Moneysprite

The information a lender finds during a credit check is important – it could affect whether you’re able to borrow money, including through a mortgage, and the interest rate you’re offered. Yet, they can also seem perplexing.

Indeed, a Royal London survey found that a third of Brits had never looked at their credit report.

The good news is that we can help you cut through the jargon, so you feel more confident next time you apply for a loan.

Lenders usually carry out a credit check to assess how much risk you pose.

Lenders carry out a credit check by looking at your credit report to understand how financially stable and reliable you are. Your credit report includes:

• Personal details, such as your name and address
• Borrowing and payment history
• Current borrowing and credit limits
• Details of people you’re financially linked to, like your partner

If their check indicates that you are more likely to default on repayments, a lender may offer you a higher interest rate, which would affect your repayments and the total cost of borrowing, or even reject your application.

Hard v soft credit check

Two different types of credit searches can be carried out – a hard or soft credit check.

A soft credit check happens when you review your credit report or a lender checks to see if you’re eligible for certain offers. A soft credit check doesn’t show up on your report.

A hard credit check is usually carried out when you’ve made a finance application, such as a credit card or mortgage, and the lender wants to take an in-depth look at your report.

Hard credit checks may be noted on your credit report for up to two years and will be visible to other lenders. Several hard credit checks in a short space of time may affect your ability to borrow as it could indicate you’re struggling to manage your finances. As a result, taking the time to understand which lenders are suitable for your needs could be useful as it may reduce the number of hard credit checks that are carried out.

A hard credit check can only be performed with your permission.

Don’t worry if you’re unsure about the two different types of credit searches and what they mean to you, we’re on hand to talk you through it all.

6 useful steps you could take to improve the outcome of a credit check.

By reviewing your credit report and score before applying for credit, you may have a chance to improve how lenders view you.

Here are six steps you may be able to take:

1. Search your credit report for any mistakes and contact the provider to fix them
2. Register on the electoral register to demonstrate stability
3. Reduce your outstanding credit
4. Pay more than the minimum payment on a loan or credit card
5. Avoid late payments by automating bills
6. Be careful about applying for new forms of credit.

Speak to your Moneysprite adviser if you have any questions.

If you have any questions about your credit report or are worried about what it means for your future, including the ability to secure a mortgage, please don’t worry. You can contact Moneysprite on 0345 450 4660 or email [email protected] to discuss your concerns and plans.

Can I get a mortgage after 50?

There are plenty of deals out there for those looking for a mortgage in their 50s and beyond!

Talk to us, we can help you navigate the mortgage market and find the right deal for you.

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.

Approved by The Openwork Partnership on 05/04/2024.

Moneysprite is a trading style of Money Sprite Limited which is an appointed representative of The Openwork Partnership, a trading style of Openwork Limited which is authorised and regulated by the Financial Conduct Authority.

Approved by The Openwork Partnership on 27/03/2024.

Hot off the press!!

Our latest copy of the Moneysprite Mortgage Newsletter - Spring 2024.

A coffee break read, with all things mortgage related. Articles for first-time buyers, remortgages and buy-to-let landlord feature along with a brief economic and tax summary.

So pop down The Guardian / Private Eye / Viz / The Beano* and peruse our offering. We hope you find it useful.

*delete as appropriate. We've made mortgage news as engaging as possible but concede a good Matt cartoon is more likely to raise a smile.

Should I consider private medical insurance?

Life can be full of surprises. You can’t be prepared for everything. You may have some insurance to support you financially if the unexpected happens, but have you considered how private medical insurance might offer you and your family the peace of mind you need if your health takes a turn for the worst?

A growing trend According to data published by The Telegraph, close to half a million people have taken out private medical insurance over the past year, as NHS waiting lists hit record levels this autumn. According to government statistics almost 7.8 million people were waiting to start routine hospital treatment in September 2023.

Against this backdrop, it’s hardly a surprise that more people than ever are considering the benefits of private medical insurance including faster access to medical treatment for themselves and their families.

