Tuesday, 29 April 2014

If I remortgage can I borrow the same money and pay less than I am paying now?

For those of you settled into a home, don’t feel like you’re missing out on a great opportunity. With an interest rate hike seemingly inevitable, now is a great time to secure a fixed rate on your mortgage.  Interest rates for remortgaging are very low at the minute and with house prices improving there is a greater opportunity for all to take advantage of these.
Due to the rise in house prices, many people are also looking to re-mortgage in order to release the equity to use as a deposit for an investment property or perhaps a deposit for their children to buy their first home.
The number of people looking to use property as an investment is still growing. Although housing prices have risen over the last 18 months, property still remains an attractive opportunity for people to invest in whether that be to increase current income or provide a supplemental income for retirement years.  Many lenders are recognising this and are introducing some extremely competitive rates and even the opportunity for 80% LTV mortgages.

However, if you are inexperienced it is important to seek out the correct financial advice as there are many different strategies which can be chosen depending on your requirements. Make sure you have discussed all possible avenues with an experienced advisor who has a good track record in dealing with BTL investors.

If I want to buy a new home what can the industry do for me now?

What a great time to move house. The winter is over, the weather is picking up and so is the property market. The government is assisting first time buyers in getting onto the property ladder which in turn is also helping people sell and move upwards.  The Bank of England are keeping interest rates low which is helping a lot of people get back onto a better financial footing.
The summer holidays are fast approaching and so why not get settled into your dream house in time for the summer?  If you delay decisions until the summer moving costs can increase.  Removal companies tend to be busier during the school holiday period and use this as an opportunity to hike their rates.

There is an increased likelihood, given the recent statements by the governor of the Bank of England, now the economy is starting to grow again that an increase in the base rate will happen within the near future.  The good news is that fixed rate pricing at the minute is incredibly low.

If you need help finding out what you can afford or indeed if you have alternative funding options available to you via the government speak to a good independent mortgage advisor. They can save you a lot of time and hassle of trawling the high street to find a bank or building society that can only give you advice on what they can lend you and the products they have on offer!