Think carefully before securing your debts against your home. Your home may be repossessed if you do not keep up repayments on your mortgage.
The Financial Conduct Authority do not regulate buy to let mortgages.
Expert Mortgage Advice & Our Mortgage Support Team
We provide local financial advice for all kinds of mortgages in Lichfield and across the wider area including Sutton Coldfield and Birmingham. We have qualified specialist advisers who are able to give you advice and find the most suitable home loan for your specific needs from across the UK mortgages sector.
At Four Oaks Financial Services we offer advice and arrange all kinds of mortgages for all kinds of people at whatever stage they are at in their lifestyle financial plan:
- First time buyers
- Buy To Let Mortgages
- Reviewing existing Mortgages
Our In-House Mortgage Support Team Makes A Difference To Our Clients
If you have ever applied for a mortgage you know that chasing various parties can be onerous and can seem to take forever. We have our own in-house mortgage support team that works along-side our team of financial advisers giving financial advice in Sutton Coldfield and surrounding areas. They help our clients with the paperwork to show the prospective mortgage lender that you can afford it. They will also liaise with solicitors and surveyors to save our clients time and hassle. Our aim is to help your mortgage application go through as efficiently as possible. Contact us.
Paying Your Mortgage Off Early, What You Need To Know
According to research from Santander an overpayment of as little as £10 per month can make an impact on the amount of interest you will pay over the length of your mortgage and will also reduce the term of your mortgage. They provide an example of a borrower taking out a mortgage of £200,000 over 25 years. They say that at current interest rates the borrower could save £1,146 in interest and repay the loan four months earlier. Using the same mortgage as an example but paying back and extra £100 per month could reduce the interest payment by £9,948 and shorten the length of the mortgage by three years.
On the surface this seems great. However, not all lenders allow you to overpay your mortgage and some restrict the amount you can overpay to a percentage of the amount owed. This is why we believe that you should always get tailored financial advice from a firm providing local financial advice in Sutton Coldfield and the wider area.
Advice is essential as you may not have the correct mortgage for your personal circumstances, especially if you have not reviewed your mortgage for some time and if you are on your lenders Standard Variable Rate (SVR), which could mean you are paying more for your mortgage each month than you need to.
Also, in some circumstances you could face penalties if you paid off your mortgage early, especially if you intend to pay it off as a result of an inheritance or property sale.
How Do You Know If Your Existing Mortgage Is Costing You Too Much?
If you take out a mortgage or a remortgage with us, we will automatically review the mortgage after 12 months. Then we will continue to review it every two to three years because over time your circumstances will change and lenders bring new mortgage deals to the market.
If you have already got a mortgage, we suggest that you review it regularly. Not everyone knows that you can review your mortgage at any time, so tell your friends and family! It is wise to review your mortgage to make sure you are still getting the most suitable deal for you. We recommend every two years.
A review of your existing mortgage will be carried out by one of our qualified Advisers who are adept at working with local people on mortgages in Sutton Coldfield and the wider area. We can meet with you at our offices in Shenstone Wood End (with onsite parking), which is just a short drive from Sutton Coldfield, Tamworth and Lichfield or we can visit you in your home throughout the area.
Whether you live in Lichfield or anywhere in the local area when we talk to you about mortgages we take time to understand your exact circumstances and how the mortgage fits with your overall financial planning. Taking out a mortgage for a property in Sutton Coldfield or anywhere in the area is an important decision.
Will You Need Mortgage Protection?
When you take out a mortgage it is quite likely that you will need some kind of insurance in place to pay the mortgage should you pass away. Your Financial Adviser will discuss a range of financial protection options with you.
Are You On A Standard Variable Rate?
Lots of people have their mortgage on their lender’s Standard Variable Rate. These can rise or fall at the lenders discretion so although they offer flexibility there is little certainty as to what your monthly repayments will be in the future. Borrowers with fixed rates that are ending may automatically revert to the Standard Variable Rate without getting a mortgage review. The consequences are that you could be paying many thousands of pounds more than you need to over the life of your mortgage.
