Mortgage Monitor offers advice to help homeowners take control.
The financial turmoil of the past few months has changed the face of the mortgage market dramatically – perhaps forever. The buyer’s market has rapidly given way to a seller’s market where mortgage providers are calling the shots. However, Mortgage Monitor (www.mortgagemonitor.co.uk), a service that analyses the market daily, says there are still deals out there if you know how to find them. Typically finding monthly savings of £119(1), Mortgage Monitor is offering customers a strategy to stay informed on how to find the best deal, for the lifetime of their mortgage.
Les Jacobs, chairman of Mortgage Monitor, comments: “According to current news reports, competitive mortgage deals have apparently disappeared. Although mortgage products are being removed from the market, we have also seen more than 2,000(2) products launched in the last few months alone. As our mortgage service covers the whole market, our analysts have access to all the products available – approximately 11,000 at present – and so can confidently identify the best deals. We proactively search the market for our customers, keeping them informed about deals that will save them money until they are mortgage free.
“The landscape has completely changed in the last 12 months, the number of products available has fallen and mortgage providers have become more choosy about who they lend to. It seems lenders now hold all the cards, making homeowners feel they should be grateful for any home loan offer. It’s now more important than ever for people to shop around – if only for peace of mind. At Mortgage Monitor, through our daily analysis of the whole market, we give UK homeowners the power to find the best rate on offer. There are deals out there and it’s our job to search them out and guide homeowners through the current storm, and indeed for the lifetime of their mortgage.”
At this time of financial anxiety, Mortgage Monitor is urging UK homeowners to take control of the biggest expense they will incur and is offering five top tips for those either looking or needing to re-mortgage:
1. Act early – Every day you stay with your lender paying the new higher rate is costing you money. It can take time to agree a new mortgage and if you delay it may cost you the best rate. By acting early, you may also be able to get peace of mind by reserving a good deal up to six months ahead of when you need to re-mortgage.
2. Look beyond the advertised rate – That “good deal” may look attractive, but what’s the real cost when you include arrangement, lawyers, surveyors and exit fees? Look at the total cost of the mortgage over the whole period.
3. Watch out for penalties and tie-ins – A mortgage is a contract. If you break the rules, it will cost you – so think about your own life plans.
4. Stay independent – You give up the right to impartial advice as soon as you walk into a bank or building society – so don’t do it. Use an FSA approved adviser - and make sure they analyse the WHOLE market, not just a selection.
5. Look, and keep looking – The mortgage market changes every day, so what’s best for you today may not be tomorrow. You need someone to check every day that you have the best possible deal – which is what Mortgage Monitor will do for you.
In the last six months alone, Mortgage Monitor has seen the number of its registered homeowners increase by more than 90 per cent. Les Jacobs concludes: “The fact that we are growing so quickly just goes to show that homeowners are waking up to the fact that they need to act to save themselves money. The Mortgage Monitor service offers our customers reassurance that they have the best deal available, a great comfort when the market seems to be changing endlessly. As a company, we still have a long way to go before we reach our goal of establishing a national, free re-mortgage service for all UK homeowners. We aim to do this by creating the greatest value for the customer that we can, free of charge, even if it means the company doesn’t make money in the short term.”
UK homeowners can register free at any point during their current mortgage term by visiting www.mortgagemonitor.co.uk or by calling on 0800 988 2000.
Notes to editors:
(1) Based on saving 1% off most lenders’ Standard Variable Interest Rate on a mortgage of £142,500 for a home costing £190,000.
(2) Based on Mortgage Monitor research over July, August and September 2008
Case studies available on request.
Mortgage Monitor is a consumer service that actively saves its customers money on their mortgages - for the lifetime of their mortgage. By undertaking daily analysis of all the products on offer, Mortgage Monitor can tell its customers whenever there’s a better deal on the market, as well as managing the switching process if the customer decides to take up the deal.
Launched in 2002, Mortgage Monitor’s philosophy - creating the most value for the customer, free of charge, even if it means the company doesn’t make money - underpins its aim to establish a national free re-mortgage service for all UK home owners.
Unlike many brokers, Mortgage Monitor's team of analysts is not tied to a panel of lenders and so can provide completely impartial advice on all deals on offer, including those offered by direct providers. With the market-changing daily, if there is a mortgage out there that could save money, either now or any time in the future, Mortgage Monitor will find it and let its customer know.
Mortgage Monitor’s specialist computer programme has access to all mortgage lenders in the UK - more than 120 lenders, between them providing some 11,000 different mortgages (Source: Trigold, UK’s leading mortgage sourcing system, October 2008).
Calls to register are free (0800 988 2000) or registration can be completed online at www.mortgagemonitor.co.uk. Those registering are asked for permission to contact their current lender, which allows the team to source their relevant mortgage details and actively analyse these against the whole market on a continuous basis throughout the life of the mortgage.
Mortgage Monitor Ltd is directly authorised and regulated by the Financial Services Authority (Number 300392, Consumer Credit Licence Number 503992). Mortgage Monitor also monitors life insurance in much the same manner.
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