For many people trying to buy their first home, saving a deposit can be one of the biggest obstacles to getting onto the property ladder.
The return of a wider range of low-deposit mortgage deals is therefore attracting attention. A recent article highlighted buyers who have used mortgages covering 98% or even 100% of a property’s value, allowing them to buy with very little – or no – deposit upfront.
The Bank of England has reported that the proportion of UK mortgages being taken out with deposits below 10% is at its highest level since 2008.
However, lenders do have strict criteria for borrowers to qualify for these deals and only a small number of lenders offer products with very low or no deposits.
For some borrowers, a low-deposit mortgage could mean buying a home sooner rather than spending several more years saving.
But borrowing a larger proportion of a property’s value can also mean higher mortgage costs and greater exposure if property prices fall.
So, could a low-deposit mortgage be right for you?
And how does it compare with taking a larger deposit or spreading your mortgage over 30 or 35 years?
A mortgage deposit is the amount you contribute towards the purchase price of a property, with the remainder being borrowed from a mortgage lender.
A low-deposit mortgage generally means putting down 10% or less of the property’s value.
For example, if you bought a £250,000 property:
The percentage you borrow is known as the loan-to-value (LTV) ratio. A 95% mortgage, for example, means you are borrowing 95% of the property’s value and providing the remaining 5% as a deposit.
Most mortgages require a deposit of at least 5%, although some 100% mortgage products are available to eligible borrowers.
MoneyHelper notes that low-deposit and no-deposit mortgages can help people buy sooner, but may come with higher interest rates and an increased risk of negative equity.
For many prospective buyers, the problem isn’t necessarily being able to afford a mortgage each month – it is finding enough cash for the deposit.
House prices, rent and the wider cost of living can make it difficult to build savings quickly.
A buyer may have a stable income and be able to demonstrate that they can afford monthly mortgage payments, while still struggling to accumulate a conventional 10% or 20% deposit.
A number of lenders are now offering mortgages at 95% LTV or higher, although eligibility varies considerably between products.
Some 100% mortgages also have specific requirements around income, rent-payment history, credit commitments and affordability.
That doesn’t mean a low-deposit mortgage is suitable for everyone. It means that it is increasingly an option worth considering alongside other ways of buying a home.
The most obvious attraction is that you don’t have to wait as long to save a larger deposit.
If house prices are rising while you are saving, it can sometimes feel as though the target is continually moving further away.
A smaller deposit could allow you to purchase sooner, provided the mortgage is affordable and you meet the lender’s criteria.
Using every penny of your savings for a deposit can leave you with little money available for moving costs, repairs, furnishings or unexpected expenses.
A smaller deposit could allow you to retain some cash as an emergency fund.
However, this needs to be balanced against the fact that a smaller deposit generally means a larger mortgage and potentially higher monthly or overall costs.
If the value of your property increases, the equity you have in it could grow.
For example, if you bought a £250,000 property with a £12,500 deposit and its value subsequently increased to £275,000, the property would have risen by £25,000.
However, property prices can also fall so there is no guarantee that your home will increase in value.
One of the most important considerations is that mortgages with higher LTVs can come with higher interest rates.
A larger deposit reduces the amount you need to borrow and can also give you access to a wider range of mortgage products.
This means that the cost of a low-deposit mortgage should not be judged solely by the size of the deposit required.
The interest rate, mortgage term, fees and total amount repayable all need to be considered.
Equity is the difference between the value of your property and the amount you owe on your mortgage.
With a 95% mortgage, you initially have only 5% equity from your own deposit. With a 100% mortgage, you have no initial deposit-based equity.
If property prices subsequently fall, you could find yourself in negative equity, where the mortgage balance is greater than the value of the property.
This can make moving home or remortgaging more difficult.
This may seem obvious, but borrowing more means repaying more.
A low deposit can therefore make buying possible sooner, but it does not make the underlying cost of buying a property lower.
It is particularly important to consider whether the mortgage would remain affordable if your circumstances changed – for example, if your household income fell, your expenditure increased or your mortgage rate increased when your initial deal ended.
Not every lender offers high-LTV mortgages, and not every borrower will qualify.
Eligibility can depend on factors including income, employment, credit history, existing debts, property type and the lender’s affordability criteria.
Some low-deposit products may also exclude certain properties or circumstances.
Deposit size isn’t the only decision facing buyers.
The mortgage term – the period over which you agree to repay the mortgage – can have a major effect on affordability and the overall cost of borrowing.
Longer mortgage terms have become increasingly common. The average mortgage term for first-time buyers is now 31 years, with some buyers choosing terms of up to 40 years to reduce their monthly repayments.
A longer mortgage term can therefore be used alongside a low deposit.
For example, someone could take a 95% mortgage over 35 years rather than a 25-year mortgage.
The advantage is lower monthly payments. The disadvantage is that you generally pay interest for longer and therefore pay more over the life of the mortgage.
Suppose you buy a £250,000 property with a 5% deposit, leaving a £237,500 mortgage.
Using an illustrative interest rate of 5.5% and assuming the rate remained unchanged for the entire mortgage term:
| Mortgage term | Approx monthly repayment | Approx. total interest |
| 25 years | £1,458 | £200,000 |
| 30 years | £1,348 | £248,000 |
| 35 years | £1,275 | £298,000 |
These figures are illustrative rather than current mortgage offers and don’t include fees or changes in interest rates.
The example shows the trade-off clearly. Extending the mortgage from 25 to 35 years reduces the monthly payment by around £183, but increases the illustrative interest cost by almost £98,000.
MoneyHelper gives a similar warning: longer mortgage terms reduce monthly repayments but increase the amount of interest paid over the lifetime of the mortgage.
These are not necessarily alternatives.
A buyer could have:
Each changes the balance between the upfront cost, monthly affordability, interest paid and the amount of equity built up.
For example, a buyer who can afford the monthly payments on a 25-year mortgage might choose a longer term initially to give themselves more flexibility, with the intention of making permitted overpayments.
Alternatively, someone who has enough savings for a larger deposit might decide to keep some cash available rather than putting every available pound into the property.
There is no single combination that will be appropriate for every borrower.
Potentially, yes.
A longer term reduces the required monthly repayment, which can help an applicant meet affordability requirements and make the mortgage more manageable within their household budget.
But it is important not to confuse lower monthly payments with lower overall cost.
