Mortgage Protection Insurance is a term that is used to surround different kinds of cover. The purpose of this cover is to limit financial stress on you and your loved ones from any unforeseen circumstances that may occur.
Below, Malcolm has put together a video highlighting the significance of having the correct insurance in place for your situation. Due to the past events of the coronavirus pandemic, the importance of health and getting insurance is more prominent than ever.
When it comes to protecting you and your family, there is a range of insurances to choose from. Cambridgemoneyman can compare lots of providers and tailor the appropriate policy to your circumstances. Here are the insurance policies that we can offer to you:
One of our experienced Mortgage and Protection Advisors in Cambridge is always at the other end of the phone or email. If you need more information, book your free insurance review today.
Life insurance is there to protect your loved ones financially in the circumstance that you or another joint policy holder pass away. Here at Cambridgemoneyman, we can talk you through all the different types of life cover accessible to you and advise the most suitable plan for you.
This type of policy covers serious illnesses detailed within a policy. Usually, this includes stroke, heart attack, certain types and stages of cancer, and more.
You will find some illnesses will not be covered, this will be detailed within your policy. Furthermore, if you have pre-existing health issues you knew you had before taking out the insurance, it’s unlikely they will be covered. In the policy, the specific illnesses covered and not covered will be stated.
If you fall victim to one of the several specified critical illnesses, the benefit gets paid and pays you whatever the long-term prognosis of that illness. Seeking specialist mortgage advice in Cambridge is key because the type of conditions covered vary from company to company, and this is why this type of insurance cannot be solely price-driven.
Usually, many businesses will offer Life and Critical Illness cover as a combined policy, and the order of pay-out would be dependent on which event happens first, either death or severe illness, the pay-out is made. They could also get written on a single or joint life basis.
Unlike Life and Critical Illness, where the cover pays out a lump sum, Income Protection pays out a monthly sum that acts as a replacement of your wages in the event of you being unfit to work. Furthermore, there are no limitations on the illnesses or injuries covered, except whether they make you unfit to work.
One restriction, however, is the amount you can cover and how quickly the benefit would start to get paid. The policies are underwritten on your health and lifestyle when you applied, just like Life and Critical Illness Cover. When it comes to Income protection, the policies are written on a single life basis.
A menu plan is when you combine your Life Insurance, Critical Insurance, and Income Protection. A discount is added by the providers each time you add a benefit which can make it cost-effective.
Furthermore, a menu plan provides you with a range of cover and benefits that you can mix and match. This allows you to tailor a plan that is appropriate for your needs. Covering yourself and your family is something we strongly advise should the worst happen. Our mortgage advisors in Cambridge can help you with providing more information if you are unsure.
Family Income Benefit is the least common, but can often be useful. In particular, for households with young people. These plans can get taken to Life and/or Critical Illness Cover, and get underwritten in the same way.
Unlike the traditional forms of policy, rather than pay out a lump sum, the cover would pay an annual or monthly income for the remainder of the term of the plan. Therefore, it can replace the payment of the primary worker for several years, dependent upon a particular client’s situation and, because of this, would usually be written on a level or basis, or an index-linked basis designed to keep up with inflation.
You will find that many people have more than one different type of policy, and it wouldn’t be right to think of Mortgage Protection Insurance is something that is not needed because you are thinking the unexpected won’t happen.
Our Mortgage Advisors in Cambridge are here to discuss with you and tailor the type of cover to be the most suitable combination to your family’s priority and budget. To find out more, give us a call or fill out our enquiry form to speak with one of our Dedicated Protection Specialists Advisors in Cambridge today.
If you are a first time buyer in Cambridge or are looking at moving home in Cambridge, you will know that several forms of mortgages are available. Some of them are more common than others, and some may even be difficult to find. We have assembled a list of some of the most common forms of mortgages. You will also find one of our MoneymanTV episodes useful for learning more about these.
A fixed-rate mortgage means that for a specified time, the mortgage rates will remain the same. You should decide your period, usually 2, 3, or 5 years or more, for your payments. You know your mortgage balance will typically be the largest outstanding one, regardless of inflation, interest rates, or the economy.
