face2face-mortgages

Overpaying your Mortgage: Should you do it?

Wed, 04 Feb 2026 14:17:51 GMT

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Questions to Ask Your Mortgage Broker

Fri, 29 Sep 2023 10:11:11 GMT

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If you are looking for a mortgage, you will be faced with a decision: should you approach your bank directly or should you use a mortgage broker? It is certainly worth considering', but in our experience it is best to use a mortgage broker because they will have access to additional lenders and will make informed product recommendations based on your specific circumstances.

In rare cases, you may approach a mortgage broker who is unable to meet your needs. To avoid this, it is useful to ask your mortgage broker the following questions to determine their credibility and ability to provide you with a suitable service.

Let's look at the questions you could ask your mortgage broker.

Are You a Regulated Mortgage Broker?

The Financial Conduct Authority (FCA) provides regulation to the mortgage industry among other financial services. These regulations are designed to protect consumers from bad outcomes.

Being regulated by the FCA, like we are through Openwork Limited, is not cheap and brokers will need to pay fees before they can officially become regulated. This cost and ongoing regulatory fees have created a market of brokers who either forego paying the fees and operate unregulated or cut corners with regulations.

You should ask your broker two questions regarding regulation:

· Are you authorised and regulated to conduct your role as a mortgage broker?

· How many complaints have you had escalated to the Financial Ombudsman in the last year?

How Many Lenders Do You Have Access to?

Have you heard of Whole of Market mortgage brokers? You may be surprised that Whole of Market mortgage brokers may not have access to every lender in the UK. To be accredited as a Whole of Market broker a mortgage broker needs to have access to a range of products that represent the market for first charge mortgages.

Some Whole of Market brokers only have access to a handful of lenders in each respective field and may not actually be able to source you the best lender on the market for your circumstances.

A good question is to ask is how many lenders are on the broker’s panel?

This should be a good indication of whether your chosen broker has the scope to compare a wide range of lenders across all mortgage products.

Broker fees have now unfortunately become an industry standard as the commission that brokers make from selling products alone is often not enough to satisfy some brokers.

A mortgage broker fee can range from £0 all the way up to £2500 and beyond. Some brokers are particularly creative with how they charge fees, first applying a fee for advice and then charging an application fee.

An expensive mortgage broker can make thousands of pounds in fees per application. These fees do not equate to quality, you are not paying for a better service.

As the last point suggests, there are fee free mortgage brokers who provide top notch mortgage advice and extensive experience in arranging each type of mortgage. If you can find a fee-free broker, like Face to Face, with excellent reviews, you will save a significant sum in unnecessary broker fees.

What Type of Mortgage is Best for Me?

As mentioned earlier, brokers earn money from commissions paid by lenders. Some products command higher commissions and some lenders pay higher commission rates than others.

As a result, unscrupulous brokers may make a recommendation based on their commission income rather than advising on what is best for you.

Ask your mortgage broker for a recommendation and then ask them to explain their reasons for the advice. If there are cheaper products available that the broker has not recommended, ask them to justify their suggestion.

Sometimes the cheapest product is not the most suitable for you. A competent mortgage broker will be able to clearly explain why that is the case.

What Are the Current Interest Rates?

Rising interest rates at the moment are alarming for many borrowers and it is a good idea to ask your mortgage broker what rate of interest you can expect to pay at this time.

However, a mortgage broker will not be able to advise you on how interest rates will change in the future as they will largely be determined by external factors.

How Much Can I Borrow?

Affordability is always a concern for borrowers, particularly if you are buying a house for the first time. A good mortgage broker will be able to do a thorough mortgage calculation and advise you on the lenders who may offer the most.

Bear in mind that mortgage calculators use a standard formula to calculate affordability and most lenders have their own unique calculations that change regularly.

You may be surprised at how different your affordability comes out with your chosen lender compared to a mortgage calculator you find online.

How Much Deposit Do I Need?

Each affordability calculation will take into account the amount you can put down as a deposit. You can ask your broker to experiment with different deposit levels and find a deposit that meets your needs.

A reputable mortgage broker will be able to tell you the deposit sum required for you to be able to access a desirable interest rate at your given purchase price.

Will You Be Able to Arrange Insurance?

Some mortgage broker will have large panels of insurers in both areas to make your mortgage application process smoother. Having a wide panel of insurers also allows you to source the right deal for your insurance.

Speak to a Specialist

Face to Face is a Market Mortgage, Insurance Brokerage. We are part of The Openwork Partnership, who are authorised and regulated by the Financial Conduct Authority and we provide fee free mortgage advice. Book your mortgage consultation with Face to Face today.

