mortgage adviser Havant

Principality stops lending to payday loan users

Principality Building Society is set to stop lending to applicants who have taken out a payday loan within the previous 12 months.

The Wales-based lender Principality has stated that it would continue to process transactions under its current criteria until close of business on 18 February, meaning borrowers applying for a mortgage from the 19 February with the Principality must not have taken out a payday loan in the previous 12 months.

Principality is the latest lender to explicitly exclude recent payday loan borrowers, you need to consider your actions before taking out this type of credit as it can impact on your ability to obtain a mortgage.

Principality has also tweaked a number of other areas of its mortgage criteria, including for debt consolidation and for cases where the borrower takes part in online gambling. The lender will request further information at its discretion, where it identifies online gambling or any gambling debts on an applicant’s history. It says this is to ensure there is no underlying affordability issue.

The Principality has reduced its maximum LTV for debt consolidation mortgages from 90 per cent to 75 per cent and will now only offer them on a capital-repayment basis.

If you would like to review your financial position to see if you would be better off remortgaging to another lender offering a more competitive rate than taking out a short term loan.

Call us on 01489 580020 or “contact us” and one of our qualified advisers can discuss your requirements before you apply to the Principality and get declined.

imagesCAU3ZMDP90% First time buyers

A two-year fix for first-time buyers available at 4.49% up to 90% LTV or a  two-year fixed rate at 3.79% up to 85% LTV to all homebuyers and remortgagers.

For further details on 85% or 90% deals call us on 01489 580020 or email us at quotes@parkgate.net where we would be more than happy to provide you with a personal illustration.

Shadow Treasury financial secretary Chris Leslie has hit out at mortgage lenders for “sneaky” standard variable rate rises and called on them to do more to warn customers of potential rate rises.

Speaking at a fringe meeting on debt at the Labour autumn conference in Manchester yesterday, Leslie said it is “amazing” that rates are going up when funding is so cheap.

In August Santander increased its standard variable rate by 0.5 per cent to 4.74 per cent which came into force today and earlier this year Halifax, Clydesdale Bank, Yorkshire Building Society and the Co-operative Bank increased their rates.

If you have a mortgage and are currently on the lenders standard variable rate, then why not give us a call to see how much you could potentially save by switching lenders.

Call us on 01489 580020 to discuss your requirements.

You can also contact us via the Contact Us page or by email if you prefer info@parkgate.net and see what we can offer you to ensure that you are not over paying being on the lenders standard variable rate.

 

The amount of customers who do not use a mortgage adviser and apply for a mortgage direct either online or through the banks and get turned down for one reason or another, give up and do not try again. Whether looking to move, remortgage or to access additional funds for home improvements or for debt consolidation, doing nothing could have a detrimental effect on your finances and therefore using a mortgaged adviser could overcome this.

The benefits of a mortgage adviser is that once your finances have been assessed, your current and future requirements have been taken into account you will then be advised as to what is suitable or available.

As a mortgage adviser it is our duty to ensure that what is recommended is affordably now and in the future taking into account your current and future requirements. Being an independent mortgage adviser we are able to research the whole market.

What does “Whole of Market” mean?
As a professional mortgage adviser we charge a fee for the advice we give, whether you go direct to the bank or transact the business using our services. Banks and Building Societies offer rates for mortgages directly through them or though intermediary channels (ourselves). Rates can sometimes be more competitive through brokers and other times directly with the banks or building societies. Our job is to advise you accordingly and should that mean recommending a directly offered product then that is what we will do.

Advantages of going direct

Possible lower rate

Disadvantages of going direct

No advice given
Limited product rate
No Single point of contact

We have referred a number of clients to apply for low mortgage rate deals directly with banks or Building Societies only to find that they receive little or no customer service, slow processing times and lose the face to face service that we provide. They have then instructed us to deal with the submission of the application on their behalf to another lender.

The advantages of using a mortgage adviser

Receive advice & Recommendation
Single point of contact
Face to face service
Home or Office appointments
Whole of market choice
We take care of the whole process

The disadvantages of using a mortgage adviser

We charge a small fee for the advice, recommendation and service we provide, albeit we believe that even with this fee it is still more cost effective to use us and you will receive a quality service that at the end of the day is priceless.

Remember we only charge a fee on production of a mortgage offer, unless it is pure advice you require and nothing else.

A lower rate is not always the best rate to take. Check out the best buys table on www.parkgate.net to give you an idea of what is available, then

If you would like to discuss your mortgage requirements or would just like a financial review with a qualified mortgage adviser either in the office in park gate or in the comfort of your home. Please give us a call on 01489 580020 or email us at info@parkgate.net where we will be happy arrange an initial meeting.

Mortgages
life insurance
home insurance
equity release

We offer whole of market advice for all types of customers, whether you are a first time buyer, home mover or looking to purchase a buy to let property. Being independent we are able to offer impartial advice from the whole of the market to ensure you get the product that suits your financial needs.

Whether you are looking to protect your mortgage payments or your family, we provide independent advice for life insurance, critical illness cover and income protection from a wide range of providers.

Buildings Insurance is a requirement when you complete on a mortgage the cover is to provide security to the lender, the insurance covers the main structure of your home. It will cover you for subsidence, storm, flood, fire or smoke damage and cover the costs of rebuilding or repair.

Equity release is a way of releasing cash from your property, either through selling a percentage to the reversion company or taking a mortgage on it, while allowing you, the homeowner to continue living there as long as you wish.