MortgageDrive - Get The Best Mortgage For You
We designed MortgageDrive to show people that mortgage providers are not for life and that you can save thousands by switching mortgage suppliers once your current deal comes up for renewal. It maybe that your current provider advises you stay with them. But MortgageDrive recommends that you check out the whole market and see if there is a better mortgage out there.
You don’t have to spend hours poring over rates and terms you can trust a specialist supplier who searches for the best deal and digitally switches you to another supplier and a better rate. No need to visit branches or go through endless paperwork.
It’s not just about switching mortgages MortgageDrive can also provide help with first time mortgages, buy to let mortgages, longer term retirement mortgages.
Take a look at some of the facts below and you will see it makes sense to stop and look at your current situation and then find help to reduce your outgoings.
There are 1.1 million mortgages in the UK
There were 423,000 remortgages completed in 2017
At the end of February 2018 the average mortgage interest rate was 2.63%
There are 340 mortgage lenders wanting your custom
Mortgages are changing - loans in Q2 2018
Breakdown of gross advances by purpose of loan
The chart on the right shows that:in Q2 2018 the amount of new loans driven by an increase in house moves increased (by 1.9%), but remortgages to existing borrowers fell (by 2.0%) over the previous quarter. The share of buy-to-let decreased.
The proportion of total borrowings in arrears fell again to its lowest level so far.
What is an offset mortgage
What is an offset mortgage?
This video by the Money Advice Service explains what an offset mortgage is. This mortgage is linked to a bank account, so that payments are reduced by offsetting interest payments against savings and bank account balances.
The box below shows some ideas on working out what to do. Hover over it and it will switch to show you information on how you can get expert help. Click the button on the back to see YouDrive’s view!
The Citizens Advice Bureau have information on managing your mortgage
The Money Advice Service give some guidance on mortgages
The Financial Conduct Authority have some tips and advice on finding an adviser
Scope provide advice for disabled people on getting a mortgage
The Personal Finance Society have a Society of Mortgage Professionals for advisers
MoneySavingExpert have a mortgage guide for first time buyers – download it here.