Mortgages on the up in July

Mortgages on the up in July

Your privacy is important to us. By sending this you agree that only First Choice Finance may use these details to contact you. Any data we hold for you will be handled in accordance with our PRIVACY NOTICE.
Highest Loan To Value Purchase Mortgages And Remortgages - Low Rate Loans From £5,000 To £150,000 - Release Your Equity With An Equity Release Plan

Video transcript

Mortgage lending rose to its highest monthly total lending volume since August 2008 in July 2014, although news from the Bank of England could mean that home loans will soon get more expensive.

The Council of Mortgage Lenders (CML) indicated that £19.1 billion was leant to people to buy property last month, seven per cent up from June and fully 15 per cent higher than the same month in 2013.

For the first month of the year, the CML figures show that there have been 25 per cent more house purchases than over the same period the year before, despite more stringent rules for buyers being introduced in recent months.

However, the possibility of the Bank of England putting up its base rate has also increased, after minutes from the latest meeting of the policy committee showed that two of its nine members thought that the rate should go up. It`s the first time that that`s happened in three years.

This would affect many people with variable rate mortgages, as some of these are linked to the bank base rate, so if that goes up, interest payments on those homeowners` properties will also increase, which could prove problematic for some.

If you are considering reviewing your mortgage to perhaps look for a fixed rate over a longer period in case interest rates do go up, you can approach some lenders direct or go to a mortgage intermediary to get advice on their mortgage and remortgage products. First Choice Finance has experience helping various customers getting mortgages and will provide no obligation advice on our products.

If we have a product you like we will provide you with a free personalised illustration for you to decide whether to go ahead or not. Interested? Then visit firstchoicefinance.co.uk or call for a confidential discussion on 0333 003 1505 from your mobile or 0800 298 3000 from a landline. 

Return to the video homepage


Homeowner Secured Loans
9.8% APRC. Representative example: Borrow £50,000 over 180 months. 60 months at 8.1%, £497.83 pcm fixed at 60% LTV. Then 120 months at 10.1%, £539.89 pcm variable. Total payable £94,656.60. Total cost of credit £44,656.60 (including: £795 lender fee, £985 broker fee & £42,876.60 interest). First Choice are tied to certain loan providers.

Mortgages & Remortgages
8.4% APRC.
Representative Example: Borrow £120,000 over 25 years at 5.99%, £778.86 pcm fixed for 3 years at 60% LTV. Then at 8.75%, £974.86 pcm, variable for 22 years. Total payable £286,416. Total cost of credit £166,416 (including: £985 broker fee, £999 lender fee & £164,432 interest)


Unsecured Personal Loans
REPRESENTATIVE 49.9% APR (VARIABLE)
First Choice are tied to certain unsecured lenders.


THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT.
Security is required on immovable property.



Late repayment can cause you serious money problems. For help, go to moneyhelper.org.uk

Established In 1988. Company Registration Number 2316399. Authorised & Regulated By The Financial Conduct Authority (FCA). Firm Reference Number 302981. Mortgages & Homeowner Secured Loans Are Secured On Your Home. We Advice Upon & Arrange Mortgages & Loans. We Are Not A Lender.

First Choice Finance is a trading style of First Choice Funding Limited of 54, Wybersley Road, High Lane, Stockport, SK6 8HB. Copyright protected.

First Choice Finance - Reviews

Read Our Genuine Reviews


This website uses cookies. Find out more

Loan Plans