10 Years Of Buy-to-Let Mortgages
The buy-to-let market has come a long way since its inception in 1996. At that time there were only four lenders who offered mortgage products specifically targeted at the private rented sector. Those lenders were pioneers in an industry that has boomed considerably over the past decade.
Now there are almost 50 lenders who offer a wide range of buy-to-let mortgages in the UK, and the list is constantly growing. There has also been a huge increase in the number of buy-to-let mortgages approved...
A Guide To 100% Mortgages
In this day and age of rising costs and low housing affordability, various schemes have arisen to assist first-time-buyers get onto the property ladder. One is these is 100% mortgages, which provide enough funds to the borrower to purchase a property outright.
This eliminates the need for a deposit as 100% of the property's purchase cost is funded by the lender by way of a mortgage. Essentially 100% of the value of the property is mortgaged, leaving no equity in the property on the date that...
Adverse Credit Mortgage Broker Fees
Just because you suffer from adverse credit, it does not mean that you will automatically need to use the services of a mortgage broker who will charge a large fee when helping you apply for an adverse credit mortgage. Although the fees targeted at adverse credit mortgage applicants are normally high when compared to applicants with clean credit, some brokers choose to not take advantage of the situation and do not charge excessive fees to their adverse credit clients.
Mortgage brokers have...
Adverse Credit Mortgage Fees
If you suffer from bad credit and need to apply for an adverse credit mortgage product it does not mean that you will automatically need to use the services of a broker who will charge a hefty fee when helping you apply for a home loan. There are other options available such as finding a mortgage product by yourself or employing the services of a broker who charges reasonable fees.
Although the fees attached to adverse credit mortgage products are normally high when compared to standard...
Adverse Credit Mortgage For Discharged Bankrupt
People who are discharged bankrupts are usually required to apply for an adverse credit mortgage when searching for a home loan to fund the purchase of their property. It is highly unlikely that an applicant with such a poor credit record will ever be able to apply for a standard product again.
Bankruptcy was once the domain of unsuccessful self-employed business people and sole traders. However, in recent years there has been a significant increase in the number of employed individuals who...
All About Adverse Credit Remortgages
In recent years, adverse credit remortgages have become a popular choice for people seeking to refinance their property who suffer from impairments to their credit files. Regular high-street banks will usually not refinance your property if you have a poor credit history. However, there are specialist home loan products to suit this situation available from various sub-prime lenders that may be appropriate.
The term adverse credit refers to a situation in which an individuals credit history...
All About Self-Employed Mortgages
There are a growing number of people in our society who choose to work for themselves and are therefore regarded as self-employed. Such individuals may be required to apply for specialist self-employed mortgages when buying a home rather than traditional mortgages. This is because high street lenders typically regard such workers as high risk when it comes to lending money.
Working on a self-employed basis can have its advantages and an estimated one-quarter of the UKs workforce choose to...
Alternatives To Remortgages
Unlocking equity that has built up in a property can be achieved through a number of means including refinancing your home. Remortgages are carried out by home owners who want to release the equity in their home and apply for a new mortgage at the same time. They can either be carried out with the same lender that the borrower has their existing loan with, or with a different lender altogether.
All remortgages that release equity will result in the balance of the new mortgage being higher than...
An Unlikely New Mortgage Market
Much has been written about the sub prime mortgage crisis in the US and even more has been said. Most analysts placed the blame for the implosion in the credit market on the adverse credit mortgage. This is a type of home loan that is issued to a borrower with a less than impressive credit history and financial resume. However there is another factor which may have been overlooked. This same factor may be about to spur a mortgage bonanza in the least likely of places Africa.
In addition to...
Assessing Remortgage Applications
If your home loan is costing you more money than it should or if you are nearing the end of a fixed interest rate or discounted rate period you may be preparing to remortgage. Switching mortgages is quite common in the UK with most home owners remortgaging on average about every seven years.