It’s not just speed of access, it’s also about the quality of care you receive, the flexibility of choosing where and when you would like to receive treatment, and the range of treatments, medicines, facilities and consultants available to you. Cost-restrictions in an already stretched NHS mean that not all breakthrough treatments are accessible. With private medical insurance you can sleep easy, safe in the knowledge that the very best care is available.

It’s more affordable than you think Avoiding lengthy waits for treatment and quality of care are just two of the biggest attractions of taking a route which has traditionally been seen as too expensive for most. But through our specially selected health insurance partner we can help you find the right policy for your budget. If you already have private medical insurance, we may be able to find you cheaper premiums for your circumstances, and all with a free no obligation quote.

The pandemic provided a reminder to us all of just how precious good health is – and acted as a reset for many. Health became a priority, and continues to be so. Spending money on private medical insurance may not have previously been a priority but protecting you and your family over the long-term means a growing number of people are taking the time to consider a more proactive approach to getting the treatment they may need.

We love our NHS but we know the pressure it’s under We have nothing but respect for the hard-working and talented individuals who make the NHS what it is. But we also know that the service that has given so much to so many is under unprecedented pressure. We also know that there is often a faster and better alternative.

We can make sure you get all the information you need to decide whether private health insurance is the right option for you.

Call Moneysprite on 03454504660 or drop us an email on [email protected]

Approved by The Openwork Partnership on 30/10/2023

Saluting our Sisters!

What’s the difference between a product transfer and a remortgage?

If you want to stay on top of your mortgage repayments and ensure you’re getting the right deal for your circumstances then remortgaging is one of the most important financial decisions you can make.

But is it best to change to a new mortgage product with your current lender via a product transfer or look to remortgage with another provider?

The reality is that there are advantages, disadvantages and differences to whichever route you choose to go down, which is why it’s essential to speak an experienced advisor who can guide you through the options available.

What is a remortgage?
A remortgage is when you replace your current mortgage with one from another lender. This is often done when your existing deal has come to an end, and you’re attempting to find a better deal than your current lender can offer.

What is a product transfer?
A product transfer involves switching to a new mortgage deal, often one with a different interest rate, or one fixed for another set period of time, with your current lender.

Should I stay with my existing lender or move to a new one?
When your mortgage comes to an end, it’s always a big decision to work out what your next move should be.

It may be that a product transfer onto a deal with a fixed interest rate for a longer period offers the kind of financial certainty that best suits your needs. Or it could be that remortgaging with a different rate, a different amount and a different term, offers the flexibility you require.

Staying with your current lender may feel like the saftest option when your mortgage comes to an end, but that’s no guarantee that you’ll be getting the right deal. That’s why we recommend shopping around to find a mortgage that’s fits you.

Take the weight off your shoulders with specialist help
The most important element of the process is that you’re armed with the information you need to make the right decision for you. Which is where we come in.

As mortgage experts, we have access to a wide range of lenders and can look at the options available to you including any new deals from your current lender as well as make sure you don’t end up on their standard variable rate, which tends to be higher than the rates on most other options. So, make sure you don’t leave this big financial decision until the last minute.

We will talk you through all the pros and cons of a both a remortgage and a product transfer. Working hand-in-hand with you, we will assess all your options and help you make the right choice for you and your individual circumstances.

Call Moneysprite on 03454504660 or drop us an email on [email protected]

Approved by The Openwork Partnership on 19/09/2023

UK base interest rate held steady at 5.25% by Bank of England.

The Bank of England has increased the base interest rate by 0.25% to 5.25%.

This won't immediately affect clients on fixed rate mortgages but will impact clients on tracker or variable rate products. A rise was widely expected, with 0.25% being in line with market forecasts.

With the uncertainty and publicity on mortgage rates it is easy to be fearful and to get lost. The latest Moneysprite bulletin is available to explain why this is happening and how it could affect you, along with a section on things to consider when it is your time to look at your own remortgage.

