The benefits of buying a home over renting

The benefits of buying a home over renting

For many people in the UK, the decision to take the plunge and invest in owning property versus renting marks a significant milestone in their lives. Embarking on this journey can be complex and riddled with questions. However, with a little due diligence and the right help, it is possible to forge forwards confidently and mitigate some uncertainty along the way. 

So, without further delay, let’s take a closer look at how even though renting may afford some flexibility and lower upfront costs, purchasing a home can provide many benefits that present this option as a wise, long-term investment.

The subject of equity?

One of the most compelling advantages of owning a home is that, over time, there is the potential to build equity. But what is equity – what does it mean exactly? Equity represents the difference between the current market value of a property and the remaining mortgage balance. 

Through consistent mortgage payments and taking advantage of any property value appreciation, homeowners can steadily increase their equity position. Not only can this provide a valuable source of financial security for future years to come, but it may also establish a foundation for other investments, such as home improvements, saving for a child’s education, or even a second or third property investment at home or abroad.

Overall saving

In addition to building equity, owning a home can provide long-term cost savings. Although the initial costs of buying a property may be higher than renting, taking into account a deposit, and other expenses, homeownership can still be the more economical choice. Take fixed-rate mortgages, for example. This type of mortgage means that payments remain stable over time, unlike rent payments, which are likely to escalate annually.

Flexibility and stability

Another significant advantage of owning a home is the freedom it allows for changes and improvements to be made to the property. Unlike renters, who are generally restricted in their ability to alter their living space, homeowners have control over their property. They can make renovations, such as adding an extension, changing the flooring, or upgrading the kitchen, without seeking permission from a landlord. This degree of autonomy and control can be empowering and help homeowners establish a living space that truly reflects their personality and lifestyle. 

Homeownership also provides stability and permanence, which can be invaluable for many people. Unlike renters, who may have to move frequently due to expiring leases or changing circumstances, such as landlords deciding to sell, homeowners can reside in their property for as long as they wish. This can be especially crucial for families who want to provide a stable environment for their children or individuals who want to put down roots in a community.

Final thoughts

Enlisting the assistance of a reputable mortgage and insurance broker, such as Choice Mortgages UK, can help you to easily navigate the home-buying process and provide valuable guidance throughout the journey. Their team of experts can assist you in evaluating your options and locating the right mortgage and insurance products to suit your particular circumstances. 

This means that with their help, you can make informed decisions that provide long-term financial benefits to help you achieve your homeownership goals. Contact Choice Mortgages UK Limited or call 01780 480600 today for independent and trustworthy advice on your mortgage and insurance needs.

What to look for in a Mortgage Advisor

Whether you’re a first-time buyer or a seasoned property investor, having a trustworthy and knowledgeable advisor is essential to obtaining a mortgage. With the right help, you can navigate the complex and ever-changing world of mortgages and find the best alternatives and rates to make the best-informed choice. Choosing the right professional should take into account crucial factors. 

Here are essential qualities to look for when choosing a mortgage advisor:

Choosing a mortgage advisor – key qualities

Expertise and Experience 

A good mortgage advisor should thoroughly understand the current mortgage market, including regulations, trends, and all recently available products. Look for an advisor who has been in the industry for several years and has a proven track record of helping clients secure the best mortgages for their needs.


Choosing an advisor who is not tied to any particular lender or financial institution is essential. An independent advisor will have access to a vast range of mortgage products and rates, giving you the best opportunity to find the right mortgage for your financial position without any restrictions or bias.


It’s a two-way street, so take your time and research to find an advisor who is invested in you. A good mortgage advisor should try to get to know you and understand your goals and needs. This level of personal service is vital in helping you to ask questions and feel comfortable with your decisions. 


A good mortgage advisor should be easily relatable, and customer-focused. Look for an advisor who is responsive, approachable, and provides clear and concise information.

Completeness of Service

Having part of the information and being left to Google to find your way around what to do next is of no use. A good mortgage advisor should guide you through the entire mortgage process, from start to finish. Look for an advisor who will complete all the necessary paperwork, keep you updated on the progress of your application, and ensure that the process is smooth by foreseeing any potential challenges along the way.


When looking for a mortgage advisor, it is important to consider their availability. You want an advisor who can organise appointments that work with your schedule and is available to answer questions, provide support when you need it, and not leave you hanging. 

Fee structure

Some mortgage advisors charge fees for their services, while others are compensated by the lenders they work with. Much like the services of a solicitor or an accountant, the professional services of a mortgage advisor need to be taken into account. Make sure you understand the fee structure of the advisor you are considering so that you know what to expect and plan for contingencies.


