Monday, 30 January 2017

The fallout from Brexit and what it means for house prices in the New Year

 
It has been predicted by one of the UK’s largest mortgage lenders that house prices are likely to continue increasing in 2017 but at a much slower rate than 2016 – by just 1% in some cases. House prices peaked at a 10% increase in March 2016.

It is claimed that the decrease in house price growth will stem from continued uncertainty with the UK economy following Brexit back in June 2016. Halifax said it is 'most likely' that the economy will soften over 2017 and lower levels of house sales will occur as more people respond to weaker economic conditions and a deterioration in housing affordability by not buying or moving home.

However, the silver lining to this cloud is that it is predicted that a shortage of properties for sale and low interest rates ensuring mortgages remain cheap will help to keep supporting house prices in general.

There is also continued speculation that slow economic growth in 2017 due to weakening of the pound impacting on import costs could result in pressure on employment and therefore a higher risk of a rise in unemployment.

Martin Ellis, housing economist for Halifax said: 'This deterioration in the labour market, together with an expected squeeze on households' spending power - as inflation picks up and outpaces earnings growth later in the year - is likely to curb housing demand.' 

Halifax's prediction runs parallel with several other forecasts, which point to UK house prices continuing to rise in 2017, but at a slower rate than that seen in 2016.

The Royal Institution of Chartered Surveyors said it believes property values to push up by around 3 per cent over 2017, while Nationwide Building Society predicts house price growth of around 2 per cent over next year.

If you wish to find out more about mortgage rates, take a look at the Mortgage Advice Services website at www.mortgageadviceservices.co.uk  

Wednesday, 18 January 2017

Have you found yourself in the situation where you have to buy a new house independently?


Sometimes life changes mean that we have to face things alone; the same can be true when you come to buying a new house. If it’s the first time you have had to buy a property on your own, you’d be forgiven for feeling a bit daunted by the process. However, the below tips should help put your mind at rest and advise you further on the process of buying a house.

Firstly, review your finances to see how financially independent you are and what position you’re in to go ahead and buy. You’ll need to consider what the equity in your current house is worth, what shape your savings are in and whether you have any shares.

It’s important to find out how much equity you’ll get back from your marital home if you decide to sell it; you can speak to an estate agent and ask them to evaluate the house for you. You also need to know how much you still owe on the mortgage.

When you have these numbers you'll be able to sit down and properly work out how much you have in your budget.

It’s also important to choose somewhere to live that fits your criteria in terms of practicalities i.e. the proximity of the house to your work or childrens' schools. Also, take the time to look into the area if you don’t know anything about it. Find out about the local community, as you’ll want to feel safe and secure in your new home.

Ask yourself questions such as what criteria do you want from a house? Two bedrooms, a garden, off-road parking etc.?

Then there's the issue of your financials of course; it's all very well saying that you want a 3 bed detached house with a large garden and a conservatory; but realistically can you actually afford it without stretching yourself too thinly financially?

If you’ve found a house that needs refurbishing, or substantially more than just redecorating, it’s worth planning out how much this could cost you as well. If you have friends and family around to help you, or who are in the trade themselves, then great. If not, renovation projects can often go on for longer than planned and go over budget too, so be aware of this when choosing your new home.

This is a lot of information to take in, so why not give a mortgage advice company a call to talk through your options with a trained advisor? One such company is Mortgage Advice Services; so visit our website today and see how we can help you with your new independent mortgage.
https://www.mortgageadviceservices.co.uk/

Friday, 30 December 2016

Fixed rate re-mortgaging; life after Brexit



It was inevitable that if Britain voted to leave the EU, there would be a direct effect on the mortgage market. Sure enough, by the time the dust had settled immediately following the leave vote, the mortgage market took a hit and slumped.

However, in recent news it has been reported that the mortgage market, and particularly re-mortgaging, has bounced back; so now could be the perfect time to get involved if you have been thinking of re-mortgaging your property for a while.

Fixed mortgage rates have been gradually decreasing for the past couple of years and are now at a record low which means that you could save a lot of money provided you find the right re-mortgage deal. The latest figures show that 2 year fixed rates have fallen to 2.34% and that 5 year fixed rates have fallen to 2.98% so it's now cheaper than ever to guarantee your repayments.

