Bristol, Bath and Exeter Mortgages Online's Blog

Why Choosing an Expert Mortgage Broker Makes All the Difference

Tue, 28 Apr 2026 15:09:41 GMT

I mage courtesy of Freepix

Buying a home is likely the biggest financial commitment you will ever make. Whether you are a first-time buyer stepping onto the ladder, a homeowner looking to remortgage, or a seasoned investor expanding a buy-to-let portfolio, the process can often feel like a maze of jargon, paperwork, and fluctuating interest rates.

At Bristol Mortgages Online , we believe that securing a mortgage shouldn't be a source of stress. Our mission is to simplify the journey, saving you time, money, and hassle.

Here is why partnering with an expert mortgage broker is the smartest move you can make—and why our clients continue to rate us so highly.

1. Access to "Broker-Only" Deals

When you walk into a high-street bank, they can only offer you their own products. It’s like going to a shoe shop that only sells one brand—you might find something that fits, but it’s rarely the best option available on the market.

As experienced mortgage experts, we have access to a vast network of lenders, including specialised firms that don't have a high-street presence. Often, these lenders offer "broker-exclusive" rates that you simply won't find on price comparison websites or by going direct.

2. Expert Advice in an Unpredictable Market

The mortgage market moves fast. Interest rates change, lending criteria shift, and new government schemes emerge. What was a great deal yesterday might not be the best option today.

Our team lives and breathes the mortgage market. We don’t just find you a loan; we look at your long-term financial goals to ensure the product we recommend aligns with your life plans.

3. We Do the Heavy Lifting

Applying for a mortgage involves a mountain of paperwork. From verifying income to liaising with solicitors and estate agents, it can quickly become a full-time job.

When you work with Bristol Mortgages Online, we take the reins. We manage the application from start to finish, chasing the lenders and keeping you updated every step of the way. Our goal is to make the process as seamless and "hands-off" for you as possible.

4. Bespoke Solutions for Complex Situations

Not every borrower fits into a neat "box." Perhaps you are self-employed, have a complex income structure, or have a less-than-perfect credit history. Many automated bank systems might flag these as a "no."

As experts, we know which lenders are more flexible and how to present your application in the best possible light. We look at the person, not just the paperwork.

Don’t Just Take Our Word For It…

We take immense pride in the service we provide, but we know that trust is earned. That is why we are so proud of our 5-star Google Reviews .

Our clients consistently highlight our transparency, communication, and ability to find solutions where others couldn't. Here is what some of our recent clients have to say:

"The team at Bristol Mortgages Online made what seemed like a daunting process so easy. They found us a rate we couldn't find anywhere else!"

"Professional, friendly, and always available to answer our questions. We wouldn't go anywhere else."

"As a first-time buyer, I felt totally supported throughout. A truly 5-star service."

Ready to start your journey?

Whether you are just starting to save for a deposit or your current mortgage deal is coming to an end, we are here to help. Let us use our expertise to find the perfect mortgage for you.

How to Contact Us for Advice

Phil Clark will personally deal with your enquiry

Tel 0117 325 1511

Email info@swmortgages.com

Complete a form via our website www.bristolmortgagesonline.com

Please remember: YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE

Your First Key to the Door: Why Bristol Mortgages Online is the Perfect Partner for First-Time Buyers

Sat, 11 Apr 2026 08:46:49 GMT

Taking that first step onto the property ladder is one of the most exciting milestones of your life—but let’s be honest, it can also feel like navigating a maze blindfolded. Between deposit requirements, credit checks, and legal jargon, the process is daunting.

That’s where Bristol Mortgages Online comes in. As an independent, experienced broker with over 25 years of expert knowledge, they specialise in turning the "what ifs" of first-time buying into "welcome home."

Here is why so many clients trust them to secure their first front door key.

1. They Speak "First-Time Buyer"

Unlike high-street banks that only offer their own products, Bristol Mortgages Online has access to thousands of deals across the lending market. They understand the unique hurdles you face, such as:

Small Deposits: Helping you find 5% deposit or less in certain circumstances.

Complex Income: Whether you’re self-employed or have "non-standard" earnings.

Affordability: Conducting deep-dive checks to ensure you aren't over-stretching yourself.

2. A "Hand-Holding" Service

For a first-time buyer, the paperwork can be overwhelming. The team at Bristol Mortgages Online doesn't just find you a rate; they manage the entire journey.

Agreement in Principle (AIP): They’ll get you "mortgage-ready" so estate agents take your offers seriously.

Liaison: They act as the middleman between you, the lender, the estate agents, and the solicitors.

Stress Reduction: Their administrative team tracks your application's progress so you don't have to spend your lunch break on hold with a bank.

3. Future-Proofing Your Home: Protection Products

Securing the mortgage is only half the battle; keeping the house is the other. Bristol Mortgages Online places a heavy emphasis on Protection Products. They believe that if a mortgage is worth taking out, it’s worth protecting.

As part of their holistic service, they provide expert advice on:

Life Insurance: Ensuring your mortgage is paid off if the worst should happen, leaving your loved ones secure.

Critical Illness Cover: Providing a lump sum payment if you are diagnosed with a serious illness, allowing you to focus on recovery rather than monthly payments.

Income Protection: Safeguarding your ability to pay the mortgage if you are unable to work due to an accident or sickness.

"A mortgage is likely your biggest financial commitment. We don't just help you get the keys; we help you make sure you never have to give them back."

4. 5-Star Reputation

With hundreds of 5-star Google reviews, the proof is in the feedback. Clients consistently highlight the team's ability to explain complex terms simply and their responsiveness—often taking calls in the evenings or weekends to suit a buyer's busy schedule.

Ready to start?

If you’re tired of renting and ready to see what you can truly afford, Bristol Mortgages Online offers an initial consultation to get you moving. From that first affordability check to the day you pick up your keys, you’ll have an expert in your corner.

Your first home is closer than you think.

How to Contact Us for Advice

Phil Clark will personally deal with your enquiry

Tel 0117 325 1511

Email info@swmortgages.com

Complete a form via our website www.bristolmortgagesonline.com

Please remember: YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE

Why Interest Rates Are Rising Again

Thu, 26 Mar 2026 11:34:13 GMT

Recent global developments, including escalating tensions in the Middle East, have started to influence financial markets and, in turn, UK mortgage rates.

Understanding how these events filter through to borrowing costs can help you make more informed decisions.

What Does it Mean for You?

While the Bank of England base rate remains a key driver of borrowing costs, mortgage pricing is also heavily influenced by financial markets, particularly swap rates.

Recent geopolitical uncertainty has led to:

Increased volatility in global markets
Rising energy prices, particularly oil
Shifts in inflation expectations

These factors have contributed to an increase in swap rates, which lenders use to price fixed-rate mortgages.

As a result, we’ve seen mortgage rates begin to rise again after a period of relative stability.

Why Stay Informed About Market Changes?

Mortgage rates are not only driven by UK policy. They are influenced by a wide range of global factors, including economic conditions, inflation expectations, and geopolitical events.

Staying informed helps you:

Understand why rates are moving
Avoid reacting too late to market changes
Make more confident decisions around borrowing and refinancing

Latest Updates

In recent weeks, we’ve seen:

Fixed mortgage rates rise, with average 2-year deals moving from around 4.8% to over 5.2%
5-year fixed rates are increasing from roughly 4.9% to around 5.3%
A significant number of mortgage products have been withdrawn and repriced

These changes reflect rising swap rates, which have been driven in part by:

Increased global uncertainty linked to the Middle East
Higher oil prices are feeding into inflation concerns
Reduced expectations of near-term base rate cuts
While the Bank of England has not made an immediate change, market expectations around future rate movements have shifted.

What Should You Do Next?

Review your current mortgage position

If your fixed rate is due to end soon, it may be worth exploring options earlier rather than later.

Consider your timing carefully

Rates can change quickly in response to market conditions, so keeping an eye on developments is important

Understanding how these changes apply to your specific situation can help you make the right decision with confidence.

How to Contact Us for Advice

Phil Clark will personally deal with your enquiry

Tel 0117 325 1511

Email info@swmortgages.com

Complete a form via our website www.bristolmortgagesonline.com

Please remember: YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE

Remortgaging vs. Product Transfers Our Guide

Tue, 17 Mar 2026 12:32:20 GMT

Image courtesy of Freepix

How to Choose the Right Path for Your Next Mortgage Deal

If your current mortgage deal is coming to an end, you’ve likely started hearing the words "remortgage" and "product transfer" thrown around. In today’s shifting economic climate, making sure you are on the best possible mortgage rate is more important than ever.

But what exactly is the difference between these two options, and how do you know which one is right for you?

Here at Bristol Mortgages Online, we help homeowners across Bristol, the South West, and the wider UK make sense of their mortgage options. Here is our straightforward guide to remortgaging and product transfers to help you secure the best deal.

The Danger of the Standard Variable Rate (SVR)

Before diving into your options, it is crucial to understand why you need to act.

When your initial mortgage deal (such as a 2-year or 5-year fixed rate) expires, your lender will automatically move you onto their Standard Variable Rate (SVR). The SVR is set by the lender, fluctuates at their discretion, and is almost always significantly more expensive than introductory rates.

To avoid a sudden and steep increase in your monthly repayments, you need to switch to a new deal before your current one ends. You have two main ways to do this: a Product Transfer or a full Remortgage.

Option 1: The Product Transfer (Staying Put)

A product transfer is exactly what it sounds like: you transfer from your expiring mortgage product to a new mortgage product with your existing lender.

The Pros:

Speed and Simplicity: Because your lender already knows you and holds the deeds to your property, there is usually less paperwork.

No Legal or Valuation Fees: Most product transfers don't require new legal work or physical property valuations, saving you upfront costs.

No New Credit Checks: Lenders typically do not run a hard credit search for a product transfer, which is beneficial if your credit score has dipped or your employment situation has recently changed.

The Cons:

Limited Choice: You are restricted solely to the rates your current lender is offering, which might not be the most competitive in the broader market.

Borrowing Limitations: If you want to borrow additional money (release equity) for home improvements or debt consolidation, a simple product transfer usually won't cover it; you would likely need to apply for a further advance, which involves more underwriting.

Option 2: Remortgaging (Switching Lenders)

A remortgage involves moving your entire mortgage debt from your current lender to a new lender.

The Pros:

Access to the Whole Market: This is the biggest advantage. By shopping around, you can often secure a much lower interest rate, saving you thousands of pounds over the life of your mortgage.

Better Flexibility: Moving lenders allows you to completely restructure your mortgage. You can change the term length, overpayment allowances, or switch between fixed and tracker rates easily.

Capital Raising: Remortgaging is an excellent time to borrow more against the equity in your home if you need funds for renovations or other major expenses.

The Cons:

More Paperwork: You will need to provide up-to-date proof of income, bank statements, and undergo a full affordability assessment.

Fees: There can be valuation and legal fees involved in moving lenders, though many lenders offer "free legals" and free valuations as incentives to win your business.

Which Option is Best for You?

There is no one-size-fits-all answer. If you value a fast, low-admin process and your current lender is offering a decent rate, a product transfer might be ideal. However, if you want the absolute cheapest rate available, or if your financial goals have changed, a full remortgage is usually the way to go.

This is where a mortgage broker comes in. At Bristol Mortgages Online, we don't just look at remortgages; we actively compare the product transfer rates your current lender is offering against a wide choice of lenders in the UK market. We factor in all fees, your current property value, and your long-term goals to calculate exactly which route will save you the most money.

When Should You Act?

You should start looking at your options six months before your current deal ends. Mortgage offers (both for remortgages and product transfers) can typically be locked in up to six months in advance. Securing a rate early protects you against future rate rises, but if cheaper deals become available before your current mortgage expires, we can often switch you to the lower rate.

Ready to find out how much you could save?

Don't let your mortgage roll over onto a costly SVR. Let us do the heavy lifting and compare your product transfer and remortgage options for you.

How to Contact Us for Advice

Phil Clark will personally deal with your enquiry

Tel 0117 325 1511

Email info@swmortgages.com

Complete a form via our website www.bristolmortgagesonline.com

Please remember: YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE

Understanding Mortgage Affordability in 2026

Mon, 16 Feb 2026 17:23:16 GMT

As we enter 2026, mortgage affordability remains one of the biggest concerns for homebuyers and homeowners alike. With interest rates, living costs, and lending criteria continuing to evolve, understanding what lenders look at when assessing affordability is more important than ever.

What Does Mortgage Affordability Mean?

Mortgage affordability is how lenders decide whether you can comfortably manage your mortgage payments now and in the future. It’s not just about how much you earn; lenders take a detailed look at your overall financial picture to ensure borrowing remains sustainable, even if circumstances change.

When assessing affordability, lenders typically consider:

• Your income (including salary, bonuses, and other regular earnings)

• Your outgoings (such as bills, loans, childcare, and credit commitments)

• Your credit history

• Potential changes in interest rates

• Household size and lifestyle costs

How Has Affordability Changed in 2026?

In 2026, lenders continue to apply strict affordability and stress testing rules. While borrowing conditions have improved compared to previous years, lenders still want reassurance that borrowers can cope with higher repayments if rates were to rise again.

For many buyers, this means:

• Loan amounts may be lower than expected

• Monthly budgets are scrutinised more closely

• Managing existing debts is more important than ever

Why Understanding Mortgage Affordability Matters

Knowing how affordability works puts you in a stronger position when applying for a mortgage. It helps you:

• Set realistic property budgets

• Avoid overextending financially

• Improve your chances of mortgage approval

• Plan ahead for future rate changes or lifestyle shifts

What Can Improve Your Mortgage Affordability?

There are several steps you can take to strengthen your affordability profile:

• Reducing outstanding debts and credit commitments

• Reviewing monthly spending and budgeting carefully

• Increasing your deposit, if possible

• Checking and improving your credit score

• Seeking expert advice before applying

What Should You Do Next?

• Review your finances to understand what lenders will see

• Get an affordability assessment before starting your property search

• Speak with a mortgage adviser who can explore lenders and deals suited to your circumstances

Phil Clark is here to help you understand what you can afford and how to maximise your borrowing potential in 2026.

How to Contact Us for Advice

Phil Clark will personally deal with your enquiry

Tel 0117 325 1511

Email info@swmortgages.com

Complete a form via our website www.bristolmortgagesonline.com

Please remember: YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE

Bristol Mortgages Online is a trading style of Manor Mortgage Services Direct Limited.

Manor Mortgage Services Direct Ltd is authorised and regulated by the Financial Conduct Authority (Ref.496907).

First home, faster with My First Mortgage from Santander

Mon, 09 Feb 2026 12:15:28 GMT

Image courtesy of Freepix

On 3 February, Santander are the first large lender to launch a First-time Buyer Mortgage over 95% LTV. It’s called My First Mortgage and is up to 98% LTV. Supporting FTBs is a key focus for us whilst lending responsibly.

With a deposit from just £10,000, your clients’ homeownership dreams could be around the corner. Plus, we accept gifted deposits from friends and family.

Key criteria

• FTB only, including joint mortgages.

• Maximum 98% LTV.

• Minimum deposit £10,000.

• Maximum loan £500,000.

• Maximum term 40 years.

• Repayment only.

• 5-year fixed rate. ERCs apply.

• Gifted deposits accepted.

• No flats, new build or properties in Northern Ireland.

Santander isn’t currently able to consider self-employed applicants or Shared Ownership schemes, as the maximum LTV is 90% for those applicants or property types.

Further product information

• 5.19% 5 year fixed rate

• Up to 98% LTV

• £0 product fee

• Free standard valuation and £250 cashback to help with upfront costs

What to do next?

This mortgage may not be suitable for all First-time Buyers. Phil will explore a wider selection of mortgage and protection providers to ensure that he finds the right product to suit your specific needs. Phil Clark will be delighted to discuss your personal situation and requirements and can quote you on a choice of suitable options.

How to Contact Us for Advice

Phil Clark will personally deal with your enquiry

Tel 0117 325 1511

Emai l info@swmortgages.com

Complete a form via our website www.bristolmortgagesonline.com

Your home/property may be repossessed if you do not keep up repayments on a mortgage or other debt secured on it.

Check out our January 2026 Newsletter!

Mon, 19 Jan 2026 10:28:36 GMT

Please click here to see our January 2026 newsletter

This month’s edition is packed full of informative articles, including
Welcome and overview from Phil Clark
Base rate cut to 3.75%: what could it mean for mortgages?
Interest-Only Mortgages For Later Life.
Need Short-Term Property Finance?
What You Should Know About Second Charge Mortgages
Time to Remortgage?
Stunning 5-star Google Reviews!
Let Us Help You If You Have Adverse Credit
How to Contact Us

You can also read more articles on our Blog.

We hope you enjoy this Newsletter.

If you have any queries, please call Phil Clark on 0117 325 1511 o r email info@swmortgages.com

Thinking of Moving or Changing Your Mortgage in 2026?

Tue, 06 Jan 2026 10:29:58 GMT

Happy New Year!

Hope you all had a good Christmas Break and avoided the dreaded coughs and colds.

I had the opportunity over the holiday to review many of the various property and finance reports available online, as well as those to which I subscribe.

Pleasingly, the general tone is very optimistic..

I think, despite there being no special provisions for first-time buyers in the November budget, the interest rate drop gives buyers a more secure sense of where interest rates are headed.

The only potential fly in the ointment, as far as I can see, is the proposed “mansion tax”, which in reality, will not affect the vast majority of people.

The positive news is that there is a huge range of mortgage products on the market. So, whether you are thinking of moving, doing an extension or conversion on your house or just a straightforward remortgage, you definitely need to have a chat with me.

Likewise, if you are looking to get a family member on the property ladder, develop your property portfolio or looking to get an interest-only mortgage, I have some great products to offer and discuss.

Whatever your Mortgage or Protection needs might be, please give me a call.

Best Wishes

Phil

How to Contact Us for Advice

Phil Clark will personally deal with your enquiry

Tel 0117 325 1511

Email i nfo@swmortgages.com

Complete a form via our website www.bristolmortgagesonline.com

Please remember: YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE

Season's Greetings from Phil Clark

Sat, 20 Dec 2025 12:15:11 GMT

2025 has been a very busy year for us all here at Bristol, Bath and Exeter Mortgages Online.

Our most significant change was that we became a trading style of Manor Mortgages Services Direct Ltd. This has been a very positive move. We have access to a greater number of lenders, with many offering a much broader and more flexible lending criteria. The administration process is far simpler, so all round a great decision to move to them!!

It has to be said that many borrowers have been struggling with the cost of living crisis, but most lenders have changed their ” stress–testing” criteria, which has really helped with he borrowing amounts available to them.

With the budget now out of the way, there appears to be more certainty in the markets.

The fact that inflation is down slightly and we saw an interest dip on 18 December is all positive news indeed.

Personally, I feel quite optimistic about the mortgage market in 2026. I think the challenges for the single property/small portfolio landlords are still challenging, but there is a huge demand for rental property, so the buy-to-let sector is still attractive.

As can be seen in the Zoopla House Price Index Report, the market is still stable, with major house building projects underway across the country.

I would like to wish you and your family a very Merry Christmas and a Happy and Healthy 2026

Best Wishes

Phil Clark

Base rate cut to 3.75%: what could it mean for mortgages?

Thu, 18 Dec 2025 16:53:25 GMT

Adapted from a Rightmove Property News article, December 18, 2025

Key summary:

The Bank of England has voted to reduce the Base Rate by 0.25% for the fourth time this year, taking it to 3.75%
It was announced yesterday that inflation had fallen to 3.2%, down from 3.6% the previous month. This sharper-than-expected drop in inflation made a cut today even more likely
2-year fixed rates are now cheaper on average than 5-year fixes (5-year fixes had been cheaper on average for the last few years). So, we could see more borrowers look to move to shorter-term fixed rate deals

The Bank of England meets every six weeks to decide what should happen to interest rates, with the aim of keeping inflation to its target and keeping the wider economy healthy. Today, Base Rate was cut from 4% to 3.75%.

Inflation fell to 3.2% yesterday, which, while the lowest level it’s been in eight months, is still above the 2% target the government sets for the Bank. This bigger than expected drop was driven mostly by falls in food prices.

The financial markets have been widely expecting a cut to interest rates this week, due to sluggish economic growth and unemployment levels creeping up. And after a close vote in September – with five MPC members voting for a hold, and four voting for a cut – a 0.25% reduction had looked all but certain before today.

What’s happened to mortgage rates recently?

Mortgage rates have continued to fall steadily in recent weeks. The average rate for a 2-year fixed rate mortgage is currently 4.24%, which is 0.82% less than at this time last year. The average rate 5-year fixed rate is also 4.35%, which is 0.47% less than a year ago.

Right now, the average 2-year fixed rate is around 0.1% less than the average 5-year fix. This is a big change from August 2023, when the average 2-year fixed rate was almost 0.5% higher than the average 5-year rate. 2-year mortgage rates were higher than 5-year rates because the markets expected interest rates to fall in the longer team, making longer-term fixes less risky for lenders. Now that future rate cuts are less certain, and the short-term risk for lenders has eased, 2-year fixes have become the cheaper option for borrowers on average.

What do the experts think?

Our mortgage expert, Matt Smith, says: “The financial markets and mortgage lenders have been expecting today’s Bank Rate cut for a while, and therefore responded early with mortgage rate cuts in December to round off the year. Bank Rate cut headlines are always positive for home-mover sentiment, even if this one has already been baked into mortgage rate cuts and won’t drive further drops.”

“However, what will have more of an impact on the future direction of mortgage rates is the better-than-expected inflation figure reported earlier this week, which has improved the market’s forecast for next year. Don’t expect any big rate drops before Christmas while the property market is quieter, but it does mean we could now see a fresh round of rate cuts in the new year as lenders look to start the new year with a bang. Home-movers are likely to see the most notable rate drops for two-year fixed products rather than five, and next year we expect the gap between two-year and five-year deals to grow.”

What does the Base Rate reduction mean for my current mortgage?

Changes to the Bank’s Base Rate can impact how much interest you’ll pay on loans, including mortgages. If you’re on a fixed-rate deal, your monthly payments won’t change until the end of your deal. And if you’re on a tracker mortgage, or a variable rate mortgage that follows Base Rate changes, this month’s Base Rate reduction will mean your monthly payments will take on this drop.

If you’re coming to the end of your fixed-rate mortgage soon, you’ve probably already started to think about the rate you’ll be offered on your next deal.

In July 2023, the Mortgage Charter was launched to help those struggling to meet their monthly payments, as well as borrowers who are coming to an end of their fixed rates soon.

The Mortgage Charter encourages lenders to be flexible and offer borrowers the chance to lock in a new deal up to six months before their current rate ends. Of course, borrowers can also look at moving to another lender – commonly known as remortgaging – but this can take longer, as you have to go through a normal lending process, such as income checks, the legal process, and maybe a valuation of your home.

This all takes time, and you would want to make sure you’re looking around a few months before the end of your current deal to avoid falling onto your lender’s Standard Variable Rate (SVR) – which will cost more than the repayments you’d have made on a fixed rate mortgage. The current average for SVRs is 7.11%.

What could the Base Rate reduction mean for affordability?

Lenders’ ‘stress test’ calculations – which is how they calculate whether someone could afford a mortgage were their repayments to jump considerably – are directly linked to the Standard Variable Rates that we just talked about above.

The ‘stressed rate’ is usually the lender’s SVR, with at least 1% added on top. So, if lenders’ SVRs reduce in line with this Base Rate cut, we might start to see affordability improve, because the stressed amount will now be lower than if Base Rate wasn’t reduced today.

What could happen next?

The Bank of England’s Monetary Policy Committee meets every six weeks to discuss and vote on whether interest rates should go up or down, or stay the same.

History has shown that after interest rates have increased over time, they have remained flat before starting to come down. So, while we’re now seeing a gradual downward curve, it’s extremely unlikely that rates will drop back to the historic lows we saw back in 2021.

The financial markets are forecasting another Base Rate cut in 2026, with potentially two cuts on the cards across the Bank’s eight meetings. Though as always, this could change depending on what happens in the broader economic environment.

The next decision on interest rates will be announced at midday on Thursday, 6 February 2026.

Regardless of your current situation, it is probably worth reviewing your mortgage and protection with Phil Clark to ensure that you have the most suitable deal to match your specific needs and requirements.

How to Contact Us for Advice

Phil Clark will personally deal with your enquiry

Tel 0117 325 1511

Email info@swmortgages.com

Complete a form via our website www.bristolmortgagesonline.com

House Price Index: November 2025

Mon, 08 Dec 2025 10:59:54 GMT

Adapted from Zoopla’s House Price Report by Richard Donnell, Executive Director-Research 28 November 2025

With the Budget uncertainty now lifted, buyers and sellers can return to making decisions about their next move. Removing the threat of a new annual property tax from 210,000 homes for sale will help revive market activity in higher-value areas. However, the lack of any stamp duty reform means homebuyers will continue to face rising purchase costs.

Key takeaways

House prices in southern England have dipped for the first time in 18 months
Prices elsewhere are still rising by up to 3%, helped by steady supply and better affordability
The Budget delivered a lift for the South by scrapping the proposed annual property tax, removing a concern for around 210,000 homes on the market
With no major tax changes, the market now has a clearer outlook, which should support activity in early 2026
Stamp duty remains unchanged, meaning more buyers are nudged into higher tax bands, weighing on prices and making moving home less tempting

Average UK house prices: last 3 months

The average house price in the UK is £270,200 as of October 2025 (published November 2025). This is a rise of 1.3% or £3,340 over the past year.

House prices falling across southern England

House prices across southern England have begun to edge down for the first time in 18 months, creating fresh opportunities for buyers. Market activity has cooled slightly since the summer as budget speculation encouraged many to pause and reassess.

Elsewhere, momentum remains strong. Prices are rising by up to 3% in the North West and by 2-3% across northern England, Scotland and Wales, supported by steady demand.

Talk of potential new taxes on homes over £500,000 has had a greater influence in the south, where more than a third of properties for sale fall into this bracket. This, combined with wider market trends, has nudged prices lower and expanded choice for buyers. The number of homes for sale in southern regions is now 8 to 15% higher than a year ago, helping to create a clear buyers’ market. Although buying costs increased after the end of stamp duty reliefs in April 2025, mortgage rates have largely held steady.

In other parts of the UK, budget uncertainty has had far less effect. More accessible price points, improved affordability and stable or reduced stock levels are supporting continued price growth.

Overall, this UK House Price Index shows average prices are 1.3% higher than a year ago. This is similar to last month and only slightly below the 1.7% annual growth recorded last year.

Buyer demand down 12% with sales agreed 4% lower

The seasonal slowdown has arrived a little earlier this year, with buyer demand sitting 12% below last autumn. Even so, the market is proving resilient. Sales agreed are only 4% lower than a year ago, as committed buyers press on to secure a deal before the year wraps up. Consider it the property market’s equivalent of getting the Christmas shopping done early.

Sales agreed to continue to offer the best snapshot of overall market health. Activity is slightly softer across most regions, with Eastern England seeing the largest fall at up to 9%. Yet there is plenty of stability too, with sales agreed holding firm compared with last year in Scotland, the East Midlands and Yorkshire & the Humber.

Post-budget boost for southern England in 2026

The standout housing announcement in the Budget is a new tax aimed solely at the highest-value homes over £2 million, touching just the top 0.5% of properties.

For the wider market, there is welcome relief. The removal of the potential annual property tax on homes bought for more than £500,000 provides a clearer footing for both buyers and sellers.

More than 210,000 homes are currently listed above this price point, making up around a quarter of all UK sales listings. These properties are largely concentrated in southern England and represent half of all homes for sale in London.

With this new clarity around future property taxation, confidence should begin to rebuild. After nearly four months of slower activity in late 2025, we expect the market to gain fresh momentum as we move into 2026.

Stamp duty is adding to costs for homebuyers

The Budget left stamp duty land tax unchanged, even though many argue that removing it could help boost home moves and support wider economic growth.

Stamp duty thresholds for main residence purchases in England and Northern Ireland were last updated in 2014. Since then, house prices have climbed by 47%, bringing more buyers into the stamp duty bracket and increasing the proportion of the purchase price that goes towards SDLT.

While lower stamp duty costs tend not to affect activity, higher charges can make households less inclined to move and can influence the prices buyers are prepared to pay, ultimately shaping price inflation.

First-time buyer reliefs continue to cushion the impact in most regions. Even so, more than half of first-time buyers in southern England now pay stamp duty, rising to 80% in London, compared with fewer than 10% elsewhere in the UK.

For existing homeowners, who do not benefit from reliefs, stamp duty is a routine part of moving. Over 90% of buyers across southern England and the Midlands pay SDLT, with the cost highest in areas where property values have grown the most.

A third of buyers now pay more than 2.5% of the purchase price in stamp duty

A decade of frozen stamp duty thresholds has quietly created fiscal drag, meaning buyers are paying more simply because house prices have risen while the bands have stayed the same.

Our analysis of sales agreed by existing homeowners in 2019 and 2025 highlights how this has shifted the landscape. The share of buyers paying higher effective stamp duty rates has jumped, with more than a third now paying over 2.5% of the purchase price, compared with just a fifth in 2019. At these levels, stamp duty is playing a growing role in how people price homes and in how willing they are to move.

In many southern towns, buyers of average-priced homes are now paying 3% or more in stamp duty. For instance, that equates to around £9,500 (2.5%) in Aldershot and £10,650 (2.6%) in Crawley. Against this backdrop, the case for abolishing stamp duty as part of broader tax reform remains compelling.

Market outlook

After months of anticipation, the Budget has proved gentler on the housing market than many expected. Buyers and sellers alike will welcome the clarity it brings, drawing a line under the uncertainty that has held back activity since late summer.

Our data shows that the underlying motivation to move home remains firm. With clearer direction now in place, we expect activity to pick up steadily as we head into the new year, with many households that delayed decisions returning to the market with renewed confidence.

The current gap in price inflation between the South and the rest of the UK is likely to continue. Sustained income growth will be essential in improving affordability and helping more households make their next move.

To view the report in full, please click here

How to Contact Us for Advice

Phil Clark will personally deal with your enquiry

Tel 0 117 325 1511

Email info@swmortgages.com

Complete a form via our website www.bristolmortgagesonline.com

Please remember: YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE

Check out our November newsletter!

Fri, 28 Nov 2025 11:29:44 GMT

Please click here to see our November newsletter

This month’s edition is packed full of interesting articles, including

What does the Budget mean for you?
Interest-Only Mortgages For Later Life.
Need Short-Term Property Finance?
What is the Renters’ Rights Act, and what does it mean for tenants?
What You Should Know About Second Charge Mortgages
Time to Remortgage?
Stunning 5-star Google Reviews!
Let Us Help You If You Have Adverse Credit
How to Contact Us

You can also read more articles on our Blog.

We hope you enjoy this Newsletter.

If you have any queries, please call Phil Clark on 0117 325 1511 or email info@swmortgages.com

Budget 2025: Key points at a glance

Thu, 27 Nov 2025 09:03:17 GMT

Adapted from a BBC news article, 26 November 2025

Rachel Reeves has set out details of her second Budget since becoming Chancellor.

A number of measures from the yearly tax and spending plan had already been announced in the days leading up to the statement.

Other measures were revealed by accident after the UK's budgetary watchdog mistakenly published its official forecast early.

Here is a summary of the main points.

Personal taxation

National Insurance (NI) and income tax thresholds frozen for an extra three years beyond 2028, dragging more people into higher bands over time

Amount under-65s can put into cash Isas (Individual Savings Accounts) capped at £12,000 a year, with the rest of the £20,000 annual allowance reserved for investments

Basic and higher income tax rates on property, savings and dividend income to increase by 2 percentage points

Wages, benefits and pensions

The cap limiting households on universal or child tax credit from receiving payments for a third or subsequent child to be scrapped from April

Legal minimum wage for over-21s to rise 4.1% in April, from £12.21 to £12.71 per hour

Wage for 18 to 20-year-olds to go up 8.5%, from £10 to £10.85 per hour, as part of a plan to establish a single rate for all adults Basic and new state pension payments to go up by 4.8% from April, more than the current rate of inflation, under the "triple lock" policy

The amount people can sacrifice from their salary to avoid paying NI on pension contributions is capped at £2,000 a year from 2029

Help to Save scheme, which offers people on universal credit a bonus on savings, has been extended and expanded beyond 2027

Housing and property

A terrace of colourful houses in London

Properties in England worth more than £2m to face a council tax surcharge of between £2,500-£7,500, following a revaluation of homes in bands F, G and H

Transport

5p "temporary" cut in fuel duty on petrol and diesel extended again, until September 2026 before it rises again over a six-month period

A new mileage-based tax for electric vehicles and plug-in hybrid cars to be introduced from 2028

Regulated rail fares for journeys in England frozen next year for the first time since 1996 (there have been periods when prices rose by less than inflation)

Premium cars to be excluded from the Motability scheme, which allows people on certain disability benefits to lease vehicles more cheaply

Business taxes

Tax exemption for small packages from overseas retailers worth under £135 will be scrapped from 2029, following complaints it hinders UK businesses

Tax on profits made by gambling firms from online bets to rise from 21% to 40% in April, alongside the abolition of the 10% bingo tax

Food and drink

Tax on sugary drinks extended to pre-packaged milkshakes and lattes from 2028, reversing an exemption when the tax was introduced in 2018

UK growth, inflation and debt

Office for Budget Responsibility (OBR) predicts the UK economy will grow by 1.5% this year, upgraded from a 1% forecast in March

Inflation is predicted to average 3.5% this year, before falling to 2.5% next year, and returning to the government's 2% target in 2027

Other measures

English regional mayors to be given powers to tax overnight stays in hotels and holiday lets, echoing existing plans in Scotland and Wales

Cost of a single NHS prescription in England frozen at £9.90 for another year (they remain free in Wales, Scotland and Northern Ireland)

Interest-Only Mortgages For Later Life

Wed, 19 Nov 2025 16:41:19 GMT

image courtesy of Freepix

We are thrilled to be able to offer this fantastic product through the Family Building Society.

This interest-only mortgage gives those of retirement age and beyond the opportunity to free up equity from their home, without the huge costs often faced when considering Equity Release or a Lifetime Mortgage.

Here are just some of the excellent key features.

• No minimum income required

• No minimum equity required

• Borrow up to 70% LTV if the repayment vehicle is the sale of property/downsizing.

• Borrow up to 80% LTV if the repayment vehicle is equity in other assets such as a BTL, Pension pot or Stocks and Shares Investments.

• Borrow to age 94.

This product is also available for anyone aged 18 to 89 at the point of application.

If you would like to discuss this interest-only mortgage in more detail, get a specific quote, or look at other options available, get in touch with Phil.

How to Contact Us for Advice

Phil Clark will personally deal with your enquiry

Tel 0117 325 1511

Email info@swmortgages.com

Complete a form via our website www.bristolmortgagesonline.com

Please remember: YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE

Need Short-Term Property Financing?

Wed, 12 Nov 2025 10:40:38 GMT

Learn About Bridging Loans

Thinking about buying a new property before selling your current one? Or maybe you need quick funds to complete a renovation or secure an investment opportunity? You’re not alone. With today’s fast-moving property market, many homeowners and investors are turning to bridging loans to bridge the gap.

Here’s what you need to know before making a move.

What Exactly Is a Bridging Loan?

A bridging loan is a short-term finance option designed to help you access funds quickly, usually lasting from a few weeks up to 12 months. It’s secured against property and is often used to “bridge” the gap between buying one property and selling another.

There are two main types:

Closed bridging loans: You have a clear exit plan and a set repayment date (for example, when a sale completes).
Open bridging loans: There’s no fixed repayment date, but you still need a clear plan for how the loan will be repaid.

Why Some Borrowers Choose a Bridging Loan

Move fast: Ideal for property purchases where speed matters, like auctions or chain breaks.

Renovate or develop: Great for refurbishing a property before refinancing or selling.

Buy before you sell: Secure your next home without waiting for your current one to complete.

Flexibility: Lenders can tailor terms around your exit strategy.

Whether a bridging loan is right for you depends on your goals, timeframe, and how quickly you can repay it.

What to Watch Out For

Just like any financial product, there are pros and cons.

Interest rates: Typically higher than standard mortgage rates due to the short-term nature.

Fees: Expect arrangement, valuation, and legal fees, these can add up.
Exit strategy: Lenders will want a clear, realistic plan for how you’ll repay the loan.
Security: The loan is secured against your property, failure to repay could put it at risk.

Quick tip: Focus on the total cost, not just the interest rate. A bridging loan can be an excellent tool when used correctly, but expensive if misused.

How Lenders Assess Bridging Loan Applications

Lenders usually consider:

The value of the property being used as security.
Your exit plan - such as a confirmed property sale or refinance.
Experience (for developers or investors).
Credit history, though some lenders are flexible for strong exit strategies.

When Does a Bridging Loan Make Sense?

You’ve found your dream home, but haven’t sold your current one yet.
You’re buying at auction and need funds quickly.
You’re refurbishing or converting a property to increase its value.
You need to release funds tied up in property temporarily.

Common Mistakes to Avoid

No clear repayment plan: Always know exactly how and when you’ll repay the loan.
Ignoring fees: Costs can eat into your profit or equity.
Overestimating timelines: Property sales and refinances often take longer than expected.
Skipping professional advice: Bridging loans can be complex—getting expert guidance is crucial.

What We Recommend

Bridging loans can be a smart short-term solution when used strategically. But they’re not a one-size-fits-all answer. It’s essential to get expert advice before proceeding

Our specialists can help you compare:

Bridging loan costs and terms across lenders.
Whether a bridging loan, remortgage, or development loan best suits your needs.
How to structure your exit plan for success.

Ready to Get Started?

Contact Phil Clark today to discuss your mortgage options. Let us help make your mortgage as seamless and stress-free as possible.

How to Contact Us for Advice

Phil Clark will personally deal with your enquiry

Tel 0117 325 1511

Email info@swmortgages.com

Complete a form via our website www.bristolmortgagesonline.com

Please remember: YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE

What is the Renters’ Rights Act,and what does it mean for tenants?

Sat, 01 Nov 2025 11:08:36 GMT

Image courtesy of Freepix

Adapted from Rightmove’s Renters Guide, updated 27 October 2025

The changes laid out in the Renters’ Rights Bill were the biggest shakeup of rental legislation in decades. In October 2025, the Bill gained Royal Assent, which means the bill becomes the ‘Renters’ Rights Act’, and will now become law.

The government has committed to making sure landlords are given time to adjust to the new rules, which will mean changes to tenancies, renters’ rights, and evictions. Whether you already rent a home or are thinking about renting in future, here’s what the changes could mean for you.

What is the Renters’ Rights Act and what’s changing?

The Renters’ Rights Bill represents the government’s efforts to update and improve the private renting experience in England. It seeks to provide greater protections for renters while also outlining clear rules for landlords.

The Bill represents the biggest shift towards more tenant-friendly rental laws in England for a long time.

Some of the key changes that it will bring about include:

Abolishing Section 21 evictions, in which landlords can evict tenants with just two months’ notice. Instead, landlords may need to provide a strong reason for evictions, such as tenants not paying rent.

Introducing open-ended tenancies: Rather than fixed-term tenancies (like 6 or 12-month contracts), all tenancies will be more flexible, and work on a rolling basis.

Providing means to appeal rent increases: Tenants will be able to challenge rent increases they believe are too high through official channels that will include a tribunal.

Establishing a dedicated ombudsman: This independent body would help resolve disputes between landlords and tenants.

What is the rent payment reform?

The Renters’ Rights Act – also known as the Renters’ Rights Bill, Renters Reform Bill, or Rent Repayment Reform – is set to introduce several rental payment reforms. These include:

Rent increases

Under the new rent regulations, tenants may appeal to a tribunal if they believe rent increases are excessive. The tribunal may reject the increase if it finds the right is higher than comparable local properties and market rates.

Rent in advance

Landlords often request that tenants pay large sums up front. The Bill will change this, preventing landlords and agents from asking for more than one month’s rent in advance of the tenancy commencing.

Rental bidding

Tenants can currently compete by offering more rent than the asking price, leading to bidding wars. The Bill will put a stop to this by requiring landlords to clearly state an asking price, and preventing them from accepting any higher offers.

Rent Repayment Orders (RROs)

RROs can help tenants to take action against rule-breaking landlords. They help to stop landlords from acting unfairly and give tenants with a way of getting their money back if something goes wrong. The Bill is designed to make RROs stronger, easier to use, and be applicable to more rental situations. More information on this can be found here.

Will the Renters Reform Bill be passed?

The Bill was given Royal Assent on 27 October 2025.

The new rules are likely be implemented a couple of months later, providing landlords with time to comply and the rental sector time to respond to the changes.

When the rules come into force, they will cover both new and existing tenancies. This one-stage rollout in which all tenants will be given the same rights at the same time, is designed to help avoid confusion.

The only exception will be social housing, where further consultations will be carried out before changes are introduced.

What are the changes to Section 21?

The Renters’ Rights Act will end Section 21 evictions, also known as ‘no-fault’ evictions.

Under Section 21, landlords could end your tenancy by giving you two months’ notice. They don’t need to explain why they want you to leave – hence the term ‘no-fault’ eviction.

Under the new bill, this changes completely. Landlords need to give a specific, valid reason to evict a tenant. These would include things like selling the property, moving back in to the property themselves, or other specified circumstances that are written into the law.

The changes will give tenants greater security of tenure, while still allowing landlords to regain possession of properties when they need to. For the full list of grounds for possession and notice periods, official guidance is available here.

What are the rights of a tenant?

All tenants of privately rented properties in the UK have several rights that include:

The right to live in a property that’s safe and in a good state of repair.

The right to have your deposit returned when the tenancy ends.

The right to challenge excessively high charges.

The right to know who your landlord is.

The right to live in the property undisturbed.

The right to see an Energy Performance Certificate for the property.

The right to be protected from unfair eviction and unfair rent.

The right to a written agreement if you have a fixed-term tenancy of more than three years.

When starting a new assured tenancy in England, your landlord must also give you a copy of the how to rent guide. In Scotland, they must give you a copy of the Tenant Information Pack.

What are the new renters’ rights rules?

Both landlord and tenant rights will be updated within the Renters’ Rights Bill. Some of the key tenancy reforms that will affect renters rights include:

The end of fixed-term tenancies: These will be replaced with periodic tenancies that give you more flexibility. This means you won’t be locked into long contracts if your circumstances change.

End of Section 21 evictions: You won’t be able to be evicted without your landlord providing a valid, specific reason. This gives you much greater security in your home.

Rent increases: Hikes in rent prices will be able to be challenged through a tribunal. Landlords may also only increase rent once per year, in line with market rates.

Rent payments: Landlords won’t be able to ask tenants to pay more than one month’s rent in advance of a tenancy beginning.

Decent Homes Standard: This new standard will be introduced to ensure that properties meet minimum standards of safety and decency.

Awaab’s Law: All renters in England will be empowered to challenge dangerous conditions such as damp and mould, and all landlords must take swift action to make sure homes are safe.

Pet ownership: Landlords must legally consider and cannot unreasonably refuse requests to keep a pet within a property. They may, however, ask tenants to obtain additional insurance to cover potential damages

A new private rented sector ombudsman will aim to deliver a fair and impartial dispute resolution service, and will create a national landlord database register, to help enforce standards and protect renters.

A full Renters’ Rights Bill overview can be found here, outlining the key changes and measures.

On what grounds could a landlord evict a tenant before the Renters’ Rights Act?

Before the Renters’ Rights Act, UK landlords could evict a tenant via two notices:

Section 8 notice: evicting a tenant on legal grounds such as rent arrears, antisocial behaviour, or property damage.

Section 21 notice: ‘no-fault’ evictions where landlords can evict tenants after a minimum two months’ notice period without any specific reason.

This changes now the Renters’ Rights Act has become law. Section 21 evictions will come to an end in England, and all landlords will need to provide a reason to evict tenants.

Further, new tenants will also be protected from evictions for reasons such as the landlord wanting to sell for a period of 12 months. Even after these 12 months, landlords must give at least four months’ notice in most cases.

To view the full guide online, please visit

www.rightmove.co.uk/guides/renter/renters-rights-bill-tenants/

For further information

Whether you are a landlord or a renter considering purchasing your first home, please give Phil Clark a call, and he will be delighted to help.

How to Contact Us for Advice

Phil Clark will personally deal with your enquiry

Tel 0117 325 1511

Email info@swmortgages.com

Complete a form via our website www.bristolmortgagesonline.c om

Please remember: YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE

Zoopla’s House Price Index: September 2025

Mon, 13 Oct 2025 10:12:05 GMT

.Adapted from Zoopla’s Report by Richard Donnell, Executive Director – Research 29 September 2025

Pre-Budget speculation over possible tax changes is impacting market activity for homes over £500,000. The rest of the mainstream housing market is carrying on, largely unaffected.

Key takeaways

House price inflation running at 1.4% to August 2025

Pre-Budget tax speculation hits activity for higher-value homes – demand down 11% for homes priced at £1m+ and fewer new listings over £500,000

· Stronger price inflation in more affordable areas - up to +2.8%

· Mortgage rates stable at 4-5%, supporting demand but unlikely to fall in the near term

· North/south divide in price inflation and activity widens - weaker southern England and stronger rest of UK

· Market activity is set to plateau in the coming weeks, but serious buyers and sellers shouldn’t put decisions on hold

Average UK house prices: last 3 months

The average house price in the UK is £271,000 as of August 2025 (published September 2025). This is a rise of 1.4% or £3,870 over the past year.

Budget uncertainty is starting to impact home buyers

UK homebuyers have returned to the market in strength over the past two years, driving a steady recovery in housing sales. The average estate agent now has 36 homes for sale, which is 20% more than in 2023 and 8% higher than at this point last year. Sales are also rising as determined buyers look to secure homes this autumn.

Recently, though, speculation about possible tax changes has started to affect activity. Our data shows both buyer demand and new listings for homes priced above £500,000 are down compared with a year ago, as some buyers pause to see what the Autumn Budget may bring.

The uncertainty began in August, when the media reported on several policy papers. These included ideas such as scrapping stamp duty and replacing it with an annual property tax on homes worth over £500,000, a council tax revaluation, and even capital gains tax on sales above £1.5m. None of these proposals came directly from the government, but they were described as “options ministers are considering”, which has been enough to unsettle parts of the market.

Property tax speculation hits demand and new listings

Right now, one in three homes for sale is priced above £500,000, and 8% are over £1m. But over the past five weeks, buyer demand for £1m+ homes has dropped 11% compared with the same time last year, while demand for properties over £500,000 is down 4%.

UK house price inflation is running at 1.4%

UK house price growth has been slowing in recent months. In August, average prices were 1.4% higher than a year ago, compared with 1.9% growth in December 2024. Over the past year, the average UK home has gained £4,350 in value, bringing the average price to £271,000.

Higher stamp duty costs since April, combined with affordability pressures, are holding back growth in the south. For buyers in other regions, however, these challenges are proving less of a barrier.

Market is resilient in more affordable areas

There’s a clear pattern between local house prices and growth: the lower the average value of homes, the stronger the price increases.

Markets with average prices below £200,000 are seeing the fastest growth, up 2.8% on average. By contrast, in areas where homes average more than £500,000, prices are barely moving.

Mortgage rates are stable between 4% and 5%

Greater stability in mortgage rates has helped drive the recovery in housing market activity, following the sharp rise in average rates through 2022 and 2023.

At present, average rates for new 5-year fixed deals sit between 4% and 5%, depending on the size of the loan. Earlier this year, many expected base rates to fall more quickly, which would have pushed mortgage rates lower, but that hasn’t happened.

Even so, buyers are finding it easier to borrow. Thanks to changes in lender affordability rules, homebuyers can now borrow around 20% more than they could six months ago, at the same mortgage rate and on the same income. This shift has boosted demand in recent months, particularly among first-time buyers and in more affordable housing markets.

What’s next in the UK housing market?

Housing activity has been on the rise for the past 18 months, but this momentum is likely to level off in the coming weeks as uncertainty around the Autumn Budget affects buyer confidence. Speculation around tax changes is nothing new, but this year the rumours have been more prominent, and the market is already showing signs of a reaction.

Demand and new listings for higher-value homes are weaker, driven partly by hopes of saving on stamp duty and partly by concerns over possible new taxes. By contrast, activity in the wider market is holding steady compared with last year, with the strongest price growth in more affordable areas – underlining the north–south divide.

With the Budget just two months away, it’s worth remembering that moving home typically takes six to seven months from offer to completion. For serious buyers, waiting for certainty could mean missing out on opportunities in the meantime.

Download the House Price Index - September 2025 (PDF, 300KB)

If you would like to discuss any issues in this report, or if you are thinking about moving, remortgaging or reviewing your protection requirements, please get in touch with Phil Clark.

How to Contact Us for Advice

Phil Clark will personally deal with your enquiry

Tel 0117 325 1511

Email info@swmortgages.com

Complete a form via our website www.bristolmortgagesonline.com

Please remember: YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE

What You Should Know About Second Charge Mortgages

Mon, 06 Oct 2025 10:37:36 GMT

What You Should Know About Second Charge Mortgages

Thinking about borrowing more money, but worried about losing your current mortgage deal? You’re not alone. With interest rates shifting in 2025, many homeowners are asking:

“Should I take out a second charge mortgage - and how does it work?”

Here’s what you need to know before making a move.

What Exactly Is a Second Charge Mortgage?

A second charge mortgage is an additional loan secured against your home. It sits alongside your existing mortgage, rather than replacing it. This means you keep your current deal in place, while borrowing more against the equity you’ve built up. How much you can borrow depends on your income, property value, and how much equity you have.

Why Some Homeowners Choose a Second Charge Mortgage

Keep your current deal intact: Useful if you’re on a low fixed rate and don’t want to remortgage.
Borrow for big projects: Home improvements, extensions, or even investing in a business.
Debt consolidation: Roll multiple debts into one monthly payment (though this must be carefully weighed up).
Flexibility: Can sometimes be quicker than a full remortgage.

Whether or not a second charge mortgage is worth it depends on your existing mortgage balance, interest rate, and what you need the money for.

What to Watch Out For

Just like any borrowing option, there are pros and cons.

Interest rates: Second charge mortgages may be higher than your main mortgage.
Fees: Arrangement and legal fees can apply, sometimes running into hundreds of pounds.
Affordability checks: Lenders still look closely at your income, spending, and credit history.
Risks: Missing repayments puts your home at risk, just as with a first mortgage.

Quick tip: Always compare the total cost - not just the rate. Sometimes a remortgage works out cheaper, sometimes a second charge does.

How Lenders View Second Charge Applications

Lenders typically check:

How much equity you have in the property.
Your income and regular outgoings.
Your credit history (specialist lenders may be more flexible here).
The purpose of the loan - for example, home improvements vs. debt consolidation.

When Does a Second Charge Make More Sense Than a Remortgage?

If your current mortgage has high early repayment charges.
If you’re locked into a competitive fixed-rate deal you don’t want to lose.
If your credit profile has changed since you first took out your mortgage, remortgaging might mean higher rates across your whole loan).
If you only need to borrow a smaller amount for a specific project.

Common Mistakes to Avoid

Rushing in without comparing options: Sometimes, a remortgage or unsecured loan is better.
Using it for short-term spending: A second charge is a long-term loan - don’t treat it like a credit card.
Ignoring fees: Arrangement fees and solicitor costs can affect whether it’s worthwhile.
Not getting advice: Specialist lenders are often only accessible through brokers.

What We Recommend

Second charge mortgages can be the right move in certain situations, but they’re not for everyone. It all comes down to your current mortgage deal, affordability, and future plans.

Regardless of your personal requirements or situation, please speak to Phil Clark on 0117 325 1511.

For further information, please visit the Second Charge Section of our website.

www.bristolmortgagesonline.com/second-charge-mortgages

How to Contact Us for Advice

Phil Clark will personally deal with your enquiry

Tel 0117 325 1511

Email info@swmortgages.com

Complete a form via our website www.bristolmortgagesonline.com

Please remember: YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE

Check Out Our September 2025 Newsletter!

Tue, 30 Sep 2025 10:01:18 GMT

Please click here to view or download our September 2025 Newsletter.

This month’s edition is packed full of interesting articles, including

Welcome Message from Phil Clark
An Essential Guide to Protecting Your Home and Family
Should I Remortgage Before The End of My Fixed Term?
Zoopla’s Rental Market Report: September 2025
Navigating the Buy-to-Let Market in 2025
Time to Remortgage?
Stunning 5-star Google Reviews!
Let Us Help You If You Have Adverse Credit
How to Contact Us

You can also read more articles on our Blog.

We hope you enjoy this Newsletter.

If you have any queries, please call Phil Clark on 0117 325 1511 or email info@swmortgages.com

Zoopla’s Rental Market Report: September 2025

Wed, 24 Sep 2025 08:44:57 GMT

Adapted from a Zoopla article by Richard Donnell, Executive Director – Research 15 September 2025

Rental market conditions are starting to normalise as supply and demand rebalance. The affordability of renting remains a key constraint on the pace of future rental inflation.

Key takeaways

Rental market conditions are the softest for 5 years
Demand is 24% lower than last year on the back of lower migration levels and improved mortgage availability for first-time buyers
The number of homes for rent has expanded by almost a fifth as new investment increases and some homes for sale are listed as rentals
Growth in supply is higher across all areas, less so in London
UK rents for new lets are 2.4% higher - the lowest annual rate since 2020
Rents in Leeds and Bristol post modest falls as individual markets adjust to shifting supply/demand dynamics
Rents on track to be 2-3% higher over 2025

Key figures

The average rent for new lets in the UK is £1,301 as of July 2025 (published in September 2025).
Rents have risen 2.4% in the last year, the slowest rate of growth seen in 4 years.

Softest rental market for 5 years cools rental inflation

Rental market conditions are the weakest for 5 years. Letting agents are getting 24% fewer enquiries to rent homes than a year ago. This is the lowest level for the month of August since 2020 as migration levels fall and mortgage availability improves for first-time buyers.

The number of homes for rent is steadily rising, at almost a fifth higher than a year ago. Homes are staying on the market for slightly longer as demand cools, with a current average of 16 days to find a tenant compared to 12 days in 2023 and 20 days pre-pandemic.

More homes for rent and weaker demand have stalled the growth in rents, which are just 2.4% higher than in July 2024. This is the slowest pace of rental inflation for four years (July 2021) and less than half the annual rate recorded a year ago (5.1%). The average UK rent is £1,300 a month, with rents posting small falls in some markets as weaker demand and higher supply impact rent levels.

More investment by landlords is boosting rental supply

The average letting agent now has 19 homes available to rent, up from a low of just 14 in 2022. Over recent years, limited supply and strong demand pushed rents 36% higher since 2020, while house prices rose by around 20%. This has lifted returns for landlords, with average rental yields at 6% across the UK and rising above 7.5% in areas such as the North East and Scotland.

With yields improving and mortgage rates stabilising, more landlords are choosing to invest again. The number of new buy-to-let mortgages for home purchases rose by 60% in the year to the first quarter of 2025, supporting the growth in rental supply.

For renters, conditions are also shifting. Easier access to mortgages is helping more people become first-time buyers, freeing up homes for rent. And with record numbers of properties now for sale (some of which may be switched to rental if they don’t sell) the choice of rental homes is likely to continue improving.

In Q1 2025, there were changes to the way the affordability of mortgages is assessed, which delivered a 20% boost to borrowing capacity for first-time buyers (FTBs). This explains a 30% jump in FTB mortgages over the last year, which is one reason that the demand for renting is weakening, and more supply is being released.

Rental market outlook

Rental market conditions are starting to normalise after a frantic few years characterised by many renters chasing too few homes as landlords held back from investing, which pushed rents higher.

Supply and demand are coming back into balance, but the unaffordability of home ownership is trapping people in private renting, which is keeping rental demand above pre-pandemic levels.

It’s positive that the number of homes for rent is steadily recovering. However, we don’t expect a surge of new investment activity by landlords to accelerate the supply of homes for rent.

Rental inflation remains on track to be 3% over 2025. Encouraging new investment and growing the supply of homes for rent is the only long-term solution to easing the pressure on renters across Britain.

Download the full Zoopla Rental Market Report: September 2025

Comments from Phil Clark

“ Whether you are an existing landlord, or just looking to make your first investment, please talk to me about getting the best value and most suitable Buy-to-Let Mortgage.

If you are a renter and think it is time to get on the property ladder, let’s have a chat about affordability. You may be surprised by the number of options available to you.”

How to Contact Us for Advice

Phil Clark will personally deal with your enquiry

Tel 0117 325 1511

Email info@swmortgages.com

Complete a form via our website www.bristolmortgagesonline.com

Please remember: YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE

Should I Remortgage Before The End of My Fixed Term?

Mon, 15 Sep 2025 09:07:41 GMT

Thinking of switching your mortgage before your fixed rate ends? You’re not alone. With interest rates changing in 2025, many homeowners are asking: “Can I remortgage before the end of my fixed term — and is it worth it?” Here’s what you need to know before making a move.

Most UK lenders will allow you to remortgage before your fixed rate ends, but doing so often comes with early repayment charges (ERCs). These fees can range from 1% to 5% of your loan balance, depending on how long is left on your deal. That said, early remortgaging can still make sense — if the numbers work out

Why Some People Choose to Remortgage Early

Take advantage of a better rate before your current deal expires
Consolidate debt into your mortgage for lower monthly payments
Lock in a new fixed deal ahead of possible rate rises
Switch to a more flexible product (e.g. offset or tracker)

Searching for “is it worth remortgaging early UK”? It depends entirely on your mortgage balance, ERC amount, and how much better the new deal is.

What to Watch Out For

High early exit fees could cancel out savings
·You might not qualify for a better rate if your circumstances have changed
·Timing is key — too early, and you pay more than you save
If your current deal is competitive, staying put could be smarter

Need a hand evaluating the numbers? We can help with a free, personalised comparison.

What We Recommend

In many cases, remortgaging 3–6 months before the end of your fixed term is ideal. Some lenders allow you to secure a new deal in advance — so you avoid the Standard Variable Rate, but don't pay exit fees. Every case is different — and that's where our advice comes in.

Quick Tip:

If your fixed term ends in the next 6–12 months, it’s a great time to review your options — before the best deals disappear.

Want to Know If It’s Worth Remortgaging Early?

If you're asking:

“Can I remortgage before the fixed rate ends?”
“What are the pros and cons of remortgaging early?”
Or just “Will it actually save me money?”

For further information, please visit the Remortgages Section of our website.

www.bristolmortgagesonline.com/remortgages

How to Contact Us for Advice

Phil Clark will personally deal with your enquiry

Tel 0117 325 1511

Email info@swmortgages.com

Complete a form via our website www.bristolmortgagesonline.com

Please remember: YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE

An Essential Guide to Protecting Your Home and Family

Thu, 11 Sep 2025 09:18:55 GMT

Bristol, Bath and Exeter Mortgages Online always recommend a Fully Protected Mortgage

As an experienced Mortgage Broker, we are not only mortgage specialists, but we can also access a huge selection of providers for your insurance protection needs too.

Many banks and building societies, and estate agents are “tied” to one insurer, and therefore cannot compete with a specialist like us on cost or benefits, as they only offer one product. This is a complex area and, in our view, is sometimes a more important decision than the mortgage. Whereas a mortgage deal may only last two or three years, the right protection could last the whole term!

We therefore offer a personal consultation with you and one of our experienced advisers to discuss your individual requirements to enable us to provide the personal recommendations to best suit your needs and circumstances.

Click here to download our Essential Guide to Protecting Your Home and Family.

Please visit our Useful Guides Page on our website for other helpful information.

For further information, please visit the Protection & Insurance section of our website

How to Contact Us for Advice

Phil Clark will personally deal with your enquiry

Tel 0117 325 1511

Email info@swmortgages.com

Complete a form via our website www.bristolmortgagesonline.com

Please remember: YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE

Navigating the Buy-to-Let Market in 2025

Mon, 01 Sep 2025 10:41:43 GMT

The buy-to-let market in 2025 is evolving, and with changing tax rules, shifting demand, and rising costs, landlords need more than just a good property. You need a clear financial strategy and the right mortgage to match.

Whether you're a seasoned landlord or exploring your first investment, understanding current buy-to-let mortgage options, regulatory changes, and market opportunities is essential to staying profitable.

Key Trends Shaping the Buy-to-Let Market in 2025

Interest Rates & Lending Criteria

With the Bank of England base rate recently reduced to 4.0%, some lenders are beginning to offer slightly more competitive deals, but many remain cautious, especially with stress testing.

Strong Rental Demand

Rising house prices and affordability issues mean more people are renting longer, especially in cities and university towns. But location and property type matter more than ever.

Tax & EPC Pressures

Landlords continue to face tax changes on mortgage interest relief and stricter rules around Energy Performance Certificates (EPCs). Properties rated below EPC C may soon become harder to let.

Professional Landlords Are Growing

We’re seeing more investors move from casual letting to limited company structures, unlocking better tax efficiency and mortgage options.

5 Smart Strategies for BTL Investors in 2025

1. Remortgage to a better rate - Many landlords are still sitting on higher fixed or variable rates. Buy-to-let remortgage deals may offer better terms, especially through a broker.

2. Review your property portfolio - Selling underperforming properties and reinvesting in higher-yield locations or energy-efficient homes can improve returns.

3. Switch to a limited company BTL mortgage - If you're growing your portfolio, a limited company structure may reduce your tax liability and unlock access to specialist lenders.

4. Improve EPC ratings - Making energy upgrades now could protect your property’s value, rental potential, and finance eligibility in future.

5. Get expert mortgage advice - The right lender, term, or product type (fixed, variable, interest-only) can significantly impact your cash flow.

Why It Matters

Staying profitable in 2025 means being proactive. Whether it’s reducing buy-to-let mortgage costs, restructuring your lending, or responding to market shifts, informed decisions matter more than ever.

For further information, please visit the Buy to Let Section of our website

www.bristolmortgagesonline.com/buy-to-let

How to Contact Us for Advice

Phil Clark will personally deal with your enquiry

Tel 0117 325 1511

Email info@swmortgages.com

Complete a form via our website www.bristolmortgagesonline.com

Please remember: YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE

Welcome to our August 2025 Newsletter!

Fri, 29 Aug 2025 09:52:15 GMT

Please click here to view or download our August 2025 Newsletter.

This month’s edition is packed full of interesting articles, including

Welcome Message from Phil Clark

How to Save on Your Mortgage Costs

Effortless Expat Solutions

Helping a Family Member Onto the Property Ladder

Time to Remortgage?

Stunning 5-star Google Reviews!

Let Us Help You If You Have Adverse Credit

How to Contact Us

You can also read more articles on our Blog.

We hope you enjoy this Newsletter.

If you have any queries, please call Phil Clark on 0117 325 1511 or email info@swmortgages.com

How to Save on Your Mortgage Costs

Thu, 14 Aug 2025 08:26:21 GMT

With many households feeling the pressure of rising mortgage bills, finding ways to reduce monthly payments has never been more important. Whether you’re coming to the end of a fixed-rate deal or just looking for financial breathing room, there are smart, practical steps you can take to lower your costs.

This blog shares essential mortgage savings tips, including how to reduce mortgage payments and the most effective remortgaging strategies for 2025.

5 Ways to Save on Your Mortgage in 2025

1. Review Your Current Deal

Your lender may automatically move you onto their Standard Variable Rate (SVR) at the end of your fixed term, and this is often much higher than other available deals.

Tip: Check your mortgage expiry date and start comparing new deals 3–6 months in advance.

2. Consider Remortgaging

Remortgaging is one of the most effective ways to cut costs. You may be able to switch to a deal with a lower interest rate, reduce your term, or even release equity if needed.

Tip: Search for lenders offering incentives like free legal fees or valuation.

3. Extend Your Mortgage Term

If your goal is to reduce monthly payments, increasing the term (e.g., from 20 to 25 years) can lower what you pay, though you'll pay more interest in the long run.

Tip: Ideal for those with short-term financial pressure.

4. Overpay If You Can

If you're in a strong financial position, making overpayments (within allowed limits) helps reduce the total interest you’ll pay and shortens your term.

Tip: Even £100 extra a month can save thousands over time.

5. Improve Your Credit Profile

A better credit score can give you access to better rates when applying for a new deal or remortgaging.

Tip: Check your report, correct errors, and reduce debts ahead of time.

What Next?

Whether you’re a first-time buyer, a landlord, or remortgaging after a fixed deal, Bristol Mortgages Online can help you explore tailored strategies to keep your payments affordable.

We offer:

✔️ Mortgage reviews

✔️ Personalised remortgaging strategies

✔️ Access to deals not always available directly to consumers

Contact Phil Clark today!

Call 0117 3251511

Email info@swmortgages.com

For more information about all the Mortgage and Protection products we offer, please visit www.bristolmortgagesonline.com

Effortless Expat Solutions

Mon, 11 Aug 2025 10:12:25 GMT

We specialise in providing mortgage solutions for expat clients. Phil has over 30 years of experience in working with Expat clients, and now that Bristol Mortgages Online is a trading style of Manor Mortgages, we have an even greater choice of products to offer.

The services we offer include:

Flexible Service

We accommodate time-zone differences by working out of hours to meet the needs of expat clients.

Expert Experience

Our expertise in expat mortgage applications ensures successful outcomes despite varying lender criteria.

Comprehensive Market Assessment

We evaluate the market to find the best mortgage options for clients looking to remortgage or purchase property while abroad.

Effortless Process

We’ll manage all the hard work, administration and chasing.

Criteria Highlights

· Applicant

· UK citizen or national

· First-time buyer or landlord

· Only a UK bank account is required for credit history purposesost countries accepted (except highly sanctioned countries)

· No maximum age

Property

· Consumer BTL (former residence)

· Residential / family living in the property

· Near commercial outlets allowed

· Non-standard construction

Income

· No minimum income

· Overseas income

· Multi-national companies

· Self-employed

· Combination of foreign and GBP income

Mortgage

· Rental calculation or full affordability (top slicing)

· Capital raising

· Interest-only and capital repayment

Here is just one example

Expat BTL Rates

Rates from

5.34%

5-Year Fixed

• Max LTV 75%

• 1% product fee

• Consumer BTL accepted

• Over 40 acceptable expat countries

• Free valuations for remos under £500,000

If you would like to find out more, please call Phil Clark on 01173251511 or email

Please also visit the Expat section of our website www.bristolmortgagesonline.com/expat-mortgages

Bank of England cuts interest rates to 4%

Thu, 07 Aug 2025 16:02:38 GMT

The Bank of England cuts interest rates from 4.25% to 4%, with effect from today, 7 August 2025.

It's the Bank's fifth cut since last August, and takes the cost of borrowing to its lowest level for more than two years

The decision was widely expected.

A lower interest rate from the Bank of England can reduce monthly mortgage costs for some homeowners, but it can also lead to a smaller return for savers -

People with tracker mortgages, which are loans that track the Bank’s base rate, could see an immediate reduction in monthly repayments. There are about 600,000 people who have one.

For example, the cut in rates means repayments on an average standard variable rate mortgage of £250,000 over 25 years will fall by £40 per month, according to financial information company Moneyfacts.

However, most people with a mortgage are on a fixed-rate deal. These are often for 2 or 5 years.

This reduction in the interest rate will not have an effect on these mortgages until their current deal comes to an end.

If your mortgage is due to end within the next 6 months, please give Phil Clark a call to find the most suitable and best value deal for you.

How to Contact Us

Tel 0117 3251511

Email info@swmortgages.com

Complete a form via our website www.bristolmortgagesonline.com

Please remember: YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE

Welcome to our July Newsletter!

admin@swmortgages.com (Caz Blake-Symes) — Wed, 30 Jul 2025 10:13:49 GMT

Please click here to view or download our July 2025 Newsletter.

This month’s edition is packed full of interesting articles, including

Navigating Mortgages When You Are Self-Employed
Stunning 5-star Google Reviews!
Think You Have An Unmortgageable Property?
Let Us Help You With A Stress-free Mortgage Application
House Price Index Report June 2025
Time to Remortgage?
Let Us Help You If You Have Adverse Credit

You can also read more articles on our Blog.

We hope you enjoy this Newsletter.

If you have any queries, please call Phil Clark on 0117 325 1511 or email info@swmortgages.com

Stunning 5-star Google Reviews!

admin@swmortgages.com (Caz Blake-Symes) — Tue, 29 Jul 2025 09:37:29 GMT

Having highly satisfied clients and an excellent reputation is key to our philosophy here at Bristol Mortgages Online.

Many of our new clients choose us as they have been recommended or referred to us. Our excellent 5-star reviews on Google reassure potential clients that we are professional people to deal with!

Take a look at some of our reviews received over the past couple of weeks

Mark

Top service again with Phil and his team. Explained the whole process really well and even visited us to finalise all the paperwork. Have used SW Mortgages as our broker for a while now and can't fault anything. Highly recommended!!

Liam

Lovely staff, a pleasure to deal with. Phil's knowledge and expertise is incredible. I'd highly recommend Bristol Mortgages Online as I'll certainly be using them again. Many thanks.

Georgina

Outstanding team! We've secured 4 mortgages over the years via Bristol Mortgages Online, and have been totally satisfied with the deal we've got every time. Proactive and communicative, find solutions to those unexpected challenges! Would definitely recommend.

Caitlin

As first-time buyers, we can highly recommend Phil's services which helped us to make informed decisions about our first mortgage. We always felt like Phil always had our best interests in mind, he was transparent, patient and understanding in our process of finding our first home �� thank you Phil!

Julie

Highly recommend.

Very helpful and friendly. Wouldn't use any other company

Marc

Phill and the team our amazing, they will find you the best mortgage rates on the market, the team takes all the stress away.

I have never found a better deal that’s why I use Bristol Mortgages every time it’s seamless

Pippa

Phil was extremely helpful throughout the whole mortgage process. He was communicative, friendly, proactive and explained all the options to us very well. I can't recommend Phil enough. This was our first time applying for a mortgage and he made the entire process so straight forward and stress-free.

Laurie

Phil's advice and assistance was first-class in helping us to secure our mortgage. His insight, experience and dedication was of huge help to us, and he often went above and beyond in his communications and availability. We would highly recommend Phil and his team at Bristol Mortgages Online for their professionalism and high-quality support throughout.

To find out why our clients are so delighted with the service that Phil offers, please call him today!

Contact Phil today!

Call 0117 3251511

Email info@swmortgages.com

For more information about all the Mortgage and Protection products we offer, please visit www.bristolmortgagesonline.com

Navigating Mortgages When You Are Self-Employed

admin@swmortgages.com (Caz Blake-Symes) — Wed, 23 Jul 2025 10:31:56 GMT

Securing a mortgage can be more complex for the UK’s 4.2 million self-employed workers. Without traditional payslips, proving income requires a different approach—but there are still plenty of options.

