If you have previously had County Court Judgements (CCJs) against your name, or against the name of any applicant for the mortgage or anyone that shares a 'financial interest' - e.g. spouse or partner, then getting a mortgage can be problematic.
As long as there are only 1 or 2 CCJs then there are options open to you with a CCJs Allowed Mortgage. These count as higher risk mortgages as you have previously demonstrated some sort of financial problem and the lender is worried that you might default on the mortgage.
But not all CCJs may be your fault. A friend of mine was held responsible for a car accident and their insurers were slow to pay up so the other party issued a CCJ against them to force the insurers to pay. They didn't know themselves until they tried to take out a loan. For this reason, before applying for a mortgage is can be a good idea to run a Free Credit Report Check From Experian to make sure there aren't any nasty surprises! If there are, you may be able to sort them BEFORE applying for the mortgage - and possibly being turned down, which could also end up on your credit report...
Monday, 14 January 2008
Monday, 17 December 2007
Top Cashback Mortgages
A variety of top mortgage offers come with attached Top Cashback Offers. With cashbacks, upon completion of your mortgage the lender will pay you a some of money back. This 'present' can be used for anything you like. But it's not without strings. The interest rate you end up paying might be slightly higher than you would otherwise be paying - effectively adding the cachback amount to the loan.
Friday, 14 December 2007
top 100 percent mortgage
If you can not raise a sufficient deposit for your purchase, then you might have to look at a the top 100 percent mortgage. With these, the bank will lend you the full value of your property. More dangerously, especially given the fact that house prices have dropped recently, some lenders may lend more than the value of your property.
With these mortgages you will be paying a higher interest rate than if you were able to put up a deposit. In a couple of years it may be worth looking to remortgage, especially if you can reduce the mortgage by the equivalent of a deposit or the property has increased sufficiently in value. But if property prices continue to fall, this might not be possible so should not be depended upon.
With these mortgages you will be paying a higher interest rate than if you were able to put up a deposit. In a couple of years it may be worth looking to remortgage, especially if you can reduce the mortgage by the equivalent of a deposit or the property has increased sufficiently in value. But if property prices continue to fall, this might not be possible so should not be depended upon.
Wednesday, 12 December 2007
Top Capped Rate Mortgages
With mortgage rates beginning to drop, there do not seem to be many Top Capped Rate Mortgages currently available.
When you choose one of these products your mortgage will typically follow the bank's standard rate, but there is a guarantee the rate will never to raise above a certain point. These are most likely to be popular when interest rates are low and likely to rise, rather than at current when further rate drops are anticipated.
When you choose one of these products your mortgage will typically follow the bank's standard rate, but there is a guarantee the rate will never to raise above a certain point. These are most likely to be popular when interest rates are low and likely to rise, rather than at current when further rate drops are anticipated.
Monday, 10 December 2007
Top Ten Buy To Let Mortgages
If you are going to buy a property and are expecting to rent the property, then a Top Ten Buy To Let Mortgage might be what you need.
If the property you are buying will ultimately be let, or it is a holiday property that you wish to let to holiday makers either all year or when you are not using it, then it is likely that lenders may not be willing to offer you a standard mortgage.
In that case, looking at a buy to let mortgage may be your alternative. Depending on the particular lender, you might need to be able to pay a larger deposit than if you were buying a home, but they might also be willing to consider rental income against costs.
Buy to let mortgages are not typically regulated by the FSA, so take care with any advice accepted.
If the property you are buying will ultimately be let, or it is a holiday property that you wish to let to holiday makers either all year or when you are not using it, then it is likely that lenders may not be willing to offer you a standard mortgage.
In that case, looking at a buy to let mortgage may be your alternative. Depending on the particular lender, you might need to be able to pay a larger deposit than if you were buying a home, but they might also be willing to consider rental income against costs.
Buy to let mortgages are not typically regulated by the FSA, so take care with any advice accepted.
Wednesday, 5 December 2007
Top Ten First Time Buyers
If you are a first time buyer looking for a top ten mortgage then there are a lot of special mortgage offers aimed just at you - look at the First Time Buyers Top Ten Mortgages.
These are mortgages that are offered only to buyers who have not previously owned a property. All of the usual types of mortgages can still be offered under this term - discounted, fixed etc. But the offers are there in the hope of enticing the would be first time buyer to a lender, hoping that the buyer stays with the lender for the life of the mortgage.
These are mortgages that are offered only to buyers who have not previously owned a property. All of the usual types of mortgages can still be offered under this term - discounted, fixed etc. But the offers are there in the hope of enticing the would be first time buyer to a lender, hoping that the buyer stays with the lender for the life of the mortgage.
Monday, 3 December 2007
Top Ten Flexible Mortgages
Are you wanting to add a bit of flexibility into your mortgage? Then maybe one of the Top Ten Flexible Mortgages is what you need.
Maybe you fancy the opportunity of being able to take a payment holiday or to pay off a little extra now and then? Have a look at the Flexible Mortgages available on the market, decide whether you want to look at fixed or discounted mortgages and then check with a mortgage broker that your selected product is suitable for you.
Maybe you fancy the opportunity of being able to take a payment holiday or to pay off a little extra now and then? Have a look at the Flexible Mortgages available on the market, decide whether you want to look at fixed or discounted mortgages and then check with a mortgage broker that your selected product is suitable for you.
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