Screen Time

We can provide advice on both your mortgage and insurance requirements in a way that best meets your needs – by phone, email, videoconferencing or possibly a socially-distanced meeting.

One key piece of advice – unless there are mitigating circumstances – is not to sit on your lender’s Standard Variable Rate (SVR) once you come to the end of your deal period.  As the chart below shows, you’ll be paying around twice as much in interest!

Average Fixed Rates vs. Standard Variable Rate (SVR)

(Source: Moneyfacts, 7 September 2020)

Naturally, there are fees to pay with a new deal, so you need to do the maths.  Our discussions would also cover issues such as the merits of a fixed vs. tracker mortgage, and the length of the mortgage deal, such as the 2 or 5-year plans above.

The process

Of course, you can undertake this yourself.  However, you don’t want to make too many unnecessary applications, which may have a negative impact on your credit rating.

That’s why it makes sense to ask us to assess the wider marketplace in light of what we’ve established with regard to your financial position and particular needs.

Also, we’d endeavour to help reduce the hassle of filling out forms.  Plus hold your hand throughout the process, and liaise with the various parties along the way.

So, irrespective of whether you’re new to property buying, or an old hand, we

have experience of dealing with all types of clients, enabling us to work towards identifying a suitable product for you.

What if life goes wrong?

The current challenging times may well have focused your thoughts on having some protection insurance in place.

This could be life cover to deliver a lump sum to your family, if the insured

person dies.  Or insuring yourself against suffering a critical illness, or being off work long-term due to illness or injury.

Already have cover in place?

Even here it’s worth having a conversation (if it’s not a policy that we’ve recently set up), as there’s been so much innovation over the last few years.  With many policies now fully recognising mental health issues, plus lots of value-added benefits, such as medical advice and fitness support.

Also, as a consequence of the current crisis, you may even be thinking about saving money and cancelling a policy.  This could then prove to be more expensive, with more caveats, and an age weighting, should you return to start a new one with the same insurer.  The insurers are mindful of this and some will allow you to stop

paying premiums for an agreed period, with certain rules.

As with all insurance policies, terms, conditions and exclusions will apply.

You may have to pay an early repayment charge to your existing lender if you remortgage.

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