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.

Approved by The Openwork Partnership on 18/9/23.

What to Do When You Inherit Property

Tue, 26 Sep 2023 09:33:00 GMT

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Inheriting a property is always a daunting prospect, and it can be extremely stressful if you are also dealing with grief. Knowing what to do when you inherit a property can help you understand the process and significantly reduce the stress and heightened emotion.

There are several factors to consider if you are inheriting property. First, make sure the probate process goes as smoothly as possible, and then decide what to do with the property.

This guide will teach you everything you need to know about inheriting a property.

What Happens if You Inherit a Property?

The first factor you will need to consider is whether you are listed as a beneficiary or the executor and beneficiary in the will.

If you are simply a beneficiary, then the process of probate becomes much less taxing providing you understand what the executor is doing and is not detrimentally harming your inheritance. A beneficiary will allow the executor to complete the probate and will receive the property when probate is complete.

If you are both executor and beneficiary, you will need to ensure probate completes correctly and assets are distributed according to the will.

When inheriting property, you should be aware of:

· Any existing mortgage or debt secured against the property

· Any inheritance tax liability

What Happens if You Inherit a Share of a Property?

If you inherit a share of a property, the will dictates how the share is split and arranged.

For example, the will might stipulate you are bequeathed 50% of the property with the remaining 50% going to a sibling.

The share will typically be arranged in one of two ways, either tenants in common or joint tenancy. In some cases, a will does not stipulate how the split is arranged so you will need to negotiate with the solicitor overseeing the property transfer and the person you share the property with to decide.

Bear in mind tenants in common and joint tenancy have different repercussions if you wish to live in or sell the property and you should ask your solicitor to outline the differences. For some, tenants in common will be ideal whereas others might find it detrimental.

How Does Probate Affect an Inherited Property?

Probate is the process of proving a will and administering the estate of a deceased person. The probate procedure is designed to settle the estate in full. This means allocating assets to beneficiaries and settling any outstanding debt.

In the first instance the property will be checked against public records to see if any charges are registered against it. Mortgage providers put charges on properties to ensure they recoup costs in the event that someone passes away.

Inheriting a Property with a Mortgage

If your property has no mortgage outstanding the inheritance process will continue unhindered. If a mortgage is outstanding, you will have to settle the mortgage before the property can be released to you.

There are several ways of repaying a mortgage that is outstanding on a property in probate:

· You can repay the debt from funds held by the estate if available

· You can repay the debt using your own funds

· You can take a bridging loan to repay the debt and then remortgage the property onto a when it has cleared probate

· You can ask the executor and solicitor to arrange sale of the property and settle the debt

Selling a Property Under Probate

The last option is not an ideal solution. In England and Wales, it is illegal to sell a property before the Grant of Probate has been issued. However, you can list a property for sale and accept offers so that when probate completes the sale then completes.

You can technically exchange contracts for a property transaction prior to receiving a Grant of Probate. However, we would advise against this as a Grant of Probate can take many months to be issued, which is outside of your control. To register the property with the Land Registry, a Grant of Probate will be required.

Tax Due on Inherited Property

Tax is treated in a similar way to any debt secured to the estate.

When you inherit a property, the solicitor will arrange for it to be valued alongside other assets in the estate. If this valuation contributes to the estate exceeding the inheritance tax threshold, the tax will be owed before probate can complete.

In cases where there is an inheritance tax liability you should hope that your loved one has had inheritance tax planning and created a will in a way that is financially prudent for beneficiaries.

However, we do not live in an ideal world and sometimes estates are not set up to accommodate inheritance tax liabilities. In these instances, you will need to either pay the tax from the estate or from your personal funds.

You may also be able to secure a bridging loan for the tax amount with the agreement that you will sell the property when it is released from probate or remortgage onto a traditional loan to repay the bridging finance.

Keep, Sell or Rent?

Once you have navigated the complex probate process you will ultimately be left with a property. What you decide to do with the property is then entirely at your discretion.

Selling a property is usually preferable if you want to free the cash tied up in the asset. If you jointly inherited the property, selling the property may not be an easy option depending on whether the other party wishes to sell. There is often sentimental value attached to inherited property which can make it an even more difficult decision to sell.

You may choose to rent out the property for ongoing monthly income. You will essentially become an accidental landlord. One benefit of retaining a property for letting purposes following an inheritance is that the additional rate of stamp duty land tax is not payable. This is because you are technically not purchasing the property. In addition, if you must remortgage the property on a buy-to-let basis to clear any outstanding debts on the estate, raising the mortgage is likely to be more straightforward than raising a residential mortgage. This is because buy-to-let mortgage lenders will largely determine the maximum mortgage amount available from the rental assessment of the property, rather than your income or financial commitment position.

