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Mortgage Broker in Cardiff | Sharing Financial Insights and Useful Mortgage Tips |

Ever wondered why some banks incentivize longer fi

Ever wondered why some banks incentivize longer fixed terms on mortgages, urging loyalty for five years? The rationale may raise an eyebrow.
Here’s the scoop: Regulatory decisions have set the stage. If a rate is fixed for under five years, lenders must prove borrowers can weather potential interest rate rises during the initial five years. For two or three-year fixes, this means demonstrating affordability even at a standard variable rate, currently around 8.5% with some lenders.
Enter the five-year fix loophole. No need to stress about monthly mortgage payments during potential rate hikes. This allows lenders to offer more on a five-year fix, but there’s a catch.
In a market where house prices soar, this strategy nudges those who might prefer a shorter fix into committing to a longer term. It’s a delicate dance between affordability, loyalty incentives, and market dynamics. The question lingers: Is this always the right move?
🤔 What are your thoughts on this mortgage maneuver? Share your insights below!
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
Exley Financial Planning is a trading name of Exley Financial Planning Ltd which is an appointed representative of The Openwork Partnership, a trading style of Openwork Limited which is authorised and regulated by the Financial Conduct Authority.
#househuntingtips #ukmortgage #mortgagetips #savemoney #financialliteracy #moneytips #ukproperty #propertyuk #firsttimebuyer #firsttimebuyeruk #ukmoney #exleyfinancialplanning #moneysavingtips #costofliving #savingmoney #wales #cardiff #financialtips #moneysavingexpert
#MortgageInsights #RealEstate #FinancialStrategy #MortgageTerms #HomeOwnership

🏡✨ Crucial Homeownership Alert! Don't Overloo

🏡✨ Crucial Homeownership Alert! Don't Overlook This! ✨🔍
Hey homeowners! 🏠 Here's a critical aspect many might miss: aligning property use with your mortgage info! 🤔
The Scoop:
If you use your property differently than declared to your mortgage lender, you risk fraud and a spot on the fraud database! 😱 Especially true for residential mortgages used as rentals without consent or living in a buy-to-let property without telling the lender. 🚨
The Good News:
Most cases can avoid risks by finding a lender that fits your circumstances—stay legal, stay secure! 🤝💼
Don't play with fire—ensure your property use aligns with your mortgage terms! 🔥🏠

Right, so I’m a mortgage broker and here’s how

Right, so I’m a mortgage broker and here’s how I would decide how much deposit to put down. First of all it’s worth saying that of course the bigger deposit you can put down the better because it means you’re going to be paying less in interest and your mortgage is repaid quicker normally. That being said... I think the best way to determine your deposit size is to link it to a loan to value bracket. That’s because lenders determine their product pricing based on loan to value brackets. For example, if you put down a 10% deposit you might get a rate of say 5.5%. If you put down an 11% deposit you’re still going to get that same rate. A 12% deposit you’ll still get the same rate until you get to a 15% deposit at which point you’ll get a better rate. Again, for a 20% deposit. But having a deposit in between these loan to value brackets won’t actually get you a better interest rate. So to me, using a loan to value bracket... 10, 15, 20% deposits... that’s a good way you’re ensuring that you’re... putting just enough down to secure a good rate. And no more than that. Especially for a home purchase, that enables you to keep money back for any work that might need to be done on the property. And remember, you can often repay your mortgage in lump sums. Normally up to 10% each year without triggering any early repayment charges.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
Exley Financial Planning is a trading name of Exley Financial Planning Ltd which is an appointed representative of The Openwork Partnership, a trading style of Openwork Limited which is authorised and regulated by the Financial Conduct Authority.
#househuntingtips #ukmortgage #mortgagetips #savemoney #financialliteracy #moneytips #ukproperty #propertyuk #firsttimebuyer #firsttimebuyeruk #ukmoney #exleyfinancialplanning #moneysavingtips #costofliving #savingmoney #wales #cardiff #financialtips #moneysavingexpert

🏡✨ Navigating a Downvalued Property: A Quick

🏡✨ Navigating a Downvalued Property: A Quick Guide! ✨📉
Ever faced a situation where your property gets downvalued by the lender? 🤔 Here's a quick guide on what to do:
Research the Valuation:
Use free tools like Zoopla or MousePrice for a rough estimate. 🕵️‍♂️
Keep in mind, these tools might miss recent changes like extensions or renovations. 🏗️
Negotiate with Evidence:
Share your valuation report and evidence with the seller. 💼📊
Prove that the price you've paid is above market value. 💰
Present your case to the agent and see if the seller is open to adjusting the purchase price. 🤝
Know Your Options:
Understand your choices: back out, agree to a lower price, or proceed with the original asking price. 🔄💡
Remember, your loan is based on the valuation, not the purchase price. 🏦💸
If your property downvalues, your new loan will be capped at the valuation price, not the purchase price. Be ready to fund the difference if you proceed at the original asking price. 💼🤯
Facing a downvaluation? Stay informed and make strategic moves! 🚀💪

