First class service! Straight forward to deal with, answered all questions quickly and a speedy turn around to mortgage offer being issued. I cannot recommend Nigel and the Team highly enough. I would…
Thank you so much to Nigel for helping out with my recent remortgage. Always available on his mobile to answer any questions I had and made the whole process as stress free as possible for me. I would…
Nigel was extremely helpful in arranging my remortgage. His excellent knowledge allows him to provide a fast, efficient and professional service. Previously I have tried to arrange these myself which …
Highly recommended explained everything well, went to and from the lender so many times making sure all was agreed before spending my money on a survey 5 star amazing service!
Thank you Nigel for helping us with our mortgage! We really appreciate your patience and for always being at the end of the phone to answer any questions no matter how big or small!
Thank you so much to Nigel for helping out with my recent remortgage. Always available on his mobile to answer any questions I had and made the whole process as stress free as possible for me. I would definitely recommend him to friends and family!
“I received protection advice from Brian at AJMS and we proceeded to arrange various insurances for myself & my partner. I am very happy with the service I received and the policy I was recommended, I wouldn’t hesitate to recommend Brian’s services to anyone looking to arrange their personal insurance. “
Nigel has been our mortgage/financial advisor for many years now. His knowledge and expertise is second to none and I can’t recommend his services enough!
Alexander James Mortgage Services - The Best Woking Mortgage Brokers
Nigel is extremely knowledgeable, professional, supportive and well versed in many financial services, including but not limited to Mortgages. I would highly recommend you engage with him and his company to assist with your financial needs and mortgage application. A one stop shop in financial services with friendly advice and exceptional service delivery. Happy Customer !!
Alexander James Mortgage Services - Woking Mortgage Brokers
Nigel has been very helpful and knowledgeable helping me out get the mortgage to get my first house. His knowledge does not only limit on mortgage but broader financial areas. I was a happy customer and would definitely ask him for your help if I will need to get more properties with mortgages or advice on financial planning.
I used Nigel over the course of the years for my property purchases. In all my dealings with him he has always given me impartial advice and in my opinion found the best rates on the market. I would recommend Nigel as an honest and genuine financial adviser.
We were recommended to use the services of Nigel Glossop of Alexander James Mortgage Services by our then financial adviser.
In retrospect, this was an excellent recommendation as Nigel provided an outstanding service.
We were so impressed with the service that Nigel provided that when our youngest daughter decided to purchase a flat, we again secured the services of Nigel.
Who provided a first class service in helping her obtain a very competitive mortgage and appropriate life, critical illness, contents and health insurance cover.
And in the future will help her to set up a private pension fund.
So to anyone looking for sound, sensible and straightforward financial advice, we all recommend Nigel Glossop of Alexander James Mortgage Services.”
While many people still view the traditional mortgage length as being 25 years, it is fair to say the market has changed in recent times. There is a growing number of mortgages made available to property buyers which last for 40 years. These mortgages are growing in popularity, although it opens up the possibility many borrowers will never fully pay off their debts.
There is an apparent reason why homebuyers want to take a mortgage out over a more extended period. A longer period means lower monthly payments, and it also provides buyers with access to larger loans.
Even though lenders have imposed stricter criteria on loans in recent times, taking a loan out over a much more extended period creates freedom and flexibility for borrowers. Also, lenders have to make commercial decisions, and they want to welcome as many borrowers as they can. Therefore, there is a positive aspect to longer mortgages for lenders too.
Information provided by Moneyfacts indicates six in 10 mortgage deals come with a standard maximum term of 40 years. This comes at the same time; many lenders have increased their maximum age limits. With the age of first-time buyers rising, it is not out of the question for some first-time buyers holding a mortgage which isn’t due to be paid off until they are in their 70s or even their 80s.
Of course, with the pensionable age rising, people are likely to be working longer if they are still in good health. It should be remembered healthcare advances, and people taking more exceptional care of themselves has created a situation where people are living healthier and for longer. There is an ageing population in the United Kingdom, and perhaps the new wave of mortgage offers reflects this, as opposed to being anything more concerning.
The Yorkshire Building Society has recently started offering this style of mortgage, and they have researched the process. They suggest 40-year mortgages have been driven by increased demand for more affordable monthly payments. With a rise in first-time buyers purchasing more substantial and more expensive homes; this is a valid argument.
It has been pointed out that more first-time buyers are overlooking the traditional first home, focusing on more extensive and more spacious homes. This approach costs more upfront, but in the longer term, it may reduce the overall house moves a person, or household makes, saving them money.
Yorkshire Building Society’s Charles Mungroo said: ‘Attitudes of first-time buyers are altering, with an increased demand for larger homes compared to the traditional ‘starter home’ that was once standard to get on the property ladder. Along with more purchases being made later in life and families having to juggle multiple financial commitments, there is a real demand in borrowers wanting to stretch their terms to make their monthly payments more affordable along with borrowing later into life.’
There are concerns for buyers taking out a longer mortgage, but there are concerns with all mortgages. If a buyer researches their options and makes an informed decision, they should find a suitable mortgage for their needs.
If you’d like to get in touch with us to discuss all your possible options, we’re always here to help.