Demand for CeMAP training to rise
June 30, 2009
It has been difficult to predict how the credit crunch and the onset of this global recession would affect the CeMAP training market and it has been at time surprising to see that the number of delegates on CeMAP courses has remained consistent. However, the signs are now there that the demand for such training courses is set to rise over the next twelve months.
We have all been reading in the media and Read more
Why people use equity release mortgages
June 29, 2009
According to recent research from RBS Reverse Mortgages, people are not taking out equity release mortgages, otherwise known as reverse mortgages, just to spend their children’s inheritance.
RBS Reverse Mortgages conducted a survey and discovered that repairs to the home and supplementing the retirement income are the two biggest reasons.
In equity release mortgages, or reverse mortgages, a person older than 60 years is Read more
Special mortgages for those in negative equity
June 28, 2009
Yesterday we talked about what can be done to help prevent the predicted rise in repossessions and it has emerged this week that borrowers already in negative equity may be able to get preferential mortgage interest rates from those banks where the Government has intervened.
As an example, the Halifax, which is 40 per cent owned by the Read more
Repossessions to rise till 2011, what can be done?
June 27, 2009
We already know that many have faced repossession as a result of the recession, rising unemployment and falling house prices, but according to a claim from economist Ian Shepherdson, this could continue till 2011.
Mr Shepherdson was giving a talk in Harrogate at the Read more
16,000 mortgages rejected monthly
June 26, 2009
New Bank of England figures released earlier this month have shown that over 16,000 mortgages applications are rejected each month.
In December of last year this figure was just 12,000 but has jumped to over 16,000. We already know from the Council of Mortgage Lenders that lending figures were down in May by 2 per cent on April’s figures and it was indicated that this was only so high because purchases have overtaken remortgages.
Significantly, this is the first time Read more
Fixed rate mortgages increase yet again
June 25, 2009
Only recently we reported increases in the cost of fixed rate mortgages, and now it seems they are rising yet again; in some cases this is the second time in two weeks.
The Nationwide Building Society is increasing the cost of its fixed rate mortgages this week by 0.5 per cent and Woolwich, part of Barclays, is increasing its fixed rate mortgages by 0.7 percent. These hikes aren’t just for those with a smaller deposit either and even those with the 25 percent deposit will see an increase.
Both lenders are blaming their competition for the decision despite the Read more
Would you take £25,000 to move your mortgage?
June 24, 2009
It seems that some mortgage lenders are so desperate to reduce their mortgages book that they are offering to pay up to 20 percent of selected mortgages if the borrowers move their mortgage to another lender. In some cases, this offer is worth £25,000.
Mostly, these offers are aimed at those homeowners now in negative equity due to falling house prices. These deals are being offered by companies such as Advantage (part of the Morgan Stanley group), Edeus and GMAC. Mortgage Express, an arm of the old Bradford & Bingley, is simple waiving any redemption penalties that were in place.
Those currently in negative equity would normally struggle Read more
Are CeMAP 1 and CeFA 1 interchangeable?
June 23, 2009
Throughout this site, we discuss the different syllabuses on both CeMAP and CeFA exams and the different units involved in each.
To acquire the CeMAP qualification, there are three separate units to pass: CeMAP 1, 2 and 3. To acquire the CeFA qualification, there are four units to pass, aptly named CeFA 1, 2, 3 and 4.
CeMAP 1 and CeFA 1 are in actual fact the same exam with Read more
Fixed rate mortgages increasingly popular
June 22, 2009
In the last few months, fixed rate mortgage deals have become much more popular.
In fact, according to the Council of Mortgage Lenders (CML), 69 per cent of all new house purchase mortgages in the month of April were set at fixed rates.
Over the last couple of years, variable rate and tracker mortgages seemed to be just as popular as some borrowers had the expectation that interest rates would decrease, however, as the Bank of England’s base interest rate is at the lowest it has been in its 315 year history at the record low of only 0.5 per cent, most Read more
Cost of fixed rate mortgages increasing
June 21, 2009
In the last couple of weeks, several major mortgage lenders have increased the cost of their fixed rate mortgages.
New borrowers are likely to find they will have to search harder or use a good mortgage advisor to find the best fixed rate deal for their circumstances.
The Nationwide was the first to increased its fixed rate mortgages by up to 0.86 per cent. The UK’s second largest lender, the Abbey, has increased its fixed rate deals by anything from 0.25 per cent to 0.5 per cent; Lloyds has followed suit and increased the interest rates on some of its fixed rate deals.
The reason cited for these increases has been the increasing cost of ‘swap rates’. This is Read more