Let’s talk about lodgers. That’s when you’ve

Let’s talk about lodgers. That’s when you’ve got someone staying in your house, maybe renting a room. Well, it’s more complicated than you might think when it comes to mortgages. By now you probably expected it to be pretty complicated actually. Anyway, if there is a formal agreement or the lodger has exclusive access, i.e. their own key, to a bedroom, they could potentially argue they’re a tenant. And tenants have a lot of rights. When it comes to their security from eviction. That could make it difficult for you or your lender in the event of a repossession or sale to evict them. For that reason, not all lenders will give a mortgage when there are lodgers present. And those that do, often require that you meet certain criteria, such as the lodger uses the house as if a family member. i.e. no locked room, use of shared common spaces, etc. Follow for more. 😊
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
Exley Financial Planning is a trading name of Exley Financial Planning Ltd which is an appointed representative of The Openwork Partnership, a trading style of Openwork Limited which is authorised and regulated by the Financial Conduct Authority.
#househuntingtips #ukmortgage #mortgagetips #savemoney #financialliteracy #moneytips #ukproperty #propertyuk #firsttimebuyer #firsttimebuyeruk #ukmoney #exleyfinancialplanning #moneysavingtips #costofliving #savingmoney #wales #cardiff #financialtips #moneysavingexpert

Are you a homeowner contemplating major life chang

Are you a homeowner contemplating major life changes but concerned about how they might impact your mortgage and, consequently, your home? 🏡💼
The good news is that, in the vast majority of cases, a change in financial circumstances, whether it's welcoming more kids, experiencing reduced income, or making a career move, doesn't necessarily spell trouble for your mortgage. 💰👨‍👩‍👧‍👦
Here's the key: At the end of your fixed rate, you have the option to switch your deal with your existing lender without undergoing additional financial underwriting. This means, instead of moving your mortgage to another lender, you can stick with your current one. Typically, no questions are asked about your financial changes, and you might even secure a competitive rate, especially if you're with a high street lender. 🔄🏦
This flexibility allows you to navigate major life changes without compromising your home. While financial shifts could impact your ability to borrow more or move house, you can make necessary life changes without worrying about how they'll affect your ability to remortgage moving forward. 🌟🛡️

So you’ve been dying to know the difference betw

So you’ve been dying to know the difference between a track or rate and a discounted rate. Well I’ll tell you now. So first of all they both have one thing in common, they’re variable, they can go up and down. The difference is what that variable rate is based on. So the tracker rate directly tracks the Bank of England base rate, say 1% above the Bank of England base rate. The base rate is currently 5.25 so in that scenario with 1% above it would be 6.25. Whereas the discounted rate actually applies a discount to the lender’s standard variable rate. Halifax’s SVR is currently 8.74% so a discounted rate could be say 2% below that which would make it 6.74%. Now I guess the key difference is the Bank of England base rate is outside of the mortgage lender’s control so they can’t directly control what you pay on a tracker rate. However on a discounted rate they are in control of their own Standard variable rate which might not necessarily be affected directly by the Bank of England base rate. Follow for more.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
Exley Financial Planning is a trading name of Exley Financial Planning Ltd which is an appointed representative of The Openwork Partnership, a trading style of Openwork Limited which is authorised and regulated by the Financial Conduct Authority.
#househuntingtips #ukmortgage #mortgagetips #savemoney #financialliteracy #moneytips #ukproperty #propertyuk #firsttimebuyer #firsttimebuyeruk #ukmoney #exleyfinancialplanning #moneysavingtips #costofliving #savingmoney #wales #cardiff #financialtips #moneysavingexpert

We can help you find the right mortgage. Get in

We can help you find the right mortgage.
Get in touch today to find out how we can help.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
Exley Financial Planning is a trading name of Exley Financial Planning Ltd which is an appointed representative of The Openwork Partnership, a trading style of Openwork Limited which is authorised and regulated by the Financial Conduct Authority.
Approved by The Openwork Partnership on 18/09/2023

Let’s take a look at how much impact having a ch

Let’s take a look at how much impact having a child could have on the amount that you’re able to borrow from a lender. So let’s assume a joint income of £50,000. Two applicants, no kids, no commitments and a 35-year term. That’s giving a maximum loan here of £227,000. Now let’s keep everything exactly the same but we add one child. Now that reduces the loan amount by about £20,000 because of the additional assumed expenditure. And by the way that’s without factoring in any childcare costs. Now for higher incomes there will be little to no effect on max loan amounts. When a child is brought into the picture. But for lower incomes the impact of having a child will be even greater than this. Follow for more.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
Exley Financial Planning is a trading name of Exley Financial Planning Ltd which is an appointed representative of The Openwork Partnership, a trading style of Openwork Limited which is authorised and regulated by the Financial Conduct Authority.
#househuntingtips #ukmortgage #mortgagetips #savemoney #financialliteracy #moneytips #ukproperty #propertyuk #firsttimebuyer #firsttimebuyeruk #ukmoney #exleyfinancialplanning #moneysavingtips #costofliving #savingmoney #wales #cardiff #financialtips #moneysavingexpert

