Happy New Year
December 31, 2008
2008 might not yet be completely over and 2009 has yet to start, however, we at Beacon Financial Training decided we would wish a happy New Year to everyone early – before the hangover commences.
After a successful 2008, we would like to thank everyone who has taken their CeMAP training, CeFA training or CeRER training with us this year and to remind everyone that Read more
Implications of a decreasing Loan to Value
December 30, 2008
With the fears of house prices decreasing further in 2009 and many people struggling with their mortgage payments, there has been an increase in the number of people requesting a mortgage break or mortgage holiday from their mortgage lender.
These breaks are great at the time, but do mean mortgage repayments will be higher when recommenced and potentially the loan to value of a house will also dip – possibly even pushing some people into negative equity.
So what Read more
When did the CeRER qualification come into effect?
December 29, 2008
The sale and marketing of Equity Release products was separated officially from other mortgage advice from the 6th April 2007, by the industry regulator the Financial Services Authority (FSA).
From that point, if you wanted to sell or market equity release products, and that includes Lifetime Mortgages and Home Reversion Plans, you needed and still need to get your CeRER qualification.
CeRER stands Read more
Buy-to-let mortgages made more difficult for investors
December 28, 2008
The collapsing housing market might be making things difficult for first time buyers to get on the housing ladder by finding a mortgage lender willing to offer them a mortgage, but investors have been taking advantage of the low prices for buy-to-let investments. However the biggest mortgage lenders in the UK are to tighten the criteria on buy-to-let, making it more difficult for investors.
The Mortgage Works, owned by Nationwide, announced that it will be refusing mortgage applications from property developers, which will make it more difficult for landlords to remortgage their properties in 2009. The mortgage lender said they wouldn’t Read more
Should you give up your fixed rate mortgage?
December 27, 2008
When completing CeMAP training, the initial training that mortgage advisors take, a fixed rate mortgage is often discussed as ideal for a risk-averse person, somebody who wants to be sure of their mortgage repayments each month. Fixed rate mortgages often mean you are tied into your mortgage for a certain amount of time and if you want out, you have to pay a repayment penalty, sometimes running into thousands of pounds.
As interest rates have dropped so Read more
New endowment crisis caused by credit crunch
December 26, 2008
According to a recent report from the BBC, endowment policy holders are facing huge disappointment as the ongoing financial crisis and recession started by the credit crunch is causing the value of their endowment policies to drop by thousands of pounds.
Most endowment policies were taken out in the 1980′s over a 25 year period and so around 50,000 policies per month are current maturing.
When taking Read more
Merry Christmas
December 25, 2008
Merry Christmas to everyone from Beacon Financial Training, to all of those who have taken CeMAP training, CeFA training or the new CeRER training with us and to everyone who is interested in the mortgage market.
Christmas gifts need not always be about the amount of money spent or how large the gift is, sometimes the gift of knowledge is enough in itself.
For those who are struggling with the current Read more
Nationwide revealed as worst performer
December 24, 2008
In The Times last weekend, they revealed the results of their survey by MoneyFacts to show whether or not mortgage lenders have played fair with the interest rate cuts given by the Bank of England’s Monetary Policy Committee this year.
Surprisingly, the ‘consumer champion’ Nationwide was revealed as being top of their hall of shame.
Many mortgage lenders Read more
Mortgage approvals fall to record low in November
December 23, 2008
When interest rates were cut by 1.5% at the beginning of November you might not have expected mortgage approval rates to continue falling, but they fell by 61% on the same time last year to a record low since records began. According to figures released by the British Bankers’ Association (BBA), only 17,773 mortgages were approved for buyers in November, which was lower than the 20,767 that were approved in October and considerably lower than the 44,315 that were approved in November 2007.
The drop in mortgage approvals is likely to have a further negative effect on house prices going into 2009, with the combined value of mortgages approved in 2008 being down nearly Read more
Halifax and Nationwide refuse to forecast house prices
December 22, 2008
Just to further show how difficult it is to forecast the UK property market prices at the moment, both the Halifax and the Nationwide have refused to publish their usual annual house price forecast for 2009.
The Halifax blames its merger with Lloyds TSB for the reason it Read more
