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Home equity is a fundamental concept that every homeowner in Bristol should understand. It’s not just a term thrown around by mortgage advisors; it represents the real value you have in your property.
Essentially, equity is the portion of your home that you truly own, free from any debt. It’s the difference between your property’s market value and the outstanding mortgage balance.
As you progress in paying off your mortgage, your equity grows, and so does your financial stake in your home.
Understanding how equity works is key when making decisions about your property, particularly if you’re considering remortgaging in Bristol.
Whether you want to make home improvements, consolidate debt, or invest elsewhere, your equity is an asset that can open up various opportunities.
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When we talk about equity in the context of a mortgage in Bristol, we’re referring to the amount of your home that you own outright.
It’s calculated by subtracting your remaining mortgage balance from your home’s current market value. Think of it as the financial interest you hold in your property.
For example, if your home is valued at £300,000 and you owe £150,000 on your mortgage, your equity stands at £150,000.
This £150,000 represents the portion of your property that is entirely yours, and it’s a key figure to know because it influences your ability to borrow against your home, whether for a remortgage in Bristol, home improvements, or other financial goals.
Equity in your home isn’t static; it evolves as you make mortgage payments and as the value of your property changes.
Two primary factors contribute to the growth of your equity: paying down your mortgage and increases in your home’s market value.
As you make regular payments on your mortgage in Bristol, you gradually reduce the amount you owe, thereby increasing your equity.
Additionally, if your home appreciates – due to factors like a strong housing market or improvements you’ve made – your equity will increase even further.
Understanding these dynamics is key to making the most of your equity.
Each time you make a mortgage payment in Bristol, a portion of that payment goes towards paying down the principal – the original loan amount. Over time, as you reduce this principal, your equity grows.
Early in your mortgage, a larger chunk of your payment goes towards interest, but as you continue to pay, the balance shifts and more of your payment starts to chip away at the principal.
This gradual reduction of your mortgage balance not only increases your equity but also decreases the amount of interest you pay over the life of the loan.
The more you pay down your mortgage, the higher the portion of your home that you own, which enhances your financial security and opens up more options for leveraging your equity.
Your home’s value isn’t fixed; it can rise (or fall) depending on market conditions, the state of the economy, and even the specific improvements you make to your property in Bristol.
When your home’s value increases, so does your equity, even if your mortgage balance remains unchanged.
For example, if your property was initially worth £300,000 and it appreciates to £350,000, your equity increases by £50,000, provided your mortgage balance has not increased.
This growth in equity can be particularly beneficial if you’re looking to remortgage in Bristol, as a higher home value can give you more borrowing power and better loan terms.
Building equity in your home isn’t just about owning more of your property; it’s about creating financial stability and flexibility.
Equity acts as a financial cushion, providing you with a safety net during economic downturns and a resource to tap into when needed.
Equity can be used strategically to support various financial goals, such as funding major expenses, investing in other properties, or even bolstering your retirement savings.
By understanding and actively managing your equity, you can better plan for the future and ensure that your home is working for you, not just as a place to live but as a key part of your financial portfolio in Bristol.
Having a significant amount of equity in your home can protect you during times of market volatility.
If property values were to drop, homeowners with more equity are less likely to find themselves “underwater,” a situation where the mortgage owed is more than the home is worth. This is particularly important in uncertain economic climates.
A healthy equity buffer means you’re better positioned to weather dips in the housing market without worrying about owing more than your home’s value. It also offers peace of mind knowing that you have financial leverage if you need it.
One of the advantages of building equity in your home is the ability to borrow against it. This can be done through remortgaging in Bristol or taking out a home equity loan or line of credit.
The funds you access can be used for a variety of purposes, such as renovating your home, paying for a child’s education, or consolidating high-interest debts.
Leveraging your equity allows you to access funds at generally lower interest rates compared to unsecured loans because your home serves as collateral.
This flexibility makes home equity a powerful tool for managing your finances and achieving your financial goals without having to sell your property.
If you’ve built up substantial equity in your home, you might consider using it to invest in additional properties in Bristol or elsewhere.
This could involve purchasing a second home, a buy-to-let property, or even a holiday home. By tapping into your equity, you can secure financing for these investments, potentially growing your wealth over time.