Lastly, you may choose to live in the property. This is made simpler if you inherited the property outright but can be complicated if you only inherited a share. If the other party wishes to sell the property you may need to negotiate buying out their share and obtain a residential mortgage to do so.

Speak to a Specialist

Inheriting a property may be both a blessing and a curse, especially if the will is not up to standard or there is an inheritance tax liability.

In some cases, you will need to arrange finance to clear probate. This may be via a residential or buy to let mortgage.

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE

Some Buy to Let mortgages are not regulated by the Financial Conduct Authority.

HM Revenue and Customs practice and the law relating to taxation are complex and subject to individual circumstances and changes which cannot be

foreseen.

Wills are not regulated by the Financial Conduct Authority.

Approved by The Openwork Partnership on 10/9/23

How reliable is a mortgage in principle?

Tue, 19 Sep 2023 11:23:32 GMT

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If you're considering placing an offer on a property for purchase, it's probable that you'll be requested to furnish a mortgage in principle.

Acquiring a mortgage in principle is generally uncomplicated, but there are potential traps to steer clear of during the process.

This guide elucidates all the essential information about mortgage in principles and highlights several typical blunders to avoid.

Let's delve deeper into the realm of mortgage in principles.

What is a Mortgage in Principle?

A mortgage in principle is a certificate from a lender stating that you can obtain a mortgage with them subject to a full mortgage application assessment.

Sometimes you will find mortgage in principles are referred to by other names such as an Agreement in Principle (AiP) or a Decision in Principle (DiP). Whichever terminology your lender or broker chooses to use, the resulting document is the same.

A common misconception is that a mortgage in principle guarantees you a mortgage. In fact, you could consider a mortgage in principle as a rough statement of intent from the lender that they will lend you the money.

There are plenty of reasons why a mortgage in principle does not guarantee you a mortgage including:

Change in circumstances between the mortgage in principle and mortgage application
The desired property not being mortgageable
Changes in your credit score
Inability to provide required documentation to obtain the mortgage
Changes to the lender’s eligibility criteria

How Long Does a Mortgage in Principle Last?

When you receive a mortgage in principle it will state how long the lender expects it to be valid for. In general, a mortgage in principle is valid for 30-90 days, I believe most lenders do produce them for 90 days., however some lenders operate much shorter time frames.

It is important to understand that a mortgage in principle can be withdrawn at any time by a lender. This is especially the case where factors outside of the lender’s control come into play such as the Bank of England changing their base rate.

Once you have received your mortgage in principle you should use this to make an offer on a property as soon as possible to avoid circumstances changing and being disappointed by a lender withdrawing the mortgage in principle.

Does a Mortgage in Principle Affect My Credit Score?

Part of the process of getting a mortgage in principle will be the lender conducting a credit check on you (and anyone else party to the mortgage).

In most cases now, lenders will use a soft credit check which does not impact you credit score or even appear on your credit report. However, there are some lenders who will conduct a hard credit check to provide a mortgage in principle. These lenders tend to offer specialist mortgage products or mortgages to borrowers with adverse credit.

You should ask your lender or broker whether the mortgage in principle will be a hard or soft credit check. If you are told it will be a hard credit check you should bear in mind that further credit checks on your credit report can negatively impact your credit score.

A general rule of thumb is 3 hard credit checks in short succession will negatively impact your credit score. You will need at least two of those credit checks to obtain your mortgage, first at mortgage in principle stage and second upon your full mortgage application.

In short, it is advisable not to conduct other mortgage searches and avoid additional hard credit checks.

Is a Mortgage in Principle Enough to Make an Offer?

It is considered good practice for estate agents to see a Mortgage in Principle before passing offers to their clients to consider. This is because a Mortgage in Principle acts as proof of a buyer’s funds to purchase a property. Once an estate agent sees proof of funds for the full purchase price, they should be satisfied to inform their vendor of your offer.

Once you have a mortgage in principle it should be enough to make an offer on a property.

In rare cases, an estate agent may reject your mortgage in principle. For example, if they have been dealing with the property and have had a mortgage fall through from Santander because of the property type, they may decline a Santander mortgage in principle.

What Happens After a Mortgage in Principle?

After you have received your mortgage in principle you can make an offer on your desired property.

If that offer is accepted by the vendor, you can proceed to the full mortgage application and begin the formal process of buying the property.