There is a desire in the market today to attract more fixed rate rather than variable rate customers to decrease the risk of payments defaulting, which could go some way to explaining why fixed rates have come down and variable rates have increased slightly. Whilst essentially a variable rate is still the cheaper option, it is fraught with risk and certainly isn't as stable an option as a fixed rate re-mortgage.

So now really could be the time to re-mortgage; figures show that if you are coming to the end of a standard 2 year fixed rate deal and revert back to the standard variable rate, you could be worse off and the rate could increase, rather than if you re-mortgaged to the average 2 year fixed deal where you really could save yourself a small fortune.

If you like the sound of saving money and want further re-mortgaging advice, you can seek help via Mortgage Advice Services. We are a Nottingham based mortgage advice centre and if you give us a call or go to our website, https://www.mortgageadviceservices.co.uk/remortgaging/, one of our expertly trained customer advice representatives will be happy to guide you through your re-mortgaging options.




Wednesday, 30 November 2016

What is re-mortgaging?


Remortgaging is the process of switching to a new mortgage deal either with the same dealer or a different dealer. The ideal remortgage time is when the introductory or fixed tracker or the discounted rate on your mortgage ends.  It is at this point that your rate is moved onto a long-term variable rate usually the lender’s standard variable rate (SVR).

You can also remortgage when the interest rates keep changing. If you are on a fixed rate and the interest rates go down, you may find yourself paying over the odds.  If you are using a variable interest rate and there seems to be a likelihood of the interest rates rising, you might want to move to the fixed rates.

When opting for a remortgage, it is important that you first check if your current mortgage has any early repayment charges. You also need to find out how much your lender by asking them for a written redemption statement.

The next step is deciding whether you need to make changes to your loan’s terms. For instance, whether you wish to extend the term or borrow more money. Then consider what type of deal you want. If for example, you choose a new mortgage plan, you need to make a choice between a variable and fixed rate and consider what type of each you prefer. You then take into account what is available and ensure you allow plenty time before your current mortgage ends.

Once you have settled on a particular deal, compare the repayment terms with the current ones. Ensure that you take note of all the mortgage costs associated with this new deal including the arrangement fees. These rates should be included in the annual percentage rate (APR) as quoted by your lender.

There are several things that you need to consider while remortgaging.
•    What are the penalties for opting out of your current mortgage deal?
•    All the fees associated with the new deal
•    Fees you will incur if you deal with a mortgage broker
•    Any legal fee associated with remortgaging

Advantages
•    It offers you with the chance to borrow at a lower interest rate
•    You have the option of using your home’s equity for additional money
•    Opportunity to switch to a more deal that is fitting your current financial situation

Disadvantages
By stretching your debts to a longer time frame adds more to your overall cost
-The process can take much time
-There are fees that are attached to remortgaging
-When you use your home as collateral, it can be repossessed if you don’t make the payments as agreed

Expert advice is recommended when remortgaging. You can contact us at MAS anytime you have issues or need advice on remortgaging https://www.mortgageadviceservices.co.uk/remortgaging/

What will happen if I don't take out a will?


There are several benefits of making out a will and managing your estate. For one, you will be able to allocate your finances and possessions to surviving family members, loved ones, and friends. Since anything can happen at any time you need to ensure the well-being and financial security of your family. Failure to do so can result in a number of legal ramifications and entanglements; these include family members fighting for your possessions and estate, along with plenty of heartache and sadness for the entire family. When it comes to will writing advice, you truly need the professionals on your side. Mortgage Advice Services have and continue to help countless clients with Nottingham will writing and estate management. One phone call or e-mail is all you need to schedule a consultation or appointment today.

Getting the right will advice is imperative; the last thing you would want is for your estate and possessions ending up in escrow due to families contesting their shares and/or inheritances. With this in mind, MAS works with clients to formulate a will that is legally viable and easy to understand. We know that this can be a trying time for you and you want to do the right thing across the board. This is why we have simplified the process by having all essential paperwork and templates already in place. We also handle all legal will submissions to governing agencies, attorneys, law firms, and even banks and financial institutions. Remember, depending on what you want to leave behind – your attorney will be the main figurehead in the entire process. However, you need expert will writing advice courtesy of MAS to truly stay ahead of the process.