Exactly which home loan product you remortgage to will depend on a number of factors. This includes your employment status, income, credit history, the size of the mortgage you will require, and the type...
Aussie Self-Certification Mortgage Lender to be Sold
One of Australias largest non-bank lenders has been offered up for sale by its owner GE Money the giant American corporation with an international financial services arm. The mortgage lender has apparently been put on the market to stave off a takeover bid by its previous owner however it is likely that the sale has been triggered in part by the credit crunch.
Wizard Home Loans was founded in 1996 to offer Australian home owners and first time buyers the opportunity to obtain a mortgage...
Bad Credit Mortgages With A Catch
People searching for bad credit mortgages should be wary of products which advertise low headline interest rates. Quite often, the mortgages that seem the best value on the surface turn out to be the most expensive in the long run. Borrowers should assess each bad credit mortgage based on its overall cost and not just the rate of interest that they will pay in the first few years. This rate is often lowered so that the lender can advertise their product more favourably.
Such bad credit...
Brokers Tell it Like it is For Self-Certification Mortgages
Self-certification mortgages have not enjoyed a good reputation in the property market in recent years. Several years ago evidence emerged that some applicants were exaggerating their incomes in order to achieve bigger loans. It was alleged that a minority of applicants may have also been lying about their incomes altogether and may have actually been unemployed.
Since then the Financial Services Authority, and several media companies, have conducted research into the self-cert market. While...
Buy To Let Mortgages Face Negative Equity
Tens of thousands of property owners may be at risk of negative equity this year if the prediction of falling house prices comes true. Leading organizations are estimating that property prices will fall by about five percent during the year which leaves almost no margin for error for the thousands of would-be property investors who bought properties with 95% buy-to-let mortgages during the past few years.
The buy-to-let property boom of the early 2000s has made hundreds of thousands of...
Buy-to-Let Booms as Property Market Halts
While the overall mortgage market has slowed in the wake of recent interest rate rises, buy-to-let mortgage lending has surged. This is a clear indication that buy-to-let property investing has returned to favour following a recent period of uncertainty. There are several reasons why the property investment market has picked up pace despite the steady increases in the cost of maintaining buy-to-let mortgages.
The first reason can be attributed to low affordability of property ownership and the...
Buy-to-Let Investing Still Pays
As the property market boom continues to become a mere memory, lenders have begun to tighten the criteria on buy-to-let mortgages for new-build properties. This is because the lenders are regarding premium priced new-build property as a riskier asset to lend on when compared to older property. This is particularly the case for city centre apartments which have long been regarded as overpriced by experienced property investors and mortgage lenders.
Since 2000, it seems like everyone was jumping...
Buy-To-Let Mortgages Explained
According to figures, 10% of all homes bought in 2006 were via the buy-to-let mortgage option. Accounting for over £17.5 billion, its a number that looks set to grow, if 2007s trends are anything to go by. Looking at what a buy-to-let mortgage offers, it perhaps shouldnt be such a surprise that theyre growing in popularity.
Yet there are still a lot of people who dont understand them, or that they offer an excellent opportunity for a homebuyer. So what exactly is a buy-to-let mortgage,...
Buy-to-Let Mortgages Overview
Buy-to-Let mortgages are specialised products designed for situations in which residential property is purchased with the intention of letting it out. While many people may think they buy-to-let mortgages are a type of residential mortgage, they are in fact viewed by the Financial Services Authority as commercial mortgages. In this way they are similar to finance products secured on commercial properties.
Because of this, lenders usually assess buy-to-let mortgage applications based on the...
Buy-to-Let Repossessions
With interest rates and household bills rising rapidly it is inevitable that property investors and owner-occupiers will begin to struggle financially. One key indicator that the affordability of property is in decline is the rate of repossessions. As the rate increases analysts usually conclude that the mortgagors en masse are struggling to keep up with their repayments and the property market is in decline.
