Guildford mortgage broker launches mobile mortgage service

Friday, 11th October, 2019
mortgages@work

Complete Mortgages, the award-winning mortgage broker in Guildford, has launched Mortgages@Work – a mobile mortgage brokerage service that visits workplaces to help those unable to apply for a mortgage, or who keep putting it off, due to pressures associated with juggling work and home life.

Mortgages@Work will see the Surrey mortgage broker send a team of mortgage specialists, either at the request of the employer or employee, to deliver free mortgage consultations on a one-to-one basis, each lasting 20-30 minutes. Complete Mortgages will also waive the broker fee for those borrowing over £200,000.

Suitable for anyone buying their first home, those coming to the end of their term and looking to remortgage, or homeowners planning on making home improvements, Mortgages@Work has been designed to prevent work from getting in the way when it comes to homeownership.

On launching the new service, Mark Finnegan, Director at Complete Mortgages, comments: “Finding the time to apply for a mortgage can be hard, particularly for families where both parents work or those in high pressure jobs who find it difficult to leave the office. Whether you’re an employee hoping to get your first foot on the property ladder or an employer looking to offer this service to your team, we will send our award-winning mortgage brokers to your place of work at a time that suits.”

A minimum of four broker appointments is required before Complete Mortgages will commit to a workplace visit, however, those who receive a workplace mortgage consultation will benefit from a personalised quote and recommendations within 48 hours of meeting.

“Work really shouldn’t get in the way of applying for a mortgage, yet feedback from our clients suggests that work is often a barrier to making the largest and often most important purchase”, concludes Mark. “Our new service will take the pressure off and make getting a mortgage even more accessible.”

Those interested in receiving a workplace mortgage consultation should contact 01483 238280 or email workplace@complete-mortgages.co.uk.  For more information on Complete Mortgages visit www.complete-mortgages.co.uk.


The benefits of using a mortgage adviser

Tuesday, 13th August, 2019
mortgage broker

It was refreshing to see a piece in the Express, recently, which revealed how a third of homeowners who didn’t use a mortgage adviser had no form of protection.

Refreshing not from an ‘I told you so’ perspective of a mortgage broker, but refreshing to see the benefits of using mortgage brokers being put forward by a national newspaper.

However, it was the fact that this particular article drew attention to an important – if subtle – benefit of using a broker when applying for a mortgage, which is that not only should good mortgage brokers strive to get their customers the very best mortgage deals, but also ensure that they are protected, too.

The article, which focused on research by Legal & General Mortgage Club, revealed how 34% of homeowners that did not use a mortgage adviser do not currently have any kind of financial protection for their mortgage – be that life insurance, critical illness cover or income protection.

Sadly, this means that there are a significant number of homeowners that haven’t accounted for the negative financial impact – and the potential for missed mortgage payments – associated with long-term illness. Essentially, there are currently a large number of UK homeowners that are exposed.

Fortunately for our clients, Complete Mortgages isn’t just a Guildford mortgage broker.

Through our sister brand, Complete Cover, we also provide a wide portfolio of personal cover and mortgage-related insurances so that in the event of illness and even death, those that have taken a mortgage with us can feel rest assured that they (the policy holder and their family) will not run into financial difficulty.

In order to safeguard UK homeowners, it’s essential that mortgage advisers advise and not just broker deals. Articles such as that published by the Express – and research commissioned by Legal & General – will not only play a role in raising awareness of the potential consequences of sub-standard cover, but also make mortgage brokers more accountable in the process, too.

For access to mortgage insurances including property insurance, life insurance, mortgage payment protection and income protection contact the team on 01483 238280 or email info@complete-mortgages.co.uk.

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


Six top tips on equity release mortgages

Wednesday, 20th March, 2019
Equity Release Mortgages

If you’re considering going down the equity release mortgage route, then you’re probably aware of the overall concept behind them, how they work and the benefits of releasing equity from your home – particularly if you’re 55 years old and above and looking to free up capital.

If that’s not the case, then read our ‘Are equity release mortgages good or bad?’ article, which provides a quick and easy guide to equity release.

However, if you are further down the line and are now thinking about the wider implications, then these six tips may be of interest.

1. Consider the alternatives

Equity release mortgages are effective and their growing popularity reflects this, however it’s always good to know your options. When it comes to alternatives, then the most cost effective way of raising capital is to downsize. However, if space is important to you and you want to stay in your home and have more money at your disposal, then applying for an equity release mortgage could be a more suitable route.

2. Keep your family in the loop

Equity release is a big decision and one with a number of potential repercussions for children and family members later on down the line. Our advice, when it comes to equity release mortgages, is to make your intentions clear to all those who may be affected by an equity release contract in the future.

3. Big decisions require good mortgage brokers

As a Guildford mortgage broker, we’ve seen – and helped people through – the effects of poor equity release decisions made on the back of bad advice. Getting an equity release mortgage is a significant decision and one that needs to be backed up by sound advice. Make sure that choosing a good mortgage broker is on your list of priorities before committing yourself to anything.

4. Know the numbers

Fees and compound interest form part of equity release mortgage deals. It’s no different from any other mortgage agreement in that regard, however this may have more implications on those who, as they get older, are likely to work and earn less. Know where you stand and how much it’s going to cost you before you sign the paperwork.

5. Equity release is convenient…

…but it can also be an expensive way to borrow. If, after getting good advice from a mortgage broker, you decide to apply for an equity release mortgage, then make sure you don’t take out more than you need, as any excess money will be accruing interest up until the point that your property is sold.

