Time to get a fixed rate mortgage before the general election?

Monday, 2nd December, 2019
mortgage rates

This article really couldn’t be timelier.

It also follows on nicely from my recent article on remortgaging, which encouraged homeowners to take advantage of the great mortgage deals currently on the market and consider getting a remortgage deal in place – even if it’s not strictly necessary – now just in case things take a turn for the worse in 2020.  After all, any offer made by a lender now is valid for six months and a lot could happen between now and then.

In fact, the theme of this piece is almost the same as that article in as much as it broadly covers the same topic – getting a cheap mortgage – however it does so in a more specific way, based on a more pressing event: the general election.

The last piece covered Brexit mortgage uncertainty and any possible interest rate rises in 2020. This piece tackles how the general election may affect mortgage rates, particularly given how they’re currently at rock bottom prices.

Only last week, The Sun covered how those who get a five-year fixed rate mortgage before the election could save themselves £4,350 a year. Similarly, Martin Lewis has highlighted how the UK’s political and economic uncertainty has translated into an opportunity for mortgage holders and is encouraging homeowners to look at good mortgage deals now to avoid potentially becoming vulnerable if what happens after the 12 December has a negative impact on mortgages.

Whether you’re new to the housing market and want to apply for a first time buyer mortgage, or you know your current mortgage deal is due to end, my advice is that you contact us to explore your mortgage options, see if there’s an opportunity for you to get a better mortgage deal and make sure that everything’s in place – namely a mortgage offer – before election day.

As a large and growing Guildford mortgage broker with a comprehensive panel of lenders, we not only have access to the best UK mortgage deals, but we also have a team large enough to process your application quickly, which is exactly what you need if you want to take advantage of what may, in hindsight, turn out to be the calm before the storm.

Complete Mortgages also has access to the most competitive specialist mortgages including commercial mortgages, adverse credit mortgages, buy to let mortgages, limited company buy to let mortgages and mortgages for contractors.


Revisit the remortgage (even if you don’t quite need to)

Thursday, 28th November, 2019

Here’s the thing. When it comes to remortgaging, we pride ourselves on providing a bulletproof service.

You can read more about our approach to remortgage applications via our article entitled ‘When is the right time to remortgage?’, but to summarise, if you’re a Complete Mortgages customer you will NEVER need to worry about falling onto the standard variable rate mortgage as we will never let it happen.

However, our award-winning mortgage broker services aside, there is currently one good reason to be considering your remortgaging options even before we remind you to consider them.

As I write this, remortgage rates are low. Incredibly low, in fact. And if you take into account just how competitive remortgage rates are right now combined with the fact that lenders’ mortgage offers typically last for six months, then it means that you could potentially lock in a great mortgage deal now so that it’s all in place for when your current mortgage does end.

For example, if you secured a low cost mortgage deal now, at the end of November 2019, it could be redeemable up until the end of May 2020. There would be no pressure from the lender to proceed with the deal from now until the offer expires, but it would cushion you against factors out of everyone’s control such as any negative Brexit fallout and interest rate rises, should there be any in the next six months.

Of course, we can’t predict what may or may not happen in 2020. However, as a Guildford mortgage broker, we’re just offering food for thought and highlighting a simple way in which you can protect yourself from any future rising costs.

After all, when mortgage rates become so low, it gets to the point whereby there’s only one way they can go. By getting a mortgage offer based on today’s rates, you’re safeguarding yourself against the unpredictability of tomorrow. And, if they go down even further between now and when you’re due to remortgage, then you simply apply for another deal.

Looking to hedge your bets when it comes to remortgaging? If so, contact the Complete Mortgages team on 01483 238280 or email info@complete-mortgages.co.uk to discuss your options. Remember, we also offer a range of specialist mortgages including buy to let mortgages, limited company buy to let mortgages, mortgages for teachers and adverse credit mortgages.


Could 2020 be the year of the first time buyer mortgage?

Friday, 22nd November, 2019
first time buyers

It’s official (according to a report from Post Office Money, at least). First time buyers are taking less time to save a deposit.

The report, which outlines how the average first time buyer in 2019 took 3.6 years to save up enough to afford their first home compared with 3.8 years in 2018, is positive news – particularly as we head into a new year, which is a time when property sales tend to spike.