A 35-year mortgage can mean paying substantially more interest than a 25-year mortgage.
There is also the question of age.
A longer mortgage term may not be available to everyone because lenders consider the age at which the mortgage will be repaid and whether the borrower is likely to be able to maintain repayments.
Potentially.
Some mortgage products allow borrowers to make overpayments, subject to the lender’s rules and any early repayment charges.
Overpayments can reduce the outstanding balance and, depending on the mortgage, can help reduce the amount of interest paid and the time taken to repay the loan.
A longer term can therefore provide some borrowers with flexibility: the contractual payment is lower, but they may be able to make additional payments when their finances allow.
However, overpayment allowances and early repayment charges vary between mortgages, so these features should be checked before choosing a product.
Before deciding that a low-deposit mortgage is the right route, it is worth considering the wider financial picture:
Don’t base affordability solely on what a lender is prepared to offer.
Consider how your budget would cope with higher household bills, changes in income or higher mortgage payments when your initial deal ends.
Buying a home comes with costs beyond the deposit and mortgage.
You may need money for legal fees, surveys, moving costs, insurance, repairs and unexpected expenses.
If you are likely to move relatively soon, the risk associated with a small amount of initial equity may be more significant.
If you expect to remain in the property for many years, you may have more opportunity to build equity through mortgage repayments – although there are still no guarantees about future property prices.
Don’t look only at the headline interest rate or monthly payment.
Consider the mortgage term, fees, early repayment charges and the total amount repayable. Compare the Annual Percentage Rate of Charge (APRC) and the wider costs and features of mortgage products.
If you have a variable-rate mortgage, your payments can change as interest rates change.
Even with a fixed-rate mortgage, the question becomes important when your initial deal ends and you need to choose a new mortgage.
In the event of unexpected events such as illness, keeping up repayments on your mortgage may be challenging.
You may want to consider taking out a financial protection policy to help mitigate such eventualities.
Choosing a mortgage isn’t simply a question of finding the lowest interest rate.
A mortgage adviser can look at your circumstances, financial commitments, deposit, income and plans and assess which types of mortgage may be appropriate.
This can be particularly useful where you have a smaller deposit.
An adviser can help you understand lender affordability criteria, search across available products and identify lenders that may be better suited to individual circumstances.
A mortgage adviser can help you consider questions such as:
The FCA’s mortgage rule review also reflects the continuing focus on improving access to suitable mortgages for creditworthy consumers, while maintaining responsible lending and affordability considerations.
For some buyers, waiting until they have a larger deposit may be the right decision. For others, a low-deposit mortgage could provide a route into home ownership sooner.
The important point is to look beyond the deposit itself.
A smaller deposit can mean borrowing more and potentially paying a higher interest rate. A longer mortgage term can reduce monthly payments but increase the total interest paid. Combining the two may improve short-term affordability while increasing the overall cost and leaving you with less equity initially.
That is why the right mortgage should be considered in the context of your whole financial position, rather than simply the size of the deposit you have saved.
If you’re considering a low-deposit mortgage, a mortgage adviser can help you compare the available options and understand how different deposits, mortgage terms and repayment levels could affect your finances.
Get in touch with us today to find out more.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
Disclaimer: This article is for informational purposes only and does not constitute financial, tax, or legal advice. Tax treatment depends on individual circumstances and may change. A recommendation will be made only following a full assessment of your personal circumstances. Always seek professional advice before making financial decisions.
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A low-deposit mortgage is a mortgage where the borrower provides a relatively small deposit towards the property purchase, typically 10% or less. For example, a 95% loan-to-value (LTV) mortgage requires a 5% deposit, while some mortgages may allow borrowers to purchase with an even smaller deposit.
Yes. 5% deposit mortgages are available from a range of lenders, although eligibility and affordability requirements vary. A 5% deposit on a £250,000 property would be £12,500, leaving a £237,500 mortgage. A mortgage adviser can help you understand which lenders may consider your circumstances.
Some 100% LTV mortgages are available, meaning you may be able to buy a property without providing a conventional cash deposit.
However, these mortgages are not available to everyone and usually have specific eligibility and affordability requirements.
Borrowing 100% of a property’s value can also increase the risk of negative equity if property prices fall.
They can be. A smaller deposit means you borrow a larger proportion of the property’s value, and higher-LTV mortgages can have higher interest rates than mortgages where the borrower provides a larger deposit.
It’s therefore important to compare the overall cost of the mortgage rather than looking only at the deposit required or monthly payment.
Whether a 95% mortgage is suitable depends on your circumstances.
It can allow you to buy with a 5% deposit rather than waiting to save more, but you will have a larger mortgage and may pay a higher interest rate.
You should also consider whether you would have sufficient savings left to cover emergencies and the other costs of buying a home.
These decisions address different aspects of a mortgage.
A larger deposit reduces the amount you need to borrow and may give you access to lower LTV mortgage rates. A longer mortgage term reduces the required monthly payment but generally means paying interest for longer.
The most suitable combination depends on your affordability, savings and longer-term financial plans.
A 35-year mortgage can reduce monthly repayments compared with a shorter mortgage term, which may make buying a home more affordable within your monthly budget.
However, you will generally pay more interest over the lifetime of the mortgage. It’s important to consider both the monthly payment and the total cost of borrowing.
Generally, yes. If the interest rate and mortgage balance were otherwise the same, extending a mortgage term means interest is charged over a longer period.
This can significantly increase the total amount paid over the life of the mortgage, even though the monthly repayment is lower.
Potentially. Some lenders offer longer mortgage terms alongside high-LTV mortgages, but availability depends on the lender and your individual circumstances. Factors such as your age, income, expenditure, credit history and the property’s characteristics can affect eligibility.
Potentially. Many mortgages allow some level of overpayment, although the amount you can repay without charge varies between products.
Some mortgages may also have early repayment charges. If you are considering a longer term because of the lower monthly payment, it can be worth checking whether the mortgage gives you flexibility to make overpayments in the future.
If the value of your property falls significantly while you have a relatively small amount of equity, you could potentially enter negative equity. This is where the outstanding mortgage is greater than the property’s value.
Negative equity can make it more difficult to move home or remortgage, although the implications depend on your individual circumstances and the size and duration of any fall in value.
There is no universal answer. Saving a larger deposit could reduce the amount you need to borrow and may give you access to a wider range of mortgage products.
