How to get a cheap mortgage

Wednesday, 7th August, 2019

This isn’t a cheat. Nor does it involve any sneakiness or withholding of information on your part when it comes to applying for a mortgage. And yes, it’s legal!

In fact, it’s so above board that you may even kick yourself and wonder why you haven’t done anything about it before.

Note: if you’re an existing Complete Mortgages customer then this doesn’t apply to you as, for reasons you’ll understand if you read on, we wouldn’t have let this happen to you in the first place.

According to Yorkshire Building Society, more than £26bn worth of mortgage deals are due to mature in October. Simply put, this means that £26bn worth of mortgages are about to slip on to the more expensive standard variable rate (SVR).

It’s a bit like energy providers or telecoms firms; when you’re coming up to the end of your contract you can either renew on a more cost-efficient deal – or start paying more.

The building society’s analysis further reveals that by avoiding the ‘default mortgage setting’ of the SVR through remortgaging, homeowners could be saving themselves up to £200 a month. That’s £2,400 a year!

If you’re not currently a Complete Mortgages customer but are one of the many UK homeowners whose mortgage is about to become more expensive, then our advice is that you start looking into remortgaging as soon as possible. Of course, as an award-winning Guildford mortgage adviser, then we recommend you call us on 01483 238230 to kick start the remortgage process.

Either way, failing to change mortgage deal – or even mortgage lender – if you’re about to fall onto the SVR could end up costing you a pretty penny.

As to why it doesn’t apply to our customers, we contact each and every single one of them months before their mortgage deal is due to end – regardless of whether that’s in October or not.

We have a team of people whose role it is to make sure that not a single client falls onto the SVR. The reason we do this is because being a good mortgage broker isn’t just about making sure the customer gets the best mortgage available to them, but also that they save as much money as possible along the way.

Yes, remortgaging takes a bit of time and legwork (although a mortgage broker worth its salt should gladly handle this for you), but it isn’t particularly difficult. And as the price of not doing it can be as much as £2,400 a year, then why wouldn’t you explore your options.

If you’re not currently a Complete Mortgages customer and think that you might need to remortgage in the not too distant future, then contact the team on 01483 238280 or email info@complete-mortgages.co.uk.

If you are already a customer, then you needn’t do anything at all. If your remortgaging needs are already catered for then remember that we also specialise in first time buyer mortgages, buy to let mortgages, adverse credit mortgages and equity release mortgages.

By Mark Finnegan, Director at Complete Mortgages

Are high LTV mortgages good or bad?

Friday, 28th June, 2019
high ltv mortgage

In many ways, the mortgage market is similar to the fashion industry.

Just as denim jackets seem to make a comeback every decade or so, high loan to value (LTV) mortgages seem to be widely available once again.

For those of you who may not remember the impact of the financial crash of 2007/8, such as young first time buyer mortgage hunters, then I’ll just say that it was a very challenging time and one that went from lenders offering very high LTV mortgages to lending almost nothing at all.

However, high LTV mortgages are on the rise and it hasn’t gone unnoticed by the Prudential Regulation Authority, which has raised concerns about lenders’ willingness to increase their risk in order to maintain profit margins.

For example, Moneyfacts recently reported that the average two-year fixed-rate at 95% LTV has fallen from 5.33% to 3.25% over the past five years. Similarly, at 60% LTV, average two-year rates have fallen from 2.96% to 1.90%, making both 90% and 60% LTV mortgages more accessible.

As the debate opens up around ‘risky’ high LTV mortgages, here’s Complete Mortgages’ view.

1. Apples and pears

Lenders often talk of income multiples in order to ascertain a mortgage applicant’s affordability threshold – and the current debate around the acceptability of lending six times income is gathering momentum. However, given how low the Bank of England base rate currently is, then a multiple of six times income based on today’s available mortgage rates requires lower monthly mortgage payments than five times income based on the interest rates prior to last decade’s financial crash.

2. Helping the next generation of homeowners

Getting on the property ladder has become increasingly difficult. Property values have outstripped salaries, the result of which has priced out young people from getting a first time buyer mortgage. High LTV mortgages, which typically only require a 5 – 10% deposit, help first time buyers become homeowners, which is important.

3. Current earnings don’t necessarily reflect future earnings

First time buyers, who are relying on buying a property with only a 5 – 10% deposit, may have to go down the high LTV mortgage route as their earnings may be small in relation to the sum they’re looking to borrow. However, it doesn’t take young professionals long to move up the career ladder and increase their salaries, thus reducing their level of mortgage risk by default.