If you are using a reputable mortgage broker, like Face to Face, they will have collected most of the information required for a mortgage application up front. This creates a streamlined process where you can call your broker and give them the go ahead without having to root around finding documentation.

Despite this, a lender may still request additional information and you should aim to provide this as quickly as possible to ensure the mortgage application proceeds expediently.

How Do I Get a Mortgage in Principle?

You can get a mortgage in principle by contacting your mortgage broker. They will conduct a fact find which is a detailed questionnaire about your financial and personal circumstances.

Once this information has been completed, the broker will look at your circumstances and match you with the most suitable lender. If you are happy with the product that the broker recommends, you can ask them for a mortgage in principle.

Once a mortgage in principle is completed you can have the document emailed to you. In rare cases a lender may wish to issue the mortgage in principle by post.

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE

Approved by The Openwork Partnership on 14/09/23

Does buying now and paying later affect your mortgage application?

Thu, 14 Sep 2023 13:09:11 GMT

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A debt deferred is a non-existent debt in your current financial situation, right? No, unfortunately, with mortgage lenders, a debt deferred is treated as a current debt, and Buy Now, Pay Later does affect your mortgage application.

How much it impacts your mortgage application depends on several factors, which we will outline in this Buy Now, Pay Later mortgage guide. The good news is that with a reputable mortgage broker, you may be able to source a mortgage with Buy Now, Pay Later, and oftentimes it will be less impactful than you might expect.

Let’s discover how buy-now, pay-later agreements affect mortgages in more detail.

What is Buy Now, Pay Later?

Buy Now, Pay Later is a type of finance agreement that is self-explanatory. You purchase goods or services and have a grace period between the purchase and making the payment. It is common to encounter Buy Now, Pay Later when buying furniture, fixtures, and fittings (like bathrooms and kitchens).

Sometimes these financial agreements allow for a small grace period, such as three months, and other times you may find the grace period very generous with your first payment on the debt being owed in two years’ time.

Often, the Buy Now, Pay Later schemes have a very low interest rate or 0% interest rate for the grace period. The aim of these is to clear the debt before interest is charged when the grace period ends.

Other Buy Now, Pay Later schemes have 0% or low interest rates even when the grace period ends.

It depends on how the lender sets up their finance agreements, and buy-now, pay-later deals vary widely. Providing they have compliant financial agreements, lenders have a great deal of flexibility about how they structure their products.

What About 0% Buy Now, Pay Later?

Most Buy Now, Pay Later deals have a headline 0% interest rate in the UK. This is because the 0% rate is attractive and reassures consumers that they are not incurring costs by deferring payment of the debt.

In fact, these deals are so popular that 60% of consumers in 2021 reported using Buy Now, Pay Later to finance a purchase.

https://www.bankrate.com/loans/personal-loans/buy-now-pay-later-statistics/

They are attractive by design, as many Buy Now, Pay Later schemes are extremely profitable for lenders, especially in the form of fees and interest being charged after a set time.

How Do Lenders View Buy Now Pay Later?

Lenders view all debt the same, regardless of the terms or how that debt is structured. There are many debts that are problematic for lenders. Examples of these types of debt are:

Buy Now, Pay Later
Hired purchase agreements
Credit cards (including 0% cards)
Store Cards
Overdrafts on bank accounts

The lender will assess two features of the debt:

The total amount of debt you have outstanding,
whether the debt becomes chargeable in the future, and at what rate

Bear in mind that a mortgage is a long-term commitment spanning many years. Even if you are not paying the debt today, you will be paying the debt before your mortgage term expires.

In cases where the Buy Now, Pay Later is a substantial amount of money owed, you may find that lenders decline your affordability. For example, if you are going to be paying £500 per month to repay the debt in the future, this can seriously impact your mortgage affordability calculation.

What About Adverse Credit and Buy Now, Pay Later?

Another factor that can enter the equation of Buy Now, Pay Later is adverse credit.

As mentioned earlier, finance companies find Buy Now, Pay Later to be very lucrative lending options, and it is not uncommon for people to experience some difficulty repaying their debt. Finance companies offering 0% finance rely on you failing to make payments or not keeping your payment schedule so they can charge fees.

Failing to meet a financial obligation will impact your credit score negatively, and mortgage providers will view you as a higher risk.

Ways to Improve Your Chances of Securing a Mortgage

You should consider doing the following if you have a Buy Now, Pay Later agreement:

Clear the debt entirely.
Improve your credit score to rectify any damage.
Discuss your situation with a Mortgage Broker.

