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Your financial health is at the heart of our advice.
Remortgaging –
moving your mortgage,
not
your home
Once you've gone through the process of finding your mortgage - you probably won't be in a great hurry to do it all again!
However, a year or two on, it can be an expensive mistake not to look around the mortgage market to see what's on offer.
Lenders work hard to attract new customers, but often aren't so good at making sure their current borrowers continue to get
the best deal.
REMORTGAGE - A remortgage is a simple re-arrangement or renegotiation of
your existing mortgage arrangements.
REMORTGAGING to a new rate and lender could not be easier. Taylor
Made Mortgages will handle the whole transaction on your behalf. There are fantastic savings to be made by playing the remortgage
market, not just once, but throughout the full term of your mortgage.
LENDERS WILL OFTEN cover the cost of all the normal legal work and valuation
fee. Taylor Made Mortgages will investigate the most suitable remortgage to suit your needs and provide evidence by way of
league tables. This includes, advising you on the typical monthly repayments you may expect to pay, any hidden fees, the amount
you can save each month, any early repayment fees, and best of all - you can relax knowing that your mortgage and financial
health has been assessed by a Qualified Mortgage Professional.
If you are thinking about remortgaging - DON'T
DELAY - CALL NOW!
People who decide on a new mortgage should act fast in the current climate as lenders
swiftly change deals on offer, a number of brokers say.
Lenders are being careful to spread their custom across different mortgage products and are taking
more care over who they lend to.
It means competitive deals are being pulled at short notice and criteria are changing quickly, brokers
add.
They add that the situation has been gathering momentum since the new year.
More than a million fixed-rate deals, typically lasting for two years, are due to expire in 2008.
But banks, who increasingly lack access to money markets to fund additional mortgages, are issuing
fewer mortgages than last year.
Repayment worries
One in 20 of those on fixed rates say they have no idea how they will meet repayments when their current
deal expires, according to a new survey by body Mortgage Monitor.
The poll said 4% of people with fixed rate deals said that concerns over finances had affected their
performance at work and 5% had become physically ill.
People looking to buy a home also face more questions from estate agents wanting to be certain they
can finance the property they are buying.
Those who do not have the ability to give a large deposit are also finding that fewer deals are on
offer.
Lenders' caution
A lack of confidence in mortgage-backed investments, as a result of the sub-prime mortgage crisis,
has trickled down and means lenders are being more cautious.
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Mortgages in numbers
3 - number of lenders offering 100% mortgages to new customers
1 - lender offering 100% mortgages to existing customers
only.
88% - average loan-to-value level in January
41 - number of lenders who have cut their maximum loan since the start
of December |
State of the market
Mortgages greater than the value of a property have disappeared completely.
There are now only one or two lenders prepared to offer a 100% mortgage, compared to 33 in
December 2007.
But many other lenders have been quietly raising the minimum deposit they require, which is a particular
hindrance to first-time buyers.
Since the beginning of December 2007, 41 lenders - ranging from some of the biggest UK banks to relative
minnows - have reduced the size of the maximum loan they are prepared to make.
Many of these now demand a deposit of at least 10% from a borrower whereas before they might well have
been prepared to lend 95% or even more of a property's value.
New loans falling
Among the big lenders which have reined in their lending this way have been the Alliance and Leicester,
the Britannia Building Society, Co-op Bank, Northern Rock, Cheltenham and Gloucester (the mortgage lending arm of Lloyds TSB)
and most recently the Bradford and Bingley.
And some smaller lenders, such as local building societies, are equally cautious, now lending at just
65% or 75% LTV.
Our Experts are waiting for your call!
Your financial health is at the heart of our advice.
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