Recent headlines focus on water companies and thei

Recent headlines focus on water companies and their responsibility for sewage disposal. However, a lesser-known issue affecting homeowners could have significant legal and financial consequences.
Did you know that as many as half a million UK homeowners could potentially face legal action for improper sewage disposal? Here's the catch: some properties, not connected to mains drainage, put the onus on the landowner to ensure correct and environmentally friendly sewage disposal.
Historically, septic tanks or cesspits have been the solution for homes without mains drainage. However, here's the twist - many of these tanks are now considered unsafe and unlawful, especially those that allow drainage to soak away into the ground. The cost of repairing or replacing these old tanks could be substantial, potentially reaching £50,000.
Despite significant investments in public sewer infrastructure, there are currently no grants available to assist homeowners with these compliance-related costs.
So, what should you take from this information?
Homeowners: If you're not connected to mains drainage, ensure compliance. Non-compliance could severely impede your ability to sell or remortgage your home in the future.
Homebuyers: Review the drainage search when purchasing a property. Ensure any septic tank is compliant to avoid potential legal liability down the road.
Stay informed, and follow us for more insights on homeownership challenges.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
Exley Financial Planning is a trading name of Exley Financial Planning Ltd which is an appointed representative of The Openwork Partnership, a trading style of Openwork Limited which is authorised and regulated by the Financial Conduct Authority.
#househuntingtips #ukmortgage #mortgagetips #offsetmortgage #savemoney #financialliteracy #moneytips #ukproperty #propertyuk #firsttimebuyer #firsttimebuyeruk #ukmoney #exleyfinancialplanning #moneysavingtips #costofliving #savingmoney #wales #cardiff #financialtips #moneysavingexpert

Every homebuyer should be asking their solicitor t

Every homebuyer should be asking their solicitor this question. Now you probably already know that you could save weeks off your purchase timescales by instructing your solicitor before putting an offering on a property. But watch out for this. It particularly impacts you if your solicitor is a smaller local firm. Now even though you pay for your solicitor when you buy a house, the solicitor is actually going to be acting for both you and the mortgage lender. Now most lenders have a panel or a list of solicitors that they’re happy to deal with. And any solicitor can apply to be on this panel. But they often need to meet certain criteria. Like for example... having more than two or three partners in that firm. Now if it turns out that your solicitor is not on panel... because either they’re not eligible to be on panel or they haven’t applied to be on panel... the lender will not allow you to proceed with the purchase with those solicitors. In these cases you’ll need to pick a different solicitor who is on panel. Or a different lender who has your existing solicitor on panel. So it’s always worth checking with your solicitor before you purchase if they have any restrictions as to which lenders they are on panel for and which lenders they are not on panel for. Follow for more.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
Exley Financial Planning is a trading name of Exley Financial Planning Ltd which is an appointed representative of The Openwork Partnership, a trading style of Openwork Limited which is authorised and regulated by the Financial Conduct Authority.
#househuntingtips #ukmortgage #mortgagetips #savemoney #financialliteracy #moneytips #ukproperty #propertyuk #firsttimebuyer #firsttimebuyeruk #ukmoney #exleyfinancialplanning #moneysavingtips #costofliving #savingmoney #wales #cardiff #financialtips #moneysavingexpert

As you navigate the mortgage landscape, there's a

As you navigate the mortgage landscape, there's a lesser-known rule that might impact your borrowing capacity, especially if you fall within the 85%. Following the financial crash in October 2014, financial regulators introduced a rule stating that no more than 15% of a lender's mortgages could be high loan-to-income (LTI).
High loan-to-income is defined as lending someone over 4.5 times their gross salary. For instance, if you earn £100,000, a 4.5 times loan-to-income would be a loan of £450,000.
The intention behind this rule was to mitigate risk, as higher loan-to-income ratios correlate with an increased chance of mortgage default. However, here's the crucial point: the 15% rule is based on a percentage of loans issued, not a percentage of total lending. This means some mortgages could be above the 4.5 times LTI threshold.
However, many banks have chosen to reserve their 4.5 times LTI lending for customers likely to borrow more, leaving higher LTI mortgages limited to high earners or those seeking above-average borrowing.
Understanding these nuances is crucial for anyone looking to secure a mortgage. In our latest post, we delve into the details of this rule, its unexpected consequences, and how it may impact your borrowing options.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
Exley Financial Planning is a trading name of Exley Financial Planning Ltd which is an appointed representative of The Openwork Partnership, a trading style of Openwork Limited which is authorised and regulated by the Financial Conduct Authority.
#househuntingtips #ukmortgage #mortgagetips #offsetmortgage #savemoney #financialliteracy #moneytips #ukproperty #propertyuk #firsttimebuyer #firsttimebuyeruk #ukmoney #exleyfinancialplanning #moneysavingtips #costofliving #savingmoney #wales #cardiff #financialtips #moneysavingexpert

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