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Your home may be repossessed if you do not keep up repayments on your mortgage

The value of pensions and investments and the income they produce can fall as well as rise. You may get back less than you invested.

Mortgage affordability in a post-lockdown world

Back in March, the Bank of England slashed the Bank Rate to an all-time low of 0.1% in a bid to help alleviate some of the severe economic pressure caused by the pandemic. As the interest rate cut fed through to mortgage rates, lenders pulled some products from the market.

Many of the products withdrawn were high loan-to-value (LTV) deals (i.e. those requiring a smaller deposit) as lenders were concerned that a potential drop in house prices could push high LTV borrowers into negative equity.

Lenders remain cautious

When the property market reopened for business in May, several lenders relaunched higher LTV deals and products aimed specifically at firsttime buyers, such as Help to Buy loans. However, in early June, many high LTV products were withdrawn again, due to high demand.

With the property market in the early stages of recovery, it’s worth being proactive and maximizing your chances of mortgage approval. Follow these tips to help improve your chances:

– Save as much as you can – many of us are spending a great deal less than usual. Having a higher deposit will increase your chances of mortgage success

– Clear your debt – clearing as much debt as possible, as well as closing any unused accounts, will increase lenders’ confidence in your ability to repay your mortgage

– Understand your credit score – the better your credit rating, the higher the likelihood you’ll be accepted for the most competitive mortgage deals

– Self-employed? Keep excellent records – having excellent records of your earnings over the past two or three years (depending on the lender) can really improve your chances – Consult the experts – we can help you find a mortgage deal that gives you the highest chance of a successful application and suits your individual circumstances.

If your current mortgage package is coming to an end and you're moving off a prmotional rate, then get in touch. We can review your mortgage and find the most suitable term, interest rates and affordable mortgage for you.

Your home may be repossessed if you do not keep up repayments on your mortgage.

Source: Essentially Mortgages Q3 2020

Daniel never let up and his tenacity was commendable. I was kept informed of our mortgage progress at every stage.

Louise, Swansea

We would just like to thank Dan for all his hard work on this, less than simple, purchase. From the very beginning of this project Dan has shown great professionalism, excellent market knowledge and delivered customer service far exceeding any reasonable expectations!

C. Windsor, March 2019

Thank you for putting together an investment portfolio of cash, stocks, shares and property.

Geff, Newport

Wanted to say thank you so much for all your mortgage help and advice over the past few months, you've been brilliant!

Dr Brazier, Liverpool, Sept.2016

Daniel went above and beyond to help us with our first mortgage. He explained the mortgage, its rates and terms very clearly, he was extremely patient and professional, we would highly recommend him.

Fi Davies, August 2018

My mortgage needs were not simple to deal with, but Dan’s knowledge and experience really shone through. He was professional in his dealings with me and explained everything to me in a clear and concise way, ensuring I fully understood the mortgage product I purchased.

P Davies,September 2019

Thank you for the excellent service and advice given, you made my journey hassle free and tax efficient, and now very profitable

Steve Allan, March 2018

The service at Cosgrove Brown really has been first class. Not only was Dan, the Mortgage Broker, friendly and relaxed, nothing was too much trouble for him. He seemed to go above and beyond in helping where he could. He really took a lot of pressure off me in what could have been a really stressful time. I would 100% recommend Cosgrove Brown, the service was exceptional and really good value for money too.

H McGillivray, February 2020

My critical illness policy covers everything I need and took into account my lifestyle and income - thank you!.

Teresa, Llanelli

The company is first class, discriminating, intelligent, utterly trustworthy and dependable

Maurice, Swansea, March 2017

Daniel never let up and his tenacity was commendable. I was kept informed of our mortgage progress at every stage.

Louise, Swansea

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