The truth about remortgaging with Complete Mortgages

Friday, 15th May, 2020
guildford mortgage broker

For many, getting a remortgage can be a daunting process. Add a global pandemic into the mix and it can all be all too easy to pull down the shutters, stick your head in the sand and make do with the standard variable rate mortgage (SVR) – even if just for a little while.

Honesty is always the best policy, so I’d like to start with a couple of simple truths.

First truth: arranging a remortgage with a mortgage broker is easy

Well, it should be – if you’ve picked a good mortgage broker.

As we’ve mentioned before, all of our clients receive a call from one of the Complete Mortgages team well in advance of defaulting onto the SVR. However, we’re a proactive mortgage broker – and not every mortgage broker is the same. Those already with Complete Mortgages will never find themselves defaulting onto the SVR. Those who aren’t with Complete Mortgages – and who might be inclined to put off dealing with their mortgage until Covid-19 is behind them – needn’t worry, either.

Our team of remortgage experts will be able to identify a new mortgage that suits you very quickly. The only thing you need to do is pick up the phone and call 01483 238280 or email me us info@complete-mortgages.co.uk.

Second truth: we will only suggest you change lender if it’s in your interest

If it’s not, we won’t – and if that happens, you’ll have had FREE mortgage advice as you won’t have to pay a fee.

If, after searching for a better mortgage deal, we deem that staying with your existing lender is the right option for you, then there’s no fee and minimal paperwork involved in jumping onto another mortgage. You’ll also have the peace of mind and protection associated with using a mortgage broker in coming to that decision. If another lender offers a more competitive mortgage deal, then we’ll manage the entire process for a fee of £399.

Hasn’t Covid-19 changed all this?

Yes and no.

If you’re simply looking to remortgage or explore your options when it comes to getting a new mortgage, then our virtual mortgage broker service means that you don’t need to meet us face-to-face as we can do it all over the phone. You can read more about that here.

If you’re an existing Complete Mortgages client who’s considering a mortgage payment holiday then we can advise you on this. Similarly, if you’re an existing Complete Mortgages client who’s considering a mortgage payment holiday AND is due to remortgage, then we can address it all in one call. If you’re not an existing client but would like help with a remortgage – or just general mortgage advice – then get in touch.

Don’t let Covid-19 put you off saving money on your mortgage. We’re a Guildford mortgage brokerage that can get you the best mortgage deals and help you tick ‘sort new mortgage’ off your to-do list in no time. Contact me on 01483 238280 or email ben@complete-mortgages.co.uk.


Beat the storm-related home insurance price rises

Monday, 9th March, 2020
home insurance

Given the recent spate of stormy weather that’s lashed the UK, leaving many places in a state of disrepair and sadly affecting the lives of many people, you’d be forgiven for thinking ‘is my home covered against storm damage?’ or ‘should I update my home insurance?’

Storms Ciara and Dennis may even have seen you delve into that filing cabinet lurking at the back of your cupboard to check your home insurance policy against storm damage.

And, with Fitch Ratings – a provider of credit ratings, commentary and research – reporting that insurers are set to pick up a storm damage bill of over £500m, then it would be reasonable to assume that the cost of home insurance premiums will rise in 2020/21 to offset any storm related losses.

As a Guildford insurance broker, the majority of our clients are not located on flood plains or situated by large rivers that cause havoc when breached. However, the rising cost of home insurance – even if the catalyst for that price rise is limited to specific areas in the UK – tends to affect everyone.

Just as Complete Mortgages is renowned for having access to a comprehensive suite of competitive mortgage deals, Complete Cover, our insurance division, also has access to a wide range of competitive home insurance deals, too.

As a result of the hefty bill that insurance providers are about to be hit with, it may pay to get a new home insurance quote sooner rather than later and lock in a good home insurance deal now before prices rise even further.

Towards the end of last year MoneySupermarket revealed that the cost of home insurance has risen by 25% over the last three years – a trend that is likely to continue. But weather-related events, such as storms, tend to see premiums spike even further, which is why we’re encouraging existing and prospective clients – particularly those coming up for insurance renewal – to look at their options, choose a good home insurance deal and aim to beat any storm-related insurance price hikes that may be put in place before the next storm hits.

If you’re looking for an insurance broker in Guildford or would like to discuss your home insurance options, contact the Complete Cover team on 01483 238280 or email info@complete-mortgages.co.uk.


Surrey mortgage broker lands exclusive limited company buy to let mortgage pilot

Wednesday, 9th October, 2019

Guildford mortgage broker, Complete Mortgages, has become one of only a handful of mortgage brokers in the UK to run a limited company buy to let mortgage pilot with West Bromwich Building Society, the UK’s seventh largest building society.

Complete Mortgages can now offer some of the UK’s lowest limited company buy to let mortgage deals with a maximum loan-to-value of 75%.

The Guildford mortgage adviser is now urging seasoned portfolio holders and those looking to buy a property through a limited company to contact the Complete Mortgages team to secure competitive mortgage deals before the pilot ends.

Mark Finnegan, Director at Complete Mortgages, comments: “We’re delighted to have been invited to join West Bromwich Building Society’s pilot and to now be able to offer our customers some of the most competitive limited company buy to let mortgage deals in the UK. Buying through a limited company has become a popular way in which to invest in property and we’re seeing more and more people adopt this approach. This pilot makes these specialist mortgages even more accessible and we’re proud to have been chosen to participate.”

