.
The benefit does not have to repaid even if you make a full recovery and return to work!
Be aware of the high statistics in relation to being diagnosed with a critical illness:
1 in 3 men aged 30 will have a stroke, cancer or heart attack before their 65th birthday!
1 in 5 women aged 30 will have a stroke, cancer or heart attack before their 65th birthday!
Wednesday, 7 November 2007
BUY TO LET
With other investment returns continuing to fall, or to be less certain, the market for Buy to Let seems to be continuing to thrive, despite the general "slow down" in the housing market.
The concept of borrowing someone elses money, and having a tenant's rent pay for the mortgage interest, to make you money is certainly extremely sensible!
Tailored Mortgages specialise in this field and some key information follows with an example of how you can increase your wealth at the end.
BUY TO LET Mortgages are available with only a 10% deposit and sometimes with NO proof of rental / earned income!!
Tailored Mortgages charge NO BROKER FEES!
Many landlords refinance their existing properties to release capital to buy MORE properties!
Recession proof? – If interest rates rise, more properties will be repossessed, therefore there will be an increased demand for rental property, driving up the rental received!
We provide a full advice service – from a new landlord looking to purchase their first property, through to the experienced landlord with a substantial portfolio!
We can give advice on the best type of property to purchase, to ensure that you maximise your return!
In certain circumstances – buy WITH NO DEPOSIT!!
BUY TO LET EXAMPLE
Property purchase price £100,000
Mortgage £ 90,000
Interest cost / month 450
Additional costs 25
Total monthly cost 475
Rental received 500 / month
You will find that you will not make much (if any) money on a monthly basis – your return will be received in the capital growth.
With a 5% annual increase in property values:
£100,000 property after 5 years will have increased to @ £128,000
Your share will have increased from £10,000 to £38,000
That represents an increase in your capital of 380% in only 5 years !!!
The concept of borrowing someone elses money, and having a tenant's rent pay for the mortgage interest, to make you money is certainly extremely sensible!
Tailored Mortgages specialise in this field and some key information follows with an example of how you can increase your wealth at the end.
BUY TO LET Mortgages are available with only a 10% deposit and sometimes with NO proof of rental / earned income!!
Tailored Mortgages charge NO BROKER FEES!
Many landlords refinance their existing properties to release capital to buy MORE properties!
Recession proof? – If interest rates rise, more properties will be repossessed, therefore there will be an increased demand for rental property, driving up the rental received!
We provide a full advice service – from a new landlord looking to purchase their first property, through to the experienced landlord with a substantial portfolio!
We can give advice on the best type of property to purchase, to ensure that you maximise your return!
In certain circumstances – buy WITH NO DEPOSIT!!
BUY TO LET EXAMPLE
Property purchase price £100,000
Mortgage £ 90,000
Interest cost / month 450
Additional costs 25
Total monthly cost 475
Rental received 500 / month
You will find that you will not make much (if any) money on a monthly basis – your return will be received in the capital growth.
With a 5% annual increase in property values:
£100,000 property after 5 years will have increased to @ £128,000
Your share will have increased from £10,000 to £38,000
That represents an increase in your capital of 380% in only 5 years !!!
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