Mortgage Advice? Look no further
Buying a house is normally the single biggest financial commitment you will make
And making the right decision will save you money.
However, before you can purchase a house you first need to achieve a mortgage offer.
Mortgage lenders will use an affordability calculator that will factor in your income and outgoings. Any other credit commitments will reduce the amount they will be prepared to lend.
The role of our in-house mortgage adviser is to help you to identify the lender who is most likely to agree to lend you the required amount you need. This is based on your personal and financial circumstances.
Since the launch of The Mortgage Market Review back in April 2014. Also the recent Mortgage Credit Directive from March 2016, the process has become much stricter.
Fixed rate or variable rate?
The main consideration when choosing a mortgage is whether to choose a fixed rate or variable rate. A fixed rate will remain the same for an agreed length of time i.e. a five year fixed rate will have the same monthly payments for five years, before being reverted to the lender’s variable rate. This might be ideal for a family seeking financial stability but may be inflexible for someone looking to sell their house in two years.
Payments on a variable rate mortgage fluctuate depending on the level of interest rates. This is generally linked to the Bank of England Base Rate. If the interest rate goes up, so do the payments on a variable rate mortgage; similarly, if the Bank of England announce a drop in the interest rate your monthly mortgage payment will go down too. Variable rate mortgage can give you lower initial payments, but have the scope to cost more if interest rates go up.
Stefan Olingschlaeger is our mortgage & protection specialist and has over 16 years’ experience within financial services and providing mortgage advice.
Cemap & Cefap qualified, Stefan previously worked as a personal banker, a financial consultant & now uses his financial experience & expertise to focus on mortgages and protection.
Stefan is also qualified in Buy to let Mortgages, Equity Release and ready and able to support and help you in this area.
If you would like a meeting with Stefan or simply have an initial telephone call to understand your mortgage & protection options, please contact 01273 922136 or email [email protected]
If you are interesting in Equity Release Stefan would be very happy to help you with this for more information please click here
If you are interesting in Buy to let Mortgages Stefan would be very happy to help you with this for more information please click here