Most peoples' biggest financial decision might
be buying a home or a re-mortgage. Getting it
right is crucial as it may potentially give
the borrower important benefits and save money.
For example a UK first time buyer might be looking
to borrow on a big mortgage for a property purchase
so would want the best interest rate with low
fees and a short early repayment charge potentially
allowing flexible overpayment. There are a hugh
range of UK products to choose from, some are
complex, this site gives general mortgage information.
Perhaps the purchaser is aiming for a shared
ownership mortgage or is saving to buy a
first house or flat, planning a property extension,
looking at a second mortgage or maybe investing
in a buy to let. Then here are good reasons
to consider increasing their knowledge and get
peace of mind through the mortgage maze by increasing
their understanding of the financial lending
sector. Typical situations using a financial
product might include refinancing a house, secured
home loan, raising capital or a property purchase
abroad (French
mortgage).
THINK
CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST
YOUR HOME.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP
UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT
SECURED ON IT.
We can offer mortgage advice on unregulated
commercial finance only. This might include
property development, opening a second shop,
raising capital within a business, industrial
units, care homes, pubs, restaurants, nurseries
and marine or invoice
discounting.
There may be a fee for introducing business,
the precise amount of the fee will depend upon
your circumstances and be confirmed in writing.
We do not offer regulated mortgage advice and
are not authorised by the Financial
Services Authority
who do not regulate some aspects of commercial
finance, personal finances, buy to let and overseas
property lending.
Contact
Us -
0800 781 0414
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One
large problem currently is the stricter lending
criteria regarding income. Most lenders are
currently in between 3 and 4 times single gross
annual salary and a lesser amount for joint.
This does no give people on modest wages much
leverage specially as a large deposit is also
required. Self employed customers normally have
the average of their last three years net profit
regarded as gross salary.
Hopefully
in time the flexible base rate trackers may
come down in percentage loading. For example
some lenders were tracking the base rate by
only 0.5% or sometimes less for life. This may
not suit those who want a fixed rate. However
aggressive overpayments would drastically reduce
the amount of interest you pay.
The
Governor of the Bank of England announced recently
that there should be greater control by them
regarding keeping in check the fiscal sector.
The three tier system has been critised as inadequate
to control the industry. Showing a lack of coordination
and special knowledge which may have been the
cause of major instituations going into liquidation.
The
Governments worldwide have been trying to address
the financial crisis by supporting most weak
banks that could go bankrupt and using quantative
easing to bring money into the economy. The
worry is both these actions could in the future
cause inflation. This would not be good for
home owners as it would mean mortgage interest
rates would follow.
Income
multipliers and affordability have been greatly
effected by the downturn. Before high multipliers
including for joint incomes were common. You
must also take into account the customers overheads.
Are there loans, credit cards, HP and overdraws
that might effect the income multiplier. The
lender is looking to have the loan serviced
with ease.
Figures
recently released by the bank of England indicate
the UK mortgage approvals are down on the month.
Being a leading indicator this gives a heads
up on a continuation of a bear market in housing.
The home building industry plays a huge part
to the UK economy. many industries rely on this
sector. Including for example, conveniencers,
building trades, mortgage brokers and surveyors.
The
Nationwide reported a near 1% rise in house
prices. Though some got quite excited about
this news the fact remains that the yearly prices
reflect a near 10% decline in prices. Recent
news can be equated to the sessional cycle of
annual house prices. Spring and autumn are normally
times when people move property.
| The
following APR relates to the above products
only.
THE OVERALL COST FOR COMPARISON
IS :- 8.9%
APR
The actual rate available will depend
upon your circumstances ask for a personalised
illustration. |
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will be leaving this site if you click
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or accuracy.
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MortgageBestRate.co.uk
is a trading style of Amicable Mortgage
Services Ltd, 32 Twyford Avenue, Southampton,
Hampshire, UK, SO15 5NP
Registered office 5 New Broadway, Hampton
Hill, Hampton, Middlesex, TW12 1JG,
registered in England No4470987
©2009
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