Your interest-rate shall track the base rate of the Bank of England by using a tracker mortgage. In other words, the lender does not fix the rate itself. You pay a sum above the base rate of the Bank of England. An example of this is where the basic rate is 1%, and you are tracking at 1% more than the basic rate, you pay 2%.
If you carry out a repayment mortgage, you pay capital and interest together every month. So long as you carry the full term of the interest loan, you will pay the mortgage debt at the end, and the property shall be yours. This is the risk-free way of paying the lender back the money.
The interest you are paying in the early years, and particularly with a period of 25, 30, or 35 years, your balance would decrease very slowly. In the last 10 years or so, this scenario changes, where your payments pay more capital than interest and your balance falls even faster.
While some transactions allow mortgages on an interest-only basis, residential property is even more difficult to obtain on an interest-only basis. Lenders are also less likely to sell a product that is interest-only. However, it may be an alternative under some conditions.
This involves reducing the amount of money you pay out as you’re older or have other savings. When it comes to offering these items, lenders are very strict now, and the valuation loan is much smaller than before.
You can build a savings account alongside your mortgage account for an offset mortgage. How this works, is you pay interest on the difference, for example, you pay £80,000 for the balance of £100,000, and £20,000 is deposited in your bank account. This can be a very successful way to manage your capital.
Our team of mortgage advisors in Cambridge are happy to help if any significant changes in your life have lead to removing a person from a mortgage. We have experience in helping people progress through what’s known as “financial separation”.
We have dealt with a plethora of different mortgage situations, ranging from straightforward to incredibly difficult. Therefore, it is very rare that we haven’t encountered a situation at least once before. If you are seeking any specialist mortgage advice in Cambridge, we are here from early until late to be your helping hand through any difficult times you’ve found yourself in.
Gaining perspective from the mortgage lender’s point of view can be key in a situation like this. Lenders will have two people contracted in to give them security on the property. This method allows lenders to have multiple routes to go down when it comes to chasing payment if a circumstance like arrears and/or repossession occurs.
Security can be an issue when it comes to letting someone go from the property because you only have one option for payment. Preferably, they want to make sure that the person wanting to keep the property can afford it in their own right based on income and affordability. It may be best to switch lenders and take out a mortgage in your sole name.
In some cases, like financial separation, a lump sum may also be raised against the property. This allows you to ‘pay off’ the other person tied into the deal with you. Issues can occur, however, with one being that a person may not be able to afford the whole mortgage in their sole name.
There are still various routes such as family guarantors to go down and a mortgage broker in Cambridge may be able to help you with that. If you are looking to put life insurance policies and any home insurance policies in sole names, our dedicated mortgage team is also able to help you with that.
Some clients come to us for specialist mortgage advice in Cambridge when their credit score is lower than the acceptable amount or they have missed payments. Adverse credit is a frequent occurrence and this is something that our mortgage advisors in Cambridge might be able to help with.
A potential factor that could effect you when obtaining a mortgage is if you have either missed a monthly mortgage payment or any smaller payments such as your mobile phone contract. This can happen through an attachment on your credit score that states your missed payments. From this, the lender could see that you are a risk.
However, missing monthly payments doesn’t always mean you can’t get a mortgage, but there is the potential risk that the high street bank may turn you down. This is especially the case if you only have a small deposit for the property you are looking at, as it may not be enough to convince a lender to lend to you. To prevent this from happening, you may need specialist help.
The lenders will want to know when the default was registered against you. The likelihood of receiving the necessary help depends on how far away you are from that specific date. In certain circumstances, like ill health, separation or redundancy, the advisor may be able to help even if it is a recent occurrence.
We have provided further information below that answer any common mortgage scenarios regarding bad credit mortgages in Cambridge.
Your mortgage advisor in Cambridge will want you to provide an up-to-date copy of your credit report and you can obtain one of these usually free of charge (check with the providers T&Cs). It is advised you have your credit report before applying for a mortgage and even more so if you have had any doubts about your credit history, as it gives your advisor an exact snapshot of your financial situation.
