Guildford mortgage broker boosts Equity Release offering

Tuesday, 16th June, 2020

Award-winning Guildford mortgage adviser, Complete Mortgages, has strengthened its Equity Release mortgage team after one of its brokers secured the coveted Certificate in Regulated Equity Release (CeRER) at the beginning of June.

Lee Cousens, who was been with Complete Mortgages since 2017 after the Guildford broker recruited him from Countrywide Mortgage Services – where he was one of the UK’s top performing brokers – passed the two-unit exam with a distinction and a merit.

The move enables Lee to offer specialist Equity Release advice on lifetime mortgages and Retirement Interest Only (RIO) mortgages, both of which have experienced significant growth in 2020.

According to the Equity Release Council, an organisation that represents the Equity Release sector and exists to promote high standards of conduct and practice in the provision of advice on Equity Release, £1.06bn of property wealth was accessed via Equity Release products in Q1 2020, up 14% from £936m a year earlier.

The findings suggest that Equity Release is increasingly becoming an accessible and popular way in which to fund retirement income, one-off expenses and lifestyle purchases including holidays.

On bolstering Complete Mortgages’ Equity Release team, Lee comments: “Equity Release is a growing sector and there is a wide range of Equity Release mortgage products continually coming onto the market. With the CeRER qualification under my belt, I’m now able to offer Equity Release consultations at the highest level, manage the increase in Equity Release enquiries we’re receiving on a daily basis and reinforce Complete Mortgages’ reputation as an expert in this field.”

Mark Finnegan, Director at Complete Mortgages, adds: “Equity Release has proven to be a popular way in which to fund later years by a large section of society. Complete Mortgages’ Equity Release applications have increased substantially over the last 12 months and I only expect this upwards trend to continue. Lee’s certification will not only enable Complete Mortgages to meet this growing demand but it also reaffirms our position as a specialist mortgage broker.”

For more information or to apply for an Equity Release mortgage contact 01483 238280 or email info@complete-mortgages.co.uk.

Equity release mortgages revisited

Monday, 17th February, 2020
equity release

The equity release mortgage is becoming increasingly popular. It’s also playing a significant role in helping older people pay off debts and mortgages, with figures suggesting that equity release is seeing £10m ‘withdrawn’ from homes each day.

Those reading this who are new to the world of equity release may be asking themselves ‘what is equity release?’ and ‘how does equity release work?’ Well, if that is you, then read on as this quick guide to equity release mortgages will fill in any gaps you might have.

1. What is equity release?

Equity release is a way in which older people, typically those aged from 55-60 and upwards, can unlock the value of their home – or ‘cash in’ – without needing to actually move home.

2. How does equity release work?

There are two main routes into equity release: lifetime mortgages and home reversion plans.

The lifetime mortgage is typically the most popular route, and involves borrowing a portion of your property’s value at a fixed or capped interest rate. You don’t make repayments. Instead, you make a lump sum payment – which includes compounded interest – when the house is sold. There is an opportunity to get a lifetime mortgage with a drawdown option built in, whereby you can pay back the interest and sometimes even the capital, too.

Home reversion plans are generally geared towards those aged 65+ and will see a lender pay you a tax-free lump sum whilst allowing you to remain in the property – rent-free – until you die. When this happens, proceeds from the sale are split based on the percentage split agreed when the home reversion plan was taken out. If the property rises in value, so too does the amount the lender gets when the property is sold. Please note that Complete Mortgages does not give advice on home reversion plans.

3. How much can I borrow?

This will depend on your age and the value of your property. Your health is also likely to be taken into consideration. A good mortgage broker will be able to help you establish this once they have a clearer picture of you and fully understand your circumstances. As a Guildford mortgage broker that manages a high volume of equity release mortgages on a daily basis, we’ll be able to assist you at every step of the equity release mortgage application process.

4. What next?

Equity release mortgages are very individual-specific, so our advice to anyone thinking of going down this route would be to arrange a meeting with a specialist mortgage broker, who will be able to source a selection of competitive equity release mortgages for you.

Just make sure that you’re fully aware of any mortgage broker charges along the way. Complete Mortgages, for example, only charges a one-off flat fee of £699 and for that we’ll handle the entire mortgage application from the beginning until you receive the money.

Whether you’re looking for an equity release mortgage or any other form of complex mortgage, Complete Mortgages will be able to help. Contact the team on 01483 238280 or email info@complete-mortgages.co.uk.

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