More Tips To Survive The Recession
October 21, 2008
In yesterday’s article, Top Tips To Survive The Recession, we discussed one or two ways to help protect yourself. However, be careful not to take protectives measures that may backfire.
Here are a few more tips to help you survive the recession:
- Check insurance small print. Some insurance companies will not Read more
Top Tips To Survive The Recession
October 20, 2008
Experts say we are now in a recession that is likely to last for two years. As a result, we all need to be careful and watch the pennies. Here are our top tips to help you survive the recession:
- Ask your lender to keep payments the same when interest rates fall. It may feel hard, but it will protect you against house price falls. If the interest rate on your mortgage falls, ask your lender to keep your payments the same. In effect, this means you are overpaying on your mortgage. When it comes time to remortgage, that means you will have more equity in your home so you can consult with a mortgage advisor to get the lowest rates possible and get yourself one of the better mortgages available. Otherwise, you may find remortgaging difficult. Most mortgages allow overpayments of up to 10% per year, but check with your lender
- Employment Rights. If you do get made redundant Read more
The Money Pit
October 19, 2008
The term ‘The Money Pit’ refers to something that represents an endless drain on your finances, a bottomless pit in which to throw money, with little or no chance of seeing the money return.
That’s just what the film of the same name, starring Tom Hanks and Shelly Long, is about. The newly married couple buy an old home for a reduced price, with the view to doing the property up and making a financial killing. However, as they learn more about their new home they realise that Read more
Nationwide Cuts Mortgage Interest Rate
October 18, 2008
The Nationwide’s standard variable rate (SVR) is now the lowest on the high street, according to The Times. That is very good news for those borrowers with the Nationwide whose special deal is coming to an end.
Following the 0.5 per cent interest rate cut by the Bank of England, the Nationwide announced yesterday that it would be Read more
Edinburgh Council to offer mortgages
October 17, 2008
As we have discussed in several articles previously, the mortgage market is changing – not that it will have escaped anybody’s attention!
We have also predicted that several new players are likely to enter the market to offer mortgages, such as Virgin and Tesco are currently considering.
Councils are another area of possibility and Edinburgh Council is taking the bull by the horns and is saying it will offer mortgages.
The council has Read more
CeMAP Training – Is It Enough For Those Without A Mortgage Background?
October 16, 2008
This is a very common question and one which no doubt all CeMAP training providers come across time and time again.
In fact, it may surprise you to know that often CeMAP training is easier for those who do not have a mortgage background because such candidates do not have any preconceptions about how things are done.
One of the first things that should be addressed in Read more
Mortgage Lenders Defend Their Policies
October 15, 2008
The government has criticised mortgage lenders saying that their caution is damaging the housing market and they are not hungry enough for business.
In response, the Council of Mortgage Lenders (CML) said its lenders do want to encourage first time buyers to get onto the property ladder, however, they are balancing this up with not wanting to offer ‘undue incentives’. A CML spokesperson said: Read more
Britain Bounces Back
October 14, 2008
Yesterday, investors finally had something to cheer about and prospective mortgage applicants will have been pleased as well. With the government’s announcement that it was bailing out three high-street banks with a £37 billion rescue package, shares in the FTSE 100 soared by over 8 per cent in its second largest one-day gain. Read more
Maximise Your Chances for a Mortgage
October 13, 2008
Only the elite of borrowers have the best chance of getting a mortgage at the moment, so here are a few tips to maximise your chances:
- As you need a larger deposit to get a better choice now, if you have savings put aside, now is a great time to use them as you’ll get a lower interest rate too
- In the case of a remortgage, do not over-estimate the value of your home as this is likely to increase the chance of your application being rejected, so be realistic
- Check your credit file before making an application to make sure there is nothing on there that should not be. That will save you being rejected in the first place and then having to check the credit file. It will only cost you £2 for Read more
Homes under the hammer
October 12, 2008
In the tough financial market at the moment it can be difficult to find a property at an affordable price, and to secure a mortgage on that property. Home owners can’t afford to sell and first time buyers are finding it difficult to get on the property ladder. One option for finding cheaper homes is to find a property at an auction, which is something that has been highlighted on the BBC TV show ‘Homes under the Hammer’.
Home under the Hammer is presented by Martin Roberts and Lucy Alexander, and shows the pitfalls Read more