The rate of repossessions of buy-to-let property has traditionally been lower than...
Buy-to-Let Up To The Challenge
There is no doubt that the buy-to-let market is about to face some challenging years. If you were to believe everything you read in the press about investment property you might think the entire property market was about to collapse under the weight of buy-to-let repossessions. Thousands of would be property millionaires have collectively lost millions of pounds due to poor investment decisions in recent years but many more investors have become substantially wealthy.
The buy-to-let market is...
County Court Judgements And Bad Credit Mortgages
A County Court Judgement is an order by the courts for one party to pay an amount owing to another party. County Court Judgements, or CCJs, affect peoples credit files and will normally require the applicant to abandon the prospect of applying for traditions mortgage products and instead apply for bad credit mortgages.
When the order is given by the County Court, the creditor will be required to repay the debtor within a specified period of time. If this is not done, a County Court Judgement...
Credit Crunch and Self-Certification Mortgages
With the credit crunch forcing lenders to evaluate their loan books and reassess the types of products they offer it would appear sensible to anticipate the demise of the self-certification mortgage. However the market for self-certs remains buoyant as lenders have not tightened the reigns as much as expected and as much as they have for other products.
Mortgage lenders have reported record losses on their loan books due to high default rates on non-standard products. Billions of pounds of...
Credit Crunch Hits UK Housing
The credit crunch is in full swing in the USA and laying in its wake are failed financial institutions, record losses by those left standing, ghost towns awash with abandoned homes, and drastic measure implemented by the Federal Reserve to decrease the costs of borrowing and ease the crisis. While there is no doubt that the United States is feeling the effects of the credit crunch, Britain has been living in denial that it will eventually fall victim to the oversupply of loans and mortgages to...
First Signs Of Turnaround In The Remortgage Market
It has been all doom and gloom in the remortgage market for nearly two years now. The sub prime lending crisis in the US signalled the beginning of the end of a long period of prosperity in the worldwide property market in which mortgage lenders flourished. It seemed like everyone owned at least one property whether it is their own residence or a buy-to-let intended to line their pockets in years to come.
Ever since news emerged that lenders were beginning to experience high rates of defaults...
Getting A Mortgage After Bankruptcy
If you have been made bankrupt you may think there is no chance you will ever be able to secure a mortgage again. It is true that while you are legally bankrupt you will not be able to successfully apply for finance, but once you have been discharged the situation can change.
When a person or other legal entity is declared insolvent by a court they become bankrupt. This means that they owe more money than they own and it is estimated that they do not have enough income to pay their creditors...
Growing Demand For Buy-to-Let Mortgages
The constantly evolving buy-to-let mortgage market has been contributing to the increase in demand for investment properties ever since buy-to-let investing became a mainstream form of investing. Ever since buy-to-let mortgages were first introduced to the UK in the mid-1990s, demand for private rental properties has increased considerably.
Many people consider investing in property as a means of funding their retirement. By investing in property people may not have to rely on underperforming...
Hedge Your Remortgage
What a great life it would be if we could predict future interest rates. Imagine being able to wait it out on your remortgage until such a time as interest rates dropped by several percentage points, just as you knew it would. While this scenario is better placed in a science fiction movie there is a way to bet on the future price of home finance and always come up a winner.
The basis of the scheme is to take advantage of the fact that most mortgages allow you to reserve an offer rather than...
Interest Only Mortgages Under Attack
With home affordability at an all time low, the number of UK mortgages applied for on an interest only basis has risen steadily over the past few years. This is because interest only mortgages are cheaper to maintain in the short-term as the monthly repayments are smaller.
There is no requirement to pay off the balance of an interest only mortgage product during the term of the loan. When the term of the home loan reaches its conclusion, however, the borrower must repay the entire amount....
Lenders of Problem Remortgages
There are a growing number of lenders who will consider applications for problem remortgages. This is an indication of the growth in the market for home loan applications from borrowers with non-standard credit histories and financial situations over the past few years. Such growth has largely been consumer driven.
