Dukes Mortgages & Equity Release

27/08/2024

3 in 5 homeowners are considering using equity release to fund their retirement plans.

Homeowners worried they could face a financial shortfall in retirement are already considering using their property wealth to fund their plans. While equity release could provide a capital injection to reach retirement goals, it’s important to weigh up the pros and cons first.

A survey has revealed that 3 in 5 homeowners would consider using equity release to cover their later-life expenses, and younger generations are more likely to view it as an option. Before you decide if equity release could be right for you, read about the pros and cons.

02/05/2024

6 savvy reasons you might want to work with a mortgage professional.

While you can search for a mortgage and complete the application yourself, working with a professional mortgage adviser could be useful. Here are six reasons why you might choose to engage the services of a mortgage adviser.

1. You’ll have someone to direct your questions to.

Even if you feel confident about the different types of mortgages available, searching f or a deal that’s right for you can still seem
complicated. You might be unsure about which options suit your needs or what fees you could face. Working with a mortgage adviser means you have someone on hand to answer your questions and provide tailored advice.

2. A mortgage adviser could identify the right lender for you.

There are a lot of lenders to choose from, and many don’t have a high street presence so you might not be aware of them. In addition, lenders set their own criteria, so it can be difficult to
know which ones are most likely to accept your application. A mortgage adviser may help you identify which lender could be right for you. This could be particularly valuable if your
circumstances aren’t straightforward. For example, if you are self-employed, have a poor credit history, or receive a complex income,
approaching a specialist lender could improve your chances of securing a mortgage. The mortgage market can change quickly too.
Indeed, according to Moneyfacts, in March 2024, the average mortgage had a shelf-life of just 15 days. A mortgage adviser could prove valuable and alert you if a new deal could be better suited
to you.

3. They can offer support during the application process

When completing a mortgage application, you’ll need to fill in paperwork and provide evidence, such as payslips or accounts detailing your income. Mistakes could lead to delays or might even mean your application is rejected. A mortgage adviser may review your application before it goes to the lender to make the process as smooth as possible.

4. A mortgage adviser could help you access a more competitive interest rate.

The interest rate applied to your mortgage can have a huge effect on your day-to-day outgoings. So, securing a lower rate could
save you thousands of pounds over the full mortgage term. By working with a mortgage adviser, you might be able to access more competitive deals from lenders who only deal with mortgage
professionals.

5. They might remind you when your mortgage deal expires.

Usually, when your current mortgage deal ends, you’ll move on to your lender’s SVR, which could lead to your repayments rising and might not be the best option for you. Often, you can lock in a new mortgage deal six months before your existing one expires. By establishing a relationship with a mortgage adviser, they could remind you when it’s time to review your options and provide assistance if you decide to search for a new deal.

6. A mortgage adviser could offer guidance about financial protection.

A mortgage is often the largest loan you’ll take out, so it might be a trigger for reviewing your financial resilience. If you face a financial shock, such as your income stopping because you’re unable to work due to an illness, appropriate protection could provide you with a vital safety net that allows you to continue meeting financial
commitments. If you’re taking out a mortgage with a partner or have dependent children, you may also want to consider how they’d cope if you passed away. Taking out life insurance could provide your loved ones with a way to pay off the mortgage and offer some security if the worst happens. Thinking about the circumstances you’d need to make a financial protection claim can be difficult, but it could also provide peace of mind. A mortgage adviser could offer you guidance about which types of financial protection may be appropriate for you.

11/12/2023

How overpaying your mortgage could save you money in the long term.

With the cost of living soaring and mortgage repayments rising, making additional payments on your home might be the last thing on your mind. Yet, if you’re in a position to do so, it may cut the cost of borrowing over the long term. To tackle rising inflation, the Bank of England (BoE) has increa...

28/11/2023

Falling affordability means first-time buyers are increasingly relying on family support.

Research suggests more first-time buyers are relying on family support as affordability continues to fall. If loved ones decide they may be able to help you get on the property ladder, the process could be difficult to navigate. Read on to discover some steps that could make it smoother.

The Bank of Family is predicted to give more than £8.1 billion in 2023 to help fund property purchases. While family support may help first-time buyers get on the property ladder, it could also place pressure on relationships. Read here for some tips for navigating the Bank of Family.

