If you are planning a divorce or separation you may have mortgage options and certainly need to plan how you will keep making mortgage payments. Keeping up the mortgage payments If the property is mortgaged, you and your spouse or civil partner will need to think about how the monthly payments are going to be [...]
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Interest Only Mortgages
Interest only mortgages (IoM) may be storing up more problems for the future. They offer cheaper monthly repayment, when purchasing a property, than with a capital repayment mortgage. Borrowers are only paying off the interest and not the capital. Unfortunately there are signs from current data that more than £50bn of mortgage debt has switched [...]
Is It Time To Fix Your Interest Rate
A question that needs to be kept under review but is difficult to answer categorically. Traditional Mortgage Interest My main mortgage was repaid during an era when there was little or no choice in the way repayments were calculated. Most mortgages had variable rates and there was no confusing choice and no extra charges every [...]
Mortgage Lending Still in the Doldrums
Lending on mortgages is still in the Doldrums and the usual spring boost to the housing market is missing. Current Issues On Mortgage Lending Approved loans last month are over 10% down on last month and much less than half the previous norm. The Halifax think prices fell 3% year on year and are still [...]
Reducing Mortgages Quicker
Borrowers are trying to get into the black by repaying mortgages faster than ever before. In the last quarter of 2010 the Bank of England reports that £7bn extra repayments were made to reduce debt and balance future spending. This reduction in debt is the largest since bank records began in 1970. Reasons for [...]
Mortgages Without Traditional Deposit
The average mortgage in 2010-2011 has been for 70% of the loan to value or in other words a 30% deposit has been paid. First time buyers, separating partners and negative equity owners find it too difficult to raise any deposit never mind 30%. Are lenders sympathetic? Not a bit of it, every lender is [...]
Scheming Local Authority Mortgage Deposit
Sector Treasury Services, part of the Capita Group, could become a name to watch in the management and funding of parts of the housing market. A new scheme will see local authorities ‘topping up’ the deposits of working people and help first time buyers who can afford mortgage repayments, but not a large deposit, to [...]
Problems of Low Mortgage Interest Rates
Do you think the low interest rates currently available are good news? The answer may well be yes and no! Problems for Lenders The European Union are preparing to mandate another series of stress test on banks and lenders. With the exposure to Japan, pressure from the Yen and the lingering prime mortgage hangover will [...]
Mortgage Lenders Secrets from 1776 – 2009
The Secret of Mortgage Lending Success by Mortgage Trainers of America was published at the end of 2008. With over 400 pages of data and comment there are many lessons current mortgage professionals can take from this book. 1776 -1960 is defined as the Good Old Boy Era followed by sections on each decade called: [...]
Student Debt to Mortgage
Are our UK economics in a mess? Is the problem short, medium or longer term? The answers are probably yes and all three. Education Too little effort is placed on financial education in secondary schools. Pupils enter the ‘real world’ without an adequate grasp of money, spending, borrowing and more importantly saving. Students going on [...]