Bank injection good news

Friday, September 28, 2007

The Bank of Englands decision to inject £10 billion into the UK economy in the form of loans to Banks that use mortgages and other assets as collateral is good news for borrowers.

The support should enable conditions to stabilise to some extent and provide some normality for borrowers and lenders. The injection should enable the 3 month funding costs to reduce and get back to more normal levels.

Those who will benefit most are customers whose mortgages are linked to Libor (London Interbank Offered Rate) for whom large increases in payments were looming.

If you are coming to the end of your current fixed rate or are currently on your current lenders standard variable rate, get in touch with Solution Mortgages to see if we could lower your monthly payments by reviewing your current mortgage. You can contact us on 0845 123 1260 or online at www.solution-mortgages.co.uk

Money Partners looking for a buyer or partnership

Thursday, September 27, 2007

Adverse credit lender Money Partners has instructed a team of advisers to look for potential partners who may be interested in buying, investing in or funding the lender.

They see it as a prudent step in response to recent market events and have had to closely look at their current business model. Unfortunately they are heavily reliant on the money markets at present.

Having only just engaged their advisers it is to early to comment on the likely outcome.

Amber Homeloans reduces loan to values

Wednesday, September 26, 2007

Amber Homeloans has reduced LTV's by 10% on its bad credit remortgage range of products to bring itself in line with the rest of the market.

Amber are a balance sheet lender for adverse credit mortgages and have seen increased activity in recent weeks due to US backed mortgage lenders who securitise money having unreliable products and changing criteria at short notice.

Amber will no longer offer a 95% LTV product the highest LTV available is 85%.

People with adverse credit who are looking to remortgage should contact Solution Mortgages on 0845 123 1260 or apply on line at www.solution-mortgages.co.uk

Close Brothers suspends Close Mortgage operations

Tuesday, September 25, 2007

Close Brothers investment bank has confirmed it is supending operations at Close Mortgages. The revelation was made in its results earlier this week.

It cites that due to the uneconomic returs availabe in the mortgage sector it no longer saw it as a viable option. It should be mentioned that Close Mortgages were a very new entrant to the market only launching in July 2006.

This comes as the bank announces a banking profit of £72 million (2006: £74 million).

Infinity return to the sub-prime mortgage market

Infinity Mortgages will be returning to the lending marketplace tomorrow after it withdrew all of its sub-prime mortgage range in August.

Infinity are still using Investec as its funder and confirmed today that it will have a new product range available to view on its website tomorrow.

The range is likely to reflect the current market conditions

Remortgage problems

Monday, September 24, 2007

People in the sub prime mortgage sector will now be finding it harder and harder to find a remortgage in the current economic climate. Lenders are becoming much more cautious about supplying credit and are looking to limit their exposure by tightening their criteria. Everyday we are receiving e-mails about changing criteria and increasing rates. Lenders are becoming more discriminating and several sub-prime lenders have been withdrawing their mortgage products from the market entirely.

The decision by banks to tighten their lending criteria is responsible for the growing number of failed credit applications recently. Those applying for credit cards have been most affected by the tougher approach with around 1.7 million people being turned down in the last 12 months.

Another 1.5 million people were rejected for loans with 260,000 mortgage applications also being unsuccessful last year. The reason most people are turned down related to their credit report. The days of easy credit are drawing to an end for many people.

People who fall into arrears in the current climate will need to address the situation early on. The first port of call is to contact your existing lender and advise them for the reason for the arrears and to see if the situation can be rectified, maybe by agreeing to a payment plan with them. If you do nothing and allow yourself to miss 4 payments in a row you will almost certainly struggle to find a new lender especially if you need a high loan to value mortgage product. Remortgaging is an option early on in the process but it is only worth doing if you are going to be better off as a result of it and you must make sure that you can afford the new payments. If not you are only delaying the inevitable. If you cannot afford the payments then you really need to sell the property.

If you are having problems with your current mortgage payments then speak to Solution Mortgages today on 0845 123 1260 or apply online at http://www.solution-mortgages.co.uk/

House purchase problems?

Friday, September 21, 2007

Purchase problems.

Buying a new home is likely to be the biggest single investment you will make in your lifetime, so don't let your financial problems stand in the way of purchasing the home you have always dreamt of.

If you have CCJ's arrears, no proof of income or poor credit rating, Solution Mortgages should still be able to assist you. The lenders we introduce business to will look at applications from people who have or have had credit issues and may have been turned down by a high street lender.

When buying a home you need to rely on the mortgage broker obtaining the mortgage offer for you in a specific time. We pride ourselves on speed of service and regularly can have a mortgage offer in place within 15 working days. The completion will then be down to your solicitor.

This means your new home can be yours sooner than you think.To find out how we can help, complete the online form at http://www.solution-mortgages.co.uk/ - or call us on 0845 123 1260 to speak to one of our experienced staff.