This depends on your circumstances. When it comes to the impact of bad credit, some customers may become a little confused. Despite having bad credit, with a sufficient income & enough deposit, it may be possible to obtain a mortgage.
Reassuring the lender that you can pay back your mortgages without the possibility of any late payments happening is key, as the lender needs to proceed with confidence. If the worst happens, your home may get repossessed, which the lender would want to avoid.
There are many routes to take when people who have bad credit are looking to get a mortgage, even if these routes may have higher rates of interest. The most appropriate next step when seeking a potential mortgage is to get in touch with a mortgage advisor in Cambridge (like ourselves) to help.
In some cases, you may find yourself struggling financially and are unable to keep up with mortgage payments you didn’t have trouble paying in the past. This isn’t an ideal place to be and even if this was a momentary lapse, it would still be on record as a missed payment.
Credit issues may occur during this period and this could become an issue for when it comes to getting a remortgage at the end of your term or a new mortgage after moving home in Cambridge. As mentioned before, this is based on risk. Can the lender trust you not to find yourself in that situation again?
Our mortgage advisors in Cambridge have a lot of experience when it comes to customers having bad credit, particularly when they have previously had or currently have a mortgage.
Other adverse problems customer could potentially run into regarding their credit are;
Even though these situations aren’t the best circumstances to find yourself in, it’s not the end of the road. The process may involve many challenges which involve you paying a higher rate of interest. There are many specialist lenders out there who may accept you depending on the nature of your circumstance.
We highly recommend that you work on improving your credit score. Our how to improve your credit score in Cambridge article is a helpful, in-depth mortgage guide that will hopefully put you on the right path to obtain a mortgage.
As a whole, the mortgage process can be very surprising and have its fair share of both ups and downs. Some applicants may receive a fast and simple process whereas others may find it more difficult to find the road to mortgage completion.
Either way, once you secure your first property, you will come to a point where you can choose one of two routes to take.
Your first option will be to continue climbing the property ladder and move into a new home; your other option, if you feel like you’ve already found your dream home, is to remortgage for home improvements such as an extension or conversion.
In this article, we are going to focus on remortgaging and the different reasons why people choose to remortgage.
A remortgage is simply taking out a new mortgage to pay off a pre-existing mortgage. There are lots of different things that you can do at the point of remortgage, it’s completely up to you what you choose.
Generally speaking, you will remortgage every time you come to the end of your fixed mortgage term. If you choose not to remortgage, it’s likely that you’ll fall straight onto your lender’s standard variable rate of interest, which will probably be more costly than your current rate.
Your initial mortgage deal will likely last you around 2-5 years. As mentioned above, if you don’t remortgage you will end up on your lender’s SVR. Sometimes, their rate can be higher than tracker mortgages (track the Bank of England’s base rate), so this could end up costing you a lot more than your usual mortgage payments.
If your mortgage term ends, you can also fall onto a tracker mortgage. A tracker mortgage interest rate will fluctuate depending on how the economy is performing.
For example, during the coronavirus pandemic, in March 2020 the Bank of England’s interest rate was significantly lower than usual as the economy wasn’t performing the best. Slowly, as the economy started to recover, the interest rate rose as the months passed.
This is why people often remortgage to find a better rate. Homeowners want to find a better interest rate so that they don’t have to pay as much for their mortgage payments every month yet they are still paying off their mortgage.
Rather than moving home in Cambridge, you could always freshen up your existing home to create more space through an extension or conversion. You can also remortgage to fund home improvements such as a new kitchen or living room, it’s completely up to you.
This works like so; when you take out a new mortgage product, the costs for home improvements will be incorporated into your mortgage. This means that your monthly payments will increase and so can your mortgage term.
If you already love the house that you live in, it could save you a lot of money if you were to remortgage over move home. It may be much easier and more beneficial for you in the long run to remortgage for home improvements rather than move home.
As a mortgage broker in Cambridge, we’ve seen many applicants that have realised further down the line that they want a different product, however, they are mid-way through their term.
