Mortgages - Midlands - UK - Clover Financial

Mortgages

Arranging a mortgage can be a difficult and stressful experience, especially if you are not sure what to look for - that's why Clover will not only aim to get all our clients the best mortgage deal possible but will do all the work for you. All of our Professional Advisors know what to look for and will search our panel of mortgage lenders representing whole of market to find the best and cheapest deal taking into account all the small print and conditions applicable to the products on offer.

Our friendly Mortgage and Financial Planning Consultants have helped many satisfied customers in the past and offer professional advice based on their long term and personal knowledge of all the mortgage lenders and their leading criteria and might be able to help clients who have previously had restricted access to credit.

Many people today will have problems finding a mortgage or  refinancing their mortgage. Some people have problems in verifying their income as they are self-employed or contract workers or rely on commission payments that are irregular in nature.

If a mortgage lender has difficulty in finding the applicants name on the voters roll, or if the applicant has not had credit before, this can lead to problems in getting a first mortgage or re-mortgage.

At Clover we can help IN ALL OF THESE SITUATIONS. We can also possibly: -

• Reduce your monthly outgoings with a lower rate mortgage.
• Pay of all of your outstanding loans and credit cards.
• Help you to raise money to complete the home improvements you need.
• Raise money to take that dream holiday

Where to start?

The first step is to contact us and we can advise you on the best mortgage options. If you already have a mortgage we will work with you to check the terms and conditions to see if you are tied into your mortgage deal or if there are any early repayment charges.

How do I apply?

Simply contact us on 0845 241 5777 and we will arrange or an Advisor to visit you to assess your needs and to start the process should you wish.

We will of course guide you through the whole process, while doing all the work for you which includes

Remortgages

What is remortgaging?

When you remortgage you're not buying a new home you are looking to save money on your monthly payments, or vary your mortgage, eg. reduce/increase the term, change the repayment method, transfer of equity, increase your loan, etc...

Why remortgage?

Depending on your personal circumstances, a remortgage could provide you with some extra cash to pay off all your outstanding loans and credit cards; complete home improvements you've been promising yourself; or even take time out and treat yourself to that dream holiday you've longed for.

CLOVER has access to some of the best deals on financing costs. In todays competitive lending and insurance market you can achieve better deals by regularly switching lender or insurance provider. We can help you avoid loans with nasty small print such as repayment and early redemption penalties.

Why Clover...

Our professional advisers can provide full advice and recommendation.
There are no upfront fees or hidden charges.
We work only in your interest, not that of the lenders.

Mortgage manger

Think of how much interest your lender receives during the lifetime of your mortgage and remember, on an endowment mortgage you only pay interest on the mortgage debt and at the end of the mortgage term you will still owe what you originally borrowed and so the policy proceeds will be used to repay the mortgage debt.

It doesn't have to be that way

Clover through our active management of our clients mortgages, we look to help clients make savings on their mortgages and ultimately reduce the mortgage debt as soon as possible.

Fixed Rate

Mortgages are available in a number of different interest rate options, now of which is fixed rate.

With fixed rate mortgages, the borrower can look into a fixed repayment cost each month over an agreed period of time and know that, irrespective of changing rates of interest, monthly payments will not be affected. Most lenders charge an arrangement fee for the privilege of receiving a fixed rate. Many refer to this fee as a 'booking fee'. The fixed rate borrower can rest in the knowledge that his monthly mortgage repayment will not change the agreed fixed period.

The longer the fixed rate period, the higher will be the fixed interest rate. Fixed periods of one to five years are the most popular and most readily available, although fixed rates that last for ten years up to twenty-five years are often available. At the end of the fixed rate term, the interest rate usually reverts to the lenders prevailing variable mortgage rate.

Flexible Mortgage

A flexible mortgage simply allows you some variations in what you pay and when you pay it. So you might fancy taking a month off repayments (perhaps you've just come back from holiday), or indeed you might pay an extra lump sum in because of a lottery win for example! Another benefit is often the flexibility to move your payment date each month.

This sounds great-flexible mortgages certainly match up to the modern lifestyle with unpredictable demands on our money, chargeable jobs and the ups and downs of self-employment. If thats you, or you just want freedom to dip in occasionally, then a flexible mortgage might be what you need.

This also often ties in with 'offsetting' - allowing you to have your savings and mortgage account with the same company, which lets you offset the interest on saving against your mortgage.

SELF-CERT

Five years ago, if you could not prove your income to a lender, you were classified in the same way as persons who were bankrupt ! That meant you'd have paid an extortionate interest rate, to cover the additional risk that lenders felt you presented to them.

These days that's all changed. the modern economic reality is that we all change jobs regularly; furthermore redundancy is such a common occurrence that more people then ever before are starting their own businesses. Lenders are starting to recognise that company directors, entrepreneurs and self-employed are not just the engines of the modern economy, but therefore also an essential source of mortgage business; and increasingly lenders are offering them more reasonable deals.

The result is the self-certified mortgage (self-certified refers to the fact that proof of the borrowers income comes not form an employee or accountant, but from the borrowers own statement of fact) Here, the lender will still carry out a credit check; but the deal will be better than the sort offered to bad-credit cases, recognising that the borrower is not incapable of managing their own finances; but merely unable to present the right figures.

The overall costs for comparison is 8.6% APR. The actual rate available will depend upon your circumstances. Ask for a personalised illustration.

Capped Rate Mortgage

Capped rate mortgages are similar to fixed rate mortgages except that the interest rate can go down if the lenders standard variable rate is lowered.

In other words, the interest rate on the mortgage is capped at a certain level for a set number of years. It is guaranteed not to exceed this level during the capped rate period.

In many ways is the best of both worlds as you get the security of knowing what your maximum monthly repayments will be for a fixed period, but you can still benefit from any reduction in interest rates.

As with fixed rates, there are normally arrangement fees for this type of mortgage, and it is important to seek advice on whether the benefits of a capped rate deal outweigh any fees that may be charged.

Discounted Mortgage

A discounted rate works in the same way as a variable rate mortgage. During the initial period of the mortgage, the lender will offer you a discount off the standard variable rate.

Discount Mortgage Rates are set at a percentage lower than the standard variable rate, SVR. They are fixed for a set length of time, normally the lower the term chosen to enjoy the discount, the higher the discount granted.

Of course with the discounted rate mortgage you do not get the security of a capped or fixed rate mortgage but if interested rates are unlikely to fluctuate greatly savings could be made.

Tracker Rate Mortgages

Tracker rate mortgages have been available for many years. As the name suggests, the monthly repayment goes up and down in line with Bank of England base rate. When the loan is set up you are advised of the appropriate 'margin' (this is normally the interest rate you will pay, being the base rate plus an additional %) to be applied to the loan.

When this scheme you are guaranteed that a change in base rate will be reflected in the mortgage rate payable.

This means that you cannot predict the monthly cost of the one year to the next. This can cause budgeting problems in a period of increasing interest rates. On the other hand, when interest rates fall, there is the guarantee that your mortgage rate will fall by the same amount as the Bank of England base rate. With interest rates used as a regulator for the economy, mortgage interest rates have been known to change frequently.

As an addition to a tracker rate it is possible to get a discounted tracker rate. This is a variation of a variable rate where the lender quotes a discount off of their base rate for a set period of time, after which the rate will revert to the Bank of England base rate plus a percentage decided at outset.