July 2023 – Need a Mortgage in July? 🏡

🤔 Current Mortgage Rate Ending Soon?

The UK’s largest mortgage lenders and the Financial Conduct Authority have agreed with the Chancellor a set of standards that they will adopt when helping their regulated residential mortgage borrowers worried about higher rates.

This is called the Mortgage Charter and the Lenders who have signed up are agreeing to let all customers lock into a deal up to six months ahead.

We strongly recommend all customers let us effect the switch on their behalf, we are then responsible for the advice to ensure you end up on the most suitable mortgage and our advice is to get your new deal locked in at the earliest opportunity as more rate rises could be ahead.

If your current mortgage deal is ending on or before 31st December 2023, please click the button below, it’s a free service.

🏡 Purchasing a New Property?

First time buyers and home movers shouldn’t be put off by the rising interest rates, it is part of the cycle and if you are in rented accommodation, you have been lucky if your landlord has been able to hold off putting up your rent.

It’s an opportunity to offer lower than the asking price and secure a good price for your new property. Sellers may be more willing to accept a lower offer in this current market and they will be looking to recoup their “loss” on their onward purchase.

There will always be people out there that need to move so transactions will continue to take place through the remainder of the year. Also, house prices seem to be holding up well.

If you can knock even £5,000 off the asking price, this works out at >£200 saved per month over 2-year period. It all helps towards your budget. Our mortgage advisors can help with your negotiations and help save you money.

We work for you, not your estate agent, we’re on your side and want to get you the best deal!

💭 Later Life / Equity Release Plans (Age 50 to 90+)

We have found that the later life and equity release mortgage market has not been quite as volatile as the rest of the industry with lenders still giving plenty of time from customers receiving an illustration to needing to apply at the same rate.

More conventional lenders are making their mortgages available to older borrowers, but care and a thorough advice process is needed to avoid the pitfalls.

One outstanding piece of good news for older homeowners who installed spray foam insulation to try to combat the rising cost of living is that we can now raise funds against these properties.

The spray foam will still need to be removed but only after funds have been released, easing the burden on many.

We’re happy to talk about the range of later life and equity release products that are available and answer any questions. This guide, what is equity release might help also.

Written by
Malcolm Davidson
Managing Director of UK Moneyman Ltd.
MAQ & CeRER Qualified

27th November 2023

About the Author

Malcolm Davidson

Managing Director of UK Moneyman LTD

Malcolm is one of the UK’s most well-known and respected Mortgage Advisors. He is passionate about providing a 5* customer experience and he has also trained and mentored dozens of fellow Advisors in a career that is now in its third decade.

In addition to his day to day duties as Managing Director, Malcolm still gives out mortgage advice and feels lucky that his job is also very much his hobby.

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