Problem remortgages are also known as non-standard, credit-impaired, or sub-prime mortgages, and the lenders are known as specialist lenders. Many of these specialist lenders are...
Lenders Pull Self-Certification Mortgages
One of the worlds biggest finance companies has pulled its self certification mortgage range from the market with immediate effect. The huge lender has their fingers in many different financial pies all around the world which means their UK self-cert loan book is tiny in the grand scheme of things.
However the financier has pulled the product from the market citing the turmoil in the global financial markets as the trigger. To cease this line of business despite its minute status on their...
Mortgage Brokers Favoured For Remortgaging
Recent figures released by the Council of Mortgage Lenders reveal that home owners in the UK are more likely to seek advice from intermediaries when they remortgage their homes. The alternative is for borrowers to apply to refinance their homes directly with lenders however it seems the majority of property owners favour impartial advice from mortgage brokers instead.
During the first quarter of this year four in every five people who currently own their home sought remortgage advice from a...
Non-Refundable Mortgage Fees
Mortgage lenders in the UK are beginning to introduce non-refundable application fees as a way to bolster their revenue. By applying a non-refundable fee to a mortgage application, the lender will ensure that they receive some form of revenue regardless of the outcome of the mortgage application.
Historically, mortgage applicants in the UK have been refunded the fees they pay to the lender if the application is unsuccessful. This leads to a situation in which the applicant is not left...
Overview Of Adverse Credit Mortgages
There are a number of reasons why people may be categorised as having adverse credit, including; County Court Judgments, mortgage arrears, loan defaults, or bankruptcy. People who are in such a situation and who wish to buy property will most likely need to apply for adverse credit mortgages. Such borrowers are normally excluded from the high street mortgage market.
It is generally accepted that approximately one in four people in the UK have an adverse credit history. This means that the...
Overview Of Bad Credit Mortgages
It is estimated that a quarter of the UK population experience problems when applying for mortgages because of bad credit. Back in the time when only a small number of lenders offered mortgages to the general public, a bad credit file proved an insurmountable problem. Credit impaired applicants were turned down immediately by high street lenders and the affected potential home owners had nowhere else to turn.
These days, however, there are many different bad credit mortgages available from...
Overview of Remortgages
Remortgages comprise a significant and ever-growing proportion of the overall mortgage market. Property owners are always on the lookout for ways to save money, and with remortgages being relatively simple to organise, it has emerged as a popular method for helping home owners restructure their personal finances.
Refinancing a home is an activity that is continually growing in popularity, with property owners rarely keeping the same mortgage product for more than five years. Remortgaging may...
Pathways To Adverse Credit Mortgages
There are many different ways you can negatively affect your credit history. If you cause enough damage to your credit file you may be forced to apply for adverse credit mortgages when looking to buy or remortgage your home. You should therefore be careful to keep your file clean of impairment as adverse credit mortgages often contain higher fees and interest rates than standard products.
One of the most obvious ways to destroy your credit file is to be made bankrupt. If you do not pay your...
Peace Of Mind With Fixed Rate Mortgages
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 years.
Unlike variable rate mortgages, the interest rate charged on fixed rate mortgages will not be influenced by changes in either the Bank of England Base Rate (BoEBR) or the lender's Standard Variable Rate (SVR). Instead, the interest rate...
Pushing The Boundaries Of Buy-To-Let Mortgages
Traditionally, buy-to-let properties were purchased by financially astute individuals or professional landlords with more than just a few properties in their portfolios by using a combination of cash and funds from buy-to-let mortgages.
However, as the popularity of buy-to-let property investing has increased, more and more people are using it as an investment vehicle to supplement their income and provide for their retirement. Many individuals who have joined the craze are not financially...