4. Post-crash regulation

Despite what is being reported in the news, structures imposed by regulatory bodies, such as the Mortgage Market Review, make it very difficult for mortgages to be handed out to those who are unable to afford the repayments.

High LTV mortgages may have increased, but so too have the number of variables and considerations that mortgage applicants are now assessed on. It is, of course, important to note that the Bank of England base rate is very low and could change at any time, however any changes to interest rates are quickly integrated within lenders’ affordability tests.

If you’re about to apply for a mortgage, looking for a professional mortgage adviser in Guildford or think you need to apply for a high LTV mortgage but are concerned by the potential risks, then contact the team at Complete Mortgages, who can assess your affordability levels prior to your mortgage application going to the lender.

We help our clients secure high LTV mortgages, buy to let mortgages, limited company buy to let mortgages, equity release mortgages and adverse credit mortgages.  Contact 01483 238280 or email info@complete-mortgages.co.uk for more information.

By Mark Finnegan, Director at Complete Mortgages

More than just a Guildford mortgage broker

Thursday, 20th June, 2019

Don’t you just hate it when a company, say for instance a sweet shop, has a slogan that reads ‘more than just sweets’. Or a stationer that claims to offer ‘more than just stationery’. What does it even mean? And what more would you want from a stationer other than stationery?

Those who share my sentiments may well have rolled their eyes at reading the headline for this article. However, there is a reason for it.

It was recently reported that a teacher was refused a mortgage on the basis that she had unknowingly been issued a County Court Judgement (CCJ) for a parking ticket she was advised had been cancelled. Unfortunately, what turned out to be a mistake left a negative imprint on the teacher’s credit rating and resulted in her being unable to get a mortgage.

As a mortgage broker in Guildford – and a specialist mortgage broker for teachers – I know that this could have been avoided. And this is where my point about being ‘more than just a mortgage broker’ comes in.

There are many reasons to use a mortgage broker over and above simply managing the mortgage application process. Making sure the right paperwork is ready at the right time is, of course, essential. However, there really is more to being a mortgage broker than administrative duties. It’s the advice, mortgage product navigation and recommendations, as well as the professional mortgage guidance that really adds value when it comes to using a mortgage broker.

Had Complete Mortgages encountered a mortgage applicant with a CCJ for a small amount, we would have presented it to a lender for what it was rather than letting it become a barrier. Failing that, we would have made the client aware of the options available under the adverse mortgage range – mortgages available to those with poor credit ratings.

Of course, in this case, the teacher wasn’t aware of the CCJ to begin with. However, there are many people who are aware of their credit misdemeanours and adopt a ‘head in the sand’ approach to getting a mortgage.

Despite what people may think, lenders are keen to lend money. Whilst CCJs can represent a problem, particularly if they relate to considerable amounts, smaller CCJs that are nothing more than a ‘blip’ in an applicant’s otherwise unblemished credit report can be justified over a conversation between broker and lender.

A good mortgage broker – that’s one that does have regular dialogue with lenders – sits closer to those who make lending decisions than mortgage applicants. So, why not let the mortgage broker do the talking on your behalf.

Applying for a mortgage yourself can be a bit like cutting your own hair; the result might turn out okay, but it probably won’t reflect the work of a professional, who is paid to get it right first time.

So, if you’re about to apply for a mortgage and have a CCJ, or if you’re concerned about your credit rating, then rather than throw caution to the wind and hope it turns out okay, apply for a mortgage in confidence by going through a mortgage broker.

We are specialists in first time buyer mortgages, adverse credit mortgages and mortgage for teachers. We also have a high customer satisfaction rating, so get it right fist time by contacting the team on 01483 238280 or email info@complete-mortgages.co.uk.

By Mark Finnegan, Director at Complete Mortgages

Mortgage approvals go from strength to strength

Monday, 17th June, 2019
guildford mortgage broker

If you’re about to apply for a mortgage, then you’ll no doubt be buoyed by the news that the number of mortgage approvals for house purchases in the UK reached a two-year high last month.

In fact, mortgage approvals – according to a recent survey by UK Finance – were up for the sixth month in a row and up 5.4% year-on-year.

In April, a total of 44,034 mortgage approvals were granted, which highlights that despite political uncertainty, lenders are still lending and homeowners are still looking for their next property.

