MORTGAGES

If you approach a mortgage lender direct, they will only provide you with details about their own mortgages and will not tell you if you can arrange a more competitive scheme elsewhere. However, to find the best deal for you, you must compare the terms and conditions of mortgages from every lender; it is not necessarily a prudent move to go for the lowest rate of interest. This deal could come with a large arrangement fee and high redemption penalties, which may also be extended beyond the preferential rate offered. You need to take into account the rate that the mortgage reduces, the method of calculating the interest (daily, monthly or annually), any fees to arrange the mortgage and redemption penalties.

Sometimes a mortgage may offer certain features that are worth paying a little extra for, including overpayment facilities, borrow back, further advances, payment holidays and portability. However, this is not the case if these facilities will be of no benefit to you. If you are purchasing a property, the speed at which your application can be processed is a very significant factor.

All of these factors must be taken into consideration when arranging your new mortgage. It may seem like a daunting prospect, but can save you money in the long term and is something, which is comprehensively covered within my mortgage appointments. Not only do we look at the initial years of your mortgage but also we look at the total cost of your mortgage over the entire term.

Through regularly reviewing your mortgage, it is possible to save thousands of pounds in interest payments over the term of your mortgage.

WHAT I OFFER

With over 10 years experience in Financial Services and dealing predominantly in the mortgage market, I am able to find you the most suitable mortgage for your circumstances.

I have access to over 30 000 mortgage schemes from 150 different lenders. As a Company, we arranged in the region of 30 million pounds of mortgage lending in 2005.

Due to the volume of mortgage lending that Myers Davison Ginger Ltd handle, we are also able to secure schemes from lenders that are not available on the High Street.

We offer a service that is second to none, and your mortgage case is chased every other day, to enable a speedy offer. We update you on the progress of your mortgage, twice a week, and this can be done in the media of your choice, by phone call, email or letter.

Our work does not finish with the issue of your offer however; we regularly liaise with both estate agents and solicitors to ensure that any problems are rectified as soon as possible, to ensure a speedy completion.

By employing a dedicated mortgage administrator, I am able to provide you with a point of contact, who will always endeavour to update you on your mortgage as and when you wish.

Once you have moved into your new property, I offer a mortgage review service, where you can contact me and I can see if it is possible for you to benefit from a more competitive rate in future, or shorten your mortgage term to allow you to own your home at an earlier date.

RE-MORTGAGES

You could find that it is beneficial for you to re-mortgage your property. For most people, their mortgage is their biggest monthly outgoing. Consequently, it follows that by making a saving on this cost can possibly produce a large saving on your monthly budget. In today’s competitive market, many people decide to switch their mortgage scheme every few years to enable them to take advantage of further preferential rates on offer.

There are many reasons why you may consider re-mortgaging your property; maybe you wish to release some equity to fund home improvements or just wish to find a more preferential rate, and from the savings made look to shorten your mortgage term to save money.

When your mortgage preferential rate comes to an end, most lenders will generally then transfer you onto their Standard Variable rate and this can be 1-2% higher than the rate that you are currently paying. This therefore, can make a considerable difference to your monthly mortgage costs if you do not transfer onto an alternative rate. Those customers that do remain on the same deal for the entire term of their mortgage could be losing out on a range of benefits, especially the opportunity to reduce the total amount paid back to the lender, which in some cases can be quite a significant sum.

It is sometimes possible for you to keep your mortgage with your existing lender and just transfer your mortgage onto an alternative rate that they can offer. This would then enable you to save money on your monthly repayments or enable you to repay your mortgage sooner. Most lenders do not advertise this fact, as it loses them money.

However, it may still be beneficial for you to re-mortgage to an alternative lender; this will depend on the size of your existing mortgage and the term left to run.

Generally a 1% saving on a mortgage of £150 000.00 will save in the region of £100.00 per month on your mortgage costs.

WHAT NEXT

If you are interested in arranging an appointment to discuss your mortgage or re-mortgage, you can complete the enquiry form or contact me by phone or e-mail and I or one of my members of staff will ring you to arrange an appointment to see you.

This can be either in our offices or in the comfort of your home. Appointments can be arranged outside of normal working hours, and the first appointments are always free.

I look forward to helping you in regard of your mortgage.

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

Contact Myers Davison Ginger Limited for further information

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