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 that they have access to a much wider range of products than an individual lender does. Mortgage advisors who work within bank branches are tied to the products that the bank offers and cannot advise on...more
Author: Mike Honiya Making huge amounts of money in Forex currency exchange can be a powerful draw. You need only type in "Make Money In Forex" into Google to see the millions of results, indicating the massive desire. Click to Get Best Forex Automatic Trading Robots And as a wealth generating system goes, Forex is hard to beat. Cheap to get started; open twenty-four hours a day, five days a week. Unmatched liquidity, making the amount of monkey...more
In recent times, Independent Financial Advisors (IFAs) have been used by many people as an alternative to mortgage brokers. The main reason for this is that there is a crossover between the services they offer.IFAs and mortgage brokers usually receive their qualifications from the same few training institutions. These institutions include the IFS School of Finance and the Chartered Insurance Institute (CII). When a person receives their qualification as either a mortgage broker or financial advisor they only need to complete a reduced number of exams to receive the other qualification. This is one indication that mortgage advisors and IFAs undertake similar activities.Because mortgage repayment costs account for the largest expense in a normal household, having the right product is seen as a necessary element to prudent financial planning. It is for this reason, more than anything else, that people have been turning to their financial advisor to source the right mortgage deal for their needs.Many IFAs will have completed the qualifications and training necessary to become a mortgage broker and will be able to assist their clients in obtaining a home loan with ease. IFAs have access...more
Equity release is a way for homeowners to release cash from the equity that has built up in their home. Equity can be defined as the difference between the value of a property and the balance of the mortgage, or any other finance, that is secured on it.There are several different methods of equity release available to homeowners. This can include...more
There are several different types of methods for interest to be charged on mortgages. Tracker mortgages have a variable interest rate that moves roughly in line with the Bank of England Base Rate (BoEBR). Another popular type of interest rate is a fixed rate which does not move in line with the base rate.The interest rates on tracker rate mortgages...more
A capped rate mortgage has an interest rate that cannot rise above a pre-determined level for a specified period of time. After the capped rate period expires, the interest rate of the mortgage reverts to the lender's Standard Variable Rate (SVR).A cap and collar mortgage is similar to a capped rate mortgage except that is also has a lower limit, beneath which the interest rate cannot fall over a specified period of time. The upper limit is called the "cap" and the lower limit is called the "collar."For example, if a borrower applies for a cap and collar mortgage with a cap of 7% and a collar of 5% and a cap and collar period of two years, the interest will move between 5% and 7% during that period of time. If the lender's SVR rises above 7%, or falls below 5%, the interest rate on the cap and collar mortgage product will remain within this band.A cap and collar mortgage provides the same hedge against future interest rate rises that a capped mortgage does, however, it will remove the benefit of being able to take advantage of future decreases in the lender's SVR.This means that the lender will be more certain of the amount of interest it will be able to collect from the borrower...more
Fixed rate mortgages offer borrowers the ability to help budget for household expenses more accurately because they have an interest rate that remains constant for an agreed portion of the overall term of the mortgage - typically between one and five...more
When applying for mortgages borrowers have the choice of obtaining interest only or repayment mortgages. Interest only mortgages require the borrower to only pay the interest charged each month on the mortgage. The balance of the mortgage remains the...more
Mortgage advisers are divided in their opinions as to who are the real winners and losers out of the recent interest rate rises. No one could argue that borrowers who have variable rate mortgages have lost out because their monthly repayments have...more
If you are looking to buy a property, or remortgage property you already own, you will have the option of searching for a mortgage product by yourself or employing the services of and independent mortgage adviser.There are various factors that you...more
In the wake of increasing interest rates, interest only mortgage products have become an increasingly popular tool for home owners to control their monthly expenses. Applications of this type of home loan generally rise in number when interest rates...more
Flexible mortgages were first introduced into the UK to cater for individuals with intermittent working patterns. Flexible mortgages are a recent addition to the home loan market in the UK, although they have been popular overseas for several...more