YOOP Talk Interview: Carla Day of Castleview Independent Mortgage Brokers

Up to date insight into the mortgage market from Carla Day, Director of Castleview Independent Mortgage and Insurance brokers (www.castleviewmortgages.com) and with more that 20 years experience in the financial services sector

YOOP: So how is demand for mortgages in Feb/March?

CD: We’re busier than it has been for a long time. A definite pick-up in interest and I’m particularly pleased to see enquiries coming through from first time buyers.

YOOP: Everyone is talking about remortgaging to a tracker to take advantage of the low interest rate?

CD: It’s best to seek professional advice from a broker as everyone’s situation is different. Whilst there are some attractive rates out there, the best deals are for those with significant (around 40-50%) equity and it may end up costing you more to move the mortgage, compared to the saving you’d make. Speak to an independent mortgage broker for help.

YOOP: What about home improvement opportunities, how can a broker help?

CD: It’s very cheap to borrow at the moment which makes it a good time to look at improving. As long as you have enough equity in your property you may still be able to borrow against it for home improvements. You can talk to your lender direct about a further advance and how much this would cost each month, or seek advice from a broker.

YOOP: So how does a ‘further advance’ work?

CD: Most lenders are still willing to lend up to 90% of a property’s current value, less any existing mortgage. You’d need to contact your existing lender and talk through the options with them to get an idea of what they’ll lend you and what the monthly payments are. Find out what fees you’ll need to pay whether you’ll need to have a valuation or survey done. It’s usually a relatively quick process and sometimes can take just a couple of weeks before you have your money in the bank ready to get the work started, plus its going to add value to your property.

YOOP: Are there still mortgages out there? Can people still borrow?

Whilst a lot of lenders have restricted their lending, people can still borrow. The government is putting more funds into the banking system so that credit can be more freely available. Even those with some credit history problems may still qualify, although more restrictions, higher deposits and higher rates will usually apply. 

YOOP: Thanks Carla, for all your insight and advice.

If you would like further information or have a question for Carla,
email info@castleviewmortgages.com or blog@yooparchitects.co.uk

Your home is at risk if you do not keep up repayments on your mortgage. CDFS Limited T/A Castleview Independent Mortgage Brokers is authorised and regulated by the Financial Services Authority.

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