mortgage brokers in southampton

custemer feedbackVanessa has been a great advisor and help throughout the process. I would definitely use her again when I need another mortgage or re-mortgage my current flat. She even dealt with my ridiculously inadequate solicitor who insisted I had to pay stamp duty to my shared ownership flat but thankfully with her help I didn’t have to pay as I was only buying less than the stamp duty threshold. Also, I will happily admit, as a customer I have been pretty awkward with her with trying out various combination of figures as I was buying a shared ownership scheme and I wasn’t sure what flat I was being allocated to and quite possibly I may have changed my application at least 10 times. Shameful on my behalf! But Vanessa was really understanding and patient all the way through. The figures that she provided were really easy to understand. I was so pleased with the service she had provided me, that I’ve recommended her to my sister. I hope that my sister will have similar service to what I have been provided with.

Bank of EnglandUK interest rates held at record low of 0.5% for another month

UK interest rates have been at 0.5% for five years. However, in June, Mr Carney said that interest rates could start to rise sooner than financial markets expected.

The size of the Bank’s economic stimulus programme – quantitative easing – was also unchanged at £375bn.

Debate over the timing of a rate rise has intensified, with Bank governor Mark Carney hinting recently that it could come by the end of this year.

In the minutes of the previous MPC meeting in July, all nine members of the committee voted to keep rates on hold.

Details of why the Bank’s Monetary Policy Committee (MPC) held rates will be published later this month.

The minutes for the latest MPC meeting are not due to be released until 20 August. If they reveal that some policymakers voted in favour of a rate rise it will be the first time the committee has been split since July 2011.

Virgin Money is cutting rates across its residential mortgage range by up to 1.3 per cent from Tuesday 15th January. Offering some competitive rates at all loan to values.

Virgin money are offering a very respectable rate of 4.99 per cent at 90 per cent loan to value, reduced from 6.29 per cent. This should increase first time buyer interest. At the other end a two year fixed rate up to 60 per cent loan to value will become available from 2.49 per cent after it is cut by 0.15 per cent from 2.64 per cent. An equivalent tracker product is being cut by 0.20 per cent, from 2.75 per cent to 2.55 per cent.

If you are looking to purchase a property or remortgage the one you already hold, give us a call on 01489 580020 or complete the contact us form for a personal illustration, once we have assessed your financial situation and requirements.

Barclays is to launch a groundbreaking 95% mortgage next Monday, with family savings in the bank acting as a guarantor.

The family savings must equal 10% of the purchase price. The money will earn base plus 1.5%. The savings will be returned with interest after the initial three-year term of the mortgage, provided the mortgage payments have been kept up to date.

The 95% ‘Family Springboard’ deal, aimed at first-time buyers, will be a three-year fix at 4.69%.

It means that a first-time buyer purchasing a home at £160,000 would need a 5% deposit of £8,000 and require a mortgage of £152,000. The family would have to put £16,000 into a Barclays “Helpful Start” savings account. The mortgage repayments would be £861.34 a month at 4.69% for the first three years, based on a 25-year repayment mortgage.

The Barclays product has been greeted as a ‘cattle prod’ which will get other high LTV products into the market, which might just kick other lenders into offering something similar or competitive.

Mortgage funds to rise significantly, Bank of England says

The supply of mortgage funds will be increased “significantly” by the Funding for Lending Scheme (FLS), says the Bank of England.

A survey of lenders by the Bank reports that lending picked up in the last three months of 2012, and will continue to do so in the coming months.

Separately, the Nationwide building society said that house prices fell by 1% in 2012.

And it predicted little change in either prices or sales this year.

The building society said that the average UK property was valued at £162,262 at the end of 2012, following a 0.1% drop in December.

The Bank of England’s Credit Conditions Survey found that the mortgage funds for Lending Scheme, launched at the start of August 2012, was now helping to increase the flow of money to borrowers.

The aim of the scheme is to channel as much as £60bn of cheap money to lenders, on condition that they then lend it to households, and to companies outside the financial sector.

