We care about your financial situation and have ways we can help

The mortgage market remains uncertain with lenders putting up rates and withdrawing deals. As a consequence, if you’re seeking a new deal, you could be faced with higher costs. 

If you’re feeling concerned, our qualified and friendly mortgage advisors are on hand to talk through your current situation, offering advice that you can trust.

Mortgage advice that is as safe as houses 

There are a number of potential options available to you, together we can review your financial circumstances with a view to help find a solution that’s right for you. 

Firstly, check your current mortgage deal

If you’re on a fixed rate, it pays to know when your mortgage is coming to an end. We will advise you to do this so that we can talk through your available options. 

As long as your current deal is within 6 months away from its end date, we can apply for a mortgage on your behalf on the rates available now. We will instruct the lender to hold off on completion until your current deal expires so you won’t incur any early repayment charges.

Think about an interest-only mortgage

With this type of mortgage, you only pay the interest on the amount you borrow. This means your outstanding mortgage balance will not reduce (unless you make any overpayments), but it could help to reduce your monthly payments if your financial situation feels tight right now. 

Lenders would usually need a repayment plan to demonstrate how you intend to pay off the debt. However, we may be able to negotiate switching to interest only for a short period of time, reverting to a full repayment mortgage when the potential monthly loan cost becomes more manageable or when you need to remortgage for a new deal.  

Our advisors will talk you through whether this option would suit you and your circumstances, now and in the longer term.

Consider extending the mortgage term

By lengthening the term of the mortgage loan, the amount of debt is spread over a longer period, bringing down the cost of the monthly payment. The term can be reviewed whenever you remortgage and potentially shortened if rates drop or your income and affordability improve. 

However, by extending the term, it’s important noting that this would increase the total amount of interest due over the lifetime of the mortgage. This means you will end up paying more to borrow the same amount unless you make overpayments or reduce the term at your next mortgage review.

Debt consolidation

If you have other debts, including loans and credit cards, and feel that your outgoing costs are too high, an option could be to pull your debts in to one monthly mortgage payment. This may help you to pay off high interest loans and regain better control over your finances. 

However, this is not always the right solution to debt problems, it’s important to note you will be securing current unsecured debt against your home, and could mean you end up paying more over the mortgage term. 

Our advisors can help demonstrate the different costs and advise you on an appropriate solution tailored to your individual situation. 

You are not on your own. We are here for you whenever you are ready

We are available to talk during the day, in the evening and at weekends to discuss your situation and to answer any queries you may have. 

Our advisors have access to specialist mortgage lenders not found on the high street widening our chances of finding a solution that matches your needs and circumstances. 

We are here to provide help and advice whenever you need us, either on the phone, by email or by using the contact form below. 

Sources
* https://www.bbc.co.uk/news/business-65931132
https://www.whatmortgage.co.uk/remortgage/rising-mortgage-repayments-five-ways-to-cushion-the-financial-blow/ 

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