It’s also worth pointing out that levels of remortgaging (a service that Complete Mortgages is increasingly becoming renowned for) rose 5% to 31,152 between March and April and were 11% higher year-on-year.

As a Guildford mortgage broker – albeit one with a national customer base – we don’t have a full nationwide picture, however, we have seen the number of Guildford mortgages being granted since January significantly increase.

Whilst there are a number of variables that could be behind the rise – not least the recent talk around a potential interest rate rise, which may have played a part in getting homeowners to refocus on getting a good mortgage deal – the good news is that there are a number of fantastic mortgage deals available to homeowners right now.

Whether you’re looking for a cheap first time buyer mortgage or a competitive buy to let mortgage, the mortgage market is strong. However, with a competitive mortgage landscape comes a mortgage minefield that is best handled by a trusted mortgage broker that is well versed at navigating it.

Thankfully, Complete Mortgages is exactly that.

And, as a specialist mortgage broker (or a specialist mortgage specialist), we not only handle standard mortgage applications but also adverse credit mortgages, commercial buy to let mortgages, limited company buy to let mortgages and even mortgages for teachers, too.

We also have a high customer satisfaction rating, so if you’re looking to take advantage of a strong mortgage market and apply for a mortgage, contact the team on 01483 238280 or email info@complete-mortgages.co.uk.

By Mark Finnegan, Director at Complete Mortgages

Getting a mortgage with bad credit

Saturday, 9th March, 2019

Do you remember the heady days of pre-2007; a time (for a decade or so leading up to the ‘credit crunch’) when there was unfettered access to mortgages and mortgages were granted on the basis of what the applicant stated they earned?

I do, as it was only 2006 when I launched Complete Mortgages as a mortgage broker in Guildford, so I was able to witness the pre-crunch and post-crunch scenarios in a very short space of time.

Pre-2007, those who wanted to buy into homeownership could do so with relative ease. Post-2007, mortgage lending dried up and a more forensic approach was taken when it came to analysing the affordability levels of those applying for a mortgage. So much so, in fact, that adverse credit mortgages, formerly known as sub-prime mortgages, all but dried up completely.

However, after mortgage lending reform, the introduction of tighter legislation and a deeper understanding of how to avoid ending up in a similar situation again, the subprime mortgage is no longer frowned upon. In fact, adverse credit mortgages have quickly become a mainstay amongst mortgage lenders and mortgage brokers UK-wide.

Importantly, those applying for an adverse credit mortgage will need to be able to fully evidence their earnings. The days of self-certification mortgages really are over. Instead, adverse credit mortgages have been designed to help the following groups of people:

1.Those with a history of defaulting on payments

It’s no secret that failing to pay your bills on time is generally frowned upon. However, as we all know, it’s very easy to do. Overlooking payment dates is a common occurrence for many – but should they really be locked out of home ownership because of it.

2. Those who have had County Court Judgments (CCJs)

A CCJ is a type of court order that can be filed against those who owe money yet have failed to pay it back. If you receive a CCJ but fail to pay the amount stated back within 30 days, it is entered on your credit record for six years and is regarded as a serious black mark.

3. Those who have arranged Individual Voluntary Arrangements (IVAs)

Whilst not quite bankruptcy, it is a form of insolvency that’s based on a formal, legally binding agreement to pay off your debts over a period of time. As the courts and the creditors have agreed it, you have to stick to it.

4. Those who have declared themselves bankrupt

The big ‘B’. This one is generally viewed as the end of the line and taken very seriously by mortgage lenders. After all, if someone has been declared bankrupt then they are often viewed as high risk.

5. Those with a thin credit file

If you are new to borrowing – regardless of your age – then there can be little (or zero) history available to enable lenders to build up an accurate financial picture of those looking to borrow. This factor is assessed on a case-by-case basis, but it can have a negative impact on your ability to apply for a mortgage.

If you are hoping to get a mortgage but fall under one of the five areas above, then the good news is that all is not lost. However, you may have to consider applying for a subprime mortgage.

Our team of adverse credit mortgage specialists are on hand to discuss any concerns you may have and help you overcome any mortgage obstacles you’re currently facing. Simply contact us on 01483 238280 or email info@complete-mortgages.co.uk. We can also help with standard mortgages, buy to let mortgages, mortgages for self employed people and commercial mortgages, too.

By Mark Finnegan, Director at Complete Mortgages

Are equity release mortgages good or bad?

