Castlegate Financial Services

14/02/2024

Life can be so unexpected.. We are available to talk through all your protection options so you are prepared for the unexpected if they do happen. Call our specialists anytime on 0115 933 8333.

Hayley never expected she would need to make two claims on her Serious Illness Cover before the age of 40. To find out more about Hayley’s story and our Ser...

03/03/2023

The difference between secured loans and remortgaging

🏠With remortgaging, you are replacing your existing mortgage with a new one.

🏠You can either stay with your current mortgage provider or move to a new lender.

There are several reasons why homeowners may want to do this.

Including;
❌Their introductory mortgage offer has ended.
⭕️To find a better mortgage deal with more competitive rates or more flexible terms (like the ability to take payment holidays or make overpayments)
❌To borrow extra money against their property (for example to consolidate debts or make home improvements)

If you get a homeowner loan, you’re borrowing additional funds on top of your existing mortgage - you are not replacing it.

Common reasons for taking out a secured loan include:
⭕️Debt consolidation 
❌Home improvements

💰Secured loans can have higher interest rates than mortgages. This is because, from the lender’s point of view, secured loans involve more risk.

For example, if a house is repossessed or sold, then a mortgage is given priority over a secured loan, which means the funds are used to pay off the mortgage first.

Want to know more, then get in touch via our website at
www.castlegatefs.co.uk.

Leave your details and we’ll get a broker to ring you and discuss your options for FREE‼️

We’re here to help

17/02/2023

A mortgage scheme designed to increase the number of deals available to homebuyers with a low deposit or limited equity is being run until the end of 2023.

Several major lenders are taking part in the Government's mortgage guarantee scheme, which can help you get on the property ladder.

This scheme is running until 2023, so check to see if you’re eligible with one of the Castlegate brokers today.

Under the scheme, first-time buyers, home movers and previous homeowners with a 5% deposit have access to 95% loan-to-value mortgages (meaning the loan is for 95% of the property's value).

In brief, here is the general eligibility criteria:

🏠You must be buying a main residential home in the UK. So these mortgages can't be used for second homes or buy-to-let properties.

🏠The property must be worth £600,000 or less. You won't be able to apply if the property costs in excess of this.

🏠The property can't be a new-build. Participating lenders are not allowing these mortgages to be used to buy new-build properties (specific restrictions might vary by lender). This is because lenders tend to worry that new-build properties will struggle to retain their value – something that would be a problem for the lender if your property had to be repossessed in future.

🏠You must have a deposit equivalent to between 5% and 9% of the property's purchase price. That means you'll have a mortgage LTV between 91% and 95%.

🏠You must apply for a repayment mortgage. This means that you won't be able to apply for an interest-only mortgage.

🏠You'll need to pass a lender's normal mortgage affordability criteria. Read more about what this criteria is in our First-time buyers' guide.

To understand more read the article published in January about the new scheme.

https://www.moneysavingexpert.com/mortgages/new-mortgage-scheme-for-5-deposit/

If you want to check today, get in touch with us .
And we’ll check for free and see if your eligible.



/ #5%mortgage

12/02/2023

10/02/2023

🏠Fixed mortgage rates have been coming down since the turmoil generated by the mini-budget last September.

In November, banks started to offer fixed mortgage deals under 5% again, and rates have dropped even lower since – the best two-year fixed remortgage is now at 4.35% and the cheapest five and 10-year deals at 3.99%.

📈 But with everything, these rates have increased when the interest rate changed.

🗓️ With the next possible increase happening on the 23rd March.

⏰ So if your current mortgage is due to expire in the next 6 months, let Castlegate search the rates today.

🔒And secure a rate so you have a peace of mind that you have a rate secured, if the rates changes again and the rates get increase in 6 weeks time.

We here to help….

09/02/2023

Always good helping someone dreams have come true, Sean had been rejected by a few mortgage companies over the last few years due to debt.

It wasn’t an easy task but working together, we found a solution to get him the house he wanted.

Let us help you out today, and find a solution to get you that home you’ve dreamed off .

05/02/2023

Castlegate Tips For Remortgaging