Look for an advisor who has a good reputation in the industry and is well-regarded by their clients. Read reviews, check ratings, and ask for referrals to ensure you choose a trustworthy advisor.

In conclusion, when choosing a mortgage advisor, it is crucial to consider their expertise, independence, personalisation, communication, completeness of service, availability, fee structure, and reputation. By finding the right mortgage advisor for your needs, you can be confident that you are making an informed and intelligent decision about your mortgage.

At Choice Mortgages, benefit from personalised and efficient services with over 100 years of experience from our team of reliable advisers.

Contact us today for friendly and impartial mortgage guidance

How Can You Get Financially Fit in 2023?

The last few years have been incredibly rocky, financial-wise, with pandemics, stock markets on the rise, and the cost of living crisis. So it is easy to imagine that many households don’t feel as financially fit going into 2023 as they might have felt in previous years. But that isn’t to say it is all gloom and dark clouds. There are some habits and tips everybody can do, whether you are looking to become financially healthier or if you are already economically healthy and looking to maintain it.

Do You Consider Yourself Financially Healthy?

There are usually three sectors on the financial fit scale. Some households are incredibly healthy or fit, others that are coping, and those who are struggling. The question is, where do you fall?

Are You Currently Fit?

Do you find that you are currently living within your means and that you easily get from one month to the next covering all expenses while still being able to save money and plan for retirement? In that case, you fall within this category. Households that are financially fit could look to make minor adjustments to increase or optimise their finances further. 

Sometimes minor suggestions might be to just re-evaluate all your expenses and check if there is anything that isn’t applicable anymore. For example, maybe you have a gym membership, but no one is going, or perhaps you are subscribed to software that you no longer use. A top tip includes making use of the ‘family shared’ options for accounts such as Amazon, PrimeTime, Spotify and Netflix.  Other changes might be if you find that you have substantial savings – maybe chat with a professional to see if there are benefits to paying off a mortgage or loan quicker.

Are you just making it?

If your expense amount is almost the same as your income amount, you might need to take a hard look at your budget. The issue with coping is that, occasionally, life throws a curveball at you, such as a car breaking down or the boiler must be replaced. To handle situations where a large sum might be required, you will need to alter your budget to allow for savings for these days.

Look to chat with a financial advisor who can provide some perspective on your financial situation. Set goals to allow you to start saving as soon as possible or to pay off any loans or mortgages quicker. Look at all your expenses and determine which are important and which are luxurious.

Has ‘struggling’ become your middle name?

If everything has gotten out of control, you first need to get hold of a professional that can work out a path for you. The worst thing you could do is continue to take out loans and borrow money, not knowing when you can pay anything off, just hoping for a miracle. The best thing you can do is get support from a professional in the industry who can assist you, provide advice and show you the path to getting out of debt.

This path will not be easy, and depending on your situation, it might take anything from a few months to a few years, but the point is that once you have that plan, stick to it. Reassess every few months, be smart about your choices and understand there is no quick fix. 

Being financially fit isn’t about a high-end job or getting an enormous inheritance. It’s about your habits and understanding your situation and what you want to be in. Chat with a professional who can provide tips and advice for your specific situation.

Everything you need to know about Critical Illness Cover

Hopefully, critical illness coverage, or catastrophic illness insurance, is something that you will never have to use. But unfortunately, the costs involved in a significant health emergency, such as cancer, heart attack, or a stroke, are too exorbitant for a regular health plan. As a result, people often include critical illness coverage in their budget to prevent financial strain and possibly ruin.

What Exactly is Critical Illness Cover?

The average life expectancy increases with every generation. For example, in 1950, life expectancy for men was 66 years and 71 for women. By 2007, that had grown to almost 80 years for men and 84 for women. Part of the increase is also due to the medical field advancing. A heart attack, for example, that was guaranteed to be fatal fifty years ago, is now an event that most patients survive. 

But that does mean that costs have increased and can leave patients with large medical bills. Critical illness insurance covers specific conditions or injuries listed in the policy.

Although life insurance, health insurance, and critical illness coverage are all sold together, they are all very different. 

  • Life insurance is when a sum is paid out on the insured person’s death.
  • Health insurance is paid out for most (not all) medical and surgical expenses and preventative care costs to the insured person, usually at specific places.
  • Critical Illness insurance provides additional coverage that is specified in the policy.
  • Gap cover provides extra protection for those with medical aid. It covers the deficit between the medical aid scheme and the actual rates charged.