6. Lowest isn’t always the best

Choosing a mortgage with the lowest possible rate is pretty much a priority for everyone. However, when it comes to equity release, lowest isn’t necessarily the best. Equity release mortgage deals often include special features, such as offering the borrower the ability to make monthly repayments to avoid interest rolling up. Whilst the premium for this may be a slightly higher interest rate, it may work out more beneficial on a long-term basis and provide a greater degree of flexibility.

Still unsure about equity release mortgages? Contact one of our equity release mortgage specialists on 01483 238280 or email info@complete-mortgages.co.uk to find out more. Remember, we’re not just specialists in equity release mortgages but also first time buyer mortgages, buy to let mortgages and commercial mortgages, too.

By Mark Lucas, Equity Release Specialist at Complete Mortgages


The 100% mortgage is back – but is it really new?

Thursday, 21st February, 2019
no deposit mortgage

Getting a mortgage without a deposit is, once again, a viable proposition, according to the latest wave of national mortgage news.

The new ‘Lend a Hand’ scheme offered through Lloyds Bank aims to tackle the primary barrier to home ownership experienced by would-be first time buyers – the deposit.

Now, Lloyds Bank will loan up to £500,000 for a new home on the condition that a family member places 10% of the total amount borrowed in a Lloyds Bank account for three years as security.

The drawback? The mortgage is not portable and, should the first-time buyer miss a payment, Lloyds can use the 10% capital to fill any financial holes.

First of all, it should be noted that any innovative way in which to make mortgages more accessible to young people should be applauded. And whilst Lloyds Bank’s proposition is not without its risks, it does go a long way to break down the barriers associated with home ownership amongst the younger generation.

Also, Lloyds Bank’s latest mortgage will no doubt be a success as it hits the sweet spot of a) those who are young and are looking to buy a property, and b) those whose family members can afford to part with 10% of the property’s value in capital on a temporary basis (or not, as the case may be).

However, as a Guildford mortgage broker that has been offering first time buyers a leg up via the no deposit mortgage for some time, this step isn’t particularly new.

Complete Mortgages has had access to ‘deposit-free mortgages’ since early 2018 – and they don’t necessarily require family members to put down 10% of their own capital, either.

The point I’m making is that mortgage brokers and mortgage advisers are not just on hand to do the paperwork that those applying for a mortgage would rather avoid. Nor are we simply on hand to grease the wheels of administration (which, it’s worth pointing out, is a long and resource-intensive process) in order to get the mortgage over the line. Yes, we do that too, but the value mortgage brokers add lies in finding the right mortgages for our customers from a comprehensive range of products, which, at any one time, runs into the thousands.

So, if you’re looking to apply for a 100% mortgage and don’t want to be limited to one option, contact us. We won’t be able to offer you the Lloyds Bank deal a it’s only available on a direct lending basis, but we’ll have a number of similar options for you to choose from.

Similarly, don’t be afraid to pick up the phone to a mortgage broker to discuss any other barriers you may be experiencing when applying for a mortgage. Whether it’s arranging self-employed mortgages, mortgages for teachers or helping those with adverse credit to get a mortgage, mortgage brokers are there to help you make it happen – and you’d be surprised by what hidden gems there are out there. Let us help break down your mortgage barriers. Contact the Complete Mortgages team on 01483 238280 or email info@complete-mortgages.co.uk.

By Mark Finnegan, Director at Complete Mortgages


How will Brexit affect my mortgage?

Monday, 28th January, 2019

Ah, Brexit. If there’s one word that people – regardless of their position – are tired of hearing, it’s probably that one. However, it’s a reality and one that is affecting all markets – including the mortgage market.

Regular readers will know that the team at Complete Mortgages isn’t one to shy away from topical debate, so as the official date approaches (or moves further away?), we thought we’d address Brexit and mortgages head-on.

Is it a bad time to get a mortgage?

There is general uncertainty around Brexit – and understandably so.

However, you may be surprised to learn that despite all the talk of doom and gloom, housing transactions, post-EU referendum, have remained relatively stable.

Figures from HMRC UK Property Transaction Statistics suggest that the biggest spike was pre-referendum in April 2016, when there was a big push for mortgages and house purchases prior to the introduction of the 3 per cent stamp duty surcharge. Since then, there haven’t been any dramatic reductions or increases in the number of houses being sold.

Shall I make the jump to a fixed mortgage?

There is still a long way to go – maybe even longer than we thought – before we officially leave the EU. As a result, our advice to those who are about to apply for a mortgage is don’t put your life on hold.

Mortgage rates are still very low so there are still some fantastic deals on the market. Equally, given the turbulence around Brexit, it has become a buyers’ market. On that basis, buying now could result in the savvy property hunter bagging a bargain.

Yes, there are some incredibly competitive fixed rate mortgages on the market right now, however any decision to switch to a fixed rate mortgage, in our view at least, should be made with more than just Brexit in mind.

Taking a long-term view

Often, when you’re in the eye of the storm, it’s difficult see beyond the immediate issues and consider the long-term picture.

Whilst very different to Brexit, the financial crash of 2007/8 caused much panic and saw house prices slump significantly. However, much less than a decade later, house prices bounced back and the impact of the crash drifted from the minds of UK homeowners. 

Whilst Complete Mortgages cannot predict the future, buying a house is a long-term investment, so making decisions using a short-term view could be, well, shortsighted.

Brexit is unknown territory, yet regardless of the direction that it takes us in – for good or for bad – the world will still continue to spin and people will always need mortgages to buy property.

As a Guildford mortgage broker, we have access to hundreds of fixed rate mortgage deals available NOW that will provide certainty of payments in these uncertain times for homeowners – existing and prospective – in Guildford and the surrounding areas. If you’re sitting on the Brexit fence and need some mortgage advice from a Guildford mortgage adviser, why not contact the team on 01483 238280 or email info@complete-mortgages.co.uk.


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


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