However, waiting also means delaying the purchase and continuing to save while property prices, rents and mortgage rates may change.
A mortgage adviser can help you compare the potential implications of buying now with a smaller deposit against waiting and saving more.
A mortgage adviser can assess your circumstances and help you understand the mortgage options available to you.
They can compare factors such as deposit requirements, LTV, interest rates, mortgage terms, affordability, fees and lender criteria. This can be particularly useful if you have a small deposit or are considering combining a low deposit with a longer mortgage term.
Consider the size of your deposit, monthly repayments, interest rate, mortgage term, total amount repayable, fees, early repayment charges and how much emergency savings you would have left after buying.
You should also consider how affordable the mortgage would be if your circumstances changed or your mortgage rate increased when your initial deal ends.
For generations, the conventional wisdom around mortgages was simple: pay off your home before you retire.
But that is changing.
More people are carrying mortgage debt into their 60s and beyond, while others are choosing to borrow against their property to help fund retirement, support family members, invest in property or meet significant one-off costs.
The latest figures from UK Finance underline how quickly the market is evolving.
There were 37,300 new loans advanced to borrowers aged 55 and over in the second quarter of 2026, an increase of 13.4% compared with the same quarter a year earlier. The total value of this lending reached £6.2 billion, up 20.5% year on year.
However, the figures need some context. UK Finance says the annual comparison has been inflated by unusually weak lending in Q2 2025, when activity was affected by the rush to complete transactions before the stamp duty changes introduced in April 2025.
Even so, the direction of travel is clear: later life borrowing is becoming an increasingly important part of the UK mortgage market.
And for someone aged 60 or over, taking out a mortgage is no longer necessarily an unusual or impractical proposition.
“Later life lending” is a broad term covering mortgages and other forms of borrowing available to older borrowers.
UK Finance defines its later life lending data as lending to borrowers aged 55 and over. It can include mainstream residential mortgages, buy-to-let mortgages, retirement interest-only (RIO) mortgages and lifetime mortgages.
A later life mortgage is not necessarily the same thing as equity release.
A person aged 60 might, for example, take out a conventional repayment mortgage with a term extending into their 70s.
Another borrower might choose a retirement interest-only mortgage, where they pay the interest but repay the capital when the property is sold, the borrower dies or another specified repayment event occurs.
A lifetime mortgage is different again. It is a form of equity release which allows homeowners, typically aged 55 or over, to access some of the value in their property without necessarily making monthly capital repayments.
The right solution depends on the borrower’s circumstances, objectives, income, health, family situation and wider financial plan.
Taking an equity release mortgage may also affect entitlement to means-tested benefits, which highlights the importance of taking financial advice if you are considering this step.
The growth is part of a much broader change in the mortgage market.
UK Finance says the number of mainstream mortgages extending beyond borrowers’ expected retirement age has almost tripled over the past decade, from just under 74,000 to more than 207,000.
And the Financial Conduct Authority (FCA) says almost 330,000 mortgages were advanced to borrowers aged over 55 in 2025.
Importantly, only 9% were lifetime mortgages or RIO products, meaning the vast majority were other forms of mortgage borrowing.
There are many reasons why more people are borrowing later in life.
People are living and working for longer, house prices have risen significantly over previous decades, and many borrowers are taking out mortgages later in life or choosing longer mortgage terms.
The FCA has highlighted the changing shape of the market, noting that many lenders now accept earned income up to age 75 when assessing affordability.
It also expects more mortgages to mature after borrowers reach State Pension age or have retired – see our article last month on the rise of marathon mortgages.
For some people, borrowing later in life may be a deliberate financial planning decision rather than a sign of financial difficulty.
Possible reasons include:
A homeowner may want to adapt or improve their property rather than move.
Some older homeowners use property wealth to help younger family members with deposits or other significant costs.
Later life lending can also be relevant to people purchasing a new home or investing in buy-to-let property.
A mortgage can sometimes be used as part of a wider strategy for managing cash flow between employment, pension income and other assets.
Some homeowners would rather remain in their existing home than move to a smaller property simply to eliminate their mortgage.
A borrower approaching retirement may need to refinance an existing mortgage rather than repay it from savings or sell their home.
A later life mortgage can be appropriate in some circumstances, particularly where the borrower has a reliable income, substantial housing wealth and a clear reason for borrowing.
Borrowing may allow someone to stay in a property that suits them rather than downsizing simply because their existing mortgage is coming to an end.
For homeowners with significant equity, borrowing can provide access to capital without selling the property.
There are increasingly different ways of borrowing in later life.
A conventional repayment mortgage, RIO mortgage and lifetime mortgage have very different characteristics, allowing advice to be tailored around the individual’s circumstances.
A longer mortgage term can reduce monthly payments, although this generally means paying interest for longer and potentially increasing the total amount repaid.
In some circumstances, borrowing against a property can form part of a broader retirement strategy.
However, this needs to be considered alongside pensions, investments, tax, inheritance and future spending needs.
Borrowing in later life also brings significant risks and potential costs.
Affordability can change significantly when someone retires. A mortgage that is comfortable while working may become much harder to maintain once employment income stops.
The FCA has specifically highlighted the potential difficulty of servicing mortgage debt after retirement, particularly where pension savings are insufficient or outstanding debt remains high.
Extending a mortgage term can reduce monthly payments but increase the total interest paid over the life of the mortgage.
As with any mortgage secured against a property, failure to maintain the required payments can ultimately put the home at risk.
Borrowing against a property can reduce the amount of equity ultimately available to beneficiaries.
This is particularly relevant when comparing conventional mortgages with lifetime mortgages, where interest can accumulate if it is not paid regularly.
Retirement, illness, the death of a partner, care costs or changes in household expenditure can all affect affordability.
If the mortgage is on a variable or future refinancing rate, changes in interest rates could increase the cost of borrowing.
This is why affordability needs to be assessed not simply on today’s income and interest rate, but against realistic future circumstances.
There is no ‘one size fits all’ answer to this question.
For one 60-year-old, taking out a mortgage could be entirely reasonable. For another, it could create an unnecessary financial burden.
The key question is not simply “Can I get a mortgage at 60?” but “Does borrowing make sense as part of my overall financial plan?”
That distinction is particularly important because mortgage affordability is only one part of the decision.
