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The GRN Financial Services Blog!

 

Full of expert information and advice to keep you up to date with all of the latest mortgage and financial services that we offer

The information contained within our blog is correct at time of publication but is subject to change.

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Writer's picture: Aga - Mortgage BrokerAga - Mortgage Broker

Updated: Aug 18, 2022

With energy bills increasing drastically, inflation on the jump, mortgage interest rates going up as well as other things like national insurance contributions or council tax bills expected to increase , what can we do to help our customers?


As lenders are changing their approach to reflect the economic situation, many buyers will find that they no longer can get the mortgage they hoped for . Because a broker can check affordability stretches of many lenders at once, and as we know the nuances of borrowing, we can advise you which lender will be the most generous so you can still buy the house you want.


Many households will be struggling to find surplus cash to cover everyday expenditures, some customers might benefit from advice on debt consolidation. This way, they will get rid of debts and free some cashflow. We would advise to speak to a broker to see if it is really the best option.


Now, more than ever, it is crucial to have your income protected in case you are not able to work. Income protection insurance is an absolute must when households’ bills are going to be even more expensive. How would you cope if you only received the Statutory Sick Pay? How would you manage to pay the bills and feed your family? Speak to a broker about Income Protection.

We are here to help you with any questions you have.


Think carefully before securing other debts against your property. Your home may be repossessed if you do not keep up repayments on your mortgage.



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Writer's picture: Aga - Mortgage BrokerAga - Mortgage Broker

If you have signed up for Homes For Ukraine scheme and your house is on mortgage, you need to read this

Did you know that generally, if you have a residential mortgage and you plan to take on a lodger, you should check what your lender thinks about it, and your home insurance provider should be notified about this too? Some lenders don't mind, and some will not accept lodgers in the property.

If you want to let the whole property that is on a residential mortgage, you need to get a consent to let first as again, there may be restrictions. Alternatively you might need a buy to let mortgage.

Recently, many people signed up for the Homes for Ukraine scheme , offering rooms or even whole properties to the refugees.

Some lenders have already announced their stance on this matter and from what we have seen lenders have turned out very supportive but they have conditions that need to be met. It is recommended to check with your lender if you wish to become a sponsor under the Homes For Ukraine Scheme.



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Writer's picture: Aga - Mortgage BrokerAga - Mortgage Broker

‘How much can I borrow?’ is one of the most often asked questions by first time home buyers and movers. With increasing property prices and rising cost of living, no wonder buyers scratch their head thinking if they will be able to get the mortgage amount they need!

With the most recent energy price changes and higher cost of living, lenders have already started updating their affordability calculators, which may mean some buyers may struggle to get the loan they have hoped for.

How much you can borrow may depend on several factors: your earnings, your expenditures, your credit file information, dependants and your employment status (employed/self-employed/contractor). It is more and more complex to figure out how much exactly you could borrow to buy a house.

However, brokers have excellent tools to show you the whole scope of lenders’ affordability and these tools are quite precise so you will know what house price range to look at.

Don’t just guess or estimate as you might be very disappointed. Don’t risk! Ask a qualified broker for help with affordability assessment and go out confidently to look for your dream home.

If you have any questions, we are here to help.



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Contact details

GRN Financial Services

Mortgage broker

15 Bath Street,

Leek

ST13 6JQ 

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REMEMBER! YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.

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OUR FEES and charges vary depending on the services we provide to you. We typically charge a fee of £499 payable on mortgage offer.

Some of the products/services shown are not or may not be regulated by the Financial Conduct Authority.

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GRN Financial Services Ltd is a company registered in England and Wales. Registered number: 11200120. Registered office: 15 Bath Street, Leek, Staffordshire, ST13 6JQ. GRN Financial Services Limited is an appointed representative of PRIMIS Mortgage Network, a trading name of Personal Touch Financial Services Ltd. Personal Touch Financial Services Ltd is authorised and regulated by the Financial Conduct Authority. GRN Financial Services Ltd accepts no responsibility for any loss or damage resulting directly or indirectly from the use of the content on this website. The content of this website is aimed at UK based customers only.

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