In all cases, if you are aiming to maximise the mortgage sum available to you, it is best to clear debt before making a mortgage application, as then the outstanding figure will not negatively impact your affordability calculation.

You should also refrain from taking on any more borrowing to pay off the debt if you are planning on making a mortgage application. This is because using debt to clear debt is often redundant in the eyes of a mortgage lender and may worsen your credit file temporarily. As credit files can take up to 6 weeks to update, you may be in a situation where both debts show on your file, even though one has been repaid.

If paying the debt is not possible, you should discuss the situation with a mortgage broker, like Boon Brokers, who will guide you further.

Improve your credit score.

If your use of Buy Now, Pay Later, or similar types of credit like credit cards or store cards has affected your credit score, you should work to improve your score.

All major credit reference agencies outline clear ways to improve your credit score with tailor-made recommendations.

Not all recommendations are equal, and you may be advised to borrow more to extend your credit limit. Borrowing more in advance of a mortgage application is going to be detrimental unless you have the means to pay off the debt.

Speak to a specialist.

Mortgage brokers encounter all kinds of debt when conducting their business, and with the popularity of Buy Now, Pay Later, it is little wonder why this debt is so common.

A reputable mortgage broker will be able to assess how much Buy Now, Pay Later impacts your chances of getting a mortgage and make a recommendation for your personal situation. For example, some lenders are much more favourable to debt in their affordability calculations than others.

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE

Approved by The Openwork Partnership on 14/09/23

The Social Media Conundrum: First-Time Buyers at Risk of Inaccurate Information

Tue, 15 Aug 2023 15:04:42 GMT

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Introduction:

In today's digital age, social media has become an essential part of our lives, influencing various aspects, including how we search for information on important matters like buying a first home. Unfortunately, a concerning trend has emerged, as 8 out of 10 first-time buyers now turn to social media platforms for tips and advice. While the ease of access and instant gratification of information may seem appealing, this reliance on social media exposes these prospective buyers to the risk of inaccurate and misleading information. In this article, we delve into the potential dangers and offer practical solutions to navigate the overwhelming sea of social media advice for first-time buyers.

The Appeal of Social Media for First-Time Buyers:

The allure of social media lies in its vast network of user-generated content and the ability to connect with like-minded individuals. First-time buyers often seek out these platforms to gain insights from those who have already navigated the property market. While genuine experiences can indeed provide valuable insights, the danger lies in the potential spread of misinformation and opinions being treated as facts.

The Risk of Inaccurate Information

One of the main concerns with relying solely on social media for first-time buyer tips is the prevalence of inaccurate information. Various factors contribute to this problem, such as the anonymity of users and the absence of fact-checking mechanisms on these platforms. Advice given by well-meaning individuals may not necessarily align with professional advice, leading to potential mistakes or missed opportunities for first-time buyers.

The Impact on Decision Making:

The consequences of acting on inaccurate information from social media can be far-reaching. First-time buyers might make misguided decisions based on misconceptions about the real estate market, mortgage options, or legal aspects of property transactions. These decisions could lead to financial strain, legal disputes, or even a delayed entry into the property market.

Navigating the Social Media Maze:

While it is crucial to approach social media with caution, that doesn't mean first-time buyers should completely avoid seeking advice online. Instead, a more balanced approach is recommended.

a. Cross-Check Information: Verify the tips and advice you come across on social media through reliable sources such as government websites, accredited real estate agencies, or financial institutions.

b. Consult Professionals: Seek guidance from qualified professionals like real estate agents, mortgage advisors, and solicitors. Their expertise ensures you receive accurate and tailored advice for your specific circumstances.

c. Join Online Communities: Participate in reputable online forums or groups where industry experts actively engage with members and share valuable insights.

d. Educate Yourself: Take the time to educate yourself about the property buying process, mortgage options, and relevant legal considerations. Knowledge is your best defence against misinformation.

The Power of Prudence:

In their quest to buy their first home, first-time buyers must prioritise prudence over hasty decisions influenced by social media advice. Being cautious and well-informed is essential to avoiding the pitfalls that could jeopardise this significant investment.

Conclusion:

Social media undoubtedly offers a treasure trove of information, but it comes with inherent risks. First-time buyers should tread carefully, ensuring they validate the advice they encounter online before making critical decisions. By combining the insights gained from social media with professional expertise and self-education, prospective homeowners can confidently navigate the property market and achieve their dreams of homeownership.

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE

Approved by The Openwork Partnership on 26/07/23

Remortgaging Your Home Still a Smart Move in 2023 Amidst Rising Interest Rates?