They may just want a more flexible product that allows them to reduce their term. Although this could mean that their payments increase, their mortgage term will decrease.
A flexible mortgage could allow you overpay your mortgage payments to pay it off quicker. Usually, people choose to remortgage for this reason if they’ve perhaps had a pay increase or been given a large lump sum of money (e.g. through a redundancy).
Some people may even want to keep their monthly payments the same and remain on their current base rate. When this is the case, you are sometimes able to remortgage to extend your term.
As a homeowner, you are bound to have some equity built up inside of your home. This equity can be turned into cash, and that’s why people sometimes remortgage to release equity.
The amount of equity that’s within your home can be calculated by taking away how much is left on the mortgage from the property’s value. The amount that is remaining can be taken out and turned into cash.
You can choose what you spend this money on. It could be for home improvements, a deposit for another property (buy to let landlords) or even a holiday/ to pay off a car loan – you choose!
If you are over the age of 55 and have a property that is valued around at least £70,000, you may want to consider your options for equity release in Cambridge. Speak to an experienced later life mortgage advisor to learn more.
Firstly, debt consolidation is a specialist subject, so we would recommend that you speak with a Mortgage Advisor in Cambridge before rushing into anything.
Consolidating debts consists of incorporating unsecured debt into your mortgage. Doing so will increase your mortgage payments and sometimes your mortgage term too.
All lenders have a different viewpoint on consolidating debts into a mortgage, some may allow it and some may not. Lenders often disallow it as you are putting unsecured debt into a secured asset. This means that if for any reason you fall into arrears after failing to meet your mortgage payments and your property is repossessed, they will lose out on money as there is all of your debt now secured within the property.
It’s a very complex subject that you should get specialist help for. For debt consolidation and remortgage advice in Cambridge, you should get in touch with our excellent mortgage team at Cambridgemoneyman.
Having now read about the reasons that people remortgage and how they work, do you think that you could benefit from remortgaging?
Whether it’s to access a better rate, for home improvements, for term flexibility, to release equity, to consolidate your debts into your mortgage or for something completely different, there is usually always a situation where a homeowner will remortgage.
If you want to speak with a remortgage advisor in Cambridge about remortgaging, feel free to get in touch with our team. We will be more than happy to try and help you accomplish your remortgage wishes.
Owning a home that is filled with happiness, love and warmth is the dream of every first time buyer in Cambridge at the start of their process. Having your own home feels special, no matter where you go or whatever you do, you will always feel most comfortable in your own house.
There is no doubt that buying a home is one of the biggest financial decisions you will ever make, so it’s understandable you’d want to get things right the first time around. If you’re finding it difficult to obtain a mortgage, a mortgage broker in Cambridge may be able to help.
Once you have your home, you will be able to take pride in being a homeowner and having the freedom to make any changes (so long as planning permission approves, if necessary) that you want to. That’s why getting the right mortgage advice in Cambridge is a must have.
Of course with taking on a new financial venture, you’ll want to know how much it will all cost. Whilst specifics vary, we have put together a guide about the costs of buying a home in Cambridge, what is included, what to look out for and how to best prepare as a first time buyer in Cambridge.
Estate agency fees can at times be negotiable and will have a starting fee that varies from agent to agent or company to company. More importantly, the most affordable agents are the field experts who you will find working online.
The main reason for their lower prices, is that they aren’t covering the costs of maintaining a physical location such as an office. That being said, you should still be conscious about what you do online and make sure you prepare ahead of time for the right deal.
Before you take out a mortgage for such a large amount of money, the mortgage lender you are looking to borrow from needs to make sure that the property in question is actually worth the amount that you will be paying for it.
In order to achieve this, the mortgage lender needs to conduct a professional survey, which may cost you some extra charges in the form of a survey fee. On the other hand, some mortgage lenders may provide this free of charge, although they may not provide you with the report.
For the surveys you do pay for, you could be looking at a few hundred pounds. Of course, if you want an in-depth home buyer’s report for documentation, the service fee almost doubles.