Investing in property using home equity allows you to diversify your assets and create additional income streams.
It’s a way to put your equity to work, helping you build a more robust financial future while taking advantage of the appreciation potential in the property market.
For many homeowners in Bristol, equity represents a significant part of their retirement planning. As you approach retirement, your income may decrease, making it more challenging to cover expenses.
Releasing equity through a remortgage or an equity release mortgage in Bristol can provide the funds needed to maintain your lifestyle, cover healthcare costs, or even travel.
By strategically using your home equity, you can supplement your retirement income without the need to sell your home.
This approach allows you to stay in your home while accessing the financial resources you need during your retirement years.
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Remortgaging is one of the most common ways to unlock the equity tied up in your home in Bristol.
By switching your current mortgage to a new deal, possibly with a different lender, you might be able to release a portion of your equity as cash.
This process often comes with the added benefit of securing a better interest rate, depending on market conditions and your financial situation.
Remortgaging in Bristol can be a smart move if you need to access a large sum of money, whether for home improvements, debt consolidation, or other financial needs.
It’s a way to use your home’s value to your advantage, potentially saving money in the long run by reducing your interest payments or shortening your mortgage term.
To determine how much equity you have in your Bristol home, you’ll first need to get an accurate valuation of your property.
This could be done through an appraisal by an estate agent or using an online property valuation tool.
Once you have your home’s current market value, subtract the outstanding balance on your mortgage from this figure. The result is your available equity.
For instance, if your home is valued at £400,000 and you have £200,000 remaining on your mortgage, your equity is £200,000.
Knowing this figure is important when considering remortgaging or selling your home, as it directly impacts your borrowing power and financial flexibility.
Once you’ve calculated your available equity, the next step is to decide how much of it you want to release. This decision should be guided by your financial goals and needs.
Are you looking to fund a home renovation in Bristol? Pay off high-interest debts? Support your retirement? Each of these objectives will require a different approach to how much equity you release.
It’s important to carefully consider the long-term impact of releasing equity. While it can provide immediate access to funds, it also increases your overall debt, which could affect your financial stability if not managed properly.
Speaking with a mortgage advisor in Bristol can help you weigh the pros and cons and determine the right amount to release based on your situation.
The mortgage market in Bristol is competitive, and there are numerous deals available that cater to different needs, whether you’re looking to remortgage to release equity or simply want to reduce your monthly payments.
It’s essential to shop around and compare offers from various lenders to ensure you get the best possible terms.
When evaluating mortgage deals in Bristol, consider factors such as interest rates, fees, and repayment terms.
A lower interest rate could save you thousands over the life of the loan, while flexible repayment terms might provide the financial breathing room you need.
Working with a mortgage broker in Bristol can simplify this process, as they can access a wide range of deals and help you find the one that best suits your financial goals.
Navigating the mortgage market can be overwhelming, especially with the variety of products and terms available. This is where a mortgage broker in Bristol can be invaluable.
A mortgage advisor works on your behalf to find the best mortgage deal based on your circumstances. They have access to a broader range of products than you might find on your own and can often secure exclusive deals.
Whether you’re self-employed in Bristol, have a less-than-perfect credit history, or are simply looking for the best rate, a mortgage broker in Bristol can guide you through the process, ensuring you understand all your options.
Their expertise can help you make a more informed decision and avoid potential pitfalls that could cost you more in the long run.
Once you’ve decided to remortgage in Bristol, the process begins with finding the right deal and applying for it.
You’ll need to provide documentation to support your application, including proof of income, details of your existing mortgage, and an up-to-date valuation of your property.
The lender will assess your application, taking into account your credit history, income, and the amount of equity you have in your home.
If your application is approved, the new lender will pay off your existing mortgage and set up a new one. This is where you’ll also receive any cash if you’ve opted to release equity.
Remortgaging in Bristol can often be completed more quickly than taking out a new mortgage, as some of the legal and administrative work has already been done.
It’s important to factor in any fees associated with the remortgage, such as early repayment charges from your existing lender or arrangement fees from the new one.
Once your remortgage in Bristol is approved and finalised, you’ll receive the equity you’ve chosen to release.
This amount is typically transferred directly into your bank account after any fees or charges have been deducted.
