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Be in control of your home

17th June 2019

Is it time to start implementing your property (and protection) plans?

After the Financial Crash of 2007/8, a lot of homeowners had to hold off implementing long term plans, such as moving houses, renovating their existing homes by adding an extension or modernising their kitchen etc.

Now that the UK economy is more secure, many people are starting to look at ways to save more money to improve their lifestyles. If your mortgage has now reverted to a standard variable rate, you could benefit from remortgaging your property onto a lower fixed rate.

Where we can help

If you are thinking of a house move, renovating your current home, buying your first property, owning a buy-to-let property, considering equity release or wanting to get a better mortgage deal the Gale and Phillipson mortgage team will be able to assist.

Whatever your reasons, it can be a confusing process with so many different mortgage products out there, so it probably comes as no surprise that most seek advice, with 80% of mortgages being advised and 50% of all mortgages going through intermediaries in 2016.

Interestingly, the increase in competition amongst lenders has meant that a decade on from the financial crisis, average mortgage rates have almost halved! Which is great news for homeowners.

Elsewhere, current UK property prices will also be a consideration. Annual growth remains subdued at 0.9% – albeit regional variations would apply.

It is also vitally important that you consider protecting yourself and your family by taking out protection insurance cover. Similar to mortgages, there is a wide and innovative range of protection options on the market. Our mortgage team will be able to help you select the most appropriate protection cover for you.

Mortgage Prisoners

There are currently around 150,000 homeowners who are considered to be mortgage prisoners. These borrowers are stuck on their Standard Variable Rate, as they don’t meet the strict affordability criteria to get a better deal. There have been some changes politically, and by regulators and trade bodies to try and help these homeowners out. As the situation is now improving there may be options available to you.

Use our mortgage calculator for an indication of what your mortgage repayments may look like.

See our latest mortgage deals for an indication of the latest mortgage offers available.


Reference – BL066 – June – 2019

Source:

https://www.ons.gov.uk/peoplepopulationandcommunity/healthandsocialcare/healthandlifeexpectancies/articles/whatismylifeexpectancyandhowmightitchange/2017-12-01

https://www.thisismoney.co.uk/money/mortgageshome/article-6821587/Mortgage-rates-HALVED-financial-crisis-new-report-reveals.html

https://www.nationwide.co.uk/-/media/MainSite/documents/about/house-price-index/2019/Apr_2019.pdf

https://www.bbc.co.uk/news/business-47703746

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Gale and Phillipson Investment Services Ltd, Gale and Phillipson Advisory Services Ltd, Gale and Phillipson General Financial Services Ltd are all authorised and regulated by the Financial Conduct Authority (Reference Numbers 431387, 142752, 195080) and trade under the name Gale and Phillipson. Gale and Phillipson (SE London) Ltd is authorised and regulated by the Financial Conduct Authority (Reference Number 195522) and trades as Indigo Financial Advisors. Registered in England and Wales numbers 05409822, 02232959, 03751076 and 04077157. Registered office: Gallowfields House, Fairfield Way, Richmond, DL10 4TB.

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