There is also important information on The Mortgage Charter, which is where lenders have signed up to an agreement that enables borrowers to temporarily either switch to interest only or extend the mortgage term to reduce the monthly payments among other measures to assist borrowers. As always, devil is in the detail, so please take a read through the last page to understand the options and what lenders have agreed to.

We will leave you to put the kettle on, grab a hobnob (or two as no one can ever have just one) and take 5 minutes out of your day to have a read through.

A little change you can make today can safeguard your biggest investment – your home

If you’re a homeowner, your mortgage payments are likely to take up a large part of your income each month. But if you became seriously ill or injured, and unable to work, would you be able to keep up your mortgage repayments? As buying a home is likely to be your biggest investment, it pays to protect yourself, so you’re covered should a life changing event occur.

We know the little things in life can be life-changing. It could be a phone call from the doctor with serious news about your health, or a stepladder that wobbled once too often when you were standing on it – serious illness and injury can happen when we’re least expecting it.

In fact, each year, one million workers find themselves unable to work due to serious illness or injury. And while many people would say they would rely on their savings to get by, on average UK households would only be able to survive on their savings for 19 days.

Have you ever thought how you would pay your mortgage if you became ill or injured and unable to work?

Buying a home is likely to be your biggest investment, so there is a need to safeguard it against loss of income because if you can’t work and pay your mortgage it could mean losing your family home.

There are several different types of insurance available which can provide financial protection. These include income protection which provides a monthly income if you’re too ill to work and critical illness which pays out a tax-free lump sum if you’re diagnosed with a specific serious illness or injury.

Protecting yourself with either income protection or critical illness insurance provides you with a crucial safety net to fall back on if you are unable to work because of illness or injury.
It will be a huge relief to you and your loved-ones to know that you will still be able to pay your mortgage and other essential bills if you are too ill to work, leaving you to focus on what’s important – getting better.

Here’s one little thing you can do to protect your financial future, so get in touch with an adviser from Moneysprite today.

Your different options can be discussed with your adviser – so you can make sure you have the right protection in place for you and your family.

Call Moneysprite on 03454504660 or drop us an email on [email protected]

Approved by The Openwork Partnership on 04/07/2023.

In this blog, we'll debunk five misconceptions about investing

Understanding investments can be daunting, and there are several myths that are likely to put you off if you are new to investing. In this blog, we'll debunk five misconceptions about investing. By unravelling these myths, you'll gain a clearer perspective on how to navigate the world of finance and make informed investment decisions.

1) You need to be wealthy

You can invest with less than you may think. Making small regular investments can provide more benefits than investing a lump sum. You can invest a small amount into the markets every month. One big benefit of investing a small regular sum is that, instead of saving your cash until you have a lump sum, you're putting your money to work straightaway. Even with rising interest rates, leaving money sitting in a bank account can be less profitable than investing it in the market.

2) It’s too much of a risk

With any type of investment, there is a risk of losing your money. It’s all a balance between risk and reward, meaning the greater the risk, the greater the potential reward. If you understand the risks involved and the level of risk you’re comfortable with, you’ll be able to make an educated decision as to whether it’s worthwhile.

3) You need to know the best time to buy

Most people think you need to invest when stocks are low and sell when they’re high, but there are so many factors that can change the stock market, it’s pretty much impossible to predict the outcome. The best thing to do is start investing as soon as you can for as long as you can. There may be fluctuation, some good and some bad, but the longer you’re able to hold onto your investment, the more time you’ll have to recover from any lows.

4) Your money will be inaccessible

It is true that the longer you keep your money invested, the more chance you have of making a return, however this doesn’t have to mean your money is inaccessible. There are lots of investment options where you can access your money at any time. You should leave your investments untouched for them to have the most potential, but should a situation arise where you may need your funds, you will be able to access them.

5) You have to monitor your investments everyday

Checking your investments every day can lead to risky decisions such as changing investments or withdrawing funds altogether. Investments usually span over a long period of time, so it’s best not to make potentially harmful decisions based on short-term market performance. If you’re opting for a low-risk investment, you won’t need to check it often. It’s recommended to monitor your investments every three months just to see how they’re doing.

