Lifetime ISA Explained in Leicester

ISA Mortgage Advice in Leicester

The Lifetime ISA (independent savings account) is a great addition to the government-led mortgage schemes. In theory, it’s not really a scheme, it’s an independent savings account that builds up overtime through help from the governement. These funds can help you purchase your first home.

The Lifetime ISA is not to get confused with the Help to Buy ISA, they are similar but there are some differences. Let’s take a look at the Lifetime ISA, how it works and why it could benefit you.

What is a Lifetime ISA?

In your Lifetime ISA, your savings will grow interest-free. Each year, your total amount saved in the ISA will be increased by the government by 25%.

The maximum that you can deposit each year is £4,000. This may seem like a lot, however, at the end of the year, you’ll receive an extra £1,000 in your ISA account.

Where can I use my savings?

Your ISA savings can be used for two different things. Firstly, you can use it to buy your first property. If you are thinking about starting your buying a home journey as a First Time Buyer in Leicester, this scheme could be perfect for you. Lifetime ISAs can especially be useful if you’re thinking of holding off your mortgage journey for a little while longer.

Alternatively, you can use the Lifetime ISA for later in life savings. Unfortunately, as a Mortgage Broker in Leicester, we can only help clients looking to utilise the savings account to fund a deposit for their first home. If you are thinking of using the Lifetime ISA for this second reason, you can find out more information on the Lifetime ISA government website.

Are there any restrictions?

Like most government schemes, you will have to qualify for the ISA before you can use it. Here are the requirements:

Buying a home

• This has to be your first home purchase
• You can only save a total of £4,000 a year
• The house that you’re purchasing must cost £450,000 or less
• You must be under the scheme for a least a year before you can make a purchase
• You must be over the age of 18 but under 40
  
  

Further information on the Lifetime ISA can be found on the official government’s official page here: https://www.gov.uk/lifetime-isa.

If you’re already feeling as if this is right for you, get in touch with a Mortgage Broker in Leicester like us and we can help you get your Lifetime ISA journey started.

Trusted Mortgage Advice in Leicester

If you’re curious about more government-led mortgage schemes, now could be the perfect time to take a look and find out what’s available. There are lots of different schemes available, so it’s definitely worth the look! Starting off your mortgage journey through a government scheme could massively boost your chances of being accepted for a mortgage.

Get in touch with our brilliant Mortgage Advisors in Leicester and book your free mortgage appointment today. We don’t just specialise in Lifetime ISAs, we work with the Self Employed, Remortgages and Buy to Lets; any mortgage situation, we will try our best to help! We love a good challenge and we would love to try and help you make that first step onto the property ladder.

Remortgage Advice in Leicester

Reason To Seek Remortgage Advice in Leicester

Is your current mortgage deal approaching its end? Are you in need to borrow some extra money? If so, then it could be the appropriate time for you to Remortgage.

Many people, due to unfavourable economic situations, can find themselves in hot waters when it comes to making mortgage payments. If you are in the situation, you should ideally speak to your current lender and see if they have better alternatives to offer you. Remortgaging is perhaps one solution to the problem. However, the remortgaging process can sometimes be complicated and require Mortgage Advice in Leicester.

We frequently observe that customers leave searching for a new deal too late and end up falling straight to their existing lender’s standard variable rate. This is why you should always be aware of when your current deal is about to expire. Unquestionably, a lender’s rate will be a lot higher than your current rate thereby increasing your monthly payments by a significant number. So remember, there is nothing bad to think ahead and speak to Remortgage Advisor in Leicester.

Should I look elsewhere for a remortgage or stay with my lender? 

It is always the best approach to look around for other deals first before committing to an existing lender. Sticking with your existing lender may speed up the process, as you have an established relationship and they have your details on file, but there could be better deals with lower rates out there. So, go straight to the same lender just because you think it’s easier. Lenders never reward loyalty, they could offer better deals and rates to their new customers than to customers who have been with them for the past five years. 

On the contrary, many people look for online options where they can apply for remortgage online without speaking to an advisor or lender. Such a scenario is called an execution-only mortgage. Yes it can be easy to perform everything online, however, the consumer protection that an individual would have gotten by seeking advice will be no longer available. 

