August 1st, 2024. Stuart d’Ivry
Mortgages & the Bank of England Base rate
Our Managing Director Stuart d’Ivry offers help and support in relation to anything financial.
This month I thought I would cover the topic of mortgages. Now if ever there was a hot potato over the last few months, then this is one of those areas.
Over the last few months, mortgage interest rates have started to slowly come down, after rising substantially in the previous 18 months. This has resulted in homeowners seeing dramatic increases to the cost of borrowing when they reach the end of their preferential rate with their mortgage company. Many are saw interest rates increase by up to 3 times drastically affecting what is likely to be their biggest monthly commitment. This along with the increase in general cost of living is causing homeowners further concern in deciding what is best to do often causing stress and anxiety.
House price growth is also beginning to show signs of recovery which is a boost for those looking to sell, with the reduced cost of borrowing due to the lower interest rates being of benefit to those thinking about purchasing a new home or remortgaging their existing property.
Pure Wealth has a dedicated team of Independent Mortgage Advisers and now more than ever you should consider speaking to an expert to review your options.
In this article I have tried to cover some of the benefits of using an independent mortgage broker.
Using the Pure Wealth Mortgage team can offer several advantages when you’re looking for a mortgage.
- Access to Multiple Lenders: Pure Wealth work with a wide network of lenders, including banks, credit unions, and private lenders. This means they can provide you with access to a broad range of mortgage products and interest rates, potentially increasing your chances of finding the best deal for your unique financial situation.
- Personalized Advice: Pure Wealth can assess your financial situation and goals to provide tailored advice. They can help you navigate the complexities of mortgage options, terms, and rates, ensuring you select a mortgage that aligns with your specific needs.
- Saves You Time and Effort: Pure Wealth Advisers handle much of the legwork for you. They can research and compare mortgage offers from different lenders, saving you the time and effort of contacting multiple institutions and filling out multiple applications.
- Expertise and Experience: A reputable mortgage adviser has extensive knowledge of the mortgage market, lending regulations, and industry trends. They can offer valuable insights and guidance throughout the mortgage process, helping you make informed decisions.
- Negotiation Skills: Our team are skilled negotiators. They can negotiate on your behalf to secure competitive interest rates and favourable terms. Their ability to leverage their relationships with lenders can potentially save you money over the life of your loan.
- Objective Advice: We a completely independent which means our team do not work for a specific lender, so they don’t have a vested interest in promoting one lender’s products over another. Their primary goal is to find the best mortgage solution for you, providing objective advice.
- Help with Complex Situations: If you have a unique or complex financial situation, such as self-employment income, a less-than-perfect credit score, or non-traditional income sources, Pure Wealth can help you find lenders who specialize in these scenarios.
- Streamlined Application Process: Pure can help streamline the mortgage application process by assisting with paperwork and documentation, which can be especially helpful for first-time homebuyers or those unfamiliar with the mortgage process.
- Saves Money: By securing a competitive interest rate and favourable terms, your dedicated broker can potentially save you money over the life of your mortgage. The cost savings from a lower interest rate alone can be significant.
- Convenience: The Pure team work on your schedule and can often speak with you outside of regular business hours. This flexibility can make the process more convenient for you.
So when should you get in touch?
The simple answer is as soon as possible but certainly within 6 months of any interest rate expiry. Once introduced to your dedicated independent adviser they can quickly understand your requirements and objectives and begin to offer the most appropriate advice. There is no cost for an initial conversation and if there are any fees throughout the process, they will be clearly explained prior to entering into any agreement.
So, who are Pure Wealth?
Pure Wealth are an independent financial advice practice offering holistic whole of market advice to individuals and businesses across South Wales. We are not tied to any company or provider and will work in partnership with our clients to offer bespoke financial planning typically on an ongoing basis. Pure Wealth is part of the wider Pure Advisory Group, which consists of specialists in other areas such as residential property, property investing, commercial property and development. This ensures that clients of the Pure Advisory Group have the peace of mind that they are receiving independent advice across all areas of their finances.
If you have any questions or subjects that you wish to ask to feature in future editions please get in touch via email.
[email protected]
02922 671957
Article By Stuart d’Ivry
August 1st, 2024
Originally from Pembrokeshire, Stuart gained a BSc honors degree in economics from Cardiff Business School, studying accounting and management. In recent years Stuart has extended his knowledge of the Independent market, interviewing fund managers and consistently sourcing the best possible solutions for his clients.
Stuart began his career in 2003 as a graduate at NatWest, immediately he moved into premier banking. Then in 2012, Stuart joined Coutts Wales as one of four Associate Directors in Wales. Over four years at Coutts, he advised professionals, entrepreneurs, and sportspeople. For seven months, Stuart was a lending specialist to professionals and clients in sport and entertainment. Based in London, his role oversaw lending volumes in excess of £34 million. As a Director of Pure Wealth Stuart will be able to ensure his knowledge and expertise are offered throughout the process when planning client’s goals and objectives.
Outside work, Stuart enjoys travelling and spending time with his family. He is the treasurer of the local squash team and is slowly learning to play golf.
See more articles by Stuart