The Money Geeks

The Money Geeks We help Landlords, Property Investors and anyone with unusual circumstances get the finance they need to purchase a property.

18/07/2023

Award-winning mortgage advisers specialising in finding solutions for even the most challenging mortgage circumstances. With years of experience we are the go-to choice for anyone in need of a mortgage broker who truly knows their stuff."

Happy New Year to all of you.Thank you for trusting us in 2022 and we look forward to working with you in 2023.
31/12/2022

Happy New Year to all of you.

Thank you for trusting us in 2022 and we look forward to working with you in 2023.

30/12/2022

How to get a debt consolidation loan without somebody needing to come and value your property.

Actually, within the secured loan industry, there are very many different lenders that will use either what's called a desktop valuation or an automated valuation.

Both of those ways an actual valuer doesn't need to come to your property.

That's really handy if you need speed. So if you're in the middle of doing something, so you've got work which is currently ongoing and you need money to finish it off, for example, or you need to consolidate debts really quickly because you're starting to potentially start to miss payments, then this, method of valuing your property can be really useful.

So when you speak to your mortgage broker, About your options make sure you mention to them about the automated valuation models or the desktop models in order to make sure you can get the this through as quickly as you possibly can.

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29/12/2022

Consolidating debt. If you have a low credit score,

first of all, one thing you have to remember is there's generally a better way of consolidating your debt than remortgaging if you have a low credit score.

The best example I can give you of that is if you are currently with what we'll call a high street lender, then you're probably on a reasonably good rate as long as you haven't missed any payments with that particular mortgage provider, you can move onto a new rate . And that rate should be better than what you'll get if you remortgage and you've now got a low credit score.

Problems with credit, the far better way of doing it is to leave that mortgage where it is and have a look at a secured loan. Now, the secured loan rate is going to be a higher rate than what you're currently pay it, but overall it should save you money because the overall interest rate should work out lower
so have a chat with your mortgage broker before. Any decisions.

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28/12/2022

Consolidating debt if you are self-employed.

Similarly to mortgage. The way we look at debt consolidation is based on your accounts.

We can do this if you've only been employed for one year.

We can look at it that way. If you've been self employed for 2, 3, 4 years, then we can also look at that.

Sometimes we can even look at your limited company account. So if you've got money that you keep in the limited company, so you don't take it out for tax reasons, sometimes we can take that into account as well.

Occasionally being self-employed will attract slightly higher rates, depending on the lender. So it's always good to get advice from a mortgage broker before you do this,
If debt consolidation is something that you are considering, then being self-employed, as long as you've got at least one year's accounts should be no problem at all.

27/12/2022

Why your credit card company doesn't want you to pay your credit card off.

Now, you may have had a letter from your credit card company talking about persistent debt. This is over the last, if you've had a credit card for 18 months and you've paid more in interest charges than you've paid off the balance, then that's called persistent debt.

And our regulator says they have to send you a email or a letter to tell you should increase your payments.

But in reality, you've paid more interest in charges than what you owe. So actually, you are giving them money every month. Why would they want you to pay that off?
So if you've had one of those letters, it was really worth having a conversation with a mortgage advisor and talking about debt consolidation. It won't be right for everybody, but ultimately if you can bring , the interest that you are paying down and also control what you're paying on a monthly basis, it could be the right option for you.

So get in touch with your mortgage broker and ask the question.

Merry Christmas from all of us at The Money Geeks
25/12/2022

Merry Christmas from all of us at The Money Geeks

Was it just me or did everyone else start out doing this?
16/12/2022

Was it just me or did everyone else start out doing this?

Headlines like these are so frustrating. They are purely designed as clickbait and will cause anxiety for many.If you ar...
05/08/2022

Headlines like these are so frustrating. They are purely designed as clickbait and will cause anxiety for many.

If you are on a FIXED Rate your monthly payments will NOT increase until that rate ends. That could be in 5 years time and who knows where we will be then.

If your fixed rate is due to end soon then yes it's time to do something about it but these types of generic anxiety driven headlines are absolutely not necessary.

Recap

Your Mortgage Payment will stay FIXED (will not change) until your fixed rate period ends. It will NOT change because the Bank of England has increased rates.

I hope that helps.

03/08/2022

Self Employed? You could borrow more just by selecting the right lender for your circumstances.

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The RC Centre, Tan Y Rhiw Road, Resolven
Neath
SA114NB

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