The cash can then be used for whatever purpose you planned, whether it’s home improvements, debt consolidation, or investing in another property.
Keep in mind that the amount you receive is based on the equity you’ve built up and the terms of your new mortgage.
It’s important to have a clear plan for how you’ll use this money, ensuring it supports your financial goals without compromising your long-term financial security.
Many homeowners in Bristol choose to reinvest their equity back into their property through home improvements.
Whether it’s adding an extension, modernising the kitchen, or landscaping the garden, these upgrades can increase the value of your home and enhance your living experience.
In some cases, the increase in property value from these improvements can even offset the cost of the remortgage.
Home improvements are not only about enhancing your space but also about making your property more appealing to future buyers.
If you’re planning to sell your home down the line, strategic renovations can make it more competitive in the market, potentially leading to a higher sale price.
Another common reason homeowners in Bristol release equity is to consolidate high-interest debts, such as credit cards or personal loans.
By using your home equity to pay off these debts, you can potentially reduce your overall interest payments and simplify your finances by combining multiple payments into one.
Consolidating debt through a mortgage carries risks. Since your home is being used as collateral, failing to keep up with repayments could put your property at risk of repossession.
It’s recommended that you enquire for professional mortgage advice in Bristol before proceeding, to ensure that you fully understand the implications and have a clear plan for managing the new mortgage payments.
Life is full of unexpected expenses, and sometimes, you may need a significant sum of money to cover them.
Whether it’s paying for a child’s university education, covering medical bills, or funding a wedding, accessing your home equity in Bristol can provide the necessary funds without resorting to high-interest loans or draining your savings.
Using equity for major expenses should be done with careful consideration of your long-term financial situation.
While it can provide immediate relief, it’s important to ensure that this decision doesn’t negatively impact your financial stability in the future.
Speaking with a mortgage advisor in Bristol can help you determine if releasing equity is the best option for covering these costs.
For many retirees, their home is their largest asset. Releasing equity through a remortgage in Bristol can provide additional income to support your lifestyle in retirement.
This can be particularly useful if your pension or savings aren’t enough to cover your expenses, allowing you to enjoy your retirement without financial stress.
Equity release in Bristol can be a lifeline for retirees who wish to remain in their homes rather than downsizing.
By unlocking the value of your property, you can access the funds needed to maintain your standard of living, cover healthcare costs, or even travel.
It’s important to weigh the pros and cons and consider how this will affect your estate and any inheritance you plan to leave behind.
There are countless reasons why a homeowner in Bristol might consider releasing equity, beyond the more common uses like home improvements or debt consolidation.
Perhaps you need to support a family member financially, invest in a new business venture, or cover unexpected legal fees.
Whatever your reason, equity release can provide the necessary funds without requiring you to sell your home.
It’s important to approach equity release in Bristol with a clear understanding of your financial situation and goals.
The decision to increase your mortgage should be made with careful consideration of both the benefits and potential risks, and it’s often beneficial to speak with a mortgage advisor in Bristol to explore all your options.
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Are you retired and looking at your options for releasing equity? Get in touch and we’ll see how we can help.
While releasing equity can provide significant financial benefits, it’s not without risks.
Increasing your mortgage means taking on more debt, which can impact your financial stability if your income decreases or if you encounter unexpected expenses.
It’s important to consider how this additional debt will affect your overall financial picture and whether you’re comfortable with the increased monthly payments.
Another risk to consider is the potential impact on your long-term financial goals. Releasing equity reduces the amount of your home that you own outright, which could affect your ability to sell the property or pass it on as an inheritance.
Additionally, if property values decline, you could end up owing more on your mortgage than your home is worth, a situation known as negative equity.
When you release equity, you’re essentially increasing the amount you owe on your mortgage.
This can have a significant impact on your overall debt levels, especially if you’re using the funds to pay off other debts.
While this can simplify your finances by consolidating multiple payments into one, it also means that your home is now tied to this larger debt, which could increase your financial vulnerability.
It’s important to carefully consider how much additional debt you’re comfortable taking on.
While releasing equity can provide immediate financial relief, it’s important to ensure that you can comfortably manage the new mortgage payments without putting your home at risk.
Even if you’re able to secure a lower interest rate by remortgaging, borrowing more or extending the term of your mortgage could result in higher overall costs.