Someone might qualify for a mortgage but still decide that using pension savings, investments, downsizing or another source of capital would be more appropriate.
Equally, someone who could afford to repay their mortgage might decide that retaining investments and borrowing against a relatively low-cost property is preferable.
A specialist mortgage adviser can look at the practicalities of borrowing.
This can include:
This can be particularly valuable because lender criteria vary considerably.
The FCA’s position is that its rules do not prevent lending to older borrowers: affordability is the key consideration, whatever the borrower’s age.
A mortgage adviser can therefore help establish what is technically available. But that is only part of the decision.
The bigger question is often what the mortgage means for the rest of your financial life.
A financial adviser can help put the borrowing decision into the context of:
Fairstone offers expertise in both mortgage advice and financial planning.
If you’re considering whether a later life mortgage is right for you, we can help you assess the options and products available on the market as well as show you how a mortgage could affect your wider financial plan.
For more information, get in touch with us today.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE OR OTHER LOAN SECURED AGAINST IT.
Disclaimer: This article is for informational purposes only and does not constitute financial, tax, or legal advice. Tax treatment depends on individual circumstances and may change. A recommendation will be made only following a full assessment of your personal circumstances. Always seek professional advice before making financial decisions.
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Yes. There is no general rule preventing someone aged 60 from getting a mortgage. Lenders will assess affordability, income, expenditure, the proposed term and their own lending criteria. Some lenders are prepared to lend well into borrowers’ 70s.
Yes, potentially. The key issue is usually whether the lender is satisfied that the mortgage remains affordable over its term, including after retirement if applicable. Pension income and other reliable sources of income can therefore be important.
Later life mortgage is a broad term covering mortgages available to older borrowers. It can include conventional repayment mortgages, interest-only mortgages, retirement interest-only mortgages and lifetime mortgages.
No. Equity release is one form of later life lending, but many older borrowers use conventional mortgages. A lifetime mortgage is an equity-release product, whereas a standard repayment mortgage requires the borrower to repay capital and interest according to the agreed schedule.
A retirement interest-only, or RIO, mortgage is a mortgage where the borrower pays the interest but does not normally repay the capital during the mortgage term. The capital is typically repaid when the property is sold, following the death of the borrower or another agreed repayment event.
Not necessarily. It depends on the individual’s income, expenditure, assets, pension arrangements, objectives and ability to maintain repayments. Professional advice can help determine whether borrowing is appropriate.
Depending on the circumstances, alternatives can include using savings or investments, downsizing, a lifetime mortgage, a retirement interest-only mortgage or delaying the borrowing.
Talking to a financial adviser can be valuable, particularly where the decision affects retirement income, investments, pensions, inheritance or future care planning. A mortgage adviser can assess mortgage options, while a financial adviser can consider the borrowing decision within the context of the individual’s wider financial plan.
Potentially. Lenders can consider pension income and other sources of retirement income when assessing affordability, although criteria vary between lenders.
A fact which not many people know is that the word ‘mortgage’ comes from the Old French term mort gage, which literally means “dead pledge”.
This does not mean, as some have suggested, that you will be paying off the debt for your house loan until you pass away, but actually refers to the debt ‘dying’ when you pay it off in full or your right to the property dying if you default on the loan.
However, with the rise of so-called ‘marathon mortgages’, you could be forgiven for thinking that a property loan could take a lifetime to pay off.
A marathon mortgage is generally a home loan lasting 35 years or longer. Some mortgages are now available on the market that last 40 years.
A combination of rising house prices, high interest rates and wages failing to keep pace with those increases has made mortgages lasting 35 years or longer more popular.
In many instances, these mortgages now last beyond the current State pension age.
Last year, more than 34,000 borrowers aged 36-plus took out mortgages with terms of at least 35 years – more than three times the number of people in the same bracket took out the same loans in 2021, according to data from the Financial Conduct Authority (FCA).
There are advantages to taking out a mortgage over a longer period of time.
Affordability is one of the key drivers – a longer mortgage reduces the monthly repayment, making them more affordable for home buyers.
Taking the average price of a home in the UK at £271,295, according to the Land Registry, the monthly repayment for a 25-year mortgage for that amount, assuming a 10% deposit of £27,000, would be £1,524 at the current average two-year fixed interest rate of 5.63%.
For a 35-year mortgage, this monthly cost would drop to £1,337 and across a 40-year term, it would be just £1,263.
However, while spreading the cost out over a longer time makes for more affordable monthly payments, it also increases the final amount paid.
This is because interest is accrued across the whole term of the mortgage, so the longer the term, the higher the total amount.
Borrowing £244,925 over 25 years will see you repay £457,200; over 35 years it’s £561,500 and over 40 years it would be £606,200.
The impact of all that extra interest can be seen in the table below:
| Term | Monthly repayment | Total repaid | Total interest |
|---|---|---|---|
| 25 years | £1,524 | £457,200 | £212,300 |
| 35 years | £1,337 | £561,500 | £316,600 |
| 40 years | £1,263 | £606,200 | £361,300 |
Another disadvantage to a marathon mortgage is that you could end up still repaying it after you have retired.
This could mean either using pension savings to clear your mortgage or having to fund mortgage interest years into your retirement – either way, this will cut into your retirement savings or mean you need to work for longer than you ideally would like to.
The cost of protecting yourself financially is more expensive, the longer the term. This could lead to being under-covered or having less disposable income to fund your desired lifestyle.
Taking expert advice can help you to manage your mortgage so that repayments suit your circumstances over the years.
For example, when you are starting out as a property owner and finances are tight, a mortgage adviser can help you secure a longer term loan so that repayments are more manageable.
An adviser can steer you on the right path when it comes to things like monthly overpayments to reduce your interest and cut your mortgage term.
Your adviser can also assist you to review your budget if there is a change in your job or a promotion with a higher salary and make adjustments when financial commitments such as school fees stop.
And of course, an expert adviser can help source good deals when it comes to remortgaging so that you can cut down on the amount of interest paid and/or shorten the time your loan is outstanding.
While an adviser won’t turn a marathon into a sprint, they can help you to get mortgage payments down and to pay off the debt in a more timely fashion, if that is what works best for you and your financial goals.
For more information about mortgages of all kinds, marathon or otherwise, get in touch with one of our advisers today.
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YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE OR OTHER LOAN SECURED AGAINST IT.
