How should I study for the CeMAP?
February 28, 2009
In short, the CeMAP qualification is the qualification required to become a mortgage advisor in the UK. There are essentially four different ways to get the CeMAP qualification and these are:
- Get your employer to put you through it: The good thing about doing this is that it is free to you, however, more and more employers require you to already have your CeMAP before they’ll take you on. and some may tie you into a contract so if you leave within a certain timescale you’ll have to pay them back. Those who will put you through the CeMAP training Read more
New mortgages from Abbey
February 27, 2009
Today, the Abbey joined the competition by launching two competitive fixed rate mortgages, both with no fees attached.
One is aimed at those looking for a remortgage and another for homebuyers, and both are three year fixed rate deals for those with a 25 per cent deposit at 4.59 per cent Read more
What are lifetime mortgages?
February 26, 2009
Those studying the CeMAP syllabus will cover lifetime mortgages in CeMAP 1, 2 and 3.
A lifetime mortgage used to be more commonly known as a ‘Home Income Plan’. This sort of plan is ideal for a retired person who owns their own home outright and wishes to mortgage the property.
The lifetime mortgage is not repaid during the person’s lifetime. The mortgage lender will give the person a loan to value of somewhere between Read more
Northern Rock says no to first time buyers
February 25, 2009
Recently, the government has announced that it is to allow Northern Rock to offer mortgages once again in an effort to stimulate the property market, a move that has caused some controversy.
Some experts believe it is a good move and will help increase competition from other mortgage lenders whilst others are outraged that the nationalised bank should be allowed to re-enter the market before it has paid back its dues to the taxpayer. Those working in the finance industry, including CeMAP course students and mortgage advisors, will no doubt be pleased at the move.
Now, Northern Rock has confirmed that although it Read more
Double mortgage applications for HSBC
February 24, 2009
HSBC bank yesterday announced that as it launched two new fixed rate mortgage deals this month, it saw a doubling in the number of mortgage applications received in February, an increase that they attribute to their new fixed term mortgage deals.
Martijn van der Heijden, head of mortgages at HSBC, said: “The clear feedback we have received from customers is Read more
Adding council mortgages to CeMAP syllabus
February 23, 2009
Those who wish to become mortgage advisors need to take their CeMAP training first, and within the CeMAP syllabus delegates learn about all the different sources of mortgages available to those in the UK and the process of purchasing a property.
The purchasing process is slightly different for those taking the Read more
Lord Myners says 100% mortgages were foolish
February 22, 2009
Lord Myners, the banking minister, has branded the decision to offer house buyers 100% mortgages as ‘foolish’. This came after Prime Minister Gordon Brown called lenders to be ‘prudent and careful’ in their lending offers.
Lord Myners added that the decision to offer 100% mortgages should never have been taken after the mistakes of recent years, particularly in the USA where he described lending decisions as:
Reckless, feckless, witless lending.
The FSA (Financial Services Authority) is now considering imposing controls on any lender that plans to offer a loan of over Read more
More mortgages available than perceived
February 21, 2009
According to recent figures from Unbiased, borrowers believe there are fewer mortgages available to them than there actually are.
Results from a survey online showed that hype from the media about mortgage lender’s tough criteria has meant that many wrongly assume that they would be unable to find a mortgage suitable for their circumstance.
Ten per cent of survey respondents thought they needed Read more
Struggling borrowers should seek help with mortgage
February 20, 2009
Those who are finding it difficult to meet their mortgage repayments have been advised not to stick their heads in the sand and try to ignore the problem by three organisations working together: the Council of Mortgage Lenders (CML), Shelter and Citizen’s Advice.
If experiencing trouble, the three organisations advise that borrowers should contact their lender as soon as possible as there are affordable payment options to explore such as mortgage Read more
100% mortgages from Coventry Building Society
February 19, 2009
Coventry Building Society has become the first mortgage lender to offer a 100 per cent mortgage in the aftermath of the credit crunch and the offer is likely to be a real lifeline to those who need it.
At the height of the mortgage boom, mortgage lenders such as the Abbey, Alliance & Leicester, Northern Rock and Coventry Building Society offered borrowers mortgages of up to 125 per cent of the property value. As house prices have fallen around 10 per cent since that time, many homeowners are finding themselves in negative equity. Unable to remortgage due to Read more
