Training in the recession: CeMAP training
July 11, 2009
For those who are new to the financial industry but want to get into this area, and particularly into mortgages, the CeMAP qualification is ideal.
CeMAP training courses can be taken without any prior knowledge of mortgages at all and without any experience from the financial industry. In fact, in some cases, it can be easier to study and take the exam if you have no prior knowledge or having worked in the industry because sometimes the questions and answers do not appear to mirror real life.
This is where studying for the CeMAP with a specialist training company that is used to taking delegates with no knowledge straight through their exams can really help.
So why should you undergo CeMAP training during the Read more
Why don’t CeMAP courses include exam fees?
July 10, 2009
Every now and then, somebody asks why CeMAP courses do not automatically include the price of taking the exam.
Some CeMAP training companies do include them, however, that can cause issues for some delegates.
Not everybody takes a CeMAP training course, or even other training like the CeFA training courses, for the reasons you might think, i.e. to become a mortgage advisor or a financial advisor. We have featured an article before on ‘Reasons for CeMAP Training’ and you can see from this article that there are actually a wide number of reasons Read more
The return of the 125% mortgage?
July 9, 2009
The news in the media this week about the return of the 125% mortgage is causing a bit of a stir and much controversy following the lessons of the credit crunch.
The largest building society in Britain, the Nationwide, is now offering 125% mortgages to its existing customers who are otherwise unable to move house because they are in negative equity, and reportedly, other lenders are considering a similar move.
Seeing as the FSA and the government have discussed banning 100% mortgages altogether, is it right that lenders should be able to once again offer 125% mortgages? Or is it ok seeing as this is only to existing borrowers with a good payment history who need to move home?
The 25% drop in house prices has meant that around 1 million homeowners are in negative equity at the moment, according to the CML (Council of Mortgage Lenders).
Lloyds TSB, the Halifax and Coventry are a few named lenders who do Read more
Who would buy Northern Rock?
July 8, 2009
In yesterday’s article, we discussed how Northern Rock is finally allowing its existing customers to take out new mortgages with the nationalised bank and speculated whether Northern Rock could be put up for sale.
Northern Rock was the first bank to show signs of trouble and possibly gave the first big signal of the start of the credit crunch. It needed a cash injection of around £27 billion and was nationalised in February last year.
An interesting question is, if Read more
Could Northern Rock be put up for sale?
July 7, 2009
It has been noted in the media this week that the nationalised bank Northern Rock has finally begun to offer mortgages to existing customers once again.
Those borrowers with Northern Rock that are coming to the end of their mortgage deals are able to take out new mortgages with the bank providing they meet a few strict criteria and have a minimum of 25 per cent equity.
This move is being seen as a possible precursor to a sale as this will improve the bank’s mortgage book.
Before the credit crunch, Northern Rock used to offer the same deals to existing borrowers on its book as it did to new borrowers but this stopped. Those coming to the end of their deal only had two choices – to stay on the Northern Rock deliberately expensive Read more
Expert says worst house price falls are over
July 6, 2009
Following on from our article yesterday about the Bank of England statement on the availability of mortgages, an expert in the mortgage market has advised MPs that he believes the worst of house price reductions in the UK are now over.
Professor David Miles is a Bank of England advisor and the author of a mortgage market report in 2003 and 2004 commission by the Government, and is also the latest member of the Monetary Policy Committee that sets interest rates. This week, we have seen news from the Nationwide that house prices have now risen for three months out of the last four months and Professor Miles added to Read more
More mortgages available
July 5, 2009
This week the Bank of England released figures showing that mortgage availability has increased ‘slightly’ in the second quarter this year and is expected to increase further during the third quarter.
This is good news for the housing and mortgage market as it is the first increase since 2007.
However, this increase in availability was really for those with less than a 75 per cent loan-to-value. For those with less than a 25 per cent Read more
Tracker or fixed mortgage?
July 4, 2009
Those searching for a new mortgage or to remortgage will be asking the question, should they look for a tracker mortgage or a fixed rate mortgage?
Over the last few weeks, we have reported almost every week one or two major lenders who have increased the costs of their fixed rate mortgage range whereas many tracker deals are at an all time low thanks to the 0.5 per cent Bank of England base rate, making tracker mortgages appear much more attractive than fixed rate mortgages right now.
According to moneysupermarket.com, the average two Read more
More money to help Mortgage Rescue Scheme
July 3, 2009
Earlier this year, the Government put in place a mortgage rescue scheme costing over £280 million to set up and the Government stated it would reach the 6,000 target in just two years.
The rescue scheme was aimed at helping those borrowers struggling to meet monthly mortgage repayments by allowing those eligible to either sell their home and continue as Read more
HSBC increases fixed rate mortgage cost
July 2, 2009
As reported recently, a number of mortgage lenders have been increasing the costs on their fixed rate mortgage deals as the cost of funding increases.
Yesterday, HSBC added its name to the list, blaming the move on the increased cost of funding. The price of fixed rate mortgages is generally based upon the cost of three and five year swap rates, the rate Read more
