"Wealth is not his that has it, but his that enjoys it"
"Wealth consists not in having great possessions, but in having few wants"
"Time is the most valuable thing a man can spend"
- Laertius Diogenes
"The glow of one warm thought is to be worth than money."
"I don't care too much for money for money can't buy me love"
- The Beatles
"Simple, genuine goodness is the best capital to found the business of this life upon. It lasts when fame and money fail, and it is the only riches we can take out this world with us."
-Louisa May Alcott, Little Men
"And though I have the gift of prophecy, and understand all mysteries, and all knowledge, and though I have all faith, so that I could remove mountains, and have not charity, I am nothing."
"Not he who has much is rich but he who gives much"
"Life is what happens to you while you are busy making other plans"
"I pity that man who wants a coat so cheap that the man or woman who produces the cloth shall starve in the process"
Arranging a mortgage
When you are looking to buy a property, you may well need to do so using a mortgage.
What ever your position, whether you are a first-time buyer, looking to move to a new house or simply searching out a fresh deal against an existing mortgage, the process can be complicated and tricky.
There will be a lot to consider, weigh up and factor in.
A mortgage is basically a loan, provided by a mortgage lender, to help you buy a property. The lender will have security over your property, which means if things go wrong, for example, you don’t meet the monthly payments required, the lender can take the property back and sell it to pay off the loan.
In most cases lenders will NOT l end you 100% of the property’s value – you will need to put down a deposit and the lender will l end the rest.
The minimum deposit lenders require varies from situation to situation, 5% is the normal minimum but it could be higher in many cases.
A common mortgage term is 25 years, again this can vary and may be longer or shorter than this.
Once you have a mortgage in place you will then pay back the ‘capital’ over the term you have agreed, with payments being made monthly. This is known as a capital repayment mortgage.
There are alternatives which are known as interest - only mortgages, this is where you do not pay the loan back each month to the lender but become responsible for the full payment at the end of the term. In this case you will need to ensure you have enough money in savings, for example within ISAs or Pensions, to pay off the mortgage.
You may not have a choice in today’s marketplace as you may be required to have a capital repayment mortgage as part of any mortgage offer. Whichever method you use to re pay the capital, you’ll also pay interest on the amount borrowed each month, either at a fixed or variable rate of interest, depending on which type of deal you choose.
A fixed rate of interest keeps the interest locked at a figure for a set period, a variable rate means the interest rate will move in line with general fluctuations in interest rate levels. You will note already from these basic points that there are a lot of different factors to weigh up.
Once you have determined how much deposit is required and how much you can afford, you will need to look closely at other costs and charges, associated with the mortgage. These can include upfront costs and early payment charges should you pay off the mortgage earlier than the full term.
You will almost certainly need to arrange life assurance to make sure the mortgage is paid off in full should you die before the mortgage is cleared, and many lenders will also look to make sure you have a Will in place to clarify the legal position.
You may need to look at other insurances, such as protecting your income against ill health or even a redundancy. You will need house insurance, which should include covering the building and the contents. Within the basics and the added factors, we have described so far, we have not mentioned other possible alternatives to deals that you might explore, options such as offset mortgages and tracker mortgages. Sometimes you can get interest rate discounts for short periods, for example, a year.
There are also government backed schemes, such as shared ownership and Help to Buy. These may be suitable for your circumstances. Plus, you may well be in the position that you have many lenders prepared to offer you a mortgage and the comparison of their deals available could involve complex calculations, because the cheapest deal measured by the interest rate, may not be the cheapest overall deal for you in the long - term.
The mortgage market is sometimes described as a maze and you will see from the information outlined that there is a great deal to investigate and work through.
The key factor, whatever your current position, is to take a great deal of ca re and to use expert help. The extent of the financial commitment and the legal position with any mortgage is considerable.
In summary it makes perfect sense to explore all your options, look at any deal making sure you consider all the costs, not just the headline interest rate , and that you fully review the terms and conditions.
Taking advice from a specialist in these areas can be worth its weight in gold. We are here to help you and have the expertise to advise you around every aspect of your mortgage requirement.
