'Now more than ever, it’s important to seek independent mortgage advice'

In a year that's seen several Bank of England base rate rises, homeowners and people wanting to get on the property ladder are feeling the heat. Gloucestershire mortgage provider B Mortgage Services offers its insight into the evolving picture.

By Emma Luther  |  Published
B Mortgage Services has seen a growing number of options for later life lending, with retirement interest only mortgages and increased flexibility with equity release lifetime mortgages.

Gloucestershire mortgage and protection adviser Mark Walker​ has been with B Mortgage Services since its inception in March 2021.

He offers SoGlos his expertise on getting a clear picture of the current financial landscape.

What does your role encompass at B Mortgage Services?

My role is to help clients with all aspects of mortgage advice, as well as ensuring our clients are able to remain in their home regardless of how their financial situation may change.

We are here to help and support our clients through every stage of the mortgage process.

What are the biggest issues surrounding mortgages at the moment?

This year to date we have seen seven Bank of England base rate rises, which has increased the cost of lending to the borrower.

Since the financial crash in 2008, we have experienced exceptionally low interest rates. However, if you were to look at the average cost of lending over the previous 20 years, the current mortgage products on offer are still comparably low.

What services do you provide that can help?  

We offer whole of market mortgage advice for all aspects of residential and buy-to-let lending; we also offer advice on all areas of mortgage protection, including life cover, critical illness cover and income protection.

In your experience, how can people get the best deal?  

If your existing mortgage product is coming to an end, you can secure a new deal up to six months in advance through a re-mortgage.

By securing the mortgage offer now, it will protect you from any potential interest rate rises that may occur over this period.

It’s also important to consider how you appear to the lender. Make sure you’re registered on the electoral roll at your current address and that your credit commitments are paid on time.

It can be difficult to compare mortgage products without advice, as its not always the lowest interest rate that is the most cost-effective solution.

We also need to consider any associated fees and costs, including lenders' fees, valuation fees and legal costs.

To get the best deal, I would recommend you seek independent advice.

Which types of mortgages are generally speaking best for different life stages?

It would really depend on the individuals’ circumstances, rather than their age.  

A young couple in employment with a fixed income and no alternate means to repay the mortgage may benefit from a fixed rate repayment mortgage, so they can budget effectively and ensure the mortgage balance will be cleared at the end of the term as long as they maintain their payments.

A middle-aged couple could be looking to capital raise for a second home, investment property or home improvements.

An older person within the last 10 years of their mortgage may be looking at how they can clear the remaining mortgage balance, or could be considering raising additional funds to help family members onto the property ladder.

Over the last five years, we have certainly seen a growing number of options for later life lending, with retirement interest-only mortgages and increased flexibility with equity release lifetime mortgages.

Are there any common misconceptions around mortgages that you’d like to set straight?

I think now, more than ever, it’s important to seek independent mortgage advice.

I’ve read a lot of headlines, particularly over the past couple of weeks, with confusing details and misinformation. If you’re unsure just ask.

Is there anything else about mortgages you’d like to highlight?  

I think it's important to point out that in the current climate lenders do still want to lend and there are mortgage products available.

We have a number of free mortgage guides and blogs available from our website that may benefit your readers.

Visit bmortgageservices.co.uk for more information. 

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