Disclaimer: This article is for informational purposes only and does not constitute financial, tax, or legal advice. Tax treatment depends on individual circumstances and may change. A recommendation will be made only following a full assessment of your personal circumstances. Always seek professional advice before making financial decisions.
A marathon mortgage is generally a home loan lasting 35 years or longer. Extending the repayment period reduces monthly repayments but increases the total interest paid over the life of the loan.
A 35-year mortgage can improve affordability and help buyers get onto the property ladder. However, it usually means paying more interest overall and may result in repayments continuing into retirement.
Yes, subject to lender criteria and affordability checks. Many borrowers reduce their mortgage term by making overpayments, increasing monthly repayments after their income rises or remortgaging to a shorter term.
Yes. Although monthly repayments are lower, interest is charged for longer, meaning the total amount repaid is significantly higher than on a shorter mortgage.
Yes, although lenders may assess how you will afford repayments once you stop working. Entering retirement with an outstanding mortgage can reduce the income available for other retirement expenses.
If your lender allows penalty-free overpayments, paying extra towards your mortgage can reduce both the amount of interest you pay and the length of your mortgage term.
Potentially. If your financial circumstances improve, remortgaging to a shorter term may reduce the total interest paid while helping you become mortgage-free sooner.
In recent years there has been a lot of talk around the difficulties that first-time buyers (FTB) face when trying to take their first step on the property ladder.
This came up in conversation recently when discussing the “right time” to make that step, especially in the current geo-political situation.
The reality is that over a period we have had a lot of uncertainty, and this links back to a previous blog talking about quick decision making.
We don’t know what the future holds, so putting off decisions could result in no action.
In the 1990s, the average age of a first-time buyer was 29 and only 40% of those buying needed to rely on two incomes with very few needing to rely on support from family for deposits.
Today, over half of first-time buyers rely on two incomes and the average age of an FTB is 34.
FTB numbers sat at around 700,000 in 2008 and grew to around 975,000 in 2023/24.
Contrary to popular belief, the ability to own a property is becoming more realistic for more people in the UK today.
It is also predicted that going forward to 2028, this affordability element will increase further, making more than 125,000 additional first time buyers able to enter the market.
Lenders and mortgage regulator the Financial Conduct Authority are playing fundamental roles in this by making loan to income limits higher to support people with lower deposits being able to safely borrow more.
For example, alongside affordability tests you may be able to borrow up to four and a half times your income or even more depending on personal circumstances.
One big change the industry is seeing is the support from loved ones in the form of a gift towards deposits.
Around 30% of FTBs are now supported this way via a number of different ways including later life mortgages, savings or other financial instruments. These are all things which Fairstone can support with.
The reality is that the savings needed are higher than those of former generations but the dream of owning a property is certainly not out of reach. If anything, prospects are forecast to improve.
Data from mortgage provider Skipton Building Society flags up some interesting trends in the first time buyer market.
Between 2020 and 2024, the purchase of flats by FTBs has dropped by 5% in contrast with the 2007 – 2009 period.
However, these figures are influenced by London where flats are purchased by 7 in 10 FTBs.
Recent first time buyers have been able to afford bigger homes. Floor space is increasing in the homes available to FTB compared to those buying in 2007 – 2011 with buyers in the Midlands and East seeing the biggest margins when comparing square metres in the home.
In addition to having bigger homes, first time buyers are still able to buy properties where they have a “spare bedroom”.
This keeps pace with previous first time buyer generations and is also potentially a reflection of changing working patterns as more people now require the ability to work from home.
As we start to look at how we can improve our impact on the environment, first time buyers are buying more energy-efficient homes.
A total of 60% of first time buyer purchases were properties rated ‘C’ or above, meaning these buyers are able to offset any hikes in energy prices by being more efficient.
If you are a first time buyer looking to get your foot on the property ladder, a mortgage adviser can help with your planning and give you expert advice on affordability and what you (and your partner) can afford to lend. With recent changes in legislation this could be more than you think.
Putting these conversations off when we don’t know what the future looks like in terms of rates might see you postpone your dream of owning a home for longer than you anticipated. Being fully informed will help you make a swift decision.
Get in touch with one of our advisers to find out more.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE OR OTHER LOAN SECURED AGAINST IT.
Disclaimer: This article is for informational purposes only and does not constitute financial, tax, or legal advice. Tax treatment depends on individual circumstances and may change. A recommendation will be made only following a full assessment of your personal circumstances. Always seek professional advice before making financial decisions.
No-one likes to think about the worst happening.
But preparing just in case it does can be life-changing.
For example, how can you keep up repayments on a mortgage if you become ill, are unable to work or if your partner dies?
I was reminded of this at a recent mortgage industry event where we heard some frightening statistics about how underserved we are as a nation when it comes to financial protection.
Financial protection comes in many forms, but the most common ones are:
This is where money – usually a lump sum – is paid after the death of the person insured.
This is where money – usually a lump sum – is paid out in the event of the diagnosis of a pre-defined illness, typically more common conditions such as cancer, a stroke or a heart attack.
This is where money is paid out, usually monthly, to cover some of the salary lost due to someone being unable to work for a prolonged period of time.
People taking on a long-term debt such as a mortgage would be well placed to consider financial protection.
Talking to a financial adviser can help you decide which form of financial protection is best suited to your situation and financial goals
One aspect of financial protection which is often overlooked is how it can help when other members of your family suffer a misfortune.
For example, if you child is seriously ill, you may need time off work to support them through their treatment.
Does your contract that you have at work cover you for when you’re ill, and if one of your children is ill?
This kind of situation is not hypothetical – at the mortgage event, one member of the audience told how her niece became seriously ill and the family were worried how they would cope.
After checking the protection policy, they found there was enough cover for her brother-in-law to take time off to be in hospital with their daughter as she recovered.
The couple were thankful that they had been advised on the policy and couldn’t have been more grateful that it allowed finances and fear of losing their home to be something they didn’t have to worry about at all.
I’ve heard from other advisers about how they have helped clients during reviews to claim on their policies following serious illness suffered by their children.
In all these cases, the policies allowed financial burdens to be lifted and the real threat of not being able to pay the mortgage to be removed.
Putting this cover in place allowed people to keep their jobs with sabbaticals and ultimately be there for their kids during unthinkable times.
Think about your situation: are you protected financially?