Research conducted earlier this year by specialist lender Precise Mortgages revealed how two thirds of portfolio landlords are planning on using limited companies to buy their next investment property. West Bromwich Building Society, which uses mortgage brokers to lend to 90% of its customer base, is expecting to capitalise on this increased interest in limited company buy to let mortgages.

For further information or to apply for a limited company buy to let mortgage with Complete Mortgages contact the team on 01483 238280, email info@complete-mortgages.co.uk or visit www.complete-mortgages.co.uk.


A boost for first time buyer mortgage seekers

Saturday, 20th October, 2018
first time buyer

Interest rates have gone up, but so too have the chances of first time buyers getting a mortgage with a small deposit.

Data from Moneyfacts has revealed that the average rates for 95% loan to value mortgages – mortgages for those with only 5% deposit to put down on a property – for two and five-year fixed rate terms have reached the lowest levels on record.

Whilst the period of recorded data only dates back to 2007, when Moneyfacts began recording it, 11 years is still a long time and this newfound accessibility for hopeful homeowners with a small mortgage deposit is significant.

Two-year fixed rate mortgages, for example, have fallen from an average of 4.16% in September 2017 to 3.73% today. Likewise, five year fixed rate mortgages have dropped from 4.57% in 2016 to 4.08% today.

You may think that this is at odds with the two recent interest rate rises, and to a degree you’d be right. However, there is speculation that lenders are keen to keep the first time buyer close so that they become the go-to lender at latter stages in the applicant’s property ownership lifecycle.

You could liken this to the motor industry, whereby those buying a car at the lower end of the manufacturer’s price range are nurtured as years go by in the hope that they stay loyal and buy something requiring a bigger budget as they progress in life.

Of course it’s all relative, and we shouldn’t forget that in today’s market, where there is a huge swathe of competitive mortgage deals on offer, 3.73% and 4.08% is still significantly higher than the ‘standard’ mortgage. That said, if you’re someone who’s looking to enter the property market and you only have five% to put down, then at least there are now more attractive first time buyer mortgage deals to get you on the property ladder.

As a mortgage broker in Guildford that specialises in first time buyer mortgages – including some of the more specialist mortgages such as mortgages for teachers and mortgages for self-employed people – Complete Mortgages is here to help.

If you have a 5% deposit then contact a member of the team on 01483 238280 to discuss your options and find out how you, too, can get two feet on the property ladder. Alternatively, email info@complete-mortgages.co.uk.


Should I remortgage?

Wednesday, 10th October, 2018
Guildford mortgage broker

This is a question that we hear time and time again. Thankfully, as a Guildford mortgage broker, it is one that we can answer.

However, before we get into the detail, it’s worth pointing out that recent data released through UK Finance revealed that 46,900 new homeowner remortgages were completed in July – over 23% more than the same period in 2017.

Furthermore, the value of renewed borrowing in July was £8.7 billion, which equates to more than 26% than in July 2017.

Is the UK a nation of intuitive homeowners, given how The Bank of England raised interest rates to 0.75% the following month? Or were these homeowners simply savvy and preparing themselves for an interest rate rise on the basis that, after years and years of low interest rates, it was only ever going to go up?

The simple fact is that there’s nothing like an interest rate rise – or even the threat of interest rates rising – to sharpen the focus of those with mortgages. After all, nobody wants to be caught short and faced with increased monthly mortgage payments that stretch the realms of affordability.

Recent interest rate rises do seem to have pushed the amount of remortgaging in the UK to a new high. However, regardless of interest rate rises – real, impending and possible – here are a number of reasons why you should consider remortgaging:

1. Beat further interest rises

As I’ve just covered, remortgaging – particularly when it comes to fixed rate mortgages – could protect you from interest rate rises and ensure that your outgoing monthly mortgage payments remain fixed in line with your monthly income (or at least fixed at a level you’re comfortable with). With many fixed rate mortgage options covering periods of up to 10 years, those who like to know where they are when it comes to mortgage payments my find this appealing. But remember, The Bank of England can also lower the interest rate at any time, too.

2. Avoid the SVR

If your current mortgage deal is about to end then you are likely to be switched over to the lender’s standard variable rate (SVR), which is highly likely to be higher than the one you’re on right now. Remortgaging is a great way of arranging a mortgage with a preferred rate and avoiding the SVR.

3. The equity in your property has grown

If the value of your property has increased since you took out a mortgage, then you may fall under a different loan to value bracket. If the loan to value ratio is smaller, then you might qualify for lower rates.

4. You’re tired of the inflexibility of the fixed mortgage

Whilst the fixed rate mortgage is great for those wanting security and consistency, they often come with a few negative aspects, too. For example, they tend to place limits on how much you can overpay – and penalise you if you pay more than is allowed each year. For example, if you were to receive an inheritance that would, in theory, pay off a significant amount of your mortgage, you may find yourself unable to do so without incurring fines. As part of the remortgaging process, you can wrap any windfalls into the new agreement, thus avoiding fees and arranging a new mortgage with a much smaller balance.

5. You are looking to borrow more, not less

People are always looking to move into bigger and more expensive properties. If that’s you, then there may be competitive mortgage deals available that enable you to borrow more capital without the monthly repayment being as big as you might think it would be.

As with these five reasons to remortgage and the countless others not covered here, the best way of understanding how you can benefit from remortgaging is to contact a mortgage broker. As an award-winning mortgage brokerage in Guildford that deals with remortgages on a daily basis, we can help. Simply contact the team on 01483 238280 or email info@complete-mortgages.co.uk.

By Mark Finnegan, Director at Complete Mortgages