Lenders love their customers doing everything online as applicants often end up messing things up and picking out the wrong product, which can result in the borrower being on a higher rate than what they could’ve been on had they taken Remortgage Advice in Leicester earlier.

Remortgage Advice in Leicester for home improvements

Do you feel like your home is due to some upgrades and improvements? Home improvements or minor house upgrades are great ways to freshen up your home and increase your home value. 

Did you know that you could remortgage for home improvements? It can be a significant investment, as improvements such as extensions or loft conversions can add significant value to your property. People who are not even looking to increase their property value, because they have found their “dream home”, will also borrow for a home makeover. This could either be cosmetic alterations or some structural work. 

If you need to borrow a significant amount of money, your lender will reserve the right to ask you for estimates of the work you intend to carry out. You do not necessarily have to use the contractor that provided the estimate to do the actual work. 

Capital Raising Remortgage Advice in Leicester 

For any legal reason, you can raise capital on your property when you remortgage. This case is specific for large consumer purchases, gifts to help out family members, purchase a Buy to Let property, or for debt consolidation. 

Remember that you will be paying interest on a remortgage for an extensive period after you take one out so you need to ensure that you are borrowing for the right reasons and that you will be able to meet monthly payments during the whole mortgage term. 

Debt Consolidation Remortgage Advice in Leicester 

Most people associate remortgaging with securing a better interest rate for their monthly repayments or releasing funds for home improvements, but it is also possible to remortgage to consolidate debt. 

Adding unsecured debt to your mortgage may result in paying higher interest overall. It is because a mortgage term is usually much longer than the duration of a personal loan (this isn’t always the case). 

You will need to realise that you are acquiring an unsecured debt and securing your home. This will not fit in easily with everyone as you are lying under the risk of repossession if you failed to afford your mortgage payments down the line. 

You will need to notice that if you have 0% credit cards, the interest rates that apply to the debts that you are considering rolling onto your mortgage will start attracting interest ultimately. 

It’s important to know that you need to speak to a qualified mortgage advisor prior to securing any debts against your home.

Remortgage options

Before deciding to consolidate debts, you should consider all of your options beforehand. The best way to go about it is to seek Remortgage Advice in Leicester from a remortgage advisor. They will evaluate all of your options and then recommend you with the best route to go down. They might even recommend that you do not take a debt consolidation remortgage; it is the option that will benefit you the most. 

Often, when you consolidate debts into your mortgage it would lead to a reduction in your monthly outgoings. This would ultimately result in many customers reducing their payments by hundreds of pounds. 

Be vigilant enough to evaluate if this is the right option for you and then decide to speak to a Remortgage Advisor in Leicester today.  We are all up to assist you with all of your remortgage needs. 

Remortgaging Advice in Leicester for a Home Extension

Remortgage for home improvements in Leicester

If your home is feeling a little bit cramped, or maybe you fancy some home improvements?

Rather than going through the expenses and stress of purchasing another property. Now is a perfect time to consider Remortgaging in Leicester for some home improvements.

Some improvements, such as extensions or loft conversions, can put a value on your home. Kitchens and bathrooms can look tired after a few years, and you can increase your mortgage to pay for cosmetic alterations as well as structural work.

Rates now are at its lowest rates ever in t+erms of fixed-rate mortgages out there in the market. Now is an excellent time to think about what you do to extend your property, especially considering long term plans.

If the amount you need to borrow is significant, then the Lender will reserve the right to ask you for estimates for the works you intend to have carried out. You do not necessarily have to use the Contractor that provided the view to do the actual jobs.

It’s not all about the value

Some people borrow for Home Improvements even if they know their home may not go up in value, and do this to help enhance their lifestyle, especially more people now than ever are having to lock down and stay in their own home.

If you have decided you are already in your “forever home,” and if you can afford it, there is nothing wrong with borrowing for this purpose at all.

Spending as little as a couple of hundred a month, you could borrow up to £50 thousand depending on specification, which is more enough to have that kitchen or garden extension that you always dreamed of having.  

