Category Archives: Mortgages

For many retirees – as well as those considering their retirement plans – their home is likely to be their largest asset. In an environment of high inflation and low savings rates, money can be tight for pensioners, but misconceptions about equity release plans might prevent retirees from unlocking the value tied up in their home. Research by Safe Home Income Plans (SHIP), the trade body for equity release providers, has found a number of myths that persist about equity release plans. Continue reading →

Today could see the start of a price war in the mortgage market as an amazing 5 year fixed rate was introduced at 3.89% by a high street lender, with free legal fees and valuations for re-mortgages. The deal is only for those who want to borrow up to 70% of the value of their property, reflecting the fact that although the market does still see some property price falls ahead the risk of them falling by 30% or more is limited. Continue reading →

Most mortgage providers offer introductory discounts to attract borrowers that help to minimise the amount you pay each month when you first buy a house. However, once this introductory discount with a lender ends, you will revert to their standard variable rate (SVR) of interest. Continue reading →

Despite house prices falling recently, they are still very high in terms of affordability. So, does it make sense to sit on the fence in the hope that they will fall further or do you get on and get in to somewhere you can afford now? Continue reading →

As house prices rose over recent years, and both annuity rates and the interest paid on cash savings declined, specially designed equity release schemes became more popular with those in retirement. These schemes work by lending you a cash sum against the value of your house which is then paid out either as a monthly income or a lump sum. Continue reading →

The mortgage market is highly competitive and lenders constantly bring out new deals. They are required to provide Key Facts and illustrations, but many can only provide information – they cannot give advice on whether their loan or another provider’s is best for you. In the UK, residential mortgage advice is regulated by the Financial Services Authority. Advisers use their research skills and sourcing systems to keep up to date with details of all the latest mortgage products so they can find the best rates and deals – and explain which one will best suit your requirements. So, if you want someone to do the hard work, ask an independent expert. Continue reading →

Making overpayments on our mortgages is something we don’t do enough of in this country – yet simple discipline could save a huge amount of money and form a basis on which to bring your retirement age forward. Making overpayments on your mortgage is one of the most effective ways to save money in interest and pay it off early. Continue reading →