Now could be the perfect time to get a mortgage or review your mortgage deal to save yourself some cash. A few different things have happened recently in the mortgage world – positive things after many months of slower news.
It seemed like early 2020 gave us bad news after bad news, especially in the mortgages sector. There were many months of uncertainty with the number of mortgages available to people dropping dramatically. Where we would usually see a vast number of mortgage deals available, we saw very few at all and many had changed their lending criteria too. We are proud of our ability to have found all our customers fantastic mortgage deals throughout last year, and into this year too. You can rest assured that Love Mortgages have access to a leading number of lenders and are always in a position to access and offer you the best lending power which suits your lifestyle and needs.
July 2020 saw a big boom in the property sector and towards the end of the year we saw more and more mortgage opportunities flooding in and the market showing incredible positive signs of recovery. After months of seeing a limited amount of mortgage deals, more and more started to appear, even if the lending criteria for many had been tightened and was quite strict at the time.
As 2021 rolled in, we all needed a bit of good news in terms of mortgages and mortgage deals and these two pieces of news are very welcome indeed. So, what do you need to know?
There Is Now More Choice Of 90% Mortgages
First of all, it seems that UK first time buyers are now being offered more choice of 90% mortgages. This is great as, since the pandemic, we have seen a distinct lack of good mortgage deals with many lenders being a little cautious and wary with who they are lending to.
Many banks and building societies are launching a bigger range of deals that only require a 10% deposit – we can help you find one of these great deals and ensure you get the deal that is perfect for you.
2020 saw hardly any 90% loan to value (LTV) deals but more and more are creeping back onto the market all the time now. This gives would-be buyers many more options and means they might not need as big a deposit as they once thought.
There was plenty of upset when those who were hoping for 90% mortgages could not get one in 2020, having saved up their 10% deposit. Many went away to save as much as they possibly could to add more to their deposit – but now it looks like things might be going their way after all!
As with all mortgage deals, specific banks and building societies will have their own rules regarding these mortgages with some allowing income from overtime and commission to be considered if received in the first few months of this year. Make sure to check the details on the deals you look at!
Now is the perfect time to look for a 90% mortgage if you have a 10% deposit – it is unclear how long these will remain on the market as who knows what the future could bring? Get in touch if you want some help finding the right one for you.
Could You Save Hundreds of Pounds on Your Mortgage?
It also seems that now could be the perfect time to review your existing mortgage deal and save some money. There are some fantastic deals out there that cannot be beaten, and we’d be happy to help you get the mortgage deal you want and save yourself some of your hard-earned cash.
Mortgage payments are a regular outgoing that most homeowners face unless they paid cash for their property or have paid all of their mortgages off. However, many people are actually paying more than they need to in interest because they are not on the deal that is best for them.
When taking out a mortgage, many people look at the deals available and opt for a fixed rate. They do this because they know the interest rate will not change and it gives them the stability and certainty of the amount, they need to pay each month. However, some may choose a variable rate which means payments may go up or down based on the Bank of England Base Rate. The Base Rate is currently at a historic low of just 0.1 percent. There have also been rumours that the Base Rate could go negative which means now is the perfect time to review the deal you are on. Someone on a fixed rate that has just finished and who hasn’t taken any action could be moved to a variable rate instead and end up paying much more interest than they need to. There are lower interest rates available and you could get these on a fixed-rate mortgage too.
Why wouldn’t you want to look for a better deal, especially if you can get a fixed-rate mortgage with an extremely small amount of interest? We would be happy to help you find the best fixed-rate mortgage deal with the lowest amount of interest available.
Of course, there are many mortgages that have it in the small print that the interest rate cannot go below a certain number, and this is understandable, especially with talk of negative interest rates. However, that does not mean that there won’t be some fantastic deals to take advantage of and you certainly should be reviewing your current deal to see if you can save yourself some money.
Why not get in contact with our team here at Love Mortgages as we are confident that we're the best at what we do. We can even offer you advice if you are currently on furlough or suffering from a reduced income due to the pandemic. We have got years of experience in the mortgage and financial services sectors and have extensive knowledge of all the lender's criteria.
We are fair, we go above and beyond for our clients and we keep you updated regularly, plus we are always ahead of the curve on the latest deals, offers and trends. There are a number of reasons you should consider calling us, with no obligation to continue further than your first call.
We offer mortgage advice both locally in Mold, Flintshire and Chester and nationally around the UK. We are here to help. Don’t hesitate to get in touch with us today on 01244 90 44 10 – we’d be happy to receive your call.