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A new study from Barclays has revealed that almost 50% of residential homeowners in Great Britain have never found out what other deals are available on the market even though a third know it could probably save them money!

The study has also found that just under 30% of people do not know what the Standard Variable Rate (SVR) is, and 45% of people are not aware what Loan to Value means. This has resulted in many homeowners relying on others guidance for re-mortgaging. 46% of people tend to do what their mortgage broker tells them rather than fully understanding the terminology or asking for an explanation.

A spokesperson for Barclays said “It’s clear from our research that many find re-mortgaging a tricky subject to understand, even though UK adults have been on the mortgage payment ladder for an average of 13 years and five months. As a result, homeowners are sticking with what they know and potentially missing out on lower monthly payments. With the average amount left to pay on a mortgage at 45 per cent, and the best deals often found at lower LTVs, re-mortgaging sooner could end up saving them money – not only month to month, but over the whole term of their mortgage.”

Two-year fixed term deals were most popular with the under 30s according to Barclays with 57% of this age group choosing the shorter term fixed rate period of two years. In contrast, homeowners aged from 40-56 were most likely to commit to longer term fixed rate deals, with 47% locking in their monthly payment for 5 years.

If you are thinking of re-mortgaging, and are unsure of the process or rates available, as always please call us on 01473 462288. We are here to help.

Secured Loan Market Update
Data from the Finance and Leasing Association continues to show the Secured Loan lending market recovering from 2020 and the impact of Covid-19.
Around £101m was lent during the month of July, which although down on this time last year, it is nevertheless a market where lenders are gradually re-introducing criteria previously seen before the pandemic started, and as a result, the product is again proving to be a very valuable one, given the adaptability it offers homeowners in terms of access to quick and reliable funding.

What is a secured loan?
A secured loan, or second charge mortgage, is money borrowed and secured against property which already has a residential first charge mortgage in place. Very simply, the loan ranks behind the 1st charge or purchase mortgage. Loan terms can be up to 30 years and often the borrower will have a choice of fixed rates or variable.

Loan Purposes
Funds can be borrowed for almost any legal purpose, even paying HMRC tax bills if necessary! Typically secured loans can be used for home improvements, debt consolidation raising deposits to purchase investment properties, inject capital into a business, fund the holiday of a lifetime or pay for a fabulous wedding! The scope of these loans is extremely versatile, yet relatively little is known about them by many consumers.

Helping hand from Try Financial
Our secured loans team at Try Financial has access to lenders that don’t use a traditional loan to income multiplier that our customers might be familiar with when arranging a first charge mortgage. As the level of second charge lending is assessed purely on an affordability basis, there is likely to be a greater capacity to borrow compared to a first charge mortgage. Secured loans can be beneficial if you are on a very low residential mortgage rate which you might have to sacrifice if re-mortgaging, or the rate carries a heavy early repayment charge. In these instances, a secured loan can often be the most cost-effective option to raise funds. Either way, the Try Financial secured loan team will guide and advise customers through the whole process.

Sometimes obtaining funds as quickly as possible is the key reason a customer’s approach. Again, the experienced team at Try Financial, and our panel of secured loan providers are well placed to obtain the monies required quickly and efficiently. Secured loans have some important advantages as there are no legal process to go through and lenders often utilise computer-based valuations of property instead of sending out a valuer to the property. These two factors together can save many weeks.

We package Secured Loan applications for multiple lenders, meaning that when a case is outside of criteria, we can speak directly to the underwriters, and in many cases, find that they will make an exception and allow a case to progress. Some of these lenders only allow 100 brokers nationwide to package secured loans for them and we are incredibly proud to be included as one of them!

Secured Loans are an extremely useful lending product and, as the lending market recovers, we expect to see an ever-increasing number of our clients enjoying their flexibility and ease of access.
As always, call us on 01473 462288 or email to enquiries@tryfinancial.co.uk for more details or, if you have an urgent enquiry you need to discuss.

Some great news for First Time Buyers, no need to wait for the Government Mortgage Guarantee Scheme to arrive, we have access to 95% Mortgages Now!

The product is available on a 5 Year Fixed Rate, and with a FREE Standard Valuation

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Please click on the link below to find out the impact on individuals, the self-employed and small business owners following yesterday’s Budget.

Jeremy and the team at AAG have been fantastic for us since we set the company up in 2013, and if there is something you’re not sure about, please give them a call.


Try Financial believe the announcements made in today’s Budget about the new Mortgage Guarantee Scheme, and the extension to the Stamp Duty and Land Tax holiday, are great news for first and second time buyers of residential property! There is perhaps now a greater need than ever to make sure our customers obtain the most appropriate product for their needs in these difficult times. Please contact us to discuss your options at the earliest opportunity. 

For an extended commentary, please click on the following to see our press release Press Release – Budget March 2021[54]

Average House Prices now at record levels. Let’s see what the Chancellor does tomorrow with Stamp Duty and Land Tax.


Kate Davies of adviser trade body, IMLA, calls for a breadth of measures from the Chancellor in tomorrow’s budget.

Wide Ranging Support Called For

The latest statistics are here from The Money Charity


We are very pleased indeed to be able to add, with immediate effect, business working capital lender FIBR, to our panel of funders.
Top sectors funded by FIBR currently include: E-Commerce/ Medical /Software & Technology/ Telecom/ Transport/ Manufacturing / Take away food / Care Homes
In general FIBR will accept most business sectors as long as an individual business can show active trading and positive figures.
For a quick consultation and possible quote, call us on 01473 462288 or email at enquiries@tryfinancial.co.uk

More from The Money Charity on the latest monthly Money Statistics.


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