The Wright Mortgage Company Ltd

01/01/2025

Wishing you a Happy New Year from all at Wright Mortgage.

25/12/2024

Merry Christmas from all at Wright Mortgage. 🎄

08/08/2024

Should I Fix My Mortgage % Rate?

You may want to consider fixing your mortgage if you prefer predictable monthly repayments. Fixing is often more cost-effective than opting for a variable rate, as lenders price in expected base rate reductions.

Ultimately, you need to assess your circumstances and decide what option suits you best. If you prefer flexibility and are open to changing rates, a tracker mortgage could be appealing. It allows switching to a fixed rate without penalties when conditions are favourable.

To discuss your mortgage options, contact the team on 01949 877676.

01/08/2024

The Bank of England has cut interest rates from 5.25% to 5%, the first drop since March 2020.

If you have a tracker mortgage linked to the base rate, expect your rate to decrease, which will likely result in a change to your monthly payment within days or weeks, depending on your repayment schedule. You typically have the option to secure a new mortgage deal up to six months in advance.

If you're on your lender's standard variable rate (SVR), your rate might also decrease. Lenders usually switch you to their SVR after your fixed or tracker deal ends. While lenders can adjust SVRs at their discretion, these changes often align with changes in the base rate.

For those with a fixed mortgage, there's no immediate change, but be sure to review rates if your deal is nearing its end.

If your mortgage deal is about to expire, consider exploring new options now, especially if having a predictable payment is important to you.

To discuss your options contact the team on 01949 877676.

29/07/2024

Can You Secure a New Deal Before Your Current One Ends?

You can lock in a new rate if your current fixed-rate deal expires within the next six months. Many lenders allow this without immediate commitment (as long as the new rate has not started), meaning you can drop the deal without a penalty if rates fall further or secure a better deal if rates rise.

To discuss and review your mortgage options contact the team on 01949 877 676.

09/05/2024

The Bank of England has maintained its interest rates at 5.25% for the ninth consecutive month.

How does this effect your mortgage?
Tracker Mortgages:
If you have a tracker mortgage, your monthly repayments adjust in line with the base rate. Since the base rate remains unchanged, there will be no immediate repayment changes for tracker mortgage holders.

Standard Variable Rate (SVR) Deals:
For SVR deals, it’s up to your lender to decide whether your rate will increase when the base rate changes. Most SVR deals have become more expensive following previous rate hikes.

Fixed Rate Mortgages:
If you have a fixed rate mortgage, you won't be affected by the base rate until your current deal ends. With a fixed deal, you agree to pay a certain amount for a set period of time. However, millions of homeowners will pay more and see their monthly payments increase when they come to remortgage.

If you would like to discuss your mortgage and the options available contact the team on 01949 877676

07/05/2024

Concerned about your fixed-rate mortgage nearing its end? Read more in our latest blog on Exploring Your Mortgage Options vs. Remortgage.

Concerned about your fixed-rate mortgage nearing its end? In today’s market, it’s crucial to explore your options with a broker before locking in a new deal. As a mortgage broker, we’re here to guide you through this process. Our goal is to find a solution tailored to your needs, ensuring you ...

31/03/2024

Happy Easter 🌼

14/03/2024

How much deposit do I need?

The amount of deposit you’ll need for a mortgage can vary depending on the lender and the type of mortgage you choose. Generally, first-time buyers typically aim for a deposit of at least 5% to 20% of the property’s purchase price. However, keep in mind that a larger deposit can lead to more favourable mortgage rates and lower monthly payments.

If you're a first-time buyer and would like to speak to an advisor to help assess your financial situation and determine the right deposit amount for your specific circumstances, please contact the team on 01949 877676 or email at https://tinyurl.com/3zr2emv5

07/03/2024

What does the Spring Budget 2024 mean for the housing market?
Read more in our latest blog.

Yesterday’s Spring Budget was viewed as a prime opportunity for the Government to enhance its popularity ahead of the impending general election. However, many younger and less affluent voters may find themselves disillusioned by the absence of measures addressing the UK’s affordable housing sho...

26/02/2024

Exploring mortgage options? You'll frequently come across the term Loan to Value (LTV). This figure indicates the ratio of your mortgage amount to the total value of the property you're buying or remortgaging, presented as a percentage.

Understanding LTV is crucial because it significantly influences your mortgage experience. It directly impacts how much you can borrow, the interest rates you qualify for, and the available mortgage products.

To discuss your mortgage needs contact the team on 01949 877676