The Self-Employed Mortgage Challenge:

Proving stable, consistent income
Managing tax-deductible expenses
Supplying non-traditional documentation
Demonstrating business stability and longevity

Mortgage Options for UK Self-Employed Borrowers

Standard Residential Mortgages : Available to those with 2–3 years of accounts or tax returns. Income is assessed via salary/dividends (for directors) or net profit (for sole traders).

Specialist Self-Employed Mortgages

Some lenders accept just one year of accounts or projections. Often available via brokers rather than direct.

Contractor Mortgages

Income based on your day/hourly rate and current contract value. Requires as little as 6–12 months’ history, depending on experience.

Please note: Self-certification mortgages (where borrowers could declare their income without verification) were banned by the Financial Conduct Authority (FCA) in 2014. Any lender offering such products in the UK would be operating illegally.

Tips to Strengthen Your Mortgage Application:

1. Keep Accounts and Tax Records clean and current

2. Plan Dividend Withdrawal Wisely

3. Improve Your Credit Score

4. Save for a Larger Deposit (15-25%)

5. Maintain Consistent Salary and Dividend Drawing Patterns

Documentation You'll Need to Prepare

Essential Documents for Mortgage Applications

SA302 Tax Calculations and Tax Year Overviews: For the past 2-3 tax years (available from HMRC)
Business Accounts: Preferably prepared or certified by a chartered or certified accountant
Bank Statements: Personal and business accounts (typically 3-6 months)
Proof of Deposit: Evidence of savings or gifted deposit
Proof of Identity and Address: Passport, driving licence, utility bills, etc.

If you have any queries about being Self-Employed and the options available to you, please contact Phil Clark today!

Call 0117 3251511

Email info@swmortgages.com

For more information about the Mortgage and Protection products we offer, please visit www.bristolmortgagesonline.com

Your home/property may be repossessed if you do not keep up repayments on a mortgage or other debt secured on it.

Think You Have An Unmortgageable Property?

admin@swmortgages.com (Caz Blake-Symes) — Wed, 09 Jul 2025 11:48:34 GMT

Here at Bristol, Bath and Exeter Mortgages Online, we are delighted to take on a CHALLENGE!

Being a trading style of Manor Mortgages, who have access to Lenders and Products that are beyond the reach of the majority of Mortgage Brokers.

So, with the combined knowledge from Phil’s vast experience and the extensive range of products available to us, we will try and source you the most suitable mortgage for your specific situation.

We like to say YES to our clients, regardless of their situation

If yooperty falls into one of these categories, give Phil a call today!

on-standard construction
Properties near pubs, clubs, or takeaways
Semi-commercial units
Homes with annexes
Agricultural ties
Proximity to rivers
Low EPC ratings
Grade-listed buildings
Large acreage

Contact Phil today!

Call 0117 3251511

Email info@swmortgages.com

For more information about the Mortgage and Protection products we offer, please visit

www.bristolmortgagesonline.com

Your home/property may be repossessed if you do not keep up repayments on a mortgage or other debt secured on it.

Let Us Help You With A Stress-free Mortgage Application

admin@swmortgages.com (Caz Blake-Symes) — Thu, 03 Jul 2025 09:01:10 GMT

Here at Bristol, Bath and Exeter Mortgages Online, we aim to give you a stress-free mortgage application process.

From when we send you our initial links and forms through to completion, we will support you along the way.

Here is a guide which we hope will enable you to understand and prepare for the documentation and information you will need.

Click here to download our guide

To see all our Useful Guides, please click here.

Zoopla’s House Price Index: June 2025

admin@swmortgages.com (Caz Blake-Symes) — Tue, 01 Jul 2025 11:21:57 GMT

Adapted from an article by Richard Donnel, Zoopla’s Research Director, 30 June 2025

More sales, rising supply, plenty of demand and modest house price growth shape a steady UK housing market in June 2025.

Key takeaways

Sales are being agreed at the fastest rate for 4 years
14% more homes for sale is boosting buyer choice
UK house price growth slows to +1.4%
House prices are rising more quickly in affordable markets
Prices are falling in more expensive markets with average values over £500k
The average time to sell is 45 days, in line with June 2024
Setting the right price is essential to achieving a sale

Average UK house prices: last 3 months

The average house price in the UK is £268,400 as of May 2025 (published June 2025). This is a rise of 1.4% or £3,690 over the past year.

6% more sales as house price growth slows to +1.4%

The number of sales being agreed continues to run at the fastest rate for 4 years. However, this is starting to steady as we begin the seasonal summer slowdown.

Sales agreed in the last 4 weeks are up 6% on last year, as more homes for sale bring more buyers into the market. There are more sales year-on-year across all regions and countries of the UK.

But more sales doesn’t mean house prices are rising more quickly. In fact, house price growth is slowing, with a rise of just 1.4% in the year to May 2025.

This is higher than the 0.3% increase recorded a year ago but lower than the 2% rise in February.

People continue to be price-sensitive with their moves, with cost of living pressures and higher interest rates impacting affordability. While UK earnings are rising at 5% a year, inflation levels mean further rate cuts are unlikely in the coming months.

These factors are limiting house price growth, despite demand for homes remaining higher than a year ago.

The affordability challenge is particularly stark in housing markets with higher average prices, which creates an additional hurdle for home buyers.

High supply of homes for sale linked to lower house price growth

There is a clear link between the rise in supply and the slowdown in house price growth.

With 14% more homes on the market than a year ago, greater choice for buyers is a key factor holding back house prices.

Affordability is the most important influence on house price growth

In places with cheaper properties, house prices are rising more quickly. On the other hand, expensive areas are seeing slower price rises or even price falls.

House prices rising fastest in affordable areas

House prices are 2.7% higher in markets with average house prices below £200k, and 1.9% higher in markets priced between £200k and £250k. Together, these markets account for 50% of UK homes.

Selling your home? Realistic pricing is vital

The key message for sellers is the need to be realistic on pricing if you want to move home in 2025.

Be sure to discuss your marketing strategy with your estate agent, and you could consider adjusting the price to attract more interest. The good news is that there’s demand for homes and a desire to move, but careful pricing is key in the current market.

How long will it take to sell your home?

The average time to sell is 45 days or 7.5 weeks, broadly in line with this time last year. This is the time between a property being listed for sale and being sold subject to contract.

What’s next for the housing market in 2025?

There’s positive momentum in the UK housing market, with strong sale trends showing a broad desire to move house in 2025.

Buyers will continue to feel the benefits of plenty of choice this year, as well as improved mortgage affordability. This has already given a 20% boost to buying power for those using a mortgage, helping more people make a move in 2025.

If you’re planning to sell your home this year, remember that buyers remain price-sensitive, especially in high-value markets. These areas also face the most competition in terms of the number of homes for sale, so choose an agent with a strong marketing strategy and realistic pricing approach.

Overall, there will continue to be a healthy number of sales in 2025 as sales remain on track for 5% growth, while house price rises will remain steady in the 1-2% range.

To view the full report, please visit

https://www.zoopla.co.uk/discover/property-news/house-price-index/

Comment from Phil Clark

“This is an interesting read. There is definitely a vast choice of mortgage products on the market to suit all applicants. call me to have a no-obligation chat.

Regardless of whether you are a First-time Buyer, Looking to move, remortgage or invest in property, there is a huge range of competitive mortgage deals on the market. I will be delighted to discuss your specific requirements and offer you the most suitable deal!”

Contact Phil today!

Call 0117 3251511

Email info@swmortgages.com

For more information about the Mortgage and Protection products we offer, please visit

www.bristolmortgagesonline.com

Celebrating 17 Years of Bristol Mortgages Online!

admin@swmortgages.com (Caz Blake-Symes) — Fri, 13 Jun 2025 11:56:31 GMT

We are thrilled to be celebrating our 17 ^th Anniversary this week!

Phillip Clark founded Bristol Mortgages Online in 2008.

Phil has over 25 years in the property and finance sector and has an excellent reputation for his extensive knowledge of the mortgage market.

He has helped thousands of clients, many of whom have depended on Phil to get them the best mortgage or protection products for many years.

So, whether you are an inexperienced First-time Buyer, looking to move house or remortgage, Phil is the person to help you.

He also has specialist knowledge in all aspects of investment mortgages, including Buy to Let, HMOs and Expat Mortgages.

Please give Phil a call today to discuss any of your Mortgage or Protection needs.

Tel 0117 325 1511

Email info@swmortgages.com

Zoopla’s House Price Index Report: May 2025

admin@swmortgages.com (Caz Blake-Symes) — Thu, 05 Jun 2025 09:13:34 GMT

Adapted from a Zoopla article by Richard Donnell 28 May 2025

Lower mortgage rates are supporting more house sales against a backdrop of modest house price inflation. Zoopla’s House Price Index tracks key trends in the UK housing market - here’s the latest news in May 2025.

Key takeaways

The number of sales agreed in May is the highest it’s been for 4 years and up 6% on last year
The rise comes as the market rebounds after the Easter lull and initial reaction to stamp duty relief ending
House price growth is stable with a 1.6% rise compared to a year ago
More sellers are listing their homes for sale, with a 13% rise on last year
Northern regions of England are seeing the strongest growth in sale numbers and annual house price rises of 3%
Southern regions have more homes for sale and lower house price growth of less than 1%
There’s a wide variation in house price growth across UK cities, from modest falls in Brighton and Aberdeen to 5%+ gains in Blackburn and Belfast
The housing market is on track for 5% more sales and 2% price inflation over 2025

Key figures

The average house price in the UK is £268,250 as of April 2025 (published May 2025). This is a rise of 1.6% or £4,330 over the past year.

Rebound in sales after initial reaction to end of stamp duty relief

The number of housing sales is on the rise with home buyers returning to the market after the end of stamp duty relief and the Easter holidays.

Latest data shows the number of sales agreed per estate agent at this time of year is running at the fastest rate for 4 years, since the pandemic boom of 2021. This is due to a high number of homes for sale and improvements in mortgage rates and availability.

There are 13% more homes for sale than a year ago. The average estate agent office has 35 unsold homes. Most of these home sellers are also buyers, which means plenty of interest for well-priced homes. More mortgage products with sub-4% rates, together with changes to how mortgage affordability is calculated, are encouraging buyers to make offers, supporting a 6% growth in sales agreed.

Data shows the average home sale is currently being agreed at 3% (or £16,000) below the average asking price, a level that has been stable over recent months.

6% more agreed sales in May 2025 than a year ago

The shift to higher mortgage rates over the last 3 years has impacted growth rates for housing sales and mortgage applications. Sales declined sharply in 2022/23 as mortgage rates reached 6%.

The growth in sales rebounded over 2024 as mortgage rates fell, which also boosted demand for mortgages. However, the growth in sales and mortgage approvals has slowed in recent months to more sustainable levels.

Sales have now started to increase once again as confidence improves and those using a mortgage are able to borrow up to 20% more due to changes in affordability testing.

Most affordable areas record fastest sales growth

Housing market activity and house price inflation are currently strongest in areas where homes are more affordable. In broad terms, this covers most areas outside the southern regions of England.

Our data shows northern regions of England, Scotland and the East Midlands are registering the fastest growth in agreed sales compared to a year ago. However, affordability constraints are behind a slower growth in sales across southern regions of England, with a decline in sales in the West Midlands compared to a year ago.

The number of homes for sale is an important influence on market activity and house prices. More homes for sale boosts buyer choice and keeps price growth in check. Faster growth in sales erodes the number of homes for sale, limiting what is available and supporting faster house price growth.

More homes for sale across southern England

The number of homes for sale has grown most quickly across southern regions of England, boosting choice. There are 21% more homes for sale in the South West compared to a year ago, with 17% more in London and 15% more in the South East.

Slower growth in sales and more homes for sale explains why house price growth is less than 1% across all regions of southern England - ranging from 0.5% in the South East to 0.9% in the South West.

Outlook for the housing market in 2025: modest price gains and more sales

Strong competition in the mortgage market and less stringent affordability testing is set to support buyer demand and sales volumes over the second half of 2025.

The different trends in supply and demand across the country have important implications for how sellers approach the pricing of their homes if they are serious about selling in 2025. Buyers also need to adapt to local market conditions in how they pitch offers to buy.

Overall, the housing market is well set for 5% more sales in 2025 compared to last year, with just enough house price inflation to keep sellers and buyers entering the market and making bids for homes.

We expect this variation in price inflation to continue over the rest of the year as home values rise in more affordable areas.

To read the article in full please visit.

www.zoopla.co.uk/discover/property-news/house-price-index/

Comment from Phil Clark

“This is an interesting read. There is definitely a vast choice of mortgage products on the market to suit all applicants, call me to have a no obligation chat.

Regardless of whether you are a First-time Buyer, Looking to move, remortgage or invest in property, there are a huge range of competitive mortgage deals on the market. I will be delighted to discuss your specific requirements and offer you the most suitable deal!”

Contact Phil today!

Call 0117 3251511

Email info@swmortgages.com

For more information about the Mortgage and Protection products we offer, please visit

www.bristolmortgagesonline.com

Your home/property may be repossessed if you do not keep up repayments on a mortgage or other debt secured on it.

Check Out Our May Newsletter!

admin@swmortgages.com (Caz Blake-Symes) — Thu, 29 May 2025 13:47:34 GMT

Click here to view our May 2025 Newsletter.

This Edition Includes..

Helping Your Family Onto The Property Ladder

What will happen to Interest Rates This Year?

Easing Stress Testing?

Looking to Remortgage?

Getting a Mortgage with Adverse Credit

Plus lots more…

Will mortgage rates go down in 2025?

admin@swmortgages.com (Caz Blake-Symes) — Sat, 17 May 2025 13:40:24 GMT

Adapted from a Zoopla Property News article 14 May 2025 by Ellie Isaac Senior Editor

Mortgage rates are likely to stay in the 4-5% range this year while changes to affordability testing by lenders could give buyers a boost.

Key Takeaways

A two-year variable rate with a 75% loan-to-value ratio currently averages 4.75% while the average five-year fixed term sits at 5.04%
The base rate dropped to 4.25% in May 2025 in positive news for households
Changes to affordability testing by mortgage lenders could make it easier for buyers to borrow
The Base Rate could fall further by the end of 2025

After the latest much-anticipated base rate drop from 4.5% to 4.25% in May 2025, mortgage rates are expected to remain at around 4-5% for the rest of the year.

Mortgage rates have continued to come down since June 2023, when the average five-year fixed-rate loan for a 75% loan-to-value mortgage peaked at 5.8%, adding hundreds of pounds to monthly mortgage repayments for buyers and homeowners.

Today, that same mortgage has now fallen to an average rate of 5.04%.

Mortgage rates unlikely to drop below 4% in 2025

Most forecasters are expecting mortgage rates to remain in the 4-5% range this year, even if inflation and the base rate edge lower.

Zoopla’s Executive Director of Research, Richard Donnell, says: ‘Expectations of lower interest rates are already priced into fixed rate mortgages today. Lower interest rates would likely result in further modest declines in mortgage rates but how far depends on how low money markets see base rates falling. Economists currently expect base rates to fall to 3.5% by the end of 2025, which would imply mortgage rates remaining in and around the 4%+ range.’

Why are mortgage rates going down?

Mortgage rates began to go down in the latter half of 2023, as inflation dropped from 6.3% in September to 4.2% in December.

In June 2024, inflation hit its 2% target, but it has risen slightly since then and is currently sitting at 2.6%.

The Bank of England cut the base rate twice last year, first in August and again in November - and then again in February 2025.

At the most recent Bank of England meeting in May 2025, the Bank dropped the base rate to 4.25%. Some forecasters are predicting it will fall further by the end of the year.

The bank rate determines the interest rate the Bank of England pays to commercial banks that hold money with them. It influences the rates those banks charge people to borrow money or pay on their savings.

What factors affect interest rates?

Inflation is the main reason interest rates have been high in the UK over the last 3 years. An unexpected rise in demand - or decrease in supply - can cause inflation to rise.

At the end of 2021, the Bank of England began to raise the base rate in order to reduce inflation and help slow down price rises for everyday items including food, petrol, gas and electricity.

Inflation is currently hovering over its 2% target at 2.6%, so the Bank of England needs to keep the base rate high enough to ensure inflation doesn't rise again.

Global shocks can also have an impact on inflation, such as wars, pandemics and tariffs as they affect the flow of goods around the world.

Relaxed affordability testing to boost buyer affordability in 2025

One emerging trend that we expect to positively support market activity in the coming months is a relaxation in how lenders assess the affordability of new mortgages. While buyers focus on the mortgage rate they will pay, lenders also check whether the borrower can afford a 'stressed mortgage rate' at a higher level than the borrower will pay.

While the average 5-year fixed rate mortgage is around 4.5% today, many lenders are currently 'stress testing' affordability at 8-9%. This makes it harder to secure a mortgage without a large deposit. If average mortgage stress rates were to return to pre-2022 levels of 6.5% to 7%, this would deliver a 15-20% boost to buying power.

An average first-time buyer with mortgage repayments of £1,020pcm at a 4.5% mortgage rate would typically have to prove they could afford monthly repayments of £1,550pcm at an 8.5% stress rate. If the stress testing is relaxed to 6.5%, repayments would fall to £1,275pcm, boosting buying power. It's a similar pattern for the average homeowner, while the actual impact will vary by lender and type of borrower.

This change would consequently supporting demand and sales volumes. Other existing rules and regulations that remain in place will continue to impact the availability of mortgage finance.

More choice for buyers in 2025

Supply of homes for sale is 12% higher than a year ago as more sellers enter the market.

More supply means more sellers, most of whom are also buyers.

And more choice for buyers means more opportunity for wriggle room when it comes to paying the asking price.

If you would like Bristol Mortgages Online to help you with a first-time Buyer Mortgage, Remortgage or any other Mortgage or Protection needs please call Phil Clark today to book an initial consultation!

How to Contact Us

Call Phil on 0117 3251511

Email info@swmortgages.com

Visit www.bristolmortgagesonline.com

Your home/property may be repossessed if you do not keep up repayments on a mortgage or other debt secured on it.

Helping a Family Member Onto the Property Ladder

admin@swmortgages.com (Caz Blake-Symes) — Mon, 12 May 2025 09:42:45 GMT

Sky high house prices, high cost of living, student loans and rising rent costs mean that getting on the property ladder is challenging. But the desire to own a home remains strong for many young adults.

Now, the affectionately known ‘bank of mum and dad’ (or bank of other family members) may wish to lend or give money for deposits and other house purchase costs. Our expert Mortgage Advisers will be able to discuss all options available to suit your specific family’s situation.

Below are just a few options to consider. Before making any decisions about any deposit gifting, we will discuss all the options available to you, based on your affordability and borrowing profile, so you understand from the outset your deposit requirements.

Gifted Deposits

A gifted deposit is a sum of money that is typically given by a family member forming all or part of a deposit for somebody wanting to buy a property. It is not usually possible for friends to gift a deposit as most lenders will not accept this option.

There are some important points to consider

The person gifting the money should seek independent legal advice to understand they will have no interest in the property and no right to get their money back.
It is possible to loan money to family and have it repaid on sale of the property i.e. take a legal charge over the property. Again, seeking independent legal advice is a must and this would also have to be agreed by the mortgage provider.
The mortgage product will not change because of the gifted deposit as most lenders are satisfied with family gifts. However, most lenders will not accept other third party giftors such as friends.
The gifted deposit can be used in conjunction with the applicant’s own savings or an ISA.
If the person gifting the deposit is withdrawing funds from existing investments or pensions advice should be taken from an IFA or accountant regarding any tax or future income implications.

Remortgage, Taking out a Further Advance or Secured Loan

Often the option to remortgage or take out a further advance or secured loan on the giftors property may be a consideration, in order to raise the funds needed to gift the deposit. The implications of doing this need to be carefully considered in terms of repayments and having sufficient equity. Timescale is also a factor as remortgaging or taking out a secured loan may take time to process .

Joint Borrower Sole Proprietor Mortgages

We have access to lenders who will accept additional borrowers on a mortgage agreement, although the property itself will only be in a sole proprietors name. These JBSP mortgages need to be carefully considered, especially if help might be required for another child or grandchild in the future. Please call us to discuss this option in more detail.

Equity Release

There is also the option to consider the Equity Release/ Lifetime Mortgage option. We offer advice on such arrangements, but they are not an option to be undertaken lightly and restrictions will apply regarding age and circumstances. Other options may be considered before Equity Release.

For further information click here to view or downoad our full guide.

Contact Us

For further details about the mortgage and protection products we offer as an experienced and expert Mortgage Broker, or any other mortgage information, book your INITIAL CONSULTATION with one of our knowledgeable Mortgage Advisers.

Bristol Mortgages Online www.bristolmortgagesonline.com Tel 0117 325 1511

Base Rate cut to 4.25%: what it could mean for UK mortgages

admin@swmortgages.com (Caz Blake-Symes) — Sat, 10 May 2025 10:07:59 GMT

Adapted from a Rightmove Property News article 8 May 2025

The Bank of England has voted to reduce the Base Rate by 0.25% for the second time this year, taking it to 4.25%. Base Rate was held at 4.5% in March after it was cut by 0.25% in February.

The Bank meets every six weeks to decide what should happen to interest rates, with the aim of keeping inflation to its target and keeping the wider economy healthy. Inflation is at 2.6%, which is still above the 2% target the government sets for the Bank.

The financial markets have been widely expecting a cut to interest rates this week, as continuing to hold rates could have a negative knock-on effect on economic growth, impacting businesses and households further down the line.

What’s happened to mortgage rates recently?

Mortgage rates have continued to come down slowly in recent weeks. The average rate for a 2-year fixed rate mortgage has fallen by 0.05% to 4.64% compared to a week ago, while the average rate 5-year fixed rate is now 4.60%.

With strong signs of home-mover activity since the start of this year, the outlook for borrowers remains stable.

What does the Base Rate reduction mean for my current mortgage?

If you’re coming to the end of your fixed-rate mortgage soon, you’ve probably already started to think about the rate you’ll be offered on your next deal.

In July 2023, the Mortgage Charter was launched to help those struggling to meet their monthly payments, as well as borrowers who are coming to an end of their fixed rates soon.

What could the Base Rate reduction mean for affordability?

What could happen next?

The Bank of England’s Monetary Policy Committee meets every six weeks to discuss and vote on whether interest rates should go up or down, or stay the same.

The financial markets have been forecasting two-to-three more possible cuts to Base Rate in 2025. So, we could see it fall to 3.75% or further by the end of the year. Though as always, this could change depending on what happens in the broader economic environment.

The next decision on interest rates will be announced at midday on 19 June 2025.

How to Contact Us

Call Phil on 0117 3251511

Email info@swmortgages.com

Visit www.bristolmortgagesonline.com

Your home/property may be repossessed if you do not keep up repayments on a mortgage or other debt secured on it.

Boost to buying power from changes to affordability tests

admin@swmortgages.com (Caz Blake-Symes) — Thu, 01 May 2025 14:23:03 GMT

Adapted from Zoopla’s April 2025 Housing report

I mage: The analysis uses average house prices from the house price index and for first-time buyers to assess mortgage payments at different mortgage rates applied to a 30- year mortgage, at different loan-to-values.

This change would consequently supporting demand and sales volumes, helping to clear the stock of homes for sale, rather than boosting house prices. Other existing rules and regulations that remain in place will continue to impact the availability of mortgage finance.

Comment from Phil Clark

“This is potentially very exciting news and will give borrowers a greater choice of products if these rules are relaxed.

Please call Phil on 0117 3251511 or email info@swmortgages.com

For more information about the Mortgage and Protection products we offer, please visit www.bristolmortgagesonline.com

Your home/property may be repossessed if you do not keep up repayments on a mortgage or other debt secured on it.

Buy-to-let mortgage searches rose sharply in March

admin@swmortgages.com (Caz Blake-Symes) — Tue, 15 Apr 2025 09:04:54 GMT

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Stamp Duty Changes Effective 1 April 2025

admin@swmortgages.com (Caz Blake-Symes) — Thu, 10 Apr 2025 14:53:15 GMT

Overview

You must pay Stamp Duty Land Tax (SDLT) if you buy a property or land over a certain price in England and Northern Ireland.

You pay the tax when you:

· buy a freehold property

· buy a new or existing leasehold

· buy a property through a shared ownership scheme

· are transferred land or property in exchange for payment, for example you take on a mortgage or buy a share in a house

Thresholds

The threshold is where SDLT starts to apply. If you buy a property for less than the threshold, there’s no SDLT to pay. The current SDLT thresholds are:
Residential properties is £125,000.

The threshold for non-residential land and properties is £150,000.

· The threshold for First-time Buyers is £300,000 if the property is worth £500,000 or less.

How much you pay

How much you pay depends on whether the land or property is residential use or non-residential or mixed-use. If you’re buying a residential property, there are different rates of SDLT if:

· you’re a first-time buyer

· you already own a property and you’re buying an additional property

· you’re not a UK resident

· You can use HM Revenue and Customs’ (HMRC) Stamp Duty Land Tax calculator to work out how much tax you’ll pay.

You may be able to reduce the amount of tax you pay by claiming relief, such as if you’re a first-time buyer or purchasing more than one property (‘multiple dwellings’).

How and when to pay

You must send an SDLT return to HMRC and pay the tax within 14 days of completion.

If you have a solicitor, agent or conveyancer, they’ll usually file your return and pay the tax on your behalf on the day of completion. They’ll then add the tax to their fees. They’ll also claim any relief you’re eligible for, such as if you’re a first-time buyer. If they do not do this for you, you can file a return and pay the tax yourself.

Residential Property Rates

You usually pay Stamp Duty Land Tax (SDLT) on increasing portions of the property price when you buy residential property, for example a house or flat. SDLT only applies to properties over a certain value.

The amount you pay depends on:

· when you bought the property

· how much you paid for it

Rates for a single property

You pay stamp duty at these rates if, after buying the property, it is the only residential property you own. You usually pay 5% on top of these rates if you own another residential property.

There were different thresholds and rates for residential properties before 23 September 2022.

You can also use this table to work out the SDLT for the purchase price of a lease (the ‘lease premium’).

Property or lease premium or transfer value SDLT rate

Up to £125,000 Zero

The next £125,000 (the portion from £125,001 to £250,000) 2%

The next £675,000 (the portion from £250,001 to £925,000) 5%

The next £575,000 (the portion from £925,001 to £1.5 million) 10%

The remaining amount (the portion above £1.5 million) 12%

Example

In April 2025 you buy a house for £295,000. The SDLT you owe will be calculated as follows:

0% on the first £125,000 = £0

2% on the second £125,000 = £2,500

5% on the final £45,000 = £2,250

total SDLT = £4,750

If you’re buying your first home

You can claim a discount (relief) if the property you buy is your first home. This means you’ll pay:

· no SDLT up to £300,000

· 5% SDLT on the portion from £300,001 to £500,000

If the price is over £500,000, you cannot claim the relief. Follow the rules for people who’ve bought a home before.

You’re eligible if you and anyone else you’re buying with are first-time buyers.

If the price is over £625,000, you cannot claim the relief. Follow the rules for people who’ve bought a home before.

Example

You are a first-time buyer and purchase a property for £500,000. The SDLT you owe will be calculated as:

0% on the first £425,000 = £0

5% on the remaining £75,000 = £3,750

total SDLT = £3,750

New leasehold sales and transfers

When you buy a new residential leasehold property you pay SDLT on the purchase price of the lease (the ‘lease premium’) using the rates above.

If the total rent over the life of the lease (known as the ‘net present value’) is more than the SDLT threshold (currently £125,000), you’ll pay SDLT at 1% on the portion over £125,000.

This does not apply to existing (‘assigned’) leases.

Higher rates for additional properties

You’ll usually have to pay 5% on top of SDLT rates if buying a new residential property means you’ll own more than one.

If you’re replacing your main residence

You will not pay the extra 5% SDLT if the property you’re buying is replacing your main residence and that has already been sold.

If you have not sold your main residence on the day you complete your new purchase you’ll have to pay higher rates. This is because you own 2 properties.

How does stamp duty work on buy-to-let properties

If you’re buying an additional property, such as a buy-to-let, landlords will have to pay an extra 5% in stamp duty on top of the rates for each band.

For further information and to use online calculators please visit www.gov.uk/stamp-duty-land-tax

IF YOU HAVE ANY QUERIES REGARDING YOUR SPECIFIC SITUATION/LIABILITY WE RECOMMEND THAT YOU SPEAK TO YOUR SOLICITOR, CONVEYENCER OR ACCOUNTANT.

For further details about the service, we offer or any other mortgage information book a consultation with one of our expert Mortgage Advisers, please contact us

Bristol Mortgages Online www.bristolmortgagesonline.com Tel 0117 325 1511

Bath Mortgages Online www.bathmortgagesonline.com Tel 01225 584 888

Exeter Mortgages Online www.exetermortgagesonline.com Tel 01392 690 888

Email info@swmortgag es.com

Bristol Mortgages Online, Bath Mortgages Online and Exeter Mortgages Online are a trading style of Manor Mortgage Services Direct Limited.Manor Mortgage Services Direct Ltd is authorised and regulated by the Financial Conduct Authority (Ref.496907).

Check Out Our March Newsletter!

admin@swmortgages.com (Caz Blake-Symes) — Mon, 31 Mar 2025 11:21:19 GMT

Click here to view our March 2025 Newsletter.

This edition includes fantastic new mortgage products, updated guides for those with adverse credit, 17 great tips to follow before making and application and lots more.

If you need help with any of the items covered, please call Phil on 0117 325 1511.

For details about all the Mortage & Protection products we offer please visit www.bristolmortgagesonline.com

Let Us Help You If You Have Adverse Credit

admin@swmortgages.com (Caz Blake-Symes) — Sat, 22 Mar 2025 12:51:29 GMT

Adverse Credit History?

A poor credit rating can be a major barrier to getting a mortgage, but the good news is, there are lenders who are prepared to help those whose applications may be refused elsewhere. It might not seem fair but even having a big deposit in place and a decent salary isn’t enough to guarantee you a mortgage, if you have a poor credit history.

Banks and building societies are cautious about who they lend to, so they always check credit reports carefully to see if potential mortgage customers have defaulted on any debt payments in the past. They will also look for any County Court Judgments (CCJs) against you, or if you have ever filed for bankruptcy. In any of these scenarios apply, the chances are you won’t be eligible for some mortgage deals that are on offer – even if your financial problems occurred in the past few years.

There are some mortgages however, which are specifically designed for those whose credit history is far from perfect. Our team of expert Advisers will give you advice about the most appropriate mortgage and/or lender to apply to. As highly experienced Mortgage Brokers will look at all the options available to you.

If you think you may have a poor credit history or an adverse credit rating, you can obtain a free credit report from one of the following.

www.experian.co.uk

www.equifax.co.uk

www.clearscore.com

www.creditkarma.co.uk

Once you have your report, email it to us at info@swmortgages.com giving details of the type of mortgage you require and your personal circumstances, and one of our specialist advisors will be in contact to discuss your specific situation.

VIEW OR DOWNLOAD OUR GUIDE HERE

Zoopla House Price Index: February 2025

admin@swmortgages.com (Caz Blake-Symes) — Tue, 18 Mar 2025 10:09:18 GMT

Adapted from a Zoopla article by Richard Donnell, Executive Director – Research

The housing market is resilient, supported by faster growth in average earnings. There are the most homes for sale in 7 years, which will keep price inflation in check. But are buyers missing opportunities in the flats market?

Key takeaways

Sales agreed are up 10% year-on-year, as 11% more homes come to market

House price inflation ticks lower to 1.9% in response to higher mortgage rates and rising buying costs from April
There's a rapid growth in the number of flats for sale: with 14% more flats coming to market versus 5% more houses
The value of houses has increased 24% over the last 5 years, that's 3 times faster than the value of flats, which have seen 7% growth
The price gap between houses and flats is now at a 30-year high (with houses worth nearly twice the price of flats)
Buyers are still prioritising houses, despite the lower prices of flats
Mortgage repayments for a flat are currently 43% lower than rental costs
Strong earnings growth is supporting activity, but a greater supply of homes for sale is expected to keep price inflation in check

Key figures

The average house price in the UK is £267,200 as of January 2025 (published in February 2025).

Property prices are now at +1.9% inflation compared to a year ago and the average UK house price is set to rise by 2.5% by the end of the year.

Sales activity higher but rate of house price inflation dips

The sales market continues to register positive momentum, with all key measures of market activity running 10-11% higher than a year ago. The number of sales agreed is 10% higher, and the number of homes for sale is up 11% compared to a year ago, meaning there are now more buyers in the market.

Increased levels of housing market activity mirrors other measures of economic activity, including robust earnings growth, higher retail sales and signs that consumer confidence is on the rise.

But while market activity continues to increase, the annual rate of house price inflation is edging lower. It increased +1.9% in the 12 months to January 2025, down from +2.0% in December 2024.

House price inflation slowed across most regions of the UK in January. This reflects the sharp dip in consumer confidence in the wake of the Autumn 2024 Budget, and mortgage rates rising by 0.5% since September 2024.

Stamp duty impact starts to feed through

The moderation in house price inflation may also reflect buyers starting to factor in higher stamp duty rates.

From April 2025, half of homeowners will have to pay an extra £2,500 per purchase, while another third will pay up to this level. 40% of first-time buyers will also pay more stamp duty, up from 20% today.

Home buyers will expect to reflect this extra cost in their offers, typically looking to split the cost with the seller. In monetary terms the differences are not large, but the overall impact of these stamp duty changes will keep house price inflation in check over 2025.

Surge in number of flats listed for sale

One notable trend emerging during the early weeks of 2025 is a double-digit increase (14%) in the number of flats on the market, compared to a more modest increase (5%) in the number of houses for sale.

A return to price increases for flats in 2024 has brought more supply to the market, with flats accounting for 1 in 4 homes currently for sale.

Two in every 5 flats for sale (40%) have an asking price of less than £20,000 above the last purchase price, compared to just 6% of houses.

Gains, even small, are not guaranteed though, with 15% of flats priced lower than they were previously purchased for.

Housing market outlook for 2025

The housing market remains resilient with more people looking to move home in 2025 and 2026 than this time last year. Average earnings growth of 6% over the last year, well ahead of inflation, is supporting buyer confidence and helping to reset affordability.

There has been a sizable increase in the number of homes for sale in the early weeks of the year, which is giving buyers greater choice and stronger negotiating power.

Alongside higher stamp duty costs coming in for many from April, we expect house price inflation to be kept in check at 2-2.5%, with above-average growth in more affordable markets outside southern England.

To read the full Zoopla report please visit

www.zoopla.co.uk/discover/property-news/house-price-index/

Message from Phil Clark

“Regardless of whether you are a First-time Buyer, Looking to move, remortgage or invest in property, there are a huge range of competitive mortgage deals on the market. I will be delighted to discuss your specific requirements and offer you the most suitable deal!”

Please call Phil on 0117 3251511 or email info@swmortgages.com

For more information about the Mortgage and Protection products we offer, please visit www.bristolmortgagesonline.com

Let Us Help You Improve Your Chances of Getting a Mortgage

admin@swmortgages.com (Caz Blake-Symes) — Tue, 11 Mar 2025 17:13:06 GMT

Here at Bristol, Bath and Exeter Mortgages Online, we understand that getting your first mortgage, or even a remortgage, especially if your circumstances have changed, may look like an impossible task, but we are here to help.

We hold your hand from your initial enquiry through to the completion of your purchase. It's not that tricky and there are ways you can improve your odds and boost your chances of a successful mortgage application.

You'll need to be as attractive as possible to lenders if you want to get the best mortgage deal. Here are some top tips on how to boost your chances of getting the deal you want.

Click on the image or click here to fownload this useful guide of 17 tips and how we can elp you with each one.

Call Phil on 0117 3251511 or email i nfo@swmortgages.com for further information

Fantastic Mortgage Rates from Bath Building Society

admin@swmortgages.com (Caz Blake-Symes) — Sat, 08 Mar 2025 10:36:39 GMT

We are delighted to be able to offer our clients an incredible mortgage deal through Bath Building Society.

Bath Building Society is currently offering market-leading discounted mortgage products designed to provide flexibility and great rates.

Key highlights include:

• Borrow up to 6 times income for applicants earning at least £50k (sole income) or £100k (joint income). For incomes below these thresholds, borrow up to 5 times income.

• Interest-only and part & part repayment options available, subject to a minimum income of £20k and at least £200k equity remaining at the end of the term.

Residential 2 Year Discount

Currently 4.44% (3.35% discount from SVR)

• Max 80% LTV

• £999 product fee

• Repayment or Interest Only

• Max age 75

• 6x Income

• Minor Adverse acceptable

If your personal circumstances do not meet the eligibility criteria for this particular mortgage product, we will be delighted to search the market to find you the most suitable and best value deal with another lender.

Please call Phil on 0117 3251511 or email info@swmortgages.com

For more information about the Mortgage and Protection products we offer please visit www.bristolmortgagesonline.com

Your home/property may be repossessed if you do not keep up repayments on a mortgage or other debt secured on it.

Check out our February 2025 Newsletter!

admin@swmortgages.com (Caz Blake-Symes) — Thu, 27 Feb 2025 11:22:04 GMT

Please click here to view our February 2025 Newsletter.

Some mortgage rates cut below 4% as competition picks up

admin@swmortgages.com (Caz Blake-Symes) — Wed, 19 Feb 2025 15:03:12 GMT

Adapted from BBC Article by Kevin Peachey, Cost of living correspondent 13 February 2025

Two major lenders launched mortgage deals on Thursday with interest rates of less than 4%, as competition picks up in the sector.

The prospect of further cuts in the base rate by the Bank of England has given mortgage providers confidence to reduce their own rates.

But the attention-grabbing sub-4% deals by Santander and Barclays will not be available to all borrowers, particularly first-time buyers, and may come with a hefty fee.

The return of such deals might prompt other lenders to follow suit after a period of tepid competition.

Nationwide, the UK's biggest building society, has said it will reduce some of its rates on Friday.

Mortgage deals with interest rates below 4% have not been seen since November.

Across the whole market the average rate on a two-year fixed deal is 5.48%. The typical rate on five-year deals is 5.29%, according to latest figures from Moneyfacts.

Time to decide

Some tracker and variable rate mortgages move fairly closely in line with the Bank's base rate, which was cut to 4.5% a week ago. However, more than eight in 10 mortgage customers have fixed-rate deals.

The interest rate on this kind of mortgage does not change until the deal expires, usually after two or five years, and a new one is chosen to replace it.

About 800,000 fixed-rate mortgages, currently with an interest rate of 3% or below, are expected to expire every year, on average, until the end of 2027.

That means a higher monthly bill for many homeowners on their next renewal, but there are signs that the rate they could pay is on its way down.

Bank of England governor Andrew Bailey said the interest-rate setting committee expected to be able to cut rates further "but we will have to judge meeting by meeting, how far and how fast".

This will affect savers who are seeing lower returns, but could bring better news for borrowers. The Bank's next rates decision is on 20 March.

Message from Phil Clark

Please call Phil on 0117 3251511 or email info@swmortgages.com

For more information about Mortgage and Protection please visit www.bristolmortgagesonline.com

Base Rate cut to 4.5%: what it could mean for UK mortgages

admin@swmortgages.com (Caz Blake-Symes) — Sun, 09 Feb 2025 13:00:26 GMT

Adapted from a Rightmove Property News article on February 6, 2025

The Bank of England has announced that it will reduce the Base Rate by 0.25%, taking it to 4.5%, in the first decision of the year. Base Rate was held at 4.75% in December after two cuts in 2024.

The Bank meets every six weeks to decide what should happen to interest rates, with the aim of keeping inflation to its target and keeping the wider economy healthy. It was announced that inflation was at 2.5% in the year to December, which is still above the 2% target the government sets for the Bank.

What’s happened to mortgage rates recently?

There has been marginal increases in mortgage rates in recent weeks, despite some lenders cutting rates across mortgage products. However, in the past week, the average rate for a 2-year fixed rate mortgage has fallen by 0.02% to 5% compared to a week ago, while the average rate 5-year fixed rate is now 4.79%.

What do the experts think?

Rightmove’s mortgage expert, Matt Smith, says: “The Bank of England (BoE) has kick-started 2025 with the first Base Rate cut of the year. The decision follows a weekend of unsettling news of tariff announcements from across the Atlantic, which will lead to caution from the Bank while it takes time to assess possible impacts. However, today’s cuts were still widely anticipated as the BoE takes slow and steady steps towards driving growth, amid sluggish inflation remaining above the 2% target since November.

“At the end of last year, the financial markets were forecasting four Base Rate cuts during 2025, but inflationary pressures have watered this down to two, or potentially three rate cuts of 0.25%, which could still see us closing out the year with Base Rate lowered to 4%, or further.”

With the early promising signs of home-mover activity we’ve been seeing since the start of this year, the outlook for borrowers remains stable.

Matt says: “While we’ve seen some mortgage rates rise in recent weeks, these have been mostly in the higher and lower loan-to-value ranges, and average mortgage rates are still below where they were when they spiked in January.

“Some of the major lenders have cut rates in recent days, and if the Base Rate continues to follow the expected downward trajectory in 2025, there will be some headroom for lenders to continue to slowly reduce their pricing. The UK mortgage market remains competitive, but headline rates will continue to be impacted by events both in the UK and overseas,” he adds.

What does the Base Rate reduction mean for my current mortgage?

If you’re coming to the end of your fixed-rate mortgage soon, you’ve probably already started to think about the rate you’ll be offered on your next deal.

What could happen next?

The Bank of England’s Monetary Policy Committee meets every six weeks to discuss and vote on whether interest rates should go up or down, or stay the same.

History has shown that after interest rates have increased over time, they have remained flat before starting to come down. So, while we’re now seeing the beginning of the downward curve, it’s extremely unlikely that rates will drop back to the historic lows we saw back in 2021.

After the Base Rate hold in December, the markets had been forecasting four potential cuts before the end of 2025. However, due to other global events which are outside the Bank’s control, this has now fallen back to a forecast of two to three 0.25% rate cuts, the first of which we’ve seen today.

So, we could see Base Rate fall to around 4% in 2025. Though as always, this could change depending on what happens in the broader economic environment.

The next decision on interest rates will be announced at midday on 20 March 2025.

The header image for this article was provided courtesy of Nick Griffith Estate Agents, Cheltenham

Message from Phil Clark

Please call Phil on 0117 3251511 or email info@swmortgages.com

For more information about Mortgage and Protection please visit www.bristolmortgagesonline.com

The FCA does not regulate some forms of Buy to Lets. Think carefully before securing other debts against your home/property.

Your home/property may be repossessed if you do not keep up repayments on a mortgage or other debt secured on it.

Bridging loans – What You Need to Consider

admin@swmortgages.com (Caz Blake-Symes) — Wed, 05 Feb 2025 11:04:42 GMT

Bridging loans are a way to borrow a large amount of money for a short amount of time. They're most commonly used to 'bridge the gap' when buying property – for example, if you need to complete on a purchase before you've sold your current home.

What is a bridging loan?

A bridging loan is a short-term secured loan that you'll usually have to pay off within 12 months, though the term can be as short as a week or two.

They allow you to access funds while you're waiting on cash elsewhere, and are designed to be paid off as soon as that money becomes available.

The loan will be 'secured' against an existing property or asset, so – worst case scenario – if you can't repay your bridging loan, you could lose your home.

What are bridging loans used for?

Bridging loans are typically used for property-related purchases – this can include:

Buying a property before selling your current home
Fixing a broken property chain after a sale falls through
Buying a property at auction when you need quick access to cash
Investing in a buy-to-let property
Renovation project

What are the types of bridging loans?

There are two main types of bridging loan:

Open bridge loans . These have no fixed repayment date (though lenders will normally expect you to have paid them back within 12 to 24 months). These types of loan are usually more expensive, as they're more flexible, but they may suit you if you've found a property you want to buy but haven't yet found a buyer for your home.

Closed bridge loans . These do have a fixed repayment date, and are generally cheaper than open bridge loans. Due to the lack of flexibility, these are best suited to those who have a buyer and are just waiting for completion to get access to the money they need to put towards their new home.

Bridging loans can then be further split into two categories: first charge and second charge.

First-charge loans. If you own the asset outright – for example, you've paid off the mortgage on your property – then your bridging loan provider will take a 'first charge' over the property, meaning it gets paid first in the event of a repossession.

Second-charge loans. If you owe money to another lender (such as a mortgage provider), the bridging loan provider will give you a 'second charge' loan. This means that the bridging lender will get paid AFTER your mortgage lender if either moves to repossess your home for non-payment of the instalments.

Second-charge bridging loans are usually more expensive, because there's more risk that the lender won't get all of its money back if you can't keep up with the repayments.

Important. Whichever type of loan you take out, your lender will want to see details of how you plan to repay the bridging loan. This is called your 'exit plan'.

How much do bridging loans cost?

Bridging loans tend to be expensive compared with other types of secured loan – with open bridge loans having the highest interest rates.

There are other costs to take into account such as Arrangement Fees, Administration Fees, Solicitors and Exit Fees. All these would be explained to you in full should you decide to choose the Bridging Loan option.

Before you decide, it's worth weighing up the following pros and cons:

Pros

Flexibility. For example, it could allow you to buy a property at auction before the sale of your existing home has gone through.
Certainty. If you're part of a chain, bridging loans can offer additional security that the transaction will take place even if the chain collapses.
Speed. Unlike a mortgage, a bridging loan can be in your account quickly.

You can borrow large sums. Because bridging loans are secured against a high-value asset (usually a property), you're able to borrow larger sums, as lenders see these types of loans as less risky for them.

Cons

·They're expensive. Because interest is often charged monthly, bridging loans tend to be expensive, and come with more set-up fees than other types of borrowing.
Repayments can change. Interest rates can be fixed – so you have a set repayment – or they can be variable, meaning what you repay can change, making budgeting difficult.
You could lose your home. Because bridging loans are secured against a high-value asset, if you're unable to repay the amount you owe on time, you face the risk of repossession.

What are the alternatives to bridging loans?

As we've seen, bridging loans are a niche product that are best used in fairly narrow circumstances, so you could consider the following alternatives:

Remortgaging.

You could remortgage your current home to access more cash. However, borrowing money through a new mortgage, whether it's from your existing lender or a new one, is a big decision with long-term implications.

Personal loan.

If the amount you're looking to borrow is small, relative to the amounts you can access through a mortgage or bridging loan, you could take out an unsecured personal loan. These let you borrow up to around £40,000, and unlike with secured loans, you won't be at risk of losing your home.

Let-to-buy.

This is a version of a buy-to-let mortgage, where you keep but rent out your current home (changing your existing mortgage to a buy-to-let one), and use any equity freed up in doing so to buy a new home. This leaves you with two mortgages though, so needs careful consideration.

Message from Phillip Clark our Senior Mortgage & Protection Adviser

“Regardless of your situation, there are usually options for you. Whether that may be Remortgaging, setting up a Second-Charge or Bridging Loan, or going the Let to Buy route, I will discuss all the various alternatives on the market and recommend those that are the most suitable for your specific needs. I look forward to hearing from you.”

Please call Phil on 0117 325 1511 or email info@swmortgages.com

For more information about Mortgage and Protection please visit www.bristolmortgagesonline.com

The FCA does not regulate some forms of Buy to Lets. Think carefully before securing other debts against your home/property.

Your home/property may be repossessed if you do not keep up repayments on a mortgage or other debt secured on it.

Exciting Changes for Bristol, Bath and Exeter Mortgages Online!

admin@swmortgages.com (Caz Blake-Symes) — Fri, 24 Jan 2025 12:30:46 GMT

We are very excited to announce that with effect from 1 January 2025, Bristol, Bath and Exeter Mortgages Online have joined forces with Manor Mortgages Services Direct Limited.

Manor Mortgages have over 25 years ‘experience in dealing with their own clients and operate an extensive Business to Business operation.

Phil Clark explains ”I have worked with Manor on a number of cases over the years and always been impressed with the mortgage products they can source and the seamless service offered. The attraction to me, was the range of funding options that they can access, the superb administration support and to be part of a business that has a very positive eye for the future. Most importantly, they are great people to work with!”

Phil will still be advising all his existing and any new Bristol, Bath or Exeter Mortgages Online clients personally, as well as working closely with the Portishead based team at Manor Mortgages. As well as First-time Buyer, Home Buyer and Remortgages, we can now offer an extensive range of products for investors, plus Expat and Second Charge products,

If you have any queries, please email Phil at info@swmortgages.com

What are the current UK mortgage rates?

admin@swmortgages.com (Caz Blake-Symes) — Thu, 09 Jan 2025 17:28:34 GMT

Adapted from a Rightmove Property News article January 9, 2025

If you’re thinking about buying a home, you might be wondering what the current mortgage rates are in the UK.

Lenders change the rates of their mortgage products regularly. That’s why we update the average mortgage rates weekly and compare how they’ve changed since the previous week. You can also compare the rates across a range of loan to value (LTV) percentages.

What’s happening with mortgage and interest rates now?

There has been lots of news about Base Rate rises and how they can impact mortgage rates. The Bank of England (BoE) meet about every six weeks to decide whether the Base Rate should go up or down, or stay the same.

The Base Rate was held at 4.75% on 19 December. However, inflation has climbed above the Bank of England’s target of 2% in November, rising to 2.6%.

Here is an example - average rates for 2-year and 5-year fixed-rate mortgages

Term Average rate Weekly change Yearly change

2-year fixed 5.03% -0.03% -0.14%

5-year fixed 4.79% -0.01% -0.07%

Updated: 09 Jan 2025 These rates are provided by Podium and are an average based on 95% of the mortgage market. All rates are based on products with a circa £999 fee.

When could mortgage rates start to drop?

It is widely expected that the Base Rate will be held at 4.75% in January, with more cuts forecast in 2025. By Autumn 2025, it could fall to about 4%, although this depends on what’s happening in the wider economy.

But it’s difficult to predict when we could start to see more sizeable drops in mortgage rates, mostly because their movement is dependent on several factors. Including what happens with inflation, falling swap rates, and no unexpected shocks to the economy.

Average monthly mortgage repayments by average house price

You might be wondering what this week’s average mortgage rates could mean for average monthly mortgage repayments, and how this compares to the average rates offered last week.

The current average asking price of a typical first-time buyer property is £225,086. For someone taking out an average five-year fixed, 85% LTV mortgage, the average monthly mortgage repayment on this type of home is now £1,097 per month if repaying over 25 years, compared with £1,096 per month a year ago (when the average first-time buyer property asking price was lower, at £219,984).

Source: Rightmove House Price Index and Podium data

How much can you borrow with a mortgage?

The amount you can borrow with a mortgage is determined by an affordability assessment and your interest rate is determined by the amount of deposit you have, otherwise known as loan-to-value (LTV).

LTV is expressed as a percentage, and it reflects the size of the mortgage you need as a proportion of the value of the home you want to buy. The bigger the deposit you have, the lower the LTV, and vice-versa.

The header image for this article was provided courtesy of William H. Brown, Fakenham.

Please note: Your home may be repossessed if you do not keep up repayments on the mortgage.

Message from Phil Clark

Whether you are a First-time Buyer, looking to move, remortgage or seeking the best Buy to Let deal, we have access to all the latest information showing the best rates and deals. Please call me to discuss all the options available to you.

Contact Us

Regardless of your circumstances or specific needs, please call Phillip Clark on 0117 3251511 or email info@swmortgages.com and he will be delighted to help you with all your Mortgage and Protection requirements.

Please visit our website www.bristolmortgagesonline.com

2025 housing market forecast: 5 things you need to know

admin@swmortgages.com (Caz Blake-Symes) — Tue, 17 Dec 2024 09:28:26 GMT

Adapted from a Rightmove, Property News article December 12, 2024

Thinking 2025 could be the year you make your move? Then you’re likely wondering what the next 12 months could hold for the housing market. Take a look at the key predictions from Rightmove’s in-house experts, to make sure you start your moving journey as prepared as possible.

1. 2025 will still be a buyers’ market

Things like an improved choice of homes for sale and longer average time to sell means home-buyers will continue to have the upper hand when it comes to agreeing a sale.

But what could happen to house prices? Well, Rightmove’s experts predict that average asking prices will increase by 4% by the end of next year, which, even though the largest growth we’ve predicted since 2021, is in-line with the long-term average. For context, the pandemic years of 2020 to 2022 saw extraordinary price growth, driven by lots more people looking to move than there were homes for sale.

Rightmove expect around 1.15 million completions to happen in 2025, which is an increase on recent years. This activity reflects improving market conditions, but sellers will still need to price competitively in order to find a buyer.

2. Mortgage rates look set to fall, but not to historic lows

Five-year and two-year fixed rates could drop to around 4.0% in 2025, down from the current 4.83% (5-year fixed) and 5.08% (2-year fixed) averages*.

This reduction in average mortgage rates is tied to predictions of four Bank of England Base Rate cuts in 2025. But as always, external factors like geopolitical events and inflation could still change the future direction of rates.

For those deciding between fixed-rate options, two-year deals may become increasingly attractive as their costs align more closely with five-year rates. This trend reflects shifting preferences, with shorter terms potentially offering better flexibility.

While lower rates are likely to boost buyer confidence and affordability, we won’t see a return to ultra-low mortgage rates.

*Rates from 10th December 2024. These rates are provided by Podium and are an average based on 95% of the mortgage market. All rates are based on products with a circa £999 fee.

3. Stamp duty changes impacting buyer activity

From April 1, stamp duty rates are set to rise, which could mean increased buying costs for some home-movers. Our data has shown a rush among some buyers aiming to complete their purchases before the deadline. The number of first-time buyers that are active in the market and sending enquiries to agents is 13% ahead of the same period last year.

The availability of stamp duty-free homes for first-time buyers varies by region. While only 8% of London homes will qualify, over 70% of properties in the North East fall within the new £300,000 threshold.

Rightmove’s property expert, Tim Bannister, says: “Stamp duty charges rising from 1st April means we are likely to see a particularly busy first three months of the year as first-time buyers, home-movers and investors all try to complete on planned purchases and avoid higher charges. The effects of stamp duty rising will be felt for the rest of the year too, and we may see some negotiation tactics play out, particularly on properties close to the £300,000 mark, as both buyers and sellers try to mitigate their higher costs through the price agreed.”

4. Remortgaging will be a big focus for mortgage lenders

If you’re nearing the end of a fixed-rate mortgage deal, remortgaging will likely be on your radar in 2025. Many homeowners who secured five-year fixes during the pandemic, or two-year fixes after the mini budget will face the decision about their next mortgage as their deals come to an end.

Here’s what this could mean if your mortgage deal ends in 2025:

If you locked in a five-year fixed rate during 2020, when fixed rates were much lower on average, you may see higher costs when you remortgage

If you secured a two-year fixed deal at higher rates in 2022 or 2023, you could benefit from lower monthly repayments as rates decline

Rightmove’s mortgage expert, Matt Smith, says: “It’s likely to be a mixed year for the market. Those who took out peak-mortgage rate two-year fixes after the mini-Budget will see their deal come to an end and will likely find themselves with lower costs next year. By contrast, many movers will be rolling off a low five-year fixed rate agreed during the busy market of 2020 and will see costs rise.”

5. Expect a London resurgence

In terms of price growth, London has lagged behind the rest of the UK in recent years. The average asking price for homes in the capital has risen by 12% over the past five years, compared to 21% nationally.

But factors like the return of a five-day office-ased working week for some companies, and renewed interest from international buyers, are expected to drive up demand in the capital. Rightmove experts expect London price growth to be in-line with, or maybe even marginally ahead of, national price rises in 2025.

The header image for this article was provided courtesy of Sefftons, Norfolk

Contact Us

Regardless of your circumstances or specific needs, please click on the links below and we will be delighted to help.

For further details about the mortgage and protection products we offer as a fully independent mortgage broker, or any other mortgage information, book your FREE CONSULTATION with one of our expert Mortgage and Protection Advisers.

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First-time buyers rush to beat stamp duty deadline

admin@swmortgages.com (Caz Blake-Symes) — Thu, 12 Dec 2024 17:04:18 GMT

Adapted from a Rightmove Property news article 3 December2024

In the Autumn Budget, Chancellor Rachel Reeves announced an increase to the amount of stamp duty home-movers and landlords in England will pay from the start of April next year.

Since September 2022, buyers of homes priced up to £250,000 have had an exemption from paying stamp duty. This is set to revert to previous levels from April, when stamp duty will be payable on homes priced above £125,000.

The threshold has also been raised for first-time buyers since 2022, with no stamp duty payable on homes priced up to £425,000. For homes priced above £425,000, first-time buyers currently pay 5% on the amount up to £625,000. If the home is priced above £625,000, the first-time buyers’ relief doesn’t apply. From April, the threshold will revert back to £300,000.

Buyers rush to beat the deadline

We’re already seeing early signs of first-time buyers rushing to beat the April 2025 stamp duty deadline in more expensive areas.

Rightmove’s property expert, Tim Bannister, says: “With stamp duty thresholds in England lowering from April, we’re seeing early signs of first-time buyers reacting. In London and higher-priced areas, where first-time buyers are most likely to be affected, we’re seeing some pull forward their plans to try and avoid higher charges.

“In most other areas of England, which have a greater availability of stamp duty-free homes for first-time buyers, we’re seeing the opposite trend of some first-time buyers taking a pause for breath with no further help announced in the Autumn Budget. However, the long-awaited second Bank Rate cut should hopefully boost optimism amongst movers and help to improve affordability during 2025,” he adds.

Rising stamp duty charges are likely to have less impact in areas where there is already a wide availability of homes below the £300,000 threshold. More widely, there was little market support announced in the Budget to help first-time buyers, which could be contributing to some pulling back.

How long is it taking to buy a home?

It currently takes an average of 5 months (151 days) to complete a property transaction across Great Britain. This means that first-time buyers hoping to find their next home and complete before the stamp duty deadline in April 2025, need to act quickly and hope to beat the average length of time to complete a home purchase.

Contact Us

Regardless of your circumstances or specific needs, please click on the links below and we will be delighted to help.

Bristol Mortgages Online Weston Mortgages Online Bath Mortgages Online Exeter Mortgages Online

Unite Union Members and NHS Staff Discount Scheme

admin@swmortgages.com (Caz Blake-Symes) — Tue, 10 Dec 2024 11:12:36 GMT

We are delighted to have joined the Members’ Discount Scheme for all Unite Union Members and NHS Staff.

This offer is open to First-time Buyers, those looking to move house or just looking for a better deal.

We can even apply the discount to those who may be considering becoming property investors.

The offer from Bristol and Weston Mortgages Online is a discounted application /broker fee.

As fully independent Mortgage Brokers, we will search to find you the best mortgage to suit your specific needs and circumstances.

Please contact Russell Green our Unite and NHS Adviser for more details and to book your FREE CONSULTATION.

Email Russell on russell@swmortgages.com.

We very much look forward to helping you with your next mortgage

Base Rate cut to 4.75%: but what could it mean for mortgages?

admin@swmortgages.com (Caz Blake-Symes) — Fri, 08 Nov 2024 12:34:41 GMT

Adapted from a Rightmove, Property News article November 7, 2024

The Bank of England has announced that it will reduce the Base Rate by 0.25%, to 4.75% this month – the second reduction this year. Base Rate was held in September after being reduced in August, which had been the first drop since 2020.

The Bank meets every six weeks to decide what should happen to interest rates. With the aim of keeping inflation to its target, and keeping the wider economy healthy. It was announced in October that inflation had fallen to 1.7%, which is below the 2% target the government sets for the Bank.

The markets had been widely predicting a cut to interest rates today, as continuing to hold rates may have a negative knock-on effect on businesses and households, further down the line.

What’s happened to mortgage rates recently?

We’ve seen mixed behaviour from lenders in recent weeks, with some increasing their mortgage rates, and some decreasing. This is largely because we’ve seen quite a bit of movement in swap rates – the underlying costs of mortgages to lenders – which has meant some have needed to reprice their products to bring themselves back in line with the rest of the mortgage market.

What do the experts think?

Rightmove’s mortgage expert, Matt Smith, says: “This Base Rate decision comes at the end of a run of important macro-economic and political events on both sides of the Atlantic. All of this has resulted in a view that Base Rate will be cut at a more moderated pace than previously expected and has been priced in by lenders. Therefore we are likely to see average mortgage rates drift up a little in the short term, before starting to fall back again.”

“Today’s decision will probably help relieve pressure on lenders to increase rates as we had started to see. If the last few weeks has taught us anything, it is that the UK mortgage market remains competitive, but headline pricing will continue to be impacted by events both in the UK and overseas”, he adds.

What could happen next?

The Bank of England’s Monetary Policy Committee meets every six weeks to discuss and vote on whether interest rates should go up or down, or stay the same

History has shown that after interest rates have increased over time, they have remained flat before starting to come down. So while we’re now seeing the beginning of the downward curve, it’s extremely unlikely that rates will drop back to the historic lows we saw back in 2021.

After the Base Rate cut in August, the markets had been forecasting a potential two further cuts before the end of 2024. However, due to other global events which are outside the Bank’s control, this has now fallen back to just one cut, which we’ve seen today. So it’s unlikely we’ll see another cut before the end of the year.

We could see Base Rate fall to around 4% in 2025, which would mean three more Base Rate cuts throughout the next year. Though as always, this could change depending on what happens in the broader economic environment.

The next decision on interest rates will be announced at 12pm on 19 December 2024.

The header image for this article was provided courtesy of Beresfords, Country and Village Estate Agents

Regardless of your circumstances or specific needs, please click on the links below and we will be delighted to help.

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Budget 2024: Key points at a glance

admin@swmortgages.com (Caz Blake-Symes) — Thu, 31 Oct 2024 09:46:50 GMT

Adapted from BBC News Article 30 October 2024

Chancellor Rachel Reeves has delivered Labour’s first Budget since 2010, after the party’s return to power in July’s general election. She announced tax rises worth £40bn, which she argued would rebuild public services and stabilise the public finances.

Here is a summary of the main measures.

Personal taxes

Rates of income tax and National Insurance (NI) paid by employees, and of VAT, to remain unchanged

Income tax band thresholds to rise in line with inflation after 2028, preventing more people being dragged into higher bands as wages rise

Basic rate capital gains tax on profits from selling shares to increase from from 10% to 18%, with the higher rate rising from 20% to 24%

Rates on profits from selling additional property unchanged

Inheritance tax threshold freeze extended by further two years to 2030, with unspent pension pots also subject to the tax from 2027

Exemptions when inheriting farmland to be made less generous from 2026

Business taxes

Companies to pay NI at 15% on salaries above £5,000 from April, up from 13.8% on salaries above £9,100, raising an additional £25bn a year

Employment allowance - which allows smaller companies to reduce their NI liability - to increase from £5,000 to £10,500

Tax paid by private equity managers on share of profits from successful deals to rise from up to 28% to up to 32% from April

Main rate of corporation tax, paid by businesses on taxable profits over £250,000, to stay at 25% until next election

Transport

5p cut in fuel duty on petrol and diesel brought in by the Conservatives, due to end in April 2025, kept for another year

£2 cap on single bus fares in England to rise to £3 from January

Commitment to fund tunnelling work to take HS2 high-speed rail line to Euston station in central London

Commitment to deliver upgrade to trans-Pennine rail line between York and Manchester, running via Leeds and Huddersfiel

Drinking and smoking

New tax of £2.20 per 10ml of vaping liquid introduced from October 2026

Tax on tobacco to increase by 2% above inflation, and 10% above inflation for hand-rolling tobacco

Tax on non-draught alcoholic drinks to increase by the higher RPI measure of inflation, but tax on draught drinks cut by 1.7%

Government to review thresholds for sugar tax on soft drinks, and consider extending it to "milk-based" beverages

Wages, benefits and pensions

Legal minimum wage for over-21s to rise from £11.44 to £12.21 per hour from April

Rate for 18 to 20-year-olds to go up from £8.60 to £10, as part of a long-term plan to move towards a "single adult rate"

Basic and new state pension payments to go up by 4.1% next year due to the "triple lock", more than working age benefits

Eligibility widened for the allowance paid to full-time carers, by increasing the maximum earnings threshold from £151 to £195 a week

Housing

Current affordable homes budget, which runs until 2026, boosted by £500m

Social housing providers to be allowed to increase rents above inflation under multi-year settlement.

Stamp duty surcharge, paid on second home purchases in England and Northern Ireland, to go up from 3% to 5%

UK debt, inflation and economic growth

Office for Budget Responsibility predicts the UK economy will grow by 1.1% this year, 2% next year, and 1.8% in 2026

Inflation predicted to average 2.5% this year, 2.6% next year, before falling to 2.3% in 2026

Official definition of UK government debt loosened by including a wider range of financial assets, such as future student loan repayments

Government spending and public services

Extra £22.6bn for day-to-day spending on the NHS in England, and a £3.1bn boost to budget for investment

£6.7bn allocated for education investment next year, with £1.4bn earmarked for rebuilding over 500 schools.

Defence spending to rise by £2.9bn next year

Other measures

£11.8bn allocated to compensate victims of the infected blood scandal, with £1.8bn set aside for wrongly prosecuted Post Office sub-postmasters

Government to stop receiving surplus cash from pension scheme for mineworkers

An extra £6.6bn for the devolved nations - £3.4bn for Scotland, £1.7 billion for Wales and £1.5bn for Northern Ireland

Fresh rise in mortgage rates predicted

admin@swmortgages.com (Caz Blake-Symes) — Tue, 15 Oct 2024 10:18:44 GMT

Adapted from a BBC article by Kevin Peachey, Cost of living correspondent 10 October 2024

Falls in mortgage rates could come to "an abrupt halt", according to brokers, with expectations that home loan costs may rise in the coming days.

Lenders have been locked in intense competition for borrowers in recent weeks, which has led to consistent falls in the interest rates charged on new fixed mortgage deals.

This has led to more activity among buyers and sellers in the UK housing market.

But one lender, the Coventry Building Society, is putting up mortgage rates on Friday, and others are expected to follow suit in the coming days.

“The mortgage market has seen rates falling in recent months but that may be coming to an abrupt halt," said David Hollingworth, associate director at broker L&C Mortgages.

How borrowers are affected

About 1.6 million existing borrowers had relatively cheap fixed-rate deals expiring this year. Hundreds of thousands of potential first-time buyers have been hoping to get a place of their own with their first mortgage. All would welcome low mortgage rates.

Someone getting a mortgage a year ago, and able to offer a 40% deposit, faced an average interest rate on a two-year fixed deal of 6.16%. However, by October this year, the average rate had dropped to 4.84%, according to financial information service Moneyfacts.

The reduction is the result of competition between lenders, and the Bank of England making its first cut in the benchmark interest rate for four years in July.

As a result, demand from property buyers, sales, and the number of homes newly-listed for sale rose in September, according to the latest report from the Royal Institution of Chartered Surveyors (RICS).

However, housing experts are predicting that some lenders may now start putting up mortgage rates, perhaps as early as next week.

Some lenders, as seen with an announcement by Barclays, could raise rates on some deals, while still cut rates on others. So-called swap rates, which influence the price of fixed-rate mortgage deals, have been rising in recent days.

"This is a reminder that things can change," said Mr Hollingworth.

"It isn’t a cause for panic but those that have been tempted to wait for lower rates may want to consider locking into a deal in case we see further increases. If expectation eases again it’s still possible to review rates.”

Comment from Phil Clark and Russell Green, Bristol and Weston Mortgages Online. “Regardless of whether you are a first-time buyer, looking to move or remortgage or a landlord, do not hesitate and wait for rates to drop. We recommend that you call us today to discuss all your options and get the ball rolling on your next mortgage!”

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Zoopla’s House Price Index Report: October 2024

admin@swmortgages.com (Caz Blake-Symes) — Thu, 10 Oct 2024 10:31:44 GMT

Adapted from a Zoopla article 3 October 2024 by Richard Donnell, Executive Director - Research

Mortgage rates drop to lowest rates seen in 15 months as house prices rise and more homes are sold.

Key takeaways

Lowest mortgage rates for 15 months boost sales market activity
Buyer demand and sales agreed up 25% since 2023
Buyers remain price-sensitive, keeping price rises in check
Average UK house price rises almost 1% in a year
In affordable areas, house prices rise 2.5%

Almost a third of homes for sale are ‘chain-free’ as investors and second home owners sell in the face of recent and possible tax changes. Some coastal and rural areas see supply of homes for sale up 40% on last year. The outlook is for modest price growth and steady growth in sales

The average house price in the UK is £267,100 as of August 2024 (published in October 2024).

Property prices are now at 0.7% inflation compared to a year ago. However, the average UK house price is set to rise by 2.5% by the end of the year.

Double-digit growth in sales market activity

Home buyers are benefitting from the lowest average mortgage rates for 15 months, which is supporting double-digit growth in all key measures of sales market activity. Annual house price inflation is positive, but remains below 1%.

Nationally, home buyer demand is up 26% on this time last year, as more homes are listed for sale and sellers look for somewhere new to buy. The average mortgage rate for a new 5-year 75% LTV loan is 4.3%, compared to 5.5% a year ago, the lowest since May 2023. Intense competition among lenders is keeping rates attractive for buyers, especially for those with larger amounts of equity.

The number of sales agreed is now 25% higher than a year ago as households that have held off making moving decisions over the last 2 years return to the market. Sales are up by over 10% across the UK.

Increased sales activity is supporting modest price rises, rather than causing any acceleration in home values.

Across all other areas of Great Britain, house price growth is higher than a year ago, with prices up to 2.5% higher.

More supply will keep price inflation in check

Rising sales volumes are being supported by more homes available for sale, up 12% on this time last year.

Many of these homes are new listings from home owners looking to sell and buy another home. However, not all homes are ‘brand new’ to the market and a fifth of homes currently for sale were previously on the market over the last two years.

While market conditions are improving, setting the right price is important to attract buyers. The same applies to the fifth of homes for sale that have been on the market for more than 6 months, still unsold.

This explains why a similar proportion have had their asking price cut by 5% or more to attract buyers. These trends show buyers remain price-sensitive as choice improves and sellers need to price sensibly to agree a sale.

Tax change speculation boosts supply

Speculation over possible tax changes in the Budget is likely to support the growth in supply with investors, second home owners and others with multiple homes considering selling. Nearly a third (32%) of homes for sale on Zoopla are ‘chain-free’.

Higher mortgage rates have forced some landlords into selling, with 13% of homes for sale being previously rented. Most of these (53%) are in London and the South East, where modest yields, higher mortgage rates and low house price growth impacted returns for investors over recent years.

Rising sales volumes and modest house price inflation are positive for the housing market.

There are sufficient levels of market activity to keep drawing in new buyers who are prepared to make sensible offers on competitively-priced homes. Sellers remain keen to get the best price for their home to unlock their next move, but buyers remain price-sensitive and have a greater choice of homes to buy. While sales prices have firmed, Zoopla find that almost 2 in 5 sales (37%) are agreed at more than 5% below the initial asking price.