Over time, the additional interest you’ll pay on the increased loan amount can add up, making the total cost of your mortgage significantly higher than if you had not released equity.
It’s essential to run the numbers and consider the long-term financial impact before deciding to release equity.
While the immediate access to funds can be appealing, it’s important to understand how this decision will affect your finances over the life of the mortgage and whether it aligns with your long-term goals.
One of the potential downsides of releasing equity is the risk of negative equity. This occurs when the value of your home decreases to the point where it’s worth less than the remaining mortgage balance.
Negative equity can be particularly problematic if you need to sell your home, as you may end up owing more than you receive from the sale.
To mitigate the risk of negative equity, it’s important to consider the state of the housing market in Bristol and the likelihood of future property value fluctuations.
While it’s impossible to predict the market with certainty, releasing a smaller portion of your equity or leaving a healthy equity buffer can help reduce the risk of ending up in a negative equity situation.
Before remortgaging in Bristol to release equity, it’s vital to ensure that you can afford the new mortgage payments.
While the prospect of accessing a lump sum of cash can be tempting, it’s important to consider how the increased payments will fit into your budget, especially if your income is variable or if you’re approaching retirement.
Failing to keep up with your mortgage payments can have serious consequences, including damage to your credit score and the risk of losing your home.
Before proceeding, it’s wise to review your financial situation carefully, consider your future income prospects, and speak with a mortgage advisor in Bristol to make sure the decision is right for you.
Equity in your home is a valuable asset that can be leveraged to achieve a wide range of financial goals.
Whether you’re looking to fund a major purchase, consolidate debt, or support your retirement, understanding how to effectively use your equity is key to making informed decisions that benefit your financial future.
By staying informed about the value of your home in Bristol, regularly reviewing your mortgage, and exploring the options available to you, you can ensure that your equity is working for you.
With careful planning and consideration, you can use your home’s value to enhance your financial stability and achieve your long-term goals.
A lifetime mortgage is a variant of later life mortgages designed for homeowners aged 55 and above. This option allows you to access funds tied up in your home without the necessity to sell or relocate. The borrowing amount is contingent upon your age and the property’s value.
Unlike regular mortgages, a lifetime mortgage in Bristol does not entail monthly repayments. Instead, repayment occurs upon your passing or when entering long-term care. However, the owed amount increases over time due to accumulating interest.
Many lenders offer the option to let the interest accumulate, adding it to the total loan amount. When the property is eventually sold, the loan is settled using the proceeds.
It’s important to be aware that opting for a lifetime mortgage may impact the inheritance left for your loved ones and could affect eligibility for means-tested benefits.
Before considering an equity release mortgage in Bristol, seeking advice from a qualified professional is advisable. This ensures a comprehensive understanding of potential implications, enabling an informed decision.
A lifetime mortgage in Bristol is a specific type of equity release, allowing homeowners to borrow against their property’s value. This falls under the broader category of equity release in Bristol, which includes alternative products like home reversion plans.
In contrast, a home reversion plan involves selling a portion of the property to a provider in exchange for a lump sum.
Whether considering a lifetime mortgage, home reversion plan, or alternatives like retirement interest-only mortgages, consulting a qualified mortgage advisor in Bristol is important. Their expert guidance is tailored to individual situations, facilitating informed decision-making.
Two primary types of lifetime mortgages exist: lump sum and drawdown.
A lump sum lifetime mortgage provides a substantial amount at once, offering flexibility in releasing funds. However, it results in a larger loan.
On the other hand, a drawdown lifetime mortgage enables releasing funds as needed, with interest paid only on the released amount. This option is suitable for those not requiring the entire sum immediately.
When contemplating these lifetime mortgages in Bristol, the choice to let interest accumulate is available. It’s essential to note that this decision impacts the inheritance left after property sale and loan repayment.
Mortgage advisors in Bristol can help in safeguarding equity for inheritance purposes, offering a “No Negative Equity Guarantee” as members of the Equity Release Council.
Upon the conclusion of a lifetime mortgage in Bristol, whether due to passing or moving into long-term care, repayment is initiated. The borrowed amount is repaid through the sale of the property, encompassing accumulated interest if interest payments were deferred.
