Why is it, only those borrows with a history of bad credit such as county court judgments, IVA, arrears, defaults, non repayment etc cannot apply for loans. Without any external financial help, these borrowers lack the required finances to meet some of their important needs. Sensing that the financial conditions of the borrowers are not in a good shape, lenders in the financial market are now offering bad credit loans. These loans offer the...more
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 score lower than 580 in the FICO credit report. The reason for this may be anything like arrears, defaults, missed repayments or CCJs. But the borrower can recuperate with the needs through the money that is borrowed. Borrowers can fulfill any types of personal needs that arise for them like wedding expenses, travel expenses, medical procedures, educational expenses, home improvement, debt consolidation etc. The borrowers also get a chance to improve their credit score with timely repayment of these loans. Secured and unsecured form of these loans is available to the borrowers. They can make the choice between the loans according to the needs. Smaller needs can be dealt with the help of the unsecured form of these loans which do not require...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...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 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...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