News from Homeline Mortgages

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HOME COMFORTS

…arrange your next mortgage with an expert coming to YOU!

If you are about to start searching for a new mortgage it could be a lot easier than you think. There are of course so many options, such as visiting your local high street bank, or dipping into online search comparison sites, but just imagine having a professional mortgage expert coming to you in the comfort of your own home.

Local mortgage specialists Homeline Mortgages offer such a service and say that for some clients it has been a real boon to helping the process go smoothly.

Vicky Baggette, MD at Homeline Mortgages says it is all part of their commitment to customer service. “For us it’s all about helping our clients arrange a mortgage with as little stress as possible. We know that anything relating to financial services can be daunting which is why we help with the admin as well as sourcing the most suitable mortgage for each individual client. Our advisers are extremely knowledgeable and, as we are independent and can search the whole of market, we can source the best deal from the many different options out there, from main high street names to lesser known mortgage lenders.”

Whilst many are happy to book an appointment at the Homeline offices, for some clients it is more convenient to have a mortgage adviser come to their home. Vicky added, “In the case of young families it really helps if an adviser can visit them at home to make mortgage arrangements, and similarly for more elderly clients, it can be a more comfortable and relaxing process. There is no additional charge for this home visit service, and if it makes life easier for our customers then we are happy to go the extra mile… literally!”

Recent TV coverage from financial gurus such as Martin Lewis, the money expert, has promoted the use of mortgage brokers, as they offer an independent overview and are not tied in to any specific lenders. Whilst there are plenty of online comparison sites available, you may find that some of them have a more limited offer and are linked to specific mortgage lenders. Not only that, but by going via a broker you have a higher chance of acceptance as your adviser will go through the detailed application process with you, ensuring you have met all the lending criteria, and will make an application on your behalf to the most suitable lender.

Homeline Mortgages can help with all types of mortgage including first time buyers, buy to let, Director mortgages, self-employed and lifetime mortgages (equity release). Vicky added, “Even if you are not planning to move home now but haven’t reviewed your mortgage for the past 4 – 5 years, it’s worth having a chat with us to see if we can find you a preferential mortgage deal. Interest rates remain low and there are some favourable mortgage products currently available.”

To book an appointment or a home visit call Homeline Mortgages on 01202 937444. www.homelinemortgages.co.uk

A fee may be charged should you proceed with a Mortgage or Protection application. Please ask your adviser for further details.

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

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Last wake up call to renovate your portfolio

In the last decade, the buy-to-let market has seen property price increases, legislative changes, new tax treatment, and deep economic uncertainty across the country. However, most landlords will still recommend investing in property as a worthwhile investment. At the beginning of the month, we saw yet another change in legislation that is starting a new market trend.

Landlords with large portfolios will usually have several properties in need of renovation. However, renovating a property can be very expensive and will eat into the property profitability in the short term. Recent change in legislation will mean that where a property has an energy efficiency rating of F or G, then energy efficiency improvements must be carried out to bring the property up to at least an E rating.

Where some landlords see this as yet another blow to their bottom line, others are taking the opportunity to carry out further renovation work and increase the rental value of their portfolio. We have seen an increase in enquiries from landlords looking to release capital from their properties, investing the capital into renovation work, charging a higher rent and increasing the return on investment for some of their properties. This is clearly influenced by the fact that this quarter could be one of the last opportunities to obtain finance at such low interest rates.
This is a wakeup call! We are lucky to have brokers with extensive experience advising landlords on how to manage their portfolio to increase profitability now and in the future.

If you would like to discuss this, or any anything else, contact our advisers today on 01202 937444 or visit our other websites to speak to a mortgage broker in Reading or a mortgage broker in Bournemouth

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Buy to let mortgages … tricky but still worthwhile

Whether you already hold a portfolio of investment properties or see yourself becoming a property landlord, it will come as no surprise to learn that obtaining a buy to let mortgage has become a little more difficult of late.

For those trying to build a property empire, the latest set of requirements from the Prudential Regulation Authority has meant jumping through more loopholes to obtain a buy to let mortgage. From late 2017, landlords with four or more mortgaged buy-to-let properties need to provide a full analysis of their borrowing commitments across their portfolio before a lender will agree a further mortgage loan.

With the increased demand for home rental, a buy to let option still represents an affordable and sound financial investment in most cases, based on purchasing the right property, knowing which type of tenants you aim to attract, and fully understanding the rental potential whilst taking into account maintenance and any ongoing costs or fees.