Beneficiaries or estate executors are responsible for initiating the property sale, usually within a 12-month period. If unsold within this timeframe, the mortgage lender may facilitate the sale, considering market conditions. Flexibility is often shown, as long as the sale price aligns with the fair market value.
A lifetime mortgage in Bristol is a form of equity release enabling homeowners to access home value without selling. This option provides a lump sum or regular income, with no monthly repayments, and is repaid upon property sale after passing or entering long-term care.
Advantages include accessing equity while residing in the property, without monthly repayments. However, borrowing depends on factors like age, health, and property value, with potential variations based on health or property value changes.
Interest accrual can reduce the inheritance left, and eligibility for state benefits may be impacted. To make an informed decision, seek advice from a specialist mortgage advisor in Bristol who can guide you through potential impacts on your circumstances.
Recognising the complexity of equity release and lifetime mortgages in Bristol, we offer a free appointment with a specialist mortgage advisor. This session allows a thorough discussion of your unique situation and determines the suitability of a lifetime mortgage.
Dedicated advisors explain the benefits and drawbacks, addressing concerns and guiding through the application process if chosen. Involving family in discussions is key.
Book your free mortgage appointment today to explore options like equity release in Bristol through a lifetime mortgage or alternatives like retirement interest-only mortgages. Together, we’ll chart the best course for your needs.
To understand the features and risks, ask for a personalised illustration.
A lifetime mortgage may impact the value of your estate and it could affect your entitlement to current and future means-tested benefits. The loan plus accrued interest will be repayable upon death or moving into long-term care.
Making an initial step onto the property ladder for the first time, or taking the next step once your fixed term ends, can make you feel a little nervous from time to time.
There are lots of different routes that homeowners and home buyers can take, but if you can help it, it would be ideal to get it right the first time, especially when you’re dealing with a large amount of money.
Of course, we are strongly in the belief that our service as an open and honest mortgage broker in Bristol, will be beneficial to anyone who is going through their mortgage process, especially if you are a first-time buyer in Bristol.
Whilst we have confidence in our ability to help out our customers, we are also fully aware that it is not necessarily for everyone. Some may even be unsure of how exactly we can help.
With this in mind, we have compiled a balanced overview of why in some cases you might be better off getting in touch with a mortgage broker in Bristol, and how in some other cases, going direct might be your best choice.
It is the opinion of many, that you are a lot more likely to save some money by going directly to the bank and finding a mortgage deal yourself. There is indeed merit to this, as a mortgage broker in Bristol may charge you a fee, though this is circumstantial and depends on who you speak to.
If you are already experienced in finding your own mortgage, have a pretty simple case and have a knowledge of lender criteria, going it alone will probably be easier and more cost-effective.
Where a mortgage broker stands out, is the ability to help people with complex cases or those who don’t understand lender criteria.
Without the correct, up-to-date knowledge, you could possibly end up with a bad deal, or even being unable to successfully apply for a mortgage deal. In any case, this could cost you a lot of money or damage your credit score. The latter would in turn hinder your chances of applying for a mortgage at any point in the future.
A dedicated mortgage advisor in Bristol will always make sure that they get their recommendation right the first time, at the cheapest deal that is available to you. Again, this may entail you having to pay a service fee, though it will likely save you a lot more money in the long term.
Another point of view that customers who are older may think is a benefit of going to the bank directly, is the way you used to be able to get a mortgage. Prior to technology and online banking becoming a big deal, generally you would be a loyal customer of a local branch, typically speaking with the same members of staff.
When you wanted to apply for a mortgage, you would converse with the bank manager themselves. They would “know your finances like the back of their hand”, and would be the ones to personally approve a mortgage for you. Times have changed though, and credit scoring is now done via digital means.
The bank manager will no longer personally go through your case. Instead, your information will be put against a complex online system, to find out if you qualify for that mortgage. Nowadays, everyone gets the same chance as each other, no matter who your bank is.
Relating to the previous point, many are in the belief that there are better, exclusive deals only by going to the lender direct. Once again, there is an element of truth to this, but it is only part of the story. See, a lender can indeed offer great deals, but only deals that are from their own company.
One of the main problems here is that not all mortgage lenders are actually banks, meaning there are lots of options outside of what you are familiar with. The best deal you could get with your bank, might not be the best deal overall that you could’ve had access to.
