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Getting Mortgage Ready

Posted by siteadmin on Friday 30th of October 2020

 

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Buying a home takes careful preparation and planning. As well as finding a property you like, you need to get your finances in good order before lenders review them and assess your ability to make repayments on your loan.

Save up
During the recent lockdown, many lenders pulled their ‘high loan-to-value (LTV)’ products which typically only require a deposit of 5% or 10% (often first-time buyers) to take out a mortgage. The good news is that lenders are returning to the high LTV market, but you may need to act quickly to secure the deals....


Mortgage affordability in a post-COVID world

Posted by siteadmin on Wednesday 9th of September 2020

Back in March, the Bank of England slashed interest rates to an all-time low of 0.1%, in a bid to alleviate the severe economic pressure caused by coronavirus. As the base rate cut fed through to mortgage rates and with the continuing pressure of a closed mortgage market, lenders responded by withdrawing mortgage offers, increasing rates and pulling products from the market.

Between March and May:

  • 2,656 mortgage products were withdrawn, many of which were high loan-to-value (LTV) deals (i.e. those requiring a smaller deposit).
  • 396 two...

Mortgage Payment Holidays - Talk to us to find out more

Posted by siteadmin on Thursday 6th of August 2020

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The Chancellor’s announcement back in March, offering 3-month mortgage payment holidays for homeowners experiencing financial difficulties due to COVID-19, came as welcome news to many people. Mortgage lenders agreed with the Treasury that any customers who are in ‘difficulty’ will be eligible.

Initial uptake
Recent data has revealed over 1.2 million mortgage payment holidays have been offered to customers impacted by COVID-19. Around one in nine mortgages in the UK are now subject to a payment holiday. In the ...


Home improvements to add value to your home

Posted by siteadmin on Monday 3rd of August 2020

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Evidence suggests that many more of us are putting down roots and choosing to stay in our current homes for longer. The average time a homeowner in the UK stays in their property is 21 years.

This contrasts with the 1980’s, when a fast-rising property market encouraged a move every eight years on average.

However, high prices in some regions, Stamp Duty and the other costs of moving, are now encouraging us to stay put and spend money improving our properties.

With so many more people staying put ...


Stay Protected

Posted by siteadmin on Wednesday 29th of July 2020

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The coronavirus outbreak has impacted everyone across the globe, leaving many individuals and families in a precarious financial position. The crisis has shown that financial hardship can strike when we least expect it, demonstrating the importance of protection cover.

As people’s anxiety about their financial future intensifies, it’s likely that many people will be considering how they can reduce their outgoings. Income protection or critical insurance may be top of the list to cancel if they can be perce...


Managing mortgage stress – Novum are here for you

Posted by siteadmin on Wednesday 29th of July 2020

Managing mortgage stress CARD.pngWhether you’re a first-time buyer, a second- stepper or further up the housing ladder, buying a home is always a big move and can feel a bit like a roller coaster ride at the best of times. Now there is the added complications and worries that the COVID-19 pandemic may have caused for people’s lives, finances and general wellbeing.

Here are some tips that can help you navigate the home moving process as smoothly as possible.

Smooth sailing
Taking advice will save you time, money and stress. We are on your side, we know the industry and the ...


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