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One of the biggest financial commitments most people face in their lifetime is a mortgage.  That is why with markets constantly changing, the right mortgage and re-mortgage advice can have a large impact on your future wealth.

It is recommended that you think carefully before securing other debts against your home.  Your home may be repossessed if you do not keep up repayments on your Mortgage.  It is important to ask yourself:

  • Which payment type do you want?
    • Interest only
    • Repayment
    • One linked to a bank account
  • Which interest rate do you want?
    • Fixed
    • Variable
    • Tracker
    • Discounted
    • Capped
    • Collared
  • Do you want any other features?
    • Free valuation
    • Free legals
    • Cash back
    • No arrangement fees
    • No tie in periods

There are many options available to you, and Beacon Wealth Management Ltd can provide you with expert advice from the whole of the market.  This allows us to compare deals you could be offered on and off the High Street, for products that will best suit you.  We can provide you with advice on mortgages for residential property, buy to lets and commercial developments.

*There may be a fee for mortgage advice.  A typical fee for Mortgage advice is £395.

The Financial Conduct Authority does not regulate personal loans or commercial mortgages.

Adviser Vs Comparison Site

The price you pay for mortgage advice can be made back very quickly. This applies even if there was only a very slight difference between the best interest rate figure you found on a comparison site and what an adviser can find to match your requirements, because it can have a big impact to the final amount you pay – even when adding the fee, there is a big saving. For example:
Mortgage value £150,000


Comparison Site Adviser
Mortgage rate 2.5% 2.4%
Monthly repayments £673 £665
Total paid back over 25 years £201,878 £199,619
Saving £2,259


Adviser Vs Comparison Site

This example is only for illustrative purposes and mortgage deals will need renewing every few years. This example is based on a small difference; however, mortgage advisers can often beat High Street deals by more than this amount due to getting exclusive deals due to being considered intermediaries, making it worth seeking both mortgage and re-mortgage advice from an adviser.

Changes to Mortgage regulations

The Government has changed several criteria affecting individuals when applying for a mortgage, named the MMR (Mortgage Market Review).  These changes mean that lenders are applying more stringent criteria on borrowers before they will make a mortgage offer.

Borrowers need to pass affordability checks, which involves checking whether or not the individual can meet payments (both now and in the future) if, for example, rates were to rise or if an individual’s personal circumstances were to change.

Changes to Mortgage regulations

You must;

  • Provide evidence of your income to show how much you can afford to borrow.
  • If self-employed, provide an SA302 document; this is a summary of everything declared to the Inland Revenue
  • Other types of income must be shown i.e. shares and pensions
  • Inform the lender if you expect any changes in earnings or outgoings

A lender will also need to confirm your expenditure, as well has how much you earn.  This is based on three different categories; essential expenses, basic quality of living costs and repayments/other commitments.  Depending on all of these factors a mortgage lender will then calculate affordability of keeping up payments.

An Independent Mortgage Adviser will have access to specific deals that are not available to you as an individual borrower.  They will also aim to support you through the process and provide you with a mortgage suitable to your circumstances.  All Lenders have different criteria, so if your own lender said ‘NO’, Beacon Wealth Management Ltd may be able to help.

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