Refinancing Buy-to-Let Mortgages
Remortgages now comprise almost half of all mortgage business written in the UK. This is largely due to the mainstream residential mortgage market. Refinancing buy-to-let mortgages is not quite as popular. The majority of buy-to-let mortgages approved are made up of mortgages obtained on the properties at purchase. Buy-to-let remortgages consist of a much smaller portion when compared to the residential market.
The reasons for this are unclear but could be attributed to property investors...
Releasing Equity With Buy-to-Let Remortgages
Equity has long been the golden egg of the property investing world. Build up enough equity in your property portfolio and you will never need to work again. Countless celebrity investors and seminar givers have championed the call for us all to buy property and build up equity so we can live the dream of telling our boss where to go and quitting our jobs once and for all.
So how does it work? How does equity help us to achieve our dreams and regain our freedom? After all, equity is not cash...
Remortgage Before Interest Rates Rise
Home owners throughout the UK may be about to learn a harsh lesson that low interest, fixed rate mortgages may not be as good as they first appear. With hundreds of thousands of property owners about to remortgage their homes after their fixed rate mortgage term has expired, a reality check on a mass scale may be on the cards.
Home owners and property investors have experienced a lengthy period of historically low interest rates for the last few years. Mortgage lenders have cashed in on the...
Remortgage To Save Money
Mortgage payments are the largest expense in a typical UK household. It therefore makes sense to ensure that you are getting the best deal possible on your home loan which means that you should remortgage if necessary. In this day and age of rising household bills it is vital to ensure you save money where you can and your mortgage is a good place to start.
If you are paying interest on your mortgage at the lenders Standard Variable Rate (SVR) then you are probably paying more than you should...
Remortgaging Buy-to-Lets After Bridging
Getting into the buy-to-let property club can be difficult for novices particularly if they dont have much money to fund the enormous costs traditionally required to gain entry. These costs include substantial deposits, stamp duty, legal fees, mortgage fees, and potentially furniture and fixture costs depending on how the property is going to be set up for renting out to tenants.
A lot has changed in the property investment market during the past decade and one of the biggest changes is the...
Seeking Out Mortgage Advice
Whether you are a first-time-buyer purchasing your first home or an existing home owner looking for a remortgage product, it is important to seek out expert mortgage advice to ensure you secure the right home loan for your personal circumstances.
Evolution of the UK Mortgage Market
The UK is often referred to as having the most sophisticated mortgage market in the world. A wide variety of mortgage products are now available from dozens of lenders where only a few lenders existed before....
Self-Certification Mortgage Applications Rise
The attractiveness of self-certification mortgage products is boosting the overall number of home loan applications in the UK. For true self-cert products, the applicant does not need to fully prove their income by way of documentary evidence such as pay slips and tax records. Rather, applicants will make a declaration of income to the lender based on their past earnings and expected future income.
Self-certification mortgage products are growing in popularity as more people receive income in...
Self-certification Mortgages In The Clear
Following a report from the BBCs Money Programme, the FSA (Financial Services Authority) conducted its own investigation into self-certification mortgages and the practices undertaken by mortgage intermediaries when helping individuals apply for such loans. The original BBC investigation was triggered by information from the public that some brokers were falsifying information on self-cert mortgage applications and therefore committing mortgage fraud.
Self-certification mortgages are designed...
Self-Certs And Money Laundering
The Treasury has recently warned financial services firms to tighten their belts with regards to gaps in their services which could lead to money laundering activities by their clients. In particular the Government is targeting self-certification mortgages and the ability for applicants to defraud lenders by providing false information on mortgage applications.
Self-certification mortgages have been utilized by unscrupulous individuals for several years to obtain high levels of credit which...
Should I Use An Independent Financial Advisor
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...
Should The Government Rescue Adverse Credit Mortgages?
