What Regency Mortgages can do for you

Mortgages

IMPORTANT

Your Home (or property) may be repossessed if you do not keep up repayments on your mortgage or any other debts secured on it.

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Which Mortgage is right for you?

Picking the right mortgage can be confusing, especially when you have specific terms to contend with. I understand different mortgage types and mortgage rates suit different people, and I can help you find the right one for your needs.

What Are The Different Mortgage Types?

Figuring out which mortgage type fits you can be made hassle-free with expert advice. I can help you decide on a mortgage that benefits you the most, whether you’re a first-time buyer, a landlord, or looking to upscale or downsize. Depending on circumstances, I may even be able to get you some exclusive mortgage deals.

  • Repayment mortgages

    With this type, you repay part of the amount borrowed together with the interest being charged each month. In the earlier years of your mortgage, much of your monthly repayment is made up of interest. However, towards the latter part of your mortgage term, the situation is reversed. Much of your monthly payment will deduct from the amount borrowed.

  • Buy-to-let

    Apart from the purpose of the mortgage, the main difference is that the lender will use the rent you will receive for the property to assess affordability. Some may also take the landlord’s personal income into account.


    Some forms of Buy-to-let mortgages are not regulated by the Financial Conduct Authority.

  • Exclusive Mortgage Deals

    Regency Mortgages has access to exclusive deals, some of which are only available to my customers. The expert mortgage advisor will be able to let you know what the latest exclusive deals are and whether they fit with your personal circumstances.

  • Interest-only Mortgages

    With this type, you are only paying interest each month. This means that although your payments will be lower, the amount you borrow will still be outstanding at the end of the mortgage term. You will need to have credible arrangements to pay off the mortgage to avoid the property having to be sold.

  • Offset Mortgages

    Typically, a current account and/or savings account is linked to your mortgage and the amount in these accounts in then offset against your outstanding mortgage each month. You are unlikely to earn interest on your savings which are offset.

  • Flexible Mortgages

    You can vary the amount you pay each month and take payment holidays in some circumstances. It may help to reduce it with lump sum payments without incurring an early repayment charge.

What Are The Different Mortgage Rates?

I understand everyone has a unique circumstance when looking for a mortgage, so recommending suitable mortgage rates is a top priority. Together, we can work out which of the below will suit you best, thinking not just about the now but also how they’ll affect you and your finances later on.

  • Standard Variable Rates (SVR)

    Each lender has an SVR which they can move when they like. In reality, this tends roughly to follow the Bank of England's base rate movements. 

  • Tracker Variable Rates

    Tracker variable rates are usually linked to the Bank of England bank rate, which means they will change in line with this.

  • Capped Rates

    With a capped rate mortgage, you will know the maximum you will pay for a set period. This type of mortgage offers you the option of knowing the maximum monthly repayments you would have to make during a set period of typically two or three years.

  • Fixed Rates

    These give you the security of knowing that your monthly payments will always be the same. With this type of mortgage, you pay a fixed rate of interest for a set period typically over two, three or five years.

  • Discount Variable Rates

    These allow you to benefit from a discount on the lender’s standard variable rate. If the lender’s SVR increases or decreases, so does the discounted rate. Typically, the shorter the discounted period the larger the discount.

  • Stepped Interest Rates

    This is generally a mortgage rate that starts off at one interest rate for a short set period and then jumps to another rate afterwards.


    If you wish to leave the stepped rate within the set time, you could be liable for an early repayment penalty.


First Time Buyers

Buying your first home can be a daunting prospect, not knowing what you can borrow, what it will cost and where to start. My job is to explain the whole process to you step by step so that you are in an informed position and ready to go off and find a suitable property.

We explain and help with the following

  • The types of mortgages that are available and how they work
  • How much you can borrow and the monthly cost of mortgage repayments
  • The associated fees and charges involved
  • How to obtain a copy of your credit file and how to understand it
  • Stamp duty costs
  • The importance of an agreement in principle
  • Valuation and survey options
  • The role of the Estate Agent and Solicitor and how we help liaise with them all
  • Expected timescales and the how the whole process works
  • Your protection options as you will have worked hard to get the property and you don’t want to lose it

Home Mover

It may be a while since you purchased your current property and it could be the first time you have sold one. I will be here to explain the whole process to you step by step so that you are in an informed position and ready to go off and find a suitable property.

