Navigating the Switch from a Subprime Mortgage: Your Path to Savings

Are you currently tied to a subprime mortgage and facing higher interest rates? It might be time to consider switching mortgage providers for potentially significant savings. Here’s what you need to know about transitioning from a subprime mortgage to a more favourable option.

Eligibility for Switching

Switching to a lower-rate mortgage could be within your reach if:

Loan-to-Value (LTV) Ratio: Your mortgage is 80% or less than the current value of your home.

Improved Credit History: If you had poor credit but have consistently met your mortgage repayments and other financial commitments, your credit standing might have improved.

Established Credit History: Initially, lacking a credit history can be a hurdle. However, a track record of reliable mortgage payments can change this.

Stable Income: A now regular and guaranteed income or an ability to prove your income more effectively than before can also make a difference.

Continuing Your Current Path

If switching isn’t feasible at the moment, focus on maintaining your mortgage repayments and clearing any other debts. Regular saving, even small amounts, can also contribute positively to your financial health. Once your credit history improves and your debts are managed, you could become eligible for mortgages with more attractive interest rates.

Costs Involved in Switching

Be mindful of the costs and fees associated with switching mortgage providers. These might include legal fees, valuation fees, or breakage fees if you’re currently on a fixed-rate mortgage. However, good news is that a number of Lenders do offer cash incentives towards your switching costs. Despite these initial costs, the long-term savings from a lower interest rate can be substantial. Utilise our mortgage calculator to gauge the potential savings from making the switch.

Switching from a subprime mortgage can be a strategic move towards long-term financial savings. It’s about finding the right time and circumstances to make the switch. By staying informed and prepared, you can position yourself to take advantage of lower-rate mortgage options when they become accessible to you.

If you have any questions or need further assistance, please don’t hesitate to get in touch. We’re here to help guide you through your mortgage journey.

If you have any questions or need further assistance, please don’t hesitate to get in touch.  At Ezfees Financial, we would be delighted to assist you throughout your mortgage switcher journey. Why not book a comprehensive Mortgage Switcher Consultation with us today via our “Book A Consultation” option on our website.  Our Dedicated and qualified Mortgage Advisors will guide you every step of the way.

Business Owner Consultation

Your business is your baby, so it deserves protection. Our team of experts will guide you through informed decisions to provide tailored policies. Shield your business against unexpected setbacks and ensure stability, whether you’re a startup or an established corporation. We’ll create a financial plan that will guide the balance of your personal finances and your long-term business goals.

What’s in this for you? Discuss your business finances in confidence with trustworthy advisors to:
1) Create a money management plan to suit your business
2) Align your business and personal objectives
3) Get clarity and validation on your strategies from dedicated Financial Advisors committed to safeguarding your business finances
4) Be advised when you need to speak to Tax Advisors where relevant
5) Obtain guidance onto Owner/Director on Pension planning and legislation
6) Referral to a Life/Business Coach where relevant

Plan for your business’s long-term financial goals:
1. Share your goals with us
2. Create a plan!
3. Gather and submit your information
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Investment Consultation

With low deposit rates and high inflation rates, savings and investment plans are appealing right now. We understand what it’s like to make sacrifices to accelerate your savings goals so you can achieve your dreams. That’s why we provide expert guidance so you can take charge of your future without sacrificing your valuable time.

What’s in this for you? Why you should consider savings and investment plans?
1) The potential for higher returns
2) Flexibility in the amount you save
3) Short, medium and long term options to suit your goals, amounts and terms to save
4) Investment options appropriate to suit your needs and goals

How you can save to secure your dreams:
1. Share your goals with us
2. Create a plan!
3. Gather and submit your information
4. Make your Dreams a reality

Mortgage Consultation

Whether you are a first-time buyer, mover, switcher or looking to invest in a rental property, we have a mortgage solution to fit your unique situation. Over 60 and looking to release equity in your home to support your children, go on that dream holiday or pay off bills? We find the mortgage most suitable for you and your family’s needs and support you through the entire process. You’re guaranteed to find the best mortgage option for your financial needs and goals, with impartial advice and competitive rates.

Clear, simple, actionable advice for all your mortgage needs:
1) First time buyers
2) First Home Scheme/ Local Affordable Authority Scheme
3) Switchers
4) Home Movers
5) Investment Property
6) Self Employed
7) Contract Workers
9) Lifetime Loan (over 60’s equity release)

How you can get started:
1. Share your journey with us
2. Create a plan!
3. Gather and submit your information
4. Make your Dreams a reality

Financial Planning Consultation

Secure your future and that of your loved ones beyond homeownership with life assurance, income protection and pension advice. Whatever your stage of life or money situation, our team of experts will help you make informed decisions to safeguard your financial future.

What’s in this for you? Planning your future, helps make your dreams a reality:
1) Start by creating a money management plan
2) Work with our dedicated Financial Advisors committed to safeguarding your future
3) Helping you get the guidance you need to achieve your long-term financial goals

Safeguard your financial future today:
1. Share your goals with us
2. Create a plan!
3. Gather and submit your information
4. Safeguard your Financial Future