Mortgage lenders Reduce their rates

As predicted, a number of lenders have reduced their rates over the last few weeks as they look to increase business volumes. Applications over the festive period tend to drop, but with the Truss budget towards the end of the year, the market’s reaction and subsequent hikes in rates, the impact hit the market hard and resulted in lower transaction levels.

This has resulted in a number of lenders looking at ways to increase numbers quickly and as such, we’ve seen criteria changes and product rate reductions. Hopefully this will assist in re-generating market transaction levels, and ultimately the housing market, over the coming weeks.

Over 1.8m mortgages are due to come to the end of their product fixed rate periods during 2023. Normally, the lender will contact you a few months out to issue their product offerings for you to stay with them. Sometimes these may be bespoke to your requirements and history with them, and sometimes lenders have a list of available ‘product transfer’ rates for you to switch to. Either way, some can be arranged up to six months in advance and I would always recommend you speak first to a professional to seek what else is available in the market.

There are over 10,000 product options available and this can create confusion when trying to find the right mortgage for you. There’s no need to remain ‘loyal’ to your current lender if there’s a better option elsewhere! And in the main, the new lender will cover the majority of costs in transferring the mortgage to them.

track are scale versions of our customers’ race or road cars. One person unfortunately crashed recently, so he has now crushed the front of his Scalextric car too!’

Green Light

For all the fascinating memorabilia, it is a series of impressive murals that steal the show. They were created by an artist called Uncle Stubble, based on ideas by Elliott and Gary. Downstairs is a Nissan GTR and further images of Senna and Rossi, while upstairs is dominated by a mural of a Porsche 917 in vintage Gulf Racing livery.

The Moto Torque Café opened on 15 May 2021 and proved an immediate success. Elliott said: ‘It was raining on our first day, but lots of people turned up to support us. It wasn’t long before the café became a hub for car groups and we now have themed days aimed specifically at owners of different types of vehicles, including Japanese cars, classic cars, American muscle cars, and an Autobahn day for German marques. It’s basically a place for petrol heads to meet up to chat with like-minded people!’

Finally, you might want to raise funds for home improvements or a house extension etc, but ensure this does not affect your current mortgage account. There are options you can consider. This could include a ‘further advance’ with your current lender where they will consider a second account with them for the monies required. If this is not possible, you could consider a ‘secured second charge’ with another lender. his would allow a different lender to secure a charge on your property, to sit behind your current lender’s first charge. (Note: the first lender needs to agree to the second charge being added.) Or thirdly, you could look at a personal loan. All of these options have their own terms and conditions and affordability requirements, but should allow the original mortgage to remain as is. As always, seek professional advice.

Pit Stop

Although the family have extensive knowledge of coffee and naturally serve their own product to customers, the food side of the business developed more organically. As the café became busier and word spread through social media and car clubs, Elliott organised barbecues to cater to visitors. However, it wasn’t long before an in-house kitchen became essential.

Elliott said: ‘We never expected the cafe to take off in quite the way it did. We were very busy very quickly, so we built the kitchen after three months and it has given us another revenue stream. Our food is very good, as the sausage rolls are made with meat from the Outwood Butchery. We also use Outwood beef and bacon in The Torque Classic (burger) and The Filler Cap (bacon roll). Also on the menu is a range of pizzas, all baked to order using our own tomato passata. Anything that isn’t made fresh in-house is sourced from the local area too.’

Safety Car

As well as good food and beautiful cars, the café has a racing simulator, which has proved popular with children and also drivers preparing for track days. In one instance, it was used by several drivers to learn the track at Anglesey before they competed in a 24-hour endurance race.

During a themed car gathering on a summer’s day, the café can attract up to 100 cars to the industrial estate, which can cause issues of its own, as Gary explains. ‘We quickly realised the need to limit the number of people coming, as we were concerned about the impact on other businesses on the estate. We had to remind drivers to be respectful, as we don’t want them revving their engines or showing off in the car park. There have been a couple of occasions when I’ve had to be the grumpy old man and send people away. We operate a zero-tolerance policy and eradicating any problems early was a reminder to everyone of the need to be respectful.’

Approved

Chequered Flag

The cafe is led by 20-year-old Elliott, with support from dad Gary and sister Elina too, making it a truly family-run business. However, Elina’s focus is mostly on Coffee Real, where she works alongside mum Maarit, having opted against university for now.

Elina said: ‘I didn't know what I wanted to study, but I did want to learn business and the best way to do that is by working. When I was younger, I often helped at Coffee Real and loved learning about the various aromas and roasting techniques. I also enjoyed visiting different events in our van, serving hot drinks to customers. When the café was built, we stopped attending most of these events as we had something new to do, and it’s gone very well. People like the fact that the coffee is roasted next door and that we’re a family-run business. Customers find our story interesting, as it is unusual for parents and children to build a business out of their shared passions.’

WORDS: BEN MORRIS

PHOTOS: ALAN WRIGHT

Further information:

Visit: Graylands Estate, Langhurst Wood Road, Horsham, RH12 4QD

Tel: (01403) 263381 www.torquemotocafe.co.uk torquemotocafeuk torquemotocafe

Also Approved for

Monza Sport is an approved service dealer for Fiat, Alfa Romeo, Abarth and now Jeep, offering the highest levels of customer satisfaction.

We offer servicing & MOTs, parts and tuning services, aircon re-gas, tyre fitting and 4 wheel laser alignment. We have special labour rates for older cars and offer courtesy cars.

We have a vastly experienced Service Manager in Keith Avey and one of the country’s best technicians and diagnostic experts in Kevin Riddles. On four occasions we’ve topped the JD Power customer satisfaction surveys for Alfa Romeo. (*No.1 out of 165 Fiat, Alfa Romeo and Chrysler Jeep dealers for customer satisfaction in the UK, Jan - Mar 2018)

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