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With so many mortgage products from so many mortgage providers it pays to take independent advice from the whole of the market.
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The latest investment report from Prospect Wealth Management
In summary:
- Economic forecasts for global growth have been nudged up in the past month – it’s not all gloom and doom.
- Debt problems are still with us and you should expect equity market volatility in coming months.
- Politicians are under popular pressure to shift policy towards growth rather than austerity.
- This means we are favouring equities over bonds, particularly as equities represent better value.
- Alternative investments are struggling, but we see opportunity in international property and have invested accordingly.
Download the full Investment Prospects April 2012
Prospect Wealth Management brings the highest standards of professional investment management to the individual investor, charities and trusts.
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I contributed to the Financial Times Adviser recently in a story about a lender improving its remortgage product for pensioners.
National Counties has reduced the completion fee of its 10-year fixed rate mortgage to £495 and expanded the available repayment term, as well as granting the ability to repay up to 10% of the original advance each year.
At Limetree we normally only recommend products longer than five-year fixed when the client has a fixed income. But this product from National Counties suits people with 10 or 15 years to run on their mortgage even as they enter retirement. It could even allow them to use part of their pension to pay it off a bit sooner.
The age limit for the remortgage is 75. There are not many products like this for senior homeowners, so the enhanced deal is very welcome. They are offering a rate of 4.19% up to 25% loan-to-value.
National Counties is a small niche lender that has always seemed thoughtful. If you have built up 75% equity in your home and are into your retirement, remortgaging with them will allow you to pay off the rest of your mortgage at a superb rate.
Contact Limetree to find out more about the conditions.
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If you are a first-time buyer, it can be a daunting task getting a mortgage. If you have not borrowed money before, you may not have built up enough of a credit history to satisfy lenders.
But a change in the way that credit reports are calculated might help you out.
One of the UK’s three credit reference agencies is set to take consumers’ rent payments into account in credit reports. Experian is launching Rental Exchange to include tenants’ rental history, in the hope that it will strengthen their credit ratings. (Rent payments will only be included in reports with consumers’ permission).
This means that if, like most first-time buyers, you have been renting for some time – that could now count towards your credit history.
Of course you need to pay your rent on time, although Experian have said that in the case of genuine disputes over a missed payment, the information will not appear on a tenant’s record until it is resolved. The company will also safeguard credit records from being affected by late payments of housing benefit.
This is a positive move from Experian. For many people who have not yet built up a credit profile, this is a chance to improve their ranking. It will also emphasise to tenants the importance of paying rent on time. Their payments will, in effect, be like a mini mortgage.
For more advice and help getting a mortgage for the first time, contact us at Limetree. We are happy to help in any way we can.
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It used to be considered to be the preserve of the super-rich or of clients willing to take very high risk positions. However, in recent years, we’ve seen the market for bridging finance expand rapidly.
Bridging finance is usually an interim loan, arranged quickly to cover the gap between expenditure (such as buying a house) and the next stage of financing (such as selling). It is becoming a convenient way of making a deal work. Although the costs are still relatively high, the opportunities it can open up mean we are seeing more enquiries for bridging from people in all sorts of situations.
Traditionally bridging has always been seen as a chain-breaker in property sales. However, more and more we are seeing it used for:
- Investment purchase
- Short-term cash flow
- Home improvements
- Business use
These days there is a wide variety of bridging products available:
- Loans from £30k to £5 million
- Rates from 0.85% pm
- 1st and 2nd charges available
- Daily interest, with interest payable monthly or effectively borrowed as part of the loan
- No exit fees
- Terms from 1–23 months, with one lender even offering a 3-year bridge
Bridging finance is not for everyone, but is more versatile than it used to be. Why not call us to find out if it could help you with your next property move or development?
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Last year figures came to light showing that over 12 million consumers had never switched any of the 20 most common financial products.
These include car insurance, home insurance, their energy provider, credit card and mortgage lender.
13.8% of consumers had never switched their home insurer. As the UK Insurance Index said:
This is interestingly juxtaposed to the fact that 81 per cent of Brits are hoping to save money this year with 22 per cent citing bills and the rising cost of living as their biggest financial worry.
With another year well under way, now is the time to get in touch with us at Limetree Financial Services to assist you and take all the stress and hard work out of shopping around for mortgages and insurance.
We are whole of market for both and have a panel of 40+ insurers who can underwrite the most simplest or complex of policies for you. These include non-standard construction types, specialist landlords or just your basic home insurance, which can be tailored specifically for your requirements.
With all the financial news of further doom and gloom this year, let us help save you money and time.
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