Your mortgage advisor in Cambridge will explain the differences between each survey to help you make a more informed decision. For first time buyers in Cambridge, it may be recommended to go with the premium survey if the property is old or in somewhat worse condition.
Though you may consider an in-depth survey an expensive option, it may save you from repairs and maintenance costs throughout the coming years.
As a typical rule of thumb, the mortgages that have the lowest interest rates tend to have higher service charges. Set up fees for the mortgage can be as low as nothing at all, to as much as a few thousand pounds, it really does vary.
An open & honest mortgage advisor in Cambridge will help you to make arrangements for all of your finances, especially when it comes to your mortgage arrangement fees. In some cases, the lender arrangement fees can also be added to your mortgage.
The inclusion of a solicitor is a crucial part of your mortgage, as it is them who will be handling the legal side of the purchase and mortgage process.
For instance, they may validate the property ownership, find out any future plans for adjoining properties, as well as the most important step, which is the processing and handling of funds, to complete the sale of the property.
When you view your solicitor’s fee, check if their quote includes VAT and local searches. Though a typical solicitor’s fee is a few thousand pounds, the legal verification is worth the price. Getting first time buyer mortgage advice in Cambridge can help you find out which is the best solicitor for you.
Some properties or purchases may be subject to stamp duty – a paid land tax to the government. You can check the official government website to get the latest updates and more information regarding stamp duty.
The rules concerning this tax change every now and again, so it’s worth checking to make sure you’re up to date. If stamp duty is something you need to pay, your mortgage advisor in Cambridge will advise on this.
Before you get in touch with a trusted and dedicated mortgage broker in Cambridge, it is important to make sure that you do your research first, so that you are going with the best mortgage broker for you.
An expert mortgage broker in Cambridge will sometimes charge a small fee, which will entirely depend upon the amount of your mortgage and complexity of your case. Most mortgage brokers, like us, will only charge a fee, upon completion of your mortgage, not upfront.
When moving home with a mortgage, many people will hire a van to move all of their belongings into their new home.
We would always recommend hiring local removal companies to make the most of their services. The costs of these can vary, though it could be said that hiring and driving your own van could cost less.
If you need further assistance or Credit Score Mortgage Advice in Cambridge, feel free to get in touch with our team.
Divorce can wreak havoc on your emotions, finance, and of course, the home you embellish with love. But instructively speaking, it should not be taken as a stressful event, instead of a process that needs considerate handling.
At times, it may be confusing and even daunting when legal implications get in the way. In the line of reasoning, the most important being managing your finance and mortgage. That’s why getting Specialist Mortgage Advice saves the day. So, let’s dive in and learn everything you need to know about divorce and separation when having a Mortgage Advice in Cambridge.
At Cambridgemoneyman, we believe in sharing our first-hand knowledge with our clients that helps them tackle their mortgage-related legal matters. This guide contains practical information about most of the queries that our clients are anxious to ask.
Our specialist mortgage broker in Cambridge has answered the 3 most important and commonly asked questions. We understand your hesitation and hope that the detailed answers will make it easier for you to take the first step towards settlement.
Joint investment in a home is a huge commitment on a financial basis and needs to be dealt with carefully. Similarly, removing a name from the mortgage or any other changes can be strenuous unless you come to the end of your mortgage term.
When you are a family and have children involved, things can get a bit more complicated. In most cases, the mother gets hold of the property. Whoever agrees to reside in the house is the most likely to take full responsibility for the mortgage.
If you want to remove your ex-partner’s name from the mortgage, you need to provide solid proof that you can afford your own mortgage payments by yourself. Lenders will keenly study your salary, expenses, disposable income and then decide if you can hold your own mortgage or not. Moreover, they will also check your ex-partner’s credentials to decide whether he/she will be able to go forward with their mortgage or not.
Finally, they will perform an assessment on your credit file before coming to a decision. More importantly, since the mortgage was in partnership, the lender can follow you both in the mortgage arrears list.