Get in touch

If you’re interested in finding out more about how you could invest your money wisely, we’re here to help. Call on 03454504660 or visit moneysprite.com

The value of investments and any income from them can fall as well as rise and you may not get back the original amount invested.

Past Performance is not a guide to future performance and should not be relied upon.

Approved by The Openwork Partnership on 30/06/2023

Worried about paying your mortgage?

The mortgage market is making the news headlines daily, with mortgage lenders withdrawing deals and increasing rates in a reaction to the recent news that inflation is slowing at a less-than-expected rate and the rising Bank of England Base Rate.

You might not see an immediate impact if you are on a fixed rate but if you are worried about paying your mortgage, speaking to your lender early is key. You may have heard about how lenders are being encouraged to show forbearance, which is where you agree with your lender to pay less than your full mortgage payment for a period of time, based on how much you can afford. Lenders have a range of options available to help you and this will be tailored to your individual circumstances. You will still owe the money, but the lender will work with you to find an affordable way for you repay it once your financial circumstances improve.

Mortgage lenders are there to help. If you are worried about keeping up with your monthly payments, make sure you engage your lender early.

We’re here to help too of course and when it’s time to remortgage, we’ll be ready to guide you with our in-depth knowledge of the different mortgage products on offer and the full suite of options available to you.

If you have any mortgage questions or concerns, please call on 03454504660 or drop us an email at [email protected]

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.

Approved by The Openwork Partnership on 30/06/2023

The Bank of England has increased the base interest rate by 0.5% to 5%.

This won't immediately affect clients on fixed rate mortgages but will impact clients on tracker or variable rate products. A rise was widely expected, with 0.5% being at the top end of estimates.

There once were some brokers, you see,
Dealing in mortgages, busy as bees.
With numbers they'd play,
Finding rates every day,
Helping folks find their dream homes with glee!

Can your energy efficient home help save money on your mortgage?

Have you ever heard of a green mortgage? They’re steadily becoming a popular option for property owners, as many lenders are adding them to their portfolios. If you’re due to remortgage soon and you have an energy efficient home, it’s well worth considering them as a remortgage option. We explore what they are and how they could work for you.

As the UK housing market steps up its efforts to reduce carbon emissions, the ripple effect is being felt throughout the whole housing industry – including the mortgage market.

Step forward the green mortgage – a mortgage that rewards you for either owning an energy efficient home or making improvements to your home to make it “greener”.

Are you eligible for a green mortgage?

If you’re ready to remortgage soon, be aware that you have to fulfil certain criteria to be considered for a green mortgage. First check your property’s energy performance certificate (EPC). If it has an EPC rating of A or B, you may be a prime candidate for a green mortgage.

If your property doesn’t sit in this bracket, you could still make yourself eligible by making some simple improvements or renovations:

*Swap your single glazed windows for double glazed

*Trade your heating system for a more energy-efficient one

*Raise the eco-friendly credentials of your property by installing solar panels

What are the benefits of a green mortgage?

*Lower monthly payments

*Green mortgage lenders will incentivise their mortgages with lower interest rates because they see an eco-friendly property holding its value in the long run – meaning lower monthly payments for you.

*Lower energy bills

As energy bills are soaring, an energy-efficient home can help you keep costs down.

From a lender’s perspective, this makes you a safer bet, as you’ll be more able to pay your mortgage with lower energy bills.

Cashback incentives

Some green mortgage products are offering cashback incentives of between £250 and £750 for buying energy efficient homes.

Cheaper borrowing rates for improvements

Looking to make home improvements or renovations to make your property greener? Some lenders are offering loans at a reduced interest rate as part of their green mortgage deals.

Increased property value

Your green mortgage could actually help to increase the value of your home, as homes with an A or B EPC rating are considered to be worth more than their less energy-efficient counterparts.

Are there any cons?

