Borrowers that need to re-mortgage could be missing out on savings of thousands of pounds by not moving to a new mortgage deal. Mortgage rates are at their lowest levels following two historic Bank of England base rate cuts. Since the Covid-19 crisis, mortgage lenders have withdrawn many products from the market. The reason for these is due to operational constraints such as mortgage surveys and physical valuations. Lender contact teams have also been under pressure due to the high volumes of calls regarding payment holidays. All of this has placed constraints on lenders’ ability to process new re-mortgage applications, however there are signs that lenders are adjusting processes to overcome these constraints.

 

Large lenders are moving towards automated valuations:

For several years there have been appraisal companies, such as Hometrack in the UK, providing banks with near-instant and automated valuations for residential properties. These services enable banks to cut costs and improve customer service by offering quicker mortgage decisions, sometimes within two minutes.

There are options available for remote valuations / surveys. Photos of a property can be sent to a lender via an app for processing. Alternatively, Valuations are being carried out via remote visits which include a drive-by of the property in a vehicle to assess the information is correct and form the valuation.

The UK’s 10 largest lenders will all use automated valuations on residential mortgages and 8 of these will use this on re-mortgage applications of up to 85% loan-to-value (LTV). Those looking to re-mortgage at higher LTVs will have less choice available.

Using a mortgage broker will help those wanting to re-mortgage – especially for those borrowing at a higher loan-to-value (LTV).  A mortgage broker will find a lender who is more likely to accept a re-mortgage application.

Access to expert insight and knowledge has never been more valuable, for those looking to take advantage of the potential savings from the current interest rates. Borrowers will also benefit from the help of a mortgage advisor knows which lenders can use automated valuations and whether these are applicable to certain lenders along with current processing times.

 

Speak to JP-Finance for peace of mind:

Here at JP-Finance we receive the latest industry news prior to the general public and have the most up to date knowledge on lenders and any lending restrictions and limits.

If you’re looking to re-mortgage, buy or sell your home, or you are worried about the current situation, speak to a member of our team for free advice.

 

JP-Finance (UK) Ltd is an appointed representative of PRIMIS Mortgage Network. PRIMIS Mortgage Network is a trading style of Personal Touch Financial Services Ltd which is authorised and regulated by the Financial Conduct Authority.


relief

 

 

Every two years Sport Relief raises money to help those in need. We all follow the news about celebrities braving the weather and all sorts of conditions they aren’t used to – all the in name of charity. Some of us even get involved ourselves and participate in walks, runs, or other sporting activities to help.

Watching the telly as people share stories of how their communities and lives have improved from your donations is a powerful motivator! It’s no wonder the event raises millions of pounds to help not just communities around the world, but right here in the UK as well. They fund over 2,000 projects in the UK through nearly 500 grants1.

Now think about those people in need you’re helping with your donations… what if it was your own family in their place? Wouldn’t you want to do everything you possibly could to help them and ensure they have everything they need in the face of disaster or the death of a family member?

Of course you would! And you can – by having the right protection in place.

What would happen to your family if you or your partner were to die? Do you have sufficient protection to take care of them financially so they can keep their home and pay the bills? Would you want them to rely on government benefits or charity handouts just to get by?

What if it’s just a serious illness? A diagnosis can have a significant impact on your family! Having cover in place will help you deal with the financial implications of a diagnosis. Many providers now include indispensable support with their policies to help you and your family cope with a death or illness. That additional support could be a game-changer when your circumstances change dramatically.

Sport Relief and other charities show us that we have a soft spot for others in need, so make sure you donate to your own future and protect yourself, your home and your family!

Speak to us today to find out how we can help you.

 

JP-Finance (UK) Ltd is an appointed representative of PRIMIS Mortgage Network. PRIMIS Mortgage Network is a trading style of Personal Touch Financial Services Ltd which is authorised and regulated by the Financial Conduct Authority.

 

  1. www.sportrelief.com/where-your-money-goes

 

According to a recent article in FT Adviser, “Homeowners in Britain are woefully under-prepared in the event of long-term sickness, accident or ill health.”1

Nobody plans to get hit by a bus but these things do happen! Should you be left unable to work do you have a plan in place to keep paying your bills and mortgage?

Royal London’s recently commissioned State of the Protection Nation research highlights that only 19% of people with a mortgage have income protection in place, which leaves 81% unprotected!2 Is this you?

While you’re probably aware of the benefits of protection, the expertise of an adviser can help steer you in the right direction to ensure you’re protected when you need it most. If you take a look at LV=’s Risk Reality Calculator it will show you the likelihood of needing to claim on income protection, critical illness cover and life cover based on their research.