The same process follows if you want to remove your name from the mortgage. However, the scenario is a bit different and tough for those who prefer to vacate the house. Removing your name from the mortgage requires duly signed consent from you and your ex-partner. Again, the lender needs to carry out a detailed affordability assessment to confirm whether your partner can manage the installments on their own or not.
If your partner agrees to remove your name from the mortgage and can afford the payments, you are clean to look for your own place. When you move into a new place, your lender will consider your former mortgage payments. But the fact is not all lenders are the same as some are more strict than others and rarely consider your state of affairs.
Hence, you need to try and find the right lender for you, and that’s exactly where we come in. Cambridgemoneyman not only provides you with divorce and separation Mortgage Advice in Cambridge but also will help you find that perfect lender for your own circumstances.
Yes, you can have multiple mortgages and properties as long as you can afford to pay for them. Once you apply for a new mortgage, your lender has the power of decision. They will take an affordability test that includes checking your credit profile before acceptance. When checking your file, your lenders have full access to check all the mortgages that your name is under.
They will try to figure out how much you contribute to these mortgage payments. Finally, they will decide whether you can manage the new mortgage expenses or not. They make the final decision by even following the other financial commitments to your credit.
Furthermore, the lenders will also account for the likelihood and the risk factors for your house’s repossession. If they find you high risk, they won’t take the chance and you may be declined. On the other hand, as a specialist mortgage broker in Camrbridge, we have the solution to all your problems.
You can get an affordability check at our Mortgage Broker in Cambridge before connecting with a mortgage lender. At Cambridgemoneyman, we analyse your affordability first so that you can make a final decision.
We have expert mortgage advisors in Cambridge with years of experience with both class and professionalism. Reach us out for any divorce and separation Mortgage Advice and assistance. Our amazing team of dedicated field specialists will be more than happy to help.
Are you approaching the end of your deal? Do you need to borrow some extra money for capital or home improvements? If so, then now could be the best time to remortgage.
As a mortgage broker in Cambridge, it’s not unusual for us to see customers forgetting to renew their mortgage deal. When this happens, people end up slipping onto their lenders’ variable rate which is usually higher than their current rate. This is why we always advise that you keep on top of your mortgage and make sure that you know when your deal is coming towards its end, especially if you have a short-term deal.
If you know that you’re coming towards the end of your mortgage term, it’s time to take the next step. Remortgaging can be a complicated process, so don’t hesitate to contact your remortgage broker in Cambridge.
Over our 20 years of working within the mortgage industry, we have learnt that the best way to find a better remortgage deal is to shop around first. Before committing to the same lender, take a look at the other deals out there as there are hundreds if not thousands. Although not every deal may match your criteria, some certainly will and that’s why it’s important to shop around first before rushing into accepting the first deal that is offered to you.
We say this with your best interests at heart; more often than not, your lender will not reward you for your loyalty and are probably offering better deals to first time buyers in Cambridge.
If you are wanting to find a competitive rate and are interested in switching products, it could be your best option to approach a mortgage broker in Cambridge. They will work by your side and help secure you a deal that matches your personal and financial situation. For example, here at Cambridgemoneyman, we will always aim for a deal that is better than your current one.
Speaking to a mortgage advisor in Cambridge should be your first option when you don’t know where to look for competitive deals. Another benefit to using a mortgage broker in Cambridge is that they can have their own panel of lenders, some of which you can’t access by yourself.
Looking to upgrade your home? Thinking of finally treating yourself to a fancy new kitchen or a spacious home office? Well, did you know that this can all be done through remortgaging?
Whether you want to invest in your property or add more living space to make more memories in your dream home, remortgaging for home improvements could be the right option for you; there is nothing wrong with giving your home a makeover. You can increase your mortgage to pay for cosmetic alterations as well as structural work.
As a Mortgage Broker in Cambridge, we usually see that homeowners want to remortgage for home improvements because they have plans to start/already have started a family. However, if this isn’t your situation, we can still offer a helping hand and try and secure a great remortgage deal to switch onto. Whatever your situation is, we are still more than happy to help.
