Simply Mortgage Place

21/09/2023

The Bank of England has held interest rates at 5.25 per cent after a knife-edge vote that is likely to signal the peak of borrowing..

The Bank of England was expected to raise the base rate to 5.5% - but it stays at 5.25%.

10/06/2023

More than 350,000 households took out loans under the Government’s Help to Buy scheme,The scheme offered thousands of people a helping hand onto the housing ladder, but a significant cohort of borrowers are now finding it increasingly difficult to keep up with payments on their inflation-linked loans.

Bilal Khan is trapped paying sky-high interest rates for a home he cannot sell or remortgage

10/06/2020

When your fixed rate mortgage deal ends, your mortgage will revert to your lender’s standard variable rate (SVR) of interest. It’s important to understand what this could mean for you, and what (if anything) you should do about it.

You may have fixed your rate up to five years ago (sometimes even more), and a lot will have changed since then, both in your own circumstances and in the mortgage market at large. The ending of your fixed rate mortgage can even be an opportunity for a financial spring-clean, as you may be able to switch to an even better deal.

Send us a message today to see how we can help you!

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP WITH REPAYMENTS ON YOUR MORTGAGE

02/06/2020

The government has announced its First Home scheme, a policy which plans to offer first-time buyers a 30% discount on a proportion of new build homes. The scheme will lower mortgage and deposit requirements for local first-time buyers, turning the dial on affordability.

The Government has pushed ahead with a new scheme which will save first-time buyers a third on the cost of local homes.

02/06/2020

Looking to buy in 2023?

We specialise in helping first time buyers to get on the ladder and purchase their first property

Contact us today to see how we can help you!

0161 5182536, 0736 8148184
[email protected]

Your home may be repossessed if you do not keep up with repayments on your mortgage

13/05/2020

✅HOUSING MARKET GIVEN GREEN LIGHT ✅
From today:
🔑 Estate agents can reopen
🔑 Properties can be viewed (buying & renting)
🔑 Conveyancing and removals can restart
🏠🏠This is great news for the housing market. 🏠🏠
Time to start putting your plans into action! Please remember to follow social distancing and safety guidelines. We will keep you posted as more information becomes available. Happy !

Estate agents back to work on Wednesday as new laws permit key house-hunting activities

12/05/2020

We want to share the following real-life and extremely sad example of just how important it is to have sufficient in place, should the unthinkable happen.

A client in the most dreadful situation was recently referred to us – we were asked to explore if anything at all could be done to help. Sadly, because of the severity of the client’s financial situation, options proved very limited. This is her background story:

A husband and wife with one child, own a residential property worth £575,000 with a £485,000 mortgage and a buy-to-let property worth £450,000 with a £325,000 mortgage. The buy-to-let property generates a rental income of £1550pm.

When the family reviewed their mortgages two years ago, they declined to take out insurance, despite very strong recommendations to do so.

Last month, the husband suddenly died at the age of just 42, leaving the wife, who doesn’t work, and a young child in a tragic emotional and financial situation.

We have since had to inform the widow that the only viable solution to her financial situation is to sell both the family home and buy-to-let property. She will then be able to use the equity from the two properties to purchase a much smaller home for her and her child.

Had the family taken out the life cover recommended, the payments would have only been £60.20 a month. At £810,000, (to the age of 65) the pay-out would have adequately covered both mortgages.

Furthermore, the buy-to-let mortgage payments are £812 per month, therefore providing £700 of profit each month, which would have paid for the life cover ten times over. The pay-out would have cleared all of the widow’s financial liabilities and provided her with the security of an unencumbered residential property, plus £1550 monthly income from the buy-to-let property, whilst she readjusts her life.

This family tragedy has created an unimaginable financial crisis for the widow and her child. It provides a sobering illustration of the importance of taking insurance to protect your family, should the unthinkable happen. This is not the first time we have encountered such a situation, and sadly, it won't be the last. For a small monthly cost, this situation could have been avoided. Please stop and take a moment to think about this seriously. Talk to us and we will find an affordable solution that works for you and your personal circumstances. T: 0333 0145735

12/05/2020