We highly recommend that you contact one of our Mortgage Advisers and talk to them about a mortgage review.
What First Time Buyers Need To Know About Mortgages
We recommend that you plan ahead, at least six months ahead. There is a great deal of mortgage regulation in force so lenders now use an affordability model rather than salary multipliers to establish what amount they will give you for a mortgage.
We can research the mortgages available in the UK mortgage sector and advise you on competitive rates and importantly advise you on the most suitable mortgage option for your own financial goals and your personal circumstances.
5% deposit mortgages are now available again, after most lenders withdrew them during the economic crisis of 2008. Some of them come with incentives such as free valuations or cashback options, but there may also be penalty clauses, so it is vital that you get expert local financial advice in Lichfield from our team of Advisers who work across the region.
But, you can do things to help us find the most suitable mortgage deal for you:
- Know what’s on your credit file. Knowing at an early stage of any errors or blips on your credit file will assist us greatly
- A minor error will stay on your credit file for six years and can seriously impact the lenders we can use
- We suggest not applying for credit in the months running up to taking a mortgage
- Make sure you are on the voters roll. This may seem minor but it can cause problems when making an application to borrow
- Cancel any unused subscriptions as lenders will be looking at your expenditure record
Tailored Mortgage Solutions
Every mortgage solution our qualified mortgage advisers suggest is tailored to your needs.
Whether you are:
- Looking for a first time buyer mortgage
- Interested in a help to buy mortgage
- Looking to remortgage
- Self employed and looking for a mortgage
- Interested in a buy to let mortgage
- Looking for an existing mortgage review
If you are looking for a new mortgage in Lichfield because you are moving house, or looking to fund some home improvements with a remortgage in Sutton Coldfield, or you want to review your current mortgage for a Lichfield property one of our financial advisers will be able to help you.
As well as arranging residential mortgages in Sutton Coldfield we can also assist with other types of funding for example bridging finance and second charge funding for your short-term financial requirements. Advice on this kind of funding is via referral to our network, Quilter Masterbrokers.
If you are looking for a self-build mortgage we can advise on the requirements of different lenders and if you have multiple buy to let properties we can talk to you about limited company portfolios.
If you have a less than perfect credit history this doesn’t automatically mean you can’t get a mortgage. Talk to our mortgage advisers and we will advise you on your options.
Beware Of Mortgage Lenders Arrangement Fees & Penalties
Mortgage lenders are in competition with each other for your valuable business. They are therefore willing to offer incentives to entice you. But beware some mortgage plans tie you in or carry penalties.
There are so many types of mortgage available that it is easy to become confused, possibly opting for the product offering the lowest headline rate of interest. But when booking and arrangement fees, conditional insurances, higher lending charges, lock-ins and early repayment charges are taken into account, the products may not be as attractive as you might have first thought.
Please contact us for a no-obligation consultation with one of our mortgage advisers. We can arrange a meeting at our modern offices to discuss your mortgage for Tamworth properties and mortgages for if you are buying in Sutton Coldfield or maybe looking for property mortgages around Lichfield.
Have You Made A Will?
Looking for a mortgage can indicate that you have a change in personal circumstances so perhaps reviewing or making a Will is also on your to do list. Visit the website of Four Oaks Legal Services, to see what they can offer www.fouroakslegalservices.com
By clicking on the above link, you are now departing from the regulatory site Four Oaks Financial Services Limited. Neither Four Oaks Financial Services Limited nor Quilter are responsible for the accuracy of the information contained within the site.
Will Writing is not regulated by the Financial Conduct Authority.
Four Oaks Financial Services Limited is an appointed representative of Quilter Financial Planning Limited and Quilter Mortgage Planning Limited which are authorised and regulated by the Financial Conduct Authority. Quilter is not responsible for the activities provided by Four Oaks Legal Services Limited.