Property Drop Issue 13

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10 ADVICE Is it time to fix my Mortgage Interest Rate? Mortgage holders were relieved Bank of England decided last week to leave borrowing costs at an all time low of 0.25%, however all the signs and warnings suggest a rate rise is on its way. The current bank base rate is the lowest in the Bank of Englands 323 year history and changes upwards could lead homeowners, who have borrowed at the reduced levels, to face increases in their bills in the near future. For those on a lender’s standard variable rate, a rise in interest rates has the potential to have a huge impact. Those on a fixed rate won’t be impacted until the end of their fixed term. Many mortgage holders will assume that as interest rates have reduced over the past few years that even if they are currently on their lenders standard variable rate then as they are bound to be getting a good deal. Think again. Here are a sample of standard variable rates: • Barclays 3.74% • Halifax 3.74% • Natwest 3.75% • Santander 4.49% Martin Newell, Blestium Financial You will agree that these rates look good compared to how high historic rates have been until you see what might be available. Lets assume you have a repayment mortgage of £150,000 and you have 25 years remaining and you are paying the current standard variable rate for the aforementioned lenders. Lets say the value of your home is £200,000 which means you are eligible for a 75% loan to value mortgage. The monthly cost would be: • Barclays £770 a month • Halifax £770 a month • Natwest £771 a month • Santander £832 a month Now lets see what happens to the monthly payments for the same 75% loan to value mortgage if you come off the standard variable rate for the above companies and switch to a fixed rate elsewhere. The prices below are for a fee free remortgage based on a balance of £150,000 with 25 years remaining: • 2 year fixed rate £596 a month • 3 year fixed rate £620 a month • 5 year fixed rate £631 a month THESE ARE SAVINGS OF BETWEEN £150 AND £200 A MONTH. These rates are correct at time of this article going to print and subject to the lenders affordability and criteria rules. With rates so low many people are also choosing to fix and reduce the term of the mortgage. For example for the same payment over 25 years on a lenders standard variable rate you could potentially remortgage to the 2 year fixed above and reduce your mortgage term to 19 years and still pay the same as you was before whilst knocking a huge 72 months off your mortgage! Every mortgage and scenario is different and as we do not charge any fees at Blestium Financial Services for a mortgage review you will not leave our meeting worse off. If you have redemption penalties for changing mortgage providers we will make a diary note to contact you two months before they end to conduct a review. We will also complete all the paperwork and guide you through the process from application to completion. Please call us on 01600 775393 or 07525616987 to arrange an appointment. mortgages, life insurance and finance specialists 4 Re Mortgage 4 Overseas Mortgages 4 Buy To Let Mortgage 4 Let To Buy 4 Help To Buy Top Floor, The Market Tavern, 26 Agincourt Square, Monmouth NP25 3BT E: blestium@hotmail.com Tel: 01600 775393 4 Equity Release 4 Protection 4 Asset Finance 4 No broker fees Professional Impartial Confidential www.blestium.com
NEWS 11 New Name - Same Friendly Faces We are delighted to announce that earlier this year our office in Usk was re-branded to Archer & Co. The Parry family acquired the highly respected Archer & Co Estate Agency business based in Chepstow, in January last year. Under the guidance of Joe Parry and John Parry, the brand has continued to grow alongside our mutual Fine & Country operation. The decision to rebrand has been taken to align the offices in Usk and Chepstow under the same name, to promote the beautiful area we live in, to those locally and further afield. Hopefully you will have noticed a few changes in the past months. Updated marketing materials, including our For Sale and To Let boards and particulars, as well as our office on Bridge Street. The team in Usk remains predominantly the same, with Rachael Carter, Elaine Williams and Kevin Farthing continuing on day to day matters. Gilly Franklin joins us from Parrys Monmouth office and will continue to grow our new Homes and rental services offered as well as assisting in all aspects of our business. Rhian Parry has also returned to the office and whilst taking an active role in the office her and her husband Tom Parry, both residents of Usk for many years, will now oversee the future growth of the business, along with Joe Parry in Chepstow. We are delighted that John Parry will remain as a Consultant to us and will be available to service established clients and projects as well as providing his extensive knowledge and expertise of the area. We will continue to strive to offer the best possible service to all our clients. We pride ourselves in being a forward thinking Estate Agency and Chartered Surveying practice and as ever we continue to look at new techniques and the use of social media to assist us in selling or renting your property. We will shortly be introducing a new website and are proud to announce we are now members of The Guild of Professional Estate Agents and benefit from their high quality marketing solutions, National Network and Park Lane, London office. Rhian Parry said - “We believe this is good news for all our current clients and prospective clients in the sale of their homes and the service we can provide. We thank everyone for their continued support and business and look forward to the exciting times ahead.’” DO YOU HAVE A PROPERTY RELATED BUSINESS OR SERVICE? 2 <strong>Issue</strong>s per month FREE 37,000 monthly circulation 3 distribution methods: • Door to door in three towns • Rural delivery • National and independent retailers Why not advertise in the only property specific publication in Monmouthshire, South Herefordshire and West Gloucestershire Next Deadline 6th October 01600 711680 www.thepropertydrop.co.uk • info@thepropertydrop.co.uk
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Property Drop Issue 13

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