CM Financial

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CM Financial

Liverpool based Mortgage & Protection advisor offering professional and personal advice to help you find the right mortgage to match your needs.

Whether you're a first time buyer or you're looking to remortgage we can guide you through the process.

17/08/2022

Base Rate Increase

The Bank of England (BoE) has voted to increase the base rate by 50 basis points the highest increase in 27 years. It now means the base rate stands at 1.75%.

The decision comes amid a backdrop of low economic growth but high inflation which is expected to hit 11% in October.

Currently inflation is recorded at 9.4%, meaning a typical basket of goods and services was 9.4% cheaper than one year prior.

The Monetary Policy Committee voted by a majority of eight to one majority to raise the rate to 1.75%. The minority vote preferred to increase the base rate by 25 basis points.

The last time the base rate exceeded this figure was in December 2008, when it sat at 2.00%. It was promptly lowered by 50 basis points the following month in January 2009.

11/08/2022

Energy Bills Surge

Energy bills for the average UK household are on course to surge to a devastating £4,266 a year in January, experts have warned.

That will come after a rise to more than £3,500 in October as the cost-of-living crisis deepens throughout this year and into 2023, according to figures from Cornwall Insight, an energy consultancy.

Ofgem is set to put the price cap at £4,266 for the average household in the three months from the beginning of January.

Cornwall Insight said that this was around £650 more than its previous forecast, thanks to large rises in the wholesale cost of gas. It also expects a further increase in April next year to before prices finally drop slightly to £3,810 from July and £3,781 from October.

It comes as Ofgem last week announced changes to how it will calculate the price cap on energy bills.

10/08/2022

Impressed ⭐️

Having struggled by my self to piece together a somewhat tricky mortgage, I was put in contact with CM Financial. From the outset Carl was both affable and competent which made navigating the market relatively straight forward. When something unforeseen arose, this was resolved expeditiously. I cant recommend Carl highly enough.

09/08/2022

Mortgage Increases

The Bank of England (BoE) has estimated that around 40% of all mortgages will increase in the next 12 months.

Speaking in a Treasury Committee meeting on Monday, the BoE executive director for financial stability strategy and risk Sarah Breeden said 20% of mortgages are “floating” meaning “they will see the interest rate increase come through immediately”.

“Of the 80% that are fixed, our data suggests that around a quarter of those come out of that in the next 12 months. Of that 100% stock of mortgages actually only 40% are going to see higher rates in the immediate period ahead,” she explained.

Breeden highlighted that 80% of borrowers were on a fixed rate but highlighted that there is a “natural buffer which means the pass through of interest rates is on a slower burn”.

“The fact that we start with greater resilience and the government’s fiscal support, the position of highly indebted households at the end of 2022 is not very different to the position at the start of the year,” she added.

03/08/2022

Rental Yields

Annual rental yields across England and Wales showed a slight fall in Q2 this year compared to the same period last year, down from 6.1% to 5.5%, according to Fleet Mortgages’ latest buy-to-let (BTL) rental barometer.

On a quarterly basis, the barometer showed a small decrease of 0.2% from the 5.7% in Q1.

The yearly trend across all regions was down with every area of England & Wales seeing a drop in rental yields of between 0.1% and 0.9%.

However, a more recent quarterly comparison with Q1 this year shows that Wales and the East Midlands have seen rental yields increase, while the North West, West Midlands, and the South West have seen no change.

The five remaining regions, North East, Yorkshire and Humberside, South East, East Anglia and Greater London, showed drops of 0.6% and below.

The North East, Yorkshire & Humberside, and the North West continued to see the highest levels of rental yields.

02/08/2022

Life Products

Another busy day sorting life products for a client, we are going to be doing a couple of posts on life products, why they are necessary and how they benefit you over the next few days, watch this space … 👀

28/07/2022

Green Discounts

Ecology Building Society has boosted discounts on green mortgages for self- and custom-build homes by up to 1.50%.

