Here & Now Issue 34 | July 2019

FINANCE CORNER
What is the best mortgage?
A lot of people are asking the advisers
at Emerald Finance whether they should
take a fixed rate at the moment and it’s a
good question.
The future presents potential uncertainty. With Brexit looming, some
clients are concerned about the impact this may have. Naturally we
don’t know how severe the effect of Brexit will be but if the cost of
living does rise as certain indicators suggest, then it would be prudent
to fix in as many costs as possible before this happens. Stability in a
time of instability is key for financial management.
BUSINESS FEATURE
HISTORICALLY, TRACKER RATES have been cheapest but now
there is very little to choose between a fixed rate or a tracker, at least
in terms of what your payment will be today. Furthermore, many
have drifted onto their lender’s variable rate and as the payment has
remained affordable, may have done nothing, when most could have
paid less or secured a more affordable payment into the future.
So what’s the difference? A fixed rate sets your payments at a defined
level for a set period of time, whereas a tracker rate is an interest rate
that moves in line with the Bank of England Base Rate. A tracker rate
can change although in recent years movements have been minimal. A
variable rate is set by your lender which means that they decide when
and how much it should change.
Why change your deal? At the moment interest rates on offer are at
some of the lowest levels we have seen. This offers an opportunity
to take advantage of the best deals available. With over 120 lenders
available at Emerald Finance, alongside specialist broker only lenders
and exclusive deals, there are some fantastic schemes to be had.
In this sense a fixed rate is certainly attractive. Long term fixed rates of
5 years are incredibly competitive and, not only does it mean you can
secure stable mortgage payments for the next 5 years, it also means
you won’t have to remortgage
again for that period. If rates rise,
your payments will stay the same
and if Brexit does have an impact
it won’t affect your mortgage for 5
years.
Everyone’s situation is different,
so for a personalised review to see
if it’s time for you to FIX YOUR
MORTGAGE RATE, pop into one
of our shops at 10 Chapel Road or
77 Rowlands Road in Worthing, or
call 01903 222940 to arrange an
appointment at your home or our
office. One of our advisers will be
pleased to help. n
MATT SUTTON, MANAGING
DIRECTOR OF EMERALD
FINANCE, your local award
winning financial advisers, is
here to answer your financial
questions. Got a query? Email
info@emeraldfinance.co.uk
The missing piece of
your retirement plan
A Lifetime Mortgage
could help fill the gap in your
finances, allowing the comfortable
retirement you deserve
Contact us
for qualified and impartial advice
Call Call us on us 01903 on 01903 222 222 940 940 for for find find us us at at www.emeraldfinance.co.uk
This is a lifetime mortgage. To understand the features and risks please ask for a personalised
illustration. Our typical advice fee would be £1495. A lifetime mortgage may impact your
entitlement to means tested benefits and the inheritance you may leave.
Plan availability is subject to lenders’ criteria and dependent on their terms and conditions.
Emerald Finance is a trading Emerald name of Fairstone Finance Financial Management is a trading Ltd who is authorised name and of regulated Fairstone by the Financial Financial Conduct Authority, Management FCA Register Number Ltd 475973. who Your home is authorised may be repossessed and if you do regulated not maintain payments by on your mortgage.
the The Financial value of your investments Conduct can go Authority, down as well as up and FCA you could Register get back less Number than you paid in. 475973
32 | July 2019 | HERE & NOW ADVERTISE NOW 01903 686100