Wed, 02 Aug 2023 15:04:58 GMT

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Introduction:

As the year 2023 unfolds, homeowners are faced with the challenging prospect of soaring interest rates, leaving many wondering if remortgaging their homes remains a wise financial decision. The real estate market is navigating uncertain waters, and prospective borrowers must consider several crucial factors before making any significant moves. In this article, we explore the implications of rising interest rates and delve into the key considerations for homeowners contemplating the possibility of remortgaging in 2023.

Understanding the Impact of Soaring Interest Rates

The prevailing economic conditions have led to a surge in interest rates, affecting mortgage deals across the board. As interest rates increase, existing mortgage holders might find themselves dealing with higher monthly repayments. This is particularly concerning for those on variable-rate mortgages, whose monthly commitments are susceptible to fluctuations in interest rates.

Weighing the Pros and Cons of Remortgaging

Amidst the turbulent financial landscape, remortgaging can offer potential benefits, but it also comes with its share of risks. Let's explore the advantages and disadvantages:

Advantages:

Securing a Fixed-Rate Deal: Remortgaging to a fixed-rate deal can provide stability by shielding homeowners from further interest rate hikes during the term of the fixed-rate period.
Accessing Better Deals: Some homeowners might find improved deals with lower interest rates or attractive incentives by remortgaging, potentially leading to substantial savings over time.
Debt Consolidation: Remortgaging can enable homeowners to consolidate debts by merging higher-interest loans into their mortgage and potentially reducing their overall monthly outgoings.

Disadvantages:

Increased Costs: Remortgaging involves various fees and costs, including arrangement fees, legal fees, and valuation fees, which can make the process expensive.
Eligibility Challenges: Homeowners with altered financial circumstances may find it challenging to secure favourable remortgage deals due to tightened lending criteria.
Potential Early Repayment Charges: Some mortgage deals impose early repayment charges, which could offset any potential savings if you switch before the current deal expires.

Evaluating Your Financial Situation:

Before committing to remortgaging, conduct a thorough assessment of your financial standing. Consider the following points:

Budget and Affordability: Calculate your monthly budget and ascertain if you can comfortably manage potential changes in mortgage repayments.
Credit Score: A good credit score is vital for securing favourable remortgage deals. Check your credit report for any inaccuracies and take steps to improve it if necessary.
Future Plans: Evaluate your long-term plans, such as potential home relocation or major life events, to ensure your chosen mortgage aligns with your future goals.

Seeking Professional Advice:

Given the complexities of remortgaging in a high-interest-rate environment, seeking guidance from a qualified financial advisor is paramount. An expert can analyse your unique circumstances, present suitable options, and assist you in making an informed decision that aligns with your financial goals.

Conclusion:

As interest rates soar in 2023, remortgaging your home is a decision that requires careful consideration. While some homeowners may benefit from locking in a fixed-rate deal and accessing better terms, others may face challenges with increased costs and eligibility criteria. Before making any moves, thoroughly assess your financial situation and seek professional advice to navigate the uncertainties of the current real estate market successfully. Remember, informed decisions can pave the way to financial security and stability amidst fluctuating economic conditions.

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE

Approved by The Openwork Partnership on 26/07/23

Busting Remortgage Myths

Tue, 18 Jul 2023 08:30:48 GMT

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Busting re-mortgaging myths.

Your circumstances have changed – will you be able to remortgage?

We all know life doesn’t stay the same. Our jobs, our relationships, our financial circumstances, they all evolve over time. So if our lives are constantly changing, why should our mortgage stay the same?

Your life may have completely altered since you last remortgaged. You might be earning more or less than before, earning from multiple sources, or become self-employed. You might even be looking to climb onto the property ladder as a first-time landlord.

Or you might be worried about how a County Court Judgement (CCJ) or past mortgage defaults might affect your credit rating, and your ability to remortgage this time round.

The good news is that help is at hand. With careful planning, and an in-depth review of your mortgage options, an expert mortgage adviser could help you secure a mortgage that fits your circumstances.

We’ve put together some common remortgaging myths below. If you think these might hold you back from securing a mortgage, think again – we might be able to help you find a mortgage for your specific situation.

Myth: you won’t be considered for a mortgage if you’re earning your income from multiple sources.

It could be overtime payments, earning commission or a bonus, returns from your investments or simply the fact that you’re working more than one job – it’s becoming less likely for people to earn their income from just one source. You may think that because your income doesn’t fit into a standard template, you won’t be able to find a mortgage. But this isn’t the case!

We have access to and can search the specialist market on your behalf. With our help, you may be able to find a mortgage as unique as you are.

