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Your Mortgage Appointment with Finamply: Expert Advice and Checklist
Whether you're a first-time client or have prior experience with Finamply's trusted service, their expert mortgage advisers follow a consistent set of three steps during each appointment.
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- Category: Mortgage Advice
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Different Mortgage Types Explained
Discover a range of unique and less common mortgage types available exclusively through our sister company, Finamply. Explore the comprehensive overview below to gain insights into diverse mortgage approaches. To delve deeper into these options, speak to a knowledgeable adviser who is ready to provide guidance.
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What is a Tracker Mortgage?
A Tracker Rate Mortgage offers attractive benefits for homebuyers. The interest rate is directly linked to a specified base rate, such as the Bank of England base rate, providing transparency in monthly repayments. Tracker mortgages offer potential savings if the base rate decreases, flexibility for overpayments, and the ability to switch to different mortgage deals without penalties. Consult with experts to determine if a tracker rate mortgage aligns with your financial goals.
Will Interest Rates Go Down or Up?
The Bank of England base rate will fluctuate interest rates dependent on inflation. If you are on a tracker or standard variable rate mortgage, it's important to ensure you can afford repayments even if rates increase by 2%. Finamply's expert advisers can inform you about the best-suited options for your requirements and how changes in interest rates may affect you.
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Mortgage FAQs: Answers from Finamply, your Trusted Source
Here are some common questions about mortgages, answered with the assistance of our friends at Finamply.
What is a Fixed Rate Mortgage?
A fixed rate mortgage ensures consistent monthly repayments over a specified time frame, unaffected by fluctuations in the Bank of England base rate or your lender's standard variable rate. Finamply's knowledgeable advisers can guide you in selecting the ideal mortgage option tailored to your needs.
What is a Standard Variable Rate Mortgage?
A Standard Variable Rate (SVR) mortgage is a type of variable rate mortgage where the lender's default rate applies, offering no specific deals or discounts. Staying on an SVR can be risky, as lenders have the freedom to adjust the rate at any time, potentially influenced by changes in the Bank of England's base rate. Gain insights from a mortgage adviser into the factors impacting SVR mortgages to make informed decisions about your home financing.
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Mortgage Advice
Are you in need of assistance with your mortgage? Discover everything you need to know with our sister company, Finamply. Miles & Barr collaborate closely with Finamply to offer expert advice on mortgages and protection. Whether you're a first-time buyer or have prior experience in relocating, it's crucial to have your finances in order for a seamless process. With access to more than 90 lenders, Finamply provides tailored guidance to meet your specific mortgage needs.
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Our friends at Finamply are experts in mortgages and have helped us put together this handy guide.
What is Remortgaging?
Remortgaging refers to the process of switching your current mortgage to a new one. Many individuals opt for remortgaging when their fixed term concludes, allowing them to benefit from improved interest rates or borrow additional funds based on their property's value and the equity built.
Should I remortgage?
Timing is crucial when it comes to remortgaging. Many individuals choose to remortgage approximately six months prior to the expiration of their fixed rate, allowing ample time to secure the best available deal in the market. Remortgaging early also means you could benefit from securing a lower rate, should interest rates rise in the future. If you're considering remortgaging, it is essential to seek advice from a knowledgeable adviser. We highly recommend our sister company, Finamply, whose expert advisers provide tailored guidance based on your unique needs and circumstances.
Refinancing to a better deal:
Interest rates are constantly changing, which means that by timing your remortgage appropriately, you may be able to secure a more favourable rate. However, it's crucial to take into account that remortgaging can involve fees and potential charges, such as arrangement fees or early repayment penalties, which may offset the benefits of a lower interest rate. Before considering remortgaging during a fixed term, it is essential to conduct a thorough evaluation of the overall costs and potential savings.
Unlocking Equity: Exploring Remortgaging Options
Remortgaging offers the opportunity to release equity from your property, providing you with a lump sum of money. This equity release can be utilised for various purposes, including but not limited to gifting a relative a deposit for their home purchase, funding home improvements, or refinancing higher-rate debts held elsewhere to save on monthly expenses.
Benefits of Remortgaging to a Fixed-Rate Mortgage
Remortgaging to a fixed-rate mortgage allows you to secure a predetermined interest rate for a specific duration, shielding yourself from potential future rate increases. However, it's crucial to recognise that interest rates are unpredictable and subject to fluctuations. Seeking guidance from a mortgage adviser is strongly advised, as they can offer personalised advice tailored to your unique financial situation.
Important Considerations for Remortgaging
When contemplating a potential remortgage, it's crucial to take various factors into account. Our trusted partners at Finamply are readily available to provide guidance and answer any queries you may have. It's essential to ensure you can consistently meet your mortgage repayments to mitigate the risk of home repossession.
Please note that remortgaging before the end of your current fixed rate may result in an early repayment charge from your existing lender. Finamply's expert advisers have extensive connections with over 90 lenders. If you're considering remortgaging but need clarity, you can reach out for face-to-face consultations, a Teams call, or schedule a phone appointment.
Your home may be repossessed if you do not keep up repayments on your mortgage.
There may be a fee for mortgage advice. The actual amount you pay will depend upon your circumstances. The fee is up to 1%, but a typical fee is 0.3% of the amount borrowed.
Finamply Mortgages Limited is an appointed representative of Mortgage Advice Bureau Limited and Mortgage Advice Bureau (Derby) Limited which are authorised and regulated by the Financial Conduct Authority. Finamply Mortgages Ltd. Registered Office: 1 The Links, Herne Bay, Kent, CT6 7GQ. Registered in England Number: 10785015