A L Insurance & Mortgage Solutions

About Us

Specialist Services:

As an independent mortgage broker, all of our mortgage advisers are fully qualified and have many years of experience. We are also Independent when it comes to Insurance Products so you know that you are getting the most competitive rates available on the market. With a Current Account Mortgage, you run all of your finances through a single account - your mortgage, current account, savings and personal loans. Any unspent income you have in your current account at the end of the month is taken off the mortgage debt you owe. For example, your monthly take-home pay is £1,500 and your total outgoings for the month are £1,300, the £200 left over comes off your mortgage, and you are immediately paying interest on a smaller amount of debt. Any savings you have are offset against any borrowings. You can access your savings or overpayments whenever you like without having to inform your lender. Again, a CAM has all the features of a flexible mortgage. It genuinely allows you to take full responsibility for repaying your mortgage, and permits the more financially aware borrower to save time and money. The aim is that the mortgage will be repaid before retirement. As long as that is on course, there is nothing much wrong with increasing borrowing by withdrawing from their current account. The lender will issue a chequebook to enable money to be withdrawn for any purpose. The only rule is that the maximum borrowing limit is not exceeded. Other rules for setting up a current account mortgage might be that lender requires that the salary is paid into the account each month. The lender will calculate interest on a daily basis. Every month, money is paid in and money would be taken out (as the account is used as a current account this is normal). At the end of the month, any money that is left over after income minus what goes out reduces the balance outstanding on the account. As long as this outstanding balance is regularly reduced, it is like making overpayments into an ordinary flexible mortgage. A higher rate of interest is generally charged than more traditional mortgages. The lenders are taking a risk both ways with this mortgage, in that they will make less money on the mortgage if you pay it back earlier, but could maybe not get the money back if you are unable to keep in control. It works both ways, and if you get it right, in particular the management of it, then it will benefit both the lender and the borrower. It is important to make sure before you take out a current account mortgage that you are the right person for it. A current account mortgage requires a great amount of discipline not just in order to enjoy the savings, but also to just pay off the balance itself before you retire. You have potentially many thousands of pounds in your current account always available to you, without needing a reason to avail yourself of it. Can you ensure the balance is continually reducing? Our usual fee is £100 plus commission from the lender, or we can offer a fee only option of £250.

Services Offered:

Arranging a mortgage can seem difficult, by combining sophisticated technology with human expertise, we can quickly identify and arrange a mortgage that best fits your requirements. We also arrange Insurance products that are associated with your Mortgage, for example, Life Assurance, Critical Illness cover, Income Protection, Accident,Sickness & Unemployment and Buildings & Contents cover. mortgage is like any other kind of loan – you borrow money, and you pay it back with interest over a period of time. But it has one key difference: it’s secured against your home. So if for any reason you can’t repay it, the bank or building society can sell your home to recover their money. You will want to take some time to choose the right mortgage for you, whether it be a repayment mortgage where the amount you borrow, plus interest is paid over the term of the loan. Or you might prefer an Interest only mortgages where you pay only the interest on the loan during its termis repaid at the end of the term using a repayment such as an Endowment, ISA or Pension. First you should choose how you want to repay your loan, then which type of mortgage would best suit your needs. Fixed Rate Mortgage A Fixed Rate Mortgage is where there is a set interest rate for a fixed period of time. At the end of the term the normal variable rate is paid. An arrangement fee is usually payable when taking out this type of mortgage. There may also be an early repayment charge (ERC). Many providers offer fixed-rate mortgages where there is no penalty for paying off or changing the mortgage at the end of the term. The downside is that interest rates may fall, and you could end up paying a higher rate than the standard variable rate. A fixed rate may be chosen if you expect interest rates to rise, and may enable help to plan your budget. Capped Rate Mortgage A Capped Rate Mortgage varies in line with general interest rates. It is set to not rise above an 'interest rate cap', or to fall below a certain rate called an 'interest rate collar'. This agreement lasts for a fixed period of time, after which the normal variable rate is paid. An arrangement fee must be paid for a capped mortgage and severe early repayment charges will be paid during the first few years of a mortgage if you change providers. It should be remembered that if the standard variable stays within the limits imposed by the cap and collar then you may end up with a higher rate, or more charges than you would have had, were you to invest in a variable rate mortgage. Capped rates, like fixed enable you to plan your budget accordingly. Discounted Rate Mortgage Discounted Rates have a lower rate of interest in the earlier years, and increased later on. It is intended for first time buyers, who initially have a low income. It is very convenient if money is tight at the beginning of the mortgage, but is likely to improve in the near future. There are early repayment charges, this penalty period extends further than the discount period. Variable Rate Mortgage Variable Rate is the usual mortgage that most choose. This is where the interest that you pay depends on the general economy. The interest rates are constantly rising and falling, can make it difficult to know what your payments will be each year. In many countries this option is considered far too risky, due to the uncertainty of the interest rates. Cash Back Some standard variable rate mortgages offer a cash sum when the mortgage is taken out, which can be used in any way. This is not an interest rate option, but this sum can be invested can be worth it. With cash back deals there is an early repayment charge. Should you pay part or the entire mortgage, you must also pay the cash back received. It might be worth combining different interest rate options, some lenders allow you to do this. With Interest only mortgages the loan is not paid off during the term. Instead the interest is paid to the lender and the original amount borrowed will need to be paid at the due date. Generally the you will want to pay into an investment that has the potential to build up a lump sum, which is then used to pay off your mortgage at the end of the term. At present there are many types of interest only mortgages on offer. These include the ISA mortgages (this used to be called a PEP), Pension mortgages and the most common type, the endowment mortgages. There is always a gamble with investments, if grown well, the savings should have built up to a value to pay off the loan and may even provide extra. You may have saved money during their mortgage term by paying out less each month than a repayment mortgage. However, in recent years investment returns have been lower than expected. You could face a shortfall when you come to pay off your mortgage, or you could have to pay more each month than with a repayment mortgage. The risk depends on the type of investment. Although it should be mentioned that they do not need to be linked to an investment. Various lenders allow you to decide how you will repay at the end of the term. This may be appropriate where you have substantial investments that can be used or you may receive a future inheritance that will provide you with enough money to repay the loan.

Awards/Ratings/Associations:

A.L. Insurance & Mortgage Solutions is an appointed representative of Sesame Ltd, which is authorised and regulated by the Financial Services Authority. Sesame is entered on the FSA register (www.fsa.gov.uk/register) under reference 150427. Your home may be repossessed if you do not keep up repayments on your mortgage. Our usual fee is ?100 plus commission from the lender, or we can offer a fee only option of ?250. The FSA do not regulate some forms of mortgage We can only offer products from a limited number of insurers for Accident, Sickness & Unemployment & Buildings and Contents Insurance. Ask us for a list of the insurers we offer insurance from.

Business Hours:

Sunday 9:00 to 18:00

Monday 9:00 to 18:00

Tuesday 9:00 to 18:00

Wednesday 9:00 to 18:00

Thursday 9:00 to 18:00

Friday 9:00 to 18:00

Saturday 9:00 to 18:00

Operating Since:

2005

Branches:

1