Do you have a family that could benefit from a conversation with a professional of how to protect what matters most to you?
Do you have a policy that needs reviewed, perhaps since you have had children?
These topics are not always easy to talk about – no-one likes to consider worst case scenarios.
But being brave enough to have the chat could be one of the best decisions you ever make.
Talking to an adviser can help you look carefully at your situation, decide what needs to be done and how best to approach things.
It could be one of the most important conversations you ever have.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE OR OTHER LOAN SECURED AGAINST IT.
Disclaimer: This article is for informational purposes only and does not constitute financial, tax, or legal advice. Tax treatment depends on individual circumstances and may change. A recommendation will be made only following a full assessment of your personal circumstances. Protection insurance is designed to provide financial support on death, illness or inability to work. It has no cash-in value and is not a savings or investment product. All policies are subject to terms, conditions, exclusions and limitations. Full details will be explained before any policy is taken out. For income protection and critical illness cover, payment of benefits is subject to meeting the policy conditions and insurer underwriting and claims criteria. Always seek professional advice before making financial decisions.
For many people over 55 who own their own home, equity release is still spoken about as “something you should never do”.
It is often misunderstood, occasionally feared, and sometimes dismissed outright based on decades-old information.
However, in the world of rising living costs, longer retirements, and wealth locked in homes, equity release has evolved into a flexible, well-regulated financial option that deserves its place.
It is no longer a niche product for people “with no other choices”. For many, it is a strategic decision that enables later life to be enjoyed, not endured.
Equity release is a way for older homeowners to access some of the money tied up in their home without having to sell it or move out.
In simple terms: if you own your home and it has gone up in value over the years, equity release lets you “unlock” some of that value as cash.
You can take the money as a lump sum, smaller withdrawals over time, or a mix of both.
There are two main types of equity release: a lifetime mortgage and a Home Reversion Plan.
The lifetime mortgage is the most common form of equity release.
Lifetime mortgages usually have a fixed rate of interest applied for the life of the loan. The interest rolls up over the term of the mortgage and no monthly payments are made.
The loan is usually repaid when you no longer live in your home.
For most equity release plans (especially lifetime mortgages), that means the money is paid back when:
At that point, the property is typically sold, and the proceeds are used to repay the loan plus any interest that has built up over time. Anything left over goes to your estate or family.
There is a further equity release option available (but not as widely used) which is know as a Home Reversion Plan. This is where you sell a percentage of your home and in return you receive a lump sum.
You still get to stay in your property for the rest of your life or if you have to move into long-term care.
When the property is sold, the company receives their percentage and the balance is paid to the estate.
One of the strongest advantages of equity release is the ability to unlock tax-free cash without having to sell or downsize. Your home remains yours, and you retain the right to live in it for life, or until you move into long term care.
This stability can be priceless for people who have lived in their homes for most of their lives and class it as part of them and something they do not wish to give up.
Whether it’s supplementing pension income, clearing interest-only mortgages, helping children on to the property ladder, funding home improvements, or simply enjoying retirement with greater peace of mind, equity release can provide access to capital that would otherwise remain inaccessible.
Some Equity Release plans also offer flexible drawdown options, allowing homeowners to release funds only when needed—helping to control interest costs over time.
Unlike traditional borrowing, most lifetime mortgages do not require monthly repayments. Interest rolls up over time and is repaid when the property is sold, providing reassurance for those on fixed or limited incomes.
Importantly, many plans now allow voluntary ad hoc repayments, giving borrowers control if their circumstances change.
Equity release today is a far cry from the products of the 1980s and 1990s. Plans regulated by the Financial Conduct Authority and approved by the Equity Release Council come with strict safeguards, including:
These protections mean neither you nor your estate can ever owe more than the value of your home.
Equity release can be expensive over time and the longer you live, the more money you – or rather your family – will owe.
Equity release also reduces the money that you leave behind, meaning your family will inherit less money after you’re gone.
Also, if you are in receipt of state benefits, you lose may lose them if they are means-tested.
With most equity release plans (like a lifetime mortgage), you’re not making monthly payments. Instead, the interest gets added onto the loan, and then future interest is charged on that bigger amount.
Therefore in plain terms, you’re paying “interest on interest,” so the debt grows faster over time.
One of the lesser known—but increasingly relevant—uses of equity release is its role in inheritance tax planning.
Property wealth frequently pushes estates above the nil rate band thresholds, creating potential IHT liabilities for beneficiaries. By releasing equity during lifetime, homeowners may be able to:
When gifts are made and the individual survives seven years, they may fall outside the estate for IHT purposes, depending on circumstances.
Additionally, some people choose to use equity release to fund regular gifts from surplus income or to settle existing debts, which can further simplify estate planning.
While equity release is not a ‘one size fits all’ solution for inheritance tax, it can form part of a broader, well advised strategy that balances personal enjoyment with family legacy.
False! With a lifetime mortgage—the most common form of equity release—you retain ownership of your property. The lender places a charge on the home, similar to a standard mortgage.
While equity release can reduce the value of an estate, it does not automatically eliminate inheritance. Many homeowners choose to guarantee an amount of their property value, and some plans allow repayment over time to preserve equity.
Beyond finances, many families would rather see loved ones enjoying life now than inheriting wealth later.
Interest does roll up, but rates are fixed or capped for life, and modern products include drawdown, voluntary repayments, and reserve facilities that help manage long-term costs more effectively than ever before.
In reality, many equity release clients are financially comfortable homeowners who want to use their assets more efficiently. It is increasingly used as part of holistic retirement planning rather than a last resort.
Equity release is not right for everyone, and it should never be entered into lightly.
It requires expert advice, family discussions, and a clear understanding of long-term implications.
However, dismissing it based on outdated myths does a disservice to homeowners who could genuinely benefit.
As property wealth continues to outpace pension savings for many, equity release has become a legitimate and responsible financial planning tool—one that prioritises choice, dignity, and quality of life in later years.
In an era where living longer also means funding longer retirements, perhaps the real question is not “Why would anyone use equity release?” but “Why should homeowners be criticised for choosing to enjoy the wealth they have worked a lifetime to build?”
There are other ways to free up capital tied up in your home.
Moving from a larger house to a smaller, cheaper property will help to generate money and, depending on the home, could also result in lower energy bills.
