Centric Mortgage Finance Ltd

Centric Mortgage Finance Ltd Independent Mortgage Brokers. Quality whole of market mortgage advice, delivered to your front door. National coverage, Head office - City of London

With access to the whole of the market and a wealth of experience, Centric Mortgage Finance are uniquely positioned to advise on every mortgage move. Whether you are a first time buyer, a BTL landord, remortgaging or moving to your dream home, we will be able to find the right mortgage, at the best rates.

Bank of England reduces Base rate by a further 0.25%, bringing the rate to 4.5%.We hope that this will allow lenders to ...
06/02/2025

Bank of England reduces Base rate by a further 0.25%, bringing the rate to 4.5%.

We hope that this will allow lenders to reduce their product rates and bring back in line with the lower rates offered last year.

Let's watch this space.

Interest rates were lowered by a quarter of a point. Governor Andrew Bailey will hold a press conference at 1230 GMT.

Our Senior Consultant, Colette Hall, has put together a really useful guide to help homeowners understand how to get rea...
16/01/2025

Our Senior Consultant, Colette Hall, has put together a really useful guide to help homeowners understand how to get ready for a remortgage and the importance of using a mortgage broker.

2025 is set to be a significant year for remortgaging, as many homeowners reach the end of their historically low fixed-rate terms. Now, more than ever, homeowners can benefit from the expertise of a mortgage broker to help them budget effectively for their next mortgage and secure the best possible rate.

With over 20 years of experience in mortgage advice, Colette is sharing her insights on how to prepare for your mortgage review and the advantages of working with a mortgage broker.

2025 is set to be a significant year for remortgaging, with many clients transitioning from historically low fixed rates. Some clients are currently on rates as low as 0.

Great news to see that the Bank of England held the base rate for the first time since the rises commenced in February 2...
22/09/2023

Great news to see that the Bank of England held the base rate for the first time since the rises commenced in February 2022. It now remains at 5.25%.

It is the Swaps market that prices the fixed rates that lenders offer, and we are pleased to see that these are now settling and coming down. We are hopeful that lenders will soften the rates being offered over the coming weeks.

The article below from the Guardian gives a good summary of the state of the UK economy and that the Bank of England is hopeful that this is the peak of the rises.... Unless something unexpected triggers a rise.

The next BoE Base Rate review is in two months, on 2 November 2023.

If your mortgage rate is due to expire in the next 6 months, do get in contact for your personal review and we can ensure that you obtain the best possible rate for your renewal.

Decision to hold rate at 5.25% will be good news for mortgage holders and firms but reflects dramatic weakening of economic activity

Have you heard of the “Mortgage Charter”?The UK Government met with principle mortgage lenders in June to find a way to ...
29/07/2023

Have you heard of the “Mortgage Charter”?

The UK Government met with principle mortgage lenders in June to find a way to help support residential borrowers who can’t meet their new mortgage payments due to the increased costs.

Like during Covid, when incomes where affected, lenders are again committed to help support borrowers through this difficult period. We are now seeing lenders announcing their committment to helping you.

The Mortgage Charter:

Switch to a new rate - Borrowers who are up-to-date with mortgage payments are able to switch to a new mortgage deal at the end of their existing rate deal. This has been provided for some time, but now lenders are allowing this from 6 months prior to the existing rate expiring. By using your adviser at Centric Mortgage Finance we can advise on the best rate and secure you onto a lower rate if this becomes available prior to the existing rate expiring.

Switch to Interest Only – Lenders are allowing clients to temporarily switch to interest only payments for a period of 6months.

Extend the Mortgage Term –Extending the mortgage term will reduce your monthly payment and help with the affordability of the mortgage. It will however, mean that you are paying more interest back over the term of the loan.

Ask for Help - Lenders are committed to help you without it affecting your credit rating.

If you are worried or your rate expires in the next 6 months, then do get in contact your adviser here at Centric Mortgage Finance Ltd, so that we can provide a personalised review and advise on a solution for you.

Further reading on the Mortgage Charter can be found on the link below on the Government website. You can also contact your mortgage lender directly to see how they are committed to help you directly. Most have a Mortgage Charter section now.

Here are some free websites that may be able to help and ensure that you are receiving the benefits you are entitled to, and to provide you more support with budgeting.

Money Helper www.moneyhelper.org.uk
Step Change – www.stepchange.org 0800 1381111
Citizens Advice – www.citizensadvice.org.uk

https://www.gov.uk/government/publications/mortgage-charter/mortgage-charter

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A Word on the Mortgage Market.If your mortgage rate is expiring in the next 6 months, then please contact your adviser, ...
27/06/2023

A Word on the Mortgage Market.

If your mortgage rate is expiring in the next 6 months, then please contact your adviser, if we haven’t already contacted you, here at Centric Mortgage Finance. We can prepare and advise you the best way forward.

There are options available to you. We can find the best rate for you and book the rate up to 6 months before and if a lower rate become available look to moving onto that.

We can explore extending the term of your mortgage to ease you into the increased monthly payments.

We are here to help you.

