Jo Breeden - Managing Director, Crystal Specialist Finance
If there’s one thing you can be certain about in life, it’s uncertainty. And while the old maxim is true about so many things, it’s particularly true about the political situation we’re facing at the moment.
However, I’m not going to talk about that B word. I’m going to concentrate on a different B-word instead – borrowers – and what you can do to try and help them make some sense of the tumultuous times in which we’re living.
What we’ve been seeing here at Crystal Specialist Finance in recent months is a rise in the numbers of brokers contacting us about longer-term fixed rates, whether that be for a residential first charge, landlords looking to remortgage their portfolio or those currently on short-term finance looking to give themselves greater certainty for a longer period.
While two year fixed rate products have traditionally been the bread and butter in the first charge residential and buy to let markets because of their flexibility and lower rates, we’re increasingly getting brokers calling us to find out more about five year products.
And what we’re finding is that they’re not just interested in the rates; they also want to find a creative solution to their customers’ problems – namely how to ride out any storm that could potentially be just over the horizon.
While no one knows for certain what’s around the corner, these longer-term rate options across the finance sector enable borrowers to protect themselves against any potential interest rate hikes and secure their mortgage payments for the foreseeable future.
Here at Crystal Specialist Finance we’re dedicated to providing a fast, reliable and transparent service which finds solutions to even the most complex financial problems – we don’t say ‘No’, we ask ‘How?’
When we need to find the ideal first charge residential product, we often turn to Precise Mortgages. Since they started mortgage lending in 2010, Precise Mortgages has been one of our key lending partners.
Their 5 year fixed rate mortgages are assessed at pay rate to help customers with affordability and there are currently products with no arrangement fees, a refund of valuation (maximum of £630) and cashback. They also offer Interest Only and Part and Part repayment options.
As with all financial investments, there are pros and cons associated with committing to a long-term deal. What might suit one customer might not suit another; it all depends on their personal circumstances.
If you’d like to discuss, please call 01827 301070 or email [email protected].