Pilgrim Mortgages and Protection

21/09/2023

✨ B R E A K I N G N E W S! ✨

of England Holds Interest Rates at 5.25%

This is much welcome news after 14 consecutive rate rises. And we are seeing fixed rates fall. If you have a mortgage coming to an end, now is a great time to get advice. If rates continue to reduce you may be able to renegotiate your deal if you already have a mortgage offer.

There may be a fee for mortgage advice. The precise amount of the fee will depend upon your circumstances but will range from £295 to £595 and this will be discussed and agreed with you at the earliest opportunity.

Your home may be repossessed if you do not keep up with your payments.

11/09/2023

How do you measure trust?

How do you measure trust when dealing with financial advice? When dealing with your most personal financial and health data, having trust in your advisor is critical. But how do you measure trust? Is it a gut feeling or is there a way to measure and ultimately improve how trustworthy an advisor is d...

09/09/2023

CASE STUDY

🏡 Location - Wimbledon
💸 Loan amount - £1,066,325

Pilgrim Mortgages was approached by a couple looking to purchase their first home. The clients had a 10% deposit.

➡️ The challenge
As is often the case with large loans, there were multiple challenges with this case. One client was a British citizen but the other had a spousal visa. With less than a 25% deposit, the list of lenders is limited and this is further compounded with a loan over £750,000. There are even fewer banks willing to lend £1m+ with a small deposit.

➡️ The solution
In cases like this, it is often worth speaking to a private bank however most private banks will only consider you if you classify as a High Net Worth individual with minimum income expectations. They may also expect a transfer of investment assets to be held within their keeping alongside the mortgage. This did not suit my clients. Pilgrim Mortgwas able to place this case on the high street with a Bespoke lending proposition. We secured a 90% LTV on a 2 year fixed rate of 3.38% (November 2022!).

Pilgrim Mortgages excel in large loans and mortgages for foreign nationals.

04/09/2023

Market Update from Nationwide

According to the Nationwide BS August saw a further softening in the annual rate of house price growth to -5.3%, from -3.8% in July, the weakest rate since July 2009. Prices fell by 0.8% over the month, after taking account of seasonal effects. The Society suggested that the softening is not surprising, given the extent of the rise in borrowing costs in recent months, which has resulted in activity in the housing market running well below pre-pandemic levels.

However Nationwide believe that a relatively soft landing is still achievable, providing broader economic conditions evolve in line with theirs (and most other forecasters’) expectations. Unemployment is expected to remain low (below 5%) and the vast majority of existing borrowers should be able to weather the impact of higher borrowing costs, given the high proportion on fixed rates, and where affordability testing should ensure that those needing to refinance can afford the higher payments.

While activity is likely to remain subdued in the near term, healthy rates of nominal income growth, together with modestly lower house prices, should help to improve housing affordability over time, especially if mortgage rates moderate once Bank Rate peaks.

01/09/2023

CASE STUDY

🏡 Location - London
💸 Loan Amount - £480,000

Pilgrim Mortgages was approached by a fixed term contractor looking to purchase his first home in London. The client had a 10% deposit made up of savings and wanted to purchase a flat.

➡️ The challenge
The client had worked as a self-employed contractor via his limited company for years but within the past year he had taken a 4 month sabbatical to travel. He had returned to work for the past 6 months but had only 3 months remaining on his contract. We needed to maximise his borrowing by using his day rate.

➡️ The Solution
Pilgrim Mortgages was able to secure a 90%LTV mortgage on a 2 year fixed rate of 6.13%. Furthermore, the lender reduced their rates a couple weeks later and we were able to go back and renegotiate his deal securing a new rate of 6.04% for him, saving him £1,200 over the next 2 years.

Pilgrim Mortgages excel in helping fixed term contractors trading via an umbrella company or through their own Ltd companies. We can look at net profit, dividends or day rate to help secure the most suitable mortgage.

31/08/2023

A Glimmer of Hope - updates to the mortgage market

As you know, recent times have been filled with headlines about rising mortgage rates, making it challenging for many to balance their monthly mortgage repayments against the rising cost of living or moving home to fit their current life circumstances, for example. However, there are further glimpse...

10/11/2022

R E M O R T G A G E

Hi Insta and Facebook friends. It’s been a crazy couple of weeks in the mortgage world. We went from racing the clock to secure low fixed rates to a full handbrake in the wake of Trussenomics. Now is the time to think hard about your plans to remortgage.

Did you rush into a 5 year fix at 5.39%? If so, it’s not too late to re review options.

Are you waiting, worried about what to do with your remortgage next year?

Depending on your circumstances, it might be a good time to consider a tracker deal or a discount rate. These are variable rates and with fixed rates high, they can offer significant savings.

Tracker rates track the Bank of England base rate and Discount rates track the lenders SVR. They come with risk but now is a great time to speak to a broker to see if these products could save you money.

27/11/2021

Happy Thanksgiving to all of my lovely clients. Thank you for letting me be part of your journey. 🧡

10/09/2021

I did it! I passed my Equity Release exam. 💃💃💃 Now a CeMAP and a CeRER. 🤩