UK Remortgage brokers - 9 Top Tips

Here are a few top tips for getting the best out of your lender and UK re-mortgage brokers.

This is not an exhaustive list but is a useful guideline:

1. Start the process early enough to give yourself some breathing space
   
2. Ask what re-mortgage deals are available and what should you be looking out for?
3. What rate of interest will your product carry?
4. How much will you save, if anything, on my new mortgage rate?
5. What is the standard variable rate (SVR) that the mortgage will revert to?
6. What are the new monthly repayments?
7. What is an annual percentage rate (APR)?
8. Are there any early redemption charges (ERCs) or exit penalties?
9. Does the mortgage carry any arrangement fees?
10. How long will the whole remortgage process take?

If you are one of the people who is currently on a fixed rate, your bank or lender will normally offer a new arrangement. Be on the lookout for a higher monthly payment, current rates are not as good as they have been but there are still good deals around.

Be aware that going back to your lender may not be the best approach because they are only able to offer loans from their own portfolio.

Even though a lot of products have been withdrawn it isn't all gloom and doom. There are still something like 4000 products available.

There are a number of good UK re-mortgage brokers that should be able to advise on the best course of action.

Happy hunting

Top UK Economic Indicator to be Flattened by Council!

What, I hear you ask, has my local council got to do with an economic indicator?

Well my dear and inquisitive friend quite a lot in a way. Don't worry too much though, because there are lots more where this came from.

The economic indicator in question is the car park that we use every Saturday morning at precisely the same time every week. I know I still haven’t answered your question have I?

Well, my point is this, there are clues about lots of things out there. What we and I guess The Bank of England sometimes lack is the ability to see things with fresh eyes.

I remember many years ago when the Country and it's economy was teetering around like a drunken sailor that the car park (which was normally full at this time) was not as full as it normally had been.

The beauty of this particular monetary mechanism is this;

The car park doesn't move, it is fixed where it is.
The day of the week remains the same (Saturday)
The time remains the same (10:11) thats when we get there;-)
The variable of weather doesn't seem to have much effect

Nope, the only thing that really changes is the number of cars parked there at that time. Car's are driven by people. People buy things. Buying things keeps the economy going. We all get a bit richer. Simple really!

People are creatures of habit and yes I know that we all have to live but ....if my observations are correct?

My frustration is that Swindon, my local Council have decided that we need to regenerate and my dearly beloved car park has to go.

Oh well, time to recalibrate and find a new one I suppose:-(

Happy shopping!

Steve

FTSE up down or sideways

There has been much commentary recently about the FTSE and it's poor start to the year. Some believe ut will go up in the summer as interest rates drop and others talk about it going down when support drops below XXXX points.

Question; So, who is right?
Answer; I don't know.

This blog by the way does not constitute advice in any way shape or form, I will leave that to erm... experts!

As sure as eggs is eggs you can guarantee that some experts will be correct and will bathe in the warm glow of .... I told you so (success) and some experts will go quietly underground for a while or explain that there was a conjunction of the Moon with Mars in the ascendency... and it through out their calculations. D'oh

From previous observations, the market as a whole will fall and rise and generally take stocks with them (much like a boat on water). It's when you start looking at specific sectors or specific stocks that one starts to realise the real truth.... which is what I hear you say?

Some stocks go up and some come down!

Happy investing

Steve

Loans Warning From The Bank Of England

Consumers are facing dearer mortgages and will find it harder to get them as the global credit crunch starts to bite.

That's the warning from the Bank of England which suggest that many will also struggle to get unsecured loans and credit cards.

Steve's comment: It was previously suggested that consumers would be hardly impacted at all by global credit issues... Why not is what I say? The world of finance and commerce is interconnected and in a massive way.

There is one little thing worth keeping a watch of and that is the comparison between the UK Base rate which is currently 5.5% and the London Interbank Offered Rate (LIBOR) which at the moment is slightly higher than the UK base rate at around 5.5975%.

LIBOR is the rate at which banks borrow funds from each other, in marketable size, in the London interbank market.

Steve can be found here... alongside his business partner Vivienne

Sharp fall in UK mortgage lending

Oh dear now what do we do? The council of mortage lenders (CML) has measured a sharp slowdown in the number of mortgages taken out between August and September a 12% dip.

"We have been expecting a slowdown in monthly lending levels in line with interest rate rises," said the CML's director general Mr Michael Coogan.

"In the comming months, we expect to see monthly lending levels dip below their 2006 levels for the first time this year as rate effects are exacerbated by the recent liquidity problems in the mortage market," he added.

Steve's comment - These measurements predate the Northern Rock news so expect more of the same.

What should we do?

Lets not panic just yet, a cool head is needed. If you are a buy to let person then the obvious thing to do is to check your rental yields. Home owners who already have a fixed rate mortgage, smile and go to bed happy in the knowledge of your own cleverness;-).

If you are comming towards the end of your fixed rate period, now might be a good time to start your research and look for a good deal. (note: The range of good deals are getting slightly harder to come by but they are still out there).

If you want some tlc and help from an impartial world class mortgage broker. Why not look us up.

Insider Mortage Secrets Report now available via the link

Warmest regards

Steve