Complete Mortgages expands team with new mortgage adviser

Friday, 16th December, 2016
Mark Finnegan

Complete Mortgages will kick-start the New Year by welcoming a new mortgage adviser to the team in a move that signals how 2017 is expected to be a busy year for the property and mortgage markets.

Darren Wordsworth, a former HSBC employee who, in his five years with the bank, worked across multiple teams and experienced handling mortgage applications at every stage of the process, joins the Guildford mortgage broker after living in Barcelona for the last six years, during which time he owned a successful estate agency.

Prior to emigrating to Spain Darren carved a successful career as an independent mortgage broker in Scarborough following a period at Scarborough Building Society, where he was a full-time mortgage adviser.

On joining the Complete Mortgages team in the New Year Darren comments: “With a plethora of experience working at every stage of the mortgage application process, I plan to bring a 360-degree approach to Complete Mortgages whereby I can help expedite mortgage applications by having an end-to-end understanding of the framework. Having worked in property, both as an estate agent and a developer, I have first-hand personal experience of managing mortgage applications on both sides of the fence. I look forward to working with the team and contributing to the company’s plans for continued growth.”

Darren, who lives in Godalming, has two children and can be found coaching the under 7s Farncombe Youth FC at weekends. He can be contacted via darren@complete-mortgages.co.uk or by calling 01483 238280 from January.

Mark Finnegan, Director at Complete Mortgages, adds: “We’re delighted to welcome Darren to Complete Mortgages and his knowledge, coupled with his experience of dealing with a wide variety of mortgages, make him a valuable addition to the team. It’s an exciting time for the mortgage market; competitive deals are in abundance and we anticipate 2017, the first quarter in particular, being exceptionally busy as people take advantage of the New Year mind-set and either look to move home or remortgage. We’re looking forward to the year ahead, proud to be continually growing as a business and pleased that Darren is now part of our team.”

For more information or to arrange a mortgage with Complete Mortgages contact 01483 238280 or email info@complete-mortgages.co.uk.


Getting to grips with the Mortgage Credit Directive

Monday, 23rd November, 2015
Mortgage Credit Directive

The European Union receives its fair share of the limelight. And it’s not hard to see why when you consider the big issues it has had to deal with of late – and that’s before you take into account the current renegotiation that the UK government is in the process of entering.

However one recent change to be handed to the UK from Brussels, entitled the Mortgage Credit Directive (MCD), could get lost amongst the noise of a potential referendum. And this is exactly why we thought we’d bring it to your attention.

Just as we gave you a brief introduction to the Mortgage Market Review (MMR) last year, we thought we’d offer a brief summary of what the MCD is and how it could affect you if you expect to apply for a mortgage in 2016.

What is the MCD?

It is European legislation designed to foster a single market for mortgages. It has been created to protect consumers by providing standardised information including demonstrating the impact of interest rate increases to your proposed borrowing. The rules also apply to those looking to remortgage – even if they don’t intend to borrow more. The European Commission published the final MCD text in February 2014. The MCD must be implemented in the UK through rules set by the Financial Conduct Authority (FCA) by 21st March 2016. It is closely aligned with the UK’s existing mortgage regulation however mortgage advisers and arrangers will need to provide greater detail on a product’s key features and how they receive remuneration. This will be within the content of the standardised information document.

Will the consumer see any direct benefit of the MCD as a result of its implementation?

Complete Mortgages believes that the essential features of a product and the way that mortgage brokers are remunerated will be clearer under the new system, which is a positive change. Overall the changes are very subtle and we can explain everything to you when you get in contact with us.

So, how will it affect me?

There is little additional benefit to the UK mortgage market as a result of the directive, as MMR addressed many aspects of how mortgages are obtained by consumers, however one clear benefit is that the process of obtaining a mortgage will be more transparent. For example, the new directive incorporates a ‘cooling off’ period of at least seven days, which needs to be factored into the conveyancing process. Just as the MMR impacted on the length of the application process, the MCD will extend the application process as determined by the ‘reflection’ period.

But what if I’m 100% sure that I’m making the right decision and want to proceed?

The directive has been created to provide the consumer with time to compare alternatives and assess their options; the cooling off period is part of that measure. This can, however be waived by signing a disclaimer via your solicitor if timely completion is a necessity.

Is there anything else I need to know?

Yes, second charge mortgages, including regulated loans entered into before 21st March, will be subject to the FCA’s rules. There are a few more technical points, such as how some buy-to-let mortgages will be regulated by the FCA, however we can go through these (if applicable to you) during the mortgage application process.

Mark Finnegan, Director at Complete Mortgages, comments:

“Changes to legislation affecting the financial services industry is a continual process. Our job, as an independent mortgage broker, is to make sure that these changes don’t negatively impact on your mortgage application and help you navigate your way through it. Whilst the Mortgage Credit Directive’s presence is likely to be felt, our team of mortgage brokers can put in place the necessary measures to limit its impact and ensure that our clients secure a mortgage as quickly and as efficiently as possible.”

So, if you are looking to secure a mortgage in the New Year and have questions about how the Mortgage Credit Directive might affect you, then get in touch with the team on 01483 238280 or email info@complete-mortgages.co.uk.


Getting ahead of the game is the key to securing a self-employed mortgage

Tuesday, 6th October, 2015

If you’re like me (and probably the majority of the UK population) then you’ll probably identify with filing your tax return within inches of the 31st January deadline. In fact, hats off to those who do tackle it at the earliest opportunity with the view that once it’s done, it’s done.

However if you’re self-employed and looking to arrange a self-employed mortgage then filing your tax return as soon as you possibly can will not only showcase your organisational skills, but also place you in pole position when it comes to securing a mortgage, too.

Whilst the official deadline for filing your tax return is 31st January, the reality is that lenders want to see that you’ve submitted your accounts within 3-6 months of the end of the tax year. As a result, those making the deadline by a whisker – such as submitting it in January – may get refused a mortgage on the grounds that their accounts are out of date – or, at least they don’t represent their current (and arguably more accurate) status.

As an independent mortgage broker that specialises in contractor mortgages and securing mortgages for the self-employed, our advice is to make your tax return as current as possible.

You don’t necessarily need to have it filed by the 6th April, but in order to give yourself the best chance possible, and have your application considered by as wide a pool of lenders as possible – then certainly make sure you’ve submitted it by early October, otherwise you risk the majority of lenders rejecting your application or requesting more up to date accounts.

Whilst Complete Mortgages provides award-winning mortgage advice and access to the best mortgage deals, we can also compile the best case for self-employed people looking to get their foot on the property ladder.

Whether you’re self-employed and a first time buyer or looking to arrange a buy to let mortgage, we can help. Get in touch to find out how on 01483 238280 or email info@complete-mortgages.co.uk.

By Mark Finnegan, Director at Complete Mortgages