Have you fixed your mortgage rate to help combat the rising interest rates?

Have you fixed your mortgage rate to help combat the rising interest rates?

Once again, the base rate has increased, rising by another 0.5% to reach 4%. If you have a tracker mortgage or other variable rate mortgage, you’ll notice an increase in your payments almost immediately. If you’re struggling to keep up with your mortgage payments or are worried about them going up even more, consider switching to a fixed rate. That way, you’ll have peace of mind that they’ll stay the same for the agreed term.

If you already have a fixed-rate deal, your payments will stay the same until the end of your fixed term. At that point, however, the rates available are likely to be higher than the one you currently pay. We can secure a new deal for you up to 6 months before your fixed term ends. Therefore, we recommend that you consider this before the rates increase further.

We understand your concerns and are here to help. Our friendly mortgage advisers can check your existing mortgage deal and compare it with the alternatives available. They’ll not only look at the rates but the flexibility of the terms and the costs involved, such as an early repayment charge. As well as fixed deals, they’ll search for competitive variable rate mortgages and both repayment and interest-only options. That way, you can make an informed decision when comparing your choices. At Trinity Finance, we have unrestricted access to the market. Therefore, you can rest assured that you’ll be offered the best deals available to suit your needs.

Just give us a call on 01322 907 000 or, if you prefer, send your details to us at info@trinityfinance.co.uk. One of our mortgage consultants will reply to you as quickly as possible with more information about your options.

Does your self-build finance need a boost? Apply for Help to Build

If you belong to the increasing number of people hoping to build your own home, one thing that may be holding you back is a lack of funds. Aiming to enhance the self-build market, the government has a Help to Build: Equity Loan scheme to help you realise your dream. Currently only available in England, this scheme enables you to apply for an equity loan of between 5% and 20% of the total estimated costs (or up to 40% in London). To apply, you need a 5% deposit and a self-build mortgage. The mortgage must be arranged via a lender registered with the scheme.

How does Help to Build work?

You can spend a maximum of £600,000 on your new home. This can include the cost of buying the land if you don’t already own a plot. Up to £400,000 can be spent on the actual build. Your self-build mortgage will fund the land purchase and build costs, being released to you in stages throughout your project by the lender.

You will have 3 years from receiving your formal equity loan offer within which to build your home. Once it has been completed, the equity loan will be transferred to your lender. Your self-build mortgage will automatically be switched to a repayment mortgage and the equity loan will reduce the amount you need to borrow for this. Your equity loan term will start at the same time as your repayment mortgage. You’ll need to retain this mortgage until your equity loan has been repaid.
You’ll benefit from having the first 5 years of your equity loan interest-free with only a £1 monthly management fee payable once the equity loan has been transferred to your lender. Click here for full details of this scheme and how it can help you finance your self-build project.

Speak with one of our self-build mortgage experts

Our mortgage brokers can check your eligibility for Help to Build and advise you on the paperwork needed for your application. They can also arrange a competitive self-build mortgage for you that offers flexible terms to suit your project requirements. Just give us a call on 01322 907 000 or email us at info@trinityfinance.co.uk to get started.