Tuesday, 11th December, 2018
equity release

The simple answer to what is a rather broad question is that it all depends on where you are in life in terms of finance, goals and objectives.

What can’t be avoided, however, is that the equity release mortgage is growing in popularity.

According to the latest Equity Release Council figures, homeowners released over £1bn of equity from their homes in the third quarter of 2018 – and £11m of property wealth is being ‘cashed in’ on a daily basis. As a Guildford mortgage broker we’ve certainly seen equity release mortgage applications rise.

Whilst the figures are compelling, we are regularly asked, ‘Is releasing equity in my property a good thing?’ So, to help you make your own mind up, we’ve provided a list of equity release pros and cons.

However, before we look at the fors and against equity release, let’s start by briefly explaining how equity release works (note: for a more in-depth equity release mortgage Q&A click here).

What is equity release?

If you’re a homeowner aged over 55, equity release enables you to release money from your property – without having to move. You can take a lump sum, as a drawdown (taking smaller amounts at different times) or as a home reversion plan (selling part of your property to the lender in exchange for money).

The pros 

1. Staying put

If you don’t want to leave your property, but need more money in order to continue living there, then equity release mortgages enable you to stay where you are whilst providing you with the funds required to do so.

2. No negative equity – guaranteed

Lenders who are members of the Equity Release Council – and Complete Mortgages tends to only work with those that are – have to include a no negative equity guarantee, which means that if there ever was a crash and the value of the property became less that the value owed, the lender would cover it, not you.

3. Beat inheritance tax

Nobody really likes the idea of being taxed on inheritance, so releasing equity against the value of your property can represent a way in which to pass on your wealth in a tax efficient way.

The cons

1. Compound interest

Equity release mortgages do not work in the same way as residential mortgages. Whereas homeowners with residential mortgages typically pay off the interest charges on a monthly basis, equity release mortgage interest is typically added to the overall debt. This means that the outstanding equity release mortgage balance can rise quickly.

2. Hard to go back

If you thought early repayment charges on fixed mortgages were high, then you might be surprised to learn that early repayment charges on equity release mortgages can be as high as a quarter of the amount borrowed. As a result, you need to be absolutely sure that equity release is for you before going down that route – and also that your mortgage broker goes through everything with you in detail.

3. Benefit or no benefit?

Those who receive means-tested benefits may find that a sudden cash injection results in these being taken away. Make sure you understand the wider financial implications before committing to a long-term decision.

Still not sure? Why not contact the Complete Mortgages team to find out more on 01483 238280 or by emailing info@complete-mortgages.co.uk.

Complete Mortgages also specialises in other mortgages over and above equity release mortgages. We can also arrange mortgages for the self-employed, mortgages for teachers, adverse credit mortgages, buy to let mortgages and limited company buy to let mortgages.

By Mark Finnegan, Director at Complete Mortgages

A stress-free mortgage zone

Tuesday, 27th November, 2018
mortgage advice

It’s always bittersweet on reading research that indicates that the mortgage sector – and those working within it – could be doing better.

It’s bitter in the sense that as a mortgage professional, I would like to see the sector working as efficiently and as proactively as possible. When it appears that in some quarters this isn’t the case, then I can’t help but feel disappointed.

However, it’s also sweet as whilst it may reveal failings by others, it also reinforces my view that Complete Mortgages, as a Guildford Mortgage Broker, is amongst the mortgage brokers who are operating at the highest level when it comes to standard setting.

Research recently published by a UK mortgage broker* revealed that stressful mortgage applications are not only causing homeowners anxiety, but also putting them off remortgaging – something that can save homeowners money in the long-term.

It also revealed that approximately 2.5 million people suffered stress during their mortgage application, that 14% of homeowners said they rarely understood where they were in the mortgage application process and that 13% claimed that the way deals were advertised was confusing.

Whilst the research has been commissioned by a mortgage broker to reveal findings that no doubt support their own objectives, we can’t overlook the fact that it’s revealed that there are a phenomenal number of people suffering from mortgage stress when they simply don’t need to.

For those who read Complete Mortgages’ news pages, then you’ll know that we’re not ones to blow our own trumpet, opting instead for guides, mortgage tips and general content that we feel adds value to those who read it. However, in light of this research, we feel that it’s important that brokers who pride themselves on excellent communication and delivering an impeccable service should also be heard.

So, by way of a response to the findings, here’s Complete Mortgages’ own mortgage promise.

