Landmark mortgages (A 5 point review)
In this blog, we will consider Landmark mortgage reviews and how to analyse the publicly available information about Landmark mortgages and be able to review them so you can make up your mind about if you want to apply for a mortgage with Landmark.
In November 2015, UK Asset Resolution (UKAR) agreed to sell a portfolio of assets from the legacy book of NRAM plc to affiliates of Cerberus Capital Management LP (Cerberus). In May 2016 Cerberus acquired NRAM plc as part of the sale completion process and from July 2016 NRAM plc rebranded as Landmark Mortgages Limited.
What kind of mortgage does Landmark offer
In our Landmark mortgage review, we considered the various types of mortgages which Landmark offered but realised that Landmark mortgages simply manage mortgages which were originated by NRAM plc. Below we talk about the kind of mortgages which Landmark manage.
Landmark Fixed-rate mortgages:
With these mortgages, the rates are fixed for a period of 2, 3 or 5 years and provides you certainty over your Landmark Mortgages mortgage for that time frame.
Landmark Variable rate mortgages:
You can access a host of variable mortgages through Landmark Mortgages mortgages and this mortgages will have a variable rate which can be increased or decreased at any time by Landmark Mortgages mortgages. You will be informed before a rate increase.
Landmark Tracker mortgages:
You can access a host of tracker mortgages from Landmark Mortgages mortgages. These mortgages will usually track the bank of England’s rate and will move in line with it, although it may not be the exact rate but rather a rate which will increase by the same point or decrease by the same point as the Do Landmark mortgages allow you to make overpayments?
Landmark Mortgages mortgages may also allow you to make overpayments on your mortgage but there may be a fee for doing so and a limit on how much you can overpay your mortgage each year. You should check your key facts illustration for this or ask your mortgage adviser.
Does Landmark offer the best mortgage deals?
Whilst conducting our Landmark mortgage review we looked to see what mortgage provider offered the best mortgage deals but during our analysis, we discovered that the mortgage rates which most consumers ended up getting were based primarily based on their own mortgage affordability and not necessarily the rates offered. This is because every borrower may have different circumstances.
How can you contact the Landmark mortgage bank?
You can contact Landmark directly through their website here.
Can I borrow more on my Landmark mortgage?
Yes, you may be able to borrow more from your Landmark mortgage but not from Landmark but from any other mortgage lenders willing to lend to you as long as you meet the mortgage lenders requirement.
A few things you may want to do before you apply for a further advance:
Check your credit score
If your credit score is down then focus on credit building activities such as:
Registering on the electoral roll
Getting a credit builder card
Getting a secured credit card
Getting a credit builder loan
Avoid missing credit repayments
Avoid making late payments
How do Landmark mortgages treat first-time buyers?
If you are a first-time buyer then Landmark mortgages welcome you and you may be able to find some mortgage products on offer which may suit you.
For a mortgage as a first-time buyer, you will usually need at least a mortgage deposit of at least 5% and in many cases you may be able to use a host of government schemes which help you increase the amount of mortgage deposit you have or reduce the total cost of the property purchase.
Some of these first-time buyer or home mover government schemes include:
- Lifetime ISA– gives you a government bonus of £1,000 if you save the maximum £4,000 a year.
- Help to buy ISA– gives a maximum bonus us £3,000 if you save the maximum allowed of £12,000. Before you get either you should consider which is better. Lifetime ISA vs Help to buy ISA.
- Help to buy equity loan- gives you up to 40% as a 5-year interest-free equity loan. You begin to pay interest at 1.75 % after the fifth year and 1% plus RPI for every year thereafter.
- Shared ownership- You can buy between 25% to 75% of the property initially with a shared ownership mortgage and then buy more using a staircasing mortgage.
- Armed forces help to buy- similar to the help to buy equity loan but specific for the armed forces personnel giving them an increased chance of acceptance.
- Rent to buy- This is the right to buy scheme on which this guide is currently discussing. A different marketing name is just used. Watch out for this when shopping to avoid missing out on eligible properties due to confusion.
- Right to buy- allows you to buy your home at a discount price.
- Preserved right to buy– same as above.
- Right to acquire- same as above.
Depending on where you live, you may also be able to take advantage of home buying schemes provided by your local council. Example: In Norwich, the local councils provide the Norwich home options scheme.
Is Landmark a good mortgage lender?
As with all mortgage lenders, you will have to make up your own mind on if Landmark is a good mortgage lender or not.
Throughout our Landmark mortgage review, we didn’t find any reason to term Landmark mortgages as a bad mortgage lender.
You should also be aware that all mortgage lenders in the UK are regulated by the FCA and so they have to meet certain minimum standards. Mortgage lenders and all FCA regulated entities have to “treat customers fairly”.
If a mortgage lender doesn’t treat you properly then you may be able to claim compensation from the What happens after your fixed-rate Landmark mortgage deal is over?
During our Landmark mortgage review, we discovered that as with most mortgage lenders when your fixed-rate mortgage deal ends you will be moved over to the mortgage lenders standard variable rate deal. This is usually more expensive than the fixed-rate deal.
To avoid this you can remortgage at the end of your fixed-rate mortgage deal to a better mortgage than the standard variable rate deal you would have automatically been moved on to.
To ensure you are always on the best mortgage rate you can sign up to a mortgage management platform which searches the best mortgage rates on the market which you are eligible for and nudges you to switch to a better mortgage rate.
How do I get a mortgage statement from Landmark?
You can manage your Landmark mortgage online. When you sign up to Online Banking you’ll create a mortgage login which allows you to view information such as your current mortgage arrangements, interest rates, outstanding balance, and more.
Will I be able to manage my Landmark mortgage online?
Yes. Once you’ve signed up for online banking, you’ll be able to see your mortgage information online. This includes:
next monthly payment
the previous year of payments (including any overpayment charges)
Will I need life cover or critical illness cover with a Landmark mortgage?
Some mortgage products may require you to get a life cover or critical illness cover. You should ask your mortgage broker or mortgage adviser to determine if you will need to have life cover or critical illness cover along with your mortgage.
Most mortgage lenders will insist that you have house insurance before they complete on the mortgage. This means the property will be covered in case there is a fire, flood or incase any serious structural issues occur.
Using a mortgage broker for your mortgage
Whilst conducting our review we considered the potential effects of using a mortgage broker and we concluded that using a mortgage broker to search for what mortgages you may be eligible for maybe a better use of your resources than simply applying directly to a mortgage lender like Landmark.
This is because mortgage brokers will have access to a host of mortgage products which make up a majority of the market from a long list of mortgage lenders. This in stark comparison to the few mortgage products each mortgage lender may offer.
How do I contact Landmark?
You can contact the mortgage lender via the details below:0330 159 7152
The phone lines are open during normal working hours.
If you need financial advice and you live in the UK then you could contact the Money Advice service over the phone or via chat for impartial advice.
You can also contact the debt charity “Step Change” if you are in debt and need help.