That’s another benefit of enquiring for mortgage advice in Bristol. A trusted and experienced mortgage advisor will be able to take a look at your case, and have you matched up with a suitable deal from one of our panel of lenders, rather than one place.
It’s also worth mentioning that there may also be deals that can only be found with a mortgage broker in Bristol. Regardless of if you’re a first-time buyer, are considering your options for a remortgage in Bristol or have a complex case, a mortgage broker will have more options for you.
Following on from the 2007-08 credit crunch, the mortgage market was in dire need of a change. As was outlined in the 2014 Mortgage Market Review, lenders no longer had the ability to sell mortgages to customers on a non-advised basis.
This meant that you couldn’t just approach the bank, tell them you want a mortgage and be approved without any prior checks. You also couldn’t obtain a mortgage from any member of staff, as this used to happen regularly, whether they were qualified or not.
Further to this, these changes also introduced consumer protection, that you otherwise wouldn’t have gotten from the bank.
You now had the right to make a complaint to the Financial Ombudsman if you felt mis-advised for one reason or another. You also have the ability to make a claim via the Financial Services Compensation Scheme.
This is positive thing for both mortgage brokers and mortgage lender alike, as this means no matter who you choose to speak to or what your circumstances are, you’ll be safe, secure and advised professionally.
An area where a mortgage lender has the disadvantage, is that oftentimes it can quite literally take months to speak book an appointment. Once you can eventually speak to someone and kickstart your journey, you’re not always guaranteed to be kept up-to-date about your case progression.
A unique selling point here at Bristolmoneyman, is that we are able to speak with customers at a time that is convenient to them. Our mortgage advisors in Bristol work from early until late, 7 days a week, including weekends. We may also work on some bank holidays too!
If you’re quick enough and lucky enough, you might find that you can book an appointment on the same day, though you don’t always have to do that. If you would like to speak with someone in a few days time, you have the freedom to book a slot in advance!
We are here at time slots that best suit your lifestyle. If you work 9-5 and want to speak with someone in the evening, we can do that too! Using our online booking feature, it has truly never been easier to get in touch with a qualified mortgage advisor!
In addition to this, we are proud of our ability to be responsive with our customers. No matter what stage of your mortgage journey you’re in, we will always make sure you’re up-to-date. If your case changes at any point, your advisor will inform you as soon as they can.
It’s because of expert mortgage brokers in Bristol like us, who are able to offer a high level of customer service, that the public opinion of mortgage brokers has differed over the years. This has led to more and more people getting in touch with a local mortgage expert, instead of going to a big high street bank.
Sometimes a mortgage case may be a little more complex than the average case. Common examples of this that we have come across over the years, include (but are not limited to);
In the past, mortgage lenders were able to easily compete, by offering better deals than the others. Times have changed though, and now the main difference in choosing a deal, is whether or not you match their strict criteria.
A deal could be cheaper, but you may not qualify for it. The mortgage lender will perform either a hard credit search (leaves a footprint on your credit file) or soft credit search ( this leaves less of a footprint on your credit file), to see if you pass eligibility checks for that mortgage.
If you apply for a mortgage with a lender and are declined an agreement in principle, this will likely cause harm to your credit file. Worst of all, you probably will not be given a reason for why you were declined, which can be understandably disappointing and frustrating.
On the other hand, a trusted mortgage broker in Bristol will be able to take a look at your case beforehand, making sure everything is correct and prepared, informing you of any other steps you should take to better your chances of being accepted for the mortgage.
Using the lenders that we have on panel, you’ll be matched up with deals that you could be eligible for and we’ll look to get you agreed in principle. Obtaining your agreement in principle through Bristolmoneyman typically takes no more than 24 hours of your free mortgage appointment with one of our advisors.
Of course, this still doesn’t mean you are certain to receive an AIP, nor does it guarantee that you will get a mortgage, but it is a lot better for your credit file to have an expert analyse it beforehand. As expert mortgage advisors in Bristol, we always look to make the right recommendation first time.
At the end of the day , it’s your choice. As you can tell from the information above, there are both pros and cons to choosing a mortgage broker in Bristol. Conversely, there are also a lot of pros and cons to going direct with a lender. It all comes down to how quick of a service you would like, and how secure you want to be on your journey.