While green mortgages seem like an easy win, bear in mind that despite their competitive rates, they’re not always the cheapest option on the market. Everyone’s circumstances are different, which is why we recommend speaking to an expert mortgage adviser. We will be able to review your mortgage options in depth before recommending the right option for you.

Interested in going green? Speak to an adviser from Moneysprite today.

Whatever remortgaging queries you might have, we can expertly guide you through the whole process. We’ll compare a wide range of mortgage options on your behalf and find a solution that’s completely tailored to your needs.

Ready to plan your next remortgaging steps? Speak to an expert adviser today. 0345 450 4660 or visit moneysprite.com

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTAGE

Approved by The Openwork Partnership on 09/05/23

BREAKING - BBC

Interest rates raised for 12th time in a row.

UK interest rates have been raised for a 12th time in a row in a further attempt by the Bank of England to slow rising prices.

The increase to the Bank's base rate from 4.25% to 4.5% means rates are now at their highest level since the height of the global financial crisis in October 2008 when several banks collapsed, almost 15 years ago.

The rise is likely to heap further pressure on many households struggling with the cost of living.

It will mean higher mortgage payments for some homeowners, while people looking for loans will face higher borrowing costs. However, high interest rates can benefit savers.

If you are a first-time buyer, keen to get onto the housing ladder, we are pleased to announce the arrival of Track Record Mortgages, with NO DEPOSIT!

Track Record Mortgages are a new product, offered by Skipton Building Society. They work by assessing your present rental history and affordability for those with a 0-5% deposit.

For more information on criteria and eligibility do get in touch with your Moneysprite adviser today, or make contact below so we can talk through your options.

0345 450 4660 / [email protected] / www.moneysprite.com

Please note this product has limited availability and may be withdrawn at any time, without notice.

YOUR HOME MAY BE REPOSSESED IF YOU DO NOT KEEP UP PAYMENTS ON YOUR MORTGAGE

#100%mortgage

Tips to finding your first home

Searching for your first home can be an overwhelming experience, but when it’s the biggest purchase of your life, you need to ensure that it’s right for you. There are so many things to consider, so to help you with one of the biggest decisions in your life, we have drawn up some helpful tips and guidance when finding your first home.

Start with an open mind

There is the danger of becoming too fixated on certain locations or certain properties. It’s important to be open when searching for your first home, ensuring that you’re considering all locations and types of houses. Often buyers become stressed because they have narrowed their search down too far too early.

Talk to your local estate agent

It’s worth booking in a conversation with your local estate agents as after all, they are the experts. They will be able to give you an idea of properties available in the area, upcoming areas to search in and whether your budget is realistic to where and what you’re looking for.

Check out the location before putting an offer in

You don’t want to commit to a house before even knowing what the location or neighbourhood is like. If you fail to do this, you could be stuck…for a long time! It’s a good idea to identify three to four neighbourhoods you’d like to live in based on commute time, schools, recreation, crime, and price.

Use property finding websites

With the world evolving, property search websites have become the most popular way in finding properties for sale and to rent. They are easy to use, open all hours, provide you accurate results and you don’t even have to move from the sofa! Some of the many include Rightmove, Zoopla and OnTheMarket.

Speak to a mortgage adviser

We can give you an idea of how much you will be paying monthly, taking various fees and rates into account. We will also be able to tell you whether your budget is enough to get you the property you want and what deal we believe is right in light of your needs.

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.

Approved by The Openwork Partnership on 17/03/2023.

Key Takeaways:

*It’s important to consider everything when making one of the biggest purchases of your life.
*Buying your first home is an overwhelming experience, so making sure you’re open to everything is key.
*When finding your first home it’s important to consider things like the neighbourhood, whether it’s a starter house or your forever home, price and affordability.
*Estate agents are great for finding your first home, they will give you insight into where to buy, upcoming areas to buy into and if you can afford certain areas.
*Property finding sites are great for finding your first home, they are open all hours, are easy to use and you don’t have to move from the sofa!
*We can help make the process of finding your first mortgage as smooth as possible.
*YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.