If you have County Court Judgements (CCJs) against your name, or against the name of any other applicant for the mortgage or anyone living with you that shares a 'financial interest' - e.g. spouse or partner, then getting a mortgage can be problematic.
As long as there are only one or two CCJs then there are possibly options open to you with a CCJs Allowed Mortgage. These are higher risk mortgages as you have previously demonstrated some sort of financial problem and the lender is worried that you might default on the mortgage.
But not all CCJs are necessarily your fault. It can be that if you have been responsible for a car accident and your insurers were slow to pay up that the other party issued a CCJ against you to force the insurers to pay - and when this happened to someone I knew, they didn't know themselves until they tried to take out a loan. For this reason, before applying for a mortgage is can be a good idea to run a Free Credit Report Check From Experian to make sure there aren't any nasty surprises! If there are, you may be able to sort them BEFORE applying for the mortgage - and possibly being turned down, which could also end up on your credit report...
Monday, 14 January 2008
Monday, 17 December 2007
Cashback Mortgages
A variety of mortgage offers come with attached Cashback Offers. With these, upon completion of your mortgage the lender will pay you an agreed some of money back. This 'present' can be used for anything you like. But it's not without strings. The interest rate you are paying might be slightly higher than you would otherwise be paying - effectively adding the cachback amount to the loan.
Friday, 14 December 2007
100 percent mortgage
If you are unable to raise a sufficient deposit for your proposed purchase, then you might be in the position of having to look at a 100 percent mortgage. With these, the banks lend you the full value of your property. Even more dangerously, especially given the fact that house prices have dropped recently, some lenders may lend more than the value of your property.
With these type of mortgages you will be paying a higher interest rate than if you were able to put up a deposit. With these it may be worth within a couple of years looking to remortgage, especially if you have saved up enough to reduce the mortgage by the equivalent of a deposit or the property has increased sufficiently in value. But if property prices continue to fall, this might not be possible so should not be depended on.
With these type of mortgages you will be paying a higher interest rate than if you were able to put up a deposit. With these it may be worth within a couple of years looking to remortgage, especially if you have saved up enough to reduce the mortgage by the equivalent of a deposit or the property has increased sufficiently in value. But if property prices continue to fall, this might not be possible so should not be depended on.
Wednesday, 12 December 2007
Capped Rate Mortgages
With mortgage rates beginning to drop, there do not seem to be many Capped Rate Mortgages currently available.
With these products your mortgage will typically follow the bank's standard rate, but it is guaranteed never to raise above a certain point. These are most likely to be popular when interest rates are low and likely to rise, rather than at current when further rate drops are anticipated.
With these products your mortgage will typically follow the bank's standard rate, but it is guaranteed never to raise above a certain point. These are most likely to be popular when interest rates are low and likely to rise, rather than at current when further rate drops are anticipated.
Monday, 10 December 2007
Top Buy To Let Mortgages
If you are looking to buy a property and are wanting to rent out the property, then a Buy To Let Mortgage might be what you need.
If you are buying a property to renovate and then let, or a holiday property that you wish to let to holiday makers either all year or just when you are not using it, then it is likely that lenders will not be willing to offer you a standard mortgage.
In that case, a buy to let mortgage may become your alternative. Depending on the lender, you might need to pay a larger percentage deposit than if you were buying a home, but the might also be willing to take into consideration rental income against costs.
Buy to let mortgages are not typically regulated by the FSA, so take care with any advice accepted.
If you are buying a property to renovate and then let, or a holiday property that you wish to let to holiday makers either all year or just when you are not using it, then it is likely that lenders will not be willing to offer you a standard mortgage.
In that case, a buy to let mortgage may become your alternative. Depending on the lender, you might need to pay a larger percentage deposit than if you were buying a home, but the might also be willing to take into consideration rental income against costs.
Buy to let mortgages are not typically regulated by the FSA, so take care with any advice accepted.
Wednesday, 5 December 2007
First Time Buyers
If you are a first time buyer looking for a mortgage then there are a lot of special mortgage offers aimed just at you - look at for the First Time Buyers Mortgages.
These are mortgages that are offered only to buyers who have not previously owned a property. All of the usual types of mortgages can still be offered under this term - fixed, discounted etc. But the offers are there to entice first time buyers into a lender, in the hope that the buyer stays with the lender for the life of the mortgage.
These are mortgages that are offered only to buyers who have not previously owned a property. All of the usual types of mortgages can still be offered under this term - fixed, discounted etc. But the offers are there to entice first time buyers into a lender, in the hope that the buyer stays with the lender for the life of the mortgage.
Monday, 3 December 2007
Flexible Rate Mortgages
Are you wanting a bit of flexibility in your mortgage? Then maybe a Flexible Rate Mortgage is what you need.
Maybe you fancy the opportunity of being able to pay off a little extra now and then or you might want to take a payment holiday? Have a look at the latest Flexible Mortgages available on the market, decide whether you want to look at fixed or discounted mortgages and then check with your broker that your selected product is suitable for you.
Maybe you fancy the opportunity of being able to pay off a little extra now and then or you might want to take a payment holiday? Have a look at the latest Flexible Mortgages available on the market, decide whether you want to look at fixed or discounted mortgages and then check with your broker that your selected product is suitable for you.
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