Lenders, for a long time, have had arrangement fees; usually any thing from a few hundred pounds up to 3% of the mortgage amount. However, I am now seeing completion fees being charged, up front, as well. These are usually in the region of £250. This is something to bear in mind when comparing different lenders.

Also,  the arrangement fee needs to be looked at VERY carefully. This is because, you may get a very competitive interest rate with a large arrangement fee attached to it and this can look very appealing. There is a sting in the tail though, that if your mortgage is not large (typically in excess of £250,000) then you will actually being paying more for your mortgage overall with the high arrangement fee product. The better option would be to take a slightly higher interest rate product with a lower arrangement fee. This will mean that  overall, you will actually pay less for your mortgage. Again, this is a very important point to check out and compare when looking for your new mortgage product.

As can be seen, there are ways that you could end up paying a lot more for your mortgage without realising it. Talk to the experts at Thompson Financial Consulting and we will ensure you get the right mortgage deal.

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

You may not think that this is important as you may feel that you would not be in a position to want to change your mortgage. However, you never know what may be around the next corner and you may want to change your mortgage for some reason.

You want to ensure that if you do have a redemption penalty than you are as certain as you can be that you will not be changing your mortgage. If you do change the mortgage product, it can be a very expensive cost to pay the redemption penalty.

You need to take all your financial circumstances and potential future financial needs into account to ensure you get the right mortgage product for you now, as well as into the future.

Our advice would be to get professional mortgage advice to ensure you get the right mortgage product for you. Please contact Thompson Financial Consulting and we will be happy to help you.

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

These are not just related to the mortgage e.g.  arrangement fees or valuation fees, you also need to consider solicitors fees, stamp duty fees or the cost of a survey on the property if required.

All these costs can mount up and if you have not considered all of them you could find yourself short of money before you have even moved into your new home.

Always ensure you ask the professionals you are using to break down the cost so you know exactly what you have to pay. You can then budget and ensure all the cost are taken into account. In that way you can plan the mortgage and house purchase without any unnecessary worry about money.

Please feel free to contact Thompson Financial Consulting about any mortgage advice you require. We will ensure you get all the information and advice you need.

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

Over the coming years do you need to;

• Borrow additional money in the future.
• Repay lump sums or increase your  monthly contributions.
• Move home.
• Changing your mortgage rate if required.
• Offset future savings against the mortgage balance.

Any of the above could mean that you need flexibility within your mortgage product. Has this been considered or thought about when you take out the mortgage product? It could be that you need to change lenders and mortgage product to get the flexibility you need. If you don’t get this right it can be very expensive to exit a mortgage deal.

The best option is to use professional advisers so that all the questions and issues can be evaluated and the correct mortgage product chosen.

Please contact us at Thompson Financial Consulting and we will be happy to give you the right mortgage advise for you.

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

As it is more difficult to find mortgage deals at the present time, many people are remaining on their lenders Standard Variable Rate and so it is important to make sure that this is as competitive as possible.

Lenders Standard Variable Rate can range from 2.5% to 5.5%, with others higher depending on how good your credit rating is.

With such a large difference in this type of rate, it is important to make sure this is reviewed at the time of taking out your mortgage.  It is always important to check all the terms of a mortgage, not just the headline rate that you will pay to start with.

If you need any help or advice in organising the best mortgage for your circumstances, then please contact Thompson Financial Consulting and we will be happy to help.

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

Would you find the house you wanted and then see if a mortgage is affordable to you long term on that property? Well it surprised me that there are people that will do things this way round. The problem is that once your heart is set on the home you want, people will quite happily ignore the cost of the mortgage and consider it affordable, even though it may not, and all sense goes out of the window. With the clients I saw, this leads to a difficult conversation with them to help them appreciate what they are entering into and that the mortgage may not be affordable to them.

In this current climate, you want to know exactly what size mortgage is affordable to you and do a realistic budget planner to ensure all your costs have been taken into account.  In that way you can be as certain as possible that you have the right level of borrow and so the right monthly costs.

If you require any help with organising or budgeting for a mortgage then please contact us at Thompson Financial Consulting.

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

When comparing mortgages you not only need to consider the interest rate that you will be charged, but also the other fees that are attached to it. There are arrangement/booking fees, legal fees, valuation fees and telegraphic transfer fees. You must consider all these as a total cost to see if the interest rate on offer is actually as good as it looks.

It can often be the case that it is better to pay a slightly higher interest rate, which comes with lower fees, than to go for the cheapest interest rate  and pay the higher setting up costs. When comparing the costs OVERALL the higher interest rate could be CHEAPER.

Without an accurate and professional review of all products, interest rates, options and charges on mortgages, you could pay more for your mortgage than you need to.

If you require any help or advice on mortgages then please feel free to contact us at Thompson Financial Consulting

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

A lot of the time people will find the home they want and then try and find the mortgage to achieve the home purchase, often without luck. The issue is that at the present time the credit crunch has made lenders reluctance to lend people money.

I would advise my clients to get their mortgage organised before they start looking for properties. By doing that they’ll know how much they have to spend and this will put them in a much stronger position when they make offers on a property they want.

If you need any help or advice about mortgages then please contact Thompson Financial Consulting

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

You can have a lump sum of money, take a regular income or a combination of these and either roll the interest up or pay the interest every month so that the debt does not increase.

Equity Release can be very flexible and can be used for many different things. Some of the popular reasons are often to help to increase peoples standard of living in retirement, for a new car, holidays or repay a mortgage or other debts.

Equity Release is fully regulated by the Financial Services Authority. It must be stressed that Equity Release is not for everyone, however, there are many people that might find it very useful.

If you would like further information on Equity Release please feel free to contact Thompson Financial Consulting.

*Equity Release refers to Home Reversion and Life Time Mortgages. To understand the features and the risks ask for a personalised illustration.

Many low interest rates now come with very large arrangement or booking fees. These are fees that you have to pay to the lender to get the interest rate you want. If you don’t calculate the effect of this arrangement or booking fee than then overall cost of the mortgage can be a lot more than going for a higher interest rate in the first place, that doesn’t come with such a large fee.

These large upfront fees usually work well on very large mortgages, potentially in excess of £250,000, so if your mortgage is not this large, do take time and work out how much you are really paying for your mortgage when you include all the costs involved.

If you need any help or advice to ensure you get the right mortgage deal for you then contact Thompson Financial Consulting Ltd

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