Myth: if you’re self-employed, you have to wait three years or more before you can be considered for a mortgage.

That’s not always the case. With access to an exclusive panel of lenders, we can connect with specialists on your behalf. So don’t feel you’re automatically written off if you’ve been trading for just a year. It’s possible we can source a mortgage for you.

Myth: lenders will only accept buy-to-let mortgage applications if you already have a mortgage.

Often, first time buyers will take out a residential mortgage and change it to a buy-to-let mortgage, which builds up their credit rating. But while it helps to already have a mortgage in place, it’s not an absolute necessity. You may have never needed to take out a mortgage because you’re living with a partner or parents. Whatever your circumstances, don’t let them put you off. Speak to an adviser, as they can help you find the right lender and guide you through the mortgage process.

Myth: you won’t be able to get a mortgage if you’ve recently had a County Court Judgement (CCJ) or defaulted on your mortgage payments in the past.

Whilst it’s true this could affect your mortgage deal, there are specialist lenders out there that will look at your individual circumstances. Certain factors will be taken into consideration, such as how long ago the CCJ or default happened, or whether you’ve had any trouble with your finances since then. An expert adviser will be able to help you through the process, so while it may feel dauting, it’s absolutely doable!

Whoever you are, seeking advice is a good thing.

Whatever your situation, it makes sense to get a helping hand from a mortgage adviser. We look at all circumstances and have access to a wide range of mortgages: from those not on the market, to those that are only available from specialists and sometimes harder to track down. An expert in your corner can find a solution that’s completely tailored to your needs.

Ready to get started? Speak to an expert adviser today.

Your home may be repossessed if you do not keep up repayments on your mortgage.

Some Buy to Let mortgages are not regulated by the Financial Conduct Authority.

Approved by The Openwork Partnership on 05/05/23

Worried about mortgage lenders withdrawing their products and deals?

Mon, 03 Jul 2023 09:39:01 GMT

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Worried about mortgage lenders withdrawing their products and deals?

The mortgage market is going through another unpredictable time with mortgage lenders withdrawing mortgage deals and increasing rates in a reaction to the recent news that inflation is slowing at a less- -than-expected rate.

Do you need to remortgage now?

If you’re due to remortgage now, don’t panic! The good news is that help is at hand.

Despite the recent withdrawal of some mortgage products and rates, we still have access to thousands of mortgage rates and can search an extensive panel of lenders for you, finding deals and options that you may not have even considered. We’ll also be saving you hours of searching time and mortgage comparison headaches.

Speaking to an adviser can help during these unpredictable times

If you’re worried about remortgaging, seek mortgage advice from an expert. We have our fingers on the pulse of the mortgage market and are equipped with in-depth knowledge of the different mortgage products on offer. Our insider knowledge can make your remortgaging process simple, so are you ready to find the right mortgage for you? Speak to us today.

Call Us Today on 01706 754949

Your home may be repossessed if you do not keep up repayments on your mortgage.

Approved by The Openwork Partnership on 12/06/2023

Life after your Fixed Rate mortgage. Why plan ahead of your fixed rate ending?

Mon, 26 Jun 2023 12:55:12 GMT

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The earlier you plan your remortgage, the more mortgage options you have! And in the current economic climate, it really does pay to know your options. An expert adviser can find the deal for you.

If you’re due to remortgage in the next year or so, take a look at our handy list of does and don’ts that will help you plan ahead with confidence.

- DO give yourself time to weigh up your options . Leaving anything to the last minute can be incredibly stressful – even more so when it’s something as important as your mortgage! Take a weight off your shoulders and give yourself plenty of time to look at what’s available – it’s worth speaking to an adviser so you can get the ball rolling.

- DON’T accept the first deal you find. Keep an open mind, it can be very tempting to snap up the first mortgage you see that looks good. But there are so many different mortgages out there – some of which you might not even have considered! We’d recommend getting the help of an expert adviser to help you find the right deal. Which brings us to…

- DO seek the help of a mortgage adviser to help with the search and application process. There are so many mortgage options on the market, it can feel a bit overwhelming. With the help of an expert adviser, you can choose with confidence. We’ll help you through the whole remortgaging process – from choosing a good fit, to going though the small print and completing the process. Plus, we’ll save you time spent searching, as well as mortgage comparison headaches.

- DON’T assume you have to stay locked in a deal before you remortgage. If you secure your rate early and then find an option that suits you better, you can change your mind and go for the new deal. The vast majority of lenders won’t lock you into a deal before your expiry date, which gives you the best of both worlds. If rates rise after you’ve chosen a deal, you will have secured the most competitive one available and should hold onto it throughout the mortgage application process. If rates reduce, your adviser will inform you and simply switch to a lower rate before you complete. Either way, you can sit back and relax, knowing we’ll have you covered.

