Key factors to consider when remortgaging

Friday, February 29, 2008

Solution Mortgages has compiled a list of information that you should give serious consideration to when considering a remortgage. Please find these listed below:-

Lending into retirement

If your mortgage period extends into retirement it is your responsibility to ensure that you will still be able to repay the mortgage. Your income is likely to reduce after you retire and you will need to have a plan in place to cover the payments.

You should seek financial advice or get in contact if you are unsure of what your future income will be or are concerned that it may not be sufficient to meet the payments.

Interest only mortgages

If you are taking out an interest only mortgage you must be aware that you are ONLY PAYING THE INTEREST on the loan and NOT ANY OF THE CAPITAL. Therefore if you remain on the interest only mortgage for the duration of the term you will still owe the same amount that you originally borrowed.

You therefore need to make suitable arrangements to repay the mortgage at the end of the term; this could be by way of selling the property, moving onto capital repayment etc. If you require further information on this, please get in contact.

Consolidating unsecured debts

If you are consolidating unsecured debts (credit cards, loans etc) into your mortgage you must be aware that these will now be secured to your property. Failure to keep up with the repayments will result in your property being repossessed. You must also consider that you may end up repaying a higher amount in the long term. If you require further information on this, please get in contact.

Changes to income & expenditure

Make sure you consider any changes that may occur to your personal circumstances. Is there a possibility you may be made redundant etc. Remember it is your responsibility to make your mortgage payments regardless of changes to your circumstances.

Early Repayment Charges

How much will your existing lender charge you for leaving them, make sure you call your lender and check:

Early repayment charge - this is a penalty that will usually expire after a certain period of time, make sure you don’t complete the re-mortgage before this date unless absolutely necessary.

Alternatives

There are alternatives to re-mortgaging and these should be considered if necessary. If you are possibly going to incur a large penalty for switching to another lender then it is worth considering a further advance from your current lender, or a second mortgage on the property from a different lender. If you consider these options you should ensure you are not ‘tied in’ for longer than the main mortgage so that you can re-mortgage without penalties when the penalties expire on your current deal.

Remember


Your home may be repossessed if you do not keep up repayments on your mortgage

If you have any questions regarding the above, please do not hesitate to contact Solution Mortgages on 0845 123 1260 or visit us online at www.solution-mortgages.co.uk

Solution Mortgage's bad credit remortgages

Thursday, February 28, 2008

When looking for a bad credit remortgage you can search for suitable options online such as Solution Mortgages and many websites allow applicants to apply for a bad credit remortgage online. Before committing to anything, make sure you understand the type of mortgage you are being offered and the various payment options available.

Solution Mortgages can take care of every aspect of your remortgage and can make it easy to find a bad credit remortgage to suit your needs. Solution Mortgages take care of everything from the initial research to third party surveyor visits.

Once you are comfortable with the deal you are being offered, we can either visit you and explain and complete all the paperwork with you or send everything to you in the post. Any queries can then be directed to us over the phone.

A bad credit remortgage is one of the most cost effective means of finding a source of cash. There is no denying the interest rates involved are a little higher than a regular mortgage (prime mortgage) but compared to other unsecured options bad credit remortgage is by far the cheaper option in terms of interest rate, but remember it is secured against your property.

It is also important to understand that unless you are confident of making your payments on time, you should not consider applying for bad credit remortgage as you will lose your home eventually. You should use a bad credit remortgage to repair your credit.

If you are considering a bad credit remortgage, please feel free to contact Solution Mortgages on 0845 123 1260 or apply on line at www.solution-mortgages.co.uk

Solution Mortgage's poor credit remortgages

Wednesday, February 27, 2008

At Solution Mortgages we provide a service to help you find a poor credit remortgage to suit your needs. The advantage of using Solution Mortgages is that we will work to get you your poor credit remortgage deal as soon as possible.

Utilising the services of Solution Mortgages will save you a considerable amount of time and research on your poor credit remortgage. At Solution Mortgages we will review your credit history and your existing mortgage before sourcing you a remortgage product.

Solution Mortgages take care of everything from the application forms, to finding a suitable deal, to handling third party surveyors & solicitors.

We can explain and complete all the paperwork involved either by visiting you in your own home or by sending out the paperwork to you.

If you are considering a poor credit remortgage, speak to Solution Mortgages on 0845 123 1260 or apply online at http://www.solution-mortgages.co.uk/

Remortgaging with poor credit

Tuesday, February 26, 2008

Many people in the UK are struggling with poor credit, CCJs (County Court Judgements) or bankruptcy. Unfortunately, people with poor credit rating are finding it increasingly difficult to get access to funds during the so called credit crunch.