Adding onto what Malcolm mentioned in his video plenty of different extensions you can choose to add onto your property such as:

• Storage Space
• New Bathroom
• Conservatory
• Loft extension/ conversion
• Extra bedroom
• Outdoor extension
• Off-Street Parking

Sure adding an extension can be time-consuming, but make a huge impact on the long run and your lifestyle.

We have spoken to loads of customers who have taken our Remortgage Advice in Leicester and have been happy with their results.

How can we help?

As an Experienced Mortgage Broker in Leicester, holding years of valuable knowledge within a local mortgage environment, we aim to deliver that excellent service with every customer.

Along with the help with an expert Mortgage Advisor in Leicester, you could walk away with a superb remortgage deal. We offer all our customers a free remortgage consultation.

We understand the busy lifestyles of today. That is why our free remortgage consultations with your Mortgage Advisor in Leicester are available daytimes, evenings, or weekends.

Unlike your Bank, we are able to search through 1000s of remortgage products to find you the best deal for your individual circumstances.

We really do love what we do here at Leicestermoneyman, and this really shows through in our genuine customer reviews.

Contact us today to book your free remortgage consultation in Leicester & see how we can help you.

Porting a Mortgage in Leicester

Mortgage Advice in Leicester

Generally these days most mortgages tend to be ones that are portable, the process is relatively straight forward but varies from lender to lender.

Portable means that it is often possible to transfer a mortgage from one home to another if you’re Moving Home in Leicester, without a penalty. Ideal if you are in the middle of a fixed rate and decide you want to move.

Not all mortgages are portable

Not all mortgages are however portable though. So you should check with your Lender or Broker before putting your house on the market to clarify. If you have an older mortgage or if it is with a Specialist Lender in Leicester there is a chance it might not be portable.

Porting a Mortgage to a More Expensive Property

Some customers decide not to affect the porting option even when it is available to them. Undoubtedly  there are several potential reasons for this. Possibly the new Lender will not lend them the extra money they need to fulfill the move.

When you port a mortgage there is a restriction in that it is only possible to port the amount currently owed. Any additional borrowing needs to be from the new mortgage products currently available from the lender’s range and might not necessarily be competitive.

If you do port a mortgage and borrow extra monies, the additional borrowing creates something called a “sub-account”. In other words, you have one mortgage but with two different rates of interest applying to it.

This can be a real pain because almost certainly the two products will “overlap” each other and as such it’s difficult to get these to line up without having to let one drift onto the standard variable rate for a while.

Customers tend not to like having to change their mortgage deals as often as this and some of them decide to take the “hit” and pay an early repayment penalty to swap Lender and get it all lined up.

Porting a mortgage to a property of higher value involves your current lender valuing your new property,  as well as assessing your current financial situation to allow them to decide whether they can increase your mortgage.

If you are considering porting a mortgage you would be wise to enlist the help of a Trusted Mortgage Broker for their opinion on the options.

Another Milestone Hit | Our Leicester Reviews Celebration

Fantastic result for our Mortgage Broker in Leicester

Another month has come to an end and it seems another milestone has been hit, our employees in Leicester have been hard at work by keeping up their fantastic work ethic and it’s paid off.

By sticking to our five core company values each of our employees has shown an amazing customer service here at our Mortgage Broker in Leicester.

From their open and honest advice to their positive and responsive attitude, it has paid off and shown on our customer reviews that a caring attitude goes a long way.

A big ‘thank you’ to all our Advisors in Leicester

We would be nothing without all who interact us – from our generous customers who go out of their way to give us amazing reviews and much appreciated constructive criticism, to our hard-working employees who don’t offer anything but their best every day.

“The advice I have received from Matt has been invaluable. Our situation was very complex but with Matt’s advice the process was greatly simplified.”

Lee Preston

“My remortgage went through smoothly with Leicestermoneyman. I found them to be responsive and helpful throughout. This is my second time using them and will continue to do so when my deal ends.”

Sally Humphries

To see more of our remarkable customer reviews, please check out: reviews.co.uk