Bad credit mortgage broker

When applying for a mortgage in the past, you may have experienced several problems based on your previous credit history. Some lenders may see you as a high risk case because of past performance and refuse you the finance you require. This is when you need a bad credit mortgage broker.

Solution Mortgages can help whatever your credit problems, as we use a range of specialist lenders that will consider applications from potential borrowers who have a poor credit rating against them. We will provide you with the information you require to help you make the right decision and process your application as soon as possible to ensure your funds are available on time.

To find out how we can help, complete the online form on our website at http://www.solution-mortgages.co.uk/ - or call us on 0845 123 1260 to speak to one of our experienced staff.

Remortgage

Depending on when you purchased your property, it could be worth a lot more than you originally paid for it! The additional value of your home is called equity and this surplus cash can be unlocked and used for any purpose and repaid in much the same way as a traditional mortgage.

To calculate the maximum equity you have in your home, subtract the value of your existing mortgage and any loans secured on your home from the current value of your property.
We aim to deliver a lending decision to you as fast and efficiently as possible, once we have ascertained your requirements.

To find out how we can help, complete the online form on our website http://www.solution-mortgages.co.uk/ - or call us on 0845 123 1260 to speak to one of our experienced staff.

Fast remortgage?

If you are looking for a fast remortgage look no further than Soluiton Mortgages. We specialise in speed of service and have completed remortgage applications in just 7 working days. Our average completion times for August 2007 was 22 working days which also takes into consideration the current climate with lenders who securitise money adjusting their criteria on a regular basis.

If you need a fast remortgage call us now on 0845 123 1260 to speak to one of our experienced staff or apply online at http://www.solution-mortgages.co.uk/. We will explain the process to you and complete a detailed assessment form. We will then need to carry out a credit search and land registry search. We have access to the CAIS system which shows the conduct of all your secured and unsecured borrowing. We are mainly interested in the conduct of your mortgage or secured loan in the last 12 months and can see if any payments have been missed. We will also need to see if you have any CCJ's registered to you. We can then come back to you with a remortgage quotation based on your credit search and provide you with all the information you need to choose a product.

Once you have chosen a particular mortgage we will arrange for you to have a face-to-face meeting with a Solution Mortgages Representative to go through the mortgage in more detail and explain everything to you before helping you complete the paperwork. Alternatively we can send the paperwork to you within 24 hours , with pre-completed forms for you to read, sign and return to us by post.

Solution Mortgages will process the application for you, dealing with any third parties on your behalf including surveyors and solicitors. Once your mortgage offer is generated it will be sent to your home address along with a new mortgage deed, which you sign and return to enable completion.

Upon completion, your previous mortgage company is paid off, you receive any extra monies due and your new mortgage begins with your new lender.

For a fast remortgage call us today 0845 123 1260 or apply online at http://www.solution-mortgages.co.uk/.

How do I get a remortgage?

How do I get a remortgage?

Once you’ve decided to remortgage you need to find the right remortgage deal for your situation. Speak to Solution Mortgages today about the range of specialist lenders that we do business with. We can provide you with all the information you require to choose the right product for your needs. Even if you have credit problems we should still be able to help you.

Once you have chosen the product we will send a representative to your property to explain the product to you, talk through the Key Facts Illustration which breaks down the mortgage including the interest rate any fees payable, redemption penalties and shows the APR.

If you are happy to proceed once the above has been explained we will complete all the paper work with you, collect an identification we require and then proceed to the next stage.

Once the application is back in our offices the file will be passed to the processing department who will instruct a valuation of your property and request redemption figures from your existing lender(s). It will usually take about 5 working days to receive the redemption figures from your existing lender(s). The valuation will be received in our office the day after it has been carried out. We can then proceed to issue you a mortgage offer, which will be sent to your home address.

Once you have read the mortgage offer you will need to return it to us along with the signed mortgage deed to enable us to complete your remortgage. Completion will usually take place within 24 hours of us receiving the offer back.

The remortgage checklist is as follows:

Get a mortgage illustration (KFI)
Remortgage Application
Property Valuation
Remortgage Offer
Legal work, also known as ‘conveyancing’
Completion

If you’re ready for a more positive approach to Mortgage lending then speak to one of our experienced staff for a personal, no-obligation, mortgage illustration and he/she will explain the remortgage options available to you and the process you will go through? Call now on 0845 123 1260 or apply online at http://www.solution-mortgages.co.uk/

Changing criteria hinders applications

Thursday, September 20, 2007

Brokers and packagers are dealing with hundreds of mortgage applications that due to Lenders changing their products in the wake of turbulence in the money markets no longer fit the original lending criteria.

