It may be troublesome for borrowers who have a low credit score to get money for their needs through loans. A low credit score works against the credibility of the borrower but with the advent of poor credit loans, the borrowers can get money for their needs very easily and without any hassle. Through these loans, even those borrowers who have a credit score lower than 580 in their credit reports can take up money for their needs without any...more
A current account mortgage is a type of flexible mortgage product that combines several financial products into one single account. As with any other mortgage product, a current account mortgage will be secured against the borrower's home. This type of home loan product cannot usually be secured against investment properties.The main difference between a current account mortgage and a standard mortgage product is that this type of home loan will...more
The latest trend in the mortgage market has been an increase in the number of borrowers taking out a 100% loan-to-value mortgage. This means that the loan-to-value ratio of the mortgage is 100% rather than the 85% or less normally attached to more traditional mortgage products.A 100% mortgage can be used to fund the entire cost of purchasing a property, eliminating the need for a deposit. The only costs that are not covered are one-off expenses such as stamp duty, legal fees, and mortgage application and brokerage fees.Some cash poor borrowers are even opting for mortgages with an even high loan-to-value ratio, such as 125% mortgages, in order to pay for all of the expenses incurred upon purchasing a property in addition to the cost of the property itself. This is beneficial to property buyers who do not have the funds required to pay for these expenses themselves.While there are obvious benefits to a 100% mortgage, there are also disadvantages.The biggest disadvantage is that any fall in the value of the property purchased will result in instant negative equity. This can cause problems if the borrower wishes to sell their property because they may not recoup enough money from the...more
In this day and age of low housing affordability, it is more difficult than ever for first-time-buyers to secure their first home. A shortage of housing stock has lead to a situation in which demand for housing far outweighs supply and this has, in turn, driven prices up and affordability down.Because of this, many first-time-buyers no longer...more
Shared ownership mortgages are specialist mortgages that are designed to cater for purchasing property through shared ownership schemes. Shared ownership schemes are also known as shared equity schemes and have become a popular method for first-time-buyers to get a foot on the property ladder if they do not have the funds necessary to pay for the...more
While most mortgage brokers need to be registered with the Financial Services Authority in order to advise clients on residential mortgages, no such rule exists for buy-to-let mortgages. This is because buy-to-let mortgages are regarded as commercial loans and the Financial Services Authority does not regulate this type of finance.Regardless of the fact that a mortgage broker does not need to be registered to advise on buy-to-let mortgages, if you are applying for a buy-to-let mortgage you may find that your mortgage broker is registered with the Financial Services Authority anyway because they also broker residential mortgages.Because of the different rules, a mortgage broker does not need to follow the same processes for buy-to-let mortgage applications as they do for residential mortgages. The Financial Services Authority has not, as yet, issued a set of strict rules and regulations to follow for this type of mortgage.However, this does not mean that you will receive inferior service for your investment mortgage applications. Most mortgage brokers treat all mortgage applications with the utmost care and expertise whether you are applying for a residential or commercial...more
The mortgage intermediary market is facing a potential recruitment crisis due to a lack of graduate mortgage brokers entering the industry. Unlike many other professions, such as accounting or banking, the mortgage industry does not have a structured...more
Prior to 2004 there was little regulation for mortgage brokers conducting business in the UK. Anybody could call themselves a mortgage broker, regardless of whether or not they held the necessary qualifications, and they could source clients and...more
When searching for a home loan, you will be faced with the decision of whether or not to use a mortgage broker. There are advantages and disadvantages to using a mortgage broker instead of applying for a home loan directly with a lender.One of the...more
Independent mortgage brokers are generally regarded as an excellent source of advice when searching for the right mortgage to finance or remortgage a property. Independent mortgage brokers are not tied to advising clients to use particular lenders...more
When looking for a mortgage you may be faced with a decision as to whether you should use the services of a mortgage broker instead of applying for a home loan directly with a lender.One of the main reasons why you should use a mortgage broker is...more
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