News Mortgage Tips

Published by Christopher on 10th March, 2020

Whether you have questions regarding your first mortgage or if your current deal is up for renewal, feel free to call our in-branch Mortgage Advisor, Rachel Johnson for expert advice. In the meantime, we've got Rachel to answer the most frequently asked questions, when it comes to mortgages. 

Rachel Johnson, PJC's in branch. Mortgage Advisor for Neath, Port Talbot, Bridgend & Pencoed

How often should I re-mortgage?

You should always get financial advice when your deals are coming to an end, It’s a good time to review any changes in your circumstances and evaluate that your current mortgage meets those needs, we will also look to see what new deals are available to you with your current provider or other lenders.

If I am refused a mortgage with any lender, could I still get a mortgage?

Yes, By speaking with an adviser who has access to a number of lenders you may still meet their criteria for borrowing. So if you are turned down by a lender, contact us to see what other options are available

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What is the normal deposit percentage?

The amount of your deposit comes down to your individual circumstances. I regularly see First time buyers with 5% deposits looking to purchase their first homes. There are some lenders who will now consider 0% with help from families who would need savings of their own to assist without gifting the money.

Government schemes like the ‘help to buy ISA’ can be beneficial for first-time buyers. Are there other schemes available now that's ended?

There is a Life Time ISA which can also be used towards a deposit for your first house, but you will need to get advice from the provider.

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A lot of people want to reduce the term of their mortgage but are conscious of overpayment charges – what advice would you give people to help them reduce the term of their mortgage?

If you are currently tied into a deal then check your mortgage offer or contact your lender as most will allow you to overpay your mortgage up to 10% of the capital balance per year. Please ensure you check as if they do not allow the overpayments you could be subject to an early repayment charge

If you are no longer tied into your mortgage, I would recommend Mortgage Advice to possibly look into amending your term to fit with your repayment goals

What’s the most common problem people have when applying for mortgages?

Mortgages can be straightforward but also complex depending on your circumstances and the property you wish to purchase. Speaking to an adviser is worth it to overcome any hurdles there maybe as each individual lender has their own criteria.

If you would like more expert advice, call Rachel on 07812 171256 or email