Free Mortgage Factsheets

Mortgage Factsheets from the FSA. Click on the link to open a PDF document.

Mortgages Colour / Ink friendly

Paying your mortgage – You can afford your mortgage now, but what if...?
Colour / Ink friendly

Dealing with your mortgage shortfall Colour / Ink friendly

What to do when you can't pay your mortgage Colour / Ink friendly

Stay in control of your mortgage (checklist) Colour / Ink friendly

Posted by Sean Wilson, Independent Financial Adviser, Swindon, Wiltshire.

4.99% Mortgage Yorkshire Building Society...beware!

Mortgage providers are well versed in the art of getting their products to the top of best buy tables.

There is a horrific example currently from Yorkshire Building Society. It has a fixed rate of 4.99% for 2 years.

Sounds good? The reality is somewhat different

It has an arrangement fee of 3%, on a remortgage of £200 000, this is £6000!. You can also add this fee to the mortgage & pay interest on it.

You also pay a non refundable fee of 0.25% on application, £500 on the £200 000 remortgage example.

Conclusion

Avoid, truly shocking & rather misleading product.

Why become a Financial Adviser...in Swindon?

Financial Adviser? (IFA)

I had a long term interest in saving & earning money for myself and friends.
Correct use of financial products means you can increase your standard of living without changing jobs. It's something I've always enjoyed and it's great job. Whether it's finding propel a cheaper mortgage than their bank or finding good investments for clients, it gives you a good feeling. Being a financial adviser gives me the opportunity to do this.

Why Swindon?

I live here, it has it's plusses & minuses. I am fortunate to know a few good people

Mortgage Advisers in Swindon

Like any town, in Swindon you have a choice of people who can help you buy your Home.

Independent Financial Advisers (IFA): Whole of Market advice on mortgages & insurance, think of them as Mortgage Advisers offering a greater range of services.

Estate Agents: Typically a panel of 10-15 lenders. Not whole of Market Insurance, tied to one company. Sold to you by a youth with gelled hair & a large knot in his tie.

Mortgage Broker: Check if independent, whole of market. Offers insurance from one insurer or limited range

Banks/Building Society: only offer their own limited range of products for mortgages and insurance.

Hope the differences betweeen various kinds of mortgage advisers is clearer.

Offset Buy to Let Mortgages

What are they?
They are Buy to Let Mortgages, where you rent the house to a tenant to pay the mortgage.

What about offsetting?
You trade (offset) your savings against the amount remaining on your mortgage (the mortgage balance)
eg £20 000 of savings offestagainst a mortgage balance of £100 000
You only pay interest on £80 000.

Usually lending rates are higher than savings rates, so you save money This works especially well for higher rate tax payers, who will pay more 40% tax on savings.

Early repayment charges are uncommon on offset mortgages…useful if better products become available & you can make unlimited overpayments.

For sole traders & partnerships the Yorkshire Bank also allows to offset business balances against residential mortgages.

The one disadvantage of offset mortgages has been higher rates than traditional repayment mortgages, however as offset mortgages have become more popular, the differential has grown smaller.

Mortgages Homepage

Mortgages are important. They help us buy our homes.
They are our biggest financial commitment & debt…..
Getting the right one can save you £1000s.

Here are the Money Swindon Guides.

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