Lee Russell Mortgage and Insurance Adviser
I offer Independent mortgage and insurance advice
26/02/2023
31/08/2022
Is it ever a good idea to stop paying into your UK workplace pension pot? As the cost of living bites, staff are releasing cash by pausing pension contributions – but the damage can be long term
26/08/2022
How to check your personal inflation rate
Personal inflation calculator: find out how UK price rises affect you This online tool will help you discover what is contributing to your household’s cost of living increases
24/08/2022
It’s a brownie sort of day 🍫
24/08/2022
How to cut the biggest bill of them all … your mortgage As other costs spiral you can take action by asking for a payment holiday or to extend the loan term
07/08/2022
05/08/2022
The effects of an interest rate rise
What does the Bank of England interest rate rise mean for you? From first-time home buyers to credit card users, we look at how your finances may be affected
13/07/2022
Decisions🤔
01/04/2022
Thinking of signing upto a virgin media account? £50 cash back available on new accounts.
19/11/2021
Is it time to remortgage?
Mortgage rates are rising. The website “Moneyfacts” reports that average 2 & 5 year fixed rates stood at 2.29% & 2.59% at the start of November. That marks the first rise since June. Lenders are now positioning themselves for hikes ahead. Moneyfacts continues saying that the number of deals below 1% has fallen from 131 in October to 30 by the beginning of November.
For those who currently have tracker mortgages, a £150000, 25 year tracker mortgage will see an annual rise of £600 in mortgage payments if/when the Bank of England base rate moves to 0.75%. Likewise, those of us on standard variable rates will start to feel the heat.
Those with 6 months or less on their current deal should now start shopping for a new deal. A mortgage broker with access to ‘Whole of market’ can help you find the best rates/most suitable deal for you. Typically, lenders allow you to lock in a rate 3 to 6 months ahead.
If you have been on a 2 or 5 year fixed deal and nearing the end of the fixed term, you should be able to get a better rate. Add to that, any rise in the value of your home, balanced with the continued repayments, should help improve your ‘Loan to value’ percentage, again leaving you with the possibility of a better rate.
For those with large deposits, you can still find good deals.
23/08/2021
'Self-builders could create 40,000 homes a year,' says report | Mortgage Strategy Self-builders could deliver 40,000 new homes a year under proposals set out in a new report commissioned by the Prime Minister. The government is keen to encourage more people to commission, customise or build their own homes and has already announced plans for a Help to Build Equity Loan Scheme whi...