Wednesday, April 24th, 2019
In recent years, some mortgage lenders have increased the term over which a mortgage can be taken to up to a maximum of 40 years, whilst others have also taken the decision to increase the maximum age by which a mortgage must be repaid.
At first glance, it may seem like good news for those prospective homebuyers or home movers with restricted budgets, who want the property of their dreams and also want low monthly payments, but in reality, the total amount of interest that will be payable over the term of these longer mortgages will be much higher.
In our experience, one the main beneficiaries of these changes have been young first-time buyers with a restricted deposit who are at the start of their career. In this way, they get earlier access to the property ladder and can still afford the mortgage payments (albeit over a much longer term).
There are of course many other factors that mortgage brokers need to take into consideration when providing clients with professional advice regarding their mortgage options.
We also believe it is important for clients to review their circumstances and mortgage arrangements regularly to ensure that every opportunity is taken to reduce any remaining term, and thus the interest that is anticipated will be paid over that term. With that in mind, our experienced advisers here at Caboodle Finance keep in regular contact with their clients in order to help make sure that is not the case.
Sadly, not all mortgage lenders offer such flexibility, so for those individuals seeking specific mortgage requirements in what continues to be a very fluid and dynamic environment, the assistance of a professional mortgage broker can prove crucial, thereby potentially saving a significant amount of time and effort in locating the right product.
So, if you would like to get started with a no obligation confidential discussion, call our expert team here at Caboodle Finance of Sutton Coldfield, Birmingham today on 0121 308 9114 or, alternatively just complete our online enquiry form HERE to see how we may be able to help.
Caboodle Financial Services Ltd
240B Lichfield Road
Sutton Coldfield B74 2UD
Telephone: 0121 308 9114