What our Clients say
Alan has the ability to listen and care about people
We first met Alan in 1999; we both wished that we had known him many years before. Alan has several attributes, in addition to his financial skills, the ability to listen and caring about people. From the first day that we met our financial affairs became organised, now to the point where we can say that we never have any financial worries, in fact we seem to be better off financially now more than ever before. All due to Alan's guidance and expertise. We both consider Alan a very good friend, nice to know he would be there if we needed him.
Norman & Peggy Howell, Birmingham
I always receive a fast and efficient response
It has been almost ten years now since David and myself first consulted you for advice and guidance on financial matters, so I feel that it's time that I wrote to thank you for the help and assistance that has always been forthcoming. Shortly after we had moved house in 1992, you advised us to switch from one type of mortgage to another, which turned out to be the most successful financial move we had made in years. Over the years we contacted you for financial advice and guidance when our daughter was heading for University, on taking out life and house assurance policies and general financial overhauls. Your recommendations have always been sound and given in a manner both efficient and friendly, none more so than when I was widowed just over two years ago and needed a considerable amount of help, immediately given upon request and with great sensitivity during what was a very difficult time for me. There is little I can add, except to also thank the rest of your staff, friendly voices at the end of the telephone who take and pass on my enquiries and ensure that I always receive a fast and efficient response. I can recommend, without reservation, Interface Financial Planning Limited.
Maureen Pittaway, Sutton Coldfield
A very special and caring person
Alan - A very special and caring person, who it's been a pleasure to meet - thank you again it's been a privilege and honour, your kindness has been second to none and we know you've helped probably more than you should but I can assure you it was all very much appreciated, more than you know.
Bill & Sue Ralph, Oldbury, West Midlands
Advice that has been invaluable
Alan has been our financial adviser for 5 years. He is professional, well informed and reliable, and his advice has been invaluable to us. He and his staff are courteous and efficient, and we have no hesitation in approaching him for advice on any aspect of our finances, or in recommending him to relatives, friends and colleagues.
Tony & Sue Critchley, Lichfield
Always friendly and considerate
Alan Moran has acted on our behalf for over 10 years. Alan has over this time always listened to our requirements and fed back to us the best options, given our constraints and made very useful alternatives suggestions. He has always been friendly and considerate. I would not now consider making any financial investment or savings decision without first consulting him.
Ian & Joyce Miller, Birmingham
Honest and always takes the time to explain everything thoroughly
Alan has acted as our family Financial Adviser for many years. He is honest, non-pushy and always takes the time to explain everything thoroughly as often as needed. Alan is not only our Financial Adviser but we regard him as our friend. We would have no hesitation in recommending him and his staff to anyone who needs a Financial Adviser they can trust.
Malcolm & Sylvia Smith, Perry Barr, Birmingham
Alan's sound advice has improved my life no end.
I was introduced to Alan Moran in 1999. I was juggling my finances just to keep afloat and was wary of taking outside advice. A close friend of mine recommended Alan as a reliable and honest adviser who would take great care in choosing the right path to get my financial affairs on track. Trusting their judgement, I arranged to meet Alan. I was treated with the utmost care, given time to consider the guidance that Alan provided and never pushed into taking on financial services. Meeting Alan and acting upon his sound advice has improved my life no end. Even on a limited income, prudent planning has enabled me to save for annual holidays and even cope with the occasional unexpected expense as well as keep up to date with all of my bills. I count Alan among my friends and have recommended him to both my sister and my parents. He really is the genuine article and I cannot thank him enough for all he did for me.
Zena Davis, Coventry
Alan's knowledge of financial matters is very comprehensive
Alan was introduced to me by a friend at the time when my finances were a mess and I just didn't know what to do for the best. Calmly, kindly and sympathetically Alan sorted everything out. Since then he and his wonderful team have sorted out my house and car insurances, my son's mortgage and pension plan and, last but not least, guided me through the ramifications of buying a property in Spain. I have recommended him to friends, as his knowledge of financial matters is very comprehensive and sound. Alan is able to offer advice without making the recipient feel a complete idiot and he takes time to explain things thoroughly and in a way that is understandable.