However, you will need to take into consideration the costs associated with buying and selling a home as well as moving costs, etc.
You may also prefer to stay in the home which you have made your own.
Another potential option is a retirement interest-only mortgage.
This is a mortgage that is based on pension income. You do not repay capital on a monthly basis, only the interest element.
However, this is generally not used since most people do not want to have an extra monthly expense.
A professional financial adviser can help you assess whether Equity Release is right for your circumstances and your financial goals.
If you decide to go ahead with Equity Release, a financial adviser can help you to choose the product which best suits your situation.
They can also help you with other implications of taking out an Equity Release plan, including estate planning and potential Inheritance Tax liabilities.
Get in touch with one of our advisers today to find out more.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE OR OTHER LOAN SECURED AGAINST IT.
Disclaimer: This article is for informational purposes only and does not constitute financial, tax, or legal advice. Tax treatment depends on individual circumstances and may change. The value of investments can go down as well as up and you may not get back the full amount you invested. Past performance is also not a reliable indicator of future performance. Always seek professional advice before making financial decisions.
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Equity release can be a good idea for homeowners over 55 who want to access tax-free cash tied up in their property without having to move.
It can provide financial flexibility in retirement, but it’s important to consider the long-term impact on your estate, inheritance, and overall financial plan before proceeding.
Yes, equity release is considered safe when taken through a plan regulated by the Financial Conduct Authority and approved by the Equity Release Council.
These plans include safeguards such as the No Negative Equity Guarantee and the right to remain in your home for life.
Yes. With a lifetime mortgage—the most common form of equity release—you remain the legal owner of your home.
The lender places a charge on the property, similar to a traditional mortgage, but ownership stays with you.
The amount you can release depends on factors such as your age, property value, and health.
Typically, the older you are, the more you can borrow. Most providers offer between 20% and 60% of your property’s value.
Yes, equity release can reduce the value of your estate, which may impact how much you leave to your beneficiaries.
However, some plans allow you to ring-fence a portion of your property’s value for inheritance or make voluntary repayments to preserve equity.
In some cases, yes. By releasing equity and gifting money during your lifetime, you may reduce the overall value of your estate.
If you live for seven years after making a gift, it may fall outside your estate for inheritance tax purposes, depending on your circumstances.
The main risks include:
This is why professional financial advice is essential before proceeding.
Most lifetime mortgages do not require mandatory monthly repayments. Instead, interest is added to the loan and repaid when the property is sold.
However, many modern plans allow optional repayments to help manage the balance.
When the last homeowner passes away or moves into long-term care, the property is usually sold and the loan—plus any accrued interest—is repaid. Any remaining value is passed on to your beneficiaries.
Yes, alternatives include downsizing, using savings or investments, or considering a retirement interest-only mortgage.
The best option depends on your personal circumstances and financial goals.
Yes. Equity release is a significant financial decision, and speaking to a qualified adviser ensures you understand the benefits, risks, and alternatives.
A professional can help tailor a solution that aligns with your long-term plans.
Welcome to April’s Mortgage Monthly column.
This month we look at why speed can sometimes be of the essence when it comes to mortgage decisions.
Since the UK exited Covid, the mortgage market has seen its fair share of challenges both internally through regulation changes as well as external challenges.
When challenges such as the current geopolitical issues in the Middle East cause uncertainty and rapid change for our clients it highlights the need for good, speedy advice – something our advisers pride themselves on delivering.
The war in Iran started at the end of February and had an almost immediate effect on mortgages with many lenders changing or withdrawing deals at short notice.
We have seen lenders emailing advisers informing them products will be pulled the same day, giving clients only hours to secure a deal.
This led to frantic attempts to get hold of clients who have not committed to a new rate to replace their current mortgage deal when it ends.
By March 23, around 1,500 individual mortgage products had been pulled from the market, according to industry publication Mortgage Strategy.
While this is not quite on the scale of the 900 rates pulled in a day in 2022 after the Liz Truss mini-Budget, it does show the profound impact that events over 4,000 miles away have had on UK mortgages.
Deals which do remain don’t stay around for long – in February, mortgage products stayed available for an average of 33 days; by March this had dropped to 14 days.
The initial reaction to the war seems to have settled with fewer rates being withdrawn from the market and some early signs of minor falls in average mortgage rates.
However, long-term stability remains in doubt, particularly in a situation which has been unpredictable from its inception and has already seen extensive swings in sentiment and market reaction.
In times like these, talking to experienced mortgage advisers who can give quick, concise advice looking at the whole of the market can really help with decision-making.
Reaching out or making time to speak to your adviser when they get in touch in the lead-up to a mortgage rate coming to an end cannot be underestimated.
Being prepared to make quick decisions to lock in a rate can ensure that if rates rise you have taken advantage of what is best for you at the time.
Locking in a rate during a rising rate environment through an adviser will come with other advantages.
Lenders offer a four to six-month lead-in period to secure a product.
As a result, for example, if rates start to drop – as they did in the first week of April – you can switch to a cheaper one, should one become available. An adviser can help with this research and scour the market for good deals.
After 2022’s volatile period where rates spiked, we saved one of our clients more than £11,000 over the term of their mortgage by switching the initial rate they secured to a cheaper rate before their current deal expired.
Of course, this was a number of years ago and every individual’s circumstances are different so this would not necessarily be the case now.
In a fast-paced, unpredictable world, being prepared to make quick, evidence-based decisions when it comes to securing a suitable mortgage rate can help save you money should rates increase.
Using an adviser can ensure that you end up with the best rate available to match your circumstances at that time.
If you are concerned about a current deal that is soon coming to an end, reach out to your adviser so they can give you the correct timescales to secure a new rate.
And for help on buying a home – whether you’re a first-time buyer or someone looking to move house – get in touch with one of our mortgage advisers today.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
At times, it seemed like this winter was going to last forever, but Spring is here at last.
As well as warmer weather and lighter nights, this time of year often brings a desire to move house.
Spring is traditionally the season where the housing market ramps up and, notwithstanding the impact of recent geopolitical upheavals, this year looks set to be no exception.
For many of us, buying a home is the biggest financial commitment we will make in our lives.
It is a major life event, but too often the temptation is to treat a house purchase as a stand-alone occasion rather than part of an overall financial life plan.
The other danger which we face is that we get emotionally involved in the process.
We really, REALLY want that house.
