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Get Yourself Mortgage Ready

If you are hoping to buy a new home soon, it’s never too early to start preparing – get yourself mortgage-ready this summer by following these steps.

Work on your credit score

Mortgage lenders will scrutinise your credit report to determine whether you can meet the monthly payments – the higher your score, the more likely it is that your application will be accepted. It’s free to check your records using TransUnion, Equifax and Experian. Lenders could use any of these agencies, so it is advisable to pull a report from each. By doing this now, you give yourself a chance to fix any issues if needed and boost your score before your purchase.

What are lenders looking for?

The last six years of your financial history is used to calculate if there is any future risk when it comes to borrowing. Your existing accounts will be inspected – for example, a lender will check if you have consistently paid any phone and utility bills. They will also be looking to see if you have ever gone into your overdraft or taken out loans, which may indicate that you struggle to manage your finances. So, if you’ve been staying out of debt and making all your regular payments, you will be considered to be a stronger applicant.

Don’t get caught out

Any discrepancies in information could be a cause for concern in the eyes of a lender, so make sure all your old accounts have been updated with your current address. If you are no longer using some accounts, consider whether keeping them open would strengthen or weaken your mortgage application. For example, if you’ve had a credit card for a while time, the longstanding financial relationship could prove your reliability.  However, an old joint account with someone you are no longer financially linked to could put your credit score in jeopardy.

Monitor your spending

In the months running up to your application, be conscious of how you spend your extra cash. Lenders are required to carry out a stress test to check borrowers could still make payments if mortgage rates were to increase.  So, any money you are saving will help prove that you could still make ends meets. Gambling and other habits that are considered non-essential are likely to be a red flag.

Have you registered to vote?

The upcoming General Election is not the only reason you should be registering to vote. Lenders need evidence of your identity and address, so being on the electoral roll is key proof of this.

Talk to us

We can help you make your property dreams comes true. We’re able to access a range of mortgage products, advise on government schemes that could help and help you through the application process – just get in touch.

Your home may be repossessed if you do not keep up repayments on your mortgage

 

/ By Sue Howsam / Concise News • Industry News/ 0 Comments

SKIPTON LAUNCHES DEPOSIT FREE 100% MORTGAGE

Skipton Building Society has unveiled details of the first 100% loan-to-value mortgage launched since the 2008 financial crisis.

 Aimed at renters, the lender’s Track Record Mortgage aims to help tenants onto the property ladder without a house deposit and removing the dependency on the Bank of Mum and Dad or guarantors.

How does it work?

This deposit-free 100% mortgage enables first-time buyers to purchase a home by providing evidence that they have made rental payments for at least 12 months. Usually, a deposit between 5% and 10% is required for a buyer to apply for a mortgage, but renters often struggle to save for a deposit while paying rent.

This new product is exclusively available through Skipton Building Society on house purchases and will allow borrowers to side-step the usual deposit requirements, enabling renters to buy a home with a 100% mortgage.

Who can apply for this mortgage?

You might be eligible for this mortgage if:

Each applicant must be a first-time buyer aged 21 or over.

  • Applicants cannot have any missed payments on debts or credit commitments like mobile phones within the last six months.
  • They are not looking to buy a new build flat.
  • Borrowers will need proof of having paid rent for at least 12 months in a row within the last 18 months.
  • They have 12 months of experience paying all household bills within the previous 18 months.

Important points to consider before applying!

You need to make sure you’re aware of what it means to have a zero or minimal deposit mortgage, as there is a higher risk of negative equity. You would be in negative equity if you owe more on your mortgage than what your home is worth.

You could lose your home if you don’t keep up your mortgage repayments.

Want to take the next Step?

 At Concise we will help you through the process step by step working out how much you can borrow, how much it will cost, and what type of mortgage may be most suitable for you. We will even take care of all the paperwork for you, so you don’t need to worry about a thing.

For further information on the Track Record mortgage or to make an appointment please contact us at enquiries@concisefs.co.uk or on 01522 567222.

The information contained within was correct at the time of publication but is subject to change.

Your mortgage is secured on your property. Your property may be repossessed if you do not keep up repayments on your mortgage

/ By Sue Howsam / Concise News/ 0 Comments

UK House Prices In Surprise Rise In April, Says Nationwide

UK House Prices In Surprise Rise In April, Says Nationwide

UK house prices rose by 0.5% in April after seven consecutive months of falls, according to the Nationwide building society.

Economists had been expecting average prices to decrease during the month. Prices had been falling since August last year, after Liz Truss’s mini-budget sparked turmoil on financial markets and drove up borrowing costs.

Nationwide is predicting a “modest recovery” in the housing market as mortgage rates start to come down. But it said any improvement would be “fairly pedestrian”, as household finances remain under pressure and average earnings have been failing to keep pace with inflation.

The cost of an average home rose by 0.5% between March and April to hit £260,441, said the lender, which bases the findings on its mortgage data. However, that was still 2.7% lower than a year ago. Conditions in the housing market have “taken a while to settle down” since the mini-budget, the lender said.