Tricia Adams, Cannock, Staffordshire
Alan's sound advice has improved my life no end.
I have been a client of Alan Moran's for 12 years and during that time he has given me valuable advice on all aspects of finance. He always explains everything thoroughly and has been particularly supportive during periods of crisis in my life. He helped my late husband and I when his business went into liquidation and was even more valuable when my husband died, pointing me in the right direction with my finances and getting me to invest my money sensibly and with the just rewards that I am now experiencing. I regard Alan not only as my Financial Adviser, but also as my friend, and would, and in fact have, recommended Interface Financial Planning Services to anyone needing a Financial Adviser they can trust.
Marian Poolley, Sutton Coldfield
Efficient and reliable in terms of financial decision making
Alan Moran has been our independent financial adviser for a number of years. He has proven to be an efficient and reliable person to guide us in terms of financial decision making with regard to planning and management of current and future economic matters. He is friendly, discreet, careful and always courteous.
Chris & Tony Hampton, Halesowen
Highly professional, friendly and supportive approach
We have been clients of Alan Moran (Interface Financial Planning Ltd) for over five years. In this time, his highly professional, friendly and supportive approach has provided us with a thorough review of all aspects of our finances. We are now in a position where both our short term and long term financial planning is well organised and structured to suit our personal needs. We have recommended Alan and his team to many of our friends and know that they, like us, have been impressed and grateful for the care he has taken to provide such individual service.
Ann & Allan Rowlands, Handsworth Wood, Birmingham
Professional and friendly manner
Just dropping you a line to say thank you for all the help you've provided us throughout the purchase of our house and the investment policies you've recommended us. May we both thank you for the very professional and friendly way, in which you handled our business, and look forward to hearing from you in the future.
John Fletcher & Linda Davis, Bromsgrove
Wouldn't hesitate to recommend
We were recommended to Alan by my brother in law and have been very pleased with his advice and assistance. Since using his services, we have organised our Wills, Pensions and re-jigged our finances, and now would not consider making any financial investment or savings decision without first contacting him! We would have no hesitation in recommending his services to anyone requiring sound independent financial advice.
Richard Salaman & Emma Staples, Surrey
Valuable advice on our mortgage, future planning, savings and pension investments.
Seeking financial advice for the first time, I received details of three local IFAs. However, these cold statistics gave no idea of the actual person to whom I would need to entrust confidential information. Sometime later I came across an article in a local paper by Alan (Moran) in which the writer came over as friendly and trustworthy as well as being a qualified IFA. Having contacted Interface Financial Planning, the result has been a friendly relationship and valuable advice on our mortgage, future planning, savings and pension investments.
Mike & Gloria Nash, Great Barr, Birmingham
I have never had a single financial concern
The best thing financially that I ever did when I contacted Alan. I have never had a single financial concern and he has supported me through difficult times including the death of my dear wife.
Norman Howell, Birmingham
“Don’t put off the planning for your financial future as you are
never aware of what lies around the corner”
We first met Alan in 1999; we both wished that weIt was very important to gain financial advice in such a challenging time after my wife passed away. I needed to ensure that, as a newly single parent, I had got my finances sorted out and had also made provision for my children in case anything happened to me. As neither my wife or myself had made a will, Alan’s advice and guidance through this very difficult period was invaluable, especially dealing with the paperwork associated with this.
Paul from Birmingham
“Alan, was immediately empathetic, encouraging and, above all, practical and straightforward”
I realised that I had been operating both my general and particularly financial affairs reactively for far too long and it was time I behaved like a grown up. So I started to think about how I might achieve some sort of practical stasis. Alan, was immediately empathetic, encouraging a nd, above all, practical and straightforward. I hadn’t consciously taken financial advice before, but came to realise that the various salesmen who had sold me policies and pension upgrades were not motivated in the same way a ‘proper’ financial adviser was (or should be). Consequently, I had taken on commitments that weren’t necessarily in my best interests. Alan is genuinely interested in my circumstances, and owns a readiness to go beyond what I had imagined would be the boundaries of the role.