As a trusted mortgage broker in Bristol, led by 20+ year industry expert Malcolm Davidson, we have helped thousands of customers to achieve their mortgage goals. From first time buyers in Bristol taking a step onto the property ladder, to people reaching the end of their initial fixed period, looking to remortgage in Bristol, it’s safe to say we’ve seen it all.
To get in touch with a responsive, open & honest, FCA regulated mortgage team of experts, feel free to book yourself in for a free mortgage appointment or remortgage review, with a member of our amazing mortgage advice team. We’re here to help with all your concerns and queries during your process, with time slots that are convenient to you, subject to availability.
If you would like to learn more about our service, take a look at our genuine customer reviews. They are an amazing reflection of the service levels we provide our customers regularly. If you would like to learn more about the mortgage world, take a look at our YouTube Channel, MoneymanTV.
As a dedicated mortgage broker in Bristol, our job is to support you through your mortgage process from beginning to end, making it a stress-free and easy-going experience. We aim to find you the most suitable mortgage product tailored to your specific financial and personal circumstances.
We feel the customer should know exactly how our service works and what different order parts of the process come in. So, to give you an insight into our process and how it works, we have put together a handy guide that we think you will find helpful.
First of all, once you have contact and speak to one of our responsive teams or book yourself in for a free mortgage appointment, they will take some details from you. This is to help build a profile to get a picture of who you are and what you’re looking to do. All this information will help us, partner, you up with a suitable mortgage advisor in Bristol.
During your free consultation with your dedicated advisor, they will ask you a few more questions. This will give them a closer look into your mortgage needs. From here on out, this advisor will help you find the ideal mortgage deal for you!
If they manage to find you a great deal that benefits both your personal and financial situation and you’re happy to take it up, we are ready to continue to step 3.
This step continues right after your consultation. Your advisor will arrange a mortgage agreement in principle (AIP) for you within 24-hours of your consultation.
Having an agreement in principle in place early on in the process is crucial. It shows a seller that a lender is willing to let you borrow from them. Of course, this can provide evidential documents to back up your income and credit score.
During this part of the process, if you haven’t already found a home to make an offer on. You can start hunting for houses with your agreement in principle to back up any offers.
After your agreement in principle is in place, we’ll begin collecting evidential documents from you to back up your mortgage application. This will include things like payslips, bank statements, photographic ID. These documents and the amount that you need to supply do vary if you are a self-employed applicant.
As soon as everything looks good on our end, we can move to the mortgage application submission stage!
We will only submit your mortgage application if we know that you’ll pass your lender’s credit scoring criteria; we don’t want it to be declined. Once your application is with your potential lender, it’s just a waiting game now. During this time, we’ll be regularly informing you on the progress of your mortgage application.
As soon as we get the green light, we will be in touch straight away to give you the confirmation that you’ve had your mortgage application accepted. Congratulations, you’re now on the road to moving into your new home!
At Bristolmoneyman, we want you to have the most straightforward mortgage process possible and come out with a great mortgage deal. However, we also deal with complex cases, so if you are struggling to get a mortgage through the traditional mortgage route, our service is in place to offer help when needed.
Our mortgage advisors in Bristol have been helping customers overcome complex cases for over 20 years now. We have had customers in the past who been turned away from their bank, and we’ve still been able to get them a mortgage offer. We love a good challenge, and our team would love to help anyone struggling with a complicated mortgage situation.
Now that you’ve learnt more about our service, it’s your job to get in touch. We are available 7 days a week. Book your free mortgage appointment today to speak to an experienced Mortgage Advisor in Bristol today.
Customer service means everything to us, and we want to ensure that you’re delighted with every part of our service. But, of course, it would help if you took advantage of our free consultation. So whether you’re a first time buyer in Bristol or moving home in Bristol, we recommend getting in touch now.
One of the primary factors in why home movers & first time buyers in Bristol use a Mortgage Broker in Bristol, is to help the process of buying a home go as quickly and as smoothly as it can go. For many, the home buying process can be a very stressful experience and for our customers, it’s a comforting relief to know they have got someone on their side to deal with the hard parts, with availability to answer any questions they may have.