We explain and help with the following

  • We explain and help with the following
  • Obtaining a valuation on your property
  • Reviewing your current mortgage to see if it’s portable and also to see if you have any redemption charges if you were to leave the lender
  • Working out how much you can borrow and what the cost will be
  • The types of mortgages that are available and how they work
  • The associated mortgage fees and charges involved
  • Estate agents selling fees and stamp duty costs
  • Solicitors’ involvement and their charges
  • The role of the Estate Agent and Solicitor and how we help liaise with them all
  • Expected timescales and the how the whole process works
  • We review any protection plans you have in place and work out a plan to protect the new mortgage

Remortgage

If you are coming to the end of a fixed, discounted or tracker rate or have been sat on a lenders variable rate why not take advantage of my mortgage & Insurance review service.


I firstly contact your existing lender to find out what products are on offer from them to keep you as a customer and then we review the products on offer from the other lenders in the market place.



I will then cover each and advise you which is the most financially beneficial product for you, it could be staying with your current lender and if so, we can show you how to do that or it could mean us moving you to a new lender but either I will help you every step of the way.

Buy to Let

A Buy to let mortgage is for borrowers who want to purchase a property to let out to tenants, although they work in a similar way as a residential mortgage they do not fall within the same regulation and the criteria for lending is very different.



I work with people that want to purchase their first buy to let property and also people that own or want to own a portfolio of properties.

Protection

How do you protect your future?

I also work with you to understand your personal circumstances and requirements regarding insurance to protect both you, your loved ones and your property.



There are a variety of different insurance options, and I believe education is key. This will enable you to make an informed decision about how you wish to protect your future.

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  • Life insurance

    Life Insurance protects the most important people in your life.


    Life cover pays a cash sum if you die. Policies are generally designed to help families cope with the financial pressure of losing the household’s main earner. There are many different varieties of life cover, suiting all sorts of needs.


    Mortgage Life Insurance

    Mortgage cover ensures your mortgage will be paid off if you die. It will prevent your home from being repossessed and secure it for your family.


    There are two main types of Mortgage Life Cover: Level Term Cover and Decreasing Term Cover. The type you might need will depend on your mortgage.


    Interest Only Mortgage

    If you have an interest only mortgage your debt stays the same throughout the term of the mortgage. You’ll need a level term policy to pay it off.


    Repayment Mortgage

    If you have a repayment mortgage, your mortgage debt will decrease as you pay it off. A decreasing term policy covers what’s left to pay on your mortgage.

  • Income Protection

    This type of policy is designed to give you an income if you are sick or have had an accident and are not able to work, Income Protection starts paying out after you have signed off work by a doctor.


    Payment Protection Insurance is optional. There are other providers of Payment Protection Insurance and other products designed to protect you against loss of income


    Don’t confuse proper Income Protection with lesser types of policy sold under similar names. These never pay out for more than two years – and usually not for the conditions most likely to cause you to be off work.

  • Building & Contents Insurance

    Your home and the personal belongings you keep in it and take out of it are no doubt very important to you, this type of policy is designed to protect them.


    There are many products on the market, we only recommend policies that offer a very good standard of quality from Insurers that we know and trust that are delivered at competitive prices.


    Regency Mortgage Services are not authorised to provide advice on Buildings and Contents Insurance, this will be referred to a third party.

  • Critical Illness Cover

    This is the cover that pays out when you’re seriously ill.


    Critical Illness Cover pays you a tax-free cash lump sum if you are diagnosed as having one of the illnesses specified in the policy. The cover can help with care costs, medical bills, or even travelling abroad for treatment. It can also cover your financial commitments if you have a major crisis.


    Be careful: your gender, marital status, family history and whether or not you have children all affect whether or not a plan is right for you. Call us, and we’ll find the right cover for the conditions that concern you most.


  • Accident & Sickness

    Mortgage payment protection Insurance offers you the protection you need to continue paying your mortgage if you are made redundant, have an accident or become ill.