06/11/2023

Your home may be one of the largest assets you have. With property wealth often inaccessible, you may be considering using equity release to unlock some of the money tied up in your home.

According to the Equity Release Council, the average new customer unlocking property wealth releases almost £60,000. So, using equity release could provide a significant financial boost in your later years.

However, it can have a long-lasting effect on your finances so it’s crucial you understand what equity release means and whether it’s the right option for you.

Download your copy to learn more about equity release and some of the factors you may want to weigh up.

https://dukesifa.co.uk/the-guide-to-using-equity-release-to-unlock-property-wealth-later-in-life/

Think carefully before securing other debts against your home.

A lifetime mortgage is a loan secured against your home. To understand the features and risks, ask for a personalised illustration. Equity release will reduce the value of your estate and may affect your entitlement to means-tested benefits. Your home may be repossessed if you do not keep up repayments on your mortgage.

Your home may be one of the largest assets you have. With property wealth often inaccessible, you may be considering using equity release to unlock some of the money tied up in your home. According to the Equity Release Council, the average new customer unlocking property wealth releases almost £60...

02/11/2023

Should you choose a fixed-rate mortgage when your current deal ends?

With interest rates rising over the last two years, you might be wondering if you should fix your rate when taking out a new mortgage. There are pros and cons that you may want to weigh up first.

10/10/2023

Half of mortgage borrowers stick with their lender, but it could mean paying more interest.

When your current mortgage deal comes to an end, your lender will usually offer you a new interest rate to encourage you to remain with them. This is often called a “product transfer”.

While choosing this option does have some advantages, you could be missing out on a more competitive deal that may save you money. Read on to discover the pros and cons of a product transfer.

When your current mortgage deal ends, a “product transfer” may seem like an attractive option. However, staying with your existing lender could mean you pay a higher interest rate.

09/08/2023

Applying for a mortgage can be stressful. You might worry a lender will reject your application and the effect it could have on your plans.

A better understanding of what lenders are considering when making a decision may be useful and could reduce anxiety.

Read today's blog to see what mortgage lenders consider when carrying out affordability tests.

Applying for a mortgage can be stressful, and you may worry a lender will reject your application. Understanding what they consider during affordability tests could put your mind at ease and highlight potential issues you may be able to fix.

01/08/2023

Remortgaging: The essential steps you should take when your mortgage ends.

If your mortgage deal is coming to an end or it’s already expired, you should consider remortgaging. This guide reveals the essential things you need to know.

The government previously estimated 57% of fixed-rate mortgages ending in 2023 had an interest rate below 2%. When these mortgage deals end, it’s very likely that households will now need to pay a much higher interest rate.

While remortgaging could still mean outgoings rise, it could help secure a more competitive interest rate and save you money over the full mortgage term.

As remortgaging is something that you’ll probably do several times, it’s important to understand how it works and the steps you can take to make the process smoother.

Download your copy now to understand why remortgaging is important and to potentially save money.

If your mortgage deal is coming to an end or it’s already expired, you should consider remortgaging. This guide reveals the essential things you need to know. The government previously estimated 57% of fixed-rate mortgages ending in 2023 had an interest rate below 2%. When these mortgage deals end...

24/07/2023

Organisation could help you save money if you need to remortgage this year.

Remortgaging when your mortgage deal expires could save you money. According to the HomeOwners Alliance, the application process can take up to three months, so being organised could mean you avoid potentially paying a higher interest rate than you need to.

Head to our website to find out more:

If you need to remortgage this year, it’s a process that could take up to three months. Being organised before your current deal expires could mean you avoid paying a higher interest rate than you need to.

27/06/2023

1 in 12 grandparents lending financial support to family are using property wealth.

Many families are facing financial challenges as the cost of living rises. As a grandparent, you may be in a position to offer financial support. Research suggests some grandparents are turning to equity release, but there are essential questions you need to answer first. Click on the link to learn more...

Grandparents are increasingly lending a financial helping hand as the cost of living crisis places families under pressure. A survey suggests 1 in 12 supporting loved ones are turning to property wealth. Find out what you need to consider if it’s something you’ve thought about here.

30/05/2023

If you were inspired by David Attenborough’s newest series Wild Isles, here are eight places to visit to experience the best of British wildlife.