FINANCE INTEREST ONLY MORTGAGES A TICKING TIME BOMB! Hands up all those people with interest only mortgages. When you look around it’s a lot more than you thought. What’s disturbing is these mortgages are coming to an end soon and lenders want their money back. It’s tens of billions of borrowing dating back 10-20 years and now the party’s over there’s a lot of hangovers. Many lenders are giving borrowers time to plan an exit route, but it isn’t as simple as that. People don’t have the money to pay off their loans plus they don’t want to move house and trade down either. They can’t re-mortgage as lending has tightened or they don’t have the income in retirement to cover the lending. This is just the tip of the iceberg as it will take years for this money to be returned to the banks and we find so many people are burying their heads in the sand hoping their current lenders will extend their interest only deals until they pop their clogs. The lenders we’ve spoken to will not entertain this and a short extension is about all they’ll give before they start getting heavy. What’s to be done to help? Well, if you don’t want to move and you have equity in your home then Equity Release will bail you out. What are the pros and cons and does it fit in with your plans? No evidence of income required. You need to be 55 years or older. No payments necessary if you want to roll up the debt. Further funds can be released at the same time if needed. Is it too good to be true? Find out for yourselves and speak to an Independent Financial Advisor who has many years of experience in this market. If this is a subject that you need advice on, then don’t delay as you could get a really good fixed rate of interest before they go up. Call Jeremy on 01656 772222 or 07971 172135 Jeremy Poor is an Independent Financial Advisor at Abacus Assurance Financial Services Porthcawl.
one issue, so too the days of cheap borrowing seem for the foreseeable future to be coming to an end. Those of you with borrowings that are due for review on your mortgages and later life borrowing and equity release, need to move smartly as rates are already edging upwards and the Bank of England base rate may well move to 0.75% in the near future. So, the simple lesson here is to talk to us now, while our whole of market offering can still sort out the most competitive deals for you. We also now have access to specially developed computer software that can show you in a report, how changing your equity release plan to a cheaper provider, can potentially save you thousands of pounds, providing a graph and calculation to illustrate how much better off you could be. If your current scheme is at a high interest rate, you could be enjoying a much lower rate, leaving more equity in the property. On the standard mortgage front, the cheapest rates are starting to be replaced by higher ones – but we could help you fix another period of lower rates whilst they are still around. Give me a call on 01656 782545 or 07768 418308 at any time (messaging system available) and we’ll call you back as soon as we can to offer you all the assistance you need. PAUL FIELDING Dragon Financial 01656 782545 / 07768 418308
Independent Mortgage and Protection Advisers
JEREMY POOR Independent Financial Advisor at Abacus Assurance Call 01656 772222 or 07971 172135
WHO WOULD HAVE BELIEVED 2022 SO FAR? The year 2022, just two and a half months old at the time of writing this, is unlikely to be forgotten in a hurry when one considers all that has and happened so far and is likely to continue. Apart from the tragic events taking place in Ukraine, the disruption and reforming of our ways of life are having a massive financial effect round the globe. Just a short while ago, the cost of fuel, both for vehicles and the home, whilst never cheap, were a great deal less than they are now. What is for certain is that the cost of living is in danger of spiralling over the coming months, with food prices possibly moving even higher and the need to find alternative sources of oil and gas needing to be found to satisfy World demand at the best possible price, not an easy task. Now, all of this also plays into the financial system generally and whilst the rise in living costs on a day-to-day basis are 36 | seaside news
We are the Specialists to call... Need a new mortgage from a whole of market Adviser? Over the Age of 55 and need Later Life Lending or Equity Release?
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Refused a mortgage due to Previous Credit Problems? Trying to get on the ladder as First Time Buyers? Life Assurance and Family Protection need reviewing? Income protection a problem – not available from work? Funeral planning? - pre-paid plans to suit everyone We also work with trusted, qualified financial partners in other areas of financial needs
CALL US ON: 01656 782545 MOB: 07768 418308 / 07960 613111 EMAIL: camfin@btopenworld.com APPOINTMENTS AT A TIME TO SUIT YOU, EVEN AT WEEKENDS – HOME VISITS Paul Fielding trading as Dragon Financial is an Appointed Representative of The On-Line Partnership Limited, which is Authorised and Regulated by the Financial Conduct Authority Think carefully about securing other debts against your home. Your home may be repossessed if you do not keep up repayments on a mortgage or any other debt secured against it.