If you need to borrow a significant amount of money, your lender will reserve the right to ask you for estimates for the works you intend to have carried out. You don’t necessarily have to use the contractor that provided the estimate to do the actual works.
You can also raise capital on your property when you remortgage for almost any legal reason. For example, this could be for large consumer purchases, gifts to help family members, to purchase a buy to let mortgage or for debt consolidation.
It is important that you know that you will still be paying interest on a remortgage for a long time after you take one out so you need to make sure that you are borrowing for the right reasons and that you will be able to meet monthly payments during the whole mortgage term.
Adding unsecured debt to your mortgage may result in you paying back more interest overall. This is down to a mortgage term usually being much longer than the length or a personal loan. However, this isn’t the case all of the time.
You must consider that you are taking unsecured debt and securing on your home. This won’t sit easily with everyone as you are under the risk of repossession if you cannot afford your mortgage payments down the line.
If you have 0% credit cards, you will need to know that the interest rates that apply to the debts that you are considering rolling onto your mortgage will start attracting interest too.
Often, consolidating debts into your mortgage leads to a reduction in your monthly outgoings. Some customers end up reducing their payments by hundreds of pounds.
To summarise, we highly recommend that you take all of your options into consideration before deciding on anything. Whether you are thinking of switching deals for a better deal, home improvements, capital raising or debt consolidation, you should know that your expert Mortgage Broker in Cambridge is here to help. We have over 20 years of remortgage experience and often know exactly how to help; there is rarely a situation that we haven’t come across before.
To speak to a professional remortgage advisor in Cambridge and find out which option could be the best for you, feel free to get in touch. We can’t wait to help you get the ball rolling with your remortgage journey.
As a mortgage broker in Cambridge, we always get asked about lifetime ISAs, and 90% of the time, it’s because applicants don’t actually know what they are. People tend to get the Lifetime ISA confused with the Help to Buy ISA; they are similar but there are some differences.
To put it simply, a Lifetime ISA is a savings account where your money grows tax-free. As a bonus to whatever you save, the government will gift you 25% extra. Sounds pretty good right…?
Of course, there’s a catch though; there’s a maximum to how much you can save each year and it’s only £4,000. On the other hand, this means that the 25% bonus you would receive would be an extra £1,000.
The savings in your Lifetime ISA can be used for two different things. Firstly, it can be used to buy your first property, so if you are a first time buyer in Cambridge and you are planning to hold off on your mortgage journey for a little while longer, a Lifetime ISA could be for you. There’s nothing wrong about planning ahead and thinking about your future.
Secondly, you can use a Lifetime ISA as savings for later in life, however, as we are a Mortgage Broker in Cambridge, we only see clients who are using the ISA as their deposit for their first home. So if you are wanting to save for later in life, you can find more information here on the government’s official webpage: https://www.gov.uk/lifetime-isa.
In order to qualify for the Lifetime ISA, you must meet some certain requirements:
For more helpful information on the Lifetime ISA, check out the government’s Lifetime ISA page here: https://www.gov.uk/lifetime-isa. If you already feel like this is for you, feel free to get in touch with your mortgage broker in Cambridge and we will help you get the ball rolling.
Are you wanting to learn about the different schemes that are out there or are you interested in the Lifetime ISA and want to begin your mortgage journey? Either way now could be the perfect time to get in contact with an experienced Mortgage Advisor in Cambridge.
We don’t just specialise in Lifetime ISAs, we have experience with all different types of mortgage scenarios, these include self employed mortgages, remortgage advice in Cambridge & buy to let mortgages; any mortgage situation, we know how to help! We love a good challenge and we would love to try and help you make that first step onto the property ladder.
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Cambridgemoneyman.com & Cambridgemoneyman are trading styles of UK Moneyman Limited, which is authorised and regulated by the Financial Conduct Authority.
UK Moneyman Limited is Registered in England, No. 6789312 | Registered Address: 10 Consort Court, Hull, HU9 1PU.
Authorised and Regulated by the Financial Conduct Authority.
We are entered on the Financial Services Register No. 627742 at www.register.fca.org.uk
