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...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 deposit required for more traditional mortgage products.At present there are only a few lenders who...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 recruitment process designed to attract new mortgage brokers.At present, the industry is awash with...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 conduct their businesses in any way they chose to.However the Financial Services Authority introduced a...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 main advantages is that independent mortgage brokers have access to, and knowledge of, the entire UK mortgage market. Mortgage brokers are able to advise which lenders will consider your case and which lenders and products are unsuitable based on your individual circumstances.Mortgage brokers are also adept at sourcing mortgages for people with poor credit ratings. They will have access to many lenders who specialize in lending to people with adverse credit. If you are in this situation, you may find it futile to apply for a mortgage directly through a mainstream bank.Another advantage of using a mortgage broker is that they will take care of a lot of the paperwork and chasing up of the lender for you. This can save you precious time and reduce stress. Mortgage brokers will often have points of contact with the various lenders they put business through. This can help improve the efficiency with which your mortgage case is dealt...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
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...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...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...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...more