But it’s not only mortgage holders that need protection in place, renters need income protection just as much as homeowners. After all, the chances of an accident or illness making you unable to work don’t go away just because you rent!

Contact us today to see how we can help you find the right income protection policy for your needs, our panel of providers can offer something for everyone, so there’s no excuse!

Sources:

1: FT Adviser, 8 out of 10 mortgage holders have no income protection, May 2018

2: Royal London, State of the Protection Nation, May 2018

3: LV= Risk Reality Calculator http://riskreality.co.uk/gen

 

JP-Finance (UK) Ltd is an appointed representative of PRIMIS Mortgage Network. PRIMIS Mortgage Network is a trading style of Personal Touch Financial Services Ltd which is authorised and regulated by the Financial Conduct Authority.


hospital

 

What If…

A recent sudden illness turned out to be just appendicitis. But what if it had been worse?

“My 11 year old son was rushed to hospital last Thursday night and on Friday morning had his appendix removed. Thankfully it was only appendicitis and he was able to come home on Saturday. My 2 night tour of A&E and the children’s ward opened my eyes.

 

  • Firstly, and sadly, my eyes were opened to sheer number of kids on the ward, of all ages and for all sorts of reasons; some clearly long-term. It hammered home to me just how often ‘it happens’ to those who say ‘it’ll never happen to me’. And that’s just one ward, in one hospital, in one town, on one day.
  • The occasional word cuts through the general hullabaloo of a busy children’s ward. When the word ‘Oncology’ rings out it sends a shiver down your spine.
  • Then there’s the sheer logistical mess of trying to juggle being with J and still being around for the other two kids at home – because even with a child in hospital, life goes on.

 

And the juggling is hard work, complex, and expensive with two parents, two cars, 3 kids, one in hospital, two at school, and a dog. J wants his mum and dad with him, but the other two can’t come home to an empty house and aren’t old enough to go shopping or cook their own meals, so they need a parent with them too. Then there’s the valiant attempt to maintain ‘business as usual’ for the two at home; homework, swimming, gymnastics, the morning chaos that’s called getting ready for school. And the dog to walk!

 

Mrs B spent Thursday night in hospital with J trying to sleep, best she could, on a chair. So on the Friday morning I sort the usual routine out, get the brother and sister off to school, run the dog around the field quickly then shoot to the hospital. Mrs B and I sit there with J, make him as comfortable as possible and reassure him before he makes his way to theatre, clutching both our hands as he’s wheeled along busy corridors. As he recovers, we buy a couple of meal deal lunches from the hospital branch of Boots and realise just how expensive cold and old sandwiches can be.

 

Then soon after lunch I head home to let the mutt out, give her a walk that Mo Farah would be proud of and be back home in time for when kids 1 and 2 come home from school… and realise as I leave that we’re paying most of our money to the hospital car park.

 

And all the time, I’m trying to think about the work I should be doing. Oh my word! Work! How can I go there with a child in hospital and two more to juggle with? What’s going to give?

 

Well luckily I was only away from work on the Friday and with the blessing or curse of a smart phone was at least able to keep on top of most things. Not every parent has a job that would enable them to do that.

 

Gone are the days of burying your head in the sand and claiming “It won’t happen to me”. It DOES happen and it’s not always just appendicitis.

Juggling family, work, and trips to the hospital is difficult, just over a short period of time. Imagine it was more serious? How would you cope if it required a longer stay? Would your employer understand after more than a few weeks? Could you afford the extra of a long hospital stay?

And what if it’s cancer?

Our infographic shows you some stats from AIG Life’s claim stats and Macmillan’s ‘Cancer’s Hidden Price Tag’ research report.

Could you afford to lose over £500 a month? What about over £800 a month? Plus an increase in monthly expenses on top of that loss?1

The cost of cancer is calculated as the loss of income and the additional costs experienced as a result of a person’s diagnosis.

It does happen, and it’s very costly when it does!

Contact us today to see how we can help you find an affordable protection plan that includes FREE children’s Critical Illness Benefit that will pay up to £25,000 on a valid Children’s Critical Illness claim.

Protect your children and your family today!

 

 

JP-Finance (UK) Ltd is an appointed representative of PRIMIS Mortgage Network. PRIMIS Mortgage Network is a trading style of Personal Touch Financial Services Ltd which is authorised and regulated by the Financial Conduct Authority.