Turbulence in the markets and the cost of securitisation have triggered the widespread move for lenders to reprice or withdraw existing underwriting criteria midway through mortgage application processes, meaning applicants may not get the deal they were sold.

This means brokers are having to rework applications they have in their pipeline several times as the lenders criteria is constantly changing. The run in times for the changes are non existent as the packaging deadline for the new changes are to short, although some lenders have been better than others with their communications.

The whole process is ultimately unfair for the customer as they are paying a higher rate than they were originally offered. It is obvious that if the cost of borrowing for lenders rise then the cost of lending will have to rise to the end consumer but for lenders to offer a product one day and then put out an announcement the next to say that if the mortgage is not completed be the following day it will have to be placed on the revised criteria is unfair. From the brokers point of view it is not necessarily the product changes that are causing issues it is the completion deadline for the old products that have been sold to their clients.

Customers have also acted angrily to these continued changes and quite rightly so. However customers are not being misled by the broker - they are being misled by the whole process.

Fortunately Solution Mortgages Limited have strong links with balance sheet lenders who do not rely as heavily on the securitisation process which has minimised the impact for ourselves but we have still had cases that we have needed to reassess. The balance sheet lenders we use have still tightened their criteria but we are unlikely to see the constant repricing that has been seen with lenders who securitise money.

The sub prime mortgage market has changed dramatically in the last two months and the appetite for higher risk mortgage lending among both funders and bond investors has dwindled. However sub prime will continue to play a big role in the UK mortgage market and the problems facing both lenders, brokers and consumers will return to some normality over the coming months.

remortgage high street rejections

Wednesday, September 19, 2007

Solution Mortgages can help with remortgage high street rejections. If you have been turned down for a remortgage get in touch today.

We use a range of specialist lenders who will consider applications for remortgage high street rejections.

You can apply online at www.solution-mortgages.co.uk or telephone 0845 123 1260 for a remortgage high street rejection.

CCJ Remortgage

If you have CCJ's and have been turned down for a mortgage or remortgage either by a high street lender or your existing lender, speak to Solution Mortgages Limited.

We can help you with a ccj remortgage as the lenders we use will consider applications from people who have CCJ's. If your CCJ's are over 2 years old they are usually ignored. Interest rates start from 6.34%. Even if you have been turned down elsewhere for a CCJ remortgage, do not hesitate to get in touch on 0845 123 1260 to dicuss your requirements.

Or apply for a CCJ Remortgage at http://www.solution-mortgages.co.uk/

UK sub prime mortgage market

Tuesday, September 18, 2007

The recent credit crunch in the sub-prime mortgage market in the United States has dominated the financial news over the past week or two, and it now seems that the effects of the crunch are taking their toll in the UK.

Many bad credit customers have resiged themselves to the fact that they may be unable to get a mortgage to buy a home, at least for some time. Bad credit customers, who have always found getting an affordable mortgage difficult, may now find that the chances of homeownership are even slimmer.

Following the high level of defaults on sub-prime mortgages in the United States, the problems in the sub-prime sector have made their way across the pond to the UK. A number of sub-prime lenders have now announced that they are taking their mortgage ranges off the market, in some cases for just a short space of time and in other cases on a longer term basis. New mortgage products that were due to be launched have been delayed, and a number of other lenders have hiked up interest rates on bad credit mortgages still further. This is causing problems for brokers such as Solution Mortgages Limited but has been limited due to their links with balance sheet lenders.


Solution Mortgages Limited use several lenders who lend off their own balance sheet. This means that although they still need to be wary of the economic backdrop and be more prudent with their criteria they are not as heavily reliant on the money markets - which are effectively shut at the moment. This can be seen with the situation with Northern Rock last week. They have a serious liquidity issue and needed to approach the Bank Of England for a loan facility. While there are no apparent issues with the quality of Northern Rock's loan book the fact they do not effectively have access to funds (prior to the Bank of England facility) has been alarming.

Business therefore has not been disrupted to heavily and Solution Mortgages Limited completion times and new mortgage/remortgage enquiries have been good. Apply online at http://www.solution-mortgages.co.uk/ or call 0845 123 1260.

Bad credit mortgages

Solution Mortgages Limited specialise in bad credit mortgages. If you are looking to buy a property but have CCJ's, defaults on loans or credit cards and been turned down by a high street lender - do not despair. We should still be able to help you buy the home of your dreams.

We use a range of specialist lenders who will consider applications for bad credit mortgages. You will need to have at least a 5% deposit and you will also need to consider stamp duty and solicitors costs.

Solution Mortgages will take care of the bad credit mortgage process for you enabling you to purchase the property you desire.

Poor credit mortgages

Solution Mortgages Limited specialise in poor credit mortgages. If you are looking to buy a property but have CCJ's, defaults on loans or credit cards and been turned down by a high street lender - do not despair. We should still be able to help you buy the home of your dreams.