Whether you’re looking to apply for a residential mortgage, a buy to let mortgage, equity release mortgage, or even if you want to apply for bridging loans and commercial mortgages, Complete Mortgages will:

  1. Handle 100% of the mortgage paperwork on your behalf
  2. Proactively chase ALL mortgage applications and update you at every step of the way
  3. Talk you through the process at every stage of the mortgage application

Our customer satisfaction survey, based on the feedback of over 250 clients during the past 12 months, has given us an average customer satisfaction score of 98.82%.

Not only are we really proud of it, but it also demonstrates that there are excellent mortgage brokers out there – and that you really shouldn’t need to settle for second best, nor put up with mortgage stress at any point.

For stress-free mortgage advice contact the experienced Complete Mortgages team on 01483 238280 or email info@complete-mortgages.co.uk. Remember, we also specialise in specialist mortgages in Guildford and the surrounding areas such as self-employed mortgages, adverse credit mortgages and limited company buy to let mortgages, too.

*Trussle

By Mark Finnegan, Director at Complete Mortgages

Second Countrywide broker joins Complete Mortgages

Monday, 6th August, 2018
Mortgage Broker Knaphill

Guildford mortgage broker, Complete Mortgages, has lured yet another high-flying mortgage specialist from the UK’s largest single mortgage brokerage, Countrywide, as part of its continued growth plan and following a series of national mortgage industry award wins.

Sam Man, who takes the Complete Mortgages team to 14 people, spent one-and-a-half years at Countrywide after taking over the role of mortgage and protection consultant from Lee Cousens when he left the firm to join Complete Mortgages in 2017.

Prior to working at Countrywide, Sam established his career as a senior banker and protection consultant at Lloyds TSB and Natwest.

Building on Complete Mortgages’ relationship with Surrey’s network of 17 independent estate agents, Seymours, which has seen senior Complete Mortgages brokers permanently located in the estate agent’s offices, Sam will operate out of Seymours’ Knaphill office from August 2018.

On joining the team, Sam comments: “Complete Mortgages is a Guildford Mortgage Brokerage with a national reach and a growing reputation for securing great mortgage deals for its clients. This, combined with its award-winning service levels, makes Complete Mortgages a great company to work for and an opportunity that I’m looking forward to develop as I make it the ‘go-to’ mortgage broker in Knaphill.”

Complete Mortgages has grown significantly since it was established in 2005 and become nationally renowned for providing access to a diverse range of mortgage products, from first time buyer mortgages and buy to let mortgages to adverse credit mortgages and equity release mortgages. It also continues to win prominent Mortgage Intelligence Awards year after year.

Mark Finnegan, Director at Complete Mortgages, adds: “We’re delighted to have once again appointed a high-profile broker from a high-profile brokerage and we now look forward to building on our success, growing our client base and continuing to deliver an award-winning mortgage broker service.”

If you are looking to arrange a mortgage in Knaphill contact Sam via sam@complete-mortgages.co.uk or call 01483 238280.

 

How to increase your chances of getting a mortgage

Saturday, 28th July, 2018
guildford mortgage broker

Firstly, this isn’t a cheat or a piece that advocates – or even encourages – you to try and pull the wool over a mortgage lender or broker’s eyes, and that’s for the very simple reason that it’s impossible and won’t work.

You will not be able to trick a lender into giving you a mortgage or awarding you with the best mortgage deal.

However, just as an athlete prepares for an event, there are a number of things that you can do to help get you mortgage fit. Here are a few pointers to get you started.

1. Score points with your credit score

One way a lender can check if you have what it takes to repay your mortgage and honour your commitment is to check if you have good credit history.

In general, your credit report is what it is and made up of a number of sources including credit card history, loans taken and overdrafts used.

Before you apply for a mortgage it’s worth checking to make sure it’s a) up to date and b) correct.

If you spot anything glaringly inaccurate then at least you have the opportunity to fix it in the short term before it scuppers your chances long-term.

2. No vote, no chance

If you’re not registered to vote than you’re unlikely to get a mortgage. This one’s really easy to prepare for, too. If you’re going to fall down at one of the hurdles then don’t let it be this one. Click here to register to vote.

3. Don’t let the past affect your future

Joint current accounts, loans and other commitments carry joint responsibility. If you’re linked to any of these via an ex-partner – and the ex-partner has defaulted on a payment or done something that would have a negative consequence – then you’re going to be affected, too.

The best way forward in this instance is to check if you’re still linked in any way and, if you are, get yourself disassociated.