Of course, there are a number of reasons why those applying for a first time buyer mortgage are reaching their goal quicker. The report lists overtime, a helping hand from parents and even selling unwanted items on sites such as eBay as being behind the boost. However, regardless of what’s driving the push, it would seem that demand for first time buyer mortgages is likely to increase in 2020.

If you fall under the category of first time buyer and are looking to apply for a first time buyer mortgage in 2020, then there are two things that we recommend you do:

1. Sign up to receive our newsletters, then download our comprehensive first time buyers guide, which includes 13 key tips on things that you should be thinking about or getting in place in advance of submitting your first time buyer mortgage application.

2. Call a member of the Complete Mortgages team on 01483 238280 or email info@complete-mortgages.co.uk to discuss next steps and how to make sure your first time buyer mortgage application goes through seamlessly.

And, while we’re covering top tips, this article also provides the perfect opportunity to remind first time buyers about the government’s Help to Buy ISA, which will close to new savers on 30 November.

For savers that aren’t aware of the scheme, it is open to those saving to buy their first home and sees the government top up your savings by 25% (up to £3,000) – without any pressure on you to pay it back!

The eligibility criteria states that the property you eventually buy must:

1. Have a value no more than £250,000 UK wide or £450,000 if the property is in London

2. Be the only property you own

3. Be where you intend to live

With less than two weeks to go until this offer is withdrawn, the team at Complete Mortgages recommends you act fast and apply for a Help to Buy ISA today. You can review the different products via Money Saving Expert here.

In the meantime, if you have any other first time buyer-related questions, concerns or points you’d like to discuss with a Guildford mortgage broker, then contact us today.


Guide to bridging loans

Thursday, 24th October, 2019
guide to bridging loans

Do you remember the heady days (and they weren’t that long ago) when a property would be sold within minutes of going on sale?

In some cases, the buyer hadn’t even seen the property – they just knew it would be a good investment, or they simply knew they had to stake their claim in order to be in with a chance to move and avoid upsetting their buyer by holding up the chain.

In both cases, applying for a bridging loan may have been essential in order to buy one property whilst still owning another.

This heated rush to buy property has cooled somewhat, arguably down to another word beginning with ‘b’, however the bridging loan (and an understanding of how to get a bridging loan) is still important.

So that you’re up to speed when it comes to short-term loans, here is a Complete Mortgages bridging loan briefing.

1. What is a bridging loan?

Let’s start with the basics. A bridging loan provides short-term finance so that you can, amongst other things, either a) fund the purchase of another property before the one you currently own has sold, or b) fund building works prior to accessing the cash via a traditional mortgage. A bridging loan will typically run for up to 12 months, although longer term products are available on the market.

2. What’s the difference between a bridging loan and a commercial mortgage?

Bridging loans are generally required for as little as a matter of months, weeks or even days. Commercial mortgages, on the other hand, are long-term loans taken by businesses looking to buy property.

3. Does that mean I can only get a bridging loan for residential property?

No. Bridging loans can be used to fund both residential and commercial properties – but only on a short-term basis. It’s simply used as an interim measure and a way in which to get access to finance when you really need it.

4. What are the restrictions on bridging loans?

Bridging loans are a flexible way in which to borrow money and can used to fund all types of property. They’re also a lot less restrictive than traditional loans and can even be used to fund self-build projects until a standard mortgage is agreed.

5. Does that mean that they’re easier to get?

In many ways, yes. If you’re a business applying for a bridging loan then the process is unregulated, which means the bridging loan application process is very quick. However, if you’re a homeowner looking to bridge the gap to your next property, then the lender will assess your income and outgoings as part of the application. As a Guildford bridging loan specialist, we can guide you through this process.

6. What about the monthly repayments?

Bridging loans don’t typically require monthly repayments as the cost is generally rolled up into the loan. However, as you might expect with a short-term loan that provides this degree of flexibility, the rates are higher than typical mortgages. The team at Complete Mortgages can provide you with a selection of products and discuss their suitability with you during the bridging loan application stage.

7. What are the next steps?

If you’re interested in applying for a bridging loan then contact a member of the team on 01483 238280 or email info@complete-mortgages.co.uk.

As a Guildford mortgage broker we also handle other specialist mortgages such as adverse credit mortgages, limited company buy to let mortgages and mortgages for teachers, too.

Commercial and bridging loans are processed through our subsidiary company, Complete Mortgages Property Limited.


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