There are several ways you can find yourself with what is known as bad credit. You can be late with your payments on a loan, get into arrears with your secured loan, may have missed payments on your credit cards, have a CCJ registered against you, missed some payments on your mortgage, or perhaps you have previously been declared bankrupt. Millions of Brits are suffering from some or other sorts of financial problems these days. After taking...more
Bad times often occur for people when they are least prepared. They hit them the worst at that time. Bad credit is one such nightmare for the borrowers when they are in need of money for their requirements. For such situations, there are bad credit loans that the borrowers can easily take up for their needs. These loans help the borrowers at a time when they are suffering from a bad credit history. This would mean that the borrower has a credit...more
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 issues arising for him. Of course to cover the risks involved, the borrowers have to pay a slightly higher rate of interest which makes up for them. But there are certain ways as well with which low rate deals can be obtained. For the borrowers who need a lower rate of interest and are ready to pledge an asset with the lender for this, the secured form of these loans is the best suited. Through this option, the borrowers can get money for their needs in the range of £5000-£75000 for a term of 5-25 years. Low rate is charged due to attachment of collateral which ensures repayment of the loan amount. There may be borrowers who do not have any assets of their own or may not want to pledge them. For them, the unsecured forms of loans are...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...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...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 qualify for standard mortgage products even if they are in full-time, steady employment. Lenders have therefore been forced to invent specialized mortgages that are designed to help people take their first step onto the property ladder.First-time-buyer mortgages are not a product of their own, but rather comprise a small set of products that are aimed at the first home buyer market. They include shared ownership, guarantor, no-deposit, key worker, and standard mortgage products that are only available to people who do not yet have their own home.Shared ownership mortgages are fast becoming the most popular vehicle for first-time-buyer to buy their first property with. Shared ownership products allow people to purchase part of a property and rent out the other part, which is owned by the seller - usually a property developer. Over time, the...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...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...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