4. Be careful with your credit

Just because you have a credit limit of £12,000 doesn’t mean you need to spend £12,000 on credit. At least that’s the view of lenders, who would typically prefer your overall credit card debt to be no more than 50 per cent of the amount available (the lower the better).

When it comes to credit card debt, then it’s better to pay it off – however don’t leave yourself with zero debt and huge credit limits; lenders worry that you may one day go one a huge spending spree!

5. Be diligent with your admin

We’ve all had accounts that we don’t use and rather than close them down, we’ve simply cut the associated cards up and thought that that was it.

Having multiple bank accounts open with nothing in them isn’t advisable, especially if the details attributable to those accounts are out of date and could be disadvantageous to you.

6. Don’t apply for credit just before you apply for a mortgage

The more credit searches you have on your file in a short space of time, the more chance a lender has of thinking you’re in desperate need of credit – even if you’re not.

We would advise that you get a mortgage before you get the new car!

7. Bills don’t pay themselves

So make sure you pay yours – on time.

Not paying a bill on time stays on your records for six years, so don’t let an innocently missed payment result in a missed mortgage offer.

8. Use a mortgage broker

This one really is simple.

As a Guildford mortgage broker, we see people battling with mortgage applications on their own day in, day out, all when they could let us do the legwork on their behalf. As mortgage brokers do this every day and know what’s required (and, importantly, what’s not) they can simply fast-track the process.

Why waste your time when you can hand it over to a professional!

If you’re thinking of applying for a mortgage, or if you’ve been struggling to get a mortgage, contact the Complete Mortgages team on 01483 238280 or email info@complete-mortgages.co.uk. We can help with first time buyer mortgages, buy to let mortgages, commercial mortgages and adverse credit mortgages.

By Mark Finnegan, Director at Complete Mortgages

Are interest only mortgages good or bad?

Tuesday, 3rd July, 2018

Interest-only mortgages are a bit like life. They’re not simply all bad or all good, they’re not clear-cut and they’re often right for some people, but not others.

However, from recent reports that suggest that the interest only mortgage is making its comeback, you could be forgiven for thinking that UK homeowners are about to revert to the pre-crash days and readopt the interest-only approach to home ownership.

In fact it wasn’t that long ago that interest only mortgages were commonplace.

It was only the financial crisis of 07/08 that provided what is now seen as a much-needed reset. Up until that point, people were applying for a mortgage on the strength of what they said they could afford as opposed to what they really could afford.

What made this palatable was that house price growth created a safety net as interest-only homeowners were banking on significant equity growth to pay down their mortgage when the time came. However, given the slowdown in property growth over recent years, this is less of a dead cert.

So what’s the difference this time, then?

Well, first of all a little context is needed. Data recently published by Moneyfacts, the financial analyst and comparison site, has revealed that 33 lenders now offer interest only mortgages – up from only 12 offering the product in summer 2013.

However, as stated by a Moneyfacts finance expert in a recent interview with industry title Mortgage Strategy, there were 73 lenders offering interest only mortgages back in June 2008, which reveals we have a long way to go before we reach those levels.

Furthermore, unlike days of old, to apply for an interest only mortgage today you have to have a low loan to value ratio – something that rarely got in the way of a deal pre-crash and certainly before the introduction of the Mortgage Market Review, which resulted in a severe tightening up of the mortgage market after it was put in place.

Yes, interest only mortgages seem to be gaining ground once again – however this type of interest only mortgage seems reserved for those who aren’t banking solely on property growth to pay for their mortgage decades down the line, as you will need to have a repayment strategy in place at the outset that is acceptable to the lender. Evidence also suggests that in addition to a large deposit, those looking to get an interest only mortgage will also need to earn a large salary.

Back to the original question, then: are interest only mortgages good or bad?

As a Guildford mortgage broker that has witnessed the ups and downs of the mortgage market both pre and post-crash, I’ll say that it completely depends on the individual’s circumstances. And for that reason, we would always advise that anyone thinking of applying for a mortgage – of any kind – appoints the best mortgage brokerage they can to help guide them through that process and provide that peace of mind.

If you’re considering applying for an interest only mortgage contact a member of the Complete Mortgages team on 01483 238280 or email info@complete-mortgages.co.uk. Remember, we also specialise in buy to let mortgages, commercial mortgages, adverse credit mortgages and limited company buy to let mortgages, too.

By Mark Finnegan, Director at Complete Mortgages