Housing market outlook

The housing market continues to adjust to higher borrowing costs through low house price growth and a steady recovery in sales.

Expectations of lower mortgage rates are a real attraction for would-be movers, with some lenders offering mortgage rates below 4%.

The outlook for interest rates is far from certain though, considering global events. Today’s ‘fixed’ mortgage rates already reflect the extent to which financial markets expect UK interest rates to move lower in the next 2-5 years.

Zoopla’s view is that mortgage rates will settle in the high 3% and low 4%s into 2025, meaning a modest improvement in borrowing costs over the coming months.

Together with rising household incomes, every little helps to improve affordability for home buyers and these will continue to support sales volumes and a steady recovery of prices.

The outlook is more positive than it was a year ago, but sellers need to manage their expectations on pricing if they are serious about agreeing a sale in a timely manner.

Bristol Mortgages Online Weston Mortgages Online Bath Mortgages Online Exeter Mortgages Online

Nationwide offers big boost to first-time buyers

admin@swmortgages.com (Caz Blake-Symes) — Thu, 26 Sep 2024 08:40:34 GMT

Nationwide is giving first-time buyers a major boost by lending up to six times income. The move - the first by a major high street lender - helps address the affordability challenge that still prevents many people from getting onto the property ladder.

Britain’s biggest building society will extend the maximum Loan-to-Income (LTI) ratio available through its Helping Hand – the mortgage boost for first-time buyers launched in 2021. The extended Helping Hand mortgage will be available from Tuesday 24 September and will give first-time buyers the option of borrowing up to six times income when taking a five or ten-year fixed rate up to 95% Loan-to-Value (LTV). This will give potential homeowners a 33 per cent uplift versus Nationwide’s standard lending at 4.5 times income.

In further support to first-time buyers, Nationwide is also cutting mortgage rates. First-time buyer rates will be reduced by up to 0.31 percentage points, making Nationwide the first major lender to offer a sub-5% rate on its standard range to those with a five per cent deposit1. These market-leading rates will also be effective from Tuesday 24 September.

Nationwide is also increasing its maximum loan sizes, including those above 90% LTV, which will increase from £500,000 to £750,000. This change is also effective from Tuesday 24 September. According to UK Finance data, around five per cent of all house purchase loans were over £500,000 in the six months to June 2024 - a figure even higher in London (22%).

Matt Smith, Rightmove’s Mortgage Expert said: “This package of measures is an encouraging development in the first-time buyer market, as it directly addresses a major barrier that many face in being able to borrow enough to take that important first step on the housing ladder. It is likely to be particularly beneficial in areas such as London and the South East where house prices are higher, and currently the average asking price of a home is more than five times the average salary of two people. We’ve been highlighting affordability as a key issue facing first-time buyers.

Eligibility

Below you'll find the eligibility criteria. The availability of Helping Hand is subject to many factors, including, but not limited to, credit score, how much debt the applicant has, etc.

All applicants must be first time buyers
5 and 10 year fixed rates available at all LTV tiers up to 95%
Minimum income of £30k sole applicant, £50k for joint applicants. All income sources (except self-employed income) can be included.
The maximum lending limits depend on the application.
Meeting this criteria doesn't guarantee that applicants will be offered Helping Hand.

Not eligible

Self-employed income for either applicant
Interest Only
In conjunction with any scheme or non-standard ownership type (for example Deposit Unlock, First Homes, Shared Ownership, Genuine Bargain Price, Right to Buy and Help to Buy)

Please call one of our Expert Mortgage Advisers to see if this offer is suitable for your specific circumstances. We are an Intermediary for Nationwide so can gladly process your application for you.

If this product is not suitable or you do not meet the eligibility criteria, we will look at all other First-time Buyer options for you to consider.

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Bank of England base rate held at 5%: what does this mean for mortgages?

admin@swmortgages.com (Caz Blake-Symes) — Mon, 23 Sep 2024 08:57:49 GMT

Adapted from a Zoopla article by Nic Hopkirk 19 September 2024

The Bank of England has held the base rate at 5%, yet 5-year, fixed rate deals are falling to the lowest levels seen in two years. Find out what this could all mean for mortgage rates.

What’s happened to the base rate?

The Bank of England has held the base rate, following last month's drop to 5% from 5.25%.

The base rate held at 5.25% for 11 months prior to last month's cut, having risen rapidly from a low of 0.1% in November 2021.

Higher base rates were needed to control inflation, which reached 10% in early 2023 and is currently hovering at 2.2%, just above the Government’s target of 2%.

The decision to hold the base rate, rather than increase it, will be welcome news for businesses and households alike, as it’s a sign that borrowing costs are not likely to increase.

As we look to next year, city economists are forecasting that it’s likely the base rate will fall to 4% by the end of 2025.

What does the base rate hold mean for mortgages?

The cost of a mortgage is not directly set by the Bank of England official base rate. Lenders mainly source their finance for fixed rate mortgages in the money markets.

The cost of this money is influenced by the expected direction of base rates, among other things.

Most borrowers using a mortgage to buy a property are on fixed rate loans for 2 or 5 years.

In the days leading up to the base rate announcement, two-year swap rates, that's the rates at which banks borrow money, started to drop from 4.3% to 4%. Five-year swap rates dropped from 3.9% to 3.7%. The situation has been improving for fixed mortgage rates too.

The latest Bank of England data for a five year fix 75% LTV has fallen to 4.3%, the lowest level seen in the last 2 years.

Based on current predictions, the mortgage rate forecast for 2025 is that rates will continue to go down, falling to around 4% by the end of next year.

Zoopla’s Director of Research and Insight, Richard Donnell, says: “There is a mix of hope and expectation that average mortgage rates starting with a 3 will become the norm at some point soon, supporting those refinancing and breathing more life into the sales market by supporting home buyers.

“The underlying cost of finance for fixed rate loans has fallen in recent months as expectations for base rate cuts ebb and flow. This means average mortgage rates of 4-4.5% for a 5 year fix.”

But to help buyers, mortgage stress-testing needs to come down from around 8% to 6%.

“While the 'pay rate' for loans is falling, affordability stress tests continue in the background,” says Donnell. “This used to be 3% over the Standard Variable Rate and is now 1% over the revert rate once the initial deal comes to an end.

How will the base rate holding impact home buyers and the housing market?

The housing market is steadily adjusting to higher mortgage rates, with the worst of the impact felt in 2023. 2024 got off to a good start: households that put decisions on hold last year have returned to the market knowing that base rates aren’t going to rise any higher.

“The housing market is on track for 10% more homeowners moving compared to last year, and Zoopla expects average house prices to be 2% higher by the end of the year,” says Donnell.

"A key sign of confidence returning to the sales market is that buyers are paying almost 97% of the asking price. This is the highest it’s been for 18 months..

"Mortgage rates of 4-5%, while higher than the ultra low rates of 2019-2021, are becoming more manageable for home buyers. This is demonstrated by more sellers and more sales being agreed.

"Further growth in household incomes will help improve affordability, especially as we expect incomes to rise faster than house prices over the next 18 months."

What’s the impact on the mortgage market?

The mortgage market remains very competitive with lenders offering a wide range of mortgage deals for all types of buyer. Rates are changing all the time and responding to the outlook for the cost of borrowing.

If you’re looking to take out a new mortgage within the next six months, you can lock in the best rates available today.

When booking in a new mortgage deal, you can approach individual banks and building societies to find out their best rates. Or, you can work with a mortgage broker who will scour the market to find the best deals available to you. And if mortgage rates drop between now and the time your deal is due to start, you can ask your broker to rescan the mortgage market for you.

Bristol Mortgages Online www.bristolmortgagesonline.com Tel 0117 325 1511

Bath Mortgages Online www.bathmortgagesonline.com Tel 01225 584 888

Weston Mortgages Online www.westonmortgagesonline.com Tel 01934 442 023

Exeter Mortgages Online www.exetermortgagesonline.com Tel 01392 690 888

First-time buyer monthly mortgage repayments £150 lower than peak

admin@swmortgages.com (Caz Blake-Symes) — Tue, 10 Sep 2024 10:16:32 GMT

Adapted from a Rightmove, Property News article September 4, 2024

Rightmove keep a close eye on the mortgage rates lenders offer to borrowers – including when they change, and what this could mean if you’re thinking of moving.

They look at what’s happening from week to week, but it can take much longer before changes to rates are big enough to make a significant impact on monthly mortgage repayments.

In July 2023, mortgage rates were at peak highs after a period of stubbornly high inflation figures.

The good news is, while mortgage rates are still high compared to just a few years ago – before the Bank of England started raising interest rates – average monthly payments are now considerably lower than they were in July last year.

For buyers with a 20% deposit, the current average rate for a 5-year fixed, 80% LTV mortgage is 4.76%, down from the peak of 6.12% last July. In real terms, this means the average monthly mortgage payment has fallen from £1,096 last year, to £949 this month (-£147).

The average price for a first-time buyer home varies based on the location across the UK, which means you could be saving more than that, or slightly less. Take a look at the average first-time buyer house price in your local area, and how monthly mortgage payments have changed since last year:

In the South West the average asking price is £252,158 with an average monthly mortgage payment of £1,053.52, representing a saving of -£196 compared to July 2023.

If you’re thinking of buying your first home and would like to get an idea of how much you could borrow, please call us and we can discuss all your options and repayment costs.

Why have mortgage rates been falling?

A Base Rate cut during the summer months was expected by the financial markets and lenders, and the cut on 1 August, combined with the certainty of a new government post-election, has given lenders the confidence to continue with rate cuts.

Rightmove’s property expert, Tim Bannister, says: “It’s early days, but the acceleration in mortgage rate drops since the Bank Rate cut means that home-movers are starting to see some tangible affordability improvements, particularly against the peak-rate period of just over a year ago. A saving of nearly £150 in monthly outgoings for a first-time buyer compared with last year is significant, and though there will be many hoping rates drop further soon, we’re heading in the right direction ahead of the Autumn season.” 

Bristol Mortgages Online www.bristolmortgagesonline.com Tel 0117 325 1511

Bath Mortgages Online www.bathmortgagesonline.com Tel 01225 584 888

Weston Mortgages Online www.westonmortgagesonline.com Tel 01934 442 023

Exeter Mortgages Online www.exetermortgagesonline.com Tel 01392 690 888

Borrow 5.5 times Salary as a First Time Buyer.

admin@swmortgages.com (Caz Blake-Symes) — Tue, 03 Sep 2024 13:25:56 GMT

In most cases, lenders will base the amount that you can borrow calculated on 4 or4.5 times your single or joint salary. However, there are a number of Lenders who offer First Time Buyers lending based on 5.5 times salary. This means that potentially, subject to meeting the eligibility criteria, you could borrow up to 20% more using one of these deals.

One of our Expert Independent Mortgage Advisers will gladly discuss all options available to you.

All mortgages have risks and benefits. Here are some key things you should know about before applying for a 5.5x Mortgage.

With a 5.5x Mortgage, you only need to put down the minimum 5% deposit. This can be extremely helpful for first-time buyers who may only have a small deposit saved.

What are the benefits?

Increase your buying budget
A 5.5x Mortgage can significantly increase the amount you can borrow for a house, boosting your buying budget. This could mean you can get on the property ladder sooner, or afford a more expensive property
Boost your borrowing without a guarantor

You must meet the minimum income criteria

In order to qualify for a 5.5x Mortgage, you must earn at least £37,000 as a solo applicant. If you are buying with another person, collectively you must earn £55,000 or more.
·You cannot be self-employed
·You must be permanently employed and have 12 months of employment history
·You can only get 5 or 10 year fixed rate deals

N.B. Poor credit could impact how much you can borrow, if you have a low credit score you may be offered a smaller income multiple.

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY DEBT SECURED ON IT

Regardless of your situation or specific needs, get in touch today!

Bristol Mortgages Online www.bristolmortgagesonline.com Tel 0117 325 1511

Bath Mortgages Online www.bathmortgagesonline.com Tel 01225 584 888

Weston Mortgages Online www.westonmortgagesonline.com Tel 01934 442 023

Exeter Mortgages Online www.exetermortgagesonline.com Tel 01392 690 888

More buy to let mortgage rate cuts despite inflation blow

admin@swmortgages.com (Caz Blake-Symes) — Tue, 20 Aug 2024 08:41:30 GMT

Adapted from a Property Data News article by Graham Norwood dated 16 August 2024

Yesterday’s inflation rise from 2.0% to 2.2% may have dealt a sharp blow to hopes of a Bank of England base rate cut in September, but lenders are still cutting their rates in a bid to woo landlords.

Paragon Bank has refreshed its range of buy-to-let mortgages, with 20 products reduced.

The refreshed range is offered at up to 75% loan-to-value (LTV) and features 3.00%, 5.00%, £2,995 and nil fee options available on products fixed over two and five-year terms.

Rates start at 4.60% on the lender’s two-year fix which is suitable for purchasing or remortgaging properties with EPC rating of A-C. Interest Coverage Ratios (ICRs) are calculated at initial rate plus two percentage points.

Five-year fixes are priced from 5.45%, also for homes rated EPC A-C, increasing by 5bps for properties with lower energy efficiency of EPC D or E. This £2,995 fee product is now available at up to 75% LTV, previously 65%, and for purchasing or remortgaging houses in multiple occupation (HMO) and multi-unit blocks (MUB). A 5.00% product is also available with rates fixed at 4.74% over five years.

ICRs on the five-year fixed rate mortgages are calculated at 5.00% on the products subject to a 5.00% fee and aligned to initial rates on the £2,995 and nil fee options.

The products are available for individual and limited company applications in England, Scotland and Wales, and include a free mortgage valuation.

Paragon Bank’s mortgages managing director, Louisa Sedgwick, says: “An improving economic outlook gives us the opportunity to carry out a positive refresh of our range, taking up to 20 bps off 20 products. We’ve also simplified our offering, and borrowers can choose from deals with nil product fees, percentage fees or a flat fee of £2995.

"This provides some attractive options for landlords, such as our £2995 fee product, which has no maximum loan cap so is available for loans up to £4m on SSC/HMO/MUB properties. This is a great choice for larger loans and will appeal to a greater proportion of landlord’s now we have raised the LTV to 75%.”

Meanwhile LendInvest Mortgages has launched its lowest BTL rates of the year, starting from 3.69%. These show a discount of up to 10 basis points.

The lender claims the new products are designed to cater to both first-time landlords and experienced portfolio managers, offering up to 80% LTV and available to individuals and limited companies, and cover HMOs with up to 15 bedrooms and multi-unit freehold blocks (MUFBs) with up to 10 units.

Sophie Mitchell-Charman, commercial director at LendInvest, says: “Our new mortgage rates are designed to provide immediate financial benefits to landlords, helping them manage their portfolios more effectively. Whether they are first-time landlords or managing larger, more complex portfolios, our tailored products offer flexibility and support to meet their unique needs.”

Regardless of the size of your property portfolio, please come and talk to any of our expert Advisers. As fully Independent Brokers we have access to a huge range of mortgage deals. Many of the lenders offering products to investors only deal with Intermediaries like us.

Bristol Mortgages Online www.bristolmortgagesonline.com Tel 0117 325 1511

Bath Mortgages Online www.bathmortgagesonline.com Tel 01225 584 888

Weston Mortgages Online www.westonmortgagesonline.com Tel 01934 442 023

Exeter Mortgages Online www.exetermortgagesonline.com Tel 01392 690 888

Summer ’24 5-star Google Reviews

admin@swmortgages.com (Caz Blake-Symes) — Tue, 13 Aug 2024 10:20:02 GMT

We wanted to share some of the lovely 5-star Google Reviews that we have received over the past couple of months

Weston Mortgages Online.

Rishna

Russell was fab. Really helpful and responsive and we really felt like we were in safe hands. Would highly recommend

Fin

Highly recommended for first time buyers! Extremely helpful throughout the process, and supported us to find the perfect mortgage offer for our situation.

Emily

Russell has been knowledgeable, helpful and quick to respond throughout the entire process.

Bristol Mortgages Online

Katherine

Phil is very experienced and friendly - he worked closely with us over a number of weeks and came up with some great options in response to the mortgages we needed. He helped us understand the options and gave straightforward and clear advice. We are now in our 'forever home' and Phil was instrumental in making this happen. We thoroughly recommend him!

Gina

We received an excellent service during our recent mortgage application process.

From start the experience was smooth, efficient and highly professional.

Phil was incredibly helpful and responsive, always ready to answer our questions and provide guidance.

His expertise made a complex process much more manageable and stress-free.

We particularly appreciated the clear communication and regular updates which kept us informed at every stage.

Overall it was an outstanding service. We definitely recommend it.

John

Phil helped me buy my first property and I can't recommend him highly enough. He has a wide breadth of knowledge around different products, lenders and the mortgage process which sets him apart in the field. Aside from this, Phil has been friendly and conscientious throughout.

I'd recommend Bristol Mortgages Online to anyone who values their time, investment, and peace of mind!

To find out why our clients are so delighted with the service that Phil and Russell provide call us today!

Bristol Mortgages Online www.bristolmortgagesonline.com Tel 0117 325 1511

Weston Mortgages Online www.westonmortgagesonline.com Tel 01934 442 023

Interest rate cut for first time since 2020: here’s what it could mean for mortgages

admin@swmortgages.com (Caz Blake-Symes) — Fri, 02 Aug 2024 10:58:37 GMT

Adapted from a Rightmove Property News article 1 August 2024

The Bank of England (BoE) has announced it will reduce the Base Rate to 5% this month, a reduction of 0.25%, and the first cut in four years. The Base Rate had been held at 5.25% since August 2023, after 14 consecutive rises.

The Bank had been raising, and holding, rates to tackle high levels of inflation, which was in excess of 10% in early 2023 – way above the government target of 2%. It was announced in June that inflation had fallen back to its target of 2%, and inflation remained at the same level in July.

What’s happened to mortgage rates recently?

Back in January, we saw an unexpected rise in inflation, which resulted in mortgage rates edging up throughout the spring. But off the back of positive inflation news over the last few months, which saw inflation return to its 2% target, we’ve seen more settled mortgage rates.

Off the back of the certainty brought by a new government, and mortgage lenders competing for new business, we’ve seen mortgage rate drops gather pace in the last couple of weeks. In fact, we saw the arrival of the first sub 4% rate seen for many months for borrowers with larger deposits, and we can expect more lenders to follow suit in the coming weeks.

The average 5-year fixed rate is down from 6.08% in July 2023, to 4.87% this week, and the average 2-year fixed rate is down from 6.61% in July, to 5.25%.

What do the experts think?

Rightmove’s mortgage expert, Matt Smith, says: “The highly anticipated Base Rate cut has finally arrived, and while those looking to take out a mortgage soon shouldn’t expect to see drastically lower mortgage rates, we would expect the downward trend we’ve started to see continue. This sets us up for hopefully further cuts to come, and when we have seen further reductions to the Base Rate, people should really start to see the impact. However, it’s important to keep in mind that mortgage rates are widely expected to eventually settle at higher levels than previously, with the market view that Base Rate may eventually fall to about 3.25%.”

What does the Base Rate reduction mean for my current mortgage?

If you’re coming to the end of your fixed-rate mortgage soon, you’ve probably already started to think about the rate you’ll be offered on your next deal.

What could the Base Rate reduction mean for affordability?

The ‘stressed rate’ is usully the lender’s SVR, with at least 1% added on top. So, if lenders’ SVRs reduce in line with this Base Rate cut, we might start to see affordability improve, because the stressed amount will now be lower than if Base Rate was at 5.25%.

Will interest rates drop further?

The Bank of England’s Monetary Policy Committee meets every six weeks to discuss and vote on whether interest rates should go up or down, or stay the same.

History has shown thaafter interest rates have increased over time, they have remained flat before starting to come down. So while we’re now seeing the beginning of the downward curve, it’s extremely unlikely that rates will drop back to the historic lows we saw back in 2021.

Right now, it’s looking more likely that, barring any shocks to the wider economy, the Base Rate will continue to edge downwards for the rest of the year and into 2025 – the market is currently forecasting one more rate cut of 0.25% by the end of the year. Though as always, this could change depending on what happens in the broader economic environment. The next decision on interest rates will be announced at 12pm on 19 September 2024.

Bristol Mortgages Online www.bristolmortgagesonline.com Tel 0117 325 1511

Bath Mortgages Online www.bathmortgagesonline.com Tel 01225 584 888

Weston Mortgages Online www.westonmortgagesonline.com Tel 01934 442 023

Exeter Mortgages Online www.exetermortgagesonline.com Tel 01392 690 88

What could a Labour government mean for the housing market?

admin@swmortgages.com (Caz Blake-Symes) — Thu, 11 Jul 2024 10:17:34 GMT

Adapted from a Rightmove Property News article 5 July 2024

This week Rightmove spoke exclusively to Sir Keir Starmer about Labour’s housing promises, asking him how they would help home-movers. You can read what he said here.

Now that a Labour government has been confirmed, we take a closer look at what they’ve pledged to do for the housing market.

Building new homes

Labour plan to build 1.5 million homes over the next five years, and update the National Policy Planning Framework.

Stamp duty

First-time buyers currently pay no stamp duty on homes priced up to £425,000. However, this relief is due to end next year. Previously, the threshold for first-time buyers to pay stamp duty was set at £300,000. Labour plan to keep the current stamp duty exemption for first-time buyers that’s in place, but haven’t committed to extending it beyond the end of March 2025 expiry date.

Help for renters

Labour has pledged to ban no-fault evictions. They are also looking to have ‘Awaab’s law’ – which currently applies to social housing only – apply to the private rental sector. This requires landlords to investigate and fix reported health hazards within specified timeframes.

They’ve also pledged to ‘empower tenants to challenge unreasonable rent increases’.

Help for first-time buyers

Labour hope to help 80,000 more people get onto the property ladder with a comprehensive mortgage guarantee scheme, as well as offering ‘first dibs’ to locals looking to buy their first home in a new development.

Mortgages

Labour has pledged a ‘Freedom to Buy’ mortgage guarantee scheme, aimed at first-time buyers with smaller deposits.

While not a pledge in itself, Labour have also outlined a commitment to keeping mortgage rates ‘as low as possible’.

Making homes greener

Labour has said that all private rental properties will need to be rated EPC C by 2030. It’s worth noting that they’ve said no one will be forced to remove their old gas boiler as part of these plans.

They also plan to deliver a national Warm Homes Plan over a decade which could apply to up to 5 million homes, with the aim to eliminate fuel poverty by 2030.

Other housing legislation

Labour has pledged to reform the leasehold system, making commonhold the default tenure on new-build flats, and banning new leasehold flats.

Commenting on the election result, Rightmove’s property expert Tim Bannister, said: “The certainty of having the next government in place will be good for the market, and we wait to see the housing policies that are prioritised. We can see in our data that in previous election years, there has been a slight bounce in home-mover activity after an election has taken place – so the same could happen this year in the short term, particularly against a background of a potential Bank Rate cut on the horizon, and lowering mortgage rates.

“It is crucial that the government considers the impact of any new policies on the wider market, as a policy designed with one group in mind often has knock-on implications for another group of home-movers. Earlier this week Rightmove quizzed Keir Starmer about what he would do to help housing, and it’s encouraging to see that Labour’s manifesto focused on building more homes and planning reform. Creating more homes for sale and for rent quickly, whilst maintaining quality is a pressing issue, to ensure there are more homes to meet the demand.

“We think there is an opportunity to go further in giving support to first-time buyers. Whilst a permanent mortgage guarantee scheme provides the certainty that this option will be available, from our research we can see that only a small number of first-time buyers are likely to benefit from it. Making the existing stamp duty thresholds permanent for first-time buyers would be a start, and then there is an opportunity to look at innovative solutions to help first-time buyers with both their deposit, and being able to borrow enough from a lender in the longer term.”

Bristol Mortgages Online www.bristolmortgagesonline.com Tel 0117 325 1511

Bath Mortgages Online www.bathmortgagesonline.com Tel 01225 584 888

Weston Mortgages Online www.westonmortgagesonline.com Tel 01934 442 023

Exeter Mortgages Online www.exetermortgagesonline.com Tel 01392 690 88

Bank of England Rates Decision: What to Expect on 20 June

admin@swmortgages.com (Caz Blake-Symes) — Tue, 18 Jun 2024 08:18:04 GMT

Adapted from an article by James Gard, of Morningstar.com, 13 June, 2024

August seems more likely than June for a rate cut, but there is still a chance the Bank wrongfoots market consensus

The Bank of England is expected to hold interest rates at 5.25% when it meets next week, following a no-change decision on May 8.

Unlike May’s meeting, June 20’s decision will just be accompanied by a brief statement rather than the full monetary policy report and press briefing. So if there is no change to interest rates this week, there will be little guidance on when this is likely to happen.

Alongside the statement, one clue will come from the voting patterns: last month seven members of the Monetary Policy Committee voted to hold, while two voted for a cut. It’s likely that more of the MPC join the cut cohort, but probably not enough to force a decision.

Money markets, as measured by overnight index swaps, suggest that August 1 is still the most likely date for the Bank of England to make its first rate cut since 2020.

August seems more likely from the point of view of the Bank’s calendar; the quarterly monetary policy report and press conference give policymakers more scope to explain decisions.

Bristol Mortgages Online www.bristolmortgagesonline.com Tel 0117 325 1511

Bath Mortgages Online www.bathmortgagesonline.com Tel 01225 584 888

Weston Mortgages Online www.westonmortgagesonline.com Tel 01934 442 023

Exeter Mortgages Online www.exetermortgagesonline.com Tel 01392 690 888

16th Anniversary of Bristol Mortgages Online!

admin@swmortgages.com (Caz Blake-Symes) — Mon, 17 Jun 2024 08:33:16 GMT

We are delighted to be celebrating 16 years since Phil Clark founded Bristol Mortgages Online.

Over those years Phil has helped thousands of clients, get onto the property ladder, move house, remortgage, develop their investment portfolios and ensure that they are fully protected.

As anyone knows who has worked with or has been one of Phil’s clients, he always puts 150% into everything he does.

His cheerful, yet professional, approach to life guarantees that clients will always be given the best advice and service.

Phil receives a huge amount if recommendations from clients, who feel confident in referring their family and friends to him, safe in the knowledge that they will receive expert mortgage and protection advice, with a completely honest, supportive and friendly approach. Bristol Mortgages Online has 237 5-star Google Reviews, which reflects this level of confidence.

Phil has developed the business to include Exeter Mortgages Online and Bath Mortgages Online and last year set up Weston Mortgages Online with fellow Director, Russell Green.

We would all like to thank Phil for his hard work and dedication. Most importantly, we would like to thank all our clients for choosing Bristol Mortgages Online and being such loyal clients.

For more information about the the services we offer, please visit www.bristolmortgagesonline.com

Bristol and Weston Mortgages Online Support The 2024 Brightwell Colour Run

admin@swmortgages.com (Caz Blake-Symes) — Wed, 12 Jun 2024 09:41:18 GMT

Bristol Mortgages Online have been supporters of The Brightwell for the past few years. They were one of the first businesses to join The Brightwell 100, the Charity’s Corporate Network.

On Sunday 9 June The Brightwell held its 2024 Colour Run for the second consecutive year at the Jubilee Green Fields in Bradley Stoke.

Phil Clark, Managing Director, Bristol Mortgages Online, kindly volunteered to help on the day.

As you can imagine with lots of families running at this event, safety is vitally important. The first aid cover was provided with an ambulance and two paramedics by Bristol Ambulance Services, the cost of this was kindly sponsored by Bristol Mortgages Online and Weston Mortgages Online.

The event was a great success and raised over £4,000 for The Brightwell, who offer therapies and support for those living with chronic neurological conditions in the Greater Bristol, North Somerset, South Gloucestershire and surrounding areas.

The photo shows Phil Clark, the paramedics, Doro Pasantes, CEO of the charity and Lara Carnell, the Event Organiser and Fundraiser at The Brightwell.

May 2024 House Price Index Report

admin@swmortgages.com (Caz Blake-Symes) — Mon, 10 Jun 2024 16:40:57 GMT

This article adapted from Zoopla’s May House Price Index, image from article

Rising supply to keep house prices in check

The sales market continues to record increasing levels of activity. The number of sales being agreed is higher year-on-year across all regions and countries of the UK. The flow of new supply into the market is growing faster than sales as market confidence improves. House prices are broadly static, falling 0.1% over the last 12 months. They will continue to be kept in check by rising supply.

Most homes for sale in over 8 years

There are more homes for sale than at any point in the last five years, as sellers return to the market in growing numbers. The average agent has 31 homes for sale, up 20% on this time last year.

In value terms, there is £230bn of housing for sale, 25% higher than a year ago. The value of homes for sale has grown faster than the number of homes due to a rapid recovery in the supply of 3 and 4-bed family homes, after a chronic shortage over the pandemic.

Many existing homeowners delayed moving decisions in H2 2023, unsure about the impact of higher borrowing costs on house prices and buyer demand. The decline in mortgage rates, together with rising sales volumes and firmer pricing, has brought more sellers back into the market, many of whom are also buyers.

Most homes for sale are new-to-market. However, it is important to note that almost a third of homes currently available for sale (31%) were also listed for sale in 2023 but failed to find a buyer. This is not surprising, as demand for homes fell over the second half of the year as mortgage rates jumped higher.

Two-fifths (43%) of these homes that had been on the market in 2023 have had their asking price cut by more than 5% to attract demand. This highlights the importance of pricing homes correctly at the outset, rather than aiming too high and not attracting buyers.

Sales are up but not as much as new supply

More supply means more would-be buyers, as most sellers are also buyers. The number of homes which are having a sale agreed is 13% higher than this time last year. Sales volumes are continuing to recover back towards the long-run average. Sales agreed have grown 22% across the North East but are up by just 1% in Wales.

The other notable trend is that the number of homes for sale has generally grown faster than the increase in sales agreed. This is replenishing the supply of homes for sale and delivering buyers more choice. In most areas supply is growing faster than sales agreed.

The South West of England has recorded a 33% increase in homes for sale compared to last year, with an above-average increase in the expansion in 4-bed homes for sale.

Tax changes for holiday lets and the prospect of double council tax for second homes are likely to be encouraging some owners to sell. This exacerbates the expansion in homes for sale across the South West, which has the highest concentration of holiday homes.

Rising supply to keep house price inflation in check

The growth in available supply is welcome news, after several years where scarcity of supply limited sales volumes and pushed up house prices. A return to greater availability will support the growth in sales.

However, we expect this expansion in supply to keep house price inflation in check over the remainder of 2024.

Our latest index finds that annual UK house price inflation remains slightly negative at -0.1%. There has been an increase in house price inflation over the last quarter (+0.4%) in response to more sales and firmer pricing, but this quarterly growth rate has slowed over the last month. We expect UK house price inflation to be flat over 2024.

General Election impact?

The announcement of the general election on 4th July 2024 has come earlier than many expected. Elections normally lead to increased uncertainty and some stalling in market activity.

There are currently 392,000 homes in the sales pipeline working their way through to completion over 2024. This is 3% higher than this time last year and we don’t expect to see buyers already in the process of progressing to sales completions pulling out.

The impetus to move remains for many households. In particular, first-time buyers are looking to escape the rapid growth in rents in the private rented sector. Similar is true of upsizers, many of whom delayed moving last year when mortgage rates moved higher.

The election announcement is likely to stall the pace at which new sales are being agreed in the coming weeks, as we run up to the start of the summer slowdown.

Most buyers well into the home buying process close to agreeing a sale will ideally want to push through and agree sales now. Those who are earlier in the process may look to delay decisions until the autumn after the election is over.

Overall, we don’t see the election having as big an impact as in previous years, particularly as there is not a huge divide in policy between the two main parties.

There are also few specifics on housing, other than a focus on reforming the private rental sector and boosting housing supply. However, sales completions over 2024 may now fall slightly short of the 1.1m we expected for 2024.

What businesses and landlords will want to see from all political parties are concrete plans for how we can boost housing supply across all tenures, while getting the right reforms into the private rented sector to ensure we maintain supply while giving renters more protections.

Bristol Mortgages Online www.bristolmortgagesonline.com Tel 0117 325 1511

Bath Mortgages Online www.bathmortgagesonline.com Tel 01225 584 888

Weston Mortgages Online www.westonmortgagesonline.com Tel 01934 442 023

Exeter Mortgages Online www.exetermortgagesonline.com Tel 01392 690 888

Check Out Our Recent 5-star Google Reviews!

admin@swmortgages.com (Caz Blake-Symes) — Tue, 28 May 2024 15:02:41 GMT

Reviews from Weston Mortgages Online

Emily

Russell has been knowledgeable, helpful and quick to respond throughout the entire process.

Karolina

Remortgaging in this current climate it’s difficult.. thankfully Russell reached out to me well in advance to arrange a meeting to discuss my options. Those few months gave me time to prepare appropriate documents and figure out the way forward… all I can say some situations are not as straight forward… but with a help of a professional it’s not as daunting as some might think. Overall I highly recommend Weston Mortgages Online to new and existing customers!

David

Brilliant service received from Russell. Very informative and fast to react to changing interest rates which saved us both time and money in fixing a great deal. Thank you!

Reviews from Bristol Mortgages Online

John

. Aside from this, Phil has been friendly and conscientious throughout.

I'd recommend Bristol Mortgages Online to anyone who values their time, investment, and peace of mind!

Tilly

As a first time buyer I've had no clue what to expect in getting my first mortgage but Phil was a friendly and reliable man I trust wholeheartedly and it's been great to have his help during the whole purchase process! He's talked me through everything and was very good at explaining the process. Couldn't recommend more :)

Annie

If you’re looking for a caring, friendly and genuine mortgage advisor then I couldn’t recommend Phil more. He is able to navigate you through, what can be, a confusing world of ‘what ifs’ and ‘maybes’. He will give you the best recommendations for your situation and most importantly advice that you can rely on.

To be in our dream home would not have been possible without you and we are eternally grateful, thank you.

William

We've used Phil for our last three mortgage renewals; he's always found us the best deal, made the whole process really simple and always kept us informed during our application. Highly recommend!

Paul

Phil went the extra mile in helping us choose the right mortgage and throughout the process of buying our first house. He's honest, friendly, and extremely knowledgeable. Plan to stick with him in future and have already recommended him to friends.

Vanessa

We would easily recommend Philip and his team to anyone looking to secure a mortgage. Philip has helped us through very difficult circumstances, for about a year, until we were finally able to exchange on our dream home. He's been incredible useful as an advisor, but also helpful in other aspects of the transaction - we are first time buyers and went into this all pretty blind, and so Philip has helped us get a solicitor, surveyor, insurance, and just provided general and practical advice above and beyond what was in the remit of a mortgage advisor. He's also secured us better rates when they came up, and was always happy to speak to us, even on the weekends, and made international phone calls to help get our deposit signed off. We were really happy with the service that we got from Bristol Mortgages Online, and couldn't recommend them enough. We are so excited to be completing the sale on Monday!

Call Us today and find out why our Clients are so impressed!

Bristol Mortgages Online www.bristolmortgagesonline.com Tel 0117 325 1511

Weston Mortgages Online www.westonmortgagesonline.com Tel 01934 442 023

Limited Company Mortgages

admin@swmortgages.com (Caz Blake-Symes) — Tue, 21 May 2024 16:16:04 GMT

Here at Bristol, Weston, Bath and Exeter Mortgages Online we have an experienced team of Mortgage Advisors with expert knowledge of Buy to Let Mortgages.

There are a number of options for investors in terms of how they purchase their properties and we can help sole traders, partnerships and limited companies. In this article we are focusing on helping those with Special Purpose Vehicle Limited Companies.

In April 2020, the regulations changed in terms of reduced tax relief on investment mortgage interest and many investors decided to form limited companies. It is essential that investors of any properties, whether that may be for a single property or a portfolio holder, to take independent taxation advise from a qualified accountant. Your accountant should also be able to help you register your Special Purpose Vehicle Limited Company using the correct Standard Identification Codes for the proposed economic activity.

The size of deposit, rate and structure of the potential Buy to Let mortgage will vary depending on the type of property being funded.

We specialise in residential properties, including, houses, flats, HMOs for student lets or multiple occupancy.

As well as having excellent business relationships with many of the well-known or High Street lenders, many of the specialist Buy to Let lenders only deal directly with intermediaries/Mortgage Brokers like ourselves. Meaning that we can give you mortgage options from a wide selection of lenders, offering attractive rates and terms.

Therefore, we are positive, that you will be delighted with the choices that we can offer.

Bristol Mortgages Online www.bristolmortgagesonline.com Tel 0117 325 1511

Bath Mortgages Online www.bathmortgagesonline.com Tel 01225 584 888

Weston Mortgages Online www.westonmortgagesonline.com Tel 01934 442 023

Exeter Mortgages Online www.exetermortgagesonline.com Tel 01392 690 888

What do Landlords need to do to meet the upcoming EPC Requirements?

admin@swmortgages.com (Caz Blake-Symes) — Tue, 14 May 2024 09:54:45 GMT

Domestic private rented property: minimum energy efficiency standard - landlord guidance.

All the Mortgage Advisers at Bristol, Weston, Bath and Exeter Mortgages Online have expert knowledge of the Buy to Let mortgage market. Many of the mortgage options available to investors are only available through lenders that only deal with intermediaries like ourselves.

Our Advisers will be delighted to quote you for your mortgage or remortgage requirements, please see our contact details below.

There are many changes that are coming into effect from 2025 and we hope this article will give you some useful information.

Guidance for landlords of domestic private rented property on how to comply with the 2018 ‘Minimum Level of Energy Efficiency’ standard (EPC band E) This information has been selected from www.gov.uk/guidance/domestic-private-rented-property-minimum-energy-efficiency-standard-landlord-guidance.

This page is about domestic private rented properties. There’s different guidance for landlords of non-domestic private rented properties.

Find out if your property is covered by the Regulations

The Domestic Minimum Energy Efficiency Standard (MEES) Regulations set a minimum energy efficiency level for domestic private rented properties.

The Regulations apply to all domestic private rented properties that are:

let on specific types of tenancy agreement
legally required to have an Energy Performance Certificate (EPC)

Answer these questions to find out whether your property is covered by the Regulations

1. Is your property let on one of the following types of domestic tenancies:

an assured tenancy?
a regulated tenancy?
a domestic agricultural tenancy?

2. Is your property legally required to have an EPC?

If the property you let has been marketed for sale or let, or modified, in the past 10 years then it will probably be legally required to have an EPC.

If you answered Yes to both these questions, and your property has an EPC rating of F or G, you must take appropriate steps to comply with the requirements of the MEES Regulations. We explain how to do this below

When you need to take action to improve your property to EPC E

The Government have published a very detailed webpage, detailing all the requirements, funding options and potential pay-back periods for any investments needed to meet the required EPC standards. Please click on the link below.

https://www.gov.uk/guidance/domestic-private-rented-property-minimum-energy-efficiency-standard-landlord-guidance.

Bristol Mortgages Online www.bristolmortgagesonline.com Tel 0117 325 1511

Bath Mortgages Online www.bathmortgagesonline.com Tel 01225 584 888

Weston Mortgages Online www.westonmortgagesonline.com Tel 01934 442 023

Exeter Mortgages Online www.exetermortgagesonline.com Tel 01392 690 888

Let Us Help You With Your Conveyancing Needs

admin@swmortgages.com (Caz Blake-Symes) — Mon, 29 Apr 2024 10:02:42 GMT

Bristol Mortgages Online, Weston Mortgages Online, Bath Mortgages Online and Exeter Mortgages Online are all independent, whole of market, mortgage brokers that focus on finding a great deal and the best mortgage for you and your personal circumstances. Our expert team will guide you through the whole process, all the way through to completion.

Conveyancing (England & Wales)

You can use any Solicitor or Conveyancing Specialist you choose. You are not obliged to use the Solicitor recommended by your lender or Estate Agent. We work closely with a number of very reputable, local and reasonably priced Solicitors practices that we will highly recommend. If you don’t have a preferred Conveyancer, please ask your Adviser to arrange a no -obligation quotation.

Conveyancing fees

Conveyancing fees range from around £500 to £1,500, depending on the cost of the property and whether you're just buying or selling one home and buying another. The cost will also depend on how complex the property transaction is. For example, if the property is a leasehold there's more legal work to do. Some solicitors will charge a flat fee, while others will charge a percentage of the property's value. Always check exactly what the fee covers - some will charge extra if any unforeseen issues arise. Get a few different quotes before choosing who to use.

Download our Guide about Conveyancing

Call Us today and we will get you a competive quote for an Expert Solicitor

Bristol Mortgages Online www.bristolmortgagesonline.com Tel 0117 325 1511

Bath Mortgages Online www.bathmortgagesonline.com Tel 01225 584 888

Weston Mortgages Online www.westonmortgagesonline.com Tel 01934 442 023

Exeter Mortgages Online www.exetermortgagesonline.com Tel 01392 690 888

Housing market bounce pushes prices close to new record

admin@swmortgages.com (Caz Blake-Symes) — Thu, 25 Apr 2024 09:39:55 GMT

Adapted from a Rightmove Property News article 22 April 2024

The average asking price of a home in Britain has risen by 1.1% since March, to £372,324.

This is in line with the sort of rise we usually see at this time of year, and brings average prices to within just £570 of their all-time record, which they reached back in May 2023.

This is mostly being driven by an increase in the average asking price of ‘top-of-the-ladder’ homes, which are typically the highest-priced properties. These homes – which include four-bedroom detached houses, and properties with five or more bedrooms – have also seen the strongest start to the year for price growth in 10 years.

Why is there more activity at the top of the market right now?

In the aftermath of the mini-Budget in September 2022, mortgage rates rose sharply, which caused some home-movers looking for top-of-the-ladder homes to pause their plans.

But we’re now seeing the release of a long period of pent-up demand in this sector. More sellers of these larger homes have put their properties on the market than last year (+18%). There has also been an increase in the number of sales agreed across all property types, but the biggest sales boost has been for top-of-the-ladder homes (+20%) when compared to the same period in 2023.

In response to this jump in activity, new sellers are feeling they’re able to set their asking prices higher than a year ago.

Our property expert, Tim Bannister, says: “The top-of-the-ladder sector continues to drive pricing activity at the start of the year, with movers in this sector typically less sensitive to higher mortgage rates, and more equity rich, contributing to their ability to move. While some buyers, across all sectors, will feel that their affordability has improved compared to last year due to wage growth and stable house prices, others will be more impacted by cost-of-living challenges combined with elevated mortgage rates.”

First-time buyers are often looking to take out a mortgage within a higher loan-to-value (LTV) bracket – and these tend to come with the highest mortgage rates. In comparison, those further up the ladder will often have larger deposits, and more equity in their homes. This often means they need to borrow less, so they’re offered the lowest available mortgage rates.

There’s also a general trend of more stability in the mortgage market right now. There have been fewer headline-grabbing fluctuations of mortgage rates, which saw many movers pause their plans until the market became steadier.

What’s been happening to house prices over the past year?

Throughout the second half of 2023, we saw average asking prices drift down marginally, ending the year around 1% lower than they were 12 months previously.

But after a record number of sellers put their homes on the market on Boxing Day 2023, and a strong start to the spring selling season, we’ve seen average asking prices edge back up, and they’re now 1.7% higher than they were at this time last year.

The increased activity in the housing market we’ve seen at the beginning of this year has fed into the rise in asking prices. This is because new sellers putting their homes on the market aren’t feeling the need to lower their asking prices in the hope of finding a buyer.

Is now a good time to move?

The positive activity levels we’re seeing this Spring shows that many would-be movers are thinking that now is the right time for them to find their next home, particularly before the typically quieter summer months.

“In addition to the holiday season, the Euro 2024 football tournament and the Olympics this summer, likely followed by a General Election during the second half of the year, will add more buyer distractions than usual. There appears to be a tempting window of opportunity for those who are considering a move to act now before these distractions arrive,” says Tim.

The header image for this article was provided courtesy of The Agency UK, Covering Nationwide in the original Rightmove article.

Bristol Mortgages Online www.bristolmortgagesonline.com Tel 0117 325 1511

Bath Mortgages Online www.bathmortgagesonline.com Tel 01225 584 888

Weston Mortgages Online www.westonmortgagesonline.com Tel 01934 442 023

Exeter Mortgages Online www.exetermortgagesonline.com Tel 01392 690 888

Fantastic £5k Deposit Mortgage for First -time Buyers Launched!

admin@swmortgages.com (Caz Blake-Symes) — Mon, 22 Apr 2024 08:50:22 GMT

Image courtesy of Freepix

We are very excited to announce an excellent product for First Time Buyers. This particular lender only deals with Brokers/Intermediaries like ourselves. Therefore, we will be delighted to see if this product is suitable for your specific needs.

Here are some of the key facts to help you…

Minimum Deposit £5k,
Maximum LTV 99%
5-year fixed product
Minimum loan £95,000
Minimum purchase price £100,001
Maximum purchase price £500,000
Maximum loan period of 40 years
Applicants must be no more than 70 years old at the end of the mortgage term.
Up to 4.49 times salary for borrowing potential
Capital and interest payable
10% annual over payment allowed.
Portable providing the LTV is under 95%
Both applicants must be UK Citizens residing in the UK.
Gifted deposits from an immediate family member accepted.

Restrictions

No offset option
Houses only no flats
No new build properties
No Joint Borrower Sole Proprietor option
For joint application At least one applicant must be a first time buyer (defined as never having owned a property in the past) and no background properties on the application
Both applicants must have indefinite right to reside in the UK.
Properties in Northern Ireland are not eligible.
An enhanced credit score must be achieved for applicant(s) to be eligible for the product.

What should I do next?

This is a very attractive product and we can help you with any queries and will take you through the eligibility criteria.

If this product is not suitable for you, as fully independent brokers, we can offer you a whole array of alternative options.

Any of our Advisers at Bristol, Weston, Bath and Exeter Mortgages Online would welcome the opportunity of discussing your mortgage requirements and to arrange to quote you on all the various options available to meet your specific needs.

Bristol Mortgages Online www.bristolmortgagesonline.com Tel 0117 325 1511

Bath Mortgages Online www.bathmortgagesonline.com Tel 01225 584 888

Weston Mortgages Online www.westonmortgagesonline.com Tel 01934 442 023

Exeter Mortgages Online www.exetermortgagesonline.com Tel 01392 690 888

Housing Market Shows Signs of Picking Up, with All Eyes on Rates

admin@swmortgages.com (Caz Blake-Symes) — Mon, 25 Mar 2024 10:49:15 GMT

Adapted from a BBC News article by Kevin Peachey, with image source from Getty Images

Signs of life were seen in the UK housing market in the new year with a rise in the number of mortgages being approved.

Activity remains weak overall, with potential buyers still nervous about high interest rates.

But the latest Bank of England data shows approvals for house purchases rose to 55,200 in January from 51,500 in December. This was the highest level since October 2022.

Borrowing on credit cards also picked up last month. People took on £1.9bn more in credit on cards, car finance and other loans in January than they repaid.

All eyes on rates

Mortgage lenders have been shifting the interest rates charged on home loans at a rapid rate since the start of the year. This started with some significant cuts to the cost of new fixed-rate deals.

However, in recent weeks, these rates have started to creep back up. Many potential buyers have put plans on hold in the hope that the Bank of England will cut the benchmark interest rate later in the year, which would influence lenders' decisions.

The upheaval over the past year is shown in the Bank's figures, which show homeowners actually repaid more money on mortgages than they took out in new lending in the year to January - the first time this has happened since comparable records began 30 years ago.

This was mainly due to people being reluctant to borrow when mortgage rates were so high during mid-to-late 2023. Mortgage repayments still outstripped new lending by £1.1bn in January.

Separately, property sales at the start of the year were slightly up compared with December, but 12% lower than January last year.

The housing market is a major factor in the performance of the UK economy as a whole.

Bristol Mortgages Online www.bristolmortgagesonline.com Tel 0117 325 1511

Bath Mortgages Online www.bathmortgagesonline.com Tel 01225 584 888

Weston Mortgages Online www.westonmortgagesonline.com Tel 01934 442 023

Exeter Mortgages Online www.exetermortgagesonline.com T el 01392 690 888

Helping Loved Ones Get Onto The Property Ladder

admin@swmortgages.com (Caz Blake-Symes) — Mon, 18 Mar 2024 10:58:00 GMT

Sky high house prices, slow wage growth, student loans and rising rent costs mean that getting on the property ladder is challenging. But the desire to own a home remains strong for many young adults. Now, the affectionately known ‘bank of mum and dad’ (or bank of other family members) may wish to lend or give money for deposits and other house purchase costs. Our expert Mortgage Advisers will be able to discuss all options available to suit your specific family’s situation. Below are just a few options to consider. Before making any decisions about any deposit gifting, we will discuss all the options available to you, based on your affordability and borrowing profile, so you understand from the outset your deposit requirements.

Gifted Deposits

There are some important points to consider

The person gifting the money should seek independent legal advice to understand they will have no interest in the property and no right to get their money back.
It is possible to loan money to family and have it repaid on sale of the property i.e. take a legal charge over the property. Again, seeking independent legal advice is a must and this would also have to be agreed by the mortgage provider.
The mortgage product will not change because of the gifted deposit as most lenders are satisfied with family gifts. However, most lenders will not accept other third party giftors such as friends.
The gifted deposit can be used in conjunction with the applicant’s own savings or an ISA.
If the person gifting the deposit is withdrawing funds from existing investments or pensions advice should be taken from an IFA or accountant regarding any tax or future income implications.

Can a giftor borrow the deposit?

If those wishing to gift a deposit do not have available capital to lend, some lenders will consider lending the gifted deposit amount to the giftor. However, all the usual credit, proof of identity and affordability checks apply. As your broker, we will need to know that if this is an option, that you wish to consider, we need to know from the very beginning of our discussions as this option is limited to only a few lenders.

Joint Borrower Sole Proprietor Mortgages

Equity Release

Download our guide for further information

Zoopla Report - UK House Price Index – February 2024

admin@swmortgages.com (Caz Blake-Symes) — Mon, 04 Mar 2024 09:56:36 GMT

"The housing market has proved very resilient to higher mortgage rates and cost of living pressures. More sales and more sellers shows growing confidence amongst households and evidence that 4-5% mortgage rates are not a barrier to improving market conditions”

Richard Donnell Zoopla’s Executive Director - Research

Sales market activity continues to improve

All measures of sales market activity continue to improve as pent-up demand returns to the housing market. Buyer demand is 11% higher than a year ago. A better indicator of market health is sales agreed which are 15% higher than a year ago – evidence of greater buyer confidence and more realism on pricing by sellers. The North East (+17%) and London (+16%) have led the rebound in sales.

Growing confidence amongst sellers is boosting the number of homes for sale, which are 21% higher than a year ago. More supply is increasing choice for would-be buyers and supporting sales.

While increased activity levels are welcome news, it’s important to note that a small proportion of sellers continue to reduce asking prices to attract buyer interest. Asking price reductions are lower than a year ago but remain above average, evidence of continued price sensitivity amongst buyers. Asking price reductions of 5% or more are greatest in the South East and East of England.

The average estate agent is agreeing 6 new sales a month, up from 5.2 a year ago. This is evidence that house prices don’t need to fall to support growing sales volumes. This is feeding through into our UK house price index, which continues to record a slowdown in the rate price falls. Annual house price inflation is currently -0.5%, up from the recent low of -1.4% recorded in October 2023. The average UK house price is 1.5% below the peak of £268,000 in October 2022.

Slowing price falls is a trend being recorded across all regions and countries of the UK. Five southern English regions are registering annual price falls of up to -2.1%, led by the East of England. House price inflation has moved into positive territory in the remaining 4 regions of England in addition to Wales, Scotland and Northern Ireland, where annual price inflation is 4.3%.

A three-speed housing market

Higher mortgage rates and cost of living pressures have driven a rapid slowdown in the rate of house price inflation over the last 18 months. There are some notable variations in price inflation across the country which are primarily explained by the relative affordability of housing.

Current housing trends fall into one of three groups.

1) Southern England regions – covering East of England, South East and South West regions, these areas have registered the largest annual price falls. Rising mortgage rates and reduced household buying power have hit higher-priced markets harder than more affordable markets. Average home prices are £344,000 in these areas, 30% above the UK average. The pace of price falls is starting to moderate in Southern England, but it’s lagging other areas of the UK.

2) London – we see London differently to the rest of southern England. While it is the most expensive housing market, with an average price of £534,000. almost 2x the UK average. However, weak house price inflation over the last seven years has improved affordability and opening the market up to more potential buyers than before.

The rebound in demand and low growth in the supply of homes for sale (just 7% in London vs 21% for the UK) explains why house price inflation is rebounding quicker than the southern England regions.

3) Rest of the UK – while house price growth has slowed rapidly over the last 12 months, annual price falls have been very limited across the rest of the UK where average house prices are 28% below the UK level. This explains why the impact on buying power from higher mortgage rates outside Southern England has been less pronounced.

Our index shows Scottish house prices remaining in positive territory over the whole of the last year. Northern regions of England, the West Midlands and Wales are registering firmer pricing in response to rising sales agreed and better levels of housing affordability.

Mortgage rates fall but remain above 4%

Falling mortgage rates have been an important catalyst for improving market sentiment and increased levels of housing market activity in recent weeks. Faster earnings growth and rising incomes are also starting to offset the impact of higher borrowing costs, albeit slowly.

Mortgage rates have fallen back to where they were a year ago. This recent decline is likely to plateau at the current levels. Lenders have been pulling mortgage deals below 4% as the cost of finance used to fund mortgages has increased modestly in recent weeks.

Buyers should anticipate 4-5% mortgage rates over much of 2024. Our consistently held view is that 5% mortgage rates are the tipping point for annual house price falls. Mortgage rates over 6% for a sustained period would lead to larger double-digit price falls. Mortgage rates in the 4-5% range are consistent with flat to low single digit price rises.

The outlook - sales more likely to rise than house prices

There is clear demand from homeowners and first-time buyers looking to move and buy their first home in 2024. This is going to support higher sales volumes, but we don’t expect higher house price growth.

The reality is that the housing market is still adjusting to higher mortgage rates and the impact of reduced buying power, the impact of which has varied across the country. Sellers need to remain realistic on pricing and celebrate the fact that their home is likely to attract more buyer interest, increasing the chances of a agreeing a sale. Mortgage rates could move a little lower over the year, but this hinges on the timing of future base rate cuts, which may come later this year.

Sales market momentum has been building over the last five months. We believe that the market is on track for 10% more sales in 2024 than last year, set to total 1.1m. More supply is boosting the potential for growth in sales. It is important, however, that sellers don’t start expecting more for their homes.

Bristol Mortgages Online www.bristolmortgagesonline.com Tel 0117 325 1511

Bath Mortgages Online www.bathmortgagesonline.com Tel 01225 584 888

Weston Mortgages Online www.westonmortgagesonline.com Tel 01934 442 023

Exeter Mortgages Online www.exetermortgagesonline.com Tel 01392 690 888

Let us help you if you have an Adverse Credit History…

admin@swmortgages.com (Caz Blake-Symes) — Mon, 12 Feb 2024 10:44:30 GMT

Adverse Credit History?

There are some mortgages however, which are specifically designed for those whose credit history is far from perfect. Our team of expert Advisers will give you advice about the most appropriate mortgage and/or lender to apply to. As fully independent brokers we will look at all the options available to you.

If you think you may have a poor credit history or an adverse credit rating, you can obtain a free credit report from one of the following.

www.experian.co.uk

www.equifax.co.uk

www.clearscore.com

www.creditkarma.co.uk

Bristol Mortgages Online www.bristolmortgagesonline.com Tel 0117 325 1511

Bath Mortgages Online www.bathmortgagesonline.com Tel 01225 584 888

Weston Mortgages Online www.westonmortgagesonline.com Tel 01934 442 023

Exeter Mortgages Online www.exetermortgagesonline.com Tel 01392 690 888

Which month is the best time to sell a home? Apparently it’s February!

admin@swmortgages.com (Caz Blake-Symes) — Mon, 29 Jan 2024 11:33:19 GMT

Over the years, many of our clients have said they prefer to get Christmas and New Year out of the way before thinking about moving.

This general feeling has now been backed up by a survey carried out by Rightmove, the findings were published by them on 25 January 2024.

Here are some of the highlights from the report…..

Been wondering when the best month to sell a home is? Rightmove analysed millions of properties that have been listed for sale since 2012 (excluding 2020 due to the pandemic) to see which months fare the best in terms of finding a buyer, and when homes sell most quickly.

And while all of the spring months are typically busy for the property market, it’s February that came out on top. It takes an average of 51 days to find a buyer in February, and it’s also the month when homes listed for sale are most likely to find a buyer — and make it through to completion.

It’s maybe no surprise that the second month of the year is one of the best periods to come to market. There’s lots of seller activity as Estate Agents and Developers gear up for the busy spring selling season, while potential buyers who were busy during the Christmas period get ready to put their moving plans into action.

What’s happening in the housing market now?

The period after Christmas 2022, and into early 2023, was a relatively muted time for the property market. Mortgage rates were at historic highs in the wake of the mini-Budget, and there was lots of uncertainty around how this might affect the property market, and house prices, which led to lots of buyers and sellers pausing their plans. But this year, Rightmove say that they are seeing encouraging signs, as home-movers who chose to stay put and see what played out in 2023 are now coming to market. The number of buyers contacting agents about homes for sale is 8% higher than last year, while the number of new properties being listed by sellers is 11% higher.

What if you’re thinking of selling your home soon?

If you’re thinking of moving and are curious to know how much your home is worth, getting an instant online valuation is a good place to start. You can also check house prices in your area, to work out how much homes near you have sold for.

Finding out what you can afford to borrow is a key step in your decision to move, make improvements on your current property or remortgage. Lenders are being very proactive at the moment and offering a wide range of products and deals. As a fully independent Broker, we will look at the best product to suit your specific requirements and needs. Regardless of your situation we can help.

Bristol Mortgages Online www.bristolmortgagesonline.com Tel 0117 325 1511

Bath Mortgages Online www.bathmortgagesonline.com Tel 01225 584 888

Weston Mortgages Online www.westonmortgagesonline.com Tel 01934 442 023

Exeter Mortgages Online www.exetermortgagesonline.com Tel 01392 690 888

Our latest 5-star Google Review

admin@swmortgages.com (Caz Blake-Symes) — Fri, 19 Jan 2024 15:35:51 GMT

We are always so pleased to receive such positive feedback from our clients.

Here is a 5-star Google review from Vanessa.

Thank you Vanessa, it was an absolute pleasure to help. We all wish you every happiness in your New Home.

Best Wishes from Phil and the team

Are you Self-Employed and looking for a Mortgage? – We can help!

admin@swmortgages.com (Caz Blake-Symes) — Thu, 11 Jan 2024 11:08:34 GMT

At Bristol, Weston, Bath and Exeter Mortgages Online we deal with a great many clients who have their own businesses and will gladly discuss all the options available to you if you are self-employed, even if you only have one year’s accounts.

Is it harder to get a mortgage if you are self-employed?

If you’re self-employed, when you apply for a mortgage, you’ll need to prove that you have a reliable income. There are plenty of ways to prove to a mortgage lender that you have a reliable income, it’s usually just a case of getting the required documentation.

What counts as self-employed?

Lenders will view you as self-employed if you own more than 20% to 25% of a business, from which you earn your main income. You could be a sole trader, a partner, a company director, or a contractor.

How do you get a mortgage, if self-employed?

If you’re self-employed and looking for a mortgage, you will have access to the same range of mortgages as everybody else and you’ll need to pass the lender’s affordability tests in the same way as any other borrower.

But because there is no employer to vouch for your wage, self-employed people are required to provide different types of evidence of their income than other borrowers.

What will I need to provide?

To prove your income, when self-employed when you apply for a mortgage, you will need to provide additional information regarding the trading history of the business. Most banks and lenders will want to see a minimum of 2 or more years’ proof of income.

However, subject to meeting the lender’s criteria, we can offer options for lenders who will consider those applicants with only 1 year’s proof of income.

Other specific evidence may be:

Self-assessment returns and a tax year overview (from HMRC).
Evidence of upcoming contracts (if you’re a contractor)
Evidence of dividend payments or retained profits (if you’re a company director)

Some lenders also prefer self-employed mortgage applicants to provide accounts that have been prepared by a qualified, chartered accountant; that way they can be sure of your reliability. It’s likely that they will focus on the average profit you’ve earned over the past few years.

Regardless of your situation, our expert team will help you from the very start.

Click here to view our guide for further information

As a fully independent broker we will search the whole of the market for you including many specialist lenders, to ensure we can offer the most competitive and suitable deal and rate.

Bristol Mortgages Online www.bristolmortgagesonline.com Tel 0117 325 1511

Bath Mortgages Online www.bathmortgagesonline.com Tel 01225 584 888

Weston Mortgages Online www.westonmortgagesonline.com Tel 01934 442 023

Exeter Mortgages Online www.exetermortgagesonline.com Tel 01392 690 888

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Borrowers' pain eased as lenders cut mortgage rates

admin@swmortgages.com (Caz Blake-Symes) — Thu, 04 Jan 2024 09:40:54 GMT

Adapted from a BBC News article 3 Jan 2024

Mortgage lenders have started the year by cutting rates, taking some of the pain out of the cost of a new deal for homeowners.

The UK's biggest lender, the Halifax, has cut some interest rates by close to one percentage point, with brokers now expecting others to follow suit.

HSBC has announced it will make cuts on Thursday, in what is being described as a "fast-moving market".

But homeowners are being warned to pay close attention to what is offered.

Rate expectations

Mortgage rates will remain higher than many people have been accustomed to because of significant changes over the last two years.

The interest rate on a fixed mortgage does not change until the deal expires, usually after two or five years, and a new one is chosen to replace it. Doing nothing would leave people on a variable rate, which are very expensive.

Some 1.6 million homeowners will see their current fixed-rate deal expire over the next 12 months, the vast majority of whom could see their monthly repayments rise quite sharply.

However, competition between lenders means the financial pain may not be as intense as some would have feared.

Halifax is reducing its rates, with interest on a two-year fixed deal being cut by up to 0.83 of a percentage point. HSBC will follow on Thursday with a two-year fixed rate for remortgages (for someone with at least 40% equity in their home) falling below the 4.5% for the first time since early June last year.

Lenders have been under pressure to reduce mortgage rates, because the cost of funding these home loans has dropped.

Although the Bank of England's benchmark interest rate has been held three times at 5.25%, economists expect the next move to be a cut - an expectation that has already fed through to lenders' calculations.

There is also competition to keep hold of existing custom with relatively little activity among new buyers.

Overall, the average rate on a two-year fixed mortgage has only dropped marginally in recent days, to now stand at 5.93%, according to the financial information service Moneyfacts.

The "best-buys" have dropped by about 0.8 percentage points in the last three months, it said.

This is a very positive start to 2024! Regardless of your situation, we will be delighted to discuss your mortgage options with you.

Bristol Mortgages Online www.bristolmortgagesonline.com Tel 0117 325 1511

Bath Mortgages Online www.bathmortgagesonline.com Tel 01225 584 888

Weston Mortgages Online www.westonmortgagesonline.com Tel 01934 442 023

Exeter Mortgages Online www.exetermortgagesonline.com Tel 01392 690 888

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#westonmortgagebroker #mortgagebrokerbristol #mortgagebrokerwestonsupermare #bestmortgageadvice

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#buytoletmortgage #investmentmortgage #bestinterestrates #choiceoflenders

2023 Housing market and overview for 2024 – much more positive than predicted

admin@swmortgages.com (Caz Blake-Symes) — Tue, 02 Jan 2024 09:49:01 GMT

Adapted from the Zoopla UK Price index report-December 2023

Key Takeaways

Annual house price inflation is -1.1%, down from +7.2% a year ago
Market sentiment improving with new sales agreed +17% year-on-year
House price falls starting to moderate as sales improve
Mortgage regulations a key reason for only modest price falls in 2023, along with strong labour market and rapid earnings growth
First-time buyers are largest group of would-be movers in next 2 years (40%) followed by upsizers (34%)
Almost half of buyers living in southern England looking to move >10 miles in search of better value for money
House prices to fall 2% over 2024 with 1m sales
Regional figures may vary.

Sales hold up in Q4 2023, providing support for prices

The final weeks of 2023 have recorded above average levels of new sales, 17% higher than a year ago and ahead of 2019 levels. Market sentiment is improving due to rising incomes and an initial decline in mortgage rates. An increase in available supply, up a quarter on last year, is also boosting choice and supporting sales.

Buyers and sellers are becoming more aligned on pricing, reducing the downward pressure on values. Zoopla’s headline UK house price index has recorded a slower pace of annual price decline at -1.1% in November 2023, down from +7.2% a year ago. The level of price falls have now moderated across all regions and countries of the UK

Why haven’t house prices fallen by more in 2023?

History would suggest that mortgage rates rising from 2% to over 5% would have led to larger price falls than what has been recorded over 2023. There are several reasons why prices have defied predictions of larger falls. The strength of the labour market has been an important factor along with high earnings growth. Lenders have also pursued forbearance policies to support households struggling with repayments, which has limited the number of forced sellers.

But perhaps the most important factor here has been the tougher mortgage affordability testing for new borrowers since 2015. These regulations were designed to stop households taking on excessive

debt at a time of low mortgage rates. They have stopped a major housing over-valuation and built resilience for many households to manage the transition to higher mortgage rates.

While mortgage rates got as low as 1.3% in late 2021, all new mortgage borrowers had to prove to their bank they could afford a 6-7% stressed mortgage rate to get the loan. Banks were also limited to 15% of new business at high loan to income ratios over 4.5 times salary.

These regulations have effectively capped buying power for home buyers. They require the borrower to have a higher income to buy and put down a larger deposit, which is especially true in higher value housing markets.

Today lenders are stress testing new borrowers at close to 9% despite mortgage rates starting to fall. This regulatory constraint on buying power is one reason we believe house prices are unlikely to rise in 2024, even as base rates start to fall later in the year.

First-time buyers to remain largest buyer group in 2024

Despite the affordability challenges facing first-time buyers, they are the largest group of would-be buyers. Zoopla’s latest consumer survey found that 40% of people looking to buy a home in the next 2 years are first-time buyers. The rapid growth in rents continues to motivate this group - average rents have risen faster than average mortgage repayments over the last 3 years.

Upsizers account for a third of would-be buyers in the next 2 years who will typically be buying a larger home that will require a larger mortgage. This group have been biding their time in 2023 waiting for the outlook on the economy and mortgage rates to become clearer.

The trajectory for mortgage rates and getting better value for money will be key considerations for upsizers in 2024.

Outlook for 2024

Zoopla expects the steady momentum in new sales that has developed over the final part of 2023 to continue into early 2024, with the usual seasonal rebound in demand over Q1 as pent-up demand returns to the market.

While mortgage rates are edging lower, affordability remains a key challenge for mortgage-reliant households who are making home moving decisions. The impact of higher mortgage rates continues to feed through with half of mortgagees are yet to move onto higher rates from cheaper fixed rate deals agreed before 2022.

The modest decline in house prices over the year means UK housing still looks 10-15% overvalued at the end of 2023. We expect this position to improve over 2024 as incomes rise and house prices drift 2% lower over the year. Sales volumes are expected to hold steady at 1 million sales completions in 2024.

Regardless of your situation, we will be delighted to discuss your mortgage options with you.

Bristol Mortgages Online www.bristolmortgagesonline.com Tel 0117 325 1511

Bath Mortgages Online www.bathmortgagesonline.com Tel 01225 584 888

Weston Mortgages Online www.westonmortgagesonline.com Tel 01934 442 023

Exeter Mortgages Online www.exetermortgagesonline.com Tel 01392 690 888

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#bathmortgagebroker

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Christmas message and overview of 2023

admin@swmortgages.com (Caz Blake-Symes) — Tue, 19 Dec 2023 14:45:39 GMT

We can’t pretend that life has been plain-sailing this year.

As everyone is more than aware the financial markets, in particular the borrowing sector were badly hit after the disastrous Truss/Kwarteng mini budget at the end of 2022.

There have been a further four Bank of England interest rate rises, seeing standard variable rate and tracker mortgages rates soar.

However, we are delighted to report that there are now a number of fixed term products sub 5%, fixed for up to 5 years, this is positive news indeed!

The predicted crash in the housing market has also not come to pass, although house prices have fallen. The average house price fell by 2% in the year to October 2023, according to the latest data from Nationwide, despite a stabilization of prices in the areas we cover, the market is still active and in many sectors there is still a shortage of suitable properties on the market.

Many investors have decided to leave the Buy to Let market, despite rising rent increases. Again, some of the investors’ concerns have been eased by the delay in some of the EPC requirements on rentals being postponed.

Regardless of these challenging times, we are continuing to be able to support our clients and even opened a new branch in Weston super Mare last Spring.

We appreciate that it is still challenging for First-time Buyers to get on the property ladder, but there are lots of innovative products and options out there, many only available through intermediaries like ourselves. Many higher LTV mortgages are available at competitive rates, The BTL Market is also looking a lot more attractive for borrowers than it was 6 months ago.

Regardless of your needs, we are here to help and discuss all the options available to you.

We would like to Wish you and your friends and families, a very Merry Christmas and a Happy and Healthy New Year.

Best Wishes from

Phil Clark, Russell Green, Chris Seward and all the team.

Are you looking for a 95% LTV Mortgage?

admin@swmortgages.com (Caz Blake-Symes) — Thu, 14 Dec 2023 10:52:47 GMT

As an independent Mortgage Brokers, Bristol, Weston, Bath and Exeter Mortgages Online, have access to over 100 lenders, some of whom only deal with Intermediaries like us. Many of the mortgage products available offer a high Loan to value mortgage, often with only a 5% deposit.

Types of 95% mortgages

Higher Loan to Value mortgages can be used for

First Time Buyers
Those looking to move home
Those looking to remortgag e

What is a 95% mortgage?

A 95% mortgage is simply one where you borrow 95% of the cost of the home you want to buy - also described as having a 95% loan-to-value (LTV) ratio. Therefore you'll need a 5% deposit up front, and the loan covers the remaining purchase price.

How do 95% mortgages work?

With a 95% mortgage, you pay a deposit worth 5% of the property value. The mortgage lender then loans you the remaining 95%.

Example: For a property costing £150,000 you'd need £7,500 for a 5% deposit. Your lender would then lend you £142,500 to cover the remaining 95%.

You'll repay the 95% loan over the full term of the mortgage (an average of 25-30 years), alongside interest payments. The interest rate will depend on the deal you get when you first take out the mortgage.

This helps first-time buyers get on the property ladder faster - as saving a larger deposit might delay this by a few years. There aren't as many 95% mortgage options as there are for lower LTV products though, so some buyers may still prefer to save a bit longer.

It's also worth considering that a larger deposit (and therefore lower LTV) will give you access to more competitive interest rates.

Why does loan-to-value matter?