In September, former chancellor Kwasi Kwarteng promised billions of pounds of tax cuts without explaining how they would be paid for. It spooked financial markets and drove mortgage rates up to a 14-year high.

Rates are now “well below” those levels, but remain more than twice what they were a year ago, Nationwide said. However, the number of mortgages being approved is picking up and households feel more confident about their finances, said Robert Gardner, Nationwide’s chief economist.

“If inflation falls sharply in the second half of the year, as most analysts expect, this would likely further bolster sentiment,” Mr Gardener said.

“This, in turn, would also be likely to support a modest recovery in housing market activity.”

Rising prices will be a blow to potential first-time buyers, who are already facing rising rents. The continuing rise in many regular bills and food prices is also adding to the financial strain. However, views among housing market analysts are mixed, with some suggesting that house prices are not guaranteed to rise.

Samuel Mather-Holgate, from advisory firm Mather and Murray Financial, said: “The housing market always sees a boost in the spring, but don’t confuse this data with the green shoots of recovery.

“The annual figure is still down, and this is expected to get worse over the next few months, especially if the central bank increases rates again this month.”

But Tomer Aboody, director of property lender MT Finance, said: “Buyers are finally making their move after months of waiting and stalling. More transactions are definitely needed for the overall strength of the housing market.”

Source: BBC News 03/05/2023

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Two For One? Life Insurance For Couples

If you and your partner have shared financial commitments, it makes sense to consider a joint life insurance policy. But is it better to take out one policy or two?

A joint life insurance policy covers two people but usually pays out once. This means the cover will end after the death of the first policyholder. So why choose a joint policy?

One key reason is that it can be cheaper. This might be especially helpful if one person would be more expensive to insure. On the other hand, if one person earns a lot more, you might want extra cover for that person, in which case individual policies might be better.

Whatever you decide, having some sort of cover is the most important move – especially if you have dependants.

As with all insurance policies, conditions and exclusions will apply

Sources:

www.moneysupermarket.com

www.legalandgeneral.com

www.aviva.co.uk

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Protection Pay-Outs Rise Again

Protection pay-outs for bereavement, illness and injury claims reached £6.8 bn in 20211, a second consecutive yearly high.

The record-breaking figure means that, on average, more than £18.6m was paid out every day in life insurance, income protection and critical illness claims. In another turbulent year, protection continued to provide crucial support to millions of people.

Bigger pay-outs

This is the third year in a row where the overall average individual pay-out has increased, rising by 9% year-on-year to reach £14,994.

Specifically, for term assurance, the average claim payment was £61,944, roughly in line with 2020’s figure. Likewise, the average critical illness claim payment was little changed from a year earlier at £67,500.

Claims paid

98% of individual and group claims were paid in 2021, highlighting the widespread support provided by protection policies.

Once again, ‘non-disclosure’ was the main reason for an individual protection claim being rejected. This occurs when a customer fails to provide information about something that might have influenced the insurer’s decision to provide cover or the price of that cover.

COVID effect

2021 was, of course, significantly impacted by the pandemic. In times of turbulence, the importance of protection policies comes into even sharper relief.

Indeed, pay-outs for COVID-19 related individual claims almost doubled in 2021, reaching a total of £261m. The increase was driven mostly by the 69% increase in term assurance claims.

Ups and downs

One especially noteworthy trend in 2021 was the 40% rise in claims for musculoskeletal conditions, which, analysts suggest, could be linked to the higher number of people working from home in unsuitable work environments.

In contrast, there were 20% fewer claims relating to mental health in 2021. Despite the drop, mental health claims remain above their 2019 level, showing how protection policies continue to support people throughout the pandemic.

More than a number

Term life insurance pays a lump sum to cover costs if the policyholder dies unexpectedly or prematurely; income protection supports you if you are unable to work due to illness or injury, while critical illness cover pays out if you are diagnosed with a specified illness.

All three provide vital protection for you and your family, making sure you can meet financial commitments and giving you the peace of mind that your loved ones will not face hardship. Behind the headline facts are millions of families given support when they needed it most.

Get in touch

Whatever your circumstances, we can help you find a suitable policy within your budget. Get in touch today!

As with all insurance policies, conditions and exclusions will apply

1 Association of British Insurers (ABI) and GRiD

Sources:

www.abi.org.uk

www.independent.co.uk

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Green Mortgages

If you've an energy-efficient home, you could save with a green mortgage.

A growing number of mainstream lenders are now offering so-called green mortgages. Essentially, a green mortgage is meant to increase the appeal of owning a green property. On top of the savings you'll make on your energy bills each month, the idea is that lenders give you cashback and/or a better interest rate when you take out a green mortgage on an energy-efficient property.

Lenders are willing to offer incentives of this nature because they increasingly see energy-efficient properties – in this era of combating climate change – as less risky and more likely to hold their value. Plus, if a homeowner is spending less on their energy bills each month, there's less of a chance they'll struggle to meet their mortgage repayments.

