Frank’s Mortgage News

Paying £5,000 too much A YEAR for your mortgage?

Paying £5,000 A YEAR too much for your mortgage? Get a free, independent, assessment from the team at Star Mortgages. It’s estimated that millions of homeowners are wasting as much as £5,000 – a year – in mortgage interest payments, simply by failing to switch to a cheaper mortgage deal. Many of these borrowers say that the difficulties they encountered when they obtained the initial loan (lending criteria is pretty stringent these days) , has really put them off looking at other mortgage options. Many took out either a good (at the time) fixed rate, a tracker rate or a ...
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Budgeting For My New Mortgage – A Definitive Guide

In the excitement of buying a property, it’s easy to forget to delve into the possible fees involved, over and above the purchase price, this can sometimes lead to people getting a surprise or, as happened recently to pull out of the purchase – they hadn’t checked the amount of Stamp Duty due. This is a short article to highlight the fees/expenses you should budget for when buying a property. When remortgaging, there may be an arrangement fee and/or survey costs but more and more lenders now offer ‘fee-free’ remortgages and, if you are receiving free, independent, mortgage advice, with ...
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Mortgages – The Brexit Effect

Soft or Hard? Not a major decision to make when, for instance, deciding on how you want your morning boiled egg? Where Brexit, our exit from the EU, is concerned, however, speculation on our type of exit – Soft or Hard – is affecting all aspects of the UK’s financial world, mortgages included. Even when we eventually know which option we’re taking their are likely to be major ripples throughout our financial sector – including mortgages. Book that Fixed Rate?
Recent figures from the Bank of England show an 18 month low in mortgage approvals attributable to aftershocks from the ...
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Getting a mortgage – Give yourself a headstart

Plan ahead for your mortgage (or remortgage)
Sounds like common sense, doesn’t it? But, over many years, we’ve seen people who, with a little more forward-planning, would have had a much quicker, and less drawn-out experience when applying for their mortgage/remortgage. And, in some (no too common, thankfully) cases, would not have had their mortgage/remortgage declined – or lost out on the property due to delays in getting any kind of assurance that a mortgage is likely to be available. A good mortgage adviser will always, on first conversation, advise the prospective client on the steps to take, pre-application ...
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The Interest-Only ‘Timebomb’

Is ‘timebomb’ an appropriate phrase to use? Yes, I believe it is. With some people having absolutely no repayment strategy in place – others with a strategy that is nowhere near enough on track to meet the outstanding balance, we are going to see a great many people either having to sell, downsize or, if they have time on their side, switch to Repayment (Capital & Interest) mortgages. Tighter affordability criteria as a result of the Mortgage Market Review now means that certain groups are finding it much more tricky, such as older borrowers/borrowers on limited incomes, the self-employed, etc, ...
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