The loan-to-value ratio is a huge factor for lenders to decide how much they can lend you, and at what rate.

If you borrow more in relation to your home's value, then you're a higher risk for the lender, as there’s more for you to pay back.

That also means there’s more risk for you, the borrower. The more you borrow, the more you have to pay back and, crucially, the more interest you will eventually pay over the lifetime of the mortgage.

Am I eligible for a 95% mortgage?

Eligibility for 95% mortgage deals is similar to lower LTV mortgages, with the same affordability criteria applied that lenders will be looking for so that they can be confident in your ability to make repayments.

A prospective lender will assess your income, as well as reviewing your expenses and any debt you owe before deciding whether or not to offer you a mortgage. Your credit history will affect your ability to borrow too. The best 95% LTV mortgage rates will be available to those with a good credit score and stable income.

How much can I borrow with a 95% mortgage?

How much you can borrow from a mortgage lender depends on your individual affordability.

A lender will generally base your borrowing on your annual income – you can normally borrow around 4-4.5 times this figure.

However, they will also look at your outgoings to determine whether you can afford the repayments. That's why it's often a good idea to assess your spending habits three to six months before applying for a mortgage.

Lenders also review your credit history to check whether you can reliably manage debt. It's worth checking your credit score before you apply and trying to resolve any issues, including errors on your report.

Will the interest rate on a 95% ltv mortgage be higher?

Yes, it's highly likely that it will be higher than someone borrowing at a lower LTV. This is because the lender considers the greater the LTV the greater the risk to them. They, therefore, charge a higher rate to compensate this.

Mortgage rates tend to reduce in increments of around 5%, so if you could offer a 10% deposit, rather than 5%, this would be likely to make a difference to the rates available to you.

Should I save more and avoid getting a 95% LTV mortgage?

It really depends on your priorities. If you're looking to move as soon as you can, you may feel that paying a higher rate of interest is warranted - especially if house prices are expected to rise.

If your main priority is to pay the least interest possible over the duration of your mortgage term, it's probably best to save as much as possible before you start the home buying journey. Those with a larger deposit will almost always benefit from better rates.

Regardless of your situation and how much deposit you have, we will be delighted to discuss your mortgage options with you.

Bristol Mortgages Online www.bristolmortgagesonline.com Tel 0117 325 1511

Bath Mortgages Online www.bathmortgagesonline.com Tel 01225 584 888

Weston Mortgages Online www.westonmortgagesonline.com Tel 01934 442 023

Exeter Mortgages Online www.exetermortgagesonline.com Tel 01392 690 888

Email info@swmortgages.com

Rightmove asks - What is a mortgage broker or adviser?

admin@swmortgages.com (Caz Blake-Symes) — Thu, 07 Dec 2023 11:58:23 GMT

Information adapted from a Rightmove Property guide available on their website

If you’re getting ready to buy your own home, you can probably already imagine unpacking the boxes and picking out the paint colours. But there’s one thing you might need help with arranging first: a mortgage loan. Mortgage brokers – also known as a mortgage advisers – can help you to find the best deal for you.

They can also give you advice if you’re remortgaging, or help when you’re purchasing a buy-to-let property. They’ll step in to help if you’ve already been turned down, or if you can’t get what you need for a mortgage, or a Mortgage in Principle, and you’re not sure why.

Some brokers focus on helping buyers with specific circumstances, such as if you’re self-employed, or have adverse credit.

A mortgage broker will help you to work out how much you can borrow and what sort of mortgage to take out. They’ll talk through your specific circumstances to help determine the best lender for you. And they can deal with the paperwork.

What’s the difference between a mortgage broker and a lender?

A mortgage broker can offer you independent advice by looking at a broad range of mortgage products and steer you through the application process.

A mortgage lender is the bank or building society that will lend you the money to buy a home.

A lot of lenders also have their own in-house advisers, to provide advice on their own products. Lenders’ advisers are also regulated by the Financial Conduct Authority (FCA) and will look at all the same factors as brokers when making a recommendation.

What do mortgage brokers do?

They’ll use their expert knowledge of the mortgage market to assess which deals you’re most likely to qualify for. They can search through products faster than you’ll be able to. They’ll also help with your application.

A broker should tell you about the range of mortgages they offer. Some brokers only cover products from certain lenders. If you’re taking out an online mortgage, they must provide this in writing before you select the deal you want.

My application for a mortgage was unsuccessful – should I check if a mortgage broker could help?

Absolutely. Being turned down for a mortgage can feel really disappointing. But it doesn’t mean you won’t find one to suit you and your circumstances.

The criteria used to assess mortgage applications varies between lenders. A broker will understand a range of lenders’ criteria and can recommend one that is more likely to lend to you. For example, if you’re freelance or self-employed, or have just started a new job. They can also help you find lenders that will be able you help you if you have a poor credit rating.

What questions should I ask a mortgage broker?

Check your chosen broker is authorised and regulated by the FCA. Also, don’t be shy to ask how much they will charge and if they can help with your specific circumstances

How does a mortgage broker get paid?

It varies. The vast majority of brokers get paid commission from the lender, which is usually a small percentage of the size of your loan. You can ask the broker about this too, but it will also be provided in the mortgage illustration. This document outlines every detail of your mortgage deal.

Brokers also get commission from other products you buy from them, such as home insurance. Because of this, some may not charge you for their service, but others may charge a range of fees.

According to the Financial Conduct Authority (FCA), some charge a flat fee, some go for a percentage of the amount you’re borrowing. Others may ask for an hourly rate. If that’s the case, they are required to tell you what might affect the number of hours they spend on your application. You might be able to add the fee to your mortgage, but it will depend on the lender, so ask your broker what the options are. This would mean you’ll pay interest on the fee as well as the rest of the mortgage, until the whole mortgage is paid off.

The average cost of a mortgage broker is around £500. However, if the fee they charge you depends on the value of the mortgage, as a rule of thumb, you’ll probably have to pay between 0.3% to 1% of the loan amount, or more if your case is complex.

What will happen when I instruct a mortgage broker?

Your broker will explain the different types of mortgages and which one they feel would work best for you.

You can arrange to meet in person, set up a call, or you can use an online mortgage broker. To save time, make sure you have your financial documentation with you.

The exact documents that you need to provide will depend on the lender that your broker recommends. Most lenders and brokers accept digital or paper versions of online statements and payslips if they clearly display key information, such as company logos and website details, to demonstrate that they are legitimate.

What will a mortgage broker ask me for?

Identification documents: such as a current passport or driving licence, a recent utility bill and bank statements from the last three months.

Proof of income: you’ll be asked to provide recent payslips, or if you’re self-employed, copies of your tax calculations and tax year overviews. And make sure you can provide documentation of any other income you receive.

Financial records: including recent bank statements which show payments coming in and out, including debts, such as loan and credit card payments, and other expenses. You’ll also be asked to provide proof of where your deposit is coming from.

Finally, some mortgage products are only available via brokers, but others are only offered to direct applicants. Brokers aren’t obliged to tell you about these ‘direct only’ mortgages, but it’s worth asking if there are any that could be cheaper for you.

When you’ve found a home you want to make an offer on, your broker can make a full mortgage application for you.

Regardless of your situation, one of our experts at Bristol, Weston, Bath and Exeter Mortgages Online take the stress and legwork out of researching all the numerous options available. As fully independent mortgage brokers, we will investigate the whole of the market on your behalf and discuss the best options to meet your specific goals and circumstances.

Bristol Mortgages Online www.bristolmortgagesonline.com Tel 0117 325 1511

Bath Mortgages Online www.bathmortgagesonline.com Tel 01225 584 888

Weston Mortgages Online www.westonmortgagesonline.com Tel 01934 442 023

Exeter Mortgages Online www.exetermortgagesonline.com Tel 01392 690 888

Email info@swmortgages.com

Interest rates held at 5.25%: here’s what it could mean or mortgages

admin@swmortgages.com (Caz Blake-Symes) — Sat, 04 Nov 2023 12:45:47 GMT

Adapted from a Rightmove – Property News article 2 November 2023

The Bank of England (BoE) has announced it will hold the Base Rate at 5.25% again this month. This follows the same decision in September, when the Base Rate was held for the first time since 2021, after 14 consecutive rises.

The Bank had been raising interest rates to tackle high levels of inflation. The Government sets the Bank a target of 2% inflation, but it’s currently much higher, at 6.7%. The Bank is working towards reducing inflation to 5% by the end of the year.

But the right balance needs to be struck between lowering inflation and keeping the wider economy healthy. Today’s announcement shows the Bank’s belief that its plan to tackle high inflation is working. And that continuing to raise rates may have a negative knock-on effect to households’ and businesses’ finances, further down the line.

What’s happened to mortgage rates recently?

Base Rate increased in August and was held in September, but we’ve actually seen mortgage rates edge down through this period. This is because mortgage lenders were expecting this rise, and had already priced it into the rates they offered to borrowers.

We’ve also seen mortgage rates edge down over the past three months, from their peak at the end of July. The average 5-year fixed rate has fallen from 6.08% in July to 5.38% this week, and the average 2-year fixed rate has fallen from 6.61% in July, to 5.84%.

Swap rates – which dictate the underlying costs of mortgages for lenders – have continued to fall, even though we didn’t see a drop in inflation in September. So we can expect mortgage lenders to get even more competitive with their pricing in the coming weeks, and reduce rates even further.

What do the experts think?

Rightmove’s mortgage expert, Matt Smith, says: “A second consecutive pause is a good indicator that Base Rate has reached its peak, which will be reassuring to those looking to take out a mortgage soon. Today’s decision was widely expected, as many of the factors that contributed to the hold in September appear to be continuing. Plus, the drop in energy prices as a result of the recent Price Cap change means we’ll hopefully see a drop in inflation when next month’s figures are released.

“We’ve now seen the arrival of a sub-5%, 5-year fixed rate mortgage in the important 85% loan-to-value bracket: the deposit size we see for many first-time buyers and home-movers. After today’s news, we can expect mortgage rates to continue to edge downwards,” he adds.

What does the Base Rate hold mean for my current mortgage?

Changes to the Bank’s Base Rate can impact how much interest you’ll pay on loans, including mortgages. If you’re on a fixed-rate deal, your monthly payments won’t change until the end of your deal. And if you’re on a variable or tracker mortgage, this month’s Base Rate hold will mean your monthly payments remain the same.

If you’re coming to the end of your fixed-rate mortgage soon, you’ve probably already started to think about the rate you’ll be offered on your next deal. In July, the Mortgage Charter was launched to help those struggling to meet their monthly payments, as well as borrowers who are coming to an end of their fixed rates soon.

Under the Mortgage Charter, borrowers will be able to lock in a new deal up to six months before your expiring deal ends. You can also request a better like-for-like deal with your lender up to two weeks before your new term starts, if one is available.

When could interest rates start to drop?

The Bank of England’s Monetary Policy Committee meets about every six weeks to discuss and vote on whether interest rates should go up or down, or stay the same.

Though signs are showing that Base Rate is at its peak, it is likely to remain flat for most of 2024, before starting to drop. History has shown that after interest rates have increased over time, they have remained flat before starting to come down. So we might not expect to see Base Rate start to come down until the latter half of 2024, at the earliest. But this could move forward or backward, depending on changes in the broader economic environment.

The next decision on interest rates will be made on 14 December 2023

Our experts at Bristol, Weston, Bath and Exeter Mortgages Online, as fully independent mortgage brokers, will investigate the whole of the market on your behalf and discuss the best options to meet your specific goals and circumstances.

Bristol Mortgages Online www.bristolmortgagesonline.com Tel 0117 325 1511

Bath Mortgages Online www.bathmortgagesonline.com Tel 01225 584 888

Weston Mortgages Online www.westonmortgagesonline.com Tel 01934 442 023

Exeter Mortgages Online www.exetermortgagesonline.com Tel 01392 690 888

Email info@swmortgages.com

Let Us help you arrange your Critical Illness Cover

admin@swmortgages.com (Caz Blake-Symes) — Mon, 23 Oct 2023 15:54:06 GMT

As an Independent Mortgage Broker, we are not only mortgage specialists, but we can also access the whole market for your insurance protection needs too.

Many banks and building societies and estate agents are “tied” to one insurer, and therefore cannot compete with an independent specialist like us on cost or benefits as they only offer one product. This is a complex area and, in our view, is sometimes a more important decision than the mortgage. Whereas a mortgage deal may only last two or three years, the right protection could last the whole term!

We therefore always have a free face to face consultation with you and one of our experienced advisers to discuss your individual requirements to help us with our personal recommendations.

We have listed below a brief description of some of the many types of protection currently available, which may help narrow down your choices. Please feel free to call us and we will arrange an appointment with you at home, in your office, at one of our offices or via Zoom.

Critical Illness Cover

What is critical illness cover?

Critical illness insurance will pay out if you get one of a number of a specific medical conditions or injuries listed in the policy. But be aware that not all conditions are covered and the policy will also state how serious the condition must be.

Most policies will also consider permanent disabilities as a result of injury or illness. A critical illness policy only pays out once and then the policy ends. Some policies will make a smaller payment for less severe conditions, or if one of your children has one of the specified conditions.

What is not covered?

Some serious illnesses might not be covered, for example, some cancers and conditions not listed in the policy. You probably won’t be covered for health problems you knew you had before you took out the insurance, and this type of insurance does not pay out if you die. What’s covered and what’s not, will be set out in the policy details so make sure you’re fully aware of them and that they cover your needs. We guide you through all the considerations to find the right policy to meet your needs.

How much does it cost?

Your monthly payments will depend on a number of factors, including:

age
whether you smoke or have previously smoked
health (your current health, your weight, your family medical history)
job (some occupations carry a higher risk than others and may mean you have to pay more each month)
the amount of cover you take out

Our experienced and knowledgeable Advisers will talk you through all the policy options enabling you to make an informed decision regarding the best level of protection.

Other types of Protection products include:

Permanent Health Insurance/Income Protection

Provides a long-term, Tax-Free income, if you are unable to work due to accident or sickness, if eligible. This ideally would provide an income up to retirement. Some providers offer shorter term income payment periods, for example to the end of a mortgage term or for two or five years. If you are employed, this tends to commence from when your employer’s sick pay entitlement finishes. If you do not have sick pay or are self-employed, payments will commence as per your chosen deferment period, this is usually from 4 to 52 weeks.

Private Health Insurance

To provide cover to allow for any private medical treatment and may also provide an income while in an NHS hospital. Subject to limits and eligibility. This insurance may help avoid lengthy waits on the NHS by having a private consultation or procedure using this insurance.

Mortgage Payment Protection

Usually provides short term protection against sickness and/or redundancy. If you are eligible, cover can be from Day 1 or 30/60 days and lasts 12 - 24 months in either event.

Business & Commercial Cover

We will be delighted to provide you with quotations for any of the above insurance products. We also have access to excellent providers for Investment, Commercial and business Insurance.

Whether you are a sole trader, partnership or Limited company, Business protection is a vital safety net, and can take many forms, life and/or Critical Illness cover, Income protection, Key person or 'Key Man' insurance, and for Limited Companies, why not Let the Tax man pay for some of your life cover?

Home and Contents Cover

We will be pleased to run a comparison quote for either a new or existing policy for all your Home and/or Contents requirements.

Bristol Mortgages Online www.bristolmortgagesonline.com Tel 0117 325 1511

Bath Mortgages Online www.bathmortgagesonline.com Tel 01225 584 888

Weston Mortgages Online www.westonmortgagesonline.com Tel 01934 442 023

Exeter Mortgages Online www.exetermortgagesonline.com Tel 01392 690 888

Let Us help you arrange your Life Insurance

admin@swmortgages.com (Caz Blake-Symes) — Thu, 19 Oct 2023 11:08:50 GMT

As an Independent Mortgage Broker, we are not only mortgage specialists, but we can also access the whole market for your insurance protection needs too.

We therefore always have a free face to face consultation with you and one of our experienced advisers to discuss your individual requirements to help us with our personal recommendations.

Life Cover

What is life insurance?

Life insurance is a type of insurance policy designed to help cover your loved ones’ financial needs after your death. Most life insurance policies will pay out a lump sum of money if you die within the specified time period. This means that, regardless of your own financial situation, you can leave your family the money they need to use.

How does life insurance work?

Life insurance can help you protect your family after you’re gone, which means that policies pay out after you die. This money will usually be paid to the deceased’s estate and then managed through probate, unless the policy is written into trust with a named beneficiary in which case a lump sum would be paid out.

Types of life cover policies

Please note that we can quote you for life insurance, critical illness cover or a combination of both types of protection, to suit your specific requirements.

Decreasing term assurance

This product provides a lump sum on death. Cover decreases each year, in line with the balance of a repayment (capital & Interest) mortgage.

Level Term Assurance

As above, but cover remains level throughout the term.

Family income benefit plan

For this type of policy, after the death of the policyholder, the family/beneficiaries receive a monthly/annual payout over an agreed period of time, rather than a lump sum at the point of death.

Whole of Life cover

This type of policy covers the policyholder until their death, rather than during a fixed term. These policies will often have premium reviews built into the policy at prespecified times.

Bristol Mortgages Online www.bristolmortgagesonline.com Tel 0117 325 1511

Bath Mortgages Online www.bathmortgagesonline.com Tel 01225 584 888

Weston Mortgages Online www.westonmortgagesonline.com Tel 01934 442 023

Exeter Mortgages Online www.exetermortgagesonline.com Tel 01392 690 888

Email info@swmortgages.com

Buyers return to market as bank rate stalls

admin@swmortgages.com (Caz Blake-Symes) — Tue, 10 Oct 2023 11:18:25 GMT

Adapted from a Zoopla article by Nic Hopkirk, Senior 28 September 2023

Inflation drop and bank rate pause boosts buyer confidence as mortgage rates start to edge lower.

Key takeaways

The latest pause in bank rate rises has boosted buyer confidence
12% more buyers have returned to the market since August
And buyers aren’t making any compromises on what they want from their next home

Buyers, boosted by the prospect of lower mortgage rates, are returning to the housing market.

Estate agents have seen enquiries on homes for sale rise by 12% since the August bank holiday, while this improvement comes from a low base (buyer demand is still 33% down on what it was this time last year) demand is now closely tracking 2019 levels.

September traditionally sees more buyers returning to market, but this uptick in enquiries also demonstrates improved consumer confidence, which is now at a two-year high.

This is particularly good news for sellers in southern England and the capital, who have been hit hardest by rising mortgage rates impacting demand: buyer numbers are up 19% in the Southeast and 16% in London.

The number of new sales agreed has also increased and is now closely tracking 2019 levels. In 2021, the number of homes available for sale plummeted amid a buying frenzy. But supply levels are now returning, giving buyers more choice.

Prospect of lower mortgage rates boosts buyer confidence

Zoopla’s Executive Director of Research, Richard Donnell, says: ‘Better than expected inflation news and a pause in base rate rises have softened expectations over the trajectory of future borrowing costs. Our consistently held view is that mortgage rates over 5% mean lower sales and year-on-year price falls. The closer mortgage rates get to 4%, the more buyers will come back into the market, supporting sales and pricing levels.’

Buyers unwilling to compromise on next home priorities

Buyers aren’t giving up on their hopes of achieving a home that will suit their needs for the next 10 years. Rather than making compromises, first-time buyers are looking at longer mortgage terms to ensure the home they buy will suit their needs.

While mortgage rates running at over 5% have reduced buying power by 20%, buyers are still looking to buy the same type and size of property, at the same prices, as they were in the summer of 2022.

There are some regional variations: in London, for example, demand for apartments has increased among first-time buyers, but the overall trend is that buyers are holding out for the home they really want.

‘It seems many buyers are waiting for either a fall in house prices or mortgage rates,’ says Donnell. ‘This is why sales volumes are set to be 20% lower this year and 28% lower for those buying with a mortgage. An unwillingness to compromise is a rational approach as buying a home is a big and expensive life event. Younger buyers are taking out longer mortgages to boost buying power, as they want to buy a home they are going to be happy in for a decade or longer.’

House prices fall as buyers wait for lower mortgage rates

Many homeowners have delayed moving while the mortgage market has remained volatile this year and this, in turn, has impacted house prices.

Zoopla’s index has recorded a 0.5% price fall over the last year - the first annual decline for over a decade - since June 2012. The biggest house price falls are being seen in southern England, where homes are more expensive, meaning buyers need bigger mortgages to secure them. In Scotland, where prices are 40% below the UK average, annual house price growth is running at +1.6%. Over the whole of 2023, we expect house prices to fall 2-3% from where they were in 2022. But that would mean prices are still 17% higher than they were at the beginning of 2020.

Even if mortgage rates dip below 5%, house prices are likely to continue falling this year and into the first part of 2024. But a modest dip in prices isn’t enough to improve buyer affordability. That has to come from lower mortgage rates.

Bristol Mortgages Online www.bristolmortgagesonline.com Tel 0117 325 1511

Bath Mortgages Online www.bathmortgagesonline.com Tel 01225 584 888

Weston Mortgages Online www.westonmortgagesonline.com Tel 01934 442 023

Exeter Mortgages Online www.exetermortgagesonline.com Tel 01392 690 888

Email info@swmortgages.com

Wages rise as house prices stall: is housing affordability improving?

admin@swmortgages.com (Caz Blake-Symes) — Wed, 13 Sep 2023 09:20:19 GMT

Adapted from a Zoopla article by Nic Hopkirk 30 August 2023

Wages are rising fast than house prices right now. If mortgage rates come down, housing affordability will start to improve.

Key takeaways

Wages are growing as house prices are stalling.
House price growth is at a virtual standstill and we’re currently seeing the lowest annual growth since August 2012
All buyers need now, is lower mortgage rates to help them on their way.

There has been a rapid slow down in house price inflation over the last year, according to Zoopla’s House Price Index.

Weaker demand, more price sensitive buyers and fewer sales have caused house price growth to reach a virtual standstill, with prices rising just +0.1% since August 2022. That’s the lowest rate of annual growth seen since August 2012.

There is a clear north-south divide in house price inflation, with the south undergoing price reductions of -1%, while the north is seeing growth of up to 1.7% in Scotland.

Why are house prices going down in the south and up in the north?

More expensive homes, like those found in the south, need bigger mortgages to buy them.

Higher mortgage rates are therefore having a greater impact on buyers in the south, as they’ll need to save bigger deposits and earn higher incomes in order to buy a home.

Buyers are now effectively being priced out of the market in the south - and this weakening demand is pushing down house prices.

On the other hand, the more affordable markets in the north - and in particular Scotland - are holding up, as property prices are less expensive here and buyers don’t need to take out such big mortgages to buy them.

This north/south split in property prices is set to continue throughout the rest of 2023 and into 2024.

How first-time buyers help property prices to stay buoyant.

In areas where first-time buyers (FTBs) can still afford to purchase a home, property prices are holding up.

One in every three homes sold in the UK is bought by first-time buyers, most of whom are moving out of the private rental market.

In recent years, ultra-low mortgage rates meant monthly mortgage repayments worked out much cheaper than monthly rental payments.

This supported demand and led many FTBs to buy 3+ bedroom homes, bypassing the market for flats and smaller houses.

Today, with mortgage rates over 5%, this trend has now been reversed at a national level, making renting, on average, 10% cheaper than buying. This is despite the high growth in rents over recent years.

If a renter were to buy the home they rent with an 85% loan-to-value mortgage (using a 30-year term and paying a 5.6% mortgage rate) they would find it cheaper to buy than rent in these regions.

In fact, in Scotland and the North-East, average mortgage repayments are up to 18% lower than rental costs.

This saving for first-time buyers supports access to the housing market and demand for homes.

However, in the south of England, the reverse is true.

Where is it cheaper to buy than to rent?

Buying costs are higher than renting costs across all areas of the south - and up to 24% higher in London.

This means more FTBs are priced out of the sales market, increasing demand for rented homes.

When stress testing by mortgage lenders is taken into account, the actual position is worse for all FTBs.

Mortgage lenders require new borrowers to be able to afford higher mortgage ‘stress rates’ of closer to 8.5%, rather than the product rate of 5.6% used in this analysis.

Therefore, demand will be weaker and price reductions concentrated across southern England where affordability challenges are greatest.

One thing that might help FTBs is the increased number of ex-rental properties that are coming to market as landlords continue to sell their properties.

Ex-rental homes are usually priced 25% lower than similar homes on the wider market and are often more accessible to FTBs.

When will housing affordability improve for buyers in the south?

Housing affordability remains the primary barrier for buyers, whether because of the level of house prices or the cost of mortgage repayments.

The challenge is the greatest in southern England, where the household income needed to buy a home is over £75,000 in many market areas.

Higher mortgage rates over the last year have increased the monthly mortgage repayments for an average-priced home by £216 - a 23% increase.

Mortgage rates are now starting to drift lower but still remain over 5%.

We do expect them to fall below 5% later this year but it looks set to be a drawn-out process.

Mortgage rates all hinge on the financial markets, as they re-evaluate how much longer interest rates need to remain high to bring inflation back under control.

We expect lower mortgage rates to support more sales later this year and into 2024.

Bristol Mortgages Online www.bristolmortgagesonline.com Tel 0117 325 1511

Bath Mortgages Online www.bathmortgagesonline.com Tel 01225 584 888

Weston Mortgages Online www.westonmortgagesonline.com Tel 01934 442 023

Exeter Mortgages Online www.exetermortgagesonline.com Tel 01392 690 888

Email info@swmortgages.com

Some of the UK’s biggest lenders cut mortgage interest rates

admin@swmortgages.com (Caz Blake-Symes) — Mon, 14 Aug 2023 10:30:19 GMT

Adapted from a BBC article by Kevin Peachey & Lora Jones

Halifax joins rivals in cutting mortgage rates. Halifax is set to sharply cut rates on some of its fixed mortgage deals, potentially easing pressure on some homeowners.

The UK's biggest mortgage lender will reduce rates by up to 0.71 percentage points from Friday, with a five-year fixed deal priced at 5.39% from 6.10%. Other lenders such as HSBC, Nationwide and TSB have cut some rates.

Mortgage rates have risen as the Bank of England has pushed up interest rates in a bid to tame soaring prices. Rates will be cut by Halifax across a range of products on offer, with smaller reductions on two-year fixed deals and some aimed at first-time buyers.

Other big mortgage lenders have been cutting rates this week, with some experts suggesting it could be a sign that high inflation - which measures the rate of price rises - is easing.

While inflation has slowed, at 7.9% it remains nearly four times higher than the Bank of England's 2% target. The Bank of England lifted interest rates up for the 14th time in a row last week from 5% to 5.25%.

Higher interest rates mean people have to pay more for their mortgages, for example, which means they have less money to spend on other things.

Among the rate reductions, HSBC has cut some homebuyer, first-time buyer and re-mortgage rates on offer by up to 0.35 percentage points, as well as adding a £500 cashback incentive to some deals.

Nationwide is also reducing the rates on offer for those re-mortgaging by up to 0.35% across two, three and five-year fixed deals.

Aaron Strutt, from mortgage broker Trinity Financial, suggested: "More of the larger banks and building societies are lowering their rates, which is good news especially given the scale of rate increases we have seen in recent months, It would not be a surprise if more of them improve their rates over the coming weeks,"

Bristol Mortgages Online www.bristolmortgagesonline.com Tel 0117 325 1511

Bath Mortgages Online www.bathmortgagesonline.com Tel 01225 584 888

Weston Mortgages Online www.westonmortgagesonline.com Tel 01934 442 023

Exeter Mortgages Online www.exetermortgagesonline.com Tel 01392 690 888

Email info@swmortgages.com

Interest rates: Big rise less likely after inflation surprise

admin@swmortgages.com (Caz Blake-Symes) — Thu, 20 Jul 2023 15:14:35 GMT

Adapted from a BBC article by Daniel Thomas , Faisal Islam & Dharshini David

Interest rates are predicted to rise less sharply after the UK saw a surprise drop in inflation in June.

The Bank of England has raised rates 13 times since December 2021 to try to cool soaring price rises, driving up borrowing costs for millions.

Experts say it is now under less pressure to act after inflation slowed to 7.9% in June, down from 8.7% the previous month. It means UK inflation has dropped to its lowest level in more than a year.

Falling fuel prices contributed to the slowdown in June, while food prices are rising less quickly, according to the Office for National Statistics (ONS) which publishes the figures.

However, the UK's inflation rate remains almost four times higher than the Bank's official 2% target - and far above other developed countries. In the US, inflation is 3%, and in the eurozone it is 5.5%.

"It is a large drop [in the UK] but let's not forget that last month we saw no change at all in headline inflation so in some ways what we are seeing this morning is catching up with the falls we've seen in other similar countries," ONS chief economist Grant Fitzner told the BBC's Today Programme.

Prices of food, energy and services have shot up since last year, squeezing household incomes.

To tackle the problem the Bank has raised interest rates from near zero to their current level of 5%. The idea is that by making borrowing more expensive, consumers will spend less and price rises will cool.

Rising interest rates have also driven up mortgage borrowing costs to their highest level in 15 years, leaving millions of homeowners facing higher monthly repayments.

On Wednesday 19 July, the average two-year fixed residential mortgage rate crept up to 6.81%, while the five-year rate was 6.33%. This time last year rates were closer to 3%.

With inflation finally falling by more than expected, economists are scaling down their expectations of immediate interest rate rises - although they still think there are more in store.

Our experts at Bristol, Weston, Bath and Exeter Mortgages Online take the stress and legwork out of researching all the numerous options available. As fully independent mortgage brokers, we will investigate the whole of the market on your behalf and discuss the best options to meet your specific goals and circumstances.

Bristol Mortgages Online www.bristolmortgagesonline.com Tel 0117 325 1511

Bath Mortgages Online www.bathmortgagesonline.com Tel 01225 584 888

Weston Mortgages Online www.westonmortgagesonline.com Tel 01934 442 023

Exeter Mortgages Online www.exetermortgagesonline.com Tel 01392 690 888

Email info@swmortgages.com

What is the new Mortgage Charter for Lenders?

admin@swmortgages.com (Caz Blake-Symes) — Mon, 17 Jul 2023 10:33:49 GMT

Overview from The Chancellor

Following our meetings in December and June the principal mortgage lenders have agreed to set out here the commitments they make to their regulated residential mortgage borrowers. The Financial Conduct Authority has set out actions it will take to support these commitments. I welcome their moves to support borrowers.

These measures should offer comfort to those who are anxious about high interest rates and support for those who do get into difficulty. As we have consistently shown through the pandemic, and the consequences of the war in Ukraine, we will always be on the side of households.

Tackling high inflation is the Prime Minister’s and my number one priority. We are absolutely committed to supporting the Bank of England to do what it takes. We know the pressure that families are feeling. That’s why we’ve introduced one of the largest support packages in Europe worth £94 billion, or £3,300 per household on average over this year and last.

But we will do what it takes, and we won’t flinch in our resolve because we know that getting rid of high inflation from our economy is the only way that we can ultimately relieve pressure on family finances and on businesses.

Rt Hon Jeremy Hunt MP, Chancellor of the Exchequer

Introduction by David Postings, CEO UK Finance

High inflation harms everyone right across the economy, and the only way we can keep costs and mortgage rates down is to tackle the root causes of inflation. The Government is committed to halving inflation by the end of the year, and supporting the Bank of England’s work to return it to 2%.

However, we recognise this is a concerning time for mortgage holders, particularly those who are due to come to the end of their existing deal in the immediate future.

Any borrower who can meet their new payments should continue to do so. This will always be the best course of action, and will always mean you pay less interest overall.

But in light of the current pressures on households, and following the commitments agreed to support borrowers in December, the Chancellor met with the UK’s largest mortgage lenders, UK Finance and the FCA on Friday (23 June). At this meeting, lenders agreed to new commitments to support borrowers to help them as we go through this difficult period. It is understandable that people will be worried right now, particularly if their current mortgage deal is due to end soon.

The banks, building societies and credit unions recognise and appreciate this and there is a lot of support available. They have been working to proactively support their customers and will redouble these efforts to help borrowers through the coming months. They have already proactively contacted millions of customers to offer additional support and following the agreement of this new Charter will be taking further steps to support borrowers.

Whilst this is an uncertain time the latest market indicators (FCA; UK Finance) show that mortgage arrears and defaults remain below pre-pandemic levels, which were themselves extremely low. The FCA reported 0.86% of total residential mortgage balances in arrears in the first quarter of 2023 which is significantly lower than the 3.32% rate in 2009.

The average homeowner re-mortgaging over the last twelve months had around a 50% loan-to-value ratio. This indicates homeowners have considerable equity in their homes. Lenders have around 10% ‘owner-occupier mortgages’ on their books with loan-to-value rates greater than 75%, compared to around 25% before the 2008 financial crisis. Taken together, this puts the market in a significantly stronger position than before.

But we must not be complacent. And that is why the lenders, including the nation’s largest, the FCA, UK Finance, the Government and others including the Building Societies’ Association have come together to provide borrowers with this Charter to give borrowers the necessary reassurance and support through these difficult times.

Lenders recognise and understand this is an anxious time for mortgage customers and there is a lot of support available. Lenders have been contacting and supporting millions of customers and are working with the government and regulators to continue to deliver a range of support options for customers. Anyone who is worried about their finances should contact their lender to find out what options are available to help. Contacting your lender to talk about the options available will not impact your credit score.

David Postings, CEO UK Finance

Nikhil Rathi, Chief Executive of the Financial Conduct Authority confirms

“This Charter builds on the work we and lenders have done over recent years to ensure those who get into difficulty receive the support they need. The additional commitments from signatories provides customers with clarity and certainty on how they can expect to be treated. Mortgages remain a priority for the FCA, and we will continue to work closely with lenders to ensure borrowers are supported, as part of our work on consumers who might face financial difficulties.”

The Charter

The UK’s largest mortgage lenders and the Financial Conduct Authority have agreed with the Chancellor a set of standards that they will adopt when helping their regulated residential mortgage borrowers worried about higher rates.

No lender wants to repossess someone’s home. And repossession is only done as either a last resort or when it is in the financial interests of the borrower. For this reason all lenders have an extensive range of measures that they use for customers experiencing difficulties. They will continue to use these in conjunction with the new measures agreed by the signatories to this Charter:

All lenders have agreed:

· Anyone worried about their mortgage repayments can contact their lender for help and guidance, without any impact on their credit file and we would encourage you to contact your bank who are there to help.

· Support for customers who are up-to-date with payments to switch to a new mortgage deal at the end of their existing fixed rate deal without another affordability check.

· Lenders will provide well-timed information to help customers plan ahead should their current rate be due to end.

· Lenders will offer tailored support for anyone struggling and deploy highly trained staff to help customers. This could mean extending their term to reduce their payments, offering a switch to interest only payments, but also a range of other options like a temporary payment deferral or part interest-part repayment. The right option will depend on the customer’s circumstances.

Signatories to this Charter have agreed:

· From 26th June, a borrower will not be forced to leave their home without their consent unless in exceptional circumstances, in less than a year from their first missed payment.

· With effect from 10th July customers approaching the end of a fixed rate deal will have the chance to lock in a deal up to six months ahead. They will also be able to manage their new deal and request a better like for like deal with their lender right up until their new term starts, if one is available.

· A new deal between lenders, the FCA and the government permitting customers who are up to date with their payments to:

o Switch to interest-only payments for six months or

o extend their mortgage term to reduce their monthly payments and give customers the option to revert to their original term within 6 months by contacting their lender

These options can be taken by customers who are up to date with their payments without a new affordability check or affecting their credit score. Customers who are currently in arrears should continue to work with their lender for the support that they need.

The government confirmed it has delivered:

· action to make Support for Mortgage Interest easier to access; if you are on Universal Credit you can now receive help with your mortgage interest payments after three months

· record levels of funding for the Money and Pensions Service to provide debt advice in England

The FCA has introduced:

· new guidance clarifying how lenders can support borrowers impacted by the rising cost of living

· information for borrowers on the options and support available if they are struggling with payment

UK Finance, the trade association for mortgage lenders, will be launching a communications campaign to ensure customers know what to expect if they need support from their lender.

Next steps

The lenders, UK finance and the FCA have committed to implementing the full Charter at pace. It is important that borrowers have access to these new measures as soon as possible. It will require changes to the FCA rulebook as well as changes to lenders’ procedures. They will move quickly over the coming days and weeks to implement the Charter and will provide Government with an update on progress by Friday 30 June.

The FCA will work rapidly with signatories in order to adopt the necessary rules by Friday 30 June. The FCA’s Consumer Duty coming into force in July will also enable the FCA to support implementation of the Charter by its signatories.

The Prudential Regulation Authority have confirmed that the measures agreed in this Charter are not expected to lead to an immediate or automatic increase in capital requirements for banks, depending on the circumstances.

Participating mortgage lenders, led by UK Finance, will launch a communications campaign ensuring borrowers know what to expect when they contact their lender.

To view the full announcement by the Government please visit

www.gov.uk/government/publications/mortgage-charter/mortgage-charter

Regardless of your situation, one of our experts at Bristol, Weston, Bath and Exeter Mortgages Online take the stress and worries from you and can discuss all options available to you. As fully independent mortgage brokers, we will investigate the whole of the market on your behalf and discuss the best options to meet your specific goals and circumstances.

Bristol Mortgages Online www.bristolmortgagesonline.com Tel 0117 325 1511

Bath Mortgages Online www.bathmortgagesonline.com Tel 01225 584 888

Weston Mortgages Online www.westonmortgagesonline.com Tel 01934 442 023

Exeter Mortgages Online www.exetermortgagesonline.com Tel 01392 690 888

Email info@swmortgages.com

Congratulations to Mr & Mrs Green!

admin@swmortgages.com (Caz Blake-Symes) — Wed, 12 Jul 2023 10:51:52 GMT

Congratulations to Russell and Harriet who tied the knot on 23 June!

It was a beautiful day with the ceremony, reception and evening party being held at Bowood Hotel, Spa and Golf Resort on the stunning Bowood Estate in Wiltshire.

The weather was absolutely perfect, and Russell and Harriet were surrounded by family and friends.

Both were completely overwhelmed by the generosity and kindness shown by all their guests.

Russell’s children, Ellie and Jacob played important roles in the ceremony. Ellie was a beautiful bridesmaid and Jacob did a very good job of being the ring bearer.

Russell recently set up our Weston Mortgages Online Branch and Harriet supports Russell with his Life and Protection cover applications.

We wish them every happiness for their future together.

Useful items for a Speedy Mortgage

admin@swmortgages.com (Caz Blake-Symes) — Tue, 04 Jul 2023 09:10:29 GMT

We are frequently asked what documentation is needed for your application.

We will initially send you a short questionnaire which we would ask you to complete in as much detail as possible, as this provides us with an excellent overview of you and your requirements from the outset.

As part of the mortgage application process there are a number of important documents, we require from you and obtaining these as early as possible is vitally important for two key reasons. Firstly, it will help us have a full understanding of your situation meaning that we can provide you with the best possible advice. Secondly, it will ensure that once your mortgage application meets all the regulated compliance and FCA money laundering requirements, it will progress as smoothly as possible. Please note in most cases we can accept scans of documents unless specified below. Scans in PDF format are preferable to photographed documents. The information requested will be needed for each applicant.

Identification Documents

• Government issued photo identification documents i.e. a current Passport or Driving License.

• For non-UK nationals, your National Identity Card.

• These documents will need to be certified either by the post office or Solicitor. Our Advisers Phillip Clark, Russell Green and Chris Seward can certify your documents by prior arrangement.

• Please note is you have changed your name through marriage or deed poll, we will need the relevant supporting document.

Proof of Address.

• We will also need to verify your current/previous address/es, for the past three years, we will require:

• A utility bill with your name and current address on and dated within the last three months e.g., gas,

• electric, council tax or water bill. We cannot accept mobile phone bills for this purpose.

• If you do not have a suitable bill that we can use, we can accept a recent bank statement showing your full name and address.

Please download our PDF for full details here

Bristol Mortgages Online www.bristolmortgagesonline.com Tel 0117 325 1511

Bath Mortgages Online www.bathmortgagesonline.com Tel 01225 584 888

Weston Mortgages Online www.westonmortgagesonline.com Tel 01934 442 023

Exeter Mortgages Online www.exetermortgagesonline.com Tel 01392 690 888

Email info@swmortgages.co

As interest rates rise even further, is a mortgage payment holiday an option?

admin@swmortgages.com (Caz Blake-Symes) — Thu, 22 Jun 2023 15:54:28 GMT

The Bank of England has raised interest rates for a 13th consecutive time, as it tries to tackle rising prices. Official data on Wednesday 21 June showed that inflation, the annual rate at which prices go up, was stuck at 8.7% in May.

The increase is from 4.5% to 5%, despite hopes that the increase would only be .25%.

Interest rates remain its primary tool to lower inflation, despite debate over its effectiveness. This change will mean further pain for some homeowners, but it could benefit savers.

Mortgage Payment Holidays.

If you are struggling to pay your mortgage and need time to sort out your finances, one option might be to have a mortgage payment holiday, but this option needs to be carefully considered.

What is a mortgage payment holiday?

A mortgage payment holiday is an agreement you might be able to make with your lender that allows you temporarily to stop or reduce your monthly mortgage repayments.

For example, depending on your circumstances and previous payment history, you might be able to take a break for up to six months.

Not all mortgages offer the option of a mortgage payment holiday – it depends on the product’s terms and conditions.

Qualifying for a mortgage payment holiday

Whether you qualify to take a payment holiday, for how long, and the conditions you must meet first will depend on:

your lender
the mortgage contract, and
your financial circumstances.

Often, to qualify for a payment holiday, you’ll need to have previously overpaid your mortgage. That means paying more than your agreed monthly payments until you’ve built up enough credit to take a break from payments.

However, your lender might also allow you to reduce or suspend mortgage payments if you’re temporarily struggling to meet the monthly cost due to a change of circumstance, such as redundancy or going on maternity leave.

If you’re in mortgage arrears you won’t qualify for a mortgage payment holiday. But don’t let that stop you contacting your lender. They’ll be keen to help you come to an arrangement.

Pros of a mortgage holiday

The biggest positive about a payment holiday is that it relieves some pressure for a while.
For a time, you have one less thing to worry about when considering your outgoings.
If you’re only facing a temporary drop in income, perhaps because you or your partner are having a baby and the mortgage holiday is to cover the maternity leave period, this can be a sensible move.

Cons of a mortgage holiday

While a mortgage holiday can be a useful short-term solution, it’s not suitable if you can’t afford your mortgage payments because your household income has reduced permanently.

There are several important things to bear in mind:

While you’re not making mortgage payments, you’re still racking up interest on your remaining mortgage balance.
·When the payment holiday ends, your outstanding mortgage balance and mortgage payments may be higher than they were before the holiday.
Even if your lender agrees to this temporary solution, your credit file will be affected. This could affect your ability to get credit in the future.

How to apply for a mortgage holiday

Check with your lender and have a look at your mortgage terms and conditions to see if you’re able to take a mortgage holiday and if they are allowed under your mortgage agreement.

The criteria will vary from lender to lender:

The length of your payment holiday is usually at the lender’s discretion and tailored to your personal circumstances.
Typically, you will often have needed to have made payments on time for a minimum period before you qualify to take a mortgage holiday.
Your ability to take a mortgage holiday also depends on the size of your mortgage and the value of your home. Some lenders will only allow a mortgage holiday if the loan-to-value of your mortgage is lower than 80%.

Bristol Mortgages Online www.bristolmortgagesonline.com Tel 0117 325 1511

Bath Mortgages Online www.bathmortgagesonline.com Tel 01225 584 888

Weston Mortgages Online www.westonmortgagesonline.com Tel 01934 442 023

Exeter Mortgages Online www.exetermortgagesonline.com Tel 01392 690 888

Email info@swmortgages.co m

Key Worker and Public Sector Mortgages

admin@swmortgages.com (Caz Blake-Symes) — Thu, 15 Jun 2023 08:53:25 GMT

Over the years the team at Bristol, Weston, Bath and Exeter Mortgages Online have worked with hundreds of Key Worker clients, often referred to as Essential Workers, to ensure that we offer them the best value and suitable mortgage.

What type of mortgages do we offer Key Workers?

We offer a full range of mortgages including:

First time buyer mortgages.
Remortgages.
Home buyer mortgages.
Shared ownership mortgages.
Buy to let mortgages.
Let to Buy Mortgages.
Joint Borrower - Sole Proprietor mortgages.

We also offer a full range of protection products including:

Life insurance.
Critical illness cover
Employment protection.

We work with many specialist lenders, who will look favourably at those employed in the public sector, as often key workers are in professional positions with stable long term contracts.

Who is eligible?

NHS staff, including doctors, nurses and clinical support workers.
Ambulance drivers and paramedics.
Firefighters are those employed in the fire service.
Teachers and those employed in the education sector.

What is the criteria?

Applicants must have a job offer letter, for a new starter.
All applicants will need proof of income, salary slips are acceptable.
Certain lenders will accept proof of bank and agency earnings.
Usual affordability checks will apply.

As from 1 June 2023, we offer Key Workers the following.

FREE advice
FREE consultation either face to face, on the telephone or via Zoom.
Flexible appointment times to fit in with shift patterns.
FREE Agreement in Principle
50% off our fees.

What to do next

Our policy is that any applicants that are Key Workers, only deal with one of our Directors Phil Clark, Russell Green or Chris Seward.

Bristol Mortgages Online www.bristolmortgagesonline.com Tel 0117 325 1511

Bath Mortgages Online www.bathmortgagesonline.com Tel 01225 584 888

Weston Mortgages Online www.westonmortgagesonline.com Tel 01934 442 023

Exeter Mortgages Online www.exetermortgagesonline.com Tel 01392 690 888

Email info@swmortgages.com

#keyworkermortgage

#nhsworkermortgages

#publicsectormortgage

#greatvaluemortgage

#firsttimebuyermortgage

#freeconsultation

#remortgage

#mortgagebroker

#mortgageadviser

The Mortgage Works review their lending criteria and offer 80% LTV

admin@swmortgages.com (Caz Blake-Symes) — Tue, 13 Jun 2023 09:41:31 GMT

The Mortgage Works is part of the Nationwide Group and are a specialist lender, only dealing with Intermediaries and directly with Mortgage Brokers like Bristol, Weston, Bath and Exeter Mortgages Online.

We place a great deal of our Buy to Let, Let to Buy and Limited Company mortgages through TMW. We are always pleased to recommend TMW based on rates, deal structure and their very good level of service.

As of June 2023, TMW have reviewed and refined their affordability criteria.

Their wide range of products include 1, 2, 5 and 10-year fixed deals.

Some of the changes made are as follows:

Simplified stress rates for purchases and remortgages
Increased borrowing exposure through TMW and the Nationwide Group
Changes to their Interest Cover Ratios
Reduced Portfolio Stress testing

Changes to Interest Cover Ratios

These are differing percentages depending on the investment type and ownership type including

Buy to Let and Let to Buy
HMO and Limited Company HMO
Limited Company Buy to Lets

On the whole these changes mean that TMW will be able to offer increased maximum borrowing where the product term is 5 years or more, or if it is a like-for-like remortgage. But does also mean that maximum borrowing will be less for terms under 5 years.

There are numerous variations on all the different products on offer, the simplest solution is to call us and we can give you specific quotations to match your specific needs. We will also look at all lenders at the time of quoting to ensure the best products are offered to you from across the market.

80% LTV

TMW are reintroducing 80% LTV products for new business applications. Available across their standard Buy to Let, Limited Company and Let to Buy ranges, these products will be eligible for properties with an EPC rating of A to C.

The range will include Purchase, Remortgage and Further Advance products. It will also offer a choice of 2 and 5 year fixed rate terms, as well as different fee and incentive options.

What to do next

These changes offer a wider range of products to many investors, and we will be delighted to discuss any of your specific funding requirements and carry out any portfolio reviews with you.

Our policy is that investors only deal with our Directors Phil Clark, Russell Green and Chris Seward.

Bristol Mortgages Online www.bristolmortgagesonline.com Tel 0117 325 1511

Bath Mortgages Online www.bathmortgagesonline.com Tel 01225 584 888

Weston Mortgages Online www.westonmortgagesonline.com Tel 01934 442 023

Exeter Mortgages Online www.exetermortgagesonline.com Tel 01392 690 888

Email info@swmortgages.com

Zoopla House Price Report - May 2023

admin@swmortgages.com (Caz Blake-Symes) — Tue, 06 Jun 2023 13:33:58 GMT

Adapted from a Zoopla article by Richard Donnell Executive Director – Research30 May 2023

Buyers and sellers are back doing business but the outlook for the housing market hangs in the balance. Our House Price Index looks at the latest housing trends in May 2023 and why recent inflation figures might put a brake on market activity.

Key takeaways

UK house prices have fallen 1.3% in the last 6 months but they’re no longer falling as quickly.
Lower mortgage rates in the first half of 2023 have supported an increase in housing market activity.
More homeowners are putting their house up for sale as confidence improves.
Housing market conditions vary across the country with weaker demand in areas where house prices have risen the most.
Mortgage regulations have limited the impact of higher mortgage rates on house prices so far.
But the increased likelihood of further interest rate rises, meaning higher mortgage rates, is likely to weaken demand and market activity in the second half of the year.

House prices fall 1.3% in last 6 months - but they’re no longer falling as quickly.

UK house prices and activity in the housing market are continuing to adjust to higher mortgage rates and rising living costs.

Our UK House Price Index for May 2023 shows a 1.3% drop in house prices over the last 6 months.

More recently, house prices have been falling more slowly than they did at the end of 2022 as buyers have started to regain some confidence.

At the same time, the number of property sales in the UK has increased thanks to lower mortgage rates over recent months and the strong labour market.

The annual rate of house price growth is 1.9% for the UK - down from 9.6% last year - ranging from -0.2% in London to 3.6% in Wales. We expect house prices to remain broadly the same for the rest of the year.

However, the latest inflation data is higher than expected. This increases the likelihood of a further Bank Rate rise.

This will have a knock-on effect on mortgage rates - which could now edge higher in the coming weeks.

This would reduce buying power for those using a mortgage and limit the ability of buyers to move, keeping house price growth very low in the second half of the year with the likelihood prices could drift lower.

Meanwhile, the number of property sales in 2023 is on track to be 20% lower than last year.

More homeowners put their house up for sale as market confidence improves.

Our House Price Index for May 2023 shows that the number of new sales agreed in the last four weeks is 11% higher than the five-year average for the same period.

This is boosting the flow of homes for sale because many buyers are also selling their home at the same time. The flow of homes coming onto the market is up 16% on the 5-year average.

However, it’s vital that sellers remain realistic on pricing to attract buyer interest if they are serious about selling.

18% of homes currently for sale on Zoopla have had the asking price cut by 5% or more - but in February, this figure was 28%.

Price reductions typically come 8 weeks after the first listing as sellers try to boost interest from buyers.

Landlord sales add to the supply of properties for sale.

Some landlords are adding to supply levels by selling their properties to rationalise their portfolios and avoid the impact of higher mortgage rates.

Our Index shows that 1 in 10 (11%) of homes currently listed for sale were previously rented out. This figure peaked at 14% in 2020 during the pandemic and has gradually decreased since then.

Five years ago, around 50% of these rental properties listed for sale returned to the rental market - either unsold or bought by another investor. However, only a third are returning to the rental market more recently.

These ex-rented properties are 25% cheaper in asking price than owned homes (£190,000 vs £250,000). They are appealing to first-time buyers, particularly considering tougher buying conditions this year.

Housing market conditions vary across the country in May 2023

Our House Price Index tracks sold house prices across the country and it shows that the housing market looks very different across Great Britain.

Scotland, the Northeast and London continue to have the highest buyer demand and 10% more agreed sales than the national average.

In the Midlands, Southeast, Southwest and East of England on the other hand, buyer demand remains below average. These are areas where house prices rose the most over the last 3 years.

Together with higher mortgage rates and the cost of living, fewer buyers can afford the boosted house prices in these areas.

However, there are still more sales than average across the Midlands and the South of England, showing a good number of active buyers in the market to move.

No build-up in unsold houses sitting on the market.

While demand is weaker and supply is rising, there’s no backlog of unsold houses sitting on the market.

The number of homes listed for more than 90 days is in line with the 5-year average in most areas.

New sellers need to set their asking price carefully, but there are no large house price falls looming to clear housing stock at this stage.

Buyer demand is weaker where house prices have risen faster than earnings.

The difference in regional housing markets can be explained by how much house price growth each region has seen in the last 7 years.

Above-average house price growth has made some areas unaffordable and increased the sensitivity of would-be home buyers to higher mortgage rates.

House price growth over the last 7 years has ranged from 12% in London to 47% in Wales. During that time, average earnings increased 30% in the UK.

So those areas like Wales - where house price growth has considerably outpaced earnings - are where buyer demand is below average at present.

In contrast, the regions and countries with the lowest rate of house price growth since 2016 are seeing more activity from buyers and sellers.

In London, house prices are twice the UK average - but below-average house price growth over the last 7 years means affordability has improved.

The capital is still expensive but offers better value for would-be buyers, especially for flats which are unchanged in average value since 2016.

What’s more, higher migration into the UK is likely to be supporting above-average activity in London’s housing market.

Has the housing market avoided a house price crash?

A big increase in the cost of mortgage borrowing would historically precede a fall in house prices.

But the impact of higher mortgage rates is less pronounced than in the past. This is thanks to mortgage regulations introduced by the Bank of England in 2015.

Anyone taking a mortgage since then has had to prove to their bank that they could afford a 6.5-7% rate, even if they were paying a 1-2% rate.

It’s as if the housing market has been operating at 6-7% mortgage rates already. This is a key reason we’ve seen only a small impact on house prices so far.

Now, most banks are testing buyers’ affordability for 8% mortgage rates or higher, which has limited demand and sale numbers in 2023.

What will it mean for the housing market if mortgage rates edge higher from May 2023?

The increase in UK housing market activity this year is down to average mortgage rates falling back towards 4%, in line with the underlying cost of fixed-rate finance to banks.

However, this underlying cost jumped at the end of May, which implies that we could see an increase in mortgage rates in the near term.

This trend has been building during May as concerns over inflation have risen.

The robust housing market activity in the last 2 months indicates that 4-4.5% mortgage rates are generally manageable for home buyers - despite this being double the rates of late 2021. But higher living costs are also eroding spending power.

With mortgage rates of 4-5%, we expect our Index to show annual UK house price growth of +2% to -2% and circa 1 million sales a year, as long as the labour market remains strong.

The more mortgage rates move above 5%, the greater the impact on people’s ability to get a mortgage and buy a home, and the greater likelihood that UK house prices will start to fall.

Banks have mortgage funding at the current rates for the next few months from May, so rates should not jump immediately - although they are starting to increase rates on their best deals.

Much depends on financial markets and their assessment of the outlook for short-term interest rates.

Overall, it seems likely that the housing market momentum of spring 2023 will weaken in the second half of the year, with the impact depending on the outlook for mortgage rates. But falling energy bills and rising earnings continue to support buying power and offset the impact of higher mortgage rates.

To see the full article on Zoopla please visit https://www.zoopla.co.uk/discover/property-news/house-price-index-may-2023/

Bristol Mortgages Online www.bristolmortgagesonline.com Tel 0117 325 1511

Bath Mortgages Online www.bathmortgagesonline.com Tel 01225 584 888

Weston Mortgages Online www.westonmortgagesonline.com Tel 01934 442 023

Exeter Mortgages Online www.exetermortgagesonline.com Tel 01392 690 888

Email info@swmortgages.com

Five new mortgage products aiming to beat interest rate increases.

admin@swmortgages.com (Caz Blake-Symes) — Thu, 25 May 2023 10:51:09 GMT

Adapted from a BBC article by Simon Read & Jennifer Meierhans 21 May 2023

Mortgage lenders are offering new products to people struggling to borrow money because of climbing interest rates, which the Bank of England recently raised for the 12th consecutive time, to 4.5%.

People with mortgages tied to this base rate are now paying hundreds more a month and first-time buyers are struggling to get a deal at all.

As a result, banks and building societies are offering deals for first-time buyers without a deposit - or people trying to renew their mortgage.

Here is a look at five new products lenders are offering, and whether they might catch on.

No-deposit mortgages

You can apply for a new deposit-free deal through Skipton, the UK's fourth largest building society. It is available for the same amount as you currently pay in rent and unlike other 100% mortgages, it doesn't need a guarantor.

But when the BBC went to the North Yorkshire market town the building society is named after, not everyone was sold on the idea.

Holly Wardman lives in the nearby village of Carleton, where rent is cheaper, and put her £625-a-month rent into the company's affordability calculator.

"It said I could borrow just over £116,000, there's no way I'm going to get anywhere in Skipton for that money," the 24-year-old teacher told the BBC.

Chris Sykes, technical director at mortgage broker Private Finance, said: "The deal won't help everyone, but will maybe allow some people to get on the property ladder."

If you have parents to turn to there are deals that allow them to help, said David Hollingworth, associate director at L&C Mortgages. For example, the Barclays Family Springboard mortgage uses your family or friends' savings to get your own no-deposit mortgage and pay them back with interest.

Smaller lenders like Buckinghamshire, Loughborough and Tipton have similar schemes. "But these require additional collateral like cash or equity in the parental home," Mr Hollingworth said.

The idea that other lenders could follow Skipton in offering zero-deposit mortgages may not be welcomed by everyone - riskier mortgages with a high loan-to-value ratio were a cause of the 2008 financial crash. But mortgage expert Andrew Montlake said it could work if the loans were "underwritten sensibly".

Removing the stress test

Lenders want to know that you can afford your mortgage in the future even if interest rates rise - this is known as the stress test.

Many potential first-time buyers are being turned down for this reason. But a long-term fixed-rate mortgage reduces the risk to lenders and can therefore help buyers get on the ladder.

Kensington Mortgages, which was taken over by Barclays in March, has a 40-year deal, the longest currently on offer.

Mr Sykes at Private Finance said: "I would love to see more similar products in the future. More in the market would encourage competition and lower rates."

But Mr Hollingworth at L&C Mortgages warned that rates can be high at the moment so locking in for a long time "won't be for everyone".

Zero-interest loans for green improvements

While mortgage rates have been climbing, so have energy bills - although the amount households pay for gas and electricity is due to drop in July with a new price cap.

If you are looking to make your home more energy efficient to save on bills, there are a range of interesting offers from lenders to encourage you.

From 1 June, Nationwide building society will offer a 0% loan to existing mortgage customers wanting to spend up to £15,000 on energy-efficient home improvements such as solar panels, window upgrades or an electric car charging point.

Other lenders may follow suit, said Mark Harris, chief executive of mortgage broker SPF Private Clients.

Too old to borrow?

Some older people looking to renew or take out their first mortgage are being turned away by lenders because the length of time they have to pay back is too short.

Some lenders have become more flexible about age limits, with deals available for borrowers often until they reach 80.

"It has been an opportunity for niche lenders to enhance their criteria around older borrowers and take other factors into account, such as rental income or pensions," said Mr Sykes.

Smaller building societies around the country - such as Hinckley & Rugby, Tipton, and Teachers - have been particularly open to older borrowers, as long as they pass their usual affordability tests.

Overpaying to reduce overall cost

If you're in the fortunate position to be able to overpay on your mortgage you could save thousands on the overall cost.

For instance, with a £350,000 loan you could normally overpay up to 10% a year - up to £35,000 - saving you roughly £1,600 a year on a 4.5% mortgage.

You would usually be charged a redemption penalty for repaying more than 10% of the loan, which can make it unwise - but NatWest Bank has doubled the amount it allows borrowers to overpay, to 20%, which means savings can be even higher.

"It's a good innovation which we hope to see other lenders follow," said Mr Sykes.

Bristol Mortgages Online www.bristolmortgagesonline.com Tel 0117 325 1511

Bath Mortgages Online www.bathmortgagesonline.com Tel 01225 584 888

Weston Mortgages Online www.westonmortgagesonline.com Tel 01934 442 023

Exeter Mortgages Online www.exetermortgagesonline.com Tel 01392 690 888

Email info@swmortgages.com

Another Interest Rate Rise – what should you do?

admin@swmortgages.com (Caz Blake-Symes) — Fri, 12 May 2023 10:03:18 GMT

The Bank of England interest rate increased 0.25 percentage points to 4.5% today.

Here at Bristol, Weston, Bath and Exeter Mortgages Online, we are frequently asked the question “

What should I do when the interest rates increase.?

The most important action to do is to call us on one of the numbers below.

Nort everybody will be affected.

However, if you are approaching the end of your fixed-term deal, if you are on a Standard Variable Rate or a Tracker mortgage you need to look in depth at all the options available to you.

As a fully independent mortgage broker, we can look at the whole of the market for yu to ensure that you have the best mortgage option that suits your personal situation, aims and affordability.

Whatever your question or query is please call us today.

Bristol Mortgages Online www.bristolmortgagesonline.com Tel 0117 325 1511

Bath Mortgages Online www.bathmortgagesonline.com Tel 01225 584 888

Weston Mortgages Online www.westonmortgagesonline.com Tel 01934 442 023

Exeter Mortgages Online www.exetermortgagesonline.com Tel 01392 690 888

Email info@swmortgages.com

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New No Deposit Track Record Mortgage Launched!

admin@swmortgages.com (Caz Blake-Symes) — Tue, 09 May 2023 16:17:13 GMT

An exciting new type of Mortgage has been launched today aimed at First-time Buyers and Renters with Zero deposit!

This is the first No-deposit mortgage to come to the market since 2008.

With rent, bills and everything else to pay for, saving for a house deposit can be a challenge. You might have even started to think that owning your own home would never happen – but we may be able to help you.

With Skipton Building Society’s Track Record mortgage you'll need to commit to paying a fixed rate of interest for 5 years. This means that even if other interest rates go up or down during that time, your interest rate won’t change.

You might be eligible for this mortgage if:

Each applicant is a first-time buyer
Each applicant is aged 21 or over
You have less than a 5% deposit
Each applicant has no missed payments on debts / credit commitments (e.g. mobile phone bill) over the last 6 months
You want to borrow up to £600,000
You meet the lender’s affordability criteria
You're not looking to buy a new build flat
·You have proof of having paid at least 12 months' rent in a row, during the last 18 months
You must also have experience of paying all household bills (e.g utility bills, council tax etc) for at least 12 months in a row, during the last 18 months.

If you are not eligible for this mortgage or it does not suit your needs, we can help you with a wide range of options.

Bristol Mortgages Online www.bristolmortgagesonline.com Tel 0117 325 1511

Bath Mortgages Online www.bathmortgagesonline.com Tel 01225 584 888

Weston Mortgages Online www.westonmortgagesonline.com Tel 01934 442 023

Exeter Mortgages Online www.exetermortgagesonline.com Tel 01392 690 888

Email info@swmortgages.com

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How to have your Free Consultation with Weston Mortgages Online

admin@swmortgages.com (Caz Blake-Symes) — Tue, 09 May 2023 08:40:02 GMT

Weston Mortgages Online is a fully independent Mortgage Broker based in Weston super Mare, North Somerset.

We offer a FREE CONSULTATION to give you advice about any of your Mortgage and Protection needs. Whether you are a First-time Buyer, Remortgaging, looking to move house or a Buy to Let Investor, we can give you expert advice. There is no charge for discussing all the options available to you or getting you an Agreement in Principle.

We will work with you to discuss your preferred way of meeting us. All appointments will be carried out by one of our Directors, Russell Green, or Phil Clark.

Initial Introductory Chat

Most of our initial conversations are carried out over the phone. We are also very happy to arrange a video conferencing call with you via Zoom, Teams or Google Meet. We offer complete flexibility to suit your timings including evening appointments and weekends.

Face to Face Appointments

After the initial consultation, we are delighted to offer face to face appointments in order to discuss the options in more details. Many clients prefer to carry out these important consultations at their homes but frequently we see clients at our offices at The Hive in Weston super Mare.

How to Contact Us

Tel 01934 442023

Email info@swmortgages.com

Complete a form via our website www.westonmortgagesonline.com

We look forward to helping you with your mortgage.

Is the 100% mortgage back?

admin@swmortgages.com (Caz Blake-Symes) — Tue, 02 May 2023 15:11:25 GMT

Adapted from an article by Fran Iven for This Is Money24 April 2023 www.thisismoney.co.uk

We take a look at whether deals that offer a leg-up are really the answer for first-time buyers trying to get on the ladder.

Zero deposit mortgages can help buyers struggling to raise a deposit.
·With house prices still volatile is there too much of a negative equity risk?

The 100 per cent mortgage commands equal parts fear and reverence among British homeowners.

These now-controversial home loans saw banks and building societies lend the entire value of a property - and sometimes even more - giving first-time buyers a crucial leg up.

However, 100 per cent mortgages also came to symbolise the easy credit that summed up the 2008 financial crash, and largely disappeared in the years since.

But now a group of lenders have launched home loans that are not exactly 100 per cent mortgages, but are not far off either.

Skipton Group chief executive Stuart Haire has said the product will 'enable people trapped in rental cycles - where they're prevented from being able to save for a house deposit – to access the property ladder and make a home'.

But are 100 per cent mortgages - also known as zero deposit mortgages- really a good idea for those trying to get on to the property ladder?

Are 100% mortgages a good idea?

'I think 100 per cent can be amazing for the right people,' says Peter Dockar, commercial director at Generation Home. 'It is really good for people who have good incomes and high affordability but haven't been able to accumulate a deposit.'

Dockar argues that the need for a 5 per cent deposit to get a mortgage from most lenders is arbitrary, as it is based on the logic that unless you have a deposit you 'don't have any skin in the game'.

But buying a house is tough even without a deposit, he says, and first-time buyers will be keen to build equity in their homes.

That is even more true if they are currently renting and can put that money towards their own property instead.

Furthermore, banks will run extensive affordability checks on any prospective borrowers meaning the lender will be confident in the buyer's ability to pay the mortgage.

However, others worry that, with house prices remaining volatile, mortgages without a deposit put borrowers at risk of going into negative equity – where the value of the loan is more than the property.

Kylie-Ann Gatecliffe, director at brokerage firm KAG Financial, said: 'The negative equity fear will raise some eyebrows, and this would have to be a detailed conversation with any first-time buyers looking to pursue this as an option. In comparison to renting, though, is the risk that high, with rising rents chomping away at disposable incomes?'

She suggests getting on the ladder with a fixed monthly payment may still be safer than renting and that the biggest risk with negative equity is buying and then selling a property in quick succession.

'If the property is going to be a long-term home, market trends all point in the direction that they should see the value grow,' she added.

How do zero deposit mortgages work?

In the wake of the 2008-9 financial crisis lenders pulled their no deposit mortgages from the market, viewing them as too risky to lend on. Now days most 100 per cent mortgages available are based on a guarantor system, where a family member or friend who owns their own home is named on your mortgage. One example is Barclays' family springboard mortgage.

This home loan works by putting a friend or family member on the hook for any missed payments.

Currently there are 17 zero deposit products on the market, according to financial data firm Moneyfacts, accounting for just 0.3 per cent of the UK market.

Other options on the market include deposit booster home loans, such as the one offered by Generation Home, where the deposit provider acts as an interest-free lender.

Alternatively, the deposit provider is given an equity stake in the property in return for the loan.

Joint borrower sole proprietor products are also available says Gindy Mathoon, senior mortgage adviser at Create Finance. This is where there is a named borrower alongside the buyer on the mortgage but not the title deeds. It means you can have two incomes on the mortgage without the second person becoming a legal owner.

'When the lender is assessing affordability in this case they will assess any outgoings the named borrower has currently and on completion of the mortgage - this includes current mortgages, household bills and secured/unsecured debts. This seems to have replaced the old 'guarantor' mortgage,' adds Mathoon.

It is not yet clear how Skipton's product will operate, but the news has been welcomed by brokers.

'The scheme is perfect for first-time buyers who can demonstrate a record of paying rent successfully and have a clear credit profile.

'Affordability will still have to be assessed but this will provide a much-needed boost for the property market,' says Bob Singh, Founder at broker Chess Mortgages.

What other options are there for first time buyers?

However, a zero-deposit mortgage is not the only option for aspiring homeowners.

Shared ownership schemes allow you to buy a percentage share of a property, if you cannot afford the deposit or the mortgage payments on a house on the open market.

It does not mean, as the name may suggest, that you need to share your property with other individuals. Instead, you own a proportion of the home and pay rent on the rest.

When buying through shared ownership you still have to put down a deposit for the share that you own, but it is a deposit on only your share, so will be significantly less than on another property.

Although this article is sourced from a reliable source, this excerpt was written by a third party, we cannot confirm the accuracy of any figures nor the attribution of quotes.

The experts at Bristol, Weston, Bath and Exeter Mortgages Online take the stress and legwork out of researching all the numerous options available. As fully independent mortgage brokers, we will investigate the whole of the market on your behalf and discuss the best options to meet your specific goals and circumstances.

Bristol Mortgages Online www.bristolmortgagesonline.com Tel 0117 325 1511

Bath Mortgages Online www.bathmortgagesonline.com Tel 01225 584 888

Weston Mortgages Online www.westonmortgagesonline.com Tel 01934 442 023

Exeter Mortgages Online www.exetermortgagesonline.com Tel 01392 690 888

Email info@swmortgages.com

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What is happening to the BTL market in 2023 and how we can assist.

admin@swmortgages.com (Caz Blake-Symes) — Thu, 27 Apr 2023 11:42:35 GMT

Adapted from an Investor’s Chronicle article by Val Cipriani February 16, 2023

The environment is tougher than ever for small private landlords, and some are already selling up

Buy-to-let has become increasingly unprofitable for landlords with mortgages
Factors persuading them to get out of the sector include falling house prices, higher costs and changes to capital gains tax.
Using a company structure isn't always a solution that works
Landlords on the hunt for better yields might want to look north

It’s a tricky time for buy-to-let investors. Between rising mortgage rates, less generous tax treatment and tightening regulations, for many landlords the numbers have stopped adding up. With demand for rental properties still very strong, an autopsy of the market would be premature – the patient still has a pulse – but profits are not what they used to be, and managing a rental property has become an increasingly time-consuming business.

As a result, an increasing number of landlords are choosing to exit the sector, while those who remain are pondering the best way to adapt to the new market conditions.

The going gets tougher

It’s hard to overstate the impact of rising interest rates. As Chris Norris, director of policy at the National Residential Landlords Association (NRLA), puts it: “There is a world of difference between what you can achieve today if you are applying for a remortgage, or a new mortgage compared to this time last year.”

A 3 per cent increase in interest rates, which is roughly what we have seen in the past year,equates to an additional interest rate cost of £250 a month for every £100,000 borrowed. Landlords on fixed-rate deals will feel the pain when these end.

Rental growth still looks strong in many areas of the country. As at January 2023, Hamptons put it at 8.3 per cent year on year on new lets in Great Britain, and at 9.1 per cent in the Greater London area. This may sound like a lot, and it is putting pressure on renters. In 2022, 40 per cent of renters moving home in London chose to leave the capital, up from 28 per cent a decade ago. But at the same time it’s not enough. David Fell, senior analyst at Hamptons, says: “The increase in rents this year is nowhere close to offsetting the increase in mortgage costs.”