All policies usually have terms and conditions, and might require information about your family history and even a general medical exam. Each one covers different ailments, and it is best to chat about this with your insurer to understand all the additional items it covers and what it doesn’t.

Can Choice Mortgage Provide Critical Illness Advice?

Yes, we do. We provide advice and are happy to give you a consultation to answer any questions that you might have about the policies or any concerns you have. 

If you are interested in getting Critical Illness Insurance or would like to chat about the policy in general, give us a call at 01780 480 600 or drop us a message on our website.

How will the UK mortgage market turmoil impact your deal?

The highlight (or low light) from the UK’s most recent mini-budget was the announcement of huge tax cuts. As a result, interest rates have risen, while the pound has plummeted to record lows against the dollar. While the government has since taken a U-turn on this monumental decision, the mortgage market remains quite volatile. 

With the rise in interest rates, mortgage lenders are faced with the challenge of providing products that are both profitable and realistic for borrowers. The Guardian (link: reports that some of the country’s most prominent lenders have withdrawn mortgage deals and removed mortgage products from their offering. 

The current volatility in the space highlights the need for would-be borrowers to consult with independent advisors in order to secure the right option under these circumstances. But in the meanwhile, let’s take a look at what this situation means for your mortgage deal.

The type of mortgage deal you’re on

The extent to which the mortgage turmoil affects you is largely determined by the type of deal you’re on. Fixed-rate mortgages, the most popular option, remain unaffected for now. The interest rate agreed upon from the outset applies throughout the product period agreed. 

Should you not need a new deal, or need to make any changes to your mortgage, you’re good. However, be prepared for significantly higher interest rates should you need to find a new deal. 

Borrowers with variable-rate mortgages, on the other hand, will feel the blow. With the interest rate here directly linked to the Bank base rate, or the lender’s standard variable rate, a variable rate mortgage fluctuates month-to-month. 

At the outset this seems like the more cost-effective (and therefore attractive) option, as the initial interest rate tends to be lower than the fixed rate. But the fickle nature of the markets makes it a very risky option, compounding the challenge of efficiently managing monthly household expenses.

How will this affect first-time buyers?

For one, first-time buyers should take heed of this crisis when evaluating what type of mortgage deal they sign up for. That said, unfortunately, the interest rate hike creates a further barrier to entry for would-be first-time buyers. Both budgets and expectations need to be lowered in order to account for the additional pounds on repayments. 

There’s no way to sugar-coat it; for now, the outlook is pretty bleak, but your best chance at making the most out of a bad situation is to consult with an independent mortgage advisor. You’re in better hands with someone who understands and can navigate these changes, while considering your unique profile and needs.

How do mortgage advisors save you money?

Buying your first home (or any property for that matter) is one of life’s biggest, most memorable events. It is often representative of hard work, perseverance, and patience. Unfortunately, it is also one of the most expensive things you’ll commit to doing, perhaps for the longest period of your life, too. You’re going to want to embrace all the ways you could be saving on costs, and sometimes those costs go beyond financial.

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The Cost Of A Mortgage adviser

The process of buying a home, while very exciting, is not exactly all fun and games. As you navigate the process, you realise that there are a lot more costs and paperwork involved than you’d ever imagined. Chances are, the word ‘costs’ in this headline may even be unsettling you. Especially if you’re a first-time buyer, you’re likely doing your homework on ways to cut costs and get the transaction done as efficiently as possible. Can you relate?

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How to prepare for a mortgage application

The decision to take out a mortgage can very well be one of the biggest decisions you will make in life. Then once you’ve made the decision to take the plunge and do it, you’re faced with what feels like so many obstacles in the form of admin and processes. Preparing for your loan application can be daunting, but we’re here to help you navigate the process in the hope that the load is made a little lighter for you.

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Mortgage rate fluctuations

According to the Financial Times, UK mortgage rates rose at their fastest pace for a decade in the last six months, according to data from the Bank of England. This fuels the expectation that the country’s housing market is cooling after a pandemic-induced boom.

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Choice Mortgages have provided me with a fantastic consultative service for over 10 years. I've had absolute peace of mind that everything related to my mortgage, home insurance, life insurance and critical illness insurance has been in hand. Nicki and the team have always given me informed guidance and I've had every confidence in their recommendations and products. A first-class service that I wouldn't hesitate to recommend.

A first-class service that I wouldn't hesitate to recommend.

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