The mutual’s self-build mortgage starts with an initial rate of 4.65% (which lifts to 4.99% from 1 August). On completion of the works, borrowers are eligible for its C-Change Sustainable Homes product discounts that range from 0.50% to 1.50% based on the standard assessment procedure rating in the energy performance certificate, or if the property is accredited to the Association of Environmental Conscious Building standard, or the Passivhaus low energy standard.

Previously, discounts had ranged from 0.50% to 1.25%.

It adds that the move also includes the addition of dedicated discounts for homes built to a SAP rating from 100 to 109 and SAP ratings of more than 110, of 1.00% and 1.25%, respectively, which the building society calls A+ and A++.

It says this rating “reflects the environmental performance of homes built to a standard that generates more energy than they consume”.

27/07/2022

Collaborative Working 🤝

We are looking to connect with individuals and organisations in the Financial Services industry - our aim being to work collaboratively with a select few partners who are looking to outsource their Mortgage & Protection needs.

In return we are hoping to promote our partners on our growing social platforms for services that we are unable to provide i.e. Wealth Management, Pensions, Financial Advice.

If this is of any interest to you as an individual or company please reach out to us and we can send you over our fully detailed brochure.

26/07/2022

Record Highs

The average price of a UK home hit a record for the sixth month in a row in July rising to £369,968 according to Rightmove.

But the 0.4% rise compares to a 9.7% jump in June, which is a sign of the market moving from “boil to simmer”, says the property website’s monthly House Price Index.

However, the report says: “A continuing desire to move and low numbers of homes for sale are driving further price growth even at a time when personal finances are becoming increasingly stretched.”

The report comes after the Bank of England has raised interest rates five times in a row since December to 1.25%, and inflation hit 9.1% in May, a 40-year high driven by higher food and energy bills.

The study says that first-time buyers now face record prices and rising interest rates, meaning that their monthly mortgage payments are now 20%, or £163, higher than at the start of the year.

It also adds that more buyers may lock in longer mortgage terms to bring more certainty to their outgoings, “especially as lenders are now offering virtually the same rate for either two-year and five-year fixed mortgages”.

22/07/2022

Carl Was Fantastic

Carl was fantastic. He took on a challenging situation when getting a mortgage for us but he managed to do it successfully. He kept us informed through out the process and we couldn’t have been happier. Extensive knowledge and great communication. Will be recommending him to friends and family.

20/07/2022

Approval Tips

Mortgage approval rates fell to their lowest level in two years in April as the cost of borrowing took its fourth leap forward of the year. To help first-time the Express spoke to an expert to find out what you can do to increase your chances of getting approved for a mortgage.

- Cover all bases

“If you’re applying for your first mortgage you should be aware of what lenders look out for when they consider your application."

Some of the main factors to consider include:

Your credit score
Any current debts
The size of the loan you want to take out
The size of your deposit
Your employment status and income
Your outgoings

- Boost your credit score

“Your credit report works like a scorecard to show lenders how good you are at making debt and other payments – so the first thing you should do is make sure your personal details are correct.

“Errors on things like your address can have a big impact on your score, so contact your credit reference agency immediately to amend them and if a bank or similar still has your old address, contact them and get them to update it to your current one.”

- Get a credit card

Once you’ve corrected any errors and all your details are correct, the next step is to start showing evidence to lenders that you can be trusted with their money.

Every payment you make on time, whether that’s a debt repayment or just your rent and bill payments, has a positive effect on your credit score.

“Using a credit card and repaying it on time can help your credit score, as it shows you’re reliable when it comes to managing debt.

19/07/2022

Morning Meetings

Out this morning meeting clients to discuss their mortgage and protection needs! Absolutely melting hot 🥵 but it’s all in a days work!

If you are in need of any advice around your mortgage or protection needs then please reach out via our social platforms or website!

Address

Edward Pavilion
Liverpool
L34AF

Website

http://cmfinancial.co.uk/contact

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