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About the Author

Malcolm Davidson

Managing Director of UK Moneyman Ltd.

Malcolm Davidson

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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Remortgaging in Today’s Market & Later Life Mortgages

As first seen in our February 27th 2023 market update newsletter.

Remortgage Deals

We have been noticing that some lenders have started writing out to clients well in advance of their deals coming to an end. This is a change as they used to leave it until 2-3 months prior to the remortgage being due.

Whilst it certainly is to be welcomed that lenders are encouraging clients to look for a new deal rather than lapse onto the standard variable rate (especially now some are in advance of 7%!), borrowers should be careful about locking in too early without a broker on their side. This is because interest rates have been falling in recent weeks and locking in now might be a bit premature in some cases.

What we do for all our clients is to compare the new deal on offer (these are called Product Transfers) against the deals offered by competitor lenders. to see if money can be saved by switching. It is also possible with some Lenders to select a rate now and change it nearer the time.

It certainly can be a bit of a minefield so I would recommend you take up our offer of a free remortgage review, and we will guide you in the right direction to avoid any expensive errors.

Later Life Mortgages for those Aged 50+

Whilst the adverts you see on TV might have you believe older clients asking about Equity Release mortgages are away gallivanting on world cruises, the reality so far this year has been mature borrowers reaching out for assistance to cope with the rising Cost of Living.

Everything has been going up and even if inflation flattens out or reduces during the remainder of 2023, that won’t mean prices in the shops will be coming down, just that they will be increasing more slowly.

Whilst it certainly is far from ideal to be raising capital to cope with everyday living costs, it might be right in certain situations, but before proceeding it’s important that you speak to us about all the other options, which might include help from charities and other non-lending alternatives that might well save you thousands of pounds in rolled up interest.

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About the Author

Malcolm Davidson

Managing Director of UK Moneyman LTD

Malcolm Davidson

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.

Learn More

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UK Moneyman Limited is Registered in England, No. 6789312
Registered Address: 10 Consort Court, Hull, HU9 1PU.

Authorised and Regulated by the Financial Conduct Authority.

We are entered on the Financial Services Register No. 627742 at www.register.fca.org.uk

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