Oliver Bishton from local independent mortgage broker Homeline Mortgages said, “Although the buy to let mortgage market has gone through a turbulent period, we are beginning to see significant changes from lenders. Some new products have recently come to market specifically for the buy to let borrower, with slightly better interest rates and fixed term options of 2 or 5 years. The buy-to-let mortgage you will be offered depends on your circumstances and the lender’s criteria. Typically, they will look for bigger deposits, strong rent to mortgage payments cover and other income streams. You will also need to be prepared for higher arrangement fees and a longer decision period.”

For anyone thinking about applying for a buy to let mortgage, the best advice is not to go it alone. With the new rules and regulations and increased amount of number crunching involved, the services of a good mortgage broker will come into their own.

Olly added, “An independent mortgage expert can really benefit you in the mortgage application process. We have our finger on the pulse of which lenders are offering the most competitive deals, plus we help you with all the preparation and paperwork which can significantly enhance your chances of getting mortgage approval and speed up the process.”

Despite the introduction of the 3% stamp duty levy, and the new stress tests for landlord mortgages, latest figures released reveal that the number of buy to let investors in the UK has hit an all-time high of 2.5m in the latest tax year. “Becoming a landlord is still an interesting proposition for many people, and at Homeline we are always happy to advise on all aspects of your mortgage application. We offer a free initial consultation to ascertain your chances of a successful buy to let mortgage application.”

To book an appointment call 01202 937444 or visit www.homelinemortgages.co.uk

A fee may be charged should you proceed with a Mortgage or Protection application. Please ask your adviser for further details. Your home may be repossessed if you do not keep up repayments.

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How far would you go without your salary?

This is a question at the forefront of every conversation that we have with our clients when discussing their protection needs. At Homeline, we always aim to go the extra mile for you and offer you a holistic view of your financial situation not only at present, but in the future if any eventuality were to happen to you or one of your loved ones.
Most of us have nowhere near the savings buffer that will allow us to make ends meet if we were to stop working due to illness. In fact, 57% of UK households have less than £5,000 in cash savings (1).
When thinking about how to protect your family, it is important to consider not only the basics of Life Insurance and/or Critical Illness Insurance to cover your mortgage, but also discuss with our advisers Income Protection insurance. After all, more than a third of us will be unable to work for longer than 2 months before retiring and that will not necessarily be because of a Critical Illness (2)
With more 97% of insurance claims being paid (3) and policies being more and more flexible to adapt to all budgets, there is really no excuse to protect your family and yourself against the financial implication of a long-term illness. After all, to protect your home does not mean to protect your house, but the people that lives within it.

If you would like to discuss this, or any anything else, contact our advisers today on 01202 937444 or visit our other websites to speak to a mortgage broker in Reading or a mortgage broker in Bournemouth

(1) FCA Cash savings market study report (Jan 2015)
(2) Hannover Re 2017, based on a 30 y.o. retiring at 65
(3) ABI (Association of British Insurers

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What no one would mention when talking about interest rate rises

Interest rate rises will happen, the only doubt that everyone has in their mind is when would it be. The Bank of England hinted in February that this could happen as soon as May. We have seen the market predicting a 0.25% increase within the next 6 months and some economists believe that the Base Rate will certainly hit 1% in 2019.

With this in mind, it is only natural to turn our attention to the biggest debt in any household: the mortgage. According to the Bank of England, 62% of all mortgages are on a fixed rate and, if you have previously applied for a mortgage through Homeline Mortgages, we will contact you in advance to review your financial situation.

However, there is a hidden cost that not many people mention when talking about interest rate rises: unsecured debt. This is credit cards, personal loans and any other debt that is not secured against your house. This kind of lending is less reactive to interest rate rises, as this market takes more time to react and adapt its products.

However, the consequence of this kind of debt rising due to higher interest rates will mean that your household finances might be stretched. The average adult in the UK has £3,975 of unsecured debt and Citizens Advice dealt with more than 2,700 new debt problems every day in December.

One of our advisers, Oliver Bishton, recently dealt with a client that was able to save nearly £2,000/month on monthly payments when consolidating his unsecured debt into his mortgage loan, receiving excellent feedback for the service provided:

“Oliver, just a short note to thank you for your professionalism in turning around the resi so quickly. Having been in finance for 24 years, I have been very impressed and will have no hesitation in making recommendations to you”
David, London

This is definitely a conversation worth having to find out whether this might the best option for you.

If you would like to discuss this, or any anything else, contact our advisers today on 01202 937444 or visit our other websites to speak to a mortgage broker in Reading or a mortgage broker in Bournemouth

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