Your dedicated Mortgage Advisor will work incredibly hard to try and ensure that you obtain the cheapest or at least most favourable mortgage outcome for your personal needs. This level of dedication and passion for our work applies no matter the mortgage type. Whether you’re making your first purchase, a second purchase or you wish to Remortgage, we put everything we have into our service, to ensure our customers have the best outcome available to them.
If you’re looking at taking out mortgage advice when buying a home, we would personally recommend talking to a Mortgage Advisor in Bristol as early on in the process as you can. Your trusted member of the Moneyman team will be able to help you work out roughly how much you’ll be able to pay per month, as well as how much you may be able to borrow.
Different lenders each have different criteria, so speaking to an expert in the field, with a wealth of knowledge surrounding these criteria, will be of a great benefit to you. If you know what you are able afford well in advance of making an application, it may help you avoid any potential future disappointment.
Communication and responsiveness are also a large part of what we do. We aim to ensure all of our customers are kept informed about the progress of their mortgage application by email, so you are fully aware of what is going on and where the process is headed next. If something ever goes wrong or you have any questions, we are always available at the end of the telephone, ready to help you out in any way we can.
A trusted and loyal Mortgage Broker will work for the customer and not the Lender. This is something that is important to remember throughout your process. Our team are firmly in your corner, sometimes having to
When you start out looking for a mortgage first time buyers in Bristol and home movers will soon realise that there are lots of different options available. Below you will see a list of the most popular types of mortgages available on the market and hopefully. If you have any questions regarding any of the below mortgage options, then please do not hesitate to contact us.
A fixed-rate mortgage means that your mortgage payments are going to stay the same for a set period of time. You can set the length of which you want to fix your payments for, typically this being 2, 3 or 5 years or longer. No matter what happens to inflation, interest rates or the economy you know that your mortgage payment, usually your biggest outgoing, will not change.
A tracker mortgage means that your interest rate will track the Bank of England’s base rate. So in other words, the lender that you are with does not actually set the rate themselves. You will be paying a percentage above the Bank of England base rate. In an example, if the base rate is 1% and you are tracking at 1% above base rate, that means you will be paying a rate of 2%.
When you take out a repayment mortgage this means that each month you are paying capital and interest combined. So as long as you keep your payments going for the full length of the mortgage term, the mortgage balance is guaranteed to be paid off at the end and the property becomes yours.
This is the most risk-free way to pay your capital back to the lender, in the early years it is mainly the interest that you are paying and your balance will reduce very slowly especially if you have taken out a 25, 30 or 35-year term. This situation switches in the last ten years or so of your mortgage, where your payments are paying off more capital than interest and the balance will come down much faster.
Whilst many buy to let mortgages in Bristol are set up on an interest-only basis, it is much more difficult to get a residential property on an interest-only basis.
It is much less likely for lenders to offer an interest-only product now. However, there are certain circumstances where this can be an option. These include downsizing when you are older or have other investments that you will use to pay the capital back. Lenders are very strict when it comes to offering these products now and the loan to values is a lot lower than back in the day.
With an offset mortgage, the lender will set you up a savings account to go alongside your mortgage account. How this works is that let’s say you have a mortgage balance of £100,000 and £20,000 is deposited into your savings account, you only pay interest on the difference, so in this case, £80,000. This can be a very efficient way of managing your money, especially if you are a higher rate taxpayer.
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Bristolmoneyman.com & Bristolmoneyman are trading styles of UK Moneyman Limited, which is authorised and regulated by the Financial Conduct Authority.
UK Moneyman Limited is Registered in England, No. 6789312 | Registered Address: 10 Consort Court, Hull, HU9 1PU.
Authorised and Regulated by the Financial Conduct Authority.
We are entered on the Financial Services Register No. 627742 at www.register.fca.org.uk
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Bristolmoneyman.com & Bristolmoneyman are trading styles of UK Moneyman Limited, which is authorised and regulated by the Financial Conduct Authority.
UK Moneyman Limited is Registered in England, No. 6789312 | Registered Address: 10 Consort Court, Hull, HU9 1PU.
Authorised and Regulated by the Financial Conduct Authority.
We are entered on the Financial Services Register No. 627742 at www.register.fca.org.uk
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