Meanwhile, buy-to-let has become a less tax-efficient investment for higher-rate taxpayers who own property in their own name. Between 2017 and 2020, full tax relief on mortgage interest was gradually replaced by a 20 per cent tax reduction, pushing some landlords into a higher income tax bracket and leaving higher-rate taxpayers unable to claim the difference.

The regulatory environment is getting tougher too. The Renters’ Reform Bill, which features a package of reforms to protect renters including a ban on ‘no-fault’ evictions, is expected to be debated and voted on in Parliament sometime in spring this year. And by 2025 all newly rented properties should be required to have an Energy Performance Certificate (EPC) rating of C or above, according to a government proposal that is currently stuck at the consultation phase.

Investors are starting to sell. A Savills analysis of HMRC capital gains tax (CGT) receipt data estimates that a record 47,000 investment properties and second homes were sold in the three months to November 2022 – a 21 per cent year-on-year increase.

Norris says while the NRLA has not seen signs of a “mass market exit” in its membership polls, a growing number of landlords intend to sell at least one of their properties. The association typically represents landlords with mid-sized portfolios of three to eight properties.

Should I stay or should I go?

Buy-to-let investors have to consider many moving parts when deciding if and what to sell. The financial hit from mortgage rates will vary hugely depending on the levels of borrowing and the yield generated by each property, with landlords in London and the south-east especially feeling the pinch due to higher house prices. According to Q4 2022 data from Hamptons, average yields in these regions hover around the 5 per cent mark – notably lower than in the north of England, where they reach 7.5-8 per cent in areas such as Liverpool and Newcastle.

Monthly profitability also matters to lenders, which typically require a 125 per cent minimum interest coverage ratio (the ratio of gross rental income to mortgage interest repayments) in order to agree to a buy-to-let mortgage.

For landlords who are on the fence, energy efficiency might very well be what tips the balance. Robert Salter, director at Blick Rothenberg, says a lot of rental properties are ‘old stock’ and in need of extensive energy efficiency improvements that might be uneconomical. “I would certainly understand why those landlords who have properties that are EPC rated D or less would be looking to sell at the present time,” he says. According to the government proposal, landlords will be expected to spend up to £10,000 on the necessary energy efficiency improvements, regardless of property or rent value.

Measures such as energy efficiency requirements, says Salter, point to the fact that the government appears “keen for the buy-to-let market to become increasingly professionalised”. Landlords who decide to stay in the market should prepare for a growing level of regulation and scrutiny. Rob Morgan, chief investment analyst at Charles Stanley, says that investors need to see buy-to-let as a “mini business, rather than a passive hands-off investment”.

On these grounds, he argues that buy-to-let can be a good way to supplement a pension for people in their 50s and 60s, who have typically accumulated a lot of experience and contacts but still have a significant amount of energy. “It probably changes when you get a bit older,” he says. “I’m not sure you are going to be wanting tenants to phone you up in the middle of the night saying the boiler has broken.”

Starting a buy-to-let company

Owning a buy-to-let property through a limited company tends to be more tax-efficient, particularly for higher-rate taxpayers. All mortgage interest payments are tax-deductible for companies, which can help with rising interest rates costs. Companies are charged corporation tax on profits, which is currently applied at 19 per cent – although this will increase from April 2023 for companies with profits over £50,000, reaching a 25 per cent rate on profits over £250,000.

Landlords who receive a salary from their company still have to pay income tax on it. They can also supplement it with dividends, to make the most of the dividend tax allowance and of the lower dividend tax rates. But the dividend tax allowance is just £2,000, shrinking to £1,000 from April 2023 and to £500 from April 2024.

Barriers to entry

It is not all doom and gloom. Buy-to-let investors with a low LTV are less impacted by interest rates, and cash-heavy investors might be able to spot some opportunities in the downturn. Meanwhile, there is a decent chance that interest rates will start decreasing next year. For landlords who have a good relationship with their tenants and want to hold on to their properties, it might be a case of waiting for the storm to pass.

But the market is changing, with increased barriers to entry. Some landlords whose properties have become unprofitable will leave the market, while others will have to put down more equity to bring their mortgage down to a more affordable level, especially in the south-east, says Hamptons’ Fell.

How Bristol, Weston, Bath and Exeter Mortgages Online can help.

We have expert knowledge and a great deal of experience in dealing with investors and Buy to Let Mortgages. Any new or existing BTL client will deal directly with one of our Directors, Phil Clark, Russell Green or Chris Seward.

The BTL market is a very specialised one and many of the lenders offering the best terms and rates only deal with intermediaries like us.

Please note that we are qualified and regulated to only give you advise on mortgage and protection products.

It is essential that you take expert advice from your Accountant and/or Solicitor before making any decisions in order to avoid any unnecessary and potentially costly mistakes. Accountants and Solicitors will be able to look at your financial and tax liabilities in relation to all your wealth and circumstances.

We will gladly work closely with your chosen professionals once your circumstances have clearly been explained to you.

Bristol Mortgages Online www.bristolmortgagesonline.com Tel 0117 325 1511

Bath Mortgages Online www.bathmortgagesonline.com Tel 01225 584 888

Weston Mortgages Online www.westonmortgagesonline.com Tel 01934 442 023

Exeter Mortgages Online www.exetermortgagesonline.com Tel 01392 690 888

Email info@swmortgages.com

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17 Great Tips to Help you improve your chances of getting a Mortgage Part 2

admin@swmortgages.com (Caz Blake-Symes) — Tue, 11 Apr 2023 10:05:19 GMT

Here at Bristol, Weston, Bath and Exeter Mortgages Online, we understand that getting your first mortgage, or even a remortgage, especially if your circumstances have changed, may look like an impossible task, but we are here to help.

You'll need to be as attractive as possible to lenders if you want to get the best mortgage deal. Here are some top tips on how to boost your chances of getting the deal you want. 17 tips adapted from www.moneysavingexpert.com.

This blog includes Tips 11 to 17, please see our most recent blog for tips 1 to 10

Tip #11 Stay out of your overdraft.

If you're constantly in your overdraft, this could be seen as living close to the edge of your finances, so avoid it if possible. In fact, some lenders may not tolerate you being in your overdraft at all in the last three months.

And if you've no choice but to be in your overdraft, should you really be getting a mortgage?

How we will help you: As before, it is important that we present you to a potential lender in the best possible light. They will require balances of all bank accounts and credit cards, so the healthier these balances are, the more attractive you look to get the best possible deal.

Tip #12 Make paying your rent boost your credit score.

Do you pay your rent on time? If so, there's a free scheme which millions of private renters can use to make paying rent boost their credit rating.

Private tenants can opt into the free Rental Exchange scheme. Launched in March 2016, it records your rental payments and sends the results to credit reference agency Experian.

How does it work?

You pay your rent to a third party called Credit Ladder. Credit Ladder passes on your payment to your landlord or lettings agency and tells credit reference agency Experian whether you've made the payment on time. Experian then updates your credit file accordingly.

If you know you'll be able to pay on time and you're trying to improve your credit rating or build up a credit history, this can be a clever way to make your rental payments count towards that. Of course, if there's a risk you're going to miss payments it could harm your rating.

How we will help you: If you are talking to one of our Advisers at the early stages of your property search and currently renting, this may well be worth considering. Click here to find out more www.experian.co.uk/rental-exchange

Tip #13 Put down £100 extra on top of your deposit if you're on the border of a deposit band.

Putting down a little bit more than the minimum deposit required can boost your attractiveness to the lender, or at the very least cut the amount of documentation it wants to see.

For example, instead of applying for a £75,000 mortgage on a £100,000 property (where the loan is 75% of the property value), apply for £74,900 if you can afford the extra £100 deposit.

All mortgages have a maximum loan-to-value (the amount you borrow compared to what the property's worth) but it's best to borrow just under this, if you can.

How we will help you: Due to the fact that our Advisers are fully independent and have years of experience, they will give you a number of options in most cases. These options may well include illustrations of putting down additional funds towards a deposit. We are regulated to always give you the best possible advice.

Tip #14 Sort your paperwork to speed things up

Lenders now have to see proof of your income before they can offer mortgages, so it makes sense to get your paperwork together in advance. Sending all the paperwork in one batch speeds up the process as it reduces the chances of your application being reviewed by more people.

Many lenders won't accept printed internet bank statements, so you may need your bank(s) to send you original copies. Ask for these a few weeks in advance in case you need to wait for the originals to arrive.

Your lender may want to see any or all of:

Your last three months' bank statements
Your last three months' pay slips
Proof of bonuses/commission
Your latest P60 tax form (showing income and tax paid from each tax year)
Your last three years' accounts or tax returns
Proof of deposits (eg, savings account statements)
ID documents (usually a passport)
Proof of address (eg, utility bills or credit card bills)
· A gift letters. If you're getting deposit help, the lender needs to know it is a gift (not a loan), and that the giver won't part own the home.

How we will help you: We will provide you with documents, guides or downloads to advise you on exactly what requirements you will need, as well as liaise with your Solicitors and Estate Agent/developer. Plus, your Adviser and our Administration team will guide you through all the documentation

Tip #15 Avoid delays - fill out the application form correctly.

Here are our top five tips for filling in the paperwork.

DO state your income exactly. Don’t round up.
DO give your FULL NAME – even middle names are necessary.
DO declare ALL your debts. The lender will find them anyway and withholding the info can mean a quick decline.
DO get your three-year address history exactly right, including postcodes.
DO give honest answers when asked about how much you spend.

How we will help you: This is not an easy task and we do not expect our clients to do this unsupported. We have expert knowledge of each lender’s documentation, and their requirements regarding supporting paperwork.

Tip #16 Test drive your mortgage chances.

Once you've done all the steps above, your finances should be in great shape. To test this, a mortgage agreement in principle (AIP), offered by many lenders, is the acid test.

It's a conditional offer saying you may be accepted, based on a quick check of your income and, probably, your credit file. But it offers no guarantees and it's not compulsory. But for first-time buyers especially, it boosts estate agents' or sellers' confidence that you'll be able to complete the sale, so may up your chances of having an offer accepted.

It's worth benchmarking a top deal with the best deal by asking the lender (or your broker) to see if you pass the checks for their AIP. Don't worry - just as it doesn't tie them in to lending to you, it doesn't mean you have to borrow from that lender if you spot a better deal further down the line.

Beware - too many of these checks in a short space of time could harm your credit rating if the lender does a credit check and marks it on your file. This could damage your mortgage application later on.

Some lenders offer a 'soft' search option, which won't be visible to other lenders (but will show up for you). Find out from the lender which it is before agreeing to one.

How we will help you: After your free initial consultation with one of our Advisers, getting you an AIP is usually the next step. This can be used to move straight to an application, usually for a pre-determined time e.g. six months, until you have found a property.

Tip #17 Rejected? Throwing yourself at the next lender's feet will only make it worse.

If you're rejected - FREEZE! Don't automatically apply again with a different lender. Too many applications will mess up your credit score, so don't do it. Instead, the first thing to do is to check your credit file again. Could you have missed something?

At all costs, avoid the rejection spiral. The nightmare example works like this:

You apply
You get rejected (sometimes falsely, due to an error)
You apply elsewhere
You get rejected again

This continues, until finally you check your files and get the error corrected. So...

You apply again
You're rejected because of recent 'searches'

If you're rejected once, immediately go to the top of this guide and follow the steps we've set out, or you may mess up your score as more applications mean more searches, which will compound the problem.

If you haven't missed anything and your credit file's still looking good, it could just be that the lender you applied to had its own reason for turning you down. It's worth asking the lender why.

It should indicate to you the main reason you were turned down - and will tell you if that was your credit file.

How we will help you : If you have worked closely and openly with us, it is very unlikely that you will be rejected once you are post-application. If that did happen will use our expert knowledge to find another suitable lender or advise you about the steps that need to be taken.

Bristol Mortgages Online www.bristolmortgagesonline.com Tel 0117 325 1511

Bath Mortgages Online www.bathmortgagesonline.com Tel 01225 584 888

Weston Mortgages Online www.westonmortgagesonline.com Tel 01934 442 023

Exeter Mortgages Online www.exetermortgagesonline.com Tel 01392 690 888

Email info@swmortgages.com

#bristolmortgagebroker #bestmortgageadvice #bristolmortgageadviser #expertmortgageadvice

#independentmortgagebroker#bestmortgagedeals#firsttimebuyermortgage #bestremortgagedeal

#freemortgageconsultation #bestmortgagebroker #buytoletmortgage #investmentmortgage

#hmomortgage #highlyratedmortgagebroker #fivestarrated #googleverified #movetobristol

#endoffixedterm #besttimetoremortgage #earlyredemptionfee #ERC #guarantormortgage

17 Great Tips to Help you improve your chances of getting a Mortgage Part 1

admin@swmortgages.com (Caz Blake-Symes) — Fri, 31 Mar 2023 09:48:17 GMT

This blog includes Tips 1 to 10, others to follow soon.

Tip #1 Don't expect every lender to fancy you.

Every lender has its own method to decide whether it wants to lend to you. It's like a beauty parade and lenders will be rating you against their ideals. If you fit a lender's criteria, you'll most probably be accepted quickly. If you're far from ideal, you'll most likely be rejected.

But for people in the middle, it's more of a grey area and the lender's scorecard will be based on several factors, such as:

· The size of loan you want to take out

· How much you've saved as a deposit

· Your employment status and income

· Your credit rating

· Your outgoings

· Your existing debt

How we will help you: We will use our expert knowledge to look at the whole of the mortgage market for you to match your needs and requirements with the most appropriate lenders to get the best deal.

Tip # 2 Check your credit score before they do.

You need to convince lenders that you've got the financial discipline required to pay back your mortgage. One way they investigate this is by searching your credit report(s) to find out if you've a good repayment history.

Your credit report lists your past credit cards, loans, overdrafts, mortgages and even mobile phone and some utility payments, for all accounts that were open over the past six years.

It used to be that you'd have to pay to get your credit report, though now you can get them all for free. It is worth checking all of them, as you don't know which one(s) your future mortgage lender will use as a reference point.

Some examples to use are

www.experian.co.uk

www.equifax.co.uk

www.clearscore.com

www.creditkarma.co.uk

How we will help you: We will gladly look at your credit report in advance and give you guidance on how it could be improved, if necessary. We can also consider applications for those who may have existing Adverse Credit issues.

Tip #3 Correct credit score errors pronto.

If your credit file information is wrong, you have a right to do something about it - either having the error corrected or, at the very least, having your say.

Your first step should be to check if the error is on your credit file held with other agencies, then talking to the lender. If this doesn't work, the free Financial Ombudsman could step in and order corrections.

How we will help you: We will gladly talk through any errors you may have and discuss this on your behalf with potential lenders. We can also advise you on prioritising sorting any issues.

Tip #4 Register to vote or you'll have no chance.

This is a deal breaker. While you can have a perfect credit score without being on the electoral roll, it's still ALMOST impossible to get a mortgage without it. Lenders use electoral roll data in identity checks (to ensure you are who you say you are, and live where you say you live and that you're not laundering money).

Your credit file will say if you're on the electoral roll or not, but you can also check with your local council. Do this as early as possible. While you can usually be added within a month, in late summer and early autumn it could take longer.

If you're not on it, you can register on the electoral roll for free. If you're not a UK citizen and thus can't get on the electoral roll to vote, then you can put a notice of correction on your file, saying you have other proofs of address and ID you can offer lenders (assuming that you do).

How we will help you: From the very first initial free consultation, we will advise you about the correct documentation and any required actions that you will require for a successful and timely mortgage application.

Tip #5 Your ex-partner’s score can wreck yours.

If you're financially linked to someone else (which only happens when you apply for joint credit, such as a bank account, mortgage or loan) but you're now separated or have nothing to do with them, then de-link yourself.

If not, any late payments or misdemeanor they've committed will reflect badly on you. Write to the credit agencies and ask for a notice of 'disassociation'.

You could still be linked to old flat mates if you had a joint bank account for bills, so it's worth checking that their credit history isn't affecting yours. If it is, de-link yourself quickly.

Even if the person you're linked to has a good history now, you still risk problems in future if they miss payments.

How we will help you: If you think this may be an issue, we will work with you to establish what action needs to be taken prior to any application being submitted.

Tip #6 Carefully manage your available credit.

This is all about how much credit you have available to spend on credit cards and overdrafts. It's the difference between your combined debit balances on your cards and bank accounts and your combined credit limits/overdraft limit.

You need to strike a balance between not having too much - as lenders may think you could rack up more debt by spending it all - and not getting too close to your limits, which makes it seem that you're at the edge of your finances.

Credit agency Experian says that if you have debts, lenders prefer that they make up less than half your available credit. So, if you've a combined limit of £10,000, they'd rather you use less than £5,000 of it.

If you are using a decent proportion of your available credit, avoid lowering your limits so you're suddenly close to the edge. Similarly, don't have tens of thousands of pounds of available credit unnecessarily - new lenders get twitchy that you could suddenly be far more indebted than you currently are.

This is an art, not a science, and all lenders' views of how much credit you 'should' have differ. Try to stay below 50% in all cases. Of course, if you can pay off debt, you should do so.

How we will help you: We will complete the necessary affordability forms with you so that you are clear from the outset about all income and expenses that a potential lender will consider. We will also ensure that you have a clear understanding of all repayments and costs involved.

Tip #7 Close old, inactive accounts or they can kill your application.

If you're not using an account, it may be worth closing it. Leaving it open could not only be a fraud risk but could also mean some of your details may need to be updated.

However, if applying for a mortgage, longer, stable credit relationships are a positive. So, if you've two credit cards, one recently opened and an older one, it's probably not worth closing the older one before the mortgage application as you could lose the credit score boost it gives you. If you are closing an account, just cutting up the card isn't good enough - you must tell the bank you want it closed.

How we will help you: When preparing all the documentation that you will need us to submit, include all accounts and details of all open accounts/cards etc., even if they are not in use, this will help us progress your mortgage more quickly and smoothly.

Tip #8 Want a mortgage? ALWAYS pay ALL your bills on time.

It's obvious - so do it.

All missed payments count against you on your credit file, so it's vital to keep up all repayments on ALL your outgoings. Defaults count against you for at least a year, and they'll stay on your file for the next six years. Miss just one mobile phone payment and it could be the difference between getting a mortgage and not.

Set up a direct debit on all accounts to make sure payments are made on time.

How we will help you: We are often dealing with clients months ahead of a purchase or move, so it is important to keep all payments up to date during that period so there is no change or interruption to your application.

Tip #9 Don't apply for credit shortly before a mortgage.

Try to avoid applying for credit in the three months before getting a mortgage - it could hinder your score and lead to rejection. Some recommend at least a six-month gap, to be absolutely safe. This is because lenders will search your credit file every time you apply for a loan, credit card, overdraft, or even a mobile phone or utility contract. This search is registered on your file even if you don't take out the contract.

The more searches you have in a short time, the less likely you are to be granted credit, as you could be viewed as desperately seeking borrowing.

If you NEED to apply for credit, it's unlikely that one application will hurt all that much, provided it's affordable.

BUT - if it's a payday loan, some lenders will decline you for a mortgage if you've had one in the past year.

How we will help you: We work closely with our clients during the process from application to completion. Any change of circumstances especially financial should be advised to our Advisers or Administration Team on an immediate basis in case it may negatively impact on your application.

Tip #10 Cut back on spending before you make your mortgage move.

Lenders will ask for a lot of detail about your outgoings and may even want to see bank statements to verify what you've told them. This is because new rules brought in in April 2014 mean the lender has to 'stress test' you.

Don't worry, this isn't hooking you up to wires checking if you're telling the truth - it's checking you'd still afford your mortgage if rates went up to 6% or even 7%.

The lender may ask for your latest three months' bank statements before you apply. It will use these to check your income matches what's on your payslips and examine your recent spending.

It's worth tightening your belt in the months before you apply. Don't go getting a round in for everyone in the local or spending every Saturday night in a casino - especially if you're applying for a large mortgage that will put some pressure on your monthly budget.

It also makes sense to live a little frugally in the run-up to buying your first home. Moving costs are high, so every penny you save means a bigger budget to meet unexpected costs.

How we will help you: The affordability and Fact Find forms are very lengthy and detailed. We will help you with the completion of these and all other forms of documentation to ensure that you have a more stress-free experience.

Bristol Mortgages Online www.bristolmortgagesonline.com Tel 0117 325 1511

Bath Mortgages Online www.bathmortgagesonline.com Tel 01225 584 888

Weston Mortgages Online www.westonmortgagesonline.com Tel 01934 442 023

Exeter Mortgages Online www.exetermortgagesonline.com Tel 01392 690 888

Email info@swmortgages.com

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Everything you need to know about Mortgage Product Transfers

admin@swmortgages.com (Caz Blake-Symes) — Wed, 15 Mar 2023 14:27:02 GMT

Mortgage product transfer vs remortgaging

Switching mortgages, whether that's through a mortgage product transfer or remortgaging, has become a popular practice. This flexibility can often give people more freedom with what can be their biggest financial commitment – their home mortgage.

There are several reasons why people choose to switch mortgages, from debt consolidation to finding better interest rates and more. Some might also be in a position to take a penalty free lump sum, subject to the equity held in the property. If you’re considering changing your mortgage, but aren’t sure if a mortgage product transfer or remortgaging is best for you, our guide is here to help.

What is a mortgage product transfer?

With a mortgage product transfer you’re able to change your current mortgage product to a new one with the same lender. You may choose to do this when your current mortgage deal is coming to an end or if you’re looking to lend more money using your house as security.

Some people do this if they’re looking to extend or refurbish their house. You may also wish to move from a Standard Variable Rate mortgage to fixed rate, tracker or discounted rate mortgage if interest rates have increased.

When transferring your mortgage product, you can look to take out more than your current mortgage balance or original loan. If this is the case, your lender will need to ensure the additional lending is affordable for you and may take into consideration several eligibility factors before guaranteeing to lend you more money. These include but are not limited to:

Employment status
Income and expenditures
Age
·The amount of equity you have in your home

Benefits of a mortgage product transfer

Both a mortgage product transfer and remortgaging offer their own advantages and disadvantages. However, in comparison to remortgaging, a mortgage product transfer usually means there is:

· Less paperwork

· Few to no fees

· No need for a new property valuation

· No legal work, so no solicitor costs

In addition, some lenders acknowledge loyalty of existing customers and offer preferential rates to those looking to transfer to a new mortgage product.

What is a remortgage?

Remortgaging means paying off your existing mortgage by taking out a new one with a different lender, using your home as security for the loan. Like mortgage product transfers, you can do this to replace your current mortgage and/or to take out more money against your property.

You can borrow the same amount as your existing mortgage or borrow an additional amount. Again, this may be useful if you are looking to improve or extend your home. If you are borrowing a significant amount, your lender may require evidence that you have or will use the money for the purpose you described.

Benefits of remortgaging

Remortgaging is a big financial investment, so it’s important to spend time deciding if it’s the right option for you. Some of the benefits of choosing to remortgage include:

Lower interest rates if your home’s value has improved
Finding a more flexible mortgage
Having the facility to borrow more money
Extending or reducing the term of your loan or the repayment type of your loan
·Not being limited to your existing lender’s mortgage products

Which is right for me?

Although there are a lot of similarities between a mortgage product transfer and remortgaging, there are also important differences to consider before deciding which option is best for you.

If you are time sensitive, a mortgage product transfer may be more suitable as there is less paperwork and, since you aren’t changing lenders, the overall process is usually quicker.

Remortgaging may come with a lot of the fees that a standard new mortgage comes with (property valuation, solicitor fees, conveyancer fees etc.). These additional costs may not suit you or they may be more than you actually save and therefore remortgaging may not be the right decision for you.

However, if your current provider is unable to offer the mortgage you want, remortgaging and switching lenders may be the better option for you.

Let us take all the stress and worry out of making the correct decision to ensure you select the best option. All our Advisers at Bristol, Bath, Weston and Exeter Mortgages Online have expert knowledge and access to a huge choice of lenders many of which are not on the High Street or comparison sites.

For further details about the mortgage and protection products we offer as a fully independent mortgage broker, or any other mortgage information book your FREE CONSULTATION with one of our expert Mortgage Advisers.

Bristol Mortgages Online www.bristolmortgagesonline.com Tel 0117 325 1511

Bath Mortgages Online www.bathmortgagesonline.com Tel 01225 584 888

Weston Mort gages Online www.westonmortgagesonline.com Tel : 01934 442023

Exeter Mortgages Online www.exetermortgagesonline.com Tel 01392 690 888

Email info@swmortgages.com

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Weston Mortgages Online being launched in March!

admin@swmortgages.com (Caz Blake-Symes) — Thu, 23 Feb 2023 12:31:57 GMT

We are very excited to announce thar we are expanding the Group to include a new location in Weston super Mare.

This new branch will be overseen by Phil Clark and Russell Green.

Weston is a vibrant town and in recent years has benefited from considerable investment, including thousands of new build properties.

There are many different facets to Weston super Mare, with well established leafy suburbs often dating back to Victorian and Edwardian times through to modern housing developments on the outskirts.

Weston is an attractive place to live with the increasing number of schools being rated as good or outstanding, plus great commuter links thanks to the railway and of course the M5.

Traditionally Weston has been thought of as a seaside holiday destination, but we think it has far more to offer and hence we chose this as our latest area for expansion.

Full details to follow over the coming weeks.

If you need advice in the meantime, please contact one of our other branches.

For further details about the mortgage and protection products we offer as a fully independent mortgage broker or any other mortgage information book your FREE CONSULTATION with one of our expert Mortgage s.

Bristol Mortgages Online www.bristolmortgagesonline.com Tel 0117 325 1511

Bath Mortgages Online www.bathmortgagesonline.com Tel 01225 584 888

Exeter Mortgages Online www.exetermortgagesonline.com Tel 01392 690 888

Email info@swmortgages.com

Cost of living: My mortgage deal is ending - what are my options?

admin@swmortgages.com (Caz Blake-Symes) — Wed, 22 Feb 2023 11:40:48 GMT

Adapted from a BBC article by Kevin Peachey 11 February 2023

Almost two million households will see fixed-rate mortgage deals end this year, with most facing the prospect of higher monthly payments.

What's happening to mortgage rates?

About 20% of residential mortgage-holders have variable rate or tracker loans, totalling about 1.6 million households in the UK.

Their monthly repayment rises whenever the Bank of England increases its benchmark interest rate, which it has done 10 times in a row.

A typical homeowner on an average tracker deal now pays almost £400 more a month than in December 2021, when rates started to rise.

Fixed-rate mortgages are different. The monthly payment stays the same for the length of the deal - usually two or five years. About 78% of mortgage holders - some 6.5 million homeowners - have this type of mortgage.

When these deals expire, borrowers automatically move onto their lender's standard variable rate (SVR), which tends to be much more expensive. At the moment SVRs are typically 7% or 8%.

It is thought that 1.8 million fixed deals will end in 2023.

At this point, most borrowers take out a new fixed-rate mortgage with the same lender or a rival. About three-quarters use a broker to find a deal.

But the fixed rate deals available now are much more expensive than they used to be. A couple of years ago, the best deals were at 1% whereas the best rates now are 4%.

What has happened to interest rates?

New For example,2.34% for a two-year deal in December 2021, to 4.74% on 23 September 2022 (the mini-budget), to a peak of 6.65% on 20 October 2022 and falling to 5.44% on 1 February 2023 - the figures for five-year deals were 2.64%, 4.75%, 6.51% and 5.2%

Average rates - which had already been rising - soared after the September mini-budget, but have dropped back since.

Even so, many homeowners face the prospect of paying hundreds of pounds more a month on their mortgage repayments.

My deal is expiring, what should I do?

Dig out your paperwork , to check when your deal ends and your current interest rate.

Get organised . Lenders usually let you secure an offer within six months of the end of your current deal. It generally takes at least four weeks to complete a mortgage offer. Leave it too late and you could end up paying the more expensive SVR for a period between deals.

Look at your budget to decide what you can afford. Your income or circumstances may have changed since your last mortgage. The more complex your situation, the narrower the choice of deals, and the longer it can take to process.

Consider fees . Some deals have arrangement fees; some have exit penalties (called early repayment charges). Make sure you include these in your calculations.

Negotiate . If a lender announces lower rates after making you an offer but before your new deal starts, you can ask it to match the better deal.

It is possible to switch to a different provider offering a more competitive rate during this period, but it would require a new application.

Should I consider a variable rate as a stop-gap?

Many expect that the Bank of England's benchmark interest rate - and, in turn, mortgage rates - will fall later in 2023.

It might be tempting to stay on your lender's SVR while waiting for cheaper fixed-rate deals to emerge.

But one broker warns that an SVR is "not a cheap place to sit and wonder". You might be better with a tracker rate. Trackers are also linked to the Bank rate - so fall if it drops - but can be more competitive than an SVR.

You need to decide what's right for you, but some brokers argue fixed rates might not fall sufficiently to make any delay financially worthwhile.

Committing to a fixed rate - even at a higher cost - gives certainty for a set period of time.

What happens if I can't pay?

Some people are already struggling to keep up with repayments. While arrears levels are still relatively low, the boss of HSBC warned the "headwinds are ahead of us, not behind".

A pattern of missed payments can make it difficult to get a new deal, potentially leaving borrowers on the more expensive SVR.

Other unpaid bills, such as credit cards and utility bills, can affect your credit record, which lenders use to consider mortgage applications.

Check your credit file is correct before submitting paperwork. Brokers recommend you are upfront about your payment history.

You could consider extending the length of your mortgage term. For example, if your home loan is due to be repaid over 17 years, it could possibly be restructured over 20 years instead.

That reduces monthly repayments and might be a short-term option for some people. However, ultimately, it means you pay more in interest over the lifetime of the mortgage.

Anyone who finds their income is higher than expected could use the extra money to overpay their mortgage. This would cut the total interest bill, and most lenders allow you to do so, up to a set level.

At Bristol, Bath and Exeter Mortgages Online we take all the stress and hassle away from you by searching the whole market to find you the best value and most appropriate mortgage to best suit your needs.

Bristol Mortgages Online www.bristolmortgagesonline.com Tel 0117 325 1511

Bath Mortgages Online www.bathmortgagesonline.com Tel 01225 584 888

Exeter Mortgages Online www.exetermortgagesonline.com Tel 01392 690 888

Email info@swmortgages.com

#bristolmortgagebroker #bestmortgageadvice #bristolmortgageadviser,#expertmortgageadvice

#independentmortgagebroker #bestmortgagedeals #firsttimebuyermortgage #bestremortgagedeal

#freemortgageconsultation #bestmortgagebroker #buytoletmortgage #investmentmortgage

#hmomortgage #highlyratedmortgagebroker #fivestarrated #googleverified #movetobristol

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#houseprices#housingmarket2023

The Bank of England Raises Interest Rates to 4%

admin@swmortgages.com (Caz Blake-Symes) — Thu, 02 Feb 2023 14:45:12 GMT

As of Thursday 2 February 2023, the Bank of England raises its base rate from 3.5% to 4% - the highest in 14 years.

It also says the UK is set to enter recession this year, but this will be shorter than previously thought. The Bank of England expects the economy to "fall slightly" in 2023 as energy costs and other prices continue to ease.

It also forecasts that the inflation rate will continue to slow this year and firms are likely to ho00ld off on making redundancies. A higher interest rate will be welcomed by savers, but have a knock-on effect for those with mortgages, credit card debt and bank loans.

The 4% rise means people with a typical tracker mortgage will pay about £49 more a month - while those on a variable mortgage will pay another £31 a month.

The advice from Bristol, Bath & Exeter Mortgages Online is for you to keep talking to us about the choice of products on the market. We have invested heavily in software to ensure that we always have the very latest information. We also have excellent relationships with many lenders who will always try and help us with any specific individual situations our clients may have.

As independent mortgage brokers we are certain that you will be very pleased with the mortgage options that we can provide.

Bristol Mortgages Online www.bristolmortgagesonline.com Tel 0117 325 1511

Bath Mortgages Online www.bathmortgagesonline.com Tel 01225 584 888

Exeter Mortgages Online www.exetermortgagesonline.com Tel 01392 690 888

Email info@swmortgages.com

#bristolmortgagebroker #bestmortgageadvice #bristolmortgageadviser,#expertmortgageadvice

#independentmortgagebroker #bestmortgagedeals #firsttimebuyermortgage #bestremortgagedeal

#freemortgageconsultation #bestmortgagebroker #buytoletmortgage #investmentmortgage

#hmomortgage #highlyratedmortgagebroker #fivestarrated #googleverified #movetobristol

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The outlook for mortgages in 2023

admin@swmortgages.com (Caz Blake-Symes) — Tue, 24 Jan 2023 10:31:12 GMT

Adapted from an article on FTAdviser.com by Robert Gardner who is chief economist at Nationwide.

It is not difficult to paint a pessimistic picture for UK housing market prospects in 2023, but there is still a good chance that a relatively soft landing can be achieved. Economic headwinds, already strong in 2022, are gathering pace. After stagnating over the past 12 months, it is widely expected that the UK economy will contract next year.

Household budgets are already under intense pressure as a result of income growth failing to keep pace with the rising cost of living and tighter financial conditions. The main factor that would help achieve a relatively soft landing is if forced selling can be avoided.

There will not be much respite in 2023, with inflation set to remain well above the 2 per cent target (and above the average rate of wage growth), the bank rate being raised by another percentage point (if market pricing proves correct) and unemployment expected to rise as the economy shrinks.

Momentum is also important in shaping housing market dynamics but, after retaining a surprising amount through the first nine months of 2022, activity came to a screeching halt in late September following a mortgage interest rate surge in the wake of the "mini" Budget.

Indeed, the number of mortgage applications fell towards the lows seen at the start of the pandemic, although this has yet to fully manifest itself in the Bank of England’s data on mortgage approvals. There has been little sign of a rebound as yet, even though financial market conditions have stabilised. Then why isn’t a severe housing market slump the most likely outcome?

Wait and see

The current weakness in mortgage applications may, in part, represent an early seasonal slowdown.

With the chaotic backdrop and elevated mortgage rates prevailing in recent months, it would not be surprising if potential buyers have opted to wait until early January to see how mortgage rates evolve before deciding to step into the market. The affordability position for buyers is also likely to improve – albeit modestly.

Longer-term interest rates that underpin mortgage pricing are already below the levels prevailing before the fiscal statement and may moderate further, especially if market expectations for a peak bank rate of 4.5 per cent prove overly aggressive, as seems likely, given the headwinds facing the economy.

If true, this will feed through to mortgage rates and help improve the affordability position for potential buyers, as will solid rates of nominal income growth (with wage growth currently running at about 7 per cent annual pace in the private sector), especially if combined with weak or negative house price growth.

But the main factor that would help achieve a relatively soft landing, especially for house prices, is if forced selling can be avoided – and there are good reasons to be optimistic on that front.

Most forecasters expect the unemployment rate to rise to around 5 per cent in the years ahead – a significant increase from the 3.7 per cent prevailing at the moment. However, this is still low by historic standards and close to the peak reached during the pandemic when house prices and activity surged. The fact that the vast majority of the mortgage stock (about 85 per cent) is on fixed interest rates means most homeowners with a mortgage will be protected from higher mortgage rates, at least for a period. This will give them time to adjust, especially since nominal wage growth is rising at a healthy clip.

Clearly, those remortgaging in the near term will face a significant hit. For example, the typical borrower rolling off a five-year fixed rate product and taking out a new one will see their mortgage interest rate rise by about 350 basis points, which means an extra £300 a month on the average mortgage. But it is also important to remember that affordability testing has been central to mortgage lending since the financial crisis and typically stress tested at an interest rate above those prevailing at the moment. This means that, while it will be difficult, the vast majority of those refinancing should be able to cope.

Despite weak consumer confidence on the back of a stagnant economy, falling real incomes and a near tripling of mortgage rates, the fact that the housing market remained buoyant in the first three quarters of 2022 provides some reassurance that there will be a pickup in activity soon, although it is likely to remain tepid until the broader economic outlook improves.

Robert Gardner believes that house prices are likely to see a modest decline in 2023, perhaps of around 5 per cent, a significant deterioration in the labour market or more elevated mortgage rates would probably be required to generate the double-digit declines suggested by some forecasters. While the risks are skewed in that direction, it does not seem like the most likely outcome.

Bristol, Bath and Exeter Mortgages Online cannot accurately predict any gains or losses regarding the property market but will keep up to date with expert opinions and predictions.

Whether you are thinking about moving house, relocating, remortgaging, buying your first home or looking to invest, as independent mortgage brokers we are certain that you will be very pleased with the mortgage options that we can provide.

Bristol Mortgages Online www.bristolmortgagesonline.com Tel 0117 325 1511

Bath Mortgages Online www.bathmortgagesonline.com Tel 01225 584 888

Exeter Mortgages Online www.exetermortgagesonline.com Tel 01392 690 888

Email info@swmortgages.com

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What are the housing market predictions for 2023?

admin@swmortgages.com (Caz Blake-Symes) — Wed, 04 Jan 2023 16:02:42 GMT

Adapted from a Zoopla article by Nic Hopkirk 22 December 2022

Buyers are on the hunt for affordable cities and flats in 2023 and apartments and urban areas are set for a comeback as buyers prioritise affordability and value for money.

Key takeaways

Tide turns on the desire for coastal and rural areas as demand for affordable cities and apartments rises
Buyers once again attracted to urban settings with plenty of jobs and services
The dynamics that have shaped the housing market over the last 5 years are shifting

Affordability and value for money will be the big key drivers for the housing market in 2023. These two factors are going to flip the flight to rural and coastal areas, which has dominated the housing market in recent years, into reverse. Instead, apartments and urban areas, which lost some of their popularity during the pandemic as the nation began the search for more space in idyllic locations, are making a comeback.

Zoopla’s Executive Director for Research, Richard Donnell says “The dynamics that have shaped the housing market over the last 5 years are shifting. We expect affordable urban centres to fare better than average in 2023 but the inner London market may require another year before it is ready to rebound.”

Why are urban areas becoming popular again?

Influenced by higher mortgage rates, household incomes and the actual level of house prices, buyers are being priced out of the more expensive markets, preferring to look in areas where homes are more affordable.

Increasingly keen to secure homes in urban settings, where jobs are being created and more services are available, buyers are now showing a stronger preference for towns and cities. The popularity of family homes in city suburbs and commuter areas is also rising, with demand for homes in these areas climbing to above average levels over the last year.

How rising mortgage rates are affecting where buyers choose to live

Mortgages are currently needed for seven out of every 10 home purchases.

Higher mortgage rates are currently affecting what many people can afford to buy, as they mean more income is needed to secure a sale. The more expensive a market, the greater the number of households that are priced out.

This in turn weakens demand, leading to fewer sales and possible price reductions to secure those sales in these areas. In affordable markets with lower average house prices, the opposite is true.

Why affordable markets will fare better in 2023

As demand for more affordable areas increases in 2023, these markets are likely to fare better than their more expensive counterparts in terms of price falls over the coming months. Most housing markets have recorded house price gains of 25.4% over the last 5 years. That's above the level of consumer price inflation (+19%) and average earnings (+22%) over the same time period. Economic growth, good affordability and low mortgage rates have all enabled above average price gains over this period.

The Oldham postal area recorded the highest price increases since 2017 at +47%, while Newport, Swansea and Bolton also enjoyed high value gains. However, we expect house price growth to slow in these higher-growth markets in 2023. UK house prices are predicted to fall by an average of 5% next year.

But in the more affordable markets, the falls are likely to be lower, as the hit to buying power from higher mortgage rates will be felt less keenly.

Which affordable cities are buyers interested in?

Major towns and cities, including Bradford, Swindon, Coventry, Crewe, Milton Keynes and Southend are all registering above-average demand. These areas all have their own employment base, but they also enjoy good transport connections into much larger employment centres, such as London, Leeds, Manchester and Birmingham.

We believe employment growth will continue to stimulate housing demand in these affordable city regions throughout 2023.

Why flats are becoming better value for money

Apartments make up around 1 in 5 homes in the UK, but price inflation for them has lagged behind the growth enjoyed by houses. Across the UK, houses are currently valued at just over twice the price of flats. That’s the highest price difference seen for 20 years. Flats haven’t experienced those same value gains as houses partly because the search for space made them a less popular option during the pandemic, but also because buyers were experiencing concerns over cladding and leasehold charges.

However, we expect demand for flats to increase throughout 2023, as buyers seek better value for money.

The government’s moves to ensure cladding problems are remediated in most buildings will also help to boost their popularity further.

Bristol Mortgages Online www.bristolmortgagesonline.com Tel 0117 325 1511

Bath Mortgages Online www.bathmortgagesonline.com Tel 01225 584 888

Exeter Mortgages Online www.exetermortgagesonline.com Tel 01392 690 888

Email info@swmortgages.com

#bristolmortgagebroker #bestmortgageadvice #bristolmortgageadviser,#expertmortgageadvice

#independentmortgagebroker #bestmortgagedeals #firsttimebuyermortgage #bestremortgagedeal

#freemortgageconsultation #bestmortgagebroker #buytoletmortgage #investmentmortgage

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Christmas and New Year opening hours

admin@swmortgages.com (Caz Blake-Symes) — Thu, 22 Dec 2022 09:53:18 GMT

Friday 23rd December Normal working hours

Saturday 24th December Closed

Sunday 25th December Christmas Day closed

Monday 26th December Boxing Day closed

Tuesday 27th December In lieu Christmas Day closed

Wednesday 28th December Opening 10am to 4pm

Thursday 29th December Opening 10am to 4pm

Friday 30th December Opening 10am to 4pm

Saturday 31st December Opening 10am to 4pm

Sunday 1st January New Years Day closed

Monday 2nd January Bank Holiday closed

Tuesday 3rd January Normal working hours

Christmas 2022 message from Phil Clark

admin@swmortgages.com (Caz Blake-Symes) — Mon, 19 Dec 2022 11:34:56 GMT

Dear Clients, friends and family

I hope this Christmas message finds you well and keeping warm.

Over the past two years, my messages have started with observations about the strange times that we were living in, due to the effects of Covid and the pandemic. I was hoping that this year’s message would be composed after a year of positive stability- how wrong I was!

The early months of 2022 saw continued growth in the property market and the mortgage product choice increasing for all borrowers including, house movers and first-time buyers, those looking to remortgage and innovative products for investors. Then all dramatically changed with the Liz Truss and Kwasi Kwarteng “mini-budget”. We are all aware of the impacts, but as a mortgage broker, the initial panic of everyone trying to remortgage, in many cases early, with clients paying early redemption charges, was followed by a period of uncertainty and lack of confidence in committing to a mortgage restructure of any type.

The housing market, although more challenging, has not crashed as predicted, despite Estate Agents and Developers reporting a slow-down in sales. There are a considerable number of new-build developments especially around the Bristol area, and shared-ownership is still a popular option. The government backed Help to Buy loan guarantee scheme has now finished, which is disappointing for many first-time buyers.

However, despite this bad news, lenders are trying very hard to offer potential borrowers attractive products.

Many of the lenders that will only go through intermediaries like Bristol, Bath and Exeter Mortgages Online, offer many niche products and this is where using a broker pays dividends. Some mainstream lenders are also offering discounted rates for product transfers with certain LTV criteria. In short, keep talking to us to see what is out there!

We continue to do the bulk of our appointments via Zoom or Teams as most people appreciate the flexibility this offers, home visits and appointments at Henleaze House are still available.

We continue supporting our chosen charities namely Ataxia UK and The Brightwell in Bradley Stoke. All the team continue to do well, Russell has been with us for 15 months and is receiving great reviews from clients.

There has never been a more important time to keep on top of your finances both personal and business and we are here to help you every step of the way.

Wishing you and yours a very Merry Christmas and a Happy 2023!

Kindest Regards

Phil Clark and all the team

Tallulah supports a local Bristol Charity by volunteering.

admin@swmortgages.com (Caz Blake-Symes) — Wed, 30 Nov 2022 15:40:41 GMT

Here at Bristol, Bath and Exeter Mortgages Online we are very keen to support charities. The National charity that we support is Ataxia UK, www.ataxia.org.uk and on a local basis we support The Brightwell, www.thebrightwell.org.uk

However, despite having to live with her own chronic health condition, Tallulah Clark, Phil’s daughter and PA has been volunteering for the past six months with the Bristol Refugee Rights Charity.

Tallulah explains what the charity does

“At Bristol Refugee Rights, they envision a society where refugees, people seeking asylum and migrants are welcomed, feel safe, live free of poverty and are able to positively build their lives. A society where everyone’s rights and entitlements are respected. A society that prioritises care, compassion and support for the most vulnerable.

“BRR is a service delivery organisation but also works to achieve systemic change. They offer service users holistic support and high-level asylum and entitlements advice, as well as community and compassion. While they are not a law-based organisation, they do advocate on behalf of our members to the Home Office, council, NHS, lawyers and other organisations in order to make sure they are receiving the right amount of care, support and entitlements.”

Tallulah enthused that everyone at BRR made her most welcome and she was so impressed by the team’s dedication and hard work.

If you want to get involved, please visit www.bristolrefugeerights.org/support-us/volunteer/

Well done T we are all very proud of you!

Capital Gains Tax on property – changes November 2022

admin@swmortgages.com (Caz Blake-Symes) — Wed, 23 Nov 2022 15:51:27 GMT

Adapted from a Which? Article by Danielle Richardson Nov 2022

Capital gains tax (CGT) is payable on the sale of second homes and buy-to-let property.

Do I pay capital gains tax on property?

If you sell a property in the UK, you might need to pay capital gains tax (CGT) on the profits you make. You generally won't need to pay the tax when selling your main home.

However, you will usually face a CGT bill when selling a buy-to-let property or second home. You may also need to pay CGT if your home is partly used as a business premises, or if you lease out part of your property.

CGT rates on property

In the UK, you pay higher rates of CGT on property than other assets. Basic-rate taxpayers pay 18% on gains they make when selling property, while higher and additional-rate taxpayers pay 28%. With other assets, such as shares, the basic-rate of CGT is 10%, and the higher-rate is 20%. Bear in mind that any capital gains will be added to your other income sources when working out which income tax bracket you'll fall into for the year, and therefore might push you into a higher bracket.

All taxpayers have an annual CGT allowance, meaning they can earn a certain amount tax-free.
In 2022-23 you can make tax-free capital gains of up to £12,300 – the same as in 2021-22.
Couples who jointly own assets can combine this allowance, potentially allowing a gain of £24,600 without paying any tax.
You're not allowed to carry over any unused CGT allowance into the next tax year – so if you don't use it, you'll lose it.

In the 2022 Autumn Statement, the government announced that the CGT allowance will be cut from £12,300 to £6,000 in 2023-24 and then to £3,000 from April 2024.

How much CGT will I pay?

As the name suggests, CGT is only charged on the gains you make (the profit), rather than the full amount you sell the property for. To work out your gain, you can deduct the amount you originally paid for the property from the sales price.

You can also deduct any legitimate costs involved with buying and selling the property. This includes things like broker fees, stamp duty, and some improvements to the property that were made while you owned it.

You can also offset losses you've made when selling other assets. For instance, if you own several properties and make, say, a £50,000 loss when selling one of them, you can use that against the gains you make from another property and therefore reduce your overall CGT bill.

You should claim any losses on your self-assessment tax return, or by calling HMRC. You can claim losses up to four years after they were incurred.

When is capital gains tax on property due?

For UK properties sold on or after 27 October 2021, you must pay the tax owed within 60 days of the completion of the sale or disposal. You'll do this by submitting a 'residential property return' and making a payment on account.

What can I deduct from my taxable gain?

You're allowed to deduct certain costs from your gain if they're involved with buying and selling the property. These include:

solicitor and estate agent fees
·stamp duty when buying the property.
Costs involved with improving the property, such as paying for an extension, can also be taken into account when working out your taxable gain.

However, you're not allowed to deduct costs involved with the upkeep of a property. You're not allowed to deduct mortgage interest either (though that can reduce the tax you pay on rental income).

You can calculate you CGT by visiting https://www.gov.uk/tax-sell-property/work-out-your-gain

Capital gains tax on your main home

In most cases, you won't need to pay CGT when selling the property you live in, because you will be entitled to 'private residence relief'.

You won't need to pay CGT for the time a property was your main residence, plus the past nine months of ownership (even if you weren't living in the property during those nine months). People with a disability or those who move into a care home can claim for up to the past 36 months of ownership.

That said, you may have a capital gains tax bill to pay if you:

develop your home, for example, by converting part of it into flats
sell part of your garden, and your total plot – including the area you're selling – is more than half a hectare (1.2 acres)
use part of your home exclusively for business
let out all or part of your home - this doesn’t include having a single lodger if you are living in the property, too
moved out of your property nine months or more ago – to move into a partner’s home, for example
bought a home for the purpose of renovating it and selling it on.

How does letting relief work with CGT?

If you have let out either all or part of a property, a proportion of any gain when you sell it could be taxable. But if you used to live in the property (or still did at the time of selling), you might be able to claim letting relief, which will reduce your capital gains tax bill.

Letting relief doesn't apply to buy-to-let investors who let out their properties and never live in them, and it's now only available for people who have been in shared occupancy with their tenant/tenants. You can also only claim letting relief on the proportion of the property being let, for the period of time it was let out for.

CGT on gifted and inherited homes

Your parents or relatives may want to leave you their home in their will. When they pass away, you'll inherit the property at its market value at the time of death. There is no CGT payable on death, but the value of the home will be included in the person's estate. An estate is defined as being the total of someone's assets and property, minus any debts and funeral expenses. Depending on the value of the person's estate, inheritance tax may be payable on the property. If you then sell the property without having made it your own home, there could be CGT to pay.

More information can be found https://www.gov.uk/valuing-estate-of-someone-who-died/estimate-estate-value

THIS ARTICLE IS FOR INFORMATION PURPOSES ONLY. IF YOU HAVE ANY QUERIES REGARDING YOUR SPECIFIC SITUATION/LIABILITY WE RECOMMEND THAT YOU SPEAK TO YOUR SOLICITOR OR ACCOUNTANT

For further details about the services we offer as a fully independent mortgage broker or any other mortgage information book your FREE CONSULTATION with one of our expert Mortgage Advisers.

Bristol Mortgages Online www.bristolmortgagesonline.com Tel 0117 325 1511

Bath Mortgages Online www.bathmortgagesonline.com Tel 01225 584 888

Exeter Mortgages Online www.exetermortgagesonline.com Tel 01392 690 888

Email info@swmortgages.com

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Help to Buy ends: what else is available?

admin@swmortgages.com (Caz Blake-Symes) — Mon, 14 Nov 2022 10:27:31 GMT

Adapted from information sourced through Rightmove and the Home Builders Federation

Are you looking to buy your first home? Applications have now closed for the Help to Buy loan scheme in England, what other help is out there right now?

We have taken a look at some of the other government schemes and legislation changes that aim to either help you to get on the ladder, or to buy your next home.

What’s happening with Help to Buy?

The Help to Buy Equity Loan, set up to help first-time buyers purchase a home in England, has now closed to new applications. And all homes being purchased via the scheme will need to have completed by the end of March next year.

And what about Help to Buy ISAs?

The deadline to open a new Help to Buy ISA has already passed. However, anyone with an account already open can add up to £200 per month until the end of November 2029. You can still claim the government bonus – currently 25% on savings up to £12,000 – which is payable on completion of a first home purchase until 1 December 2030.

If you don’t already have a Help to Buy ISA, then a Lifetime ISA could be used as an alternative. To open one, you need to be over 18, but under 40. You can save up to £4,000 each year until you’re 50, and the government will top-up the saved amount with a 25% bonus (a maximum of £1,000 per year as a bonus). Like the Help to Buy ISA, you’re able to withdraw the funds to purchase your first home.

Stamp duty relief for first-time buyers

In September, the government announced a permanent change to the amount of stamp duty tax that’s paid on homes purchased in England and Northern Ireland. The threshold at which home-buyers start to pay stamp duty was raised from £125,000 to £250,000. If you’re a first-time buyer, there are further savings offered. You won’t pay any stamp duty on a home priced up to £425,000. For a home priced above this, you’ll pay 5% on the amount you spend between £425,001 and £625,000.

Deposit Unlock scheme

The Deposit Unlock scheme aims to help people buy new-build homes with a 5% deposit. The good news is that if you’re looking to buy a new-build home, you could still get help in the form of the industry-led Deposit Unlock scheme.

The scheme has been introduced by the new homes developers who have built these types of properties, as choice can be limited for people looking to secure a 95% loan-to-value mortgage.

Deposit Unlock: how it works

Deposit Unlock is aimed at buyers – both first-timers and those already on the property ladder – who can raise a 5% deposit and want to buy a brand new home. The remaining 95% of the purchase price can then be borrowed from selected lenders participating in the scheme.

The first step is to find a new-build home included in the scheme at one of the participating developments. The housebuilder will confirm if the scheme is right for you.

Bristol, Bath and Exeter Mortgages Online will help you to ascertain if you qualify and meet the affordability checks for this type of mortgage, the housebuilder will provide you with written confirmation so you can apply to specified lenders for a Deposit Unlock mortgage. Once we have obtained an Agreement in Principle for you, you can then reserve your new-build home.

What’s the difference between Deposit Unlock and Help to Buy?

Under the Help to Buy scheme you put down a 5% deposit, take a government equity loan of up to 20% of the cost of the property (or up to 40% in London), and apply for a mortgage for the rest. The government’s loan is interest-free for the first five years. With a Deposit Unlock mortgage, you’ll take out a mortgage of a maximum of 95% and pay interest from the start.

Usually, lenders take out insurance on mortgages that carry a higher risk, including those taken out by first-time buyers with limited deposits. The Deposit Unlock scheme is backed by mortgage indemnity insurance funded by the developer, which shields lenders from any potential loss if the property is sold for less than the owner paid for it.

There will be no extra cost to buyers, however the buyer’s obligations to the lender remain unchanged.

What are some of the benefits of buying a new-build home?

New-build homes are popular with many buyers for many reasons. Location is key. When choosing a site, new homes developers carefully consider access points and the surrounding area. This means that most new homes are built in highly sought-after areas close to shops, public transport and other amenities.

They are also built with energy-efficiency in mind, and are well insulated, which means lower energy bills. These homes are move-in ready, and it’s often possible to design your home’s interiors before it’s even built.

Developers registered with the National House Building Council provide a 10-year structural warranty, which covers the cost of fixing any damage caused by faults or weatherproofing elements of the home. There are also similar guarantees available from other providers.

Who is eligible to use Deposit Unlock?

Deposit Unlock is open to buyers in England, Wales and Scotland.

Unlike the current Help to Buy Equity Loan scheme, Deposit Unlock isn’t just for first-time buyers, so you can use it to up or downsize, or to relocate. However, it’s not available to buy-to-let borrowers. Eligibility criteria for the scheme will be the same as the criteria your chosen lender applies to all its mortgages. This includes looking at your income, how long you have been in your current job, your expenses, and your credit score.

If you’re self-employed, it’s worth checking with participating lenders if you’ll qualify to buy using the scheme. Nationwide caps its mortgage products at 85% loan-to-value for self-employed borrowers, which means Deposit Unlock isn’t available.

When can I start using the scheme?

Right now – the scheme was trialled and then launched in 2021.

Is there a good choice of property available?

Yes, most of the UK’s biggest house builders have signed up to the scheme, with more expected to join.

Which lenders are offering Deposit Unlock mortgages?

Nationwide and Newcastle Building Society and Accord Mortgages, have signed up to offer mortgage products through the scheme. More lenders are expected to join in the coming months, which will give buyers more choice.

If you would like to talk to one of our expert Mortgage Advisers about remortgaging, moving house or getting on the property ladder please contact us today.

For further details about the services we offer as a fully independent mortgage broker or any other mortgage information book your FREE CONSULTATION with one of our expert Mortgage Advisers.

Bristol Mortgages Online www.bristolmortgagesonline.com Tel 0117 325 1511

Bath Mortgages Online www.bathmortgagesonline.com Tel 01225 584 888

Exeter Mortgages Online www.exetermortgagesonline.com Tel 01392 690 888

Email info@swmortgages.com

#bristolmortgagebroker #bestmortgageadvice #bristolmortgageadviser,#expertmortgageadvice

#independentmortgagebroker #bestmortgagedeals #firsttimebuyermortgage #bestremortgagedeal

#freemortgageconsultation #bestmortgagebroker #buytoletmortgage #investmentmortgage

#hmomortgage #highlyratedmortgagebroker #fivestarrated #googleverified #movetobristol

#endoffixedterm #besttimetoremortgage #earlyredemptionfee #ERC #guarantormortgage

#jointborrowersoleproprietermortgage #affordability #stresstest#bestbroker#stampduty

What does the latest interest rate rise mean for home buyers?

admin@swmortgages.com (Caz Blake-Symes) — Sat, 05 Nov 2022 13:17:21 GMT

Adapted from a Zoopla article by Richard Donnell 4 November 2022

The Bank Rate is up by 0.75% but the outlook for mortgage rates is unchanged, with the likelihood borrowing costs will be lower by the year end.

Key takeaways

Bank of England pushes Bank Rate to 3% but outlook for mortgages improves (slightly)
Would-be movers adopt a wait-and-see approach amid talk of a drawn-out recession
A high proportion of buyers using cash or smaller mortgages are less exposed to higher mortgage rates
Other buyers will adopt new strategies to buy in 2023
Don't get caught out waiting too long: buying a home is a 3 to 9 month process and the wider economic backdrop can move fast

Bank Rate up, outlook mortgage rate improves

The Bank Rate moved 0.75% higher this week. This does not mean the average mortgage rate of 6.25% will rise to 7%, making life even harder for new home buyers.

In fact, the outlook for fixed rate mortgages has improved off the back of the Bank of England's increase. This is great news but home buyers using a mortgage should still expect to pay higher mortgage rates than in the recent past.

The cost of fixed rate mortgages, used by 9 in 10 borrowers, is based on the how money markets expect the cost of Government borrowing to change over time. The Bank of England is acting more aggressively now to control inflation and hoping that they can reduce interest rates more quickly later in 2023. The Governor has also suggested financial markets are over-estimating the outlook for borrowing costs.

The all-important money market benchmark that underpins 5 year mortgage rates continues to fall from its high, just after the mini budget when lenders pulled mortgages products and pushed mortgage rates much higher. It has fallen over 1.25% in recent weeks and currently points towards mortgage rates of just over 5% later this year.

Home buyers adopt wait-and-see approach

These are uncertain times for everyone in the UK. Higher interest rates and talk of a drawn-out recession are not the backdrop to build confidence in making big home move decisions.

We have seen new buyer demand continue to fall - down almost 40% since the mini budget - as those without cheap mortgages or in the process of buying a home step back from the market. It is a uniform picture across the country. It mirrors what we tend to see at the end of November as the market slows in the run up to Christmas and the New Year.

How might buyers adapt in 2023?

5% mortgage rates are still much more than borrowers were paying a year ago and will dent home buyer demand in 2023. However, the impact of higher borrowing cost is far from equal and we expect some would-be home buyers to shift strategies.

30% of home buyers use cash and a further 18% use smaller sized loans, groups that will be less affected by higher borrowing costs.

NewThe pandemic and working from home means more buyers might look to move further, seeking out better value for money using a smaller mortgage. Others may look to move and transfer or 'port' their current mortgage to their new home without taking on any more debt.

First time buyers and those looking to take out big mortgages to trade up to a bigger homes will be more affected. First time buyers often sit at the bottom of many chains of housing sales which could have a wider impact.

Outside South East England, many first time buyers have been taking advantage of lower borrowing costs and buying larger 3 bedroom homes. There is scope for them look at smaller homes and we will have to see whether they are willing to compromise on space in the face of higher mortgage rates.

Don't stop your planning of you want to move

For those serious about moving in 2023, it's important not to stop all activities. Buying a home is a 3 to 9 month process and the wider economic backdrop can move fast.

With the pressure on budgets for what you can afford, we would encourage buyers to consider other markets and areas that might offer what they need at a lower price point. Do your research and go and visit and speak to local agents who may be able to give you the inside story into local areas.

The cost of mortgages will be in flux over the coming months and lenders will be changing the product range and pricing, so stay in touch with the team at Bristol, Bath and Exeter Mortgages Online and lender to keep on top of the options available.

It's going to be a bumpy ride for the next few months but with improved planning and preparation there are still options to find that next home.

If you would like to talk to one of our expert Mortgage Advisers about remortgaging, moving house or getting on the property ladder please contact us today.

For further details about the services we offer as a fully independent mortgage broker or any other mortgage information book your FREE CONSULTATION with one of our expert Mortgage Advisers.

Bristol Mortgages Online www.bristolmortgagesonline.com Tel 0117 325 1511

Bath Mortgages Online www.bathmortgagesonline.com Tel 01225 584 888

Exeter Mortgages Online www.exetermortgagesonline.com Tel 01392 690 888

Email info@swmortgages.com

#bristolmortgagebroker #bestmortgageadvice #bristolmortgageadviser,#expertmortgageadvice

#independentmortgagebroker #bestmortgagedeals #firsttimebuyermortgage #bestremortgagedeal

#freemortgageconsultation #bestmortgagebroker #buytoletmortgage #investmentmortgage

#hmomortgage #highlyratedmortgagebroker #fivestarrated #googleverified #movetobristol

#endoffixedterm #besttimetoremortgage #earlyredemptionfee #ERC #guarantormortgage

#jointborrowersoleproprietermortgage #affordability #stresstest#bestbroker#stampduty

Martin Lewis recommends using a Mortgage Broker

admin@swmortgages.com (Caz Blake-Symes) — Fri, 14 Oct 2022 09:49:27 GMT

Martin Lewis from Money Savings Expert offers lots of advice to those looking to remortgage in these uncertain times. Full details can be found at https://www.moneysavingexpert.com/remortgaging/

Martin has said numerous times, on TV, radio and in the press that he recommends people to use a reputable Independent Mortgage Broker.

Here are a few tips from his website:

Now talk to a mortgage broker

Once you've benchmarked a good rate from our Mortgage best buys tool, it's time to see if a qualified mortgage broker can beat it.

Mortgage brokers scour the market to find you a good mortgage deal. By using one, you swiftly cover a huge slew of lenders, and get added clout with them to ease your acceptance as well as an extra layer of protection if things go wrong.

They will also be able to advise you on Government mortgage schemes (including shared ownership and Help to Buy equity loans) if you're eligible – tell your broker upfront if that's what you're looking for.

Qualified mortgage brokers are also worth their weight in gold, because they know key details about lenders' criteria. So they would know if the lender you're thinking of doesn't lend on properties above shops, or in council blocks – so they'd be able to recommend a different lender that does.

But, the key is to find a broker you're comfortable with. The estate agents you meet when house hunting will often recommend brokers. They may even work from the same office. But you are NOT tied to using these, even if you buy via that estate agent.

Ask friends who've moved for recommendations – many local brokers are fantastic. The aim's to find you the best broker for the lowest possible price. Not all brokers are the same. Some are limited in what they can offer you.

Here are the three crucial questions to ask brokers...

1. Can you get me a mortgage from any UK lender, right now?

This finds out if your broker can source you ANY UK mortgage. Not all can so it's important to know which you're dealing with. Here are some of the possible answers:

'No.' Some brokers are tied to one lender or operate off a small panel of lenders, so they search fewer deals. This makes it simpler and cheaper for them to operate.

'We check all products available to brokers.' The key point to note here is the last phrase – available to brokers. This used to be called 'whole of market'. Many of these brokers will exclude lenders and products which are only offered directly to the public, mainly as they won't receive a commission. On top, they may not be able to submit an application on your behalf.

'We check all lenders.' Some brokers do check lenders' direct-only deals too. However, they are more likely to charge a fee. In reality, it's unlikely a broker could guarantee you access to EVERY mortgage, as exclusive deals can be arranged between lenders and brokers (and clubs that brokers can join).

Just be clear on what your broker is offering. Weigh up the need to check every deal, your willingness to do some legwork yourself, and if you're happy paying a broker fee. Once you've found a broker you're happy with, you need to ask them the next questions to find out if they're the best broker for you.

2. Do you charge a fee?

This tells you how the broker makes their money from your mortgage deal. Brokers have two possible sources of income, which are:

Commission. Almost all lenders pay brokers what's called a 'procuration fee' of roughly 0.35% of the transaction (£350 per £100,000). This is a commission based on your loan size – and doesn't affect the cost of your mortgage. They are obliged to tell you the exact amount they'll be paid before you apply. You can find this info alongside the 'Key Facts Illustration', which they must provide before you apply.

Fees. Brokers may also charge you a fee directly. This might be on top of the commission, or instead of it (in other words, they charge a fee and refund you the commission). If they offer you the choice between fee or commission, then they can call themselves 'independent'. If they don't, they can't – which is a bit confusing.

No reputable broker should charge more than around 1% of the mortgage value, even for customers with a poor credit rating. If yours charges more, walk away. Fees can be charged at any point in the process, providing you're told about them at the outset. Yet avoid using any broker who charges you big fees before completion. If the purchase falls through, you'll probably still have to pay.

As this is a MoneySaving site, we've always said our preference is not to pay a fee if you don't have to. For this, you're looking for a fee-free broker (in other words, one that makes their money through commission) who can advise on the widest range of mortgages possible.

3. Are you qualified?

You need to find out whether a broker is qualified to advise you. Make sure you're getting advice from a qualified mortgage adviser (the most recognised qualification is called CeMAP). Your broker should assess your needs and eligibility before recommending the most suitable product for you. This route also offers the most protection for you as a consumer.

If the advice turns out to be wrong, the Financial Ombudsman will be able to investigate any wrongdoing. If you chose a product from an information-only service, you'd have no comeback if you made the wrong choice.

If you would like to talk to one of our expert Mortgage Advisers about remortgaging, moving house or getting on the property ladder please contact us today.

For further details about the services we offer as a fully independent mortgage broker or any other mortgage information book your FREE CONSULTATION with one of our expert Mortgage Advisers.

Bristol Mortgages Online www.bristolmortgagesonline.com Tel 0117 325 1511

Bath Mortgages Online www.bathmortgagesonline.com Tel 01225 584 888

Exeter Mortgages Online www.exetermortgagesonline.com Tel 01392 690 888

Email info@swmortgages.com

#bristolmortgagebroker #bestmortgageadvice #bristolmortgageadviser,#expertmortgageadvice

#independentmortgagebroker #bestmortgagedeals #firsttimebuyermortgage #bestremortgagedeal

#freemortgageconsultation #bestmortgagebroker #buytoletmortgage #investmentmortgage

#hmomortgage #highlyratedmortgagebroker #fivestarrated #googleverified #movetobristol

#endoffixedterm #besttimetoremortgage #earlyredemptionfee #ERC #guarantormortgage

#jointborrowersoleproprietermortgage #affordability #stresstest#bestbroker#stampduty

Renters look for smaller homes in cost-of-living squeeze

admin@swmortgages.com (Caz Blake-Symes) — Tue, 27 Sep 2022 10:50:44 GMT

Adapted from a Zoopla article by Nic Hopkirk 13 September 2022

Demand for two-bed apartments is on the up as renters try to combat rising rent and energy costs.

Renters are choosing two-bed apartments over three-bed family homes to reduce outgoings as the cost-of-living rises.
Rents on new lets have gone up £115 per calendar month compared with this time last year, rising faster than wages
·In a market where demand is massively outstripping supply, rents are likely to keep going up into 2023

As the cost-of-living squeeze looms large, rising rents and energy bills are pushing renters to look for smaller homes in a bid to reduce outgoings.

Zoopla’s data on rental demand shows that renters are shifting their focus from three-bed houses to two-bed flats. And that trend is growing. With the gas needed to warm a purpose-built flat working out around 40% less than that needed to warm a three-bed family terraced home, or 25% less with a flat conversion, the savings are set to be substantial.

A one-bed home requires less than half the gas that’s needed for a three-bed home. D and E rated homes need 25% and 48% more gas to run compared to a C rated home.

The decline in the number of renters looking for two- and three-bed houses in the last year has been significant, as the pendulum of demand swings towards one- and two-bed flats. Zoopla data suggests the appeal of apartments and energy-efficient homes will only grow as we head into 2023.

The cost of renting is also having an impact on where renters are choosing to live.

Outside of London, the current difference in rents charged for a two-bed flat and a three-bed house is £105 per month.

This translates into £1260 per year in rent, so big savings can be made by moving into smaller apartments.

Yet conversely, despite all of these cost of living headwinds, a chronic undersupply of rental properties available on the market means rents will continue to grow at above average rates into 2023.

Massive supply shortage drives up rents

The average rent has gone up by £115 per month since September last year to £1,051 a month.

The rise is outpacing earnings growth across the country and basically boils down to a major shortage of available homes.

Right now, rental home stock levels are sitting at around half the numbers seen on the market in the past five years, so there’s a lot less choice out there for renters.

Many renters are also deciding to stay put with their current landlords to avoid future rent increases. And from the landlords’ side, increasing taxes and regulations are causing many to sell up as letting a home becomes less affordable.

To view the full article please go to

https://www.zoopla.co.uk/discover/property-news/rental-market-report-september-2022/#massive-supply-shortage-drives-up-rents

If you would like to talk to one of our expert Mortgage Advisers about getting a Buy to Let investment mortgage or letting out your current residential property on a Let to Buy basis, please contact us today.

For further details about the services we offer as a fully independent mortgage broker or any other mortgage information book your FREE CONSULTATION with one of our expert Mortgage Advisers.

Bristol Mortgages Online www.bristolmortgagesonline.com Tel 0117 325 1511

Bath Mortgages Online www.bathmortgagesonline.com Tel 01225 584 888

Exeter Mortgages Online www.exetermortgagesonline.com Tel 01392 690 888

Email info@swmortgages.com

#bristolmortgagebroker #bestmortgageadvice #bristolmortgageadviser,#expertmortgageadvice

#independentmortgagebroker #bestmortgagedeals #firsttimebuyermortgage #bestremortgagedeal

#freemortgageconsultation #bestmortgagebroker #buytoletmortgage #investmentmortgage

#hmomortgage #highlyratedmortgagebroker #fivestarrated #googleverified #movetobristol

#endoffixedterm #besttimetoremortgage #earlyredemptionfee #ERC #guarantormortgage

#jointborrowersoleproprietermortgage #affordability #stresstest#bestbroker #5stargooglereviews#investmentproperty#rentalflats

How the Interest Rate and Stamp Duty Changes may affect you.

admin@swmortgages.com (Caz Blake-Symes) — Sat, 24 Sep 2022 09:39:48 GMT

Information sourced from Propertymark, BBC news and gov.uk

Interest Rate Rise 22 September 2022

The Bank of England has raised interest rates from 1.75% to 2.25% - the highest level for 14 years - and warned the UK may already be in a recession. The central bank had previously expected the economy to grow between July and September, but it now believes it will shrink by 0.1%. It is the Bank's seventh rate rise in a row as it tries to tame soaring prices. It takes borrowing costs to their highest since 2008, when the global banking system faced collapse.

