29th March 2023
It is the eleventh time in over a year that the Bank of England has increased the base rate, with it increasing from 4% to 4.25%. This rate is used by the central bank to charge other banks and lenders when they borrow money and so it influences what borrowers pay and what savers earn.
At a time when there is instability in the financial markets, it makes it more important to use a mortgage broker (like HFP) because it is difficult to predict what will happen to mortgage rates in the coming months. If your current fixed rate is due to expire within the next 6 months or you are on a variable or tracker rate, it could be better for you to secure a competitive rate while you can, instead of holding out to see what might happen.
HFP offer the following service for all types of mortgages which include remortgage, purchase, shared ownership, buy to let and first-time buyers (who may also need family assistance to get on the mortgage ladder). The key points of our service are as follows:
Access to Whole of Market Lenders
We can find you the best rate for your circumstances and change this rate for you, if a better one becomes available. This saves you time contacting banks and building societies to compare rates and costs, as they can only recommend their products, but we can compare many providers in one go.
Market Knowledge
We know and can investigate lenders’ criteria and can tell you which mortgages you’ll be able to access, and which lenders may reject your application. We also know which lenders turnaround mortgage applications quickly and if some have service issues. Many people’s circumstances are more complicated, including those who are self employed or directors of limited companies who may have suffered during covid. The last two to three years accounts could reflect this, and our experience is that debt levels are rising. Additionally, people may have suffered credit problems or adverse credit issues, so navigating the lending market can be hard. We have the knowledge to find the right product to suit most circumstances and help guide you through this.
Help with Paperwork
We will let you know which documents will be needed and in which format so when these get sent to the lender, they are correct the first time. We can also help you fill in paperwork from the lender and assist with some of the legal paperwork.
Protection Plans
We can give advice on protection plans to provide cover for life insurance, income protection, critical illness and family protection. This is by accessing a wide range of insurers and building a plan to suit your budget.
Many providers offer a free service with access to online GPs - who can write a prescription for you, if required - 24/7, 365 days a year, wherever you may be in the world, and this is a free service included within the premiums you pay. You also have unlimited access to a team of health and wellbeing experts, at no additional cost, and these services can be used by family members.
If you are interested in any of the above, or would like more information, please contact HFP’s Mortgage Adviser, Anna Needs, on 01953 851151 or anna@hfp.co.uk.
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