We use a range of specialist lenders who will consider applications for poor credit mortgages. You will need to have at least a 5% deposit and you will also need to consider stamp duty and solicitors costs.

Solution Mortgages will take care of the poor credit mortgage process for you enabling you to purchase the property you desire.

Kensington refocuses on prime

Kensington says it is taking the view is that, in the short term, there will be no institutional investor appetite for portfolios containing high LTV adverse credit mortgages.It has therefore taken the decision to refocus its resources in the short term on its range of Prime mortgages and temporarily cap its Adverse range at 75% LTV, increasing Adverse rates at the same time.

To guarantee current rates and criteria, applications must be signed, dated and received by close of business on Friday 21 September. The new Prime rates and new Adverse rates and criteria will come into effect on Monday 24 September.

Ian Giles, Director of Marketing, said: “As you might expect from an experienced lender like Kensington, in the case of our adverse credit mortgage range, we will continue to protect our long term future through exercising caution in the short term. And, with the success we have already had with our range of Prime Self-Cert and Buy to Let mortgages, since launching them late last year, it makes sense to refocus our resources on the prime sector, until investor appetite for higher adversity mortgage portfolios returns.”

Mortgage brokers in Cheshire

If you are looking for a mortgage broker in Cheshire and you have adverse credit, speak to Solution Mortgages Limited. We are a mortgage broker in cheshire who can help with your mortgage requirements even if you have current mortgage arrears, CCJ's or defaults or have been bankrupt.

As mortgage brokers in Cheshire we are based in Congleton but work on a national basis. Even if you have been turned down elsewhere we may still be able to help. We use a select panel of lenders who can help people in your circumstances.

Can't get a mortgage?

Monday, September 17, 2007

If you can't get a mortgage by traditional means ie. from a high street lender, speak to Solution Mortgages Limited today. We have helped lots of customers who can't get a mortgage from traditonal lenders due to adverse credit ie CCJ's, defaults or been made bankrupt.

Having adverse credit does not mean you can't get a mortgage and we will be happy to look at your circumstances. We use a select panel of lenders who will consider taking applications from people who can't get a mortgage by more traditional means.

Bad Credit Remortgage

Friday, September 14, 2007

If you have a bad credit rating and have been turned down for a mortgage or remortgage elsewhere do not hesitate to get in touch with Solution Mortgages. We specialise in helping people with a bad credit rating and help them secure a bad credit remortgage.

A bad credit remortgage is available if you have current mortgage arrears, have CCJ's, are involved in an IVA or have been made bankrupt.

Call Solution Mortgages today on 0845 123 1260 or apply online at www.solution-mortgages.co.uk

Poor Credit Remortgage

When applying for a mortgage in the past, you may have experienced several problems based on your previous credit history. Some lenders may see you as a high risk case because of past performance and refuse you the finance you require.

Solution Mortgages can help whatever your credit problems, as we use a range of specialist lenders that will consider applications from potential borrowers who have a poor credit rating against them.

We will provide you with the information you require to help you make the right decision and process your application as soon as possible to ensure your funds are available on time.

Lenders withdrawing from the sub-prime market

In recent weeks three lenders claim they have not completely withdrawn from the sub-prime market and will return after re-pricing their products.

Scott Morrissey of Solution Mortgages Limited said, “I think we’re going to see a lot of lenders retracting from the market now and lying low for the next few months. None of it surprises me as I have expected it to happen for some time now.”

Northern Rock Shares Plummet

Shares in the lender have plummeted by 24 per cent after the decision was confirmed last night.
In the announcement, Northern Rock says that if the current market conditions remain until the end of 2007 it expects underlying profit before tax for 2007 to be around £500m to £540m, compared to £588m in 2006.

It says the outlook for 2008 will depend on the speed of the recovery in global wholesale funding markets and where interest rate spreads stabilise in the global wholesale funding markets, as well as the evolution of the company’s business model.

Although Northern Rock expects its new lending volumes to increase once the wholesale funding markets return to more normal volumes and prices, it must now plan on the basis that the wholesale funding markets will not return to historic levels in the short to medium term.

New sales staff

Monday, September 3, 2007

Solution Mortgages Limited are pleased to announce that Lucy Vernon and Vicki Mutter have joined their rapidly growing sales team. Both Lucy & Vicki have extensive experience working in the adverse credit market and will be an asset to the team.

Solution Mortgages remortgage completion times

Saturday, September 1, 2007

In August 2007 Solution Mortgages Limited's average remortgage completion time from initial enquiry until completion was 22 working days.

Jamie Smith, Completions Manager said, 'we are constantly striving to streamline the process and ensure customers receive their monies on time'. At Solution Mortgages we place great emphasis on speed of service as the majority of our customers need a fast remortgage.