The Federal Governments apparent willingness to support the market for adverse credit mortgages in the United States raises the question as to whether the UK Government should consider doing the same. The House recently passed a allowing the Federal Housing Administration of providing insurance to lenders on mortgages that are in danger of becoming delinquent. While final legislation is still not a sure bet it begs the question of whether a similar scheme would work in the UK.
The housing...
Sub-Prime Problem To Affect UK Mortgages
The sub-prime mortgage crises has claimed several scalps in the US but has so far failed to heavily affect the rest of the world. It is safe to say, however, that mortgage industry analysts are waiting with bated breath to see whether the UK financial markets will be adversely affected.
The US sub-prime loan crises has evolved from loose lending criteria leading to a situation in which millions of borrowers with poor credit histories and volatile employment situations have been granted...
The Basics Of Adverse Credit Mortgages
Adverse credit mortgages are arranged for home owners and first-time-buyers with impaired credit files. People with adverse credit are usually excluded from applying for mainstream mortgage products and are therefore forced to seek alternatives.
Several years ago the market for adverse credit mortgages was flooded with products. Most mortgage lenders had products on offer to borrowers to cater for individuals with bad credit. Some lenders even specialised in this field which provided great...
The Basics Of Shared Ownership Mortgages
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...
The Big Pile Of Debt
Consumers are borrowing more money than ever before. UK residents have built up a huge pile of debt in recent years and it is still growing. The total debt of over one trillion pounds comprises of both secured borrowing, such as mortgages and secured loans, and unsecured debts, including credit cards and personal loans.
Juggling several different loans at once can be difficult, especially if the total of the monthly repayments the borrower is required to make becomes unaffordable. The...
The Buy-to-Let Mortgage Arla Panel
Property investment first came into existence in the UK in the 1990s and has boomed considerably in recent years. Although there has been some recent turmoil in the financial markets experts still consider property to be a solid long-term investment. The downturn is also considered to be temporary and not severe meaning the property investment will be back on top of peoples agendas in no time.
In the beginning buy-to-let mortgages were only available from several different lenders. Now that...
The Changing Face Of Self-certification Mortgages
Several years ago self-certification mortgages were investigated by the Financial Services Authority. The FSA looked into the practises of mortgage brokers in the financial services industry as it was alleged that unscrupulous brokers were encouraging people to exaggerate their incomes on self-cert applications.
The investigation by the Financial Services Authority followed a report by the BBC's Money Programme which aired on television across the UK. The programme aired in 2003 and several...
The Expanding Market For Self-Certification Mortgages
The market for self-certification mortgages is expanding rapidly along with the rest of the non-conforming lending market. This is mainly due to a rise in the number of self-employed people in the workforce. It is estimated that around one quarter of the workforce is now self-employed and the number is growing.
Such individuals usually earn enough money to apply for a mortgage, however many do not possess the strict accounting records required to apply through a mainstream lender who will...
The Irony of Remortgages
Recent news has emerged regarding the staff of a well known lender finding themselves in a position in which they cannot refinance their own homes. Such a circumstance is quite ironic in addition to being ridiculous and shameful. The staff may not be the only home owners finding it difficult to locate appropriate remortgages in the current financial climate but their situation is certainly the most bizarre.
The lender is question is Northern Rock. This lender had previously grown to be one of...
The Search For A Remortgage Product
Suffering from bad credit can cause problems when looking to remortgage your property. The number of lenders who will consider a remortgage if you suffer from adverse credit diminishes as the level of damage to your credit file increases. This means you should take care of your credit history as best you can in order to not receive impairments in the first place and subsequently limit your home loan choices.
Searching for a remortgage product on your own can be a long and arduous task, even if...
Tips For Smooth Remortgages
With over a million UK householders reaching the end of their fixed rate mortgage deals this year the market for remortgages should be heating up. Instead, the market has cooled as the effects of the global credit crunch slowly erode the confidence and profits of UK mortgage lenders.
Borrowers with mortgage products that contain fixed or discounted interest rates which were issued two to three years ago face a situation in which they must remortgage or face a huge rate shock this year. Such...