Please feel free to share our contact details with your friends, colleagues or family if they too would like a mortgage review.

Hello and welcome to the latest edition of A word on the mortgage market. One day we will be able to send you this newsletter without any drama within.

Our thoughts on the rising rates in the mortgage market and what, if anything, you can do about it.
21/07/2022

Our thoughts on the rising rates in the mortgage market and what, if anything, you can do about it.

Hello and a (really) warm welcome to the latest edition of A Word on the Mortgage Market. This month we’re ruthlessly focused on the state of the mortgage market; what’s happening, what do the next few months look like and what, if anything, should you do about it.

We are just over two weeks away from the official launch of the government backed 95% lending with the Help to Buy mortg...
01/04/2021

We are just over two weeks away from the official launch of the government backed 95% lending with the Help to Buy mortgage guarantee scheme. The official scheme launches 19th April 2021. However, we are already seeing lenders coming in the market now with 95% lending products.

For you as a customer, the mortgage application process is the same. However, in the background the scheme provides lenders with the option to purchase a government guarantee that compensates them for a portion of their losses in the event of a foreclosure.

The scheme is open to both residential first time buyers and homemovers, but some lenders may impose their own restrictions. Purchase prices are limited to £600,000 and on a repayment basis only. Lenders will be participating in the longer term fixed rate mortgages of 5 years to ensure clients have the security of predictable repayments for a longer period. The scheme is due to run until December 2022.

This is great news combined with the Stamp Duty Holiday on the nil rate band up to £500,000, in place until 30 June 2021. Then from 1 July 2021 to 30 September 2021 the nil rate band will be £250,000. The nil rate band will return to the standard amount of £125,000 on 1 October 2021.

Contact us now to find out what lending is available to you, with an independent mortgage review.

We are just over two weeks away from the official launch of the government backed 95% lending with the Help to Buy mortgage guarantee scheme. The official...

Pleased to see that 95% lending will be back. Let's hope the rates aren't too high, but it will be a good start for thos...
03/03/2021

Pleased to see that 95% lending will be back. Let's hope the rates aren't too high, but it will be a good start for those will a smaller deposit.

Contact us to find out what lending is available to you, with an independent mortgage review.



Big banks poised to launch 95 per cent government-backed mortgages...

The government has extended the current Stamp Duty Land Tax (SDLT) holiday until 30 June after which the nil rate thresh...
03/03/2021

The government has extended the current Stamp Duty Land Tax (SDLT) holiday until 30 June after which the nil rate threshold drops from £500,000 to £250,000 until end September, assuiming it will be returning to the standard cut off rate of £125,000 from 1 October.

Does this mean that there will be a mad rush to buy before end June and those first time buyers with purchases under £250,000 before end September?



Stamp duty holiday extended until June with tapering end date...

The UK Budget next Wednesday is going to be interesting... let's hope that the Stamp Duty Holiday will be extended. I kn...
24/02/2021

The UK Budget next Wednesday is going to be interesting... let's hope that the Stamp Duty Holiday will be extended. I know that clients of Centric Mortgage Finance and their conveyancers will breathe a sigh of relief.

British finance minister Rishi Sunak is preparing to extend the stamp duty holiday by three months until the end of June in an attempt to boost activity in the housing market as the country emerges from lockdown, The Times reported on Wednesday.

ENERGY PERFORMANCE CERTIFICATESProperty Landlords - Don't forget that properties being Let out are required to have a va...
22/02/2021

ENERGY PERFORMANCE CERTIFICATES

Property Landlords - Don't forget that properties being Let out are required to have a valid Energy Performance Certificate. Good news is that they are valid for 10 years, but you will require an EPC rating of E or higher to let the property out.

Full details can be found on the HRMC website:

https://www.gov.uk/guidance/domestic-private-rented-property-minimum-energy-efficiency-standard-landlord-guidance -out-if-your-property-is-covered-by-the-regulations

Guidance for landlords of domestic private rented property on how to comply with the 2018 ‘Minimum Level of Energy Efficiency’ standard (EPC band E).

REMINDER TO LANDLORDS:New Electrical Safety Regulations came into force on 1 June 2020. New tenancies with effect from 1...
26/01/2021

REMINDER TO LANDLORDS:

New Electrical Safety Regulations came into force on 1 June 2020.

New tenancies with effect from 1 July 2020 and existing tenancies from 1 April 2021 will require electrical installations in rented properties to be inspected and tested by a qualified and compentent person very 5 years.

The majority of landlords are proactive when it comes to ensuring the safety of their tenants and make a welcome contribution to the housing market. But a minority fail to do so, putting their tenants in danger as a result.

These new Regulations require landlords to have the electrical installations in their properties inspected and tested by a person who is qualified and competent, at least every 5 years. Landlords have to provide a copy of the electrical safety report to their tenants, and to their local authority if requested.

It is likely that Lender's will also require to see a copy of the Electrical Safety report when remortgaging and existing BTL property. So please review now and have your properties confirming to the new guidelines to avoid any delays with your remortaging process.

Full details can be found on the government's website:

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EC2M1JH

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