- Do think long term. Early Repayment Charges (ERC) apply when you want to repay your mortgage early or pay your overpayment allowance. In some cases, paying the ERC (at 1% or 5%)* and securing a new rate straight away might actually save you money in the future. This is because you won’t be waiting until rates have increased, which could affect your next mortgage product.

- Don’t default! If your current mortgage expires and you haven’t got another option in place, you’ll automatically roll onto your lender’s default rate – often at a higher standard variable rate. Avoid spending money where you don’t need to, and make sure you get in touch with a mortgage adviser. We can help you get another mortgage option in place when your current one expires.

Get a head-start on the remortgaging process with an adviser from Face to Face Mortgages.

Whatever stage you’re at in the remortgaging process, a mortgage adviser can expertly guide you on your way. We’ll compare a huge range of lenders and mortgages on your behalf, finding a solution that’s completely tailored to your needs.

Ready to plan your next remortgaging steps? Speak to an expert adviser today.

Call Johnathan on 01706 754949.

* https://www.unbiased.co.uk/discover/mortgages-property/remortgaging/how-do-early-repayment-charges-work-and-how-can-i-avoid-them

Your home may be repossessed if you do not keep up repayments on your mortgage.

Approved by The Openwork Partnership on 28/04/23

Securing a Mortgage with a New Job in the UK: A Comprehensive Guide

Thu, 25 May 2023 14:39:20 GMT

Navigating the path towards homeownership in the UK can seem daunting, especially when you have recently started a new job. However, securing a mortgage with a new job is entirely possible with the right approach and adequate preparation. In this blog post, we will provide you with valuable insights and practical tips to help you increase your chances of getting a mortgage in the UK, even with a new job.

Maintain a Stable Employment History While lenders often prefer borrowers with a stable employment history, having a new job doesn't automatically disqualify you from obtaining a mortgage. It's important to demonstrate stability and reliability to lenders. If you've recently changed jobs, try to maintain a steady employment history for at least six months before applying for a mortgage. Consistency and a good employment track record will help instill confidence in lenders regarding your ability to make repayments.
Assess Affordability Before approaching lenders, evaluate your financial situation and determine how much you can afford to borrow comfortably. Take into account your new income, existing debts, monthly expenses, and potential changes in your financial circumstances. Use mortgage affordability calculators available online to estimate the loan amount you may be eligible for. This step will help you understand your financial boundaries and ensure that you approach lenders realistically.
Save for a bigger deposit. One effective way to improve your chances of securing a mortgage with a new job is by saving for a larger deposit. A bigger deposit demonstrates your commitment and reduces the lender's risk. By increasing the amount you put down, you can also access more competitive interest rates and potentially avoid private mortgage insurance. Strive to save as much as you can, aiming for a deposit of at least 10% to 20% of the property's value.
Strengthen Your Credit Score A healthy credit score greatly influences your mortgage application's success. Ensure your credit report is accurate and up-to-date by obtaining a free copy from credit reference agencies like Experian, Equifax, or TransUnion. Pay all your bills on time, minimise unnecessary credit applications, and keep credit utilisation low. These steps will help improve your creditworthiness and enhance your chances of securing a mortgage with favourable terms.
Approach Specialist Lenders If you encounter challenges obtaining a mortgage from mainstream lenders due to your new job, consider exploring specialist mortgage lenders. These lenders are more flexible in their criteria and may have products specifically designed for borrowers with unique employment circumstances. Specialist lenders can assess your individual situation and provide tailored mortgage options that cater to your needs.
Provide comprehensive documentation . To strengthen your mortgage application, ensure you have all the necessary documentation readily available. This includes proof of identity, an employment contract, payslips, bank statements, and any additional financial information requested by the lender. Providing comprehensive documentation will help establish your financial stability and enable lenders to assess your application efficiently.
Seek professional advice. Navigating the mortgage landscape can be overwhelming, especially for first-time buyers or those with unique employment circumstances. Engaging the services of a qualified mortgage broker or financial advisor can provide invaluable assistance. They have expertise in dealing with complex situations and can guide you through the mortgage application process, increasing your chances of success.

Conclusion Securing a mortgage with a new job may require some additional effort, but it is certainly achievable. By maintaining a stable employment history, assessing affordability, saving for a larger deposit, strengthening your credit score, approaching specialist lenders, and providing the right information you can secure the right mortgage for your needs.

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR

MORTGAGE.