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The New Help To Buy Scheme – 2021

A government scheme aimed at helping first time buyers get on to the property ladder has been extended for 2021.

The Help to Buy scheme has been running since 2013, with the aim of helping those unable to afford a deposit for a property. This is done by offering a Government supported equity loan to cover the majority of the deposit.

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First Time Buyers and Coronavirus

Being a first time buyer can be confusing at the best of times, and the current coronavirus pandemic brings even more challenges. But don’t panic. There are still ways that you can buy a home and we are here to tell you what they are.

At the start of the 2020, there was a record number of 95% LTV mortgage options, meaning lots of lenders were happy with a 5% deposit. But those golden days have temporarily disappeared for now thanks to covid.

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Help to Buy Scheme 2021

The government’s Help to Buy equity loan scheme has been running since 2013 and has assisted over 270,000 people step onto the property ladder.

From 16 December 2020 however, first-time buyers can start applying for the governments new Help to Buy equity loan scheme.

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Re-mortgaging in the time of Coronavirus

Autumn has arrived and with it the sense of something hovering over the horizon – no, not Christmas, something more exciting… peak re-mortgage season. The next few months often see increased demand for re-mortgages and this year may be even busier due to the pandemic. Now is the time to start doing your research.

Around this time of year, you will hear the phrase “we’d like to be in by Christmas” from people buying houses, you may even have said it yourself. This is one reason why autumn and winter see a high number of cessations, or in other words, many mortgages come to the end of their initial term of two, five or however many years. When this happens, your interest rate will switch to the Standard Variable Rate (SVR).

The SVR is often higher than your initial rate, meaning your monthly payments could increase. Think of it as the mortgage equivalent to Amazon giving you the first three months of Prime half price. Once those months are up , you will be paying the standard subscription.

Re-mortgaging can be a way of saving money on your monthly repayments. You could see a more significant reduction if you have saved some pennies during lockdown and can pay off more of your loan – although this could incur an early repayment charge, so check your paperwork.

By re-mortgaging, you could switch from a tracker product with variable payments to a fixed rate option where you pay the same each month. These benefits might sound especially appealing in the current climate where unemployment is on the up and finances are being squeezed.

The coronavirus pandemic has made lots of things more complicated and re-mortgaging is one of them. But, don’t despair yet!

Many mortgage lenders have introduced policies about applicants who are or have been on furlough, and placed restrictions on loan to value, use of overtime income and bonuses and have made things especially restricted if you are self-employed.  However,  in many cases you can arrange a product transfer with your current lender without such policies applying to you. This might be frustrating if your current lender does not offer the best deal but it’s likely to still be better than switching to the SVR.

If you are not sure about your options and your eyes are glazing over at the mere thought of interest rate comparisons, you may want to speak to your adviser.

We can help you find the best option for your circumstances and guide you through the process. Whether you decide to speak to us, or handle matters yourself, you should get started sooner rather than later.

Typically, re-mortgaging can take four to eight weeks. However, in the current post-lockdown, pre-Christmas busy period it could take longer.  Some lenders are taking up to 2 months to process and underwrite a mortgage application.  It is best to get ahead of the game.

If you would like to explore your mortgage options, contact Temple Wealth Management today. You can call our office on 01329 282882 or use our Facebook or Contact Us page.

Your home maybe repossessed if you do not keep up repayment on your mortgage.

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What’s next for you in the property market?

With many mortgage lenders resuming physical valuations on properties in England, the property market seems to be breathing back into life. Coupled with the majority of housebuilders returning to building sites, there is renewed hope for whatever stage of property ownership you’re at. 

But what does it mean for you? We hope to answer some of the questions you may have.

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Getting a mortgage through a broker

As we adapt to a ‘new normal’ in the wake of the pandemic, many people during lockdown have spent time really looking at their lives and for some, have decided to make significant changes to their lives. 

This may include, buying their first home, moving to somewhere with a garden, being closer to work, getting a better deal on their current mortgage, or starting a property portfolio. To help them with these plans, enlisting the services of a Mortgage Adviser has never been so important. 

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Misconceptions about Equity Release

Many grandparents and parents maybe considering Equity Release from their properties, to help fund school fees for grandchildren or helping towards a deposit for their children’s first once we are out of this lock down.

Many people considering Equity Release are put off or worried about certain aspects. I hope here to answer some of those concerns and help give you the confidence to consider the option.

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Finding the Right Mortgage for You

There are many choices to make when looking for a mortgage.

There are literally thousands of different types of mortgages on the market and choosing the right one can be daunting. But before deciding which mortgage to go for, you need to decide what type of mortgage to get – repayment, interest only, fixed, tracker or discounted.

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