It’s got everything we could want and we’re already picturing ourselves living there.
When you get wrapped up in a house buying journey, it’s all too easy to disregard everything else in the pursuit of your dream home.
This is where working with financial adviser is worth its weight in gold.
Your financial adviser will sit down with you and put together a comprehensive financial plan:
A properly thought through and well-executed plan will help you to address the three crucial aspects of house buying which most people forget:
You don’t want to pay so much for your house that you’re left with very little to live on in retirement.
In an age of 30-year and even 35-year mortgages when the average age of a first-time buyer in the UK is 34, you could well end up still paying for your home when you’re past State pension age.
Factoring this into your calculations when weighing up the purchase of a home is something which many people neglect to do.
Planning to repay your mortgage before retirement is important.
Financial advisers can help with this, by supporting your plan from day one and throughout the term of the mortgage, potentially saving £1,000s in interest and supporting plans for saving.
The purchase of a home is the biggest debt you are likely to take on in your life.
Advisers have a duty to ensure you can cope with that debt and that your family won’t have to face taking on that debt should the worst happen.
Part of your plan should be to protect your home and your family income.
If you get ill, sick pay is a lot less generous than most people think it is.
With the global economy far from predictable, unemployment is a fact of life these days.
How will you keep up your mortgage payments if you are made redundant?
Your financial adviser will help you to tackle all three of these issues – and plenty more besides.
For example, by working with fellow professionals such as mortgage advisers (which we also have at Fairstone), they can help you get the best deal on the loan for your property.
And a few years down the line, they can do the same again to ensure your remortgage keeps you on a sound financial footing.
They can also review your protection policies as life events such as the birth of a child happen, to make sure these products are always appropriate for you and your families’ needs.
Importantly, a financial adviser will keep the other parts of your plan on track, rather than just give you a good mortgage deal.
So they will help you with things like saving for your children or grandchildren, paying for school or university fees, investing for your retirement and planning your estate.
These financial events very often overlap with your home buying journey so someone who knows how it all fits together – and can show you how with the use of tools like cashflow modelling – could prove invaluable.
And they are always there as a voice of calm reassurance and wise counsel when you’re unsure if you’re doing the right thing with your finances.
To borrow the title of a well-known TV programme, most people think buying a home is all about location, location, location.
In reality, it’s all about plan, plan, plan.
Buying a house isn’t just a transaction, it’s a key part of your financial life.
Wouldn’t it be much more of a home, sweet home if you knew it was part of your comprehensive financial plan?
Fairstone is home to a wide range of financial advisers, mortgage advisers and financial planning experts, ready to help you out on everything from property purchases to planning your retirement.
Get in touch with a Fairstone adviser to find out more.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
Disclaimer: This article is for informational purposes only and does not constitute financial, tax, or legal advice. Tax treatment depends on individual circumstances and may change. The value of investments can go down as well as up and you may not get back the full amount you invested. Past performance is also not a reliable indicator of future performance. Always seek professional advice before making financial decisions.
Welcome to the Mortgage Monthly column for March.
This month we’re looking at the changing state of the UK housing market.
February is projected to achieve the highest monthly volume of new listings in the past decade, indicating increased seller confidence and a strong motivation to move home.
Additionally, average earnings have outpaced house prices over the last three years.
Lower mortgage rates – notwithstanding the effect of recent events in the Middle East – and relaxed affordability assessments have further contributed to improved housing affordability, supporting higher sales volumes.
A significant development has been the adjustment in how mortgage lenders evaluate affordability.
In particular, a change in how a borrower’s capacity to manage potential future increases in mortgage rates has altered calculations.
Lenders assess whether someone can afford a home using what is known as a mortgage stress rate – if interest rates reach this particular level, can a borrower still afford to make their repayments?
A year ago, lenders assessed whether someone could afford a home using a mortgage stress rate of 8.5%.
Now, lenders are assessing affordability using a 6.5% mortgage stress rate.
As a result of this fall in the mortgage stress rate, 40% of homes are now less expensive to purchase with a mortgage than to rent, according to the Zoopla House Price Index.
This compares with just 25% when assessed against the previous, higher stress rate.
These changes represent the most notable improvement in first-time buyer affordability since 2022, when mortgage rates began rising.
Sustained market activity has been supported by declining base rates and heightened competition among mortgage lenders.
As a result, at the start of this year, the average mortgage rate for new loans reached its lowest level in four years.
In addition, both 2-year and 5-year fixed-rate deals dropped below 4% for the first time since 2022.
Further reductions in the base rate were anticipated this year before the recent rise in Middle East tensions.
This has complicated the picture for mortgage rates, making anticipating the future challenging.
Nevertheless, buyers can still find some favourable rates available, particularly those able to make larger deposits.
A professional mortgage adviser can not only help you to find the best deal, they will also ensure that a mortgage fits in with your financial circumstances and helps you towards your overall financial goals.
They can also guide you through every step of the process so that you know what to expect and when.
For help on buying a home – whether you’re a first time buyer or someone looking to move house – get in touch with one of our mortgage advisers today.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
Welcome to a new monthly series looking at the latest developments in the mortgage market.
This month we’re looking at remortgaging and why 2026 could be a bumper year.
In 2026, a substantial wave of two-year and five-year fixed rate mortgages are set to mature, resulting in a particularly active year for refinancing.
Borrowers with two-year fixed deals reaching their end will likely see the advantage of reduced monthly payments, as the best mortgage interest rate has decreased from 4.99% in 2024 to 3.75% today.
As well as potentially lower rates, those looking to remortgage are also likely to have a broader selection of options.
More mortgage lenders allow rate switches within four months of product end dates and remortgage offers are valid for longer.
This combination means that you have more time to secure a product, ride out some of the short-term volatility and can still switch to another product if a cheaper deal comes along before your remortgage completes.
This enhanced flexibility could help to cut the cost of what remains most people’s biggest financial burden.
A professional mortgage adviser can not only help you to find the best deal, they will also ensure that any remortgage is right for your financial circumstances and goals.
They can also guide you through every step of the process so that you know what to expect and when.
Remortgaging is a great opportunity to look at your overall financial situation and to plan for your changing needs over the coming years.
A professional adviser can help you take stock of where you are, where you want to be – and how you can get there.
For more information about remortgaging or to start your remortgaging journey, get in touch with one of our mortgage advisers today.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