 

Sources:

1: http://www.macmillan.org.uk/Documents/GetInvolved/Campaigns/Costofcancer/Cancers-Hidden-Price-Tag-report-England.pdf

 


On Thursday 19 March, just days after the base interest rate was cut from 0.75% to 0.25%, The Bank of England has slashed the base rate in a further emergency response to the coronavirus pandemic, reducing the rate from 0.25% to 0.1% The latest cut takes the base rate to its lowest-ever level.

 

Why are interest rates cut?

The Bank of England lowers interest rates in order to stimulate economic growth. Lower financing costs can encourage borrowing and investing and therefore encourage growth.

 

During the on-going COVID-19 crisis, more than 1,500 mortgages have been withdrawn from the market in the last two weeks. Mortgage lenders such as Nationwide and Satander have withdrawn loans to buyers with a loan-to-value of 75% (deposits smaller than 75% of the property’s value), while NatWest and Halifax will now only lend up to 80% of a property’s value to new customers.

Other lenders have withdrawn from the market entirely, including Vida Homeloans and Atom Bank.

Lenders have also completely withdrawn Tracker Mortgages, including: Nationwide, Newcastle Building Society, HSBC and The Mortgage Works.

 

What is a tracker mortgage?

The interest rate on a tracker mortgage is linked to the Bank of England base rate. So if the base rate changes, the mortgage rate will change.

 

So why are lenders pulling mortgage products from the market?

During the current ‘lock-down’, many non-essential companies have instructed all staff to either work from home or have furloughed their staff. This applies to employees who are not key workers – e.g. NHS staff.

 

What is the lock-down?

As of Monday 23 March – the prime minister has put the UK into lock-down and instructed all citizens to stay at home. People can only leave their homes to exercise once a day, go shopping for food and medication, travel for medical needs or to care for a vulnerable person, and travel to work only if essential.

 

What are furloughed workers?

Under the Coronavirus Job Retention Scheme, all employers in the UK will be able to access support to continue paying part of their employees’ salaries (up to 80%) who would otherwise have been laid off during the ongoing crisis.

Furloughed workers are those whose employers have asked to stop working but have not been made redundant. These workers may not be able to carry out their jobs during the crisis.

 

Lenders are currently restricting lending due to staff shortages and increased demand for payment holidays. They cannot cope with new business, so they are stating that these measures are only temporary. Everything should go back to normal once the crisis is over.  We advise to stay calm as the restrictions on lending are temporary. For the best advice, contact your mortgage broker If you are looking to buy or re-mortgage during these unprecedented times.

 

Speak to JP-Finance for peace of mind:

Here at JP-Finance we receive the latest industry news prior to the general public and have the most up to date knowledge on lenders and any lending restrictions and limits.

If you’re looking to buy or sell your home, or you are worried about the current situation, speak to a member of our team for free advice.

 

 


On 1 April 2018, the Domestic Minimum Energy Efficiency (MEES) provisions came into force, which means that owners must have an energy certificate in at least E category for each of their rented properties. The MEES regulation is currently applicable to all new rental and extension contracts, but from 1 April 2020, they will also cover contracts concluded before 1 April 2018. A violation of the guidelines will result in a fine of up to £ 4,000.

MEES regulations apply to most rented properties in England and Wales. However, in some circumstances you may be eligible for an exemption, which will need to be registered in the PRS Exclusion Register.
If you are currently renting a category F or G property, you will need to take immediate steps to ensure compliance before 1 April 2020.


When looking for appropriate insurance during a mortgage application, we often take into account the amount of compensation we can get and family protection in the event of an unexpected. However, it’s important to remember the additional benefits you may not know about and will vary depending on your protection provider.

Examples of additional services include the advice of specialized nurses or virtual GP services.
It is worth to remember that additional services are usually free for you and your family, regardless of whether you have applied for compensation or not.

Would you like to talk about the available options? Contact us – our advisers are ready to meet with you at the time and place which suit you most.


Survey: Pink Home Loans Broker Deal

Dates: October 2019  – January 2020

Survey of 9 recent customers.

 

Survey question:

The advisor understood my circumstances and objectives before providing advise:

 

 

Survey question:

Everything considered, how personally valued did the advisor make you feel?

 

 

 

Survey question:

Everything considered, how satisfied were you with the overall process?

 

 

Question:

On a scale of 0 to 10 where 0 is ‘not at all likely’ and 10 is ‘extremely likely’, how likely or unlikely would you be to recommend your adviser to your family, friends and/or colleagues?

 

 

Question: Please explain your reason for the above score:

 


According to the property agency, the right plan and preparation are key when selling your home. You have probably been overwhelmed with a complexity of buying a house – getting a mortgage, understanding financial jargon and all the stress related to it. Sales may look similar, which is why proper preparation is so important.

