Don't want to sell the house post-divorce?
How to re-mortgage
In this interview with mortgage expert Sheila Bailey of Willow Private Finance, The Alternative Divorce Guide Suzy Miller asks how someone navigating divorce can re-mortgage their home as an alternative to selling up.
"If you are needing to buy out your Ex from the family home - or just coming to the end of your fixed rate mortgage deal, now maybe the time to look for a new mortgage. Although with so many deals available and so many different product features, where do you start?
Well, you don't have to try and work it out for yourself. That's where I aim to help. I know the market inside out and I use my expertise to help find the most suitable and appropriate deal to meet a client's needs.
With so many deals available it's hard to know where to begin. Different product features to consider - and unless you know the mortgage market inside out, how are you going to make an informed choice on what is the most suitable mortgage that is just right for you?
Why remortgaging may be something you would want to consider
If you're on your lender's Standard Variable Rate (SVR), you may not be getting the most suitable deal. Remortgage deals are possibly at their lowest for many years, so switching your mortgage now could save you some money. If you have a fixed rate deal which is coming to an end, now may be the best time to think about your options.
If you want to redecorate or build an extension to your home, or consolidate your debts, releasing some of the equity from your property will worth investigating.
Why use an Independent Mortgage Adviser?
With price comparison sites becoming more and more popular, and with their promises of money to be saved, they may seem the best place to look for mortgage deals. However, with so many deals available, how do you know where to start or which one to choose?
Also, how do you know you are getting the most appropriate deal to suit your circumstances and needs?
An adviser will:
- Keep up-to-date with the ever changing choice of mortgage and protection products so you don't have to spend time doing it yourself
- Identify you personal needs, and search the market to find the most suitable mortgage for you
- Help you understand the different product features
- Recommend what's most appropriate for you and your circumstances and answer any questions you may have
- Be on hand to ensure everything goes to plan
- Help to make sure you, your family and your home are protected for the future
Protecting your home and family
It is important to regularly review your protection needs. How would you pay your mortgage and your other monthly expenses, if your circumstances changed? This may not be something you want to think about, but it is of course very important that you do.
- How would you and your family cope financially if either you or your partner were to be diagnosed with a critical illness or pass away?
- Would you be able to maintain your current lifestyle?
- Could you afford the financial cost of raising your family?
As an Independent Adviser I am able to research the whole of the insurance market for you to help source protection products that aim to provide financial peace and mind at a time when it is needed most. There are a number of different policies available; some provide a lump sum and others a monthly benefit.
Having protection cover in place can potentially help you:
- Maintain your standard of living.
- Pay your monthly bills and meet you daily living costs.
- Pay off your debts.
- Enable you to remain in your family home rather than having to downsize.
Home Insurance - Buildings and Contents
Your home is your castle, and of course you want to do everything you can to protect it inside and out - from your favourite chair to your shed and your favourite jacket to your carpets. As an Independent Adviser I can search a limited number of building and contents insurers to help you make sure that you cover the items that mean so much to you. There are a number of different levels of cover available and some insurers have extended cover available at a limited additional cost, which you may wish to consider:
- Optional extended accidental damage cover - cover includes everyday accidental damage, such as driving a nail through a pipe or spilling red wine on the carpet.
- Personal possessions away from home - covers your personal possessions against loss and damage in the UK and abroad for up to 60 days in one insurance year.
- Family legal cover - including up to £50,000 of family legal protection cover to your policy can provide you with added support when you need it the most.
How does a mortgage advisor get paid?
You can choose how we are paid for mortgages: we can accept commission from the lender or we can charge a fee typically 1% of the loan amount. Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up repayments on your mortgage. The Financial Conduct Authority does not regulate some forms of mortgages."