An initial report on the scheme, published by the Bank in early December, found that lending to households and businesses increased only slightly in the third quarter of the year, as the new scheme got under way.

Since then, its effect has grown stronger. To read more click on the BBC Website.

The top three reasons why people don’t buy life insurance have stayed the same. People don’t think they need it, they think it is too expensive and they don’t trust companies to pay claims.

It won’t happen to me

Isn’t it amazing that despite a one in 14 million chance of winning the lottery jackpot, people still believe it could be them and religiously buy a ticket every week. And yet, if those same people were told they had a one in 14 million chance of getting cancer, they would immediately think it couldn’t possibly happen to them.

But as we know, the odds of being diagnosed with a serious illness are much higher than those statistics. According to figures from Cancer Research UK, more than one in three people in the UK will develop some form of cancer during their lifetime. While the British Heart Foundation reports that around 146,000 people have a heart attack every year and it is estimated that nearly 1.2 million people in the UK have suffered a stroke.

Of course, we all hope no-one in our family dies or becomes fatally ill, but it makes sense to be prepared.Thanks to better diagnosis, improved treatments and the development of nationwide screening programmes for breast, bowel and cervical cancers, more people than ever before are surviving cancer. But many people don’t appreciate the lasting effects of a serious illness and the impact that can have on the family finances.

The pay out from a critical illness or life insurance policy won’t make the emotional aspect of the death of a loved one or a critical illness easier to deal with. It will, however, mean that a family can keep up with their regular outgoings and ensure their lifestyle isn’t compromised.

I can’t afford it

The perception that life insurance is expensive has always been an issue. Economic conditions mean that consumers now have more reasons to make savings in their everyday expenditure and so it is not surprising that people will not want to add an extra outgoing to their bank statement. But this should not mean that people ignore their long-term financial responsibilities. In particular, how they would cope in the face of a serious illness or death.

In the past life insurance marketing messages concentrated on providing a large lump sum to clear the mortgage or to replace the breadwinner’s income in its entirety. In the current climate, smaller amounts of cover that are affordable and protect the very basic elements of an individual or family’s lifestyle can still make a difference.

Reducing the sum assured will make the product more affordable and clients can always add more cover when they are in a better position financially. £20,000 worth of critical illness cover will make a difference to people and is certainly preferable to none at all. And with the cost of life insurance cover cheaper than it has ever been, a 30 year old could get around £200,000 worth of cover for just £10 a month.

The life insurance company won’t pay out

The published news is often the bad news and unfortunately this has led consumers to believe that life insurance companies will do anything not to pay a claim.

This is a total myth. Where a claim has been declined, it is usually due to a claim made for a condition that isn’t covered on the policy or a case of deliberate non-disclosure.

Providers are in the business to pay clams and it’s vital that clients understand the importance of disclosing their full medical history when applying for protection insurance.

It is equally important that clients are made aware of the key features and any restrictions around the policy at the point of sale, with their adviser. Only then can consumers make an informed decision that what they are buying is right for them.

Most providers are now paying out well over 90 per cent of claims for both critical illness and life cover and less and less claims are declined for non-disclosure. During the last half of 2011 Bright Grey paid 91 per cent of critical illness claims and 97 per cent of life claims. Only 2 per cent of critical illness claims were declined for non-disclosure, which amounted to just 3 people.

In an industry like ours claims statistics are important. They provide reassurance that if your clients ever have to make a claim, they will be paid.

– Roger Edwards is managing director of Bright Grey & Scottish Provident

For a competitive life insurance quotation call us now on 01489 580020 or email info@parkgate.net with your requirements and we will contact you at a convenient time to discuss further.

 

House buying is never easy and finding the right mortgage in the current financial climate is a nightmare. We received great advice from Tim and have ended up with a mortgage that suits our needs and has enabled us to finally get the house that has eluded us for the last 4 years. No hard sell, just sound advice. What more could you ask for? Many thanks.

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.