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...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 act as both the borrower's home loan and current account. That is why these mortgages are often referred to as a "line of credit". The borrower will normally be required to have their salary or wage paid directly into the current account mortgage and will be allowed to withdraw money from the line of credit as required - within a pre-determined upper limit.In addition to combining the mortgage with a current account, it can also be combined with credit cards, personal loans, and cheque book facilities in order to streamline the borrower's overall banking facilities into one product. As well as helping to streamline the borrower's banking facilities, a current account mortgage can offer flexible features that standard mortgage products do...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...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 offer shared ownership mortgages, however, the list is growing. Even the Government has showed interest in becoming involved in shared ownership schemes in the wake of increasing property prices and low home affordability.A shared ownership scheme allows a property buyer to purchase part of a property and rent the remainder from the property developer. This means that the developer and the property buyer jointly own the property. The buyer can fund the purchase of the portion of the property they purchase with shared ownership mortgages and therefore get a foot onto the property ladder without having to pay for a cash deposit.As time goes by, the buyer can purchase additional portions of the property until such time as they own it outright....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
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