Recommended mortgage broker Bournemouth | With the COVID-19 outbreak impacting every area of our lives, it’s understandable that many of us are more anxious than normal. One way to improve your mental wellbeing is to sort out your finances. In a survey, 45% of people said that money is a major cause of stress, rising to 66% among those with no savings or investments to fall back on. So, reviewing your finances and speaking with a highly recommended Bournemouth Mortgage Broker is an excellent way to reduce stress levels during these difficult times. The perfect time to remortgage? For many people, their mortgage is their biggest monthly outgoing, so it could pay to see if there’s a cheaper deal out there – especially given recent events. On 11 March, the Bank of England slashed its base rate from 0.75% to 0.25% as an emergency measure to limit the economic shock caused by the COVID-19 outbreak. Shortly afterward, it cut the base rate again to a record low of 0.1%. Banks withdr
Hi, I am Peter a Bournemouth mortgage broker and over the 20 something years I have been working in financial services, the term ‘re-mortgage’ has and continues to cause confusion. What is a re-mortgage? The biggest misconception is that to re-mortgage means to re-finance your debt due to financial hardship. Re-mortgaging is also associated with meeting the cost of building work which is spiraling out of control. Whilst re-mortgaging can be used for these reasons, It is rarely the case. Recommended Mortgage Broker Bournemouth I recently completed a re-mortgage which saved a client £308.00 per month. Reducing their current mortgage payment from £572.00 to £264.00 per month. That is a whopping 53% reduction. They were not in financial difficulty and in full control of their outgoings, they simply had not reviewed their current mortgage for many years. A re-mortgage is quite simply replacing your current mortgage to obtain more favorable terms, and/or to raise additional fin