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“It’s vital they avoid falling onto a reversion rate and paying more when there are other options available.
“COVID-19 may have dampened the confidence of a large number of borrowers wanting to lock into a new rate, yet the cost of not exploring their refinance options could be significant.
“Even for those borrowers who have seen a reduction in income, there may well be products available that would save them money in the long term when compared to their lender’s SVR.”
Some 52 percent of borrowers who have seen their income reduced as a result of the ongoing crisis are now concerned lenders will scrutinise their finances in more depth compared to pre-COVID levels.
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Recently, Steven, 57, wrote to Express Money for further guidance on a securing a mortgage. In the latest instalment of Money Talk, Matt Coulson from Heron Financial, Kevin Roberts from Legal & General Mortgage Club and Katie Brain from Defaqto were all on hand to offer suggestions on mortgages. Steven asked: “Hello. I would like some advice on mortgages please. I’d like to find the best deals for over 55s, or am I too old to be considering this at 57?”
Nearly a million homeowners, including thousands in Florida, would be subjected to possibly illegal service fees and mortgage modifications under a proposed court settlement, 33 state attorneys general contend. Florida Attorney General Ashley Moody joined her counterparts in 32 states opposing the proposed settlement with PHH Mortgage Corp. of West Palm Beach, formerly called Ocwen Loan .
As a result, the authority deemed that Patel was “not a fit and proper person”.
The offences were committed over a period of around 15 months between 19 December 2004 and 11 April 2006.
During that period, Patel ran a business in Leicester called Mortgage Deals for You and obtained loans and mortgages fraudulently by using the names and data of two of her customers.
The total amount she stole from various banks and other institutions was £169,000.
The FCA also detailed that under the name of Cindy Brad, she was an appointed representative of an authorised independent financial advisor, from 22 August 2017 to 24 February 2018.
During the sentencing, Judge Hammond said Patel’s offence constituted “a serious breach of trust… it was a systematic fraud, carefully worked out by a professional over a period of time.”