To qualify, you need to own/purchase a property with an Energy Performance Certificate (EPC) rating of A or B.

While it's likely more lenders will start to offer green mortgages in the future, the number of high-street lenders that currently offer a green mortgage is small so we recommend speaking to one of our advisors. A broker is worth their weight in gold, as we will be able to highlight green mortgages for you, as well as indicate whether you could save money by getting a non-green mortgage instead.

For more details us on 01522 56722 or email at enquiries@concisefs.co.uk

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Prepare to Sell in Seven Steps

In the seller’s market of the pandemic years, properties have been changing hands at double speed. As the market starts to cool, however, the finer details will become even more important.

Small changes can make a big difference; it’s about making your home as appealing as possible to prospective buyers. Here are seven ideas for putting the finishing touches to your house before listing it for sale.

1. De-clutter

Removing clutter will make your house seem bigger. It’s one thing for your home to look lived-in and another to have piles of stuff at every turn. That stack of leaflets by the front door? Recycling bin. That over-flowing cupboard of DVDs you haven’t watched since 2014? Charity shop.

As an added benefit, de-cluttering your home is a great way to prepare for moving house – both physically and mentally.

2. Don’t paper over the cracks

Now might be the time to get on top of any DIY tasks you’ve been delaying! Presenting a well-maintained property shows the house has been cared for, which is something buyers value. When buyers notice problems (or attempts to hide problems) they worry about the extra work that might need doing and factor this into their offer price.

3. Depersonalise

It’s important to strike a balance between personal and presentable. Don’t overdo depersonalising; you don’t want your house to feel like an empty white box. But it might be a good idea to remove a few quirks like family photos and holiday souvenirs so that the buyer can imagine themselves living there more easily.

4. Define rooms

It’s normal for spaces to blur over time. If the kitchen table looks more like a home office and the spare bedroom has become a storage depot, think about converting these rooms back to their original purpose. Defining rooms clearly helps advertise your home more effectively.

5. Think smells

A surprising or unpleasant smell can play an outsized role in informing our impressions at a viewing. Cooking, smoking, pets, and bins can all cause off-putting odours. Air your house before a viewing and consider adding floral scents like orange and jasmine.

6. Inside out

Don’t forget the outside of your house! Many buyers will drive past a property to get an idea of its appeal before expressing any interest. If you can tidy the garden or driveway, clean the windows, and give the front door a lick of paint, your property will make a great first impression.

7. Green is good

Small improvements in the garden can increase the appeal of a property. Weeding, cutting the grass and adding a few decorative touches are simple, cost-effective ways to improve how your house is perceived.

Here to help

We’re here to guide you through the mortgage process every step of the way – leaving you time to paint the front door! Get in touch today to find out how we can help.

Sources:

www.your-move.co.uk

www.theadvisory.co.uk

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A Big Welcome to Jess

Jessica Bell has joined Concise as a Mortgage & Protection advisor following 7 years in the property sector working in a number of different roles including Referencing Executive, Learning and Development Trainer, Sales Negotiator, Property Valuer and Branch Manager.

Jess is Lincolnshire born and bred, and lives with her partner and their puppy Alfie in Dunston. She loves a good spa day, trips away and spending time with friends enjoying a cocktail (or two!).

Jess absolutely loves being a Mortgage Advisor:

‘’I love being able to help customers and have a positive impact on their journey, I am here to provide support and my aim is to keep you smiling no matter what. I am really excited to be working with Concise, to meet all their lovely clients and help you with all your mortgage, protection and insurance needs’’.

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Concise are supporting Tom in the Adidas Virtual City Run

Adidas Virtual City Run

 

Concise Financial Solutions are thrilled to announce that we will be supporting Tom in the Adidas Virtual City Run by donating 10% of every arrangement fee we charge throughout July and August to St Barnabas.

The Virtual City Run is a one-hour challenge that will push Tom to complete as many kilometres as possible within one hour. As a twist on the normal City Runs, Tom gets to choose the date, choose the time and choose the location.

With so many events cancelled up and down the country it is more important than ever to continue to offer opportunities to fundraise and support local charities and none better than St Barnabas.

St Barnabas Hospice is the leading charity in Lincolnshire providing palliative and end-of-life care to adults living with a life-limiting or terminal illness. The funds raised from this unique challenge will help to support patients and families across Lincolnshire when they need it most.

We know Tom would really appreciate your support. You can donate to Tom’s JustGiving page by clicking below:

Donating through JustGiving is simple, fast and totally secure. Once you donate, they’ll send your money directly to St Barnabas Hospice Trust (Lincolnshire), so it’s the most efficient way to give – saving time and cutting costs for the charity.

Your sponsorship money will give St Barnabas patients high-quality and compassionate care at a time when they are particularly vulnerable. St Barnabas has continued to deliver their services throughout the Coronavirus outbreak and they will be very grateful for your support.