About to go on BBC CWR to do a lockdown workout everyone!!! Tune in!!!
What does it all mean? 🤯 Remortgage – Switching your existing mortgage to a new deal secured on the same property. For example to take advantage of a better rate with a different lender. SVR (Standard Variable Rate) – The interest rate that will apply after your promotional rate ends, if you do not remortgage. ERC (Early Repayment Charge) – Fee charged by a lender if you switch within the ERC period, which is usually the end of a promotional rate. LTV (Loan to Value) – Ratio between proposed loan and the value* of the property. For example a £60,000 mortgage on a £100,000 property is a 60% LTV. The more equity you have the lower the LTV and the more competitive rates you qualify for. (*based on the lenders valuation)
Surprise appearance tonight on BBC CWR at 7:30. Tune in for some more boxercise 🥊
If you’re coming to the end of your current rate and do nothing, you will revert to the lenders standard variable rate.
Or, you could speak to an independent mortgage advisor like myself to explore your options and secure a better deal.
Help to buy is changing.
The Help to buy equity loan is changing in April 2021 (not to be confused with the help to buy ISA which ended in November 2019) The current Help to buy equity loan scheme will remainin place until the new scheme comes into force which will run until March 2023.
Under the new scheme the government will still lend up to 20% of the cost of a newly built home (40% in London). However, it will only be available for first time buyers and includes regional property price caps so that it reaches the people that need it most.