There are several things that can happen if you do not take out a will. For one, a court of law can seize your possessions and properties if too many people are claiming a piece or share. This is known as escrow, and your items and/or possessions can be sold off to pay for outstanding debts, bills, and expenses after expiration. Your family and loved ones can also be left with a large number of bills, as well as the household expenses to manage and carry. Furthermore, your businesses and other intellectual properties can be dissolved by governing agencies. With this in mind, you must work with a professional Wills and Estate Planner at MAS. We know how to protect your family after you are gone, as well as your properties, businesses, and all personal possessions.
For more information, simply contact us today and let us help you with timely will advice and estate planning services today.

Monday, 28 November 2016

What are the main reasons for remortgaging?


The main reason that people consider remortgaging is to save money. However, this is not the only reason as to why remortgaging is necessary. There are other considerable reasons for you to move your mortgage loan. Some of the remortgaging reasons include:

Debt Consolidation
For a homeowner having multiple debts and struggling to make the payments, it is often tempting to solicit funds using your home as collateral to clear the debts.It is, however, important for you to carefully think about it before borrowing with your property. This is because you will be putting your property at risk if you do not make the payments.

Changing Financial Situation
With the troublesome economic climate, many people are unable to keep up with their outgoings for various reasons.  When faced with a difficult situation like illness, loss of a job, it is possible that you will not be able to make any mortgage payments. If you are in such a situation, ideally, it is advisable that you speak to your mortgage provider and find out what other options they can offer.

Release Equity
If in any case you have lived in your home for quite some time, the equity you have built up can become a valuable asset. By remortgaging, you can release some of the equity to use on other things like making improvements on your current home, taking a holiday or furthering your education. The additional amount that you receive is added to your current mortgage deal and can be paid off in monthly installments that are affordable. Often the rate at which the remortgage is paid is lower as compared to the amount you would spend on a credit card or a standard personal loan.

Get a Better Rate
One of the reasons for remortgaging is due to the low rates. A low-interest rate does not only reduce your monthly payments but also allows you to add more money to your principal balance and eventually pay less to the bank. This is a quick equity avenue that gives you more financial opportunities.

Advantages of remortgaging
•    You can borrow at lower rates
•    You can use your home as collateral

Disadvantages
•    Has more overall cost
•    Time consuming
•    Extra fees attached

It is important to hire professionals to offer you re-mortgage advice. For the best Nottingham mortgage services, you can get help from Mortgage Advice Services. Contact them for any professional mortgage advice https://www.mortgageadviceservices.co.uk/remortgaging/

Get the right will writing advice


Mortgage Advice Services specialises in will writing advice for all clients. If you have not made out a will due to time constraints or simply not deeming it important at this time it is imperative to speak to an MAS will and estates specialist. It is mandatory to get covered – especially when anything can happen at any time. With a professional Nottingham will writing agency on your side, your properties and finances will be fully protected against escrow. In fact, our Nottingham will advice and services helps formulate legally binding wills that protect your assets. While this may seem emotionally exhausting, it is something we all have to do at one time or another during our lifetime.

Securing the right Nottingham will advice is incredibly important. In fact, this can prevent problems in the future at it pertains to financial and property allocation to loved ones or friends. MAS has the tools and expertise to help advise any client on the will writing and estate management process. This includes inheritances, along with legally binding documents that will hold up in any court of law. While this may seem trying and emotionally draining, MAS is always here to help you every step of the way. This includes explaining the will and estate planning process in detail. It also includes filing all pertinent paperwork, as well as correlating with your attorney, financial institutions, and more. While attorneys are usually the main figures involved in estate and will planning – MAS offers industry-leading advice, tips, and professional will writing services that truly exceeds all client expectations.

You probably know the ramifications of not taking out a will by now; for one, courts may seize your estate and properties if too many loved ones or friends are claiming shares or rights. If outstanding bills or expenses are owed, that too can also come out of your estate. Sadly, your loved ones can also be held responsible for medical bills, hospital fees, and other expenses if something suddenly happens to you. In fact, businesses that you own before expiration can also be closed and assets liquidated as well. There is so much to consider when it comes to writing wills. This is why you need the experts at MAS on your side to guide you through all the murky waters.
For more information, simply contact us today and let us help you with timely will advice and estate planning services today. You can also click on the link below for timely information on the wills and estate planning services we offer to one and all.
https://www.mortgageadviceservices.co.uk/willsAndEstatePlanning