Tough Times Ahead For The Self-Employed
Mortgage products are currently being pulled from the shelves at a record rate. While borrowers were spoiled for choice only a few months ago the number of products on offer has nearly halved from a peak of thirteen thousand to approximately seven thousand. Mortgages for the self-employed have not escaped the mass recall meaning that borrowers without a salary or wage may find it tough to secure a mortgage in the near future.
During the early 2000s self-certification mortgage products were...
Trouble In The Adverse Credit Mortgages Market
There are signs in the financial markets that it may soon become more difficult to obtain adverse credit mortgages. For several years now lenders have been issuing adverse credit mortgages to people with low documentation and adverse credit histories almost at will.
Many adverse credit mortgages are also issued with high loan-to-value ratios and expensive interest rates. Some products also leave the borrower with no equity at stake in their home and therefore little personal risk. However, the...
Warning For Adverse Credit Mortgage Fraud
The Financial Services Authority has been slowly ramping up its operations to target mortgage fraud in the UK by gathering enough evidence to successfully prosecute perpetrators. High on the list is fraud involving adverse credit mortgage products. This type of home loan is geared towards borrowers who are most at risk of default and are a prime target for fraudsters.
The FSA has recently urged both lenders and brokers to help the authority fight mortgage fraud. The regulator has limited...
Warning For Bad Credit Mortgage Lending
Bad credit mortgage applications are subject to strict rules that are enforced by the mortgage industry regulator the Financial Services Authority. The regulator regularly investigates whether the bad credit mortgage rules are being adhered to by mortgage brokers by way of test samples and mystery customers.
Test samples often show irregularities by mortgage brokers in relation to bad credit mortgage applications meaning that not all brokers are following the rules correctly. The regulations...
What Are Non-Status Mortgages?
Non-status mortgages are designed for people who either cannot prove their income or who suffer from adverse credit. Non-status mortgages is a term that is loosely used to describe all home loan products that are not standard high-street products.
Non-status mortgages for self-employed workers are also known as self-certification mortgages. This category of home loan products require individuals to state their income to the lender without having to provide proof in the form of pay slips...
What Is A Self-Certification Mortgage?
A self-certification mortgage is a method a declaring income that will be suited to an applicant who may have sources of income which are not easy to prove. Many people believe that a self-cert is a type of home loan but it is important to note that self-certification is not a type of product, rather it is a method of declaring income.
There are a number of different situations in which a mortgage applicant may not be able to provide full and verifiable proof of their income. This includes...
What To Expect With A Problem Remortgage
If you are an existing home owner with an adverse credit history and you wish to remortgage your property, you may be required to apply for one of many specialist remortgage products. Because of your credit impairments you may be excluded from applying for standard high street home loans and will therefore need to shop around.
A problem remortgage product is designed for mortgage applications which are not straightforward. This is usually because of an impaired credit history that will stop...
When Is A Self-Certification Mortgage Appropriate?
A self-certification mortgage is a home loan product designed for borrowers who may not be able to prove their income through traditional means such as tax records and pay slips. They were first made available to self employed individuals who could not produce the documentation required for a standard mortgage product from a high street lender.
If you are self employed then a self-certification mortgage may be the most appropriate home loan product for you to apply for if you are buying a...
Where To Find Remortgages
The mortgage market is vastly different to what it was a few years ago. For the best part of this decade lenders have been heavily marketing and frantically approving millions of discount rate home loans that are designed to switch to a higher variable rate several years later. Lending criteria was loose and high property valuations common meaning that remortgages were easy to acquire.
However the market has completed a u-turn and refinancing a home or investment property has become quite...
Why Use An Independent Mortgage Adviser
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 should consider when deciding whether or not to utilise the services of mortgage adviser, not the least of which is the sheer size of the modern day mortgage marketplace. The mortgage market has evolved considerably over the past few decades and...
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