Below are some main aspects that you should consider when selling your home:

– prepare your property so that it seems attractive to buyers (gardening, cleaning or minor renovation at home)

– choose the right property agency

– set the sale price based on a professional valuation

– organize an energy performance certificate (EPC)

– choose the right solicitor to help you with conveyancing

 

Remember – after receiving the offer, you should work with the solicitor on the final sale details, then exchange the contracts and make the property available to the new owner.


 

The scary event of repossession of your home highlights importance of a mortgage and financial adviser, who as well as planning the mortgage should arrange protection for when a crisis arises and a lender take steps to recover their mortgage which could lead to the repossession of a home.

 

Income protection, life insurance, family income benefit or critical illness cover is crucial when buying house with the mortgage.

 

Our advisers are experts in arranging most suitable mortgage as well as designing protection portfolio to suit each individual situation. Please give us a call or email us to arrange convenient appointment.

 

Understanding repossession: Information from Shelter, England.

 

Your lender writes to you about mortgage arrears

 

  • Your mortgage lender must follow rules about how they contact you.
  • If you fall behind with your mortgage payments, your lender should first contact you to ask you to sort the problem out.
  • You should talk to your lender, consider all your options and put a
  • proposal to your lender about how to deal with the arrears.
  • Your lender should write to you again. They should warn you that they’ll
  • start court action to repossess your home if you don’t respond or if they’re unhappy with your response.
  • You can negotiate with your lender at this stage.

 

If you fail to communicate with your lender,

Your lender applies to a court asking for a possession order

 

  • Contact a Shelter adviser online or by phone
  • Use Shelter’s directory to find a housing adviser at a Shelter
  • advice service, Citizen’s Advice or law centre
  • Your mortgage lender must get a court order to repossess your home.
  • To get this, the mortgage lender has to make an application to the
  • local county court setting out reasons why a judge should give them
  • possession of your home.

 

 

The court writes to tell you the hearing date

 

The court fixes a date for a court hearing where a judge decides if you can keep your home or if your mortgage lender should get possession.

 

The court will send you a copy of the lender’s claim form with:

 

  • the time and date of the court hearing
  • the reasons the lender wants to repossess your home
  • a defence form for you to complete and return to the court

 

It is important to reply to the court using the defence form.

 

Get advice as soon as possible. An adviser may be able to help you prepare for the hearing, gather evidence and negotiate with the lender or lender’s solicitor.

 

A judge hears the repossession case

 

A judge in a county court makes decisions about repossession.

The judge reads and hears the evidence from you and your lender before making a decision.

 

The judge may:

 

  • decide that your home should be repossessed – this means you can be evicted, and your lender can sell the property to repay your mortgage debts
  • make a suspended possession order – this allows you to stay in your home provided you keep to certain conditions
  • adjourn the case – this means the case is postponed for a hearing at
  • a later date to allow you and the lender to take certain steps before
  • the case comes back to court
  • dismiss the case against you

 

The court makes an order for repossession

 

A possession order is granted if the judge decides that your home should be repossessed.

 

The judge decides a date when you have to leave and the court order says when this is. This is usually in 28 days but the judge could allow you up to 56 days.

 

You may be ordered to pay court costs. Usually the lender adds their legal costs to your outstanding debt.

 

A suspended possession order is granted if the judge decides you should have another chance to keep your home.

 

A suspended possession order allows you to stay if you keep to the terms agreed at the hearing. For example, that you pay your monthly installments plus your mortgage arrears at a set amount.

 

Bailiffs are sent to remove you if you don’t leave

 

Your lender can ask the courts bailiffs to remove you from your home if you:

 

Haven’t left your home by the date on a court order for possession or:

You don’t keep to a repayment agreement made in court as part of a suspended possession order.

Your lender must apply to the court for a bailiff’s warrant. If the bailiffs don’t have a warrant, you cannot be removed from your home.

The bailiffs write to tell you when they will come to repossess your home.

When they evict you, bailiffs can’t use physical violence or offensive language. If you don’t leave voluntarily the bailiffs can call the police.

The lender will probably add the costs of the bailiff’s warrant to your outstanding loan.

 

Get advice about staying until bailiffs remove you.

 

 

Your mortgage lender sells your home

 

After your home has been repossessed, your mortgage lender will sell the property. Until the property is sold, you are still responsible for paying interest on what you owe.

 

After the sale, the lender keeps the money they are owed and pays you

anything that’s left over. If there’s a shortfall between what you owe and what the property is sells for, you may have to pay off any mortgage shortfall to the lender.