Dec
16
First-time buyer torment: paying mortgage is cheaper than renting in 95pc of towns
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Mortgage repayments are cheaper than rental bills but many first-time borrowers can’t get a mortgage.
Source: First-time buyer torment: paying mortgage is cheaper than renting in 95pc of towns
Dec
15
Paying mortgage is cheaper than renting
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Mortgage repayments are cheaper than rental bills but many first-time borrowers can’t get a mortgage.
Source: Paying mortgage is cheaper than renting
May
30
Interest Only Mis-sold Mortgages
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Customers make a claim for compensation for mis-sold mortgages interest only basis. Several mortgages broker agents and lenders have given advice that was either incorrect or mis-leading when an application was made an interest only home loan. The recommendation that the homeowners received might possibly not have been appropriate to your needs at the time of application. A lot of claiming companies provides a complete mortgage audit to uncover the facts and prepare the customers?claim, ensuring they will acquire the best compensation pay out.
Mis-sold mortgages could happen if the homeowners are struggling with their monthly interest only mortgage repayments. If the homeowners turn out to be frustrated that the capital balance doesn’t decrease, then they might also have been mis-sold mortgages cases. Some people who were mis-sold mortgages will have to pay their mortgage loan in retirement. People who were self-employed at the time they applied for their interest only mortgage can also have mis-sold mortgages and can make a claim for compensation.
They’re only few cases where in you may have been given bad advice and may have been mis-sold mortgages cases. Even if you cannot find all the records, you can still make a claim for compensation, although it could take a little longer to prepare the report. You may also ask your lender or mortgage broker to furnish you a copy of your home loan contract.
In order to find out when you’ve got a claim for mis-sold mortgages with interest only basis, you will need assistance from a specialized lawyer to complete an audit of your agreement. The rules and regulations that govern the selling of interest only mortgage is challenging and you will be asked for few questions to establish if you have a claim against your mortgage adviser or lender.
If you’re a homeowner and feel that you could have been a victim of mis-sold mortgages practice, you will be eligible for compensation. Probably your home loan wasn’t properly considered so you were put in a loan that was unsuitable for your personal needs and circumstances. Perhaps, you have been made to shell out unreasonable costs, extra fees of both. Professional solicitors ought to know as well as recognized this. It is in your best interest to seek out a suitable service to assess your case. If you meet the requirements, and they’ll work with your to claim compensation on your case and verify that the mortgage was based on incorrect advice due to the lending companies or intermediaries.
If you find yourself being a mis-sold mortgages victim, seek the guidance of a specialized claiming company in order to claim your compensation as well as to save your home from being repossessed.
Feb
20
Repossession: 3 top tips for worried home owners
1. Build Up a Buffer
Save at least three month’s of mortgage payments and stash it away in a high interest savings account. This money should only be used to pay the monthly mortgage payments in the event you lose your job. Add to this amount three month’s food, gas, electric and water bills.
2. Transfer Your Mortgage to Interest Only
If you can claim Jobseekers’ Allowance, you should register immediately as this is a requirement for getting any government help paying interest on your mortgage (register even if you can’t claim Jobseekers’ Allowance due to redundancy payments received). The government have changed the rules so that now you only have to waity three months (rather than nine months) before the interest element of your mortgage will be paid. Note that the limit has also been raised from £100,000 to £200,000 per mortgage.
3. Seek Advice Immediately
Don’t wait to fall behind in paying your mortgage or other bills. Seek free help from one of the following organisations as quickly as possible and deal with things before they become a real problem.
- Consumer Credit Counselling Service: www.cccs.co.uk, 0800 138 1111
- Shelter: www.shelter.org.uk, 0800 800 4444
- National Debtline: www.nationaldebtline.co.uk, 0808 808 4000
- Citizens’ Advice Bureau: www.citizensadvice.org.uk
Feb
5
UK Interest Rates Sink to Lowest Level in UK History
12 noon on 5th February 2009 saw UK interest rates sink to their lowest level in UK history. Anybody with a standard variable rate mortgage should be in line to collect a windfall of cash as their mortgage repayments go down next month. The Bank of England Base Rate has dropped from 5% to 1% since October 2008, leaving struggling homeowners and buy to let landlords quids in.
Prior to October 2008 people on a fixed rate were dreading the usual hassle of re-mortgaging. House values were dropping fast and credit was hard to come by as lenders were protecting their rapidly falling balance sheets and reducing their exposure to the falling UK housing market. The sweet interest rates on offer were often laced with poisonous administration fees and other fees which, when taken into account in the amount of mortgage repaid every month, often meant the borrower was the same or more often, worse off. The headline rate was a real teaser!
In times like this it’s time to take heed of that old adage -- “make hay while the sun shines”. Because although it might not feel like the sun is shining right now in the general global economy worldwide, it is YOUR economy that counts and now is the time to try and turn the tide.
With the savings made from reduced mortgage repayments it would be advisable to take one or all of the following actions:
- build up a savings buffer of approximately one to six months monthly expenses, including monthly debt commitments. If your debts are high I would suggest saving up a two month buffer and then begin to tackle the high interest rate debts
- pay extra off of the credit cards. Never be satisfied in paying the minimum amount. If possible cut a few up and cancel the accounts with the credit card provider. This will actually help your credit score, particularly if you’ve been hammering it in the run up to Christmas.
- check with your mortgage provider first, but oftentimes you can make capital repayments off of the mortgage balance. It might be a minimum of £1,000 or a multiple of your monthly payment. Either way, check with your lender to ensure you can make lump sum payments of capital without incurring any charges.
- pay off any money you might owe friends and family. They are often the last to be paid because they are the most patient, yet treat them badly by making them wait too long time for their money and you will quickly alienate them, possibly closing off a much needed avenue of help in the future should it be necessary.
If you have any other magicmoneytips please post them using the comment box below.