    Your mortgage is likely to be your largest, most important financial commitment. However, many people do not protect themselves from being unable to keep up their mortgage payments if they cannot work because of accident, sickness or unemployment.


    Mortgage Payment Protection Insurance


    Yet you never know what’s around the corner, and in this time of economic uncertainty, it’s more important than ever to make sure you’re protected.


    Many people believe they would be entitled to get financial help with their mortgage repayments through the benefit system. However, government support is designed to be a last resort to help the neediest, so you could find you’re not eligible or may have to wait a long time to get the help you need.


    Payment protection insurance is optional. There are other providers of Payment Protection Insurance and other products designed to protect you against the loss of income. For professional information about insurance, please visit the website at www.moneyadviceservice.org.uk

Equity Release

IMPORTANT

Equity Release: This is a lifetime mortgage. To understand the features and risks, please ask for a personalised illustration. Check that this mortgage will meet your needs if you want to move or sell your home or you want your family to inherit it. If you are in any doubt, seek independent advice.

Need help?

Contact us today on 0118 4050152

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What is equity release?

Equity release refers to products letting you access the equity (cash) tied up in your home if over the age of 55. You can take the money you release as a lump sum or in several smaller amounts, or as a combination of both.

Equity release options

There are two equity release options:

Lifetime Mortgage

You take out a mortgage secured on your property provided it’s your main residence whilst retaining ownership. You can choose to ring-fence some of the value of your property as an inheritance for your family. You can choose to make repayments or let the interest roll-up. The loan amount and any accrued interest is paid back when you die or when you move into long-term care.

Home Reversion

You sell part or all your home to a home reversion provider in return for a lump sum or regular payments. You have the right to continue living in the property until you die, rent free, but you must agree to maintain and insure it. You can ring-fence a percentage of your property for later use, possibly for inheritance.


The percentage you retain will always remain the same regardless of the change in property values, unless you decide to take further cash releases. At the end of the plan, your property is sold, and the sale proceeds are shared according to the remaining proportions of ownership. 


 

Regency Mortgage Services are not authorised to provide advice on Equity Release, this will be referred to a third party.


Regency Mortgage Services nor The Right Mortgage Ltd are able to provide advice on Home Reverison Plans.

Frequently asked questions about equity release

  • How much can I release?

    This will vary depending on your individual circumstances, your age, the value of your property and which type of equity release plan you apply for. Older customers are usually able to release more equity.

  • What is the interest rate?

    The interest rate will depend on the rates available at the time you take out the plan, fixed and variable rates are available and also fixed rates for the entire life on the mortgage.

  • Do I need to involve my family when making a decision?

    Whilst not a requirement, we do feel it is important to discuss your plans with your family and family members are encouraged to attend any meetings with the equity release adviser.

  • Will this affect my tax position or my entitlement to certain state benefits?

    The good news is that any cash released from your home is tax-free, however it may affect your entitlement to state benefits. It is important that you discuss these matters with your equity release adviser.

  • Do I still own my home?

    Yes, and you can continue to live in it until you and your partner, in the case of a joint application, pass away or need to move into permanent long-term care. You will need to ensure that you maintain the property in a good condition. It’s also your responsibility to insure your home and pay all your property-related bills, such as gas, electric and council tax.

  • Can I move?

    Most Lifetime mortgages are portable, which means that you will be able to move and take the plan with you if you so choose in the future, subject to lender terms and conditions.

  • Can I end the plan early?

    Yes, but there may be an early repayment charge. Lifetime mortgages are long term products designed to enable the homeowner to release equity whilst remaining in their property. There are other types of later life lending available that may accommodate your circumstances more appropriately if it is known that your circumstances are likely to change in the future. Your equity release adviser will be happy to discuss this with you.

  • Do I need to make any payments?

    Some products allow for interest payments to be made; others add the interest to the loan on a compound basis.

  • How is my lifetime mortgage repaid?

    The loan will be repaid when your home is sold, usually following your death or your move into permanent long-term care.


    This is a lifetime mortgage. 

    To understand the features and risks, please ask for a personalised illustration. Check that this mortgage will meet your needs if you want to move or sell your home or you want your family to inherit it. If you are in any doubt, seek independent advice.


    The equity release fee amount is £999.