The current mortgage market: the good and bad news
March 21, 2010
Anybody who wants to train to become a mortgage advisor at the moment is asking the same questions that somebody looking to take out a new mortgage is also asking: what is the housing market like at the moment?
There is both good and bad news when it comes to the housing market and subsequently mortgages or home loans market. Read more
Do you know your mortgage interest rate?
March 6, 2010
According to a recent survey, one in four homeowners do not know what their mortgage interest rate is, and that could mean they are paying more than they need to on their mortgage repayments.
Most homeowners know that the Bank of England base rate is low – even if they don’t know what it is. Currently, it is 0.5 per cent and has been for the last twelve months; that’s a record low. Read more
Demand for mortgage advisors increasing
February 18, 2010
Consumer requests for local mortgage advisors have increased by 50 per cent since January last year, indicating an increased level of activity for the mortgage industry, according to mortgage website Unbiased.
In January 2010, the site received approximately 7,000 requests from the general public for the details of a local mortgage advisor – an increase of 50 per cent compared to the same month last year. Read more
Become a mortgage advisor in 2010
January 3, 2010
As New Year’s Day approaches, many of us turn our thoughts to what we want from the year ahead and some of us even solidify our goals into New Year’s resolutions. A career change or progression within our career is often high on the agenda, so what would a CeMAP qualification do for you? Read more
Challenge remortgage valuations to get best mortgage deals
August 24, 2009
Unfairly low valuations are causing homeowners to lose thousands on their property price. Mortgage advisors are encouraging homeowners to challenge a valuation if they think it is too low, otherwise they will miss out on the best mortgage deals available.
Homeowners have already seen house prices drop, in some cases by more than a third of their value, but some valuations are unnecessarily cautious and valuing homes far too low.
A low valuation can mean homeowners miss out on good remortgage deals because it means they have less equity in their property. As a result, the homeowner could be forced to pay hundreds of pounds more per month than they need to.
Banks and building societies are using regional house prices or average mortgage valuations for the area instead of realistic, individual house surveys so those remortgaging are not even paid a proper visit by a surveyor but instead get an estimated price for similar houses in the area, which in some cases is the county you live in.
Many homeowners have added value to their homes through home improvement work.
Mortgage advisors are urging homeowners to challenge Read more
Do I need mortgage industry experience to become a mortgage advisor?
August 3, 2009
You may be wondering whether you require any prior experience of the mortgage industry to undergo CeMAP training and become a mortgage advisor, and what level of education is required or indeed expected?
Firstly, to undertake a CeMAP training course you don’t have to have had any mortgage industry experience. You can be completely new to the industry and still pass a course in CeMAP training. Secondly, the CeMAP training exams are roughly Read more
Buy to let attracts property investors again
July 25, 2009
With savings returns at an all time low and the stock market rarely paying out dividends at the moment, it seems that buy to let is once again attracting property investors. The key nowadays is making sure your figures add up.
Property is still providing a reliable income despite falling Read more
Conservatives want to abolish FSA
July 24, 2009
City insiders warn that the Conservative plans to abolish the FSA (Financial Services Authority) are a step too far.
The Conservatives plan to remove the FSA and completely overhaul the regulation of the banks. Generally, there is much support for allowing the Bank of England to regulate the banks on a macro level, however, concerns have been raised that this additional burden may distract the BoE from its main duty to maintain financial stability in Read more
Rise in mortgage fraud reported by CML
July 16, 2009
The CML (Council of Mortgage Lenders) revealed earlier this month that CML members are reporting a large rise in mortgage application fraud, presumably caused by the difficulties of obtaining credit and the disappearance of most of the high loan-to-value mortgage deals on the market.
Mortgage lenders are stating that a growing number of borrowers are providing falsely increased salary details or neglecting to mention credit card balance that might have affected their ability to obtain a mortgage.
Major banks and building societies continue to remain cautious of lending to those with poor credit scores and as a result many borrowers have Read more
CeRER training required for equity release products
July 1, 2009
Recently we touched upon CeRER training in an article discussing the findings of a survey from RBS Reverse Mortgages, which showed why more people are using equity release mortgages (also called reverse mortgages) and surprisingly, it was not just to indulge themselves by spending the children’s inheritance but to fund their retirement.
Critics of equity release say that it Read more