Inflation - the pace at which prices rise - is currently at its highest rate for nearly 40 years, leaving many people facing hardship. Prices are also widely predicted to head higher in October, despite a government plan to limit soaring gas and electricity prices for households and businesses. Raising interest rates makes it more expensive to borrow which should, in theory, encourage people to spend less and cool prices.

But many households with mortgages will see their costs rise. People on a typical tracker mortgage will have to pay about £49 more a month, while those on standard variable rate mortgages will see a £31 increase.

Those on fixed-rate deals will not be immediately affected, although their costs could jump when their deals come up for renewal. The Bank now expects the UK economy to shrink between July and September. This comes after the economy already shrank slightly between April and June and will push the UK into recession, defined as when an economy shrinks for two consecutive quarters.

It said a smaller-than-expected bounce back in July from the June bank holiday to celebrate the Queen's Platinum Jubilee and the additional bank holiday in September for the Queen's state funeral had both hit the economy. The Bank, however, said it now expected inflation to not rise as high as it originally expected, saying the government's help on energy bills for households and firms would help limit soaring prices.

Stamp Duty Changes 23 September 2022

Chancellor Kwasi Kwarteng has confirmed a permanent stamp duty cut in the mini-Budget announced this morning.

The government is reforming stamp duty by doubling the level at which people begin paying this from £125,000 to £250,000. This government is also committed to helping first-time buyers get on the property ladder in two ways. Firstly, by increasing the level first-time buyers start paying stamp duty from £300,000 to £425,000. In addition, the government is allowing first-time buyers to access the relief when they buy a property costing less than £625,000 rather than the current £500,000.

These measures will reduce stamp duty bills across the board for all movers by up to £2,500 with first-time buyers able to access up to £11,250 in relief. The government says that growth is its top priority and by taking these measures will boost the property market, in turn helping businesses expand to help fuel the wider economy’s growth.

Doubling the nil-rate band will enable up to 29,000 more people to move home each year, in turn boosting household consumption, which will increase confidence in the economy and support thousands of businesses who rely on the property market. This includes, for example, estate agents, cleaners, builders, contractors, removals companies, plumbers, decorators, and others.

First-time buyers

For first-time buyers the expenses which come with buying a new home can be off-putting, to help them the government raising the amount they can spend on a new house without paying any stamp duty. They will now not pay it if their first home costs less than £425,000, an increase of £125,000 on the current threshold. If though a first-time buyer does spend more than £425,000, they will now be entitled to relief – meaning they will pay 5% SDLT – up to £625,000, an increase of £125,000 from the current limit.

You can also use this table to work out the SDLT for the purchase price of a lease (the ‘lease premium’).

Property or lease premium or transfer value SDLT rate

Up to £250,000 Zero

The next £675,000 (the portion from £250,001 to £925,000) 5%

The next £575,000 (the portion from £925,001 to £1.5 million) 10%

The remaining amount (the portion above £1.5 million) 12%

Example

In October 2022 you buy a house for £295,000. The SDLT you owe will be calculated as follows:

· 0% on the first £250,000 = £0

· 5% on the final £45,000 = £2,250

· total SDLT = £2,250

If you’re buying your first home

You can claim a discount (relief) if the property you buy is your first home. This means you’ll pay:

no SDLT up to £425,000
5% SDLT on the portion from £425,001 to £625,000

You’re eligible if you and anyone else you’re buying with are first-time buyers. If the price is over £625,000, you cannot claim the relief. Follow the rules for people who’ve bought a home before.

Example You are a first-time buyer and purchase a property for £500,000. The SDLT you owe will be calculate:

0% on the first £425,000 = £0
5% on the remaining £75,000 = £3,750
total SDLT = £3,750

For further details about the services we offer as a fully independent mortgage broker or any other mortgage information book your FREE CONSULTATION with one of our expert Mortgage Advisers.

Bristol Mortgages Online www.bristolmortgagesonline.com Tel 0117 325 1511

Bath Mortgages Online www.bathmortgagesonline.com Tel 01225 584 888

Exeter Mortgages Online www.exetermortgagesonline.com Tel 01392 690 888

Email info@swmortgages.com

#bristolmortgagebroker #bestmortgageadvice #bristolmortgageadviser,#expertmortgageadvice

#independentmortgagebroker #bestmortgagedeals #firsttimebuyermortgage #bestremortgagedeal

#freemortgageconsultation #bestmortgagebroker #buytoletmortgage #investmentmortgage

#hmomortgage #highlyratedmortgagebroker #fivestarrated #googleverified #movetobristol

#endoffixedterm #besttimetoremortgage #earlyredemptionfee #ERC #guarantormortgage

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Some of our most recent 5-star Google Reviews - Summer 2022

admin@swmortgages.com (Caz Blake-Symes) — Wed, 14 Sep 2022 16:43:03 GMT

All the team at Bristol, Bath and Exeter Mortgages Online are exceptionally proud of the number of 5-star Google and Facebook reviews that our Bristol operation has received.
As of September 2022 we have received an incredible 224 5-star Google reviews and 58 5-star Facebook Reviews. This number of 100% 5-star reviews ranks us as the best Mortgage Broker in Bristol, way ahead of any other brokers.

Here are some of the reviews, received the past couple of months

Phil and the whole team have been amazing from start to finish! Having quite a complicated mortgage/remortgage situation on my hands, I could have easily opted to sell my current home for an easy life. But Phil and the team were there step by step and have made the process beyond easy for me. Before speaking to Phil I didn’t know I could even afford to retain my current home and still buy the type of new house I really wanted. Because of him and the team, my old house will pay for itself and a hefty chunk of my new mortgage! All that and they are great people too, Phil in particular! He is super warm and funny, and nothing is to much! Thanks so much to Phil and the team for all your hard work! I’m super grateful.

As a first-time buyer, I was recommended to the Bristol Mortgages Online and never regret once. Thanks to Russell and his team for helping us through this our new chapter. Very responsive, friendly, and top professional. Couldn’t recommend enough!

AJB

Russell Green acted as our mortgage advisor during a recent house purchase. Over a period where there was substantial fluctuations in lending rates, Russell was able to secure us a fantastic deal on both a residential mortgage and a buy to let mortgage. Russell was extremely helpful, informative, and professional throughout. Very much recommended.

Phil and the team arranged my mortgage several years ago. The fixed term was coming to an end but the team contacted me well in advance to discuss options open to me. Following their excellent advice I was able to obtain a new 5 year fixed rate deal before interest rates started to rise. Due to their pro-active approach this will save me a considerable sum of money over the remaining term. It is very refreshing to deal with a company where you have complete confidence in the advice they provide. Phil and the team kept me up to date with the progress of my application from start to finish. If you need mortgage advice, then the only place to go is "Bristol Mortgages Online" Highly recommended - 5 stars well and truly deserved.

Russell and the team at Bristol Mortgages Online have been fantastic! Everything was handled promptly and professionally. I would highly recommend them - always someone to answer a question by email or by phone. It took some of the stress away from the house buying process.

Russell and his team supported me and my partner through our house purchase. Russel was always happy to answer any of a question, and clearly explained the processes as we went along. We would highly recommend Bristol Mortgages Online.
These reviews praise the excellent advice and service provided by all our Advisers as well as the excellent service that our Mortgage Processing and Admin team provide with individuals frequently being mentioned.
As a fully independent broker, we pride ourselves on the expert, highly experienced and professional advice that we offer. Our reputation is also being enhanced by the first-class support we give to all our clients whether they are buying for the first time, remortgaging, moving house or building an investment portfolio.
We would like to thank all our clients who have taken the time to leave these reviews for us. They not only mean a great deal to us personally but also help any future clients when deciding to use us as their Mortgage Broker.

For further details about the services we offer as a fully independent mortgage brokers or any other mortgage information book your FREE CONSULTATION with one of our expert Mortgage Advisers, please contact us

Bristol Mortgages Online www.bristolmortgagesonline.com Tel 0117 325 1511

Bath Mortgages Online www.bathmortgagesonline.com Tel 01225 584 888

Exeter Mortgages Online www.exetermortgagesonline.com Tel 01392 690 888

Email info@swmortgages.com

#bristolmortgagebroker #bestmortgageadvice #bristolmortgageadviser,#expertmortgageadvice

#independentmortgagebroker #bestmortgagedeals #firsttimebuyermortgage #bestremortgagedeal

#freemortgageconsultation #bestmortgagebroker #buytoletmortgage #investmentmortgage

#hmomortgage #highlyratedmortgagebroker #fivestarrated #googleverified #movetobristol

#endoffixedterm #besttimetoremortgage #earlyredemptionfee #ERC #guarantormortgage

#jointborrowersoleproprietermortgage #affordability #stresstest#bestbroker #5stargooglereviews

Mortgage affordability test scrapped by Bank of England

admin@swmortgages.com (Caz Blake-Symes) — Tue, 02 Aug 2022 10:58:19 GMT

Adapted from an article by Simon Read, Business reporter, BBC News 1 August 2022

Mortgage borrowing rules have been eased after the Bank of England scrapped an affordability test. The "stress test" forced lenders to calculate whether potential borrowers would be able to cope if interest rates climbed by up to 3%. Removing the test may help some potential borrowers get loans, such as the self-employed or freelance workers.

But other rules such as strict loan-to-income limits will not make it easier for most people to get a mortgage. The withdrawal of the affordability test was announced in June but has come into effect on Monday 1 August 2022.

"Scrapping the affordability test is not as reckless as it may sound," said Mark Harris, chief executive of mortgage broker SPF Private Clients. "The loan-to-income framework remains so there will still be some restrictions in place; it is not turning into a free-for-all on the lending front. Lenders will also still use some form of testing but to their own choosing according to their risk appetite."

In other words, there will not be an immediate impact for borrowers as lenders will not need to change the way they assess loans. However, some may well change their own rules in the future.

What was the scrapped test?

The mortgage affordability test was introduced in 2014 as part of a widescale tightening up of the mortgage market to ensure there were no repeats of the mis-selling scandal that partially contributed to the 2008 financial crisis. The rule was put in place to ensure that borrowers did not become a threat to the financial stability of lenders by taking on debt they subsequently might not be able to repay.

Lenders had to not only work out if borrowers could afford a mortgage at the rate they were being offered, but also work out how they would be affected if interest rates soared by 3%. Borrowers who could not prove they could cope with such an eventuality might have been turned down for a loan on that basis, even if they could easily afford a mortgage at the existing rate. For that reason the test was seen by some as a barrier for some borrowers.

"The rule change could have a positive effect on borrowers who have been disadvantaged when it comes to getting on the property ladder," said Mr Harris. For example, some potential first-time buyers who have been comfortably affording rents far higher than potential mortgage payments have failed affordability assessments.”

What checks remain for borrowers?

There are some key protections in place to help ensure that borrowers don't take on loans they may not be able to afford. The main one is a loan-to-income "flow limit" which limits the number of mortgages that lenders can grant to borrowers at ratios at or greater than 4.5 times the borrowers' salary. In short, it is very rare that a lender will consider a higher loan-to-income ratio because of the restriction.

After a review of the rules in 2021 the Bank of England's Financial Policy Committee judged that "the LTI flow limit is likely to play a stronger role than the affordability test in guarding against an increase in aggregate household indebtedness and the number of highly indebted households in a scenario of rapidly rising house prices The change in the affordability rules may not be as significant as it sounds as the loan-to-income 'flow limit' will not be withdrawn, which has much greater impact on people's ability to borrow.

The FCA's Mortgage Conduct of Business responsible lending rules also require a wide assessment of affordability, which as independent brokers, we will take, all affordability factors into account when considering the various options available to meet each clients’ specific needs.

Bristol Mortgages Online www.bristolmortgagesonline.com Tel 0117 325 1511

Bath Mortgages Online www.bathmortgagesonline.com Tel 01225 584 888

Exeter Mortgages Online www.exetermortgagesonline.com Tel 01392 690 888

Email info@swmortgages.com

#bristolmortgagebroker #bestmortgageadvice #bristolmortgageadviser,#expertmortgageadvice

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#hmomortgage #highlyratedmortgagebroker #fivestarrated #googleverified #movetobristol

#endoffixedterm #besttimetoremortgage #earlyredemptionfee #ERC #guarantormortgage

#jointborrowersoleproprietermortgage #affordability #stresstest

What is a Joint Borrower Sole Proprietor Mortgage?

admin@swmortgages.com (Caz Blake-Symes) — Fri, 22 Jul 2022 12:02:17 GMT

Here at Bristol, Bath and Exeter Mortgages Online, we are often asked about Guarantor Mortgages. Many lenders do not offer Guarantor Mortgages, but a more commonly available option is a Joint Borrower Sole Proprietor Mortgage. Often referred to as a JBSP mortgage, a joint borrower sole proprietor mortgage allows a parent (or family member) to contribute to their son or daughter’s mortgage without being a co-owner.

As a way for young people to get on the property ladder, a joint borrower sole proprietor mortgage ticks plenty of boxes. It gives the young homebuyer a feeling of independence and ownership. The JBSP is flexible too, so parent contributions can reduce over time until the son or daughter are able to cover all mortgage payments themselves.

If you are a young person building your career and starting on a modest salary, a JBSP mortgage could not only help you get on the property ladder in your own right, but enable you to buy a bigger place in a more desirable location. Without the additional help from a ‘joint borrower’ this might be totally unfeasible.

What’s the difference between a joint mortgage and a JBSP mortgage?

With a joint mortgage you borrow money to buy a home with someone else, like your partner, friend or a relative. Both parties are liable for the mortgage payments so if one is unable to pay their share for whatever reason, the other must cover. Importantly, both have a legal claim to ownership of the property.

With a JBSP mortgage, the other person (typically a parent) accepts joint responsibility for making mortgage payments but has no legal claim to the property.

The ownership is an important factor. It is true joint mortgages and JBSP deals both allow parents and children to club together to get a mortgage. However, with the JPSB only the son or daughter’s name will be on the property’s deeds, meaning the parent will be able to avoid any stamp duty surcharge. (This is because an additional 3% stamp duty charge is levied on second properties).

What’s the difference between a guarantor mortgage and a JBSP mortgage?

Unlike the JBSP where a parent agrees to contribute to the mortgage payments from the start; with a guarantor mortgage, the guarantor (parent) only becomes liable for the debt if the son or daughter can no longer make the payments. A guarantor mortgage is also secured against the Guarantor’s own property.They will be liable for their son or daughter’s debts if they fall into arrears but will have no legal ownership of the property.

Pros and cons of Joint Borrower Sole Proprietor mortgages

We have already looked at some of the benefits of JBSP mortgages – specifically with regards to first time home buyers. It is increasingly hard for those looking to get onto the property ladder to save up sufficient deposit to buy a home. There are fewer 90 and 95% mortgages on offer in the current climate, so trying to find a 15-20% plus deposit is quite an ask – especially when you consider the average house price in March 2022 across the UK was £278,000 with regional variations.

JBSP mortgages still require the buyer to put up a deposit, which varies from deal to deal. But the parent can help towards this deposit and then make contributions to the monthly repayments. Parents’ or family members’ higher salaries can be used to support lower incomes, without co-owning the property or having to pay additional stamp duty.

Example Scenario Here is an example of when a JBSP might be a suitable option for a first- time buyer.

Let’s say you want to buy your own place. You have a 10% deposit of £25,000 and you have your eye on an apartment worth £250k. This means you need a mortgage of £225k. Your current salary is £30,000, so even if you go to a lender offering a borrowing maximum of 4.5 times your income, the most you could borrow would be £135,000 – still some way short of what you need. However, if a second borrower (your parent) is added to the mortgage application and their regular salary is £60,000 a year - the combined income would be £90k a year. On the same 4.5 times salary basis – they could be considered for borrowing up to £405,000. This means you, the buyer and sole owner, have much greater flexibility on the amount you can spend on your new home.

The ideal scenario following on from this would be that you would buy your home and the parent would gradually reduce their financial input as your salary increases. This provides those supporting the mortgage with a smooth and simple exit strategy - at least that is the theory anyway.

Joint borrower sole proprietor mortgage lenders

One of the downsides to JBSP is that it is still a pretty niche product so there are not (as yet) that many lenders offering such products. This may change over time, but choice is currently quite limited. Lenders in this market are sometimes strict on their age criteria for those supporting the home buyer. Older parents may find it harder to get approval from a lender.

Risk associated with JBSP mortgages

There is still a financial risk too. If the homeowner defaults on the monthly payments, the non-owning party whose name is on the mortgage is still liable for the repayments. Problems can also arise if the relationship between parent and child breaks down. It might prove difficult for the non-legal owner to extricate themselves from the mortgage contract. The son/daughter who is the lawful owner may not be in a position to take the payments on solo – which could mean a protracted and expensive legal battle.

Income prospects

Just because the non-owning party has plenty of funds to contribute towards the mortgage does not mean the lender will automatically approve a JBSP mortgage. In most instances the lender will want to be satisfied that the owner will in the foreseeable future be able make the repayments themself. The owner will need to demonstrate a strong likelihood that their income will increase steadily over time – if they fail to convince, the lender may reject the application.

Changing circumstances

Even over a short 5-year period a lot could change which could impact on the suitability of the JBSP arrangement. For instance, if you as the sole owner are now in a relationship or marriage and share the home with someone else. The other party may want to contribute to the mortgage and have their name on the deeds. Alternatively, the non-owning party of the JBSP mortgage (the parent/family member), may want to buy a property themselves. A JBSP mortgage may hinder their ability to borrow what they need. They will need to convince the lender that they have sufficient funds to cover the costs of both mortgages. These changing circumstances do not necessarily create major problems, but they are things to be aware of.

How JBSP mortgages work

A JBSP mortgage typically allows for up to 4 people to be assessed for a single mortgage on a property (this number can vary depending on the mortgage provider). The lender will take note of each party’s income but will only formally consider two incomes. The other people’s incomes can be used to provide a back-up financial guarantee.

JBSP mortgages are usually associated with parent and family members supporting a young buyer, however with some lenders there are no restrictions around the relationship between the main borrower and the supporting borrower (known as the non-proprietor). Typically, the main borrower must reside in the property and the supporting borrowers must not reside in the property. The lender will accept a gifted deposit from an immediate family relative if it is needed

The maximum age at the end of a JBSP mortgage term could be as high as 80, though some lenders set different/lower limits much closer to retirement age. Therefore, this will affect the length of the mortgage term. e.g. if a parent is 62 years old the maximum period of the mortgage will be 18 years and the repayments will reflect this accordingly.

Some lenders will accept applications from the self-employed and those with low credit scores or no credit history at all– suitability is assessed on a case-by-case basis. If you are a college leaver or starting your first job and have lived at home until now – it is quite conceivable that you have little or no credit history. In such cases, adding someone with good credit can help secure mortgage approval

You are not restricted on the type of residential property you want to buy. Whereas government equity loan schemes such as Help to Buy, are specifically tied to new build, with a JBSP mortgage you can purchase whatever home you want

In general rates offered on JBSP mortgages are generally no different when compared to standard sole applicant mortgages. While there are a limited number of lenders offering these products right now, it is important to shop around and also compare against other options such as guarantor mortgages or first-time buyer mortgages

Taking sole responsibility

The concept behind JBSP mortgages is to help someone get on the property ladder – who would otherwise struggle on their current income and savings. But the financial help offered by the joint borrower (family member) is not meant to be indefinite. The legal owner is expected to take responsibility for mortgage payments on their home as their income rises. Imagine you have got yourself in a situation where you are financially secure and feel you can comfortably make the repayments on your own. The next step then is to remortgage and thereby release your parents/family members from the legal responsibility for your mortgage.

You can do this using your existing provider or switch to a different lender. Your remortgage application (with you as the owner and now sole mortgage holder) will take into account just your income and spending. An approval (or not as the case may be) will be based on that alone.

Even if your salary has risen markedly in the years since the JBSP mortgage was taken out, it does not follow that your lender will automatically approve the remortgage. For instance, it might be the case that in the subsequent years since the initial JBSP mortgage was agreed you have significantly increased your level of credit. High credit card balances and any additional loans could result in your remortgage application being turned down.

While it is perfectly feasible to conduct your own research into JBSP mortgages (and subsequent remortgages) you might find it useful and reassuring to take advice from an independent mortgage broker.

Bristol Mortgages Online www.bristolmortgagesonline.com Tel 0117 325 1511

Bath Mortgages Online www.bathmortgagesonline.com Tel 01225 584 888

Exeter Mortgages Online www.exetermortgagesonline.com Tel 01392 690 888

Email info@swmortgages.com

#bristolmortgagebroker #bestmortgageadvice #bristolmortgageadviser,#expertmortgageadvice

#independentmortgagebroker #bestmortgagedeals #firsttimebuyermortgage #bestremortgagedeal

#freemortgageconsultation #bestmortgagebroker #buytoletmortgage #investmentmortgage

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#endoffixedterm #besttimetoremortgage #earlyredemptionfee #ERC #guarantormortgage

#jointborrowersoleproprietermortgage

Celebrating Disability Pride Month

admin@swmortgages.com (Caz Blake-Symes) — Wed, 13 Jul 2022 09:53:05 GMT

Bristol, Bath and Exeter Mortgages Online are very proud to be celebrating Disability Pride Month.

What is Disability Pride Month?

Disability Pride Month has been described as a day to “accept and honour each person’s uniqueness” and “promote visibility and mainstream awareness” of positive pride felt by people with disabilities, according to AmeriDisability.

For the disabled community, the month encourages self-acceptance and embracing all disabilities.

How do we support the disabled community?

Although we are a small team we have a full inclusive employment policy, with one of our senior managers being a full-time wheelchair user and Tallulah, Phil’s daughter lives with a rare form of Ataxia, a progressive neurological condition.

During Covid, we made significant changes to the way we carried out our consultations by increasing our use of Zoom and Teams. A consequence of this has been that our clients and potential clients have greater access to us, appointment times and being supported by family and friends. This is of course a benefit to all our clients, but in particular we have found clients that may have mobility issues or are visually impaired find the benefits of having a consultation from the comfort of their own homes is a definite bonus.

For those clients who are visually impaired, the ability to screen share documents and highlight relevant sections has been a great advantage. As a number of participants can take part at any time, family, sign language translators and other involved parties can also participate.

This has been such a success that the vast majority of all of consultations are carried out this way.

We are also official sponsors of The Brightwell, a Centre supporting those living with chronic neurological conditions, based in Bradley Stoke, Bristol. Our chosen Charity for fundraising is Ataxia UK

We have made a commitment and will continue to support the disabled community on an on- going basis.

Bristol Mortgages Online www.bristolmortgagesonline.com Tel 0117 325 1511

Bath Mortgages Online www.bathmortgagesonline.com Tel 01225 584 888

Exeter Mortgages Online www.exetermortgagesonline.com Tel 01392 690 888

Email info@swmortgages.com

#disailitypride#accessibleconsultation#bristolmortgagebroker#bestmortgageadvice#bristolmortgageadviser,#expertmortgageadvice#independentmortgagebroker #bestmortgagedeals #firsttimebuyermortgage #bestremortgagedeal

#freemortgageconsultation #bestmortgagebroker #buytoletmortgage #investmentmortgage#hmomortgage #highlyratedmortgagebroker #fivestarrated #googleverified #movetobristol

#endoffixedterm #besttimetoremortgage #earlyredemptionfee #ERC

Phil Clark, 14 years as MD of Bristol Mortgages Online

admin@swmortgages.com (Caz Blake-Symes) — Tue, 14 Jun 2022 09:50:12 GMT

We are very proud of the fact that our MD, Phil Clark, set up the business 14 years ago this week. The Group includes, Bristol, Bath and Exeter Mortgages Online with Bristol being the largest business.

As many of you are no doubt aware, Phil is passionate about being an independent Mortgage Broker and has exceptional knowledge of the mortgage and protection market. Not only has he the knowledge from being a whole-of-market Adviser, but also has excellent relationships with so many specialist lenders that only deal with intermediaries like us.

Over the years, the business has grown and adapted to the changing market. Over the past two years during the pandemic, we operated all the way through the various lockdowns by using Zoom for consultations. Because this was so popular, many of our initial consultations are still carried out this way.

We are very excited to announce that we will shortly be introducing a new online facility, which will be a great benefit to clients when dealing with their application. More news to follow very soon…

Bristol Mortgages Online www.bristolmortgagesonline.com Tel 0117 325 1511

Bath Mortgages Online www.bathmortgagesonline.com Tel 01225 584 888

Exeter Mortgages Online www.exetermortgagesonline.com Tel 01392 690 888

Email info@swmortgages.com

#bristolmortgagebroker #bestmortgageadvice #bristolmortgageadvise #expertmortgageadvice #independentmortgagebroker #bestmortgagedeals #firsttimebuyermortgage #bestremortgagedeal #freemortgageconsultation #bestmortgagebroker #buytoletmortgage #investmentmortgage #hmomortgage #highlyratedmortgagebroker #fivestarrated #googleverified #movetobristol #endoffixedterm #besttimetoremortgage #earlyredemptionfee #ERC #philclark #swmortgagesgroup

Paying an Early Redemption Fee v Remortgage?

admin@swmortgages.com (Caz Blake-Symes) — Wed, 08 Jun 2022 12:03:58 GMT

Switching to a better mortgage deal can make financial sense if you can get a better deal to suit your specific requirements. In some cases, it can save you thousands of pounds over the life of your home loan or structure your mortgage to meet any changing needs. But there could be a catch. Most lenders will charge you extra fees if you break your mortgage deal early – before the deal term ends. This is known as an early repayment fee/charge, or ERC. Our expert mortgage advisers here at Bristol, Bath and Exeter Mortgages Online will do all the calculations for you to work out when the best time might be to remortgage. Recently, whilst interest rates are still low, we have advised clients to pay their redemption fee and move on to a new fixed term mortgage. Our Advisers will put together a personalised, tailer-made quotation to give you the facts to enable you to make an informed decision.

What is an early repayment charge?

An early repayment charge is a fee you might have to pay your lender if you want to end your mortgage deal before the ‘official’ deal term ends. For example, you have a two-year fixed rate deal with your lender, but you want to move to a lower fixed rate at the end of 12 months. If you were to switch away your lender would charge and early repayment penalty fee. Early repayment penalty charges can also be applied if you want to pay off a chunk of your mortgage to reduce your overall borrowing, but this varies depending on the terms of your existing mortgage.

Lenders charge early repayment fees because they’re expecting to make a certain amount of interest by lending to you on a fixed or tracker rate deal – so paying off your mortgage earlier means they’ve lost money – so they’re passing on this charge to you. Early repayment charges do not usually apply if you are paying your lender’s standard variable rate – known as SVR - and want to switch away. You may be charged an admin fee to leave your lender, but typically this will be less than a few hundred pounds. In contrast, ERCs could run into thousands.

When might early repayment charges be applied?

There are a few scenarios where you might find yourself facing mortgage early repayment charges. These include:

You remortgage too early. If you switch to a new mortgage before the end of your current deal, it’ll come with heavy fees – even if you make the change just one day too early. Make sure to double-check the exact date your mortgage deal contract ends
You move to a cheaper property. When you move home, you can usually transfer your existing mortgage deal – but what if your new place is cheaper? You’ll want to use the extra cash from selling your old property to reduce the size of your mortgage – but if you’re still tied into a deal, early repayment charges could apply
You’re selling up. In some situations, like a separation or a move to a different country, you might need to leave your mortgage deal. Similarly, if you hit financial difficulties, you might decide to sell your property, but fees will still have to be paid to close the mortgage if you are in the middle of a mortgage deal
Your new home purchase is delayed. If you’re moving up the housing ladder, there might be a gap between selling one home (and paying back the mortgage) and buying your next one. In these cases, your lender will charge you early repayment fees – but you’ll usually get a full or partial refund when you buy your next property as long as it doesn’t take more than a few months.

How much do early repayment charges cost?

Early repayment charges aren’t usually a flat rate fee. The cost will usually depend on how much you’ve borrowed (the size of your mortgage) and how far you are into your deal. Early repayment charges are usually calculated as a percentage of the amount still outstanding on your mortgage. The typical amount is usually between 1% and 5%. Often, the cost depends on how far you are into your deal – so on a 5-year fixed rate deal, for example, you’ll be charged 5% if you leave in your first year, 4% in your second, 3% in the third year, and so on.

By way of example, if you had a £200,000 mortgage – it would cost £10,000 to pay off the debt in the first year, but if you switched in year five it would be less expensive, at only £2,000.

This also means that early repayment charges are much lower if you’re closer to paying off your mortgage entirely. If you only have £10,000 outstanding, for example, a 1% ERC only comes to £100. If you have the cash, paying back your mortgage in full could therefore save you money on interest.

Is there any way to avoid mortgage repayment charges?

There are some mortgages that don’t come with early repayment charges, so signing up for one of those will mean that you can avoid paying any extra fees if you decide to break your mortgage. Keep in mind, though, that these are almost always standard variable rate or tracker mortgages, and the interest is usually much higher than you’d get on other deals. Usually, people remortgage at the end of their mortgage deal to avoid being put on to their lender’s standard variable rate – as SVRs can be relatively high. But if you know you’ll be downsizing or selling up shortly, it might be worth sticking with your provider’s SVR for a month or two to give yourself extra flexibility and avoid repayment fees.

We will be delighted to look at your current mortgage, circumstances and specific needs, and offer you an specific quotation regarding the benefits or otherwise regarding your ERC.

Bristol Mortgages Online www.bristolmortgagesonline.com Tel 0117 325 1511

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UK interest rates rise to the highest since 2009

admin@swmortgages.com (Caz Blake-Symes) — Thu, 05 May 2022 17:14:55 GMT

Adapted from a BBC News article By Daniel Thomas

Interest rates have risen to the highest level since 2009 as the Bank of England tries to stem the pace of rising prices. Rates rose to 1% from 0.75%, the fourth consecutive increase since December.

Inflation, already rising at its fastest pace for 30 years, is expected to breach 10% by the end of the year, with fuel, energy and food costs soaring partly due to the Ukraine war.

The Bank also warned that the UK economy is set to shrink next year. It said inflation had "intensified" following Russia's invasion of Ukraine, prompting households to rein in their spending which was hitting growth. The Bank raised interest rates again to try and counter this, the fourth time it has increased them since December, as it seeks to contain the rising cost of living. Raising rates makes it more expensive for consumers and businesses to borrow. The idea is this helps cool demand for goods and services, thereby taming prices.

But economists have warned rate rises may have little effect given the rising global oil and gas prices. The Bank's Monetary Policy Committee (MPC) - which sets rates - also acknowledged there were "risks" in raising rates and said it would continue to review "incoming data".

In its latest report, the Bank predicted inflation would now hit 9% in the coming months - up from a previous forecast of 8% - and breach 10% by the end of the year. It said the impact of the Ukraine war on household energy prices were largely to blame, following the increase in the energy price cap in April and a further expected increase in October which could push household bills up to £2,800 a year. Consumers are also facing much higher prices for food, goods and services, it said.

How high could UK interest rates go?

"Global inflationary pressures have intensified sharply following Russia's invasion of Ukraine. This has led to a material deterioration in the outlook for world and UK GDP growth," the MPC said.

"UK GDP growth is expected to slow sharply over the first half of the forecast period," it added. "That predominantly reflects the significant adverse impact of the sharp rises in global energy and tradeable goods prices on most UK households' real incomes and many UK companies' profit margins."

The MPC now expects the UK economy to contract by 0.25% in 2022, down from its previous forecast of 1.25% growth. While that would not technically be a recession - defined as two consecutive quarters of contraction - it would leave the UK at a real risk of one. The MPC has also slashed its growth outlook for 2023 to 0.25%, down from 1%.

It is essential that you look at your current mortgage and that it meets your needs please see our recent blog www.bristolmortgagesonline.com/is-now-a-good-time-to-remortgage

The team at Bristol, Bath and Exeter Mortgages Online will be delighted to answer any queries regarding your current mortgage and will explore the whole of the market to find you the most competitive and suitable deal.

Bristol Mortgages Online www.bristolmortgagesonline.com Tel 0117 325 1511

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Is now a good time to remortgage?

admin@swmortgages.com (Caz Blake-Symes) — Wed, 04 May 2022 09:26:10 GMT

Adapted from a Zoopla Article by Nic Hopkirk 25 March 2022

With interest rates rising four times in the last three months, and further rises expected later this year, could now be a good time to remortgage?

Key takeaways

If you're on a standard variable rate or tracker mortgage, now could be a good time to investigate a low-interest, fixed-rate mortgage
·74% of the UK population are currently on fixed-rate mortgages, and if the interest rate is low, you're in a good position and there's no need to remortgage if your deal isn't ending any time soon
Be aware that if your deal is about to come to an end, you're likely to go onto your lender's standard variable rate - and with interest rates rising, this will be a lot more expensive
There are still plenty of fixed-rate mortgages available for under 2% interest.

The Bank of England has raised interest rates four times in the last three months. The latest rise, from 0.5% to 0.75%, means rates are at their highest level since March 2020. The change will add around £42 a month to repayments for someone with a £200,000 mortgage. A combination of rising inflation and the war in the Ukraine disrupting global supply chains for food and energy has led to a rise in prices. The increase in interest rates by the Bank is an attempt to try and reduce that inflation and calm the cost of living.

How do rising interest rates affect the cost of mortgages?

Higher interest rates make borrowing more expensive. During the pandemic, the Bank of England slashed the Base Rate to an all-time low of 0.1%. The Base Rate impacts all other interest rates. When it’s low, it costs you less to borrow money, but it also means you make less money in interest on your savings. When the Base Rate is higher, interest rates on mortgages tend to be higher too. Higher interest rates on fixed-rate mortgages means that it will cost you more to repay the mortgage in the long term. That said, if you are already on a fixed-rate mortgage, as 74% of the UK population currently are, your payments will continue to stay the same, despite the rise in the Base Rate. Variable rate and tracker mortgages tend to follow the Base Rate more closely, so will rise and fall as the Base Rate increases and decreases.

Do you lose money when you remortgage?

Most people remortgage to get a cheaper rate and pay less money on their mortgage as a result. If you are at the end of your mortgage agreement or ‘term’, then you shouldn’t need to pay any exit fees or early redemption penalties. If you aren’t, be aware that the cost of leaving your current mortgage could run into thousands, so it’s well worth checking first. However, if you’re moving to a deal with a lower interest rate, you could save yourself hundreds of pounds each month. And at a time when interest rates are rising, it's best not to go onto your lender's standard variable rate when your mortgage deal ends.

Is it worth remortgaging early?

The best time to start looking at other mortgages is around four to six months before your current mortgage deal ends. Most lenders will allow you to lock in a deal with them between three to six months in advance. So, if you’re tied into your current mortgage for another three to six months, you can ‘book’ a deal to start in three to six months' time, at the rate it’s currently being offered by the lender.

It can be a good idea to use a broker to ensure you get the best deal for you, as they’ll know the mortgage market inside and out and can often get the best deals.

Should you remortgage now?

The Bank of England’s chief economist has warned that further interest rate rises might be needed to curb inflation. Some experts are predicting that the Bank Rate could increase to 1.25% by the end of 2022. If you’re on a fixed-rate deal set at a low interest rate, you’re in a great position right now and there’s no need to look to remortgage. However, if your deal is about to come to an end, you're likely to go onto your lender's standard variable rate - and with interest rates getting higher, this will be a lot more expensive. So, it's worth shopping around now for another low-interest fixed-rate deal before interest rates go up again.

If you’re on a standard variable rate or tracker deal, your mortgage payments are likely to continue increasing this year. Now could be a good time to secure a fixed-rate deal at a lower interest rate to protect yourself against this. With fixed-rate mortgages, you’ll know what your outgoings are going to be every month, and that’s a good thing in a time of economic uncertainty.

Bristol Mortgages Online www.bristolmortgagesonline.com Tel 0117 325 1511

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Email info@swmortgages.com

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Discover why Bristol was chosen as one of The Sunday Times Best Places to Live 2022.

admin@swmortgages.com (Caz Blake-Symes) — Thu, 21 Apr 2022 09:30:37 GMT

In 2017, after we named Bristol the overall winner of Best Places to Live, five years on and “Brizzle” is still in the list because it really is that attractive, albeit rather less affordable.

The graffiti on show today is proof that the city retains its independent, creative spirit and an urban edge that’s yet to be completely gentrified. Kid Crayon is back with a show sponsored by Arts Council England, St Pauls carnival is back on the streets this summer and Grayson’s Art Club is midway through a nine-month residency at Bristol Museum & Art Gallery.

And of course there’s an anarchic edge, a point of pride for many residents. A history of rebellion stretching from the reform riots in 1831 to the dethroning of slaver trader Edward Colston from his plinth in 2020 demonstrate Bristolians’ continual determination to act on their beliefs. You are never far from a plant-based burger: Bristol was voted the most vegan-friendly UK city last year and it’s also the refill capital of the UK, with 200 water stations — more than anywhere outside of London.

Ali Mitchell moved to Bristol from southeast England two years ago, living first near Whiteladies Road and now in Hotwells. “It’s beautiful and green with tree-lined avenues, views of the gorge and close to Clifton Downs. It also has some of the best restaurants and bars in the country,” she says.

Mitchell, 34, works in analytics for the National Trust and her passion for environmentalism is perfectly mirrored in Bristol. “People live locally here, making it easy to be sustainable. There are extensive networks of small businesses collaborating to make life better and a number of Bristol-only chains such as Better Food supermarket.

I’ve changed so many habits, always using the local refill shop and being more thoughtful about what I buy. In Bristol I feel I can do things that make a difference as part of a community that cares.” That includes joining the Good Gym, a group of runners and walkers who also help out on community projects, picking up litter or visiting isolated older people. “It is a wholesome, fulfilling way to live,” Mitchell says.

Two universities, good schooling, buoyant job opportunities spanning tech, media and finance industries, a passionate environmental drive, and a rolling events calendar to keep everyone entertained year-round keep Bristol’s buzz going.

The big question is which community to join. Clifton, Redland and Cotham remain Bristol’s “golden triangle”. Bishopston and St Andrews (BS6 and BS7), both close to Gloucester Road have a cool, bohemian edge, a firm favourite with young families, with two and three-bedroom pastel-painted Victorian townhouses starting at about £400,000. Southville (BS3), close to Bedminster and south of the centre, also offers relative value and the benefits of city life with the possibility of a garden. Regeneration projects in Greenbank (BS5) are luring value-hunters to the east and also to gritty, arty and alternative Stokes Croft (BS1).

Sophie Inman, 29, moved from Buckinghamshire to Bristol to study for a degree in midwifery in 2016 and liked life in the city so much that she never left. “The majority of my friends stayed in Bristol after university,” she says. “It’s a city with so much character. Yes, there is real affluence mixed with deprivation, but the variation in wealth and ethnic backgrounds is what makes it better. Bristol certainly doesn’t have a monotone mindset or culture.”

High Street

Clifton village is awash with independent boutiques, coffee shops and restaurants, and there are many more at Gloucester Road and Stokes Croft. Bristol’s shops bring in customers from across the region. Head to the Mall at Cribbs Causeway off the M5, the largest indoor mall in the Southwest, for most high street chains and many designer labels; or Cabot Circus and Broadmead in the city centre.

Connections

Road links are good, with the M4 and M5 nearby. The mayor’s green agenda is widely supported, but his policy of removing diesel cars from the centre has caused some disquiet thanks to public transport that, while slowly improving, still doesn’t connect all areas of the city. Mitchell says: “For such a forward-thinking, environmentally minded city you would think public transport would be better, but buses are irregular and expensive.”

Bristol Temple Meads station has an alluring choice of direct destinations, with Devon and Cornwall to the southwest, Cardiff from 49 minutes, Bath from 11 minutes, Cheltenham from 37 minutes and London Paddington from 1 hour 29 minutes.

The Harbourside has a ferry service and Bristol promotes itself as the “UK’s first cycling city”, with more than 300 bike parking spaces and a network of free-to-use bike pumps. Be seen around town on a VanMoof or Babboe Big cargo bike for the school run. It is also one of the first locations for the government’s extended (and controversial) Voi escooter trials — just don’t always bank on a tip-top battery after a wild student night out.

Broadband

Some 94 per cent of the city has access to a Gigabit service via either Openreach or Virgin Media.

Schools

Primary schools rated outstanding by Ofsted and in The Sunday Times Parent Power guide include Elmlea Junior School (last inspected in 2015), St Teresa’s RC (2016) and Bishop Road (2011). Several state secondary schools are Ofsted-rated outstanding, including Bristol Cathedral Choir School (2016), Montpelier High School (2010), and Gordano in Portishead (2011); Cotham School is rated good (2018).

For independent schools, Parent Power awarded Badminton School fourth place in the Southwest and 77th overall (fees from £3,160 a term); Queen Elizabeth’s Hospital School seventh in the Southwest and 111th overall (fees from £3,420 a term) and Redmaids’ High School ninth and 127th overall (fees from £3,505 a term).

Best Address

Take your pick. There’s gentrified and expensive Clifton; Redland; or the lovely architecture and vegan restaurants of Cotham. Montpelier and Horfield are bubbling with independent spirit in their shops and pubs, a scooter ride from Gloucester Road. In Southville, St Andrews and Bishopston, areas where once residents move in, they rarely move out, two and three-bedroom period homes start from £380,000, rising to £1 million. Henleaze has an especially vibrant community, and the spacious family homes and gardens of Sneyd Park near the River Avon are popular. Our pick for 2022? The beautiful Victorian villas and terraces of Bishopston, from about £825,000 for four bedrooms, that are close to good schools, green parks and the independent shops lining the Gloucester Road down to Cheltenham Road.

Property prices

Average house price: £363,000

Growth since 2020: 13%

Source: Halifax using Land Registry data

Bristol Mortgages Online www.bristolmortgagesonline.com Tel 0117 325 1511

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Some of our excellent 5-star Google Reviews from March

admin@swmortgages.com (Caz Blake-Symes) — Tue, 05 Apr 2022 10:43:39 GMT

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We are delighted to be an official sponsor of The Brightwell 100

admin@swmortgages.com (Caz Blake-Symes) — Wed, 30 Mar 2022 08:49:53 GMT

The Brightwell 100 was launched in February 2022. This new initiative forms the key part of The Brightwell’s corporate fund raising, vital to keep this important charity running and flourishing. The Brightwell, incorporating The West of England MS Therapy Centre, based in Bradley Stoke, is looking to have a cohort of 100 corporate sponsors each supporting the charity with a “share” of £1,000. This money will enable The Brightwell to develop and increase the services and support that they offer those living with chronic neurological conditions.

What are the benefits for The Brightwell 100 “Shareholders”?

Supporting a worthwhile charity.
Enabling them to fulfil their charitable aims and objectives.
Being associated with a reputable charity (guidelines will be provided about use of the name and logo)
Knowledge that their donation will be 100% effectively used unlike major national/international charities.
Tax efficient way to donate, receipts and letters of thanks to be provided.
Publicity via our website and social media outlets for the supporting businesses.
Promotional opportunities with visits to the Centre, photos with members of staff/Centre members usual permissions and safeguarding to be in place.
Use of meeting rooms when built.
Long term relationship to see how donated money has been used.

How support will be used

The Charity has a wide range of projects and ongoing requirements and in most cases, supporters will be able to have an input into where their funds are used. In the case of larger donations for more significant projects, supporters will be involved especially in the case of donated services.

As of February 2022, their projects and “Wishlist” fell into five main categories

Oxygen Generation Project.
Physiotherapy Department
Members Area
Project Green
New Café and Outdoor terrace area.

For more details and costs for specific items please visit www.thebrightwell.org.uk/brightwell-100

We look forward to having a long-term relationship with this excellent local charity.

How Rishi Sunak's Spring Statement will affect you.

admin@swmortgages.com (Caz Blake-Symes) — Wed, 23 Mar 2022 15:26:59 GMT

Key points at a glance.

Adapted from BBC Article 23 March 2022

Chancellor Rishi Sunak has unveiled the contents of his Spring Statement in the House of Commons Key points at a glance He has come under increasing pressure to act, with prices rising 6.2% in the 12 months to February - the fastest for 30 years. The chancellor said the forecast for UK's economic growth was now 3.8% for this year and 1.8% in 2023.

Here is a summary of the main points so far.

State of the economy and public finances

The UK economy is forecast to grow by 3.8% this year, according to the Office for Budget Responsibility, a sharp cut from its previous prediction of 6.0%
The economy is then forecast to grow by 1.8% in 2023 and 2.1% in 2024
The annual inflation rate was 6.2% in February, and is likely to average 7.4% for the rest of this year, but with peak of 8.7% in the final quarter of 2022
The unemployment rate, which is currently at 3.9%, is now predicted to be lower in every year of the OBR's forecast.
The number of people employed between now and 2027 is expected to be 400,000 lower than before the pandemic. This is because of early retirements, long-term sickness and fewer workers arriving in the UK
Borrowing as a percentage of GDP is expected to fall from 83.5% of GDP in 2022/23 to 79.8% in 2026/27
The government is forecast to spend £83bn on debt interest in the next financial year, the highest on record

Fuel, energy and living costs

Fuel duty will be cut by 5p per litre until March 2023
Homeowners installing energy efficiency materials such as solar panels, heat pumps, or insulation installed will not pay VAT
Local authorities will get another £500m for the Household Support Fund from April, creating a £1bn fund to help vulnerable households with rising living costs

Taxation

The income threshold for at which point people start paying National Insurance will rise to £12,570 in July, which Mr Sunak said was tax cut for employees worth over £330 a year
Mr Sunak pledged to cut basic rate of income tax from 20p to 19p in the pound before the end of this Parliament
The Employment Allowance, which gives relief to smaller businesses' National Insurance payments, will increase from £4,000 to £5,000 from April

What can we do to help you?

If you are concerned about your current mortgage, especially if you have moved over to a Standard Variable Rate, or want to discuss possible remortgage options. call us today to discuss your requirement. We will be delighted to help.

Bristol Mortgages Online www.bristolmortgagesonline.com Tel 0117 325 1511

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Email info@swmortgages.com

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#bestmortgageadvice

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Interest rates rise again to counter higher prices

admin@swmortgages.com (Caz Blake-Symes) — Thu, 17 Mar 2022 13:19:34 GMT

Let Bristol, Bath and Exeter Mortgages Onlne help you.

Adapted from a BBC News article 17 March 2022

Interest rates have increased for the third time in four months as the Bank of England tries to calm the rise in the cost of living. The rise to 0.75% from 0.5% comes as prices are climbing faster than pay, squeezing household finances. It means interest rates are now at their highest level since March 2020, when the Covid pandemic began.

Energy bills and food costs are increasing and there is concern the war in Ukraine will push prices up further. Inflation, the rate at which prices rise, is currently at 5.5%, well above the Bank of England's 2% target. The Bank's policymakers cited rising prices and strong employment as the reasons for the latest rise.

The members of the Monetary Policy Committee (MPC) felt that "given the current tightness of the labour market, continuing signs of robust domestic cost and price pressures, and the risk that those pressures will persist," an interest rate rise was justified. The MPC voted by a majority of 8-1 for the measure, with deputy Bank governor Jon Cunliffe the only member to vote for keeping rates unchanged. He said this was because of the impact of rapid price rises on household incomes. The committee said that more interest rate rises "might be appropriate in coming months, but there were risks on both sides of that judgement depending on how medium-term prospects evolved."

The invasion of Ukraine was likely to push prices up even faster than the Bank expected at its last meeting in February, it said. "The economy had recently been subject to a succession of very large shocks. Russia's invasion of Ukraine was another such shock," it wrote.

Mortgage costs

About two million households will see an immediate increase in their mortgage payments as a result of the rise in rates, according to UK Finance. The increase will add about £26 a month to the cost of a typical tracker mortgage, and £16 to the cost of a typical standard variable rate mortgage.

The Bank said that higher global prices for energy and other goods were responsible for the faster rise in inflation than the MPC predicted at its last rate-setting meeting.

However, it expects inflation to "fall back materially" once prices stop rising and the impact of inflation on household incomes starts to bite. reach 8%, and possibly higher, in coming months.

What can we do to help you?

If you are concerned about your current mortgage, especially if you have moved over to a Standard Variable Rate, call us today to discuss the options that are available to you. We will be delighted to help.

Bristol Mortgages Online www.bristolmortgagesonline.com Tel 0117 325 1511

Bath Mortgages Online www.bathmortgagesonline.com Tel 01225 584 888

Exeter Mortgages Online www.exetermortgagesonline.co m Tel 01392 690 888

Email info@swmortgages.com

Let Us Help You Understand More About Houses in Multiple Occupancy (HMOs)

admin@swmortgages.com (Caz Blake-Symes) — Sat, 05 Mar 2022 10:17:57 GMT

What is an HMO property?

HMO stands for ‘House in Multiple Occupation’.

Most HMOs are houses or flats shared by several different tenants, who all rent their rooms and the property’s communal space on an individual basis. Sometimes called a “house-share”.

However, HMOs can also be:

Hostels
Several bedsits in a large building
Blocks of converted flats
Self-contained cluster flats

Essentially, an HMO is any property housing three or more tenants who make up more than one household (i.e. not related) and share toilet and kitchen facilities (such as a shared student property) is classified as a HMO in England and Wales. If the property is let to five or more people, it is classified as a ‘large’ HMO. Large HMOs require licenses from the local council, which are subject to an inspection and must be renewed every five years.

Mortgages for HMOs

Lenders consider HMOs as specialist properties, which means getting a mortgage on one can be more complicated and expensive than if you were letting a standard home. Previously, a property was only classified as an HMO if it was at least three storeys high, but this rule was removed in England and Wales, pushing thousands of rented homes into the HMO category. The usual deposit required is 25%.

HMOs have always been a popular choice with professional landlords looking to increase rental yields due to the potential provided by having multiple paying tenants. However, HMOs are not suitable for everyone, and we always advise that you speak to an accountant or Solicitor before considering any investment property purchases.

HMO mortgages

HMO mortgages differ from standard buy-to-let mortgages in that they allow the letting of multiple rooms to multiple people, which normal buy-to-let mortgages don’t allow.

There are a whole host of HMO mortgages available, depending on which stage the HMO property is at, and these include:

Development loans for build and construction
Refurbishment loans
Mortgages and re-mortgages for new and existing HMOs

There is a choice of HMO mortgages available for most borrowers and will vary in terms of length of mortgages, period of any fixed-rate offer and interest rate. We will quote you based on your specific circumstances and situation.

There are several factors that always come into consideration when handling HMO finance applications, but we are confident we can find the right HMO mortgage for you. In many cases potential lenders only can be accessed through intermediaries like ourselves. Factors to consider:

Assured Short hold Tenancies (ASTs)

Check the number of ASTs you have in place with your HMO tenants. Some HMO mortgage lenders accept multiple ASTs and others will only accept one.

HMO licensing

Check your HMO property is correctly licensed. Properties with 5 or more bedrooms, occupied by more than 1 household, who are sharing facilities need to be a licensed with the local authority. HMO mortgage lenders will require the appropriate license to be in place before releasing funds. It is not a given that you will be issued an HMO license by your local authority, so it is essential to investigate this in advance.

For more information please click here to download our HMO guide.

For more information about anything relating to your investment mortgage or protection or insurance, please get in touch with your Adviser or

Email: info@swmortgages.com

Call: Bristol office 0117 325 1511, Bath office 01225 584 888 or Exeter office 01392 690 888

Please visit one of our websites

www.bristolmortgagesonline.com

www.bathmortgagesonline.com

www.exetermortgagesonline.com

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#highlyratedmortgagebroker

Can I borrow 5.5 times my salary for a mortgage?

admin@swmortgages.com (Caz Blake-Symes) — Mon, 14 Feb 2022 11:44:25 GMT

Most mortgage calculations are based on a factor of 4.5 times gross annual salary when calculating how much an individual or joint applicant can borrow.

However, as a fully independent, whole-of-market Mortgage Broker, we have access to specialised software that will give a choice of lenders and how much they are willing to lend based upon a clients’ specific circumstances. For example, in some circumstances where potential borrowers have a 10% deposit and an employed income meeting the lender’s criteria that factor could be as much as 5.5 times the applicant’s gross annual salary.

As well as Bristol Mortgages Online being able to access this software, there are lenders who will lend employed First-time buyers with 10% deposit 5.5 times salary, enabling homeownership for many people who have been frozen out of the market. So, subject to meeting the usual checks and affordability requirements, the maximum sum a buyer earning £50,000 can borrow will rise from £225,000 to £275,000. However, the larger loans will not be available to self-employed applicants.

There are also lenders who are not available online or on the High Street, that only use intermediaries like us who can also offer 5.5 times salary. Sometimes this will only apply to first-time buyers who are borrowing 90% or less of the property price and are taking out a five- or 10-year fixed-rate mortgage.

As for any application, regardless of amount or deposit, lenders are obliged to check that borrowers can afford the monthly repayments on a rate higher than the standard variable rate they offer, rather than the mortgage rate that is being signed up for. Therefore, we will always give the best advice to find the product that best suits not only your current circumstances but considers possible future changes.

Henry Jordan, the director of mortgages at Nationwide, said: “In the UK there are nearly 5m private rented households, but many of these renters have dreams and aspirations of buying a home of their own. However, with household incomes rising at a slower rate than house prices, many first-time buyers are finding it increasingly hard to get on to the property ladder

Is this a good idea for everyone?

Many potential borrowers will not be eligible for this type of mortgage based on size of deposit, income, employment status as self-employed are excluded from many of these offers. You should think long and hard about your future earnings and job security before taking out a mortgage at up to 5.5 times your salary. The larger the loan, the longer it will take to pay off. You may also increase the risk of failing to make repayments, potentially costing you your home. A variable-rate mortgage may be especially risky, as the lender could increase their rates at any time. So, make sure you could comfortably afford to a jump in your monthly repayments. It’s also worth considering how these deals stack up on interest – you may find better rates on deals offering you a smaller loan.

Regardless of your circumstances, we can provide you with a tailor-made quotation package of exactly what you can borrow, what mortgage deals are best suited to your specific requirements and how to obtain your chosen mortgage.

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY DEBT SECURED ON IT.

For further details about the service we offer as a fully independent mortgage brokers or any other mortgage information book your FREE CONSULTATION with one of our expert Mortgage Advisers, please contact us

Bristol Mortgages Online www.bristolmortgagesonline.com Tel 0117 325 1511

Bath Mortgages Online www.bathmortgagesonline.com Tel 01225 584 888

Exeter Mortgages Online www.exetermortgagesonline.com Tel 01392 690 888

Email info@swmortgages.com

#bristolmortgagebroker

#bristolmortgageadvice

#bristolmortgageadviser

#expertmortgageadvice

#independentmortgagebroker

#bestmortgagedeals

#firsttimebuyermortgage

#bestremortgagedeal

#freemortgageconsulyation

#bestmortgagebroker

#buytoletmortgage

#investmentmortgage

#highlyratedmortgagebroker

Some of our most recent 5-star Google Reviews

admin@swmortgages.com (Caz Blake-Symes) — Tue, 08 Feb 2022 11:54:34 GMT

So many of our clients come to us because of our excellent 5-star reviews. As of 8 February 2022, we have 213 5-star Google reviews and 59 5-star Facebook reviews!

Here are some of the excellent reviews that we have received over the past few weeks

Mortgages made easy! Phil and the team are amazing! We are first time buyers and honestly didn’t have a clue! Phil really took the time to explain everything, every step of the way and was on hand whenever we needed him. I would and have 100% recommend Phil to everyone I know.

Very happy with the service provided by Bristol Mortgages Online. My contact during the initial stages with Phillip and later with Russel Green always left me with a clear understanding of the process, which was particularly helpful given my status as a first time buyer. I was supported to make informed decisions that worked in my best interest and any queries I made were responded to promptly and in a professional manner. Would 100% recommend!

Having been let down by our first mortgage a friend passed on Phil's number from Bristol Mortgages Online. From our very first conversation Phil explained the process clearly and re-assured us that we can ask as many questions as we needed at any time of the day. Phil and George worked above and beyond to ensure that we were updated every step of the way and were happy to take calls during evening and weekends due to timing issues between my partner and I. Responses to questions and queries were almost immediate and they made the process as easy as possible. Phil and his team ensured that products were explained clearly and always ensure that we were happy with our choice. Even after the mortgage had gone through Phil was happy to explain and go through insurance products with us. I have already recommended them to family and friends and will be coming back for anything mortgage related.

We have used the services of Bristol Mortgages Online a number of times, as first time buyers, renewing, and also buying a new property. Each time the service has been exceptional, with everything explained clearly at meetings held at our convenience. Phil and the team are fantastic, with special thanks recently to George with his help and support.

Always very quick to respond and are very helpful when any issues arise.

Bristol Mortgages Online contact and service from first call to completion was exemplary. Their staff were polite, efficient, and responsive and made the whole process a seamless one. We received timely advice and the wider connections with mortgage provider and solicitor were equally positive and supported by Bristol Mortgages Online. Will definitely be a repeat customer. Many thanks.

Attentive, professional, and honest service the whole way through. I was really made to feel up to date throughout the process, and that I was able to ask any question or raise any query that I may have had. Deadlines were always met, and it truly felt like the team had our best interests at heart - highly recommend.

To view all our Google reviews please click the link on our website www.bristolmortgagesonline.com

Interest rates rise again in bid to cool soaring prices

admin@swmortgages.com (Caz Blake-Symes) — Fri, 04 Feb 2022 10:19:27 GMT

Adapted from a BBC report 03 February 2022

Interest rates have risen for the second time in three months as the Bank of England tries to curb a rapid rise in the cost of living. The hike to 0.5% from 0.25% came as the Bank warned that price rises could speed up. Prices are expected to climb faster than pay, putting the biggest squeeze on household finances in decades.

It comes as the chancellor unveiled a support package to help households cope with a 54% jump in energy bills. Rising gas and electricity costs are the main factors pushing up prices across the economy. Inflation, as measured by the consumer prices index (CPI), is expected to peak at 7.25% in April, and average close to 6% in 2022. This would be the fastest price growth since 1991 and is well above the Bank's 2% target.

There are also increasing signs of broader price pressures across the economy. Prices of household appliances such as fridges climbed almost 10% over the past year. Goods shortages also meant retailers were offering fewer bargains in the January sales compared with previous years. Food prices and rents were also likely to creep up in the short term, the Bank warned.

Pay increases are not expected to keep pace with rising prices. Post-tax incomes are forecast to fall 2% this year, after taking into account the rising cost of living. This represents the biggest fall in take-home pay since records began in 1990. Despite this, the Bank said there had been a "material pick-up in pay settlements" this year, with the average worker enjoying a 5% pay rise.

"Acute" staff shortages in sectors such as hospitality, engineering, construction and IT also meant many employers were offering staff "ad-hoc" bonuses to keep them. The pandemic meant other workers had retired early, stayed in education or cut down their hours for a better work life balance. The Bank said this had created other labour shortages that could take "many years to be resolved".

Bank of England governor Andrew Bailey said the jobs market was "extraordinarily tight", adding that when he speaks to businesses up and down the UK, labour shortages are the "first, second and third thing people want to talk about". The Bank's decision to raise interest rates will make borrowing more expensive, potentially hitting some households harder. The Bank cannot do much to ease the energy price shock or rapid price rises in some consumer goods, so it is sticking to its job by trying to keep inflation stable, the Bank's deputy governor for monetary policy Ben Broadbent said.

The rates rise coupled with soaring prices will make it more difficult for some people to afford mortgage repayments. The Bank's rates decision will add just over £25 to the typical monthly repayment for people on a tracker mortgage. Those who have a standard variable rate mortgage will pay an extra £15 per month on average. Nearly two million people in the UK have one of these two types of mortgages. While savers will hope for higher returns, many big banks failed to pass on the full increase in December, when interest rates were increased from a record low of 0.1%.

Whilst interest rates remain low in comparison to previous decades, now is an ideal time to fix year mortgage for 2, 5 or even 10 years.

Bristol, Bath and Exeter Mortgages Online will gladly discuss all your mortgage options with you to best meet your current and predicted future needs looking at the whole-of-market

Bristol Mortgages Online www.bristolmortgagesonline.com Tel 0117 325 1511

Bath Mortgages Online www.bathmortgagesonline.com Tel 01225 584 888

Exeter Mortgages Online www.exetermortgagesonline.com Tel 01392 690 888

Email info@swmortgages.com

Meet Russell Green our Senior Mortgage Adviser

admin@swmortgages.com (Caz Blake-Symes) — Wed, 26 Jan 2022 10:35:21 GMT

Russell Green joined us in September 2021 after an 18-year successful career with Santander as a Mortgage Adviser and latterly as a Branch Director.

Russell has an excellent knowledge of the local market having lived in the area all his life and currently lives in Weston-super-Mare. Russell studied Business Management at Plymouth University, graduating with a BSc (Hons) and subsequently studied for his full CeMap qualifications.

Russell brings with him a wealth of knowledge when dealing with both residential and investor mortgages. Russell himself is enjoying the opportunities that being a fully independent mortgage broker brings. So, whether you are a first-time buyer, looking to move house or remortgage, Russell will be delighted to give you his expert advice. Likewise for those investors looking to expand their BTL or HMO portfolios again he is the person to talk to.

Russell works closely with our MD, Phil Clark, and has taken on the Senior Adviser roles within the business and will be looking after our existing clients who previously dealt with our Senior Advisors in the past.

Bristol Mortgages Online www.bristolmortgagesonline.com Tel 0117 325 1511

Bath Mortgages Online www.bathmortgagesonline.com Tel 01225 584 888

Exeter Mortgages Online www.exetermortgagesonline.com Tel 01392 690 888

Email info@swmortgages.com

What will happen to the housing market in 2022?

admin@swmortgages.com (Caz Blake-Symes) — Mon, 10 Jan 2022 09:51:21 GMT

Moving into 2022, the housing market will be influenced by both positive and negative factors. On the positive side, the pandemic-induced search for space has further to run. The ability to work from home has expanded the horizons for many office workers who now feel able to look further afield.

Zoopla research shows that 22% of people currently want to move, significantly higher than the usual 5% in a normal market. The high levels of equity homeowners have built up during the past 18 months and the shortage of homes on the market is expected to support house price growth well into 2022.

But on the downside, the rising cost of living, combined with an expectation that mortgage rates and taxes will rise next year, will impact affordability.

House price growth is expected to end 2022 at 3%, with growth likely to be strongest in the East Midlands and North West and weakest in London. Transaction levels are expected to fall by 20% to 1.2 million, in line with the long-running average but still comparatively high compared with the past decade. House price growth expected to slow in 2022 with regional variations

Richard Donnell, of Zoopla, said: ‘The impact of the pandemic on the housing market has further to run but at a less frenetic pace. We expect the momentum in the market to outweigh some emerging headwinds from higher living costs and the risk of higher mortgage rates. The latest data shows a turning point in the rate of house price growth, which we expect to slow quickly with average UK house prices up 3% by the end of 2022.’

What could this mean for you?

First-time buyers

The market remains fast-moving and is not expected to start slowing down until well into 2022. As a result, you’ll need to be prepared to move quickly if you see somewhere you like. It’s a good idea to have a mortgage offer agreed in principle before you start house hunting. With many potential buyers looking for more space, particularly a garden, you may find you have more choice and less pressure if you opt for a flat.

Home-movers

If you’re thinking of moving, it remains a great time to put your home on the market as demand from potential buyers is continuing to outstrip supply. Unfortunately, these same dynamics may make it challenging to find your next home. Do as much research as you can before listing your current property and talk to local estate agents to find out how fast the market is moving in your area. If the market is moving very quickly, you may want to have an offer accepted on a property you want to buy before listing your current home for sale.

Bristol, Bath and Exeter Mortgages Online will gladly discuss all your mortgage options with you to best meet your current and predicted future needs looking at the whole-of-market

Bristol Mortgages Online www.bristolmortgagesonline.com Tel 0117 325 1511

Bath Mortgages Online www.bathmortgagesonline.com Tel 01225 584 888

Exeter Mortgages Online www.exetermortgagesonline.com Tel 01392 690 888

Email info@swmortgages.com

Christmas 2021 Message from Phil Clark and the team

admin@swmortgages.com (Caz Blake-Symes) — Mon, 20 Dec 2021 10:53:41 GMT

Dear Clients, Friends and Family

I started my letter last year looking at what a difficult time we had all experienced, since then, we’ve had the miracle of an amazing vaccination programme and there is light at the end of the tunnel, but obviously not out of the woods yet!

On a positive note, in terms of business I hope that you have survived, in many cases I know some of your businesses have in fact flourished. From our own point of view, Bristol, Bath and Exeter Mortgages Online have all been very busy. Early in the pandemic we changed our appointment practices to being focused on online including face to face meetings with clients on Zoom and Teams. The vast majority of our clients find the online consultations exceptionally beneficial as we can fit in with specific time scales including working hours and childcare. Meetings can be held Monday to Saturdays including most evenings. We will continue this practice although we still have our base at Henleaze House.

Back in September, we welcomed Russell Green, who joined us from being a Branch Director and mortgage specialist with Santander, after we said goodbye to Paul Kelly, who was with us for seven years. Russell is already settling in well and thoroughly enjoying the benefits of being able to offer so many mortgage and protection products, as an Independent Broker

The dramatic increase in property market values has given a huge advantage to existing homeowners in terms of equity, although first-time buyers are still finding it a challenge to find an affordable property. The mortgage market is fully operational with many new, innovative products for both residential buyers and investors.

I feel very positive about 2022 and look forward to helping you with house moves, first-time purchases, remortgages and all your protection needs.

I would like to take this opportunity to wish you and your family a very Merry Christmas and a happy and healthy 2022.

Kindest Regards

Phil Clark and all the team.

Bank of England raises interest rates to 0.25%

admin@swmortgages.com (Caz Blake-Symes) — Sat, 18 Dec 2021 10:12:27 GMT

As of 16 December 2021, The Bank of England has raised interest rates for the first time in more than three years, in response to calls to tackle surging price rises. The increase to 0.25% from 0.1% came despite fears that the Omicron variant of Covid could slow the UK economy by causing people to spend less.

The cost of living rose by 5.1% in the year to November, latest figures show. That was the highest rate since September 2011 and well above the Bank's 2% inflation target. However, one business group said the rate rise would do little to stop prices going up, since costs were being pushed higher by global factors largely outside the Bank's control.

What does this mean for borrowers and savers?

The decision by the Bank of England will add just over £15 to the typical monthly repayment for a tracker mortgage customer. A standard variable rate mortgage-holder is likely to pay nearly £10 extra a month. Nearly two million people in the UK have one of these two types of mortgage.

While savers may welcome news of higher rates, analysts warn there is no guarantee the higher Bank rate will lead to better returns on savings. Even if savings rates increase slightly, returns are still well below the rate of inflation.

Why is this happening now?

The Bank can raise interest rates to help control price rises - but many experts had expected it to hold off because of uncertainty about Omicron. Yet on Thursday, it said the prices of global assets, such as stocks and bonds, had largely recovered after an initial fall in response to news of the new variant. Successive waves of Covid also appeared to have had less impact on economic growth, the Bank added, although there was uncertainty around the extent to which that would prove to be the case this time.

"Consumer price inflation in advanced economies has risen by more than expected," it added.

The Omicron variant could reduce economic activity early next year, said the Bank, although it was unclear how much of an effect it would have on inflation worldwide.

Bristol, Bath and Exeter Mortgages Online will gladly discuss all your mortgage options with you to best meet your current and predicted future needs looking at the whole-of-market

Bristol Mortgages Online www.bristolmortgagesonline.com Tel 0117 325 1511

Bath Mortgages Online www.bathmortgagesonline.com Tel 01225 584 888

Exeter Mortgages Online www.exetermortgagesonline.com Tel 01392 690 888

Email info@swmortgages.com

Our Opening Hours over the festive period

admin@swmortgages.com (Caz Blake-Symes) — Wed, 15 Dec 2021 12:45:17 GMT

Our working hours over the festive period are as follows:

24 December Closed

25, 26, 27 and 28 December Closed

29, 30 and 31 10am to 4 pm

1, 2 and 3 January 2022 Closed

4 January onwards business as usual

Check out our festive website

admin@swmortgages.com (Caz Blake-Symes) — Mon, 06 Dec 2021 15:14:48 GMT

New paragraph

40-year mortgage deals pose questions for homeowners

admin@swmortgages.com (Caz Blake-Symes) — Mon, 29 Nov 2021 10:07:37 GMT

A trend for longer-term fixed-rate mortgages is set to test homeowners' appetite for certainty over cost - but brokers warn risks will still remain.

On Tuesday, Kensington Mortgages launched a mortgage product with a rate that can be fixed for up to 40 years. Borrowers already have a choice of long-term fixes beyond the traditional two-year deals, with scores of 10-year products available.

Brokers say the benefits are clear, but such products are unsuitable for many.

Kensington is a non-bank mortgage provider and is able to offer the new product with the backing of Rothesay, a huge pensions insurance specialist. It said that borrowers could fix their rate for anything between 11 and 40 years, with the cost dependant on the length of repayment and the size of the loan compared to the value of the home. Applicants must not be older than 70 at the end of the mortgage term.

Online lender Habito also launched a deal for up to 40 years earlier this year. Borrowers, aware of the historically low mortgage rates, have been applying for longer-term fixed-rate deals, but these have commonly been five-year deals.

Lenders are now also offering a selection of 158 different 10-year products, according to financial information service Moneyfacts, amid expectations that the Bank rate will rise soon.

"A [longer] fixed-for-term mortgage - already very popular in some parts of continental Europe - is likely to become increasingly attractive in a rate rising environment," said Mark Arnold, chief executive of Kensington Mortgages.

That view is backed by government which has said it wants to see more certainty for borrowers.

Without the need to include a buffer for potentially higher rates in the future, borrowers on a 40-year fixed deal may be able to borrow more. There are options which would allow people to continue on the same deal, without an extra charge, if they moved home, and allowances if borrowers became critically ill or sold up.

However, brokers point out that there are still plenty of considerations that create risks for borrowers.

Changing circumstances in people's lives could also have a big effect. If a customer needed to borrow more in the future - for example, for home improvements - then that could prove costly.

Finances in retirement

First-time buyers might also find that paying off their mortgage debt over time, and seeing the home rise in value, could easily make cheaper deals available to them in the future, which they would miss out on by fixing a rate for a long time.

There should also be a consideration of how to pay for a long-term mortgage in later life.

Becky O'Connor, head of pensions and savings at Interactive Investor, said: "The rise of mortgages with ultra-long terms that stretch way past retirement age is worrying. It requires a fundamental rethink of what people will need in retirement and could require a change to the assumptions that underpin current guidance for pension savers on how much they should aim to have in their pot. If you are considering paying a mortgage into retirement, there's a huge reality check coming: you will need a much bigger pension than most people are currently on track for to finance this additional borrowing."

Bristol, Bath and Exeter Mortgages Online will gladly discuss all your options with you to best meet your current and predicted future needs looking at the whole-of-market

For further details about the service, we offer as a fully independent mortgage brokers or any other mortgage information book your FREE CONSULTATION with one of our expert Mortgage Advisers, please contact us

Bristol Mortgages Online www.bristolmortgagesonline.com Tel 0117 325 1511

Bath Mortgages Online www.bathmortgagesonline.com Tel 01225 584 888

Exeter Mortgages Online www.exetermortgagesonline.com Tel 01392 690 888

Email info@swmortgages.com

Why UK interest rates could rise this week

admin@swmortgages.com (Caz Blake-Symes) — Wed, 03 Nov 2021 12:38:49 GMT

Adapted from a BBC article by Robert Plummer

Borrowing money in the UK is now as cheap as it ever was - and it's been that way for years. But perhaps not for much longer. The country's main interest rate, set by the Bank of England, has been below 1% since 2009, in the wake of the global financial crisis. In March 2020, as the coronavirus pandemic caused the biggest economic slowdown for centuries, the rate was cut to an all-time low of 0.1%. But now the tide is turning and that era of ultra-cheap money could be coming to an end.

The first in a series of rate rises could come as early as this week, with the Bank's rate-setting Monetary Policy Committee (MPC) due to pronounce on Thursday. If it does lift interest rates, many people with a mortgage will face higher repayments, since lenders will seek to increase their rates in line with the Bank's decision. However, savers will be hoping for a better return on their money.

So why are interest rates expected to rise and how high could they go?

What would an interest rate rise achieve? The main point of making it more expensive to borrow money is to curb inflation - the rate at which prices are rising. As the UK economy recovers from the impact of Covid, consumers have more money to spend. That pent-up demand is pushing up the cost of a whole range of goods, some of which are in short supply because of the way in which factors such as the pandemic and Brexit have disrupted supply chains That's bad news for the Bank, which has a mandate to keep the annual rate of inflation at 2%. If it goes as high as 3% or as low as 1%, the Bank's governor, Andrew Bailey, has to write a letter to Chancellor Rishi Sunak to explain why and what he is going to do about it. We are already in that territory, since inflation is currently at 3.1%. And the Bank expects it to rise further, hitting 4% or even 5% before subsiding again.

Why is the cost of living going up?

If the Bank puts interest rates up, the effect is to persuade people not to borrow and spend. Instead, consumers will tend to save, because returns from savings are higher. With less disposable income being spent, the economy slows and inflation goes down again. That's the theory, at least.

What are the drawbacks?

Interest rates can be a bit of a blunt instrument. If they go up too far and too fast, that can choke off economic recovery and even cause a recession. The Bank has been sitting on its hands in recent months, taking the view that the burst of inflation will be short-lived and will fix itself without the need for intervention. And to be fair, other countries are seeing a similar price surge, yet neither the US Federal Reserve nor the European Central Bank has so far stepped in to raise rates.

But markets now expect the UK's main interest rate to rise from 0.1% to 0.25% in the first instance, with further increases to follow, perhaps reaching the pre-Covid level of 0.75% by the middle of 2022. Those expectations are already having a direct impact on the mortgage market, with borrowers trying to lock in a low rate on five-year fixed deals while they still can, while some of the best deals are already disappearing.

Mortgage experts say they are expecting a "slow and measured" increase in the cost of home loans.

How would mortgage holders be affected by a rate rise?

·Some 74% of mortgage holders are on fixed-rate deals, so would only see a change in their repayments when their current term ends
Of the remainder, 850,000 homeowners are on tracker deals, which usually move in line with Bank rate changes
The other 1.1 million are on standard variable rates (SVR), often because they have been automatically moved at the end of their fixed-deal term. The rate of interest they pay can be changed at any time by their lender, as is often the case if the Bank rate is altered
Were there to be a 0.25 percentage point rise in rates, this would translate to approximately an additional £26-a-month mortgage payment on average for a tracker rate customer and £16 for the typical borrower on an SVR

Source: UK Finance

So is a rate rise a done deal?

There are nine people on the Bank's MPC, so at least five of them need to be in favour of putting up rates. Analysts reckon that those voting for an increase will include the governor, Mr Bailey, who has said the Bank "will have to act" over rising inflation. The Bank's new chief economist, Huw Pill, has declined to say how he will vote, but he has said the Bank is in a "very uncomfortable place" and that the decision on Thursday is "finely balanced". If rates do not go up on Thursday, the MPC will have other chances at its next two meetings in December and February. Markets seem convinced that there will be at least one rate increase by then.

Suppose they hold off. What's the worst that could happen?

Those whose memories stretch back as far as the 1970s will be uncomfortably aware of the dangers posed by out-of-control inflation. Price rises reached their peak in 1975, hitting a rate of 22.6%, as the cost of oil tripled and sent petrol prices rocketing. But in those days, powerful trade unions were able to demand and receive higher wages to match those price increases. This, it has been argued, pushed prices up further, causing an inflationary spiral. No-one is seriously suggesting that those days are set to return. But they do serve as a reminder of why central banks around the world were given a mandate to seek price stability in the first place. If the Bank of England cannot demonstrate its ability to get a grip on rising prices, it could face questions about how well it is doing its basic job.

If you would like to discuss your specific situation regarding your mortgage options, please contact us and we will be delighted to discuss the best choices.

Bristol Mortgages Online www.bristolmortgagesonline.com Tel 0117 325 1511

Bath Mortgages Online www.bathmortgagesonline.com Tel 01225 584 888

Exeter Mortgages Online www.exetermortgagesonline.com Tel 01392 690 888

Email info@swmortgages.com

Farewell to Paul Kelly

admin@swmortgages.com (Caz Blake-Symes) — Fri, 01 Oct 2021 11:41:54 GMT

It is with a heavy heart that we say a fond farewell to Paul Kelly.

Paul has been with us for over 7 years and has been a joy to work with.

All Paul’s clients will be dealt with by our MD, Phil Clark supported by our new Adviser Russell Green.

If anyone has any queries, please call us on 0117 3251511 or email info@swmortgages.com

We wish Paul all the best and hope he enjoys having more leisure time with the family.

Best Wishes from Phil and all the team

Our amazing 5-star reviews for August 2021

admin@swmortgages.com (Caz Blake-Symes) — Fri, 27 Aug 2021 10:08:37 GMT

Thank you to all our clients

Below are the comments from our clients giving us 5-star reviews on both Facebook and Google. We are so grateful to receive these reviews. They mean so much to us. We now have 56 5-star Facebook Reviews and 20250 5-star Google Reviews.

Facebook reviews

Phil, George and Caz have all been fantastic with helping us to buy our first home! Could not recommend them enough! We did not have a clue what we were doing at the start but everything was explained to us clearly. They are very efficient and super fast dealing with all the paperwork on your behalf, nothing was too much trouble, even when called after hours! We managed to buy our first home within few weeks (even with massive backlogs due to covid). Put an offer on mid april and got our keys mid June as promised by Phil!

Thank you so much �� we will definitely return in the future �� x

Google reviews

From the first call with Phil we knew that we were in good hands. As we needed advice during the pandemic, meetings were done virtually via Zoom. Phil was extremely warm, friendly and put us at ease quickly. It was clear that Phil knew his stuff and the way he explained mortgages and all associated products made it easy for us to get our heads around things and when the time came made the process of selecting a mortgage as straightforward as possible. Once we had selected our lender we were handed on to Phils team who were all a credit to the business. Taking care of us each and every step of the process and even once things had been arranged checking in to ensure the process was still going well. Bristol Mortgages Online came highly recommended to us and we in turn would highly recommend them for your mortgage advice needs.

The user didn't write a review and has let just a rating.

Bristol Mortgages Online helped find our first mortgage and were clear, responsive and helpful throughout the whole process. George managed the entire process with frequent updates and clear requirements from us, as well as explaining everything we were unsure about as it our first time applying for a mortgage. Phillip guided us through the options with illustrations and the pros/cons of each. We felt in control the whole time without being pushed in any direction but also felt we were given the knowledge to be confident with our decision. I would recommend Bristol Mortgages Online to anyone without hesitation!

Phillip and his team have been super helpful and supportive throughout the mortgage process! We are first time buyers and were unsure how the process worked and what mortgage would be best for us. They did an excellent job helping us through this and were always happy to answer questions when we were a bit lost. They always responded quickly and were very friendly and lovely to chat to! We would recommend anyone use them as we had a great experience

Further to our first meeting with Phil we’ve had the pleasure of getting to know Paul Kelly also at Bristol Mortgages online. Paul has arranged another re-mortgage for us, and we’ve been more than happy to recommend him to other members of our family. Given the choice, we wouldn’t go anywhere else! Thanks again, Paul. Liz and Brian

We have always received exceptional advice from Phil supported by his excellent team, thank you

Hi been using this company for a few years , they really work hard to give u the right product and all good advice , very excellent customer service ,I highly recommend any one who’s looking for mortgages ��

We had given up hope of our daughter ever being able to get on the property ladder but thanks to Phil Clark and Paul Kelly she has finally managed to buy her first flat. We would highly recommend Bristol Mortgages online.

We had changes in our circumstances a few times throughout our process of buying our house which meant getting the right mortgage was trickier than it had been before. Phil and his team were really supportive and made contact with the right people at the various banks to ensure speedy responses. Any question we had, they were available and we really valued the service they provided. All in all, we turned our house purchase around in about 5-6 weeks which was excellent - thank you

The user didn't write a review, and has left just a rating.so much, highly recommended!

Using your HTB ISA or LISA towards your deposit

admin@swmortgages.com (Caz Blake-Symes) — Tue, 17 Aug 2021 15:26:19 GMT

Please find attached our detailed guide about how and when to use your Help to Buy ISA of Lifetime ISA towards your deposit.

Download our guide here

Let's be clear about Stamp Duty

admin@swmortgages.com (Caz Blake-Symes) — Tue, 10 Aug 2021 14:14:47 GMT

What are the rules and rates moving forward?

Information regarding Stamp Duty from 1 July 2021

In the economic uncertainties during the pandemic, the Chancellor Rishi Sunak introduced a Stamp Duty holiday that ended on June 30 2021.

The amount you pay depends on:

• when you bought the property

• how much you paid for it

You must send an SDLT return if you pay more than £40,000 for a property - even if there’s no SDLT due. This is usually dealt with by your Solicitor or Conveyancer

View or download our updated Stamp Duty guide effective from 1 July 2021

Our 13th Work Anniversary

admin@swmortgages.com (Caz Blake-Symes) — Thu, 15 Jul 2021 12:27:58 GMT

We are delighted to let all our clients, friends, and business partners know that it is our official 13th Anniversary of being in business.

Originally Phil Clark set up Bristol Mortgages Online, later adding Exeter Mortgages Online to the Group and our latest addition was Bath Mortgages Online.

We would like to thank everyone including all our team for their continued support and loyalty especially during the past 16 months dealing with all the issues and changes that the pandemic has challenged us with.

We are delighted to say that the business goes from strength to strength and Phil has promised us a big party for out 15th Anniversary!

House prices jump 10.9% as 'race for space' intensifies

admin@swmortgages.com (Caz Blake-Symes) — Tue, 08 Jun 2021 12:25:48 GMT

We would be delighted to discuss your options

According to a recent BBC News article .UK house prices soared 10.9% in the year to May, the highest level in seven years, according to the Nationwide.

The average house price has risen to £242,832, up £23,930 over the past twelve months.

Buyers are in a "race for space" as they seek larger homes and properties with gardens, Nationwide said "The market has seen a complete turnaround over the past twelve months," said Robert Gardner, Nationwide's chief economist. A year ago, activity collapsed in the wake of the first lockdown with housing transactions falling to a record low of 42,000 in April 2020. But activity surged towards the end of last year and into 2021, reaching a record high of 183,000 in March," Mr Gardner said.

He added that the extension of the stamp duty holiday from its original end date of March helped to maintain momentum in the market, but it is not the key factor pushing up prices now.

"It is shifting housing preferences which is continuing to drive activity, with people reassessing their needs in the wake of the pandemic," he said.

According to the building society's research, there's "a race for space" with people moving to access a garden or outdoor space more easily. "The majority of people are looking to move to less urban areas," Mr Gardner said.

Whether you are considering a move or looking to extend you existing property we will delighted to find the perfect mortgage to suit your exact needs.

If you have any queries whatsoever, please contact one of our experienced Advisers who will be delighted to help.

Bristol Mortgages Online www.bristolmortgagesonline.com Tel 0117 325 1511

Bath Mortgages Online www.bathmortgagesonline.com Tel 01225 584 888

Exeter Mortgages Online www.exetermortgagesonline.com Tel 01392 690 888

Email info@swmortgages.com

What will happen when the Stamp Duty Holiday ends on June 30 2021?

admin@swmortgages.com (Caz Blake-Symes) — Tue, 11 May 2021 09:55:02 GMT

Residential property rates

A buyer will usually pay Stamp Duty Land Tax (SDLT) on increasing portions of the property price when buying a residential property, for example a house or flat. SDLT only applies to properties over a certain value.

The amount that is paid depends on:

when the property was bought
how much the buyer paid for it

As a rule a buyer must send an SDLT return if you pay morea than £40,000 for a property - even if there’s no SDLT due. There are some exemptions.

Rates from 8 July 2020 to 30 June 2021

Up to £500,000 Zero
The next £425,000 (the portion from £500,001 to £925,000) 5%
The next £575,000 (the portion from £925,001 to £1.5 million) 10%
The remaining amount (the portion above £1.5 million) 12%

Example

In March 2021 you buy a house for £625,000. The SDLT you owe will be calculated as follows:

0% on the first £500,000 = £0
5% on the remaining £125,000 = £6,250
total SDLT = £6,250

Rates from 1 July 2021 to 30 September 2021

Up to £250,000 Zero
The next £675,000 (the portion from £250,001 to £925,000) 5%
The next £575,000 (the portion from £925,001 to £1.5 million) 10%
The remaining amount (the portion above £1.5 million) 12%

Example

In August 2021 you buy a house for £275,000. The SDLT you owe will be calculated as follows:

0% on the first £250,000 = £0
5% on the remaining £25,000 = £1,250
total SDLT = £1,250

Rates from 1 October 2021

These rates also apply if you bought a property before 8 July 2020.

Up to £125,000 Zero
The next £125,000 (the portion from £125,001 to £250,000) 2%
The next £675,000 (the portion from £250,001 to £925,000) 5%
The next £575,000 (the portion from £925,001 to £1.5 million) 10%
The remaining amount (the portion above £1.5 million) 12%

Example

In October 2021 you buy a house for £295,000. The SDLT you owe will be calculated as follows:

0% on the first £125,000 = £0
2% on the next £125,000 = £2,500
5% on the final £45,000 = £2,250
total SDLT = £4,750

If you are buying your first home

A First-time Buyer can claim a discount (relief) if you buy your first home before 8 July 2020 or from 1 July 2021.

This means you’ll pay:

no SDLT up to £300,000
5% SDLT on the portion from £300,001 to £500,000

You are eligible if you and anyone else you’re buying with are first-time buyers.

If the price is over £500,000, you follow the rules for people who have bought a home before.

New leasehold sales and transfers

When buying a new residential leasehold property you pay SDLT on the purchase price of the lease (the ‘lease premium’) using the rates above. If the total rent over the life of the lease (known as the ‘net present value’) is more than the SDLT threshold), the buyer will pay SDLT at 1% on the portion of net present value over:

£500,000 for purchases from 8 July 2020 to 30 June 2021
£250,000 for purchases from 1 July 2021 to 30 September 2021
£125,000 for purchases from 1 October 2021

This does not apply to existing (‘assigned’) leases.

For more information about new leases, please visit www.gov.uk/guidance/stamp-duty-land-tax-leasehold-purchases#new-leases

Higher rates for additional properties

The buyer will usually have to pay 3% on top of SDLT rates if buying a new residential property means you’ll own more than one.

Rates for non-UK residents

Due to the possible complexities o this situation please take legal advice at the earliest opportunity.

We would always recommend that if you have any specific queries , please discuss them with your Solicitor/Conveyancer at the earliest opportunity.

If you have any queries whatsoever, please contact your Adviser or one of our experienced Admin team who will be delighted to help you.

Bristol Mortgages Online www.bristolmortgagesonline.com Tel 0117 325 1511

Bath Mortgages Online www.bathmortgagesonline.com Tel 01225 584 888

Exeter Mortgages Online www.exetermortgagesonline.com Tel 01392 690 888

Email info@swmortgages.com

Find out where in the Bristol area house prices have increased the most

admin@swmortgages.com (Caz Blake-Symes) — Mon, 19 Apr 2021 08:32:45 GMT

Prices for your area have been revealed by Zoopla.

In the past 12 months, homes in some Bristol areas have gone up in value by nearly four per cent despite coronavirus having an impact on the housing market. As of March 2021, the current average value of a home in Bristol stands at £334,548 - a value change of £6,677 since the year before.

There are nine areas where prices have gone up by more than £10,000 - £27 a day. But homes in some areas of the city - such as Sneyd Park - have had a value change of nearly £14,000, with only one home being sold in the past 12 months.

Data by Zoopla reveals that the areas in which the value of homes has increased the most, the less sales were made. Meanwhile in areas such as Fishponds, where the value of homes has gone up by just £5,000, 108 sales were made in the last year.

Below are the Bristol areas where house prices have increased the most:

Bristol city centre

Value change: £15,180 Average price paid for a home: £325,522

Sneyd Park

Value change: £13,975 Average price paid for a home: £796,000

Failand

Value change: £13,591 Average price paid for a home: £644,889

St. Andrews

Value change: £13,399 Average price paid for a home: £517,802

Redland

Value change: £13,046 Average price paid for a home: £572,200

Clifton

Value change: £12,447 Average price paid for a home: £535,877

Henleaze

Value change: £12,157 Average price paid for a home: £524,424

Cotham

Value change: £11,304 Average price paid for a home: £387,928

Bishopston

Value change: £10,696 Average price paid for a home: £537,419

Eastville

Value change: £9,844 Average price paid for a home: £259,674

Stokes Croft

Value change: £9,829 Average price paid for a home: N/A

Easton

Value change: £9,758 Average price paid for a home: £259,674

Westbury-on-Trym

Value change: £9,320 Average price paid for a home: £470,236

We have excellent business relationships with many Bristol Estate Agents who will happily give you a valuation on your property. Likewise, we will be delighted to quote you for a mortgage or remortgage and discuss all your options with you.

Bristol Mortgages Online www.bristolmortgagesonline.com Tel 0117 325 1511

Bath Mortgages Online www.bathmortgagesonline.com Tel 01225 584 888

Exeter Mortgages Online www.exetermortgagesonline.com Tel 01392 690 888

Email info@swmortgages.com

Appointed HSBC Approved Broker

admin@swmortgages.com (Caz Blake-Symes) — Mon, 12 Apr 2021 10:55:02 GMT

Bristol, Bath and Exeter Mortgages Online have an outstanding reputation as a whole of market, independent Mortgage Broker.

Testament to this is the number of clients that come back to us time and time again and recommend our expert advisers to friends and family.

As fully independent brokers, we have access to many lenders and products that are not available on the High Street, through comparison sites and in some cases are not accessible to the public but only through brokers.

We are delighted to announce that we have been appointed as an HSBC approved broker. This is a great opportunity for us to be acting as intermediaries for HSBC and recognises the high level of service that we offer our customers.

HSBC have an excellent reputation for the mortgage products that they offer including low interest rates both fixed and tracker, a variety of fixed term mortgage periods, dedicated first-time buyer products, and of course excellent Buy-to-Let mortgages for investors.

As an intermediary, we will have access to HSBC products specifically available to approved brokers, plus access to helplines for any client queries and an enhanced application/submission process.

If you have any queries whatsoever and would like to discuss your mortgage with HSBC or any other lender, please contact us.

Bristol Mortgages Online www.bristolmortgagesonline.com Tel 0117 325 1511

Bath Mortgages Online www.bathmortgagesonline.com Tel 01225 584 888

Exeter Mortgages Online www.exetermortgagesonline.com Tel 01392 690 888

Email info@swmortgages.com

Stamp Duty Holiday extended until 30 June 2021

admin@swmortgages.com (Caz Blake-Symes) — Tue, 09 Mar 2021 10:48:51 GMT

In the March 2021 Budget, Chancellor Rishi Sunak has confirmed that the Stamp Duty holiday will be extended to June 30 2021. He said the Government will temporarily increase the nil-rate band of residential Stamp Duty in England and Northern Ireland from £125,000 to £500,000. This will apply until June 30 2021.

After that the nil rate band will be set at £250,000 - double its standard level - until the end of September. Rishi Sunak told MPs the extra move was "to smooth the transition back to normal - and we will only return to the usual level of £125,000 from October 1".

The Treasury said nearly nine out of ten people getting on or moving up the property ladder will pay no Stamp Duty at all. The aim is to boost the housing market and the wider economy to help the UK recover from the consequences of the coronavirus pandemic. It comes after the property market was effectively closed between the end of March and mid-May 2020.

Mark Peck, head of residential at Cheffins estate agency, said this could provide the incentive many unsure buyers and sellers need. He said: “Whilst the market has already been significantly busy post-lockdown, cutting Stamp Duty on purchases up to £500,000 really will be the catalyst get the industry flying. The most likely impact of this measure will be a flood of buyers coming into the market who previously had sat on their hands due to political and economic uncertainty, and this flurry of activity will bring with it price rises as demand outweighs supply. He suggested it would also boost those with a low deposit as they could now increase it with the Stamp Duty savings.

Please download our guide to the extended Stamp Duty holiday

5% deposit mortgages - how they work

admin@swmortgages.com (Caz Blake-Symes) — Thu, 04 Mar 2021 11:21:29 GMT

Full details on the Government scheme and who is eligible

A new mortgage scheme for homebuyers with a low deposit has been announced in the Budget. The Chancellor Rishi Sunak unveiled details of the scheme, which is designed to help those with a 5% deposit get accepted for a mortgage with the Government backing part of the loan.

How will the scheme work?

Under the scheme, first-time buyers, home movers and previous homeowners with a 5% deposit will once again have access to 95% loan-to-value mortgages (meaning the loan is for 95% of the property's value).

The 95% mortgage will operate as any standard mortgage would for you, the buyer.
For the mortgage lender however, the scheme guarantees that the Government will shoulder some of the cost if the lender lost money. Eg, if the borrower had failed to keep up with mortgage payments and the property was repossessed, but the subsequent property sale did not recoup the outstanding mortgage amount.
The scheme will open next month and run until December 2022.

The scheme is similar to the 5% Help to Buy Government-backed mortgage scheme, which operated between 2013 and 2017. Any lender that is taking part in the scheme will have to offer a five-year fixed mortgage as part of their range of 95% LTV products.

Since the onset of coronavirus, 95% mortgages have all but disappeared from the market – leaving many potential homeowners stranded. This scheme is therefore designed to encourage more lenders to re-enter the 95% market.

Which buyers can take part in the scheme?

Any buyer with a small deposit can get one of these Government-backed mortgages. They are NOT restricted to first-time buyers but can be used by anybody buying a main home, including previous homeowners and home movers. In brief, here is the eligibility criteria:

• You must be buying a main residential home in the UK. So, these mortgages can't be used for second homes or buy-to-let properties.

• The property must be worth £600,000 or less. You will not be able to apply if the property costs in excess of this.

• You must have a deposit equivalent to between 5% and 9% of the property's purchase price. That means you will have a mortgage LTV between 91% and 95%.

• You must apply for a capital repayment mortgage. This means that you will not be able to apply for an interest-only mortgage.

• You will need to pass a lender's normal mortgage affordability criteria.

Which lenders will be offering these mortgages and how do I get one?

Several of the UK's biggest mortgage lenders have already signed up to take part in the scheme from April. These include:

• Lloyds, NatWest, Santander, Barclays and HSBC.

• Other lenders are expected to follow, including Virgin Money. We will be working with all lenders as this offer develops

If you have any queries whatsoever please contact your Adviser or one of our experienced Admin team who will be delighted to help you.

Bristol Mortgages Online www.bristolmortgagesonline.com Tel 0117 325 1511

Bath Mortgages Online www.bathmortgagesonline.com Tel 01225 584 888

Exeter Mortgages Online www.exetermortgagesonline.com Tel 01392 690 888

Email info@swmortgages.com

SA302 and Tax Year Overview Guide

admin@swmortgages.com (Caz Blake-Symes) — Mon, 15 Feb 2021 13:48:52 GMT

Information needed for self employed clients

If you receive any income from being self employed including property rental income, we will need proof of income when preparing your mortgage application. Below is a brief guide about the documentation that we will require.

What is my SA302 and Tax Year Overview?

The SA302 is a summary of the income that has been reported to the HMRC. It is a response from HMRC which is only issued to those who submit a tax return before 31 October (for paper returns) or 31 January (for online returns) following the end of the tax year.

The form shows your income for the year and how much tax you owe. It is effectively a certificate that documents exactly how much income you have declared, therefore the form is an easy way for a lender to verify that the income on a mortgage application is the same as you have shown to HMRC.

An additional document called a Tax Year Overview verifies that the SA302 information is correct. It is produced by HMRC once you have submitted your self-assessment tax return and shows the amount of tax due to be paid direct to HMRC or any available amount for refund for a given tax year.

We recommend if you do not already have your SA302 and Tax Year Overview and intend to submit these as part of your mortgage application, you do so at the start of the application process as they can take a number of weeks to obtain. To ensure the loan is affordable, during the application process we require you to send both documents together.

How to get your SA302 and Tax Year Overview

If you or your accountant submitted your tax return online, you can log into your HMRC online account to obtain your forms.

If you or your accountant submitted a paper tax return, you should automatically be sent these in the post in response to this.

If you have lost your paper forms, or you can’t access your HMRC online account, you will need to contact HMRC. You can do so by calling them on 0300 200 3310. They will ask for your National Insurance number and Self-Assessment Unique Taxpayer Reference (UTR) so it’s best to have them to hand when you phone.

The documents will take up to two weeks to arrive, so we recommend getting this done at the beginning of the application stage, ensuring you have it ready when you need to send it off to your lender.

Accessing your Government Gateway account

HMRC are using the Government Gateway portal for more and more information and all businesses and those filing self-assessments are required to have a Government Gateway account. The process is relatively straightforward and simple to set up.

If you have any queries whatsoever please contact your Adviser or one of our experienced Admin team who will be delighted to help you.

Bristol Mortgages Online www.bristolmortgagesonline.com Tel 0117 325 1511

Bath Mortgages Online www.bathmortgagesonline.com Tel 01225 584 888

Exeter Mortgages Online www.exetermortgagesonline.com Tel 01392 690 888

Email info@swmortgages.com

Mortgage approvals reach highest levels since 2007

admin@swmortgages.com (Caz Blake-Symes) — Fri, 08 Jan 2021 11:14:05 GMT

The scramble for property continues as buyers rush to take advantage of the stamp duty holiday.

Adapted from a Zoopla article by Nicky Burridge

Mortgage approvals soared to a new 13-year high in November as the property market showed no signs of slowing down. A total of 105,000 mortgages were agreed for people purchasing a home, the highest level since August 2007, according to the Bank of England.

Approvals were up from 98,300 in October (also a 13-year high) and broke through the 100,000 barrier for the first time in 13 years. The increase comes as lenders continue to expand on the number of mortgages available for first-time buyers.

There are currently 160 different deals available for people with a 10% deposit, up from a low of 51 in October last year, but still significantly below the 762 that were available in January 2020, according to the latest figures from Moneyfacts.

Why is this happening?

The buoyant mortgage approval figures suggest the mini boom in the housing market still has further to run. The high level of transactions has been sparked by a combination of the stamp duty holiday on homes costing up to £500,000, alongside people re-evaluating their housing needs following lockdowns and periods of working from home.

Meanwhile, the rise in mortgage products for buyers with small deposits indicates lenders are feeling less risk-averse than they were in the early days of the coronavirus pandemic, when many of these deals were taken off the market.

Who does it affect?

The increase in mortgages for people borrowing 90% of their home’s value is good news for first-time buyers. But while the availability of these mortgages has increased, there are still very few options for people with only a 5% deposit, with just eight different 95% mortgages currently available.

Although product choice for people with a 10% deposit has increased, the cost of the deals remains significantly higher than this time last year. The average interest rate is now 3.65% for a two-year fixed rate mortgage, compared with 2.59% a year earlier, despite the Bank of England base rate falling by 0.65% during the period.

Mortgage rates are even higher for people with just a 5% deposit, averaging 4.44% on a two-year fixed rate loan, up from 3.25% in January 2020.

What’s the background?

Zoopla data suggests the current mini housing market boom still has further to run. Buyer demand was 33% higher in December than it was in the same month of 2019, according to Zoopla’s latest House Price Index. Meanwhile, a record Boxing Day bounce saw traffic on Zoopla’s property search portal surge by 70.5%, considerably higher than the 61% jump seen a year earlier.

But the market is expected to start slowing down in the second quarter of this year once the stamp duty holiday ends on March 31 and unemployment rises as government support measures are withdrawn.

Top three takeaways

• Mortgage approvals for house purchases soared to a new 13-year high in November as the property market showed no signs of slowing down

• A total of 105,000 mortgages were agreed for people purchasing a property, the highest level since August 2007

• The number of mortgages available to people with a 10% deposit has increased to 160 from a low of 51 in October last year.

For further details about the services and mortgage products we offer as a fully independent mortgage brokers or any other mortgage or protection information book your FREE CONSULTATION with one of our expert Mortgage Advisers please contact us.

Bristol Mortgages Online www.bristolmortgagesonline.com Tel 0117 325 1511

Bath Mortgages Online www.bathmortgagesonline.com Tel 01225 584 888

Exeter Mortgages Online www.exetermortgagesonline.com Tel 01392 690 888

Email info@swmortgages.com

Christmas Message from Phil Clark

admin@swmortgages.com (Caz Blake-Symes) — Mon, 21 Dec 2020 10:56:01 GMT

Wishing you a Merry Christmas and a Happy 2021

Oh my goodness! What a difficult and challenging year 2020 has been for everyone.

I’m very grateful that all 3 of our businesses Bristol, Bath and Exeter Mortgages Online have successfully carried on throughout the pandemic, lockdown is and other restrictions. We have adapted the business, using the technologies available to us and have been doing considerably more Zoom appointments which has worked out very well for our clients in these days of social distancing and limited face-to-face visits.

Surprisingly, the housing market has remained very buoyant although many lenders reduce the number of products that they were offering, earlier in the year and made some of the lending criteria harder. Thankfully, due to the fact that we are fully independent we have access to lots of lenders that may not be known to most clients and therefore have managed to continue to place mortgages for first-time buyers, remortgages, those moving house and investment purchases.

I would particularly like to thank my team here at Henleaze House for working so hard during the difficult times including working from home at the beginning of the pandemic and adapting their working practices to meet our clients’ needs. This has ensured that we continue to offer a 5-star service, which has been really appreciated by clients, lenders, solicitors, and estate agents/developers.

I sincerely wish you and your families a much happier 2021 and hope that life returns to “normal” as soon as possible.

On behalf of all the team here, we wish you a Merry Christmas I look forward to helping you with any mortgage requirements in the future.

Kindest regards

Phil Clark

Our Christmas and New Year Opening Hours

admin@swmortgages.com (Caz Blake-Symes) — Fri, 18 Dec 2020 10:48:39 GMT

This is a subtitle for your new post

Please see below our opening hours for the Christmas and New Year period.

If you have an urgent requirement please email info@swmortgages.com

Wednesday 23rd December Normal working hours

Thursday 24th December Closed

Friday 25th December Christmas Day closed

Saturday 26th December Boxing Day closed

Sunday 27th December Closed

Monday 28th December In lieu Boxing Day closed

Tuesday 29th December 10 am to 4 pm

Wednesday 30thDecember 10 am to 4 pm

Thursday 31st December 10 am to 4 pm

Friday 1st January New Years Day closed

Saturday 2nd January Normal working hours

New Year New Mortgage

admin@swmortgages.com (Caz Blake-Symes) — Tue, 15 Dec 2020 12:38:12 GMT

2021 – time to remortgage?

You should look to remortgage to a new deal when your current introductory mortgage rate is close to ending.

Nearly all mortgages have a headline offer that usually lasts for the first two to five years of your mortgage – but this period can be longer. Once that offer ends your mortgage rate will revert to the lender's standard variable rate, which will almost always be higher than what you were paying.

Remortgaging deals also have these headline introductory offers to entice customers to switch from their current provider. Therefore, remortgaging can be a great way to potentially save you from paying hundreds of pounds extra in interest each month over the next two years or five years. However, there are some drawbacks and potentially large fees to pay, which could end up making the remortgage a waste of time and money.

When and why should you remortgage?

When and why, you should remortgage can depend on a variety of factors. Even so, you should generally start looking for a remortgage deal around three months before your current one ends. This will give you enough time to do your research and complete the application process in time to make sure your remortgage deal begins just as your last deal ends.

If your current mortgage is on a fixed rate deal you will want to make sure that your lender's standard variable rate will not be a shock to your finances. If the Bank of England's interest rate has dropped since you took out your fixed rate, then you may not want to remortgage, unless you can still get a great variable rate or tracker deal elsewhere.

However, if the bank rate has risen during your fixed rate period, then you will likely want to get another fixed rate deal on a remortgage, which might keep you going on a similarly low rate. If you are on a discounted variable rate and the rates have risen dramatically, you probably will not feel the shock as your rate will have risen over that time too. However, you will probably want to move to a fixed rate deal.

How long will it take to remortgage?

Remortgaging to a new lender can take up to three months. If you are switching over from the same mortgage provider to just another one of their products, then it could take only one month.

Therefore, you should start the comparison and research process at least three months before your current deal expires. Give yourself time to weigh up your options and calculate all the costs.

Remember, with a remortgage there are still likely to be many of the same fees you had to pay when you took out your original mortgage. You may also need to pay early repayment fees as a penalty for paying off your old mortgage too soon.

Is remortgaging worth it?

Remortgaging can potentially save you thousands of pounds. All you need is your mortgage interest rate to rise by 1 or 2 percentage points and you could find yourself paying hundreds of pounds more every month.

After all, there are also costs to consider, and when they all add up, you probably still will not save money immediately. The benefits of remortgaging are likely to take a few months, or maybe even years.

Switching mortgage: comparing rates and fees

Generally, you should always compare interest rates first. Discounts on fees can be enticing, but mortgages are a long-term commitment, and therefore the savings can take time to truly make a difference to your bank account.

However, it is likely any new deal you move to is still on a short-term basis, so the fees associated with remortgaging should be seriously considered.

Make a comparison over the offer period and see how much the fees will impact your potential savings. If the potential monthly mortgage repayment savings still win out, then that's a good sign, but you should also check what the new deal's current standard variable rate is, in case you can't remortgage again further down the line.

When is it a good time to fix a mortgage rate?

The bank rate and other factors in the mortgage market are likely to influence your lender's standard variable rate. During good economic times, the bank rate generally stays higher than usual, and during bad economic times, the bank rate is usually low to encourage more lending and spending. If you suspect that the bank rate is about to rise, then that would be a good time to move to a fixed rate mortgage deal.

It is also worth considering if you are coming to the end of your current introductory mortgage deal. Chances are that your lender's standard variable rate will be higher than a fixed rate on another deal.

Should you remortgage with your existing bank or switch to a new lender?

Remortgaging with your existing bank is often easier as there is usually less paperwork to do. The process is also generally quicker and can sometimes be done in under a month. Your existing bank may also discount some of their remortgage fees.

However, switching to a new lender can offer up better deals. Banks are always competing for new customers. They want your business, especially when it comes to mortgages, so it is important to look elsewhere even if your current provider has a great deal on.

Your mortgage provider's competitors will often give you a better interest rate to draw you away from them. Whatever you decide though, make sure to compare all the deals available and try to use it to your advantage to get a better deal.

Let Bristol, Bath and Exeter Mortgages Online arrange your remortgage for you.

There are huge benefits in choosing an independent, whole of market, mortgage broker such as us to do all the research and administration for you. An experienced broker like us, has access to numerous mortgages and providers that are not available on the high street or via comparison websites. We will provide you with a full comparison report of the best mortgages available to meet your particular circumstances enabling you to make an informed decision.

The amount of paperwork involved these days is considerable when taking out your first mortgage or remortgaging. We have a team of expert administration staff and we will deal with this for you, saving you hours of your precious time and ensuring that everything is done precisely.

Bristol Mortgages Online www.bristolmortgagesonline.com Tel 0117 325 1511

Bath Mortgages Online www.bathmortgagesonline.com Tel 01225 584 888

Exeter Mortgages Online www.exetermortgagesonline.com Tel 01392 690 888

Email info@swmortgages.com

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY DEBT SECURED ON IT.

Mortgage approvals hit 13-year high

admin@swmortgages.com (Caz Blake-Symes) — Tue, 01 Dec 2020 13:17:47 GMT

Positive news for borrowers

Adapted from an article by Isla MacFarlane www.showhouse.co.uk

According to the latest figures from the Bank of England, more mortgages are getting rubber-stamped than at any time since September 2007.

Net mortgage borrowing remained robust at £4.3 billion in October 2020. Mortgage approvals for house purchase increased further to 97,500, the highest since September 2007. Effective interest rates on new mortgage borrowing ticked up to 1.78%.

Mark Harris, chief executive of SPF Private Clients, said: “With mortgages approvals at their highest level since September 2007, the market continues to be robust. But the circumstances are very different to 2007; back then, those highs were followed by the credit crunch but this time around there is far more scrutiny on mortgage underwriting and the assessment of affordability. This, combined with historic low interest rates, mean we should not see a repeat of that crisis.

“There is more good news for mortgage borrowers with greater availability of 90 per cent loan-to-value mortgages as a number of lenders returned to the market in recent days. This should help bring down rates on high LTVs, making those deals more accessible, and further boosting the market.”

The number of mortgage approvals for house purchase continued increasing in October, to 97,500 from 92,100 in September. This was the highest number of approvals since September 2007, 33% higher than approvals in February 2020.

Jeremy Leaf, north London estate agent and a former RICS residential chairman, said: “The Bank of England figures are always a reliable indicator of past and future housing market activity. As have others in the recent past, they reveal just how determined buyers have been to take advantage of the stamp duty holiday and continuing low interest rates.

“Judging by what has been happening on the ground since, we expect the numbers to remain robust for at least the next month or two until the reduction in activity which we have noticed over the last few weeks as the stamp duty deadline draws close, begins to have an impact on transaction numbers. The underlying strength of the market does not appear to be waning, at least for the time being.”

Bristol Mortgages Online www.bristolmortgagesonline.com Tel 0117 325 1511

Bath Mortgages Online www.bathmortgagesonline.com Tel 01225 584 888

Exeter Mortgages Online www.exetermortgagesonline.com Tel 01392 690 888

Email info@swmortgages.com

An Essential Guide to Gifted Deposits

admin@swmortgages.com (Caz Blake-Symes) — Fri, 27 Nov 2020 14:13:11 GMT

Gifted Deposits: An Essential Guide

There are some important points to consider

• The person gifting the money should seek independent legal advice to understand they will have no interest in the property and no right to get their money back.

• It is possible to loan money to family and have it repaid on sale of the property i.e. take a legal charge over the property. Again, seeking independent legal advice is a must and this would also have to be agreed by the mortgage provider.

• The mortgage product will not change because of the gifted deposit as most lenders are satisfied with family gifts. However, most lenders will not accept other third party giftors such as friends.

• The gifted deposit can be used in conjunction with the applicant’s own savings and/or an help to buy ISA

IMPORTANT we need to have proof of ALL deposit information before submitting the application.

Money Laundering and FCA compliance requirements

We are required by law to confirm the identification of each person gifting a deposit. We also need to prove with documented evidence where the funds to be gifted have come from. Please see below.

Certified Proof of Identification

We will need certified proof of identification from the giftor/s. This can be a passport or driving license. Either option will need to be officially certified. This can be done by a Solicitor, the charge for this is usually between £15 – 20. The Post Office offers a very good document certification service, for full details and costs please visit www.postoffice.co.uk/identity/document-certification

3 months bank statements

We need to have a clear audit trail of where the gifted deposit monies have come from including any transfers. We will require the latest 3 months’ bank statements for any account/s that the gifted deposit money is being taken from. It is essential that these statements clearly show the giftor’s name and current address, as well as the full account details.

Letter to go to the lender’s/solicitors.

We will provide you with a completed letter ready for the giftors signature. Once signed this can be returned to us by post or scanned and emailed back to us.

Releasing the funds to be gifted.

Your Solicitor will advise you when the funds will need to be transferred. Please allow for any notice periods for example some savings/investment accounts require one month’s notice or possibly longer.

Please see the details below of how to Contact Us and we will be delighted to help you with any specific queries you may have regarding deposits or any other matter relating to your house purchase.

Our Advisers and Administration team are very experienced in dealing with Gifted Deposits and will help you through the whole process.

Contact Us

For more information about anything relating to your house purchase or move, your mortgage or protection, please get in touch with one of our Advisers…

Email: info@swmortgages.com

Call: Bristol office 0117 325 1511, Bath office 01225 584 888 or Exeter office 01392 690 888

Please visit one of our websites

www.bristolmortgagesonline.com

www.bathmortgagesonline.com

www.exetermortgagesonline.com

Please note that the information provided in this guide is meant as a general guide as we are not authorised nor act in any capacity for any legal, tax, or other service outside the provision for researching mortgages and protection products. We recommend you seek advice from specialist within each field of expertise. The information is correct at the time of production but is subject to change and as such we cannot be held responsible for its content.

Keeping your personal identification details up to date

admin@swmortgages.com (Caz Blake-Symes) — Tue, 27 Oct 2020 11:55:44 GMT

Frequently, people are surprised about the amount of information that is required when applying for a mortgage, even if this is a remortgage or product transfer with an existing lender.

An essential place to start is to make sure that your personal identification information is current. This is essential for lots of other reasons apart from just your mortgage application!.

In the UK, the 2 main sources of personal identification that we use our passports and/or driving licence.

UK passports

It is essential that you keep your passport up-to-date, not only for personal identification purposes but also to enable you to travel abroad.

Passports must be updated if you have had a name change, either through deed poll or marriage or another change of circumstances.

Most passports are valid for 10 years.

Again, this can be done online through the government website www.gov.uk/changing-passport-information

There is also guidance on this website about changes after the UK leaves the EU effective 1st of January 2021.

Driving licence

It is a legal requirement that the address on your driving licences up-to-date and can in fact attract a £1000 fine if it is not.

To change your address on your driving licence this is FREE OF CHARGE if this is done through the DVLA. There are a number of companies advertising online to change your address on your driving licence, but this is something you will be charged for and not necessary. The address for the free government service is www.gov.uk/change-address-driving-licence

To apply for an updated driver licence with your current address you will need your driving licence number, National Insurance number and passport number if you know them. You will then be asked to cut up your driving licence with your old address on and send it back to the DVLA. On the whole, this service only takes 7 to 10 days.

If you need/are required to update your photo and your driving licence, this can often be taken from your passport photo or you can upload a photo onto the website. It is a legal requirement to replace your photo on your driving licence every 10 years. There is an administration fee from the DVLA to renew your licence.

A driving licence is valid for 10 years, unless you are over 70 years old when it sent every 3 years. Sometimes, if you have a medical condition, shorter time periods are often given to a driving licence and medical checks may be required.

Certification

For legal and compliance purposes we will need to certify your identification documents.

We will also need proof of identification from those who are gifting deposits and/or acting as guarantor.

If you have any queries whatsoever please contact your Mortgage Adviser or a member of our administration team.

Electoral Roll

Although we do not check your details on the Electoral Roll, all lenders will check that your details are correct on the Electoral Roll.

Having the correct details on the electoral roll also entitles you to vote www.gov.uk/register-to-vote

For further details about the service we offer as a fully independent mortgage brokers or any other mortgage information book your FREE CONSULTATION with one of our expert Mortgage Advisers please contact us

Bristol Mortgages Online www.bristolmortgagesonline.com Tel 0117 325 1511

Bath Mortgages Online www.bathmortgagesonline.com Tel 01225 584 888

Exeter Mortgages Online www.exetermortgagesonline.com Tel 01392 690 888

Email info@swmortgages.com

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Mortgage Product of the Month- The family mortgage - 95% LTV mortgage

admin@swmortgages.com (Caz Blake-Symes) — Thu, 22 Oct 2020 10:27:09 GMT

Introducing the Family Mortgage

At the moment the number of mortgage products available through all lending sources has dropped dramatically. However, as fully independent Mortgage Brokers, we are constantly evaluating the market looking for the best products available.

We have chosen this exceptional product this month to highlight to our clients offering excellent opportunities for families to be able to support First-time Buyers onto the property ladder with only a 5% deposit! This product is the Family Mortgage.

The principle behind the Family Mortgage is simple.

It helps families help family members take the first step on the property ladder. As long as you have at least a 5% deposit (which can be wholly gifted), and you have family that can give the lender additional security by using their savings or having a charge on their own property, the lender may be able to help.

Family members can help you by:

1. Putting their savings in Family Security Account, which earns them interest too

2. Providing a charge over some of the value in the property, so there is no need for them to use their savings

3. Placing their savings in a Family Offset Account at the start of the mortgage. This reduces the amount of the mortgage on which we charge interest by the amount held in that account. This means family members will not earn any interest on savings in the Family Offset Account.

The additional security family members provide will need to bring the total security we have (your deposit and the help from your family members in one or more of the ways we list above) up to 25% of the property value.

What next?

You probably have a lot of questions about how the Family Mortgage could work for you - we are here to help! The benefit of using Bristol, Bath or Exeter Mortgages Online is that your supported from the very first meeting through to completion by our excellent administration team.

There are various calculations that can be made regarding the Family Mortgage and one of our experts Mortgage Advisers will gladly give you a full illustration showing the calculations for all those involved.

Things to consider

We know there is lots of things to think about with a Family Mortgage and getting some help from your family to buy a home. It is important both you and family members understand that by offering security for your mortgage with their savings or by placing a charge on their property, family members are responsible for making up any shortfall if you sell your house for less than the mortgage value, which is known as negative equity.

Working with family members helps buyers:

get lower interest rates, meaning lower monthly payments
pay interest on a smaller amount of the mortgage, meaning lower monthly payments
increase your buying power when choosing a property to buy.

Working with buyers helps family members to:

put assets to work for the buyer as security for the mortgage
help the next generation own their own home without giving the money as a gift

Here at Bristol, Bath and Exeter Mortgages Online, we believe that this is a truly excellent product. However, it needs to be fully considered by all family parties involved. Therefore, we suggest that you book an appointment to discuss your specific requirements in detail, including a full illustration by Phil, Paul or Chris to ensure that this product is right for you.

Bristol Mortgages Online www.bristolmortgagesonline.com Tel 0117 325 1511

Bath Mortgages Online www.bathmortgagesonline.com Tel 01225 584 888

Exeter Mortgages Online www.exetermortgagesonline.com Tel 01392 690 888

Email info@swmortgages.com

Welcome to issue 8 of "Mortgage & Protection" news

admin@swmortgages.com (Caz Blake-Symes) — Thu, 24 Sep 2020 14:07:36 GMT

Welcome to our Autumn newsletter, we highlight some of the support from government, lenders and insurers, such as the Stamp Duty reduction and Green Homes Grant, and latest developments regarding the furlough scheme and mortgage payment holiday initiative.

In the midst of all this, there’s currently a mini-housing boom, and excellent mortgage rates are still on offer. But lenders’ interest rates are starting to creep up, with a declining product availability if you only have a small deposit.

As a consequence of all the issues within the marketplace, we’ve been working extremely hard for our clients, across the board, to help identify deals that best meets their needs.

Elsewhere, we highlight the importance of protecting both your life and income streams, with the reassurance that a record 98.3% of all claims were paid out in the most recent data.

Finally, the Self-Employed workforce - which equates to almost 15% of all workers*** - faces numerous hurdles on the way to securing a mortgage, but we can help guide you through this process.

To view or download this or any previous issues of our newsletter, please visit the newsletter section of our websites

What is HM Land Registry and what are Title Deeds?

admin@swmortgages.com (Caz Blake-Symes) — Thu, 10 Sep 2020 17:43:24 GMT

HM Land Registry is a non-ministerial government department created in 1862.

Within England and Wales, their responsibilities are to provide:

a reliable record of information about ownership of and interests affecting land and property
owners with a land title, guaranteed by the government
a title plan that indicates general boundaries

When buying and/or selling land or a property it is vital to appoint a Solicitor or Conveyancor who will ensure the ownership of the land is correct and the transfer of the new title legally passes to the new owner

What are title deeds?

Title deeds are paper documents showing the chain of ownership for land and property.

They can include:

conveyances
contracts for sale
wills
mortgages
leases

Where are my title deeds?

HM Land Registry records are digital, so they do not store paper title deeds.

Generally, they only have the original title deeds when land or property is registered for the first time, as they need them to prepare the register. They create scanned copies of some deeds and then return all the original title deeds to whoever lodged them. This is usually the solicitor or conveyancer acting on behalf of the buyer.

So, if you are trying to track down original deeds, they could be with the solicitor who acted for you when you bought the property, or possibly with your mortgage company if you have a mortgage.

If the property was already registered when you bought it, the seller may not have handed over the original deeds. There is no requirement for them to do so. Tracing the original deeds for a property that has been bought and sold many times is likely to be an impossible task.

If you want to see a scanned copy of the deeds that the Land Registry has on file, start by searching their property information and finding your property’s title number. If the register refers to deeds being filed, they should have copies. You can then get a copy of your deeds.

Do I need my title deeds?

The Land Register is the definitive record of land and property ownership in England and Wales. So, if your property is registered with them, you don’t need the deeds to confirm ownership. It is a good idea to keep the original deeds though, as they can hold extra information, about legal boundaries or who the previous owner was, for example.

If your property isn’t on the register and you choose to apply for first registration, you'll need to submit the original deeds. If your deeds have been lost or destroyed, it can make things more complicated, so always recommend keeping them in a safe place.

A title register generally includes:

property description
who owns it
mortgage lender (if any)
price paid/value stated (if registered since 1st April 2000)
rights of way (not public rights of way) or other rights affecting the property restrictions or other conditions

Can anyone view details of any property?

Yes, since 3 December 1990 the public have been able to look at the register of title (this includes title plans) in England and Wales. Prior to that, only registered owners and people with the owner's permission could look at a register of title.

You can request information for the following costs:

£3 for a title register copy (details of a property)
£3 for each title plan (plan of a property)
£9.00 (excluding VAT) for each Flood Risk Indicator result (an indication of flood risk for a property)

Our Advisers can assist by recommending professional and good value solicitors, please call us today for an exact quotation.

Bristol Mortgages Online www.bristolmortgagesonline.com Tel 0117 325 1511

Bath Mortgages Online www.bathmortgagesonline.com Tel 01225 584 888

Exeter Mortgages Online www.exetermortgagesonline.com Tel 01392 690 888

Email info@swmortgages.com

Positive news for borrowers as lenders increase their choice of mortgage products

admin@swmortgages.com (Caz Blake-Symes) — Tue, 25 Aug 2020 09:28:26 GMT

10% deposit available on many first-time buyer mortgages

There is a very positive feel in the mortgage market at present, not only for first-time buyers but also for those looking to remortgage or move to a new house.

For first-time buyers the 90% loan to value ratio has been reintroduced, meaning that only a 10% deposit is required by many lenders. Many of these products were axed during the lockdown due to uncertainties relating to the housing market which have thankfully not materialised.

As fully independent, whole of market, mortgage brokers we have access to many lenders not found on the High Street or comparison sites, meaning we can offer you the best deals on the market to suit your personal circumstances and affordability.

There is a plethora of 2, 5 and even 10-year fixed term mortgages. These fixed term mortgages are exceptionally attractive supported by the historically low interest rates.

Bristol Mortgages Online www.bristolmortgagesonline.com Tel 0117 325 1511

Bath Mortgages Online www.bathmortgagesonline.com Tel 01225 584 888

Exeter Mortgages Online www.exetermortgagesonline.com Tel 01392 690 888

Email info@swmortgages.com

Thinking of moving to the Centre of Bristol?

admin@swmortgages.com (Caz Blake-Symes) — Tue, 18 Aug 2020 10:13:20 GMT

Home to tech giants, inventors and engineers, Bristol is a buzzing city renowned for both innovation and the arts.

A vibrant and buzzing city, Bristol has lots to offer both its residents and visitors. From excellent schools to a sensational arts scene, it has all the attractions of a big city – and on a scale ideal for walking.

What to expect living in Bristol

The Sunday Times named Bristol the Best City to Live in a few years ago, but it has always been a popular place to set up home. The proof is in the wide range of architectural styles spanning centuries that the city’s residents have left for us to enjoy.

The oldest building in Bristol is St James’ Priory, which dates back to 1129, but there are more than 50 Grade I and 3,000 Grade II-listed buildings to explore too. It is not all old buildings, though. In fact, much of Bristol was rebuilt after the city was bombed during World War Two. Modern high-rises such as the Castlemead building sprang up in the spaces left behind, adding new architectural designs – and homes – to the skyline.

At the start of the 21st century Bristol Harbourside underwent its own regeneration. The area is now filled with chic bars, restaurants and music venues. From the mid-1980s, Bristol’s multicultural mix gave rise to a creative and cool subculture, resulting in the musical explosion of the 1990s – Massive Attack, Tricky, Roni Size to name a few.

This sowed the seeds towards Bristol’s reputation as an attractive alternative to London for those in search of an edgy urban vibe. And if you’re looking for endorsement, Buzzfeed has even published “19 Things Every Londoner Learns When They Move To Bristol.” But with so many attractions – and a great quality of life – word seems to have got around; house prices in Bristol have increased by 24% in the past five years, according to Zoopla and that trend may look set to continue.

Where to start your property search

Bristol is divided into several neighbourhoods and suburbs, including Hotwells, Clifton, Montpelier, Redland and St Pauls, and each has its own personality.

Clifton: This small town just outside the city centre is always likely to remain desirable. It is perfect for students because of its proximity to the universities and its range of large huge houses, many of which are split into flats. But Clifton is also popular among home-hunters with bigger budgets for its glorious period homes, village feel and independent outlets.

Redland: If you’re looking for more intimate accommodation and a quieter life, Redhill offers reasonably-priced one- or two-bedroom flats in the city centre that are close enough to the action, but still a bolt hole to escape to.

Bedminster: Bedminster – or ‘Bedmo’ as it’s locally known – is one of Bristol’s most up-and-coming areas. Rows of once scrappy Victorian terraces are now much improved but buyers can still find the odd bargain.

Stokes Croft: Bristol’s answer to east London, property in Stokes Croft is already going for a premium as trendies, yuppies and hipsters move in. Living in the Croft is to be surrounded by cool new businesses, artistic graffiti and artisan coffee shops.

Property types

And what about the type of property you will find in Bristol? If you are in the market for stately Georgian villas, then Clifton’s Royal Crescent to the west of the city is your best bet.

And for a trendy suburban lifestyle, the Victorian terraces of Montpelier are ideal – or you can find sleek modern apartments in Broad Quay and the Harbourside.

With two universities and several campuses within its boundaries, Bristol also offers plenty of student digs. So if you’re looking to invest or buy a place for your student offspring, as well as city centre flats, look to the suburbs beyond Clifton, Cotham or St Werbburgh’s, where you’ll find plenty of homes with six bedrooms or more.

Things to do in Bristol

There is plenty of history to explore in Bristol. Parts of the cathedral, the Chapter House and Abbey Gate House all date back to the 12th Century. And if you are a fan of the BBC’s adaptation of Wolf Hall you’ll be pleased to know that some scenes were filmed here. One of Bristol’s most famous residents was the visionary engineer Isambard Kingdom Brunel. You will spot several of his great works around the city, including the Clifton Suspension Bridge, which links Bristol to Leigh Woods in Somerset. Bristol Harbourside is home to the SS Great Britain, a passenger steam ship moored in the Great Western Dockyard. Now a museum ship, you can climb on board and find out more about Brunel and life at sea.

Finding jobs in Bristol

Part of the draw of Bristol is the jobs market – particularly when it comes to high-tech companies. According to a recent Tech City report, the sector employs 62,000 people. Hewlett Packard has a research laboratory in the city, while many smaller businesses make everything from silicon chips to websites. The growth of the tech sector looks set to continue with several enterprise zones springing up throughout the city. Bristol Temple Quarter, in particular, is home to businesses dedicated to developing high-tech, low-carbon and creative solutions.

Bristol retains its strong links to the aerospace industry having been a centre for aeroplane production during the War. Today BAE Systems, Airbus and Rolls-Royce are all based in Filton, north of the city.

Getting in and around Bristol

Getting to and from Bristol is simple, thanks to its connection to both the M4 and M5 motorways. The M4 runs from London to south Wales, while the M5 goes from West Bromwich, near Birmingham, to Exeter. Getting around the city itself by car however is trickier. Many roads are undergoing improvements to help ease the increasing volume of traffic. Bristolians therefore often choose to cycle, although the hills can make it hard going.

The city is also serviced by two key train stations: Bristol Parkway and Bristol Temple Meads. Trains arrive here from London, Wales, Birmingham and the north east of England.

If you want to get out of the UK, Bristol Airport offers easy access to destinations throughout the UK and Europe, with low-cost flights provided by the likes of Ryanair and easyJet.

We have excellent relationships with numerous estate agents in the Greater Bristol area and will be delighted to put you in touch with the most appropriate lender.

For further details and to book your FREE CONSULTATION with one of our expert Mortgage Advisers please contact us

Bristol Mortgages Online www.bristolmortgagesonline.com Tel 0117 325 1511

Bath Mortgages Online www.bathmortgagesonline.com Tel 01225 584 888

Exeter Mortgages Online www.exetermortgagesonline.com Tel 01392 690 888

Email info@swmortgages.com

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#topmortgagebroker #moveobristol

Help to Buy Equity Loan & Shared Ownership

admin@swmortgages.com (Caz Blake-Symes) — Mon, 20 Jul 2020 10:34:06 GMT

Call us today for more information.

The Help to Buy Scheme

You only need a 5% deposit thanks to Help to Buy, and with the recent changes to Stamp Duty, it is so much easier to get the home you want for less. Start your search now and Contact Us today for help with financing your purchase.

Help to Buy Equity Loan

With an Equity Loan the Government lends you up to 20% of the cost of your newly built home, so you will only need a 5% cash deposit and a 75% mortgage to make up the rest.
You will not be charged loan fees on the 20% loan for the first five years of owning your home.
Equity loans are available to first time buyers as well as homeowners looking to move.
The home you want to buy must be newly built by a Help To Buy accredited Builder, with a price tag of up to £600,000.
You will not be able to sublet this home or enter a part exchange deal on your old home.
You must not own any other property at the time you buy your new home with a Help to Buy: Equity Loan

In the Budget 2018 it was announced that the Help to Buy scheme would be coming to an end in March 2023. A new version of the Help to Buy scheme will operate from 1 April 2021 until 31 March 2023 which introduces changes to ensure the scheme is better targeted towards those who most need support to achieve home ownership. The key changes are:

The scheme will only be available for first time buyers, defined as those who have not previously owned or purchased property.
The scheme will introduce regional property price caps based on local markets, which will set the maximum price of a new build home that can be bought with Help to Buy in any region.

The regional caps are set out in table below:

Price cap for properties eligible for Help to Buy Equity Loan scheme from April 2021 to March 2023

North East £186,100

North West £224,400

Yorkshire & The Humber £228,100

East Midlands £261,900

West Midlands £255,600

East of England £407,400

London £600,000

South East £437,600

South West £349,000

Until the new scheme is introduced customers will continue to be able to purchase homes through the current Help to Buy scheme unaffected. However, all homes purchased under the current scheme will need to reach legal completion by 31 March 2021. This will influence when a builder will close for reservations using the scheme, therefore we recommend that you factor this into your plans and enquiries.

Shared Ownership

If you can’t quite afford the mortgage on 100% of a home, Help to Buy: Shared Ownership offers you the chance to buy a share of your home (between 25% and 75% of the home’s value) and pay rent on the remaining share. Later, you could buy bigger shares when you can afford to.

You could buy a home through Help to Buy: Shared Ownership in England if:

your household earns £80,000 a year or less outside London, or your household earns £90,000 a year or less in London
you are a first-time buyer, you used to own a home but cannot afford to buy one now or are an existing shared owner looking to move.

With Help to Buy: Shared Ownership you can buy a newly built home or an existing one through resale programmes from housing associations. You will need to take out a mortgage to pay for your share of the home’s purchase price, or fund this through your savings. Shared Ownership properties are always leasehold.

Only military personnel will be given priority over other groups through government funded shared ownership schemes. However, councils with their own shared ownership home-building programmes may have some priority groups, based on local housing needs.

People with disabilities

Home Ownership for People with Long-Term Disabilities (HOLD) can help you buy any home that is for sale on a Shared Ownership basis if you have a long-term disability. You can only apply for HOLD if the properties available through the other home ownership schemes do not meet your needs, eg you need a ground-floor property.

Older people

You can get help from another home ownership scheme called Older People’s Shared Ownership if you are aged 55 or over. It works in the same way as the general Shared Ownership scheme, but you can only buy up to 75% of your home. Once you own 75% you will not have to pay rent on the remaining share.

Bristol Mortgages Online www.bristolmortgagesonline.com Tel 0117 325 1511

Bath Mortgages Online www.bathmortgagesonline.com Tel 01225 584 888

Exeter Mortgages Online www.exetermortgagesonline.com Tel 01392 690 888

Email info@swmortgages.com

Chancellor unveils Stamp Duty holiday

admin@swmortgages.com (Caz Blake-Symes) — Thu, 09 Jul 2020 09:39:21 GMT

The Chancellor has said the average saving will be £4,500.

Chancellor Rishi Sunak has confirmed that the Stamp Duty threshold will be increased to £500,000 immediately until March 31 next year. Sunak confirmed rumours of the Stamp Duty holiday during his summer economic update this afternoon. He said the Government will temporarily increase the nil-rate band of residential Stamp Duty in England and Northern Ireland from £125,000 to £500,000. This will apply from today (July 8th) until March 31 2021.

Agents and portals have said there has been more demand since the market reopened but it is so far unknown if this will transfer into sales. Rightmove said there are more than 510,000 properties with asking prices under £500,000 on the portal, making up 81% of all residential stock for sale in England. The property website said 291,000 properties under £500,000 are currently available for sale, making up 78% of all properties listed in England. It said people enquiring about properties under £500,000 on Rightmove makes up 84% of all buyer enquiries in England.

How much will buyers save?

How much a buyer in England or Northern Ireland could save under the temporary measure will depend on how much the property costs – as a general rule, the more expensive the property, the more you'll save (up to the maximum of £500,000). For example, if you buy a property for £400,000 in England and you're not a first-time buyer, you would usually pay £10,000 (made up of £2,500 on the portion between £125,001 and £250,000, and £7,500 on the portion between £250,001 and £400,000). But for now, you'd pay no stamp duty on the property at all – saving you £10,000. The Chancellor has said the average saving will be £4,500.

What if I've exchanged but not completed?

The requirement to pay stamp duty is triggered when you complete the purchase of the property. So if you've exchanged prior to 8 July but not completed, you'll benefit from the increased thresholds.

Residential Rates on purchases from 8 July 2020 to 31 March 2021

If you purchase and complete on a residential property between 8 July 2020 to 31 March 2021, you only start to pay SDLT on the amount that you pay for the property above £500,000. These rates apply whether you are buying your first home or have owned property before.

You can use the table below to work out the SDLT due:

Up to £500,000 Zero

The next £425,000 (the portion from £500,001 to £925,000) 5%

The next £575,000 (the portion from £925,001 to £1.5 million) 10%

The remaining amount (the portion above £1.5 million) 12%

From 8 July 2020 to 31 March 2021 the special rules for first time buyers are replaced by the reduced rates set out above.

Higher rates for additional properties

The 3% higher rate for purchases of additional dwellings applies on top of revised standard rates above for the period 8 July 2020 to 31 March 2021.

The following rates apply:

Up to £500,000 3%

The next £425,000 (the portion from £500,001 to £925,000) 8%

The next £575,000 (the portion from £925,001 to £1.5 million) 13%

The remaining amount (the portion above £1.5 million) 15%

Bristol Mortgages Online www.bristolmortgagesonline.com Tel 0117 325 1511

Bath Mortgages Online www.bathmortgagesonline.com Tel 01225 584 888

Exeter Mortgages Online www.exetermortgagesonline.com Tel 01392 690 888

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Demand for new build homes rockets 66%

admin@swmortgages.com (Caz Blake-Symes) — Mon, 06 Jul 2020 08:55:06 GMT

Attractive First-time buyer mortgages are still out there-call us today!

Adapted from a Zoopla Property News team July 1, 2020

Zoopla analysis shows interest in newly built properties has bounced back to a higher level than before coronavirus struck Demand for new build homes has soared by 66% since the housing market reopened, surpassing levels seen before lockdown.

The upsurge seen in the six weeks since 13 May is a continuation of the trend recorded at the start of 2020, when the new build market enjoyed its strongest start to the year since 2016. Persimmon Homes, one of the UK’s largest home builders, has seen a massive 215% month-on-month jump in demand through Zoopla buyer leads during the past six weeks. Leads are generated by buyers requesting more information from home builders via property listings.

The recovery in the new build homes sector significantly outpaces the revival in the market for older properties, where demand is currently 46% higher than before lockdown. The surge in demand for new build properties has been particularly strong among first-time buyers, growing by 87% compared with levels during lockdown.

Alex Rose, director of New Homes at Zoopla, said: “While the industry has undergone an unprecedented period, the new homes market has shown itself to be geared towards a rapid rebound.”

Why is this happening?

The resilience of the new build market is likely to be down to two factors. On the one hand, developers are used to having to sell homes when physical viewings are not possible.

At the same time, demand is also likely to have been supported by the fact that the Help to Buy scheme can only be used to purchase a new build property. With many lenders withdrawing their 90% and 95% loan-to-value (LTV) mortgages in the face of the pandemic, more first-time buyers in particular are likely to be turning to the scheme in a bid to get onto the property ladder. The Help to Buy initiative tops up a 5% deposit with a five-year interest-free loan worth 20% of the property’s value

What’s the background?

First-time buyers are often described as being the lifeblood of the housing market, so it is good news for the new build sector that demand is so strong among this group. Going forward, it is expected that the initial spike in demand for new properties seen since the housing market reopened to 'settle' as the summer progresses and sales are agreed.

This research comes as Prime Minister Boris Johnson unveiled plans for more than 180,000 new affordable homes to be built. He also announced changes to the planning system to make it easier to convert commercial buildings into residential ones, and to demolish vacant buildings and use the land to build homes. Property owners will also be able to build additional space above their properties through a fast-track approvals process.

Despite challenges and changes in the first-time buyers’ mortgage market, we have access to a number of lenders offering attractive first-time buyer mortgages.

Bristol Mortgages Online www.bristolmortgagesonline.com Tel 0117 325 1511

Bath Mortgages Online www.bathmortgagesonline.com Tel 01225 584 888

Exeter Mortgages Online www.exetermortgagesonline.com Tel 01392 690 888

Email info@swmortgages.com

Weigh up the pros and cons and Let Us Help You to Remortgage.

admin@swmortgages.com (Caz Blake-Symes) — Mon, 22 Jun 2020 13:00:50 GMT

Is this a good time for you to Remortgage – Part 2?

Adapted from a Money Expert article

Remortgaging needs careful thought

Around a third of all home loans made in the UK are actually remortgages. For most people, their mortgage is their biggest financial commitment. And it follows that streamlining the largest debt can produce the largest saving - sometimes £1,000s each year. If you're the kind of person who shops around to get the cheapest television or mobile phone contract, then you're missing a trick by not using the same skills to save money on your mortgage.

But there are pros and cons to remortgaging. In this article we look the reasons why it might not be wise to remortgage.

Why shouldn't I remortgage?

Your mortgage debt is really small.

Once your loan falls below a certain amount – say around £50,000 – it may not be worth switching lender simply because you are less likely to make a saving if the fees are high. In fact, some lenders won't even take on mortgages below £25,000. Do have a look but you'll probably want to look at rates with a small fee, or no fee at all. The smaller your mortgage, the worse the effect of any fees you need to pay. Quite often, you'll be better remaining on the higher interest rate.

Your early repayment charge is large.

A large early repayment charge could mean that it'd be utter foolishness to move before the end of the incentive period. If it would cost too much to free yourself from your current deal, then it's all the more important that you do your homework and be ready to move as soon as you can. It's always worth asking your current lender to let you switch to another of its deals (ie, do a product transfer) by paying a reduced early repayment charge. You're unlikely to get to move to its top-of-the range deal but as long as it's better than the one you're currently on, and doesn't lock you in for much longer, you have nothing to lose.

Your circumstances have changed.

It's possible that your financial position has altered since you took out your current mortgage - for instance, one of you has stopped working or you have become self-employed. Stricter mortgage rules introduced in April 2014 mean lenders MUST now see evidence of your income. New lenders may not be prepared to offer you a loan because you no longer fit their criteria, meaning you may have to stay where you are.

Your home's value has dropped.

You may have had a 10% deposit when you bought your home and got a decent mortgage, borrowing the remaining 90% of your home’s value. But now, your house price has dropped and the amount you owe is a bigger proportion. Unfortunately, you're a victim of evaporating equity, even if you have been making repayments, and that can hurt you. In some cases, you may be in negative equity, where your debt is higher than the value of the property. The only thing you can do is sit tight, make over-payments whenever you can afford it as long as you won't be charged fees as well, and wait for prices in your area to go up again.

You have very little equity.

If you need to borrow more than 90% of the value of your property – then you'll often find it difficult to find a better rate. Although at the time of writing, there are more mortgages at 95% than we have seen for a long time so it's worth checking to see if it's worth switching. Don't forget to check if your current lender charges an early repayment charge to leave.

You've had credit problems since taking out your last mortgage.

Since the credit crunch, lenders have become much pickier about who they lend to. The regulator, the Financial Conduct Authority, now also requires them to carefully check the mortgage is affordable, not just at current rates, but at a higher rate too, to ensure you could cope if interest rates were to rise. As a result, lenders will want a lot of detail about your outgoings and are looking for spotless repayment histories or at least a good, clean record of handling debts well. It might only take one recently missed payment to your credit card, loan, mortgage, utility company...even your mobile phone to scupper your chances. Check your credit file to be sure.

You're already on a great rate.

You may be already on such a fantastic deal that you'd be mad to move. But don't get too comfortable – chances are it won't always be top of the tree so eventually you'll need to consider hopping onboard the remortgaging merry-go-round.

For further details and to book your FREE CONSULTATION with one of our expert Mortgage Advisers please contact us

Bristol Mortgages Online www.bristolmortgagesonline.com Tel 0117 325 1511

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Email info@swmortgages.com

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Has being in Lockdown made you think about the needs of your home?

admin@swmortgages.com (Caz Blake-Symes) — Fri, 12 Jun 2020 09:34:14 GMT

Is this a good time for you to Remortgage – Part 1?

For many, being in Lockdown has made us look at our homes differently. There are many reasons for needing more space in your house. Maybe your growing family needs room for new arrivals or perhaps your expanding home business needs a new office. Whatever your reasons, there is much to consider before choosing the next step.

Deciding which is more financially beneficial, moving house or extending, can be tough. Of course, the decision will already be answered if you live in a flat and need more space, or you decide to move closer to schools, work or family. But the house removal costs will also affect your decision. You should compare removal quotes to get the best deal if you decide to move to a new house to help stretch your budget and allow for future work to be done.

An extension will help add value to your home as well as creating space, but again, the cost needs to be thought through. It is important to know which option will benefit you the most, so we have put together this guide to help you weigh up the pros and cons to make the decision easier.

Please take a good look at the information below, the first part of a two-part article about the pros and cons of remortgaging to fund possible home improvements, or just to look for a better deal or restructure your finances.

Remortgaging needs careful thought

But there are pros and cons to remortgaging. In Part 1 of this article we start off with talking about the reasons why you might want to remortgage.

Why should I remortgage?

The main reason that you might want to remortgage is to save money. And this can be big money. Reasons may include:

Your current deal is about to end.

Many of the best mortgages only last a short time – often two to five years – the typical length of time offered on a fixed rate, tracker or discount mortgage. When it comes to an end, your lender will put you on its bog-standard variable rate (SVR). It’s likely to be higher than your old interest rate and higher than the best buys available. If so, you want to be ready to remortgage to a cheaper rate. Start looking around 14 weeks before your rate ends.

You want a better rate.

If you are tied into an initial deal then you might have to pay an early repayment charge which can be huge, often 2-5% of your outstanding loan. Plus, there is usually a small exit fee (it might call it an 'admin fee' or a 'deeds release fee') when you repay any mortgage. This doesn't mean you shouldn't consider it as the savings can be huge (especially if you have a large amount of mortgage debt). You just need to do your sums before taking the plunge.

Your home's value has gone up...a lot.

If the value of the property has risen rapidly since you took out your mortgage, you may find you're in a lower loan-to-value band, and therefore eligible for much lower rates. Again, you need to do your sums but it is definitely worth a look.

You're worried about interest rates going up.

Before you panic, you need to check what is meant by rates going up. If it's the Bank of England base rate that is predicted to go up, this may affect your mortgage payments directly, depending on the type of mortgage you have. If it's the rates that new customers are being offered, then this doesn't automatically mean yours will be affected.

You want to overpay & your lender won't let you.

Perhaps you've had a pay rise or maybe you've inherited some money. You now want to pay extra, but your current deal won't let you or it will only let you make a small over payment. A remortgage will allow you to reduce the loan size and potentially get a cheaper rate as a result. But watch out for any early repayment charges or exit fees you face and compare this to how much you'd save with the new, lower mortgage.

You want to switch from interest-only to repayment mortgage.

You should not actually need to remortgage to do this, your lender should be happy to make the change for you. You can even change part of the loan to capital repayment and leave some on your interest-only deal, which is particularly useful for anyone with an under performing endowment mortgage which is expected to result in a shortfall at the end of the term.

However, it's a totally different story if you want to change from capital repayment to interest only - expect your lender to be difficult if you try to do this.

You want to borrow more.

Perhaps your current lender has said no to lending you extra money or the terms it's offering aren't very good. Remortgaging to a new lender might enable you to raise money cheaply on low rates. But remember to take all the fees into account to see if it really is cheaper than other forms of borrowing.

The new lender will ask you what the extra money is for. Surprisingly, it is likely to be more comfortable with you borrowing the money for a new car than for business purposes. The most commonly acceptable reasons to raise money are for home improvements and paying off other debts. Just be prepared for your lender to ask for evidence if you are borrowing a large amount, e.g. builder quotes, or proof that you have paid off the debts.

You want a more flexible mortgage.

Maybe you want to be able to miss a payment. Changing jobs, going back into education, going travelling – whatever the reason, there are mortgages which will let you take payment holidays. Or maybe you've been tempted by different, whizzy mortgages which combine your savings or current accounts with your mortgage.

Whatever flexibility you want in a mortgage, chances are it's out there. But remember products don't offer these twiddly bits for free. Expect to pay for flexible features with a slightly higher interest rate. So don't be tempted to go for bells and whistles unless you will actually use them.

If it sounds like remortgaging could be the right move for you, you want to start the search 14 weeks before you want to remortgage.

For further details and to book your FREE CONSULTATION with one of our expert Mortgage Advisers please contact us.

Bristol Mortgages Online www.bristolmortgagesonline.com Tel 0117 325 1511

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Mortgage advice – Should you use a mortgage adviser?

admin@swmortgages.com (Caz Blake-Symes) — Thu, 28 May 2020 11:28:22 GMT

Guidance from The Money Advice Service

Adapted from an article by moneyadviceservice.org.uk

Getting a mortgage is one of the biggest financial decisions you will make, so it is important to get it right. This article will help you work out whether you should get a mortgage adviser, where to get free advice, how your bank might be able to help and which comparison websites you can check.

How to choose a mortgage

The mortgage market is incredibly competitive, and it can be hard to understand what exactly is on offer. There are many different providers and a wide range of products and rates available.

So, it is a good idea to talk to your bank, as well as a number of independent mortgage advisors, before making up your mind. This guide will take you through the routes to getting a mortgage and the importance of studying your options before making a decision.

Why it is usually a good idea to get mortgage advice

Lenders (usually banks) and brokers must offer advice when they recommend a mortgage for you.

They will assess the level of mortgage repayments you can afford, by looking at your income as well as your debt repayments and day-to-day spending.

This means you should end up with a mortgage that suits your needs. Although lenders and brokers must offer advice in almost all cases, you might be able choose to reject the advice and find your own mortgage deal based on your own research. If you choose your own mortgage without advice, it’s called an “execution-only” application.

Risks of not getting advice

Getting advice, rather than doing research on your own, means that if the mortgage turns out to be unsuitable for you later on, you’ll have more rights when you make a complaint.

For example, you could make a complaint of financial mis-selling if the advice you were given turned out to be unsuitable for you. Not taking any advice means you have to take full responsibility for your mortgage decision.

If you don’t take advice, you could end up:

With the wrong mortgage for your situation, which would be a costly mistake in the long run.
Being rejected by your chosen lender, because you didn’t understand the restrictions clearly or what circumstances the mortgage was designed for.

When to see a mortgage adviser

A mortgage adviser, also known as an independent mortgage broker, is a specialist with in-depth knowledge of the market.

They can look at a range of mortgage products which suit your needs. It is a good idea to speak to a few of them to see what is on offer.

There are three main types of mortgage adviser:

Some are tied to a specific lender
Some loo k at deals from a limited list of lenders, and
Some check the whole market for a wide range of products

Even ‘whole of market’ advisers do not cover everything.

They cannot advise you on mortgages that are only available if you go to the lender directly. All mortgage advisers must offer you advice when recommending the most suitable mortgage for you. This means you are protected and you can complain to the Financial Ombudsman if things go wrong.

Other reasons to use an adviser

They will check your finances to make sure you can afford a mortgage
They might have exclusive deals with lenders, not otherwise available
They often complete the paperwork for you, so your application should be dealt with faster
They will help you take all the costs and features of the mortgage into account, beyond the interest rate
They should only recommend a mortgage that is suitable for you and will tell you which ones you are likely to get

Fees

Mortgage brokers might charge you for their service depending on the product you choose or the value of the mortgage.

Others will be free to you, but they will receive commission from the lender. They should tell you up-front how much you will pay for their services. You should also be told if an adviser is paid commission. Once your broker makes a product recommendation, they must give you a mortgage illustration document(s). This document is usually called a keyfacts illustration.

What to look for in a mortgage

It is also important to do some research into the type of product and features you need before making a purchase or changing supplier.

There are other factors, which also contribute to the whole amount you pay back over time.

Look out for:

APRC: (Annual Percentage Rate of Change) takes some mortgage fees into account as well as the interest rate and expresses it as a percentage.
Deposit size: the higher the deposit, the lower the interest rate you are likely to get
The standard rate: which your mortgage will switch to once your fixed rate deal ends.
How often is interest charged? will it be paid daily, monthly, or annually? Daily interest works out cheaper.
Flexibility: can you overpay your mortgage without being charged and can you take a break from making payments?
Length of fixed or variable rate deal: do you want to be locked in for a long period. or have more flexibility? There will be charges if you switch out of a deal before it ends.

Bristol Mortgages Online www.bristolmortgagesonline.com Tel 0117 325 1511

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Coronavirus: Moving home allowed as curbs lift on estate agents in England

admin@swmortgages.com (Caz Blake-Symes) — Wed, 13 May 2020 10:45:40 GMT

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The government has set out plans to restart England's housing market, which has been in deep freeze since the coronavirus lockdown. Estate agents can now open, viewings can be carried out and removal firms and conveyancers can restart operations.

Housing Secretary Robert Jenrick said the changes must be carried out under social distancing and safety rules. It is estimated there are 450,000 buyers and renters with plans on hold.

"Our clear plan will enable people to move home safely, covering each aspect of the sales and letting process, from viewings to removals," Mr Jenrick said. "This critical industry can now safely move forward, and those waiting patiently to move can now do so."

Meanwhile, the property markets in Wales, Scotland and Northern Ireland remain shut. Home viewings are not permitted under lockdown regulations and their land registries are either running a reduced service or are not registering transactions.

Alistair Elliott, chairman and senior partner at estate agents Knight Frank, told the BBC's Today programme the measures were "a major first step. We believe the public will have confidence to re-engage with the housing market," he said.

Jonathan Hopper, chief executive of real estate consultants Garrington Property Finders, said: "Few things are more likely to make people want to move than being cooped up in the same four walls for weeks on end, and property portals have seen traffic increase by up to a fifth."

Personal Finance and Consumer Affairs Analyst Kevin Peachey comments:

This announcement will test the housing sector's hope, and belief, that a wave of pent-up demand amongst buyers and renters is ready to be released. Yet, the reality is that many people's finances are now less secure than they were just a few months ago when they were preparing to move. Expect a lot more haggling over price from both sides if they have yet to have formally agreed what they will pay or accept, especially if getting a mortgage is harder.

Estate agent Savills has already suggested that people who still have money to look for somewhere new, may now be rethinking their priorities. A spare room and good Wi-Fi may suddenly have become more appealing when working from home, and a large garden may be even more of a golden ticket for anyone with children.

For further details about mortgage payment holidays or any other information book your FREE CONSULTATION with one of our expert Mortgage Advisers please contact us

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A guide to mortgage payment holidays and how to apply

admin@swmortgages.com (Caz Blake-Symes) — Thu, 07 May 2020 13:15:37 GMT

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With some mortgages you can apply for a ‘mortgage payment holiday’ if money is tight. In this blog, find out how mortgage payment holidays work, the circumstances in which you might be granted one and the pros and cons of getting one.

The mortgage payment holiday will provide flexibility in repaying your mortgage by allowing you to stop or reduce your monthly payments for up to three months. This could provide much needed help if you need it, but it won’t be suitable for everyone and it won’t be free money.

What is a mortgage payment holiday?

This article explains the normal rules about mortgage payment holidays and will apply if you are applying for one for another reason than coronavirus. A mortgage payment holiday is an agreement you might be able to make with your lender allowing you temporarily to stop or reduce your monthly mortgage repayments. For example, depending on your circumstances and previous payment history, you might be able to take a break for usually up to six months: Not all mortgages offer the option of a mortgage payment holiday – it depends on the product’s terms and conditions.

Eligibility for a mortgage payment holiday

Whether you are eligible to take a payment holiday, for how long, and the conditions you must meet first will depend on:

Your lender
The mortgage contract, and
Your financial circumstances

Often, in order to qualify for a payment holiday, you’ll need to have previously overpaid on your mortgage. That means paying more than your agreed monthly payments until you have built up sufficient credit to take a break from payments.

However, your lender might also allow you to reduce or suspend mortgage payments if you are temporarily struggling to meet the monthly cost due to a change of circumstance, such as redundancy or going on maternity leave. If you’re in mortgage arrears you won’t be eligible for a mortgage payment holiday. But don’t let that stop you contacting your lender. They will be keen to help you come to an arrangement.

Pros of a mortgage holiday

The biggest positive about a payment holiday is that it relieves some pressure for a while. For a period of time, you have one less thing to worry about when considering your outgoings. If you are only facing a temporary drop in income, perhaps because you or your partner are having a baby and the mortgage holiday is to cover the maternity leave period, this can be a sensible move.

Cons of a mortgage holiday

There are several important things to bear in mind:

While you are not making mortgage payments, you’re still racking up interest on your remaining mortgage balance.
When the payment holiday comes to an end, your outstanding mortgage balance and mortgage payments will be higher than they were before the holiday.
Even if your lender agrees to this temporary solution, your credit file will be affected. This in turn could affect your ability to get credit in the future.

While a mortgage holiday can be a useful short-term solution, it is not suitable if you can’t afford your mortgage payments because your household income has reduced permanently.

How to apply for a mortgage holiday

Check with your lender and have a look at your mortgage terms and conditions to see if you’re eligible for a mortgage holiday and if they are allowed under your mortgage agreement.

The criteria will vary from lender to lender:

The length of your payment holiday depends on the lender. Some will allow you take up to 12 consecutive months off from paying the mortgage, while others will permit only up to six months over the life time of the mortgage.
Typically, you will often have needed to have made payments on time for a minimum period before you’re eligible to take a mortgage holiday.
Your ability to take a mortgage holiday also depends on the size of your mortgage and the value of your home. Some lenders will only allow a mortgage holiday if the loan-to-value of your mortgage is lower than 80%.

Cancelling direct debits

Cancelling your direct debit is not a payment holiday and will be counted as a missed payment if it has not been agreed with your lender. You should not cancel your direct debit without speaking to them first. A missed payment could show up in your credit file and may impact your ability to remortgage.

Applying for a mortgage payment holiday.

Contact your lender and tell them you are experiencing payment difficulties due to coronavirus. There will be a fast track approval process in place and you won’t need to provide evidence or have an affordability test. So, you should get a quick decision.

Any unpaid interest will probably still need to be paid back but you won’t have to worry about any additional fees or charges. Individual credit ratings should not be affected but if you are worried you should speak with your lender.

What your lender will discuss with you

Your lender will discuss any sums covered by a payment holiday, increases in your monthly repayments and any increase in the total amount payable under your mortgage contract once the payment holiday has ended. They may discuss alternative ways of how you can repay if this is more suitable, but the main options your lender may consider are outlined below:

Spreading your deferred payments over the outstanding term of your mortgage

This means you will see an increase in your monthly mortgage repayments once your mortgage payment holiday period is over. The shorter the term left on your mortgage, the larger the increase in your monthly payments, once the mortgage payment holiday is over. You should consider the impact the higher mortgage repayments will have on your future monthly financial commitments.

Increasing the length of your mortgage term

Extending the length of your mortgage means you might see a smaller increase in your monthly repayments. But you will be paying your mortgage back over a longer period which means you will be paying more in interest over the term of your mortgage.

Making interest or capital only payments

Just making interest only or capital only repayments during your mortgage holiday might be an option for some people. This will reduce any increases in your monthly repayments compared to some other options once your mortgage holiday period is over, but you will still need to pay back any shortfall in your normal monthly payments.

Information your lender should provide for you

Your lender should explain the impact of any option on your monthly payments or the term of your mortgage. They should also discuss options for you to choose an alternative means of repaying the amount if this is more suitable.

Any information should be provided in good time and make clear that you could be paying more over the lifetime of the mortgage, compared to an alternative repayment means, such as using a lump sum.

You should also always ask your lender or mortgage adviser to explain what this will mean for you and whether there are other options which may be available to you.

If you are already behind with mortgage payments

Being currently behind with your mortgage payments does not exclude you from applying for a mortgage payment holiday if this is appropriate for your circumstances. If you’re worried about repossession you should not be at risk of losing your home during this period as mortgage repossession proceedings have been temporarily suspended but do speak with your lender.

For further details about mortgage payment holidays or any other information book your FREE CONSULTATION with one of our expert Mortgage Advisers please contact us

Bristol Mortgages Online www.bristolmortgagesonline.com Tel 0117 325 1511

Bath Mortgages Online www.bathmortgagesonline.com Tel 01225 584 888

Exeter Mortgages Online www.exetermortgagesonline.com Tel 01392 690 888

Email info@swmortgages.com

Coronavirus: how you can still buy and sell your home

Sat, 18 Apr 2020 10:44:15 GMT

Lawyers, developers and estate agents are working hard to keep the cogs turning as efficiently and safely as possible during the coronavirus lockdown

Adapted from a Zoopla article by Nicky Burridge April 2020

We may all be following social distancing rules under the coronavirus lockdown but that does not mean your property search or home sale is completely on hold. Zoopla figures show that property sales are continuing since the start of coronavirus restrictions, although at lower levels, and sellers have not taken their properties off the market.

The number of homes for sale - per estate agent - is only 1% lower than it was on 7 March. But the number of new property sales agreed in the UK has fallen by 70% since the start of the coronavirus restrictions.

Zoopla director Richard Donnell says: "There has been no mass withdrawal of homes from the market as agents and consumers adopt a wait-and-see approach., The closure of estate agency branches and general uncertainty has resulted in far fewer sales agreed in the last two with less new supply coming to the market."

The number of people wanting to find out more about properties or to view them started to decline in early March and dropped by more than 60% in the following month. But in the second week of lockdown there has been a rise in people browsing properties. When you're stuck in a home you've outgrown, trying to work remotely while entertaining energetic children, that's exactly the time you decide you really need to make plans to move.

Unprecedented times - but temporary

"The property market has not been forced to an immediate halt – we must remember Covid-19 is temporary and we will recover," says Amy Hazelton, senior paralegal at law firm Blake Morgan.

"We may even see the market recover with first-time buyers who realise they need their own space after being locked down with family or flatmates. People have extra time to sit and trawl through agents' sites. They may think about a move they have not had the time to consider before and some may even spend the time considering investment opportunities in the market."

Should I keep my home on the market?

It's really not such a bad time to be selling your home. With the majority of people stuck at home without much to do, many would-be house hunters are spending their time browsing for a new home online. So, if your home is already on the market there is no reason to withdraw it. It's also worth noting that the government has not banned property transactions from going through. Instead, it has said that if the property being bought is empty, the sale can continue as normal. It is only if the property is currently occupied that it is encouraging people involved in the transaction to agree an alternative date on which to move.

Can estate agents take on new listings?

Their physical offices may be shut but estate agents are still open for business, albeit working remotely from home. That said, it is difficult for them to take on new properties at the moment, as the current social distancing rules mean they cannot visit your home to take photographs and measurements for the listing details. But don’t let that put you off if you're thinking of selling your home. Estate agents will still be able to talk to you by telephone to advise you on how much they may list your property for, subject to a physical viewing once restrictions are lifted, and to give you an idea of the market in your area. They are also likely to be having similar conversations with potential buyers, so they may be able to line up some interested parties to view your home once the lockdown is over.

Can people still view my home?

Assuming your home is already listed with an estate agency, they can continue to market it, but potential buyers won’t be able to view it in person until the current social distancing measures are lifted. That said, people can still get an excellent sense of what your home is like through doing a virtual tour. Some estate agents created these tours using 3D cameras to offer a high-definition, 360 degree walk-through of their clients’ properties before the lockdown came into force.

Andy Marshall, our chief commercial officer at Zoopla, says: "We have seen an upsurge of 215 per cent in virtual viewings of new-builds. While this is partly in response to coronavirus, we anticipate that online and virtual tours are quickly becoming the new normal. Online viewings afford convenience and flexibility."

What if someone makes an offer?

If you receive an offer, there is nothing to stop you negotiating and accepting it. But you do need to be mindful that the selling process is likely to take longer than usual. The government has advised people to delay exchanging contracts while the current lockdown measures are in place.

Your buyer may also face delays in having a survey done on the property, as surveyors have been told not to carry out non-urgent work.

The lawyer's view on the timeline of buying and selling during lockdown

Amy Hazelton is senior paralegal in the new homes team at law firm Blake Morgan explains "Depending on the stage in your transaction, going ahead with a purchase may now mean you have to travel along a slightly different route than initially planned. In cases where contracts have not yet been exchanged, buyer and seller should try and agree delay clauses to allow for Covid-19 provisions to protect them both. You may encounter other blockers along the way towards exchange as a result of local authority closures, search provider delays and getting physical signature and witnessing of documents, due to social distancing and travel restriction guidelines. Some of these problems (especially with searches) can be overcome by specialist insurance. Others (such as signature) may need alternative arrangements to be agreed between the buyer and seller. If a buyer is between exchange and completion, all parties are still legally bound to proceed to avoid being in breach of contract and having financial penalties imposed. Where possible, completions should be delayed in accordance with the UK government guidelines to 'stay indoors' but, for some, completion may be unavoidable. Matters are likely to become more complicated where there is a chain and there are more parties to juggle.

"Lawyers throughout the country are working together in drafting solutions to help the market keep moving and this includes the certainty of exchanges taking place whilst keeping the flexibility to ensure no one is forced to complete against their will. Buyers and sellers should stay in regular contact with all parties involved."

What if I want to buy a new home?

If you want to buy a new home, there are still plenty of things you can do to kick-start your search while in lockdown. You can use the time to browse homes online that estate agents already have on their books, to give you a sense of what is out there, while many properties also have virtual tours you can take. You can also do research on the areas you're interested in. For example, our site offers a number of tools enabling you to check out the local area, even journey times if you'll be commuting.

Estate agents are still working, so even though you can’t visit them in their offices, it is still worth ringing them for a chat about the type of property you're looking for, as they may have someone waiting to list as soon as the restrictions are listed.

If you do find a property that seems perfect, you can put in an offer for it, although as explained above, the conveyancing process is likely to be slower than usual.

Top 3 takeaways

1. If your home is currently for sale, there is no reason to withdraw it and your estate agent can continue to market it

2. Estate agents cannot take on new listings, but if you are interested in selling your home, they can advise you on getting your property ready to market

3. Potential buyers cannot physically view your home while social distancing measures are in place, but many estate agents are offering virtual tours instead

For further details and to book your FREE CONSULTATION with one of our expert Mortgage Advisers please contact us

Bristol Mortgages Online www.bristolmortgagesonline.com Tel 0117 325 1511

Bath Mortgages Online www.bathmortgagesonline.com Tel 01225 584 888

Exeter Mortgages Online www.exetermortgagesonline.com Tel 01392 690 888

Email info@swmortgages.com

#bristolmortgagebroker #mortgageadvice #independentbroker #lifeinsurance #mortgagebroker

#bathmortgagebroker #mortgageprotection, #lowinterestmortgage #incomeprotection

#expertmortgageadvice #freeconsultation #remortgage #criticalillnesscover #greatbuytoletdeals

#fivestarservice #highlyrecommended #topmortgagebroker #movinghouse #remortgage

IMPORTANT MESSAGE REGARDING YOUR LIFE & PROTECTION INSURANCE

Wed, 08 Apr 2020 13:17:38 GMT

This blog specifically dealing with Life and Protection issues in light of the current Covid-19 crisis

We recognise and understand that in these unprecedented times you may be looking at ways to reduce your outgoings and looking at your direct debits to see where saving can be made. If we have previously arranged life assurance or other protection policies for you we recommend you try, if possible, to continue to pay the premiums to ensure that your cover remains in force throughout these difficult times.

If you are struggling with your finances and feel that you may not be able to continue to pay your life assurance premiums, then please feel free to contact Phil Clark, our MD personally or one of our expert Advisers, on one of the numbers or the email below.

Life and Protection Policies include:

Life Assurance
Critical Illness Cover
Income protection
Unemployment and Redundancy Cover.

PLEASE GIVE YOU AND YOUR FAMILY PEACE OF MIND BY BEING ADEQUATELY PROTECTED.

If you require further information regarding protection products available to you, please visit

www.bristolmortgagesonline.com/protection-and-insurance

Please click on the link to view or download our Let Us Help You Arrange Your Protection & Insurance Cover guide

If you have any queries whatsoever, please contact us on on e of the numbers below.

Bristol office 0117 325 1511, Bath office 01225 584 888 or Exeter office 01392 690 888

emai: info@swmortgages.com

#bristol #mortgagebroker #lifeinsurance #mortgageprotection #criticalillnesscover #expertadvice #freeconsultation #

Appointments with Bristol, Bath or Exeter Mortgages Online

Thu, 19 Mar 2020 11:48:24 GMT

Changes in how we meet our clients.

In order to comply with recent Government guidelines regarding COVID-19, we are changing some of our consultation arrangements.

Appointments in our offices.

Where possible, we are limiting face-to-face appointments in our offices at Henleaze House in Bristol, Gay Street in Bath and Fore Street in Topsham. Of course, if you have an existing appointment booked and you are well, we will of course honour that booking.

IF YOU HAVE ANY SYMPTOMS, PLEASE DO NOT ATTEND YOUR CONSULTATION.

Home Visits

To protect both our staff and clients, we will not be offering any appointments based in clients’ homes or offices.

Appointment Methods

We anticipate that the vast majority of our appointments will be carried out over the phone with supporting/follow up emails.

Likewise, we can also make Skype appointments.

If you have any queries whatsoever, please contact us on one of the numbers below.

Bristol office 0117 325 1511, Bath office 01225 584 888 or Exeter office 01392 690 888

Or, please call your adviser directly on his mobile number if you have been given it.

On behalf of all the team, we can assure you of our best attention at all time

Phil Clark

Please visit one of our websites

www.bristolmortgagesonline.com

www.bathmortgagesonline.com

www.exetermortgagesonline.com

Looking for a Self-Employed Mortgage? Part 2

Mon, 24 Feb 2020 11:05:51 GMT

Let Bristol & Bath Mortgages Online help you get a mortgage

What will I need to provide for a self-employed mortgage?

To prove your income when you apply for a self-employed mortgage, you will need to provide. Most banks and lenders will want to see a minimum of 2 or more years’ proof of income.

However, subject to meeting the lender’s criteria, we can offer mortgages to those with only 1 year’s proof of income.

Other specific evidence will be:

SA302 forms and a tax year overview (from HMRC) for the past two or three years
Evidence of upcoming contracts (if you’re a contractor)
Evidence of dividend payments or retained profits (if you’re a company director)

If you only have accounts for one year or even less, you may find it a challenge to convince a lender that you can afford to repay a mortgage – but, again, it’s not impossible, our expert team will help you from the very start.

Having evidence that you’ve got regular work or providing proof of future commissions may help. Just be aware your choice of mortgages may be more limited.

Having a healthy deposit and a good credit history will also help your chances of securing a mortgage when you’re self-employed.

As well as providing evidence of your income, you will also need to provide:

Passport
Driving licence
Council tax bill
Utility bills dated within three months
Six months’ worth of bank statements

Lenders will want to examine your bank statements to look at how much you spend on bills and other costs to be certain you could afford your mortgage repayments. They may ask about:

Household bills
Travel and commuting costs
Childcare
Holidays
Socialising
Hobbies
Credit card and store card repayments
Loan repayments
Car finance agreements
Catalogue credit accounts

What are self-certification mortgages, and do they still exist?

“Self-certification” or “self-cert” mortgages were specifically designed for the self-employed and allowed them to self-certify how much they earnt in a given year, with no need to provide evidence. However, self-cert mortgages were banned completely in 2014 due to concerns borrowers were being accepted for mortgages they couldn’t afford. This means those who are self-employed now need to apply for a mortgage in the same way as everyone else.

Do self-employed people have to pay higher mortgage rates?

Self-employed mortgages aren’t necessarily more expensive. As long as you’re able to supply enough information about your income, you should qualify for the same mortgage deal as someone with a comparable salary in a permanent, full-time job. The mortgage rate you get is much more likely to depend on the size of your deposit, as well as your credit rating.

The more can put down as a deposit, and the higher your credit rating, the better your mortgage rate is likely to be.

As a fully independent broker we will search the whole of the market for you including many specialist lenders, to ensure we can offer the most competitive and suitable deal and rate.

Bristol Mortgages Online www.bristolmortgagesonline.com Tel 0117 325 1511

Bath Mortgages Online www.bathmortgagesonline.com Tel 01225 584 888

Exeter Mortgages Online www.exetermortgagesonline.com Tel 01392 690 888

Email i nfo@swmortgages.com

#bristolmortgagebroker #mortgageadvice #independentbroker #lifeinsurance #mortgagebroker #offsetmortgage #bathmortgagebroker #mortgageprotection, #lowinterestmortgage #incomeprotection #expertmortgageadvice #freeconsultation #remortgage #criticalillnesscover #greatbuytoletdeals #fivestarservice #highlyrecommended #topmortgagebroker #movinghouse #remortgage #mortgage #mortgage advisor

#selfemployed#director

Buyers and sellers return to housing market

Mon, 17 Feb 2020 14:52:40 GMT

The pick-up seen after the General Election continued into January

Adapted from a Zoopla article by Nicky Burridge February 2020

Confidence in the housing market continued to build in January with activity increasing for the second month in a row. Estate agents recorded a rise in enquiries from potential buyers and new sellers listing their homes, while there was also an increase in the number of sales agreed. More estate agents are reporting an increase in property values for the first time since July 2018.

The rebound is expected to continue, waith estate agents predicting an increase in sales in all areas of the country in both the near term and a year from now, according to the Royal Institution of Chartered Surveyors (RICS).

Simon Rubinsohn, RICS chief economist, said: "The latest survey results point to a continued improvement in market sentiment over the month, building on a noticeable pick-up in the immediate aftermath of the General Election."

Why is this happening?

The housing market has lacked direction for the past three and a half years, following the vote to leave the EU. The political and economic uncertainty the referendum result created led potential buyers and sellers to adopt a ‘wait and see’ approach. But December’s General Election, with Prime Minister Boris Johnson’s hard line on leaving the EU, backed by a significant majority in the House of Commons, brought some certainty to the market. As a result, people who had previously sat on their hands for months are beginning to return to the market.

Who does it affect?

The increase in homes being put up for sale is good news for potential buyers, as the market has been dogged by a lack of stock, and therefore limited buyer choice, for the past few years. But RICS cautioned that, despite the improvement, the average number of properties estate agents had on their books still remained very low at just 43 per branch.

This shortage of homes for sale is expected to put rising pressure on prices, with estate agents expecting property values to increase over both the coming three months and the next year; bad news for first-time buyers and those looking to trade up the property ladder.

What’s the background?

While the latest RICS survey offers good news for the housing market, it is less upbeat about the rental one. Letting agents reported a fall in the number of new homes available to let for the 15th consecutive quarter. At the same time, demand from potential tenants continued to increase.

The ongoing mismatch between supply and demand is expected to push rents higher, with letting agents predicting they will rise by just over 2% in the year ahead.

Top 3 takeaways

Confidence in the housing market continued to build in January with activity increasing for the second month in a row
Estate agents recorded a rise in inquiries from potential buyers and new sellers listing their homes, while there was also an increase in the number of sales agreed
Estate agents predict an increase in sales in all areas of the country in both the next three months and a year from now

Are you thinking of moving, selling or extending? Call us today to find out what you can afford.

For further details and to book your FREE CONSULTATION with one of our expert Mortgage Advisers please contact us

Bristol Mortgages Online www.bristolmortgagesonline.com Tel 0117 325 1511

Bath Mortgages Online www.bathmortgagesonline.com Tel 01225 584 888

Exeter Mortgages Online www.exetermortgagesonline.com Tel 01392 690 888

Email info@swmortgages.com

#bristolmortgagebroker #mortgageadvice #independentbroker #lifeinsurance #mortgagebroker #offsetmortgage #bathmortgagebroker #mortgageprotection, #lowinterestmortgage #incomeprotection #expertmortgageadvice #freeconsultation #remortgage #criticalillnesscover #greatbuytoletdeals #fivestarservice #highlyrecommended #topmortgagebroker #movinghouse #remortgage #mortgage #mortgage advisor #firsttimebuyer

Looking for a Self-Employed Mortgage? Part 1

Tue, 11 Feb 2020 10:53:00 GMT

Let Bristol & Bath Mortgages Online help you get a mortgage

Is it harder to get a mortgage if you are Self-Employed?

If you’re self-employed, it can be more of a challenge to get a mortgage because you’ll need to prove you have a reliable income. But getting a mortgage when self-employed is certainly not impossible. There are plenty of ways to prove to a mortgage lender that you have a reliable income, it’s usually just a case of jumping through a few extra hoops.

What counts as self-employed?

Lenders will view you as self-employed if you own more than 20% to 25% of a business, from which you earn your main income.

You could be a sole trader, a partner, a company director, or a contractor.

How do you get a self-employed mortgage?

If you’re self-employed and looking for a mortgage, you will, in theory, have access to the same range of mortgages as everybody else and you’ll need to pass the lender’s affordability tests in the same way as any other borrower.

But because there is no employer to vouch for your wage, self-employed people are required to provide far more evidence of their income than other borrowers.

Since the introduction of the Mortgage Market Review in 2014, mortgage providers have considerably tightened up their lending criteria and need to be convinced you can afford your mortgage before they agree to lend you the money.

What will I need to provide for a self-employed mortgage?

To prove your income when you apply for a self-employed mortgage, you will need to provide. Most banks and lenders will want to see a minimum of 2 or more years’ proof of income.

However, subject to meeting the lender’s criteria, we can offer mortgages to those with only 1 year’s proof of income.

Other specific evidence will be:

SA302 forms and a tax year overview (from HMRC) for the past two or three years
Evidence of upcoming contracts (if you’re a contractor)
Evidence of dividend payments or retained profits (if you’re a company director)

For further details and to book your FREE CONSULTATION with one of our expert Mortgage Advisers please contact us

Bristol Mortgages Online www.bristolmortgagesonline.com Tel 0117 325 1511

Bath Mortgages Online www.bathmortgagesonline.com Tel 01225 584 888

Exeter Mortgages Online www.exetermortgagesonline.com Tel 01392 690 888

Email i nfo@swmortgages.com

#bristolmortgagebroker #mortgageadvice #independentbroker #lifeinsurance #mortgagebroker #offsetmortgage #bathmortgagebroker #mortgageprotection, #lowinterestmortgage #incomeprotection #expertmortgageadvice #freeconsultation #remortgage #criticalillnesscover #greatbuytoletdeals #fivestarservice #highlyrecommended #topmortgagebroker #movinghouse #remortgage #mortgage #mortgage advisor

#selfemployed#director

Issue 7 of “Mortgage & Protection” News

Tue, 21 Jan 2020 10:06:19 GMT

Welcome to Issue 7 of our newsletter!

Whatever you may think about the election result, it will deliver greater clarity on the future political path and this certainty may be welcomed by the financial markets. In turn, some may now feel more motivated to undertake property and mortgage plans that have been on the back-burner.

In this issue, we remind you that there continues to be decent mortgage deals on offer, but it makes sense to take advice to help navigate through the myriad of product options. And, if you’re sitting on, or are stuck on your lender’s Standard Variable Rate, you could be paying around twice as much as an average 2-year deal rate, so let’s have a conversation to identify a path forward. You may have to pay an early repayment charge to your existing lender if you remortgage, but we can give you clear illustrations to help you choose the most beneficial option.

Elsewhere, we cover the importance of protecting both your life and income streams and show that consumer perceptions of the health issues you may face across your working life aren’t in line with the reality, so you need to plan accordingly. As with all insurance policies, terms, conditions and exclusions will apply.

Finally, the growing Self-Employed workforce of almost 5 million has been fairly poorly served in the past on the mortgage front, along with concerns over access to suitable protection insurance, but the tide may be turning on both fronts.

Please click here to visit our website and see all our issues of “Mortgage & Protection News”

Remember as an Independent Mortgage Broker, we are regulated to offer you the best advice.

For expert advice and more information or to book your FREE consultation please visit one of our websites, call or email.

Bristol Mortgages Online www.bristolmortgagesonline.com Tel 0117 325 1511

Bath Mortgages Online www.bathmortgagesonline.com Tel 01225 584 888

Exeter Mortgages Online www.exetermortgagesonline.com Tel 01392 690 888

Email info@swmortgages.com

#bristolmortgagebroker #mortgageadvice #independentbroker #lifeinsurance #mortgagebroker #offsetmortgage #bathmortgagebroker #mortgageprotection, #lowinterestmortgage #incomeprotection #expertmortgageadvice #freeconsultation #remortgage #criticalillnesscover #greatbuytoletdeals #fivestarservice #highlyrecommended #topmortgagebroker #movinghouse #remortgage #mortgage #mortgage advisor#newsletter #mortgageandprotection

Thinking of buying or selling property in the New Year?

Wed, 08 Jan 2020 13:27:37 GMT

Zoopla reviews how the housing market performed during 2019.

Adapted from a Zoopla article by Nicky Burridge

The collective value of homes in Great Britain increased by £124 billion in 2019, pushing total housing wealth up to an inconceivable £7.8 trillion. The typical house saw its price rise by £4,702 during the year – the equivalent of a gain of £12 a day, according to our latest property data.

Wales was the best performing region, with house prices rising by 3.9%. That's more than double the 1.6% average rate for Great Britain as a whole. At the other end of the scale, property values edged ahead by just 0.6% in South East England in 2019.

Laura Howard, Zoopla consumer expert, said: “Our latest analysis highlights there is no single UK housing market and trends vary across and within local housing markets driven by local economic factors. Estate agents have their finger on the pulse on the latest trends in supply and demand and are a great source of knowing what is happening in their market.”

Which regions performed best?

Wales not only saw the strongest growth in percentage terms, but also in absolute ones, with the typical home in the region seeing its value increase by £7,154 or £19.60 per day in 2019. The North West of England saw the second biggest percentage gain of 3.2%, followed by Yorkshire and the Humber, with house prices rising by 2.83%.

The average cost of a home in all three regions is below £200,000, highlighting the importance of affordability in driving house price gains in 2019.

Where was growth slowest?

Homes in the South East of England saw the slowest growth in 2019, with average prices rising by juts 0.6% or £2,393. Gains were also subdued in the East of England, where property values rose by just 0.9% or £3,076. The London market recovered slightly during the year, with house prices in the capital increasing by 1.1% or £6,939 – the second biggest gain in monetary terms for all regions.

The three regions that saw the slowest growth are also the three most expensive regions for house prices, reflecting how affordability constraints have acted as a break on the market.

What about individual towns?

Port Talbot on the Welsh coast was the town with the best performing housing market in 2019, with prices rising by 7.5% – nearly double the rate for Wales as a whole – adding an average of £23.22 a day to property values, which ended the year at £122,074. Cwmbran, also in Wales, was the second best performing town with gains of 6.9% leaving the average home costing £168,212. Leigh in Greater Manchester was in third place with a rise of 6.3%, with Cannock in Staffordshire and Edinburgh completing the top five with price increases of 5.4% and 5.2% respectively.

Property performed less well in Aberdeen, where the market continues to be impacted by the low oil price, with house prices falling by 3.9% during the year.

Falls of 1.8% were also recorded in Witney in Oxfordshire, while in Woking in Surrey, property values declined by 1.4%.

Top 3 takeaways

• The collective value of homes in Great Britain increased by £124 billion in 2019, pushing the

• The typical house saw its price rise by £4,702 during the year – the equivalent of a gain of £12 a day

• Wales was the best performing region, with house prices rising by 3.9%, more than double the rate recorded for the UK as a whole of 1.6%

Are you thinking of moving?

For further details and to book your FREE CONSULTATION with one of our expert Mortgage Advisers please contact us

Bristol Mortgages Online www.bristolmortgagesonline.com Tel 0117 325 1511

Bath Mortgages Online www.bathmortgagesonline.com Tel 01225 584 888

Exeter Mortgages Online www.exetermortgagesonline.com Tel 01392 690 888

Email info@swmortgages.com

#bristolmortgagebroker #mortgageadvice #independentbroker #lifeinsurance #mortgagebroker #offsetmortgage #bathmortgagebroker #mortgageprotection, #lowinterestmortgage #incomeprotection #expertmortgageadvice #freeconsultation #remortgage #criticalillnesscover #greatbuytoletdeals #fivestarservice #highlyrecommended #topmortgagebroker #movinghouse #remortgage #mortgage #mortgage advisor

Wishing You a very Happy and Healthy 2020

admin@swmortgages.com (Caz Blake-Symes) — Mon, 30 Dec 2019 11:53:28 GMT

From all the Team at Bristol, Bath and Exeter Mortgages Online

We would like to take this opportunity to wish all our Friends,Clients and Business Partners a very Happy and Healthy 2020.

We look forward to being to provide you with all your mortgage and protection requirements.

Best Wishes from Phil and all the team.

Christmas Message from our MD Phil Clark

Fri, 20 Dec 2019 10:50:49 GMT

Wishing You a very Merry Christmas

Dear Clients, Friends and Business Partners

Just a brief note from me to take this opportunity to wish you Seasons Greetings and to let you know what has been happening with us in 2019.

This has been very busy and productive year for us here at Bristol, Bath & Exeter Mortgages Online. Our team of Mortgage Advisors has continued to give expert advice and great service to all our clients both old and new. Paul Kelly and Jon Ley continue to do a fantastic job working with our clients mostly based in the Bristol area. Chris Seward manages our Bath operation which is completing its third successful year and Chris is also our Equity Release Specialist.

George Gibson, who heads up our Admin team not only offers fantastic support to our clients but also keeps the office shipshape and Bristol fashion! George has been with me for four years after Christmas, and I’m so grateful for everything he does.

On personal note, I would like to thank everyone for their overwhelming kindness and generosity for our chosen charity which is Ataxia UK. My eldest daughter, Tallulah, was diagnosed with a rare form of Ataxia in May 2017. Our efforts with fundraising for research and ultimately a a cure will continue in 2020 with the new fundraising challenge. Funds raised in the past include over £10,000 from a dedicated Just Giving page and £5,000 from a Golf Day and I took part in a triathlon raising £3,000! Please support Tallulah’s new Challenge by clicking on https://www.justgiving.com/fundraising/tallulah-clark2020

In terms of business, we are always delighted with the amount of repeat business with clients coming back to us time and time again, as well as recommendations and referrals. As I write this note, we have 220 5-star reviews on Google and Facebook which is fantastic! We are also dealing with an increasing number of lenders many of whom will only deal with intermediaries/brokers like ourselves, which means we can offer such a wide range of mortgages and protection products from first-time buyers through to portfolio landlords.

It just leaves me, on behalf of all the team here, to wish you and your families a very Merry Christmas and a happy and healthy 2020.

Kindest regards

Phil Clark

Our Christmas and New Year Opening Hours

Wed, 18 Dec 2019 10:02:46 GMT

We will be working these hours over the holidays.

Saturday 21st December - Open 10am to 4pm

Sunday 22nd December - Closed

Monday 23rd December Open 10am to 4pm

Tuesday 24th December - Christmas Eve - Closed

Wednesday 25th December -Christmas Day - Closed

Thursday 26th December - Boxing Day Closed

Friday 27th December - Open 10am to 4pm

Saturday 28th December - Open 10am to 4pm

Sunday 29th December - Closed

Monday 30th December - Open 10am to 4pm

Tuesday 31st December - Open 10am to 4pm

Wednesday 1st January - New Year's Day - Closed

Our Chosen Charity 2020 Tallulah's £10,000 Challenge

Thu, 12 Dec 2019 10:46:16 GMT

Tallulah's £10,000 Challenge 2020 for Ataxia UK

Bristol, Bath and Exeter Mortgages Online are delighted to announce the launch of their charity for 2019-2020 .Phil's daughter, Tallulah, is 21 years old, and has a rare form of Ataxia, type AOA2. From an early age, T's balance and coordination were not as they should have been, She never learned to ride a bike, will not be able to learn to drive.
Investigations at the Children's Hospital, in Bristol, started at age 11, and over the following 6 years T was seen by numerous Specialists and was finally diagnosed in May 2017. with an extremely rare form of Ataxia, affecting only 2 in a million people,
Tallulah's life with Ataxia has become ever more challenging, especially in term time, as she lives away from home studying at Sheffield University and will be starting my 3rd and final year in September 2019. T is fighting this condition every day., stumbles and trips over and experiences panic attacks as we as having to deal with the daily impacts of this horrible condition.
It is the wish of Tallulah herself her Mum Olivia, Dad Phil and sister Maddie plus all friends and family that through this fundraising awareness of Ataxia is increased and the funds raised will go to help find a cure.
Please support Tallulah and her £10,000 challenge if you can by clicking on the Just Giving box below. Thank you very much.

What is an offset mortgage?

Mon, 25 Nov 2019 10:27:07 GMT

Let Us Help You Weigh Up the Benefits

An offset mortgage links your mortgage to your savings account. The value of your savings is deducted from the amount you pay interest on, which lowers your monthly payments.

With an offset mortgage, you will not earn interest on your savings. However, because people usually pay more interest on a mortgage than they earn from a savings account, an offset mortgage could still save you money.

How do offset mortgages work?

An offset mortgage doesn’t affect the value of your savings. Instead, they’re placed in an interest-free savings account and their value is ‘offset’ against your mortgage.

This means that if you have £20,000 in savings, and a mortgage worth £150,000, you’ll only pay interest on the remaining £130,000.

With an interest rate of 5%, this reduces your payments from £7,500 to £6,500 – a saving of £1,000.

However, because you’re no longer making interest on your savings, you’ll need to factor this in to the total amount saved. So if you were earning 1.5% interest on that £20,000, or £300 a year, the total amount saved on your mortgage will come to £700.

Can I still withdraw money from an offset account?

You can still withdraw money from your savings account with an offset mortgage. However, if you take money out of your savings, it will no longer offset your mortgage, and your monthly payments will go up.

You may also need to keep a minimum balance in your savings account. It’s a good idea to make sure you know if there’s a minimum balance requirement before picking an offset mortgage deal.

Is it quicker to pay off my mortgage with an offset account?

With an offset mortgage, you can also choose to pay the ordinary interest rate every month – but because some of the money you owe is offset by your savings, you’ll be effectively overpaying on your mortgage. This means that the amount you owe will go down faster, and your mortgage will be paid off more quickly.

Other types of mortgage might also allow you to overpay, but with an offset mortgage the money remains in your savings account, so you can access it whenever you need to.

Offset mortgage rates

As with standard mortgages, you can get both fixed and standard variable interest-rate offset mortgages.

Fixed-rate deals usually offer a better deal than standard variable-rate – SVR – mortgages and can last for two, three, five or 10 years before moving you onto the lender’s SVR, but a few can be fixed for the whole mortgage term.

Other offset mortgage types include:

Tracker mortgage: When the interest rate is variable and follows the Bank of England base rate

Discount mortgage: When you’re given a set discount on the lender’s SVR

These deals often last for two years before you move onto the SVR, but you can also choose deals that last the whole term. SVR mortgages are also available for the whole term and can be more flexible than other mortgage types.

Some deals will allow you to offset your current account as well as your savings account. You may also be able to link your cash ISA, if you have one. The more savings accounts you can link to your mortgage, the harder your cash will be working to reduce your debt.

Your savings and mortgage will have to be with the same provider to benefit from an offset mortgage – you won’t be able to link a savings or current account to your mortgage if it’s with a different bank or building society.

Should I put down a bigger deposit instead of offsetting?

If you have savings, you could consider using them to put down a bigger deposit instead of keeping them in an offset account, so your mortgage is smaller. With a bigger deposit, you may also be offered lower interest rates by lenders.

However, an offset mortgage means you will always have access to your money if you need it. Offsetting might be a better option if you think you might need some spare cash in the future.

Can I get a buy-to-let offset mortgage?

Some lenders will offer an offset mortgage on a buy-to-let property. Since 2017, changes in the law have meant that landlords can no longer deduct interest payments from their tax bills, so offset mortgages may be a good option if you have a buy-to-let mortgage and want to reduce your costs.

Can I get an offset remortgage?

If you already have a mortgage and want to switch to an offset mortgage deal, it’s possible to remortgage. Keep in mind, though, that you may have to pay early repayment fees if you leave your current mortgage early.

What are the advantages of offset mortgages?

The main advantages of having an offset mortgage include:

You can choose to reduce your monthly payments
An offset mortgage deducts more interest than you’d usually gain on your savings, which means your money does more for you every month
Offset mortgages have tax benefits. Because your savings are working to pay off your mortgage instead of gaining interest, they will no longer be taxed – even as they save you money every month
You could also overpay each month, which means you pay it off sooner
In most cases you can still access your savings account, making your finances more flexible
Some offset mortgages allow you to use your current account as well as your savings account
It can be a good way to help a family member get on the property ladder, as some lenders will allow you to offset your savings against someone else’s mortgage

What are the disadvantages of offset mortgages?

Some of the possible disadvantages of an offset mortgage include:
Offset mortgages might be more expensive than other options depending on the value of your savings
You won’t earn interest on your savings and/or current account
Offsetting can give you a lower loan-to-value – LTV – than typical mortgages, which means you’ll probably need to put down a larger cash deposit
There is no rule for how much you should have in savings to make an offset the best option – it will depend on the mortgage and savings interest rates available at the time. This means it’s always best to shop around for the best deal.

For further details and to book your FREE CONSULTATION with one of our expert Mortgage Advisers please contact us

Bristol Mortgages Online www.bristolmortgagesonline.com Tel 0117 325 1511

Bath Mortgages Online www.bathmortgagesonline.com Tel 01225 584 888

Exeter Mortgages Online www.exetermortgagesonline.com Tel 01392 690 888

Email info@swmortgages.com

#bristolmortgagebroker #mortgageadvice #independentbroker #lifeinsurance #mortgagebroker #offsetmortgage #bathmortgagebroker #mortgageprotection, #lowinterestmortgage #incomeprotection #expertmortgageadvice #freeconsultation #remortgage #criticalillnesscover #greatbuytoletdeals #fivestarservice #highlyrecommended #topmortgagebroker #movinghouse #remortgage

Our Business Partner for Commercial Mortgages

Mon, 18 Nov 2019 14:55:25 GMT

Offering a full range of commercial funding options

We are delighted to be working in partnership with South West Business Finance (SWBF) for all or clients' Commercial funding requirements.

South West Business Finance (SWBF) is an independent commercial finance broker who works with a wide range of lenders to provide clients with the most appropriate funding for their needs.

South West Business Finance are experts when it comes to finding funding solutions for our clients in Bath, Bristol and throughout the South West of England. We use our unrivalled experience in the banking industry to secure finance for your business and we specialise in arranging funding in the following areas: Property Investment, Property Development, Commercial Mortgages, Bridging Finance, Invoice Finance, Crowd Funding, Asset Finance, Banking Consultancy.

SWBF’s team of commercial finance advisors have over 300 years of collective experience in raising finance and all brokers have an extensive background in banking and commercial finance and really know and understand the market.

This now means that we can offer the following options by working with SWBF through Bristol, Bath and Exeter Mortgages Online.

Commercial Mortgages
Commercial Loans
Property Investment
Property Development
Invoice Finance
Crowd Funding
Asset Finance
Banking Consultancy

For more details please visit the commercial section of our website and complete the enquiry form.

www.bristolmortgagesonline.com/commercial-mortgages

Please contact us for all your mortgage and protection requirements.

www.bristolmortgagesonline.com 0117 325 1511

www.bathmortgagesonline.com 01275 584 888

www.exetermortgagesonline.com 01392 690 888

email info@swmortgages.com

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#Commercial Mortgages

#Commercial Loans

#Property Investment

#Property Development

#Invoice Finance

#Crowd Funding

#Asset Finance

#Banking Consultancy

#bathmortgagebroker

#greatmortgage

#swbf

#southwestbusinessfinance

Thinking about putting your property up for sale?

Mon, 11 Nov 2019 11:11:04 GMT

Let Bristol, Bath and Exeter Mortgages Online help you make that decision

Adapted from a Zoopla article by Nicky Burridge 30 October 2019

The time it takes to sell a home across UK cities has hit a three-year high with vendors knocking nearly £10,000 off their asking price to secure a sale.

The typical property now takes more than 12 weeks to sell, compared with an average of just eight weeks in 2016, according to the latest Zoopla Cities House Price Index. The average house price in Bristol as of September 2019 is £285,600. Sales times are even longer in markets where affordability has become stretched, with properties in London and Oxford taking more than 14 weeks to find a buyer.

Homeowners are accepting offers that are an average of £9,800 or 3.8% below the price at which their property was listed in order to clinch a sale.

Where is the housing market currently strongest?

While Brexit uncertainty is continuing to impact overall sentiment, the affordability of property has a bigger impact on market dynamics at a city level.

Market conditions continue to be strongest in the Midlands and north of England, where rising employment levels and attractive affordability are driving demand. As a result, in three-quarters of cities in these regions homes took between 8.4 and 9.5 weeks to sell. Vendors also accepted the smallest discounts of just 2% to 3% off their original asking price.

Sales were fastest in Glasgow and Edinburgh with homes taking just five to six weeks to sell, although the sales process is different in Scotland, with buyers given more information upfront.

The two cities were also the only ones in the UK not to register a discount, with properties typically marketed as ‘offers over’ and selling for 6% to 7% above their asking

Where is the market weakest?

By contrast, housing market conditions are weakest in London, Oxford and Aberdeen. Not only are properties in these places taking an average of more than 14 weeks to sell, but homeowners are also having to accept the biggest discounts or nearly 5%.

Aberdeen has the weakest market conditions as a result of the fall in the oil price, with the average house price now £46,969 lower than it was in mid-2015. Discounts on asking prices were biggest for homes in inner London, with properties selling for an average of 7.6% or £49,824 less than they were marketed for.

What’s happening to house prices?

House prices in UK cities rose by an average of 2.4% in the year to the end of September but there continued to be significant regional variation.

Growth remains strongest in northern regions and the Midlands, with Leicester seeing the biggest year-on-year gains of 4.5%, followed closely by Manchester and Liverpool at 4.4% and 4.3% respectively.

Belfast, Edinburgh, Cardiff and Birmingham all recorded annual gains of more than 3.5% in property values. At the other end of the scale, house prices are continuing to fall in Aberdeen, losing 5.5% of their value during the past year, while they edged 0.9% lower in Oxford.

Growth was also subdued in London, with prices rising by only 0.1% year-on-year, while gains were below 1% in Cambridge, Southampton and Portsmouth.

Richard Donnell, Research and Insight Director at Zoopla, said: “Market conditions are set to remain weak in southern cities until pricing levels adjust to what buyers are willing, or can afford, to pay. “London is three years into a re-pricing process, and we expect sales volumes to slowly improve over 2020, while house price growth remains subdued.”

Top 3 takeaways

The time it takes to sell a home across UK cities has hit a three-year high with vendors knocking nearly £10,000 off their asking price to secure a sale
The typical property now takes more than 12 weeks to sell, compared with an average of just eight weeks in 2016, according to our latest Zoopla Cities House Price Index.
Sales times are even longer in markets where affordability has become stretched, with properties in London and Oxford taking more than 14 weeks to find a buyer

If you would like to discuss your borrowing potential before deciding to put your house on the market, We can also discuss your options regarding re-mortgaging as an alternative.

For further details and to book your FREE CONSULTATION with one of our expert Mortgage Advisers please contact us

Bristol Mortgages Online www.bristolmortgagesonline.com Tel 0117 325 1511

Bath Mortgages Online www.bathmortgagesonline.com Tel 01225 584 888

Exeter Mortgages Online www.exetermortgagesonline.com Tel 01392 690 888

Email info@swmortgages.com

#bristolmortgagebroker #mortgageadvice #independentbroker #lifeinsurance #mortgagebroker

#bathmortgagebroker #mortgageprotection, #lowinterestmortgage #incomeprotection

#expertmortgageadvice #freeconsultation #remortgage #criticalillnesscover #greatbuytoletdeals

#fivestarservice #highlyrecommended #topmortgagebroker #movinghouse #remortgage

Let us help you protect your home and family

Mon, 28 Oct 2019 10:55:03 GMT

Expert advice for all your protection and life insurance needs

Do you need life insurance?

Not everyone needs life insurance (also known as life cover and death cover). But if your children, partner or other relatives depend on your income to cover the mortgage or other living expenses, then the answer is yes – you probably do want life insurance, since it will help provide for your family in the event of your death.

What is life insurance?

Life insurance can pay your dependants money as a lump sum or as regular payments if you die.

It’s designed to provide you with the reassurance that your dependents will be looked after if you’re no longer there to provide.

The amount of money paid out depends on the level of cover you buy. You decide how it is paid out and whether it will cover specific payments, such as mortgage or rent.

You may need to think about whether receiving a pay-out will affect any means tested benefits your dependents might otherwise be eligible for.

There are two main types of life insurance:

Term life insurance policies: run for a fixed period of time (known as the ‘term’ of your policy) – such as 5, 10 or 25 years. These kinds of policies only pay out if you die during the policy. There’s no lump sum payable at the end of the policy term.
A whole-of-life policy: will pay out no matter when you die, as long as you keep up with your premium payments.

What isn’t covered?

Life insurance usually only covers death – if you can’t provide for your family because of illness or disability, you won’t be covered. You may also wish to consider Critical Illness Cover.

Some life insurance policies provide a terminal benefit, although these are not automatically granted.

A terminal benefit will pay out on diagnosis of a terminal illness. Check the terms and conditions of your policy to see if you’re covered. Our Advisers will be able to clarify this for you.

Most policies have some exclusions (things they don’t cover). For example, they might not pay out if you die due to drug or alcohol abuse, and you normally have to pay extra to be covered when you take part in risky sports.

If you have a serious health problem when you take out the policy, your insurance might exclude any cause of death related to that illness.

You can buy other insurance products for these issues, which cover:

long-term illness
critical illness cover, or
total and permanent disability.

Do you need life insurance?

If you have:

dependants, e.g. school age children
a partner who relies on your income, or
a family living in a house with a mortgage that you pay – a life insurance policy can provide for them if you die.

You might also want a policy which covers your funeral expenses.

You can’t rely on the government to take care of your family – the money they would get from the state is much lower than you’d probably expect.

If you want to provide for your family financially if you die, think about getting life insurance.

Who doesn’t need it?

You may not need life insurance if:

you’re single
your partner earns enough for your family to live on
you’re on a low income and could be eligible for state benefits.

If you have any questions or queries whatsoever-please contact us for a FREE CONSULTATION

You might want to think about setting aside enough money to cover funeral expenses.

How much does life insurance cost?

Life insurance can be very good value.

Often just a few pence a day is all you need to provide your loved ones with plenty of financial protection (depending on your age and health status).

But monthly payments (also known as premiums) do vary, so, we will look at the whole of the market to ensure you get the best and most appropriate cover at the most competitive price.

The price you pay for a life insurance policy depends on a number of things.

These include:

your age
your health
your lifestyle
whether you smoke
the length of the policy
the amount of money you want to cover, the length of the policy, but also your age, your health, your lifestyle, and whether you smoke.

For example, the younger you are and the less likely you’re to die from a medical condition, the cheaper your policy is likely to be.

Have you already got life cover?

If you have an employee package that includes ‘death in service’ benefits, this will cover you for a multiple of your salary and you might not need additional life insurance.

It’s up to you to work out if this policy is enough to cover your needs and whether or not you need an additional life insurance policy.

Bear in mind if you stop working for that employer, you won’t be covered under their policy anymore.

Other types of insurance to consider

Life insurance covers the worst-case scenario, but it’s also important to consider how you might pay your bills or your mortgage if you couldn’t work because of illness or injury.

We will also gladly discuss any of the following with you

Do you need income protection insurance? This type of insurance provides regular payments if you’re unable to work due to illness or injury
Do you need critical illness insurance? This type of policy will provide you with a tax-free ‘lump sum’ if you’re diagnosed with a serious illness covered by your policy.
Do you need payment protection insurance? Payment protection insurance will help you keep up with payments if you can’t work because you’re ill, had an accident or made redundant.
Do you need short term protection insurance? This solution provides short term cover to help you pay for essential outgoings if you find yourself unable to work.

For further details and to book your FREE CONSULTATION with one of our expert Mortgage Advisers please contact us

Bristol Mortgages Online www.bristolmortgagesonline.com Tel 0117 325 1511

Bath Mortgages Online www.bathmortgagesonline.com Tel 01225 584 888

Exeter Mortgages Online www.exetermortgagesonline.com Tel 01392 690 888

Email info@swmortgages.com

#bristolmortgagebroker #mortgageadvice #independentbroker #lifeinsurance #mortgagebroker

#bathmortgagebroker #mortgageprotection, #lowinterestmortgage #incomeprotection

#expertmortgageadvice #freeconsultation #remortgage #criticalillnesscover #greatbuytoletdeals

#fivestarservice #highlyrecommended #topmortgagebroker #protectyourfamily

Is this a good time for you to Remortgage – Part 2?

Wed, 16 Oct 2019 10:17:12 GMT

Weigh up the pros and cons and Let Us Help You to Remortgage

Adapted from a Money Expert article
Remortgaging needs careful thought
Around a third of all home loans made in the UK are actually remortgages. For most people, their mortgage is their biggest financial commitment. And it follows that streamlining the largest debt can produce the largest saving - sometimes £1,000s each year. If you're the kind of person who shops around to get the cheapest television or mobile phone contract, then you're missing a trick by not using the same skills to save money on your mortgage.
But there are pros and cons to remortgaging. In this article we look the reasons why it might not be wise to remortgage.
Why shouldn't I remortgage?
Your mortgage debt is really small.
Once your loan falls below a certain amount – say around £50,000 – it may not be worth switching lender simply because you are less likely to make a saving if the fees are high. In fact, some lenders won't even take on mortgages below £25,000. Do have a look but you'll probably want to look at rates with a small fee, or no fee at all. The smaller your mortgage, the worse the effect of any fees you need to pay. Quite often, you'll be better remaining on the higher interest rate.
Your early repayment charge is large.
A large early repayment charge could mean that it'd be utter foolishness to move before the end of the incentive period. If it would cost too much to free yourself from your current deal, then it's all the more important that you do your homework and be ready to move as soon as you can. It's always worth asking your current lender to let you switch to another of its deals (ie, do a product transfer) by paying a reduced early repayment charge. You're unlikely to get to move to its top-of-the range deal but as long as it's better than the one you're currently on, and doesn't lock you in for much longer, you have nothing to lose.
Your circumstances have changed.
It's possible that your financial position has altered since you took out your current mortgage - for instance, one of you has stopped working or you have become self-employed. Stricter mortgage rules introduced in April 2014 mean lenders MUST now see evidence of your income. New lenders may not be prepared to offer you a loan because you no longer fit their criteria, meaning you may have to stay where you are.
Your home's value has dropped.
You may have had a 10% deposit when you bought your home and got a decent mortgage, borrowing the remaining 90% of your home’s value. But now, your house price has dropped and the amount you owe is a bigger proportion. Unfortunately, you're a victim of evaporating equity, even if you have been making repayments, and that can hurt you. In some cases, you may be in negative equity, where your debt is higher than the value of the property. The only thing you can do is sit tight, make overpayments whenever you can afford it as long as you won't be charged fees as well, and wait for prices in your area to go up again.
You have very little equity.
If you need to borrow more than 90% of the value of your property – then you'll often find it difficult to find a better rate. Although at the time of writing, there are more mortgages at 95% than we have seen for a long time so it's worth checking to see if it's worth switching. Don't forget to check if your current lender charges an early repayment charge to leave.
You've had credit problems since taking out your last mortgage.
Since the credit crunch, lenders have become much pickier about who they lend to. The regulator, the Financial Conduct Authority, now also requires them to carefully check the mortgage is affordable, not just at current rates, but at a higher rate too, to ensure you could cope if interest rates were to rise. As a result, lenders will want a lot of detail about your outgoings and are looking for spotless repayment histories or at least a good, clean record of handling debts well. It might only take one recently missed payment to your credit card, loan, mortgage, utility company...even your mobile phone to scupper your chances. Check your credit file to be sure.
You're already on a great rate.
You may be already on such a fantastic deal that you'd be mad to move. But don't get too comfortable – chances are it won't always be top of the tree so eventually you'll need to consider hopping on board the remortgaging merry-go-round.
For further details and to book your FREE CONSULTATION with one of our expert Mortgage Advisers please contact us
Bristol Mortgages Online www.bristolmortgagesonline.com Tel 0117 325 1511
Bath Mortgages Online www.bathmortgagesonline.com Tel 01225 584 888
Exeter Mortgages Online www.exetermortgagesonline.com Tel 01392 690 888
Email info@swmortgages.com
#bristolmortgagebroker
#mortgageadvice
#independentbroker
#endoffixedterm
#mortgagebroker
#bathmortgagebroker
#greatmortgage
#lowinterestmortgage
#fixedratemortgage
#expertmortgageadvice
#freeconsultation
#remortgage
#firsttimebuyer
#greatbuytoletdeals
#fivestarservice
#highlyrecommended
#topmortgagebroker

Our Chosen Charity 2019-2020

Mon, 07 Oct 2019 09:29:00 GMT

Tallulah's £10,000 Challenge 2020 for Ataxia UK

Is this a good time for you to Remortgage – Part 1?

Thu, 26 Sep 2019 11:55:07 GMT

Weigh up all the facts and Let Us Help You to Remortgage

Adapted from a Money Expert article

Remortgaging needs careful thought

But there are pros and cons to remortgaging. In Part 1 of this article we start off with talking about the reasons why you might want to remortgage.

Why should I remortgage?

The main reason that you might want to remortgage is to save money. And this can be big money. Reasons may include:

Your current deal is about to end.

You want a better rate.

Your home's value has gone up...a lot.

You're worried about interest rates going up.

You want to overpay & your lender won't let you.

Perhaps you've had a pay rise or maybe you've inherited some money. You now want to pay extra, but your current deal won't let you or it will only let you make a small overpayment. A remortgage will allow you to reduce the loan size and potentially get a cheaper rate as a result. But watch out for any early repayment charges or exit fees you face and compare this to how much you'd save with the new, lower mortgage.

You want to switch from interest-only to repayment mortgage.

You shouldn't actually need to remortgage to do this, your lender should be happy to make the change for you. You can even change part of the loan to capital repayment and leave some on your interest-only deal, which is particularly useful for anyone with an underperforming endowment mortgage which is expected to result in a shortfall at the end of the term.

However, it's a totally different story if you want to change from capital repayment to interest only - expect your lender to be difficult if you try to do this.

You want to borrow more.

You want a more flexible mortgage.

If it sounds like remortgaging could be the right move for you, you want to start the search 14 weeks before you want to remortgage.

For further details and to book your FREE CONSULTATION with one of our expert Mortgage Advisers please contact us

Bristol Mortgages Online www.bristolmortgagesonline.com Tel 0117 325 1511

Bath Mortgages Online www.bathmortgagesonline.com Tel 01225 584 888

Exeter Mortgages Online www.exetermortgagesonline.com Tel 01392 690 888

Email info@swmortgages.com

#bristolmortgagebroker

#mortgageadvice

#independentbroker

#endoffixedterm

#mortgagebroker

#bathmortgagebroker

#greatmortgage

#lowinterestmortgage

#fixedratemortgage

#expertmortgageadvice

#freeconsultation

#remortgage

#firsttimebuyer

#greatbuytoletdeals

#fivestarservice

#highlyrecommended

#topmortgagebroker

Increase Your Borrowing Capacity

Fri, 13 Sep 2019 14:33:46 GMT

Rent a Room Mortgages

According to ARLA, the professional body for Letting Agents, a first-time buyer can spend £64,000 on rent before buying a home. A Rent a Room Mortgages could change all that! It allows an individual applicant to borrow more by renting out a room and using the rent towards the mortgage payment.

What if you find your ideal home, but your income isn’t quite enough to get the mortgage you need? Well, if the property has a spare bedroom, a Rent a Room Mortgage might be just the answer. If you rent out a spare bedroom the lender will take into account the rental when deciding whether they can offer you the mortgage you need.

This example explains how it works:

An applicant earns £26,000 pa and wants to buy a two bedroom property for £200,000.
They have a 20% deposit, so need a loan of £160,000.
They have approached a few lenders, but they are unwilling to lend this amount based on the £26,000pa income.
The applicant has a friend who is looking for somewhere to live and is interested in renting the second bedroom; they do not want to buy a property together as they do not want the long-term commitment.
The friend is happy to pay £400 per month to rent the spare bedroom.
The applicant speaks with one of our Advisers who calculates that, with a Rent a Room mortgage, the rent would cover about £58,500 of the loan, leaving just £101,500 to be covered by the other income.

Dick Jenkins, Chief Executive of a well-established Building Society said:

“Increasingly people are starting to realise that rent is more expensive than having a mortgage in the current climate. Many young people are happy with sharing their home with a friend and here we have created an opportunity to use the rent of a friend sharing the property to contribute to the affordability of the mortgage. Better still, some can use this arrangement to qualify for tax relief is just one of many inventive ways of supporting first time buyers in what is still a very difficult time for them to get onto the property ladder.”

Some important notes

The example above is based on a single person with no children and no other debt and assumes a 25-year repayment mortgage. The actual figures will depend on the individual circumstances.
Rental income from only one tenant will be taken into account and the expected rental will be based on an independent assessment.
Minimum income of £20,000pa (excluding the rental income), employed or self-employed.
Up to 50% of the loan amount can be covered by the rental income from letting a room in the property. The balance of the loan must be covered by income.
The amount being covered by the rent must be no more than 4 x the borrower’s income.
The property must be fit for purpose – for example, it must have at least two bedrooms and be suitable for occupancy immediately on completion of the mortgage.
There needs to be a formal agreement with the tenant.
We recommend that the borrower take tax advice.
Maximum Loan to Value is up to 85% or up to 95% with collateral.

For further details and to book your FREE CONSULTATION with one of our expert Mortgage Advisers please contact us

Bristol Mortgages Online www.bristolmortgagesonline.com Tel 0117 325 1511

Bath Mortgages Online www.bathmortgagesonline.com Tel 01225 584 888

Exeter Mortgages Online www.exetermortgagesonline.com Tel 01392 690 888

Email info@swmortgages.com

#bristolmortgagebroker

#mortgageadvice

#independentbroker

#rentaroom

#mortgagebroker

#bathmortgagebroker

#greatmortgage

#lowinterestmortgage

#fixedratemortgage

#expertmortgageadvice

#freeconsultation

#remortgage

#firsttimebuyer

#greatbuytoletdeals

#fivestarservice

#highlyrecommended

#topmortgagebroker