Remortgaging with poor credit should be viewed as a means to help people improve their credit history and recover from bankruptcy, but the biggest problem for such individuals is finding funds in the interim. One of the simplest ways to get funding (despite a poor credit rating) is looking to remortgage with poor credit (poor credit remortgage)

A poor credit remortgage is essentially a secured secured loan. Much like a secured loan, the remortgaged property is used as collateral, and allows people with poor credit history or CCJs, access to release funds to consolidate existing debts.

Remortgaging with poor credit (poor credit remortgage) is that even people with a poor credit history and an existing mortgage can get access to much needed finance. Although, finding a lender that offers poor credit remortgage can be a difficult, as you will usually need to go through a broker to find them.

Solution Mortgages is a firm that specializes in helping people find a poor credit remortgage. If you are planning to apply for poor credit remortgage speak to Solution Mortgages as
will work to get you a poor credit remortgage deal as soon as possible.

If you would like more information on remortgaging with poor credit, speak to Solution Mortgages on 0845 123 1260 or apply online at www.solution-mortgages.co.uk

Remortgaging with bad credit

Monday, February 25, 2008

The term remortgaging with bad credit (bad credit remortgage) refers to the process of remortgaging properties to raise finance or achieve a better interest rate. Remortgaging with bad credit is usually the only option available to people that have poor credit or have CCJs (County Court Judgements).

People facing bankruptcy are also able to remortgage with bad credit to raise finance against their existing assets. Remortgaging with bad credit is essentially a secured loan that allows people to get access to cash without paying interest rates which are as high as unsecured loans or credit cards.

Solution Mortgages have access to lenders who are willing to lend money to people with a poor credit rating but the interest rates can be higher than traditional high street lenders to reflect the risks involved.

Remortgaging with bad credit is sometimes called a bad credit remortgage and is essentially a secured loan as the borrower is willing to put up his property as collateral for the loan. Since the property is already mortgaged, the lender will look at various parameters before deciding on the interest rate and terms and conditions of the mortgage.

If you are planning to remortgage with bad credit you should view the various options available to you.

Speak to Solution Mortgages today about a bad credit remortgage by calling 0845 123 1260 or apply online at www.solution-mortgages.co.uk

1 in 3 saddled with credit card debt

Friday, February 22, 2008

Christmas credit card spending has increased peoples debt problems more than ever. It is estimated that 1 in 3 people in the UK are concerned about their ability to pay their debts.

Today's society seems to think it acceptable to have credit card debts and the buy today worry about it tomorrow culture shows no sign of changing. People are also pressured into lavishing loved ones with gifts when in reality managing their finances would be a better option. We are all guilty of it and the banks do not help by sending mailshots enticing us to enjoy 0% interest rates on new purchases for 6 months etc.

The fact of the matter is, the debts we incur will have to be repaid at some point. When you have accumulated a large amount of debt on these cards, most of us opt to pay only the minimum payment but this is exactly where the credit card companies want us. We are then left paying monthly payments where we are barely covering the interest. This means that the debt is reducing extremely slowly and you will be left paying large amounts of interest for years to come.

The main reason why we should try to pay off these credit cards is that the interest rates are high and that is also why banks like them because they make lots of profit on the interest.

One way of clearing these credit card balances and making life more manageable is consolidating them into your mortgage. Because the interest rate on your mortgage is so much lower you will be paying less interest. However you do need to be wary of the fact that you are securing previously unsecured debts against your property. If you also extend the term of your mortgage you could also be paying more interest in the long term. If you are at the stage that you are struggling to make your credit card payments it could be considered as missed payments will be recorded on your credit profile and will limit your ability to get credit in the future.

If you have credit card debts and have missed payments, please feel free to speak to Solution Mortgages on 0845 123 1260 or apply on line at www.solution-mortgages.co.uk

Lending volumes expected to fall

Thursday, February 21, 2008

Gross mortgage lending rose in January by 11% from December and was at a similar level to January 2007.

This is pleasing considering the current economic climate and the credit crunch showing few signs of abaiting as yet.

However there is still considerable uncertainty surrounding the housing market at present and this is likely to have some impact over the coming months.

Demand for remortgaging should remain stronger than that for purchases in the short term. This may change if the government look to raise stamp duty thresholds and cut stamp duty rates in the budget next month,

If you have any questions on this article or others like it, please feel free to contact Solution Mortgages on 0845 123 1260 or visit us at www.solution-mortgages.co.uk

Rate cut decision was unanimous

Wednesday, February 20, 2008

The Bank of England's Montary Policy Committee today published the minutes of their last meeting . The results could hint at further interest rates to come.

They reveal that 8 out of the 9 members voted in favour of an interest rate cut. 1 member even voted in favour of a 0.5% drop.

Further reductions in interest rates could follow to boost the ailing economy although the threat of inflation still looms.

Interest rates are expected to be around 5% in April or May this year with the timing of any cuts dependant on the weakness of any economic data that is published between now and then.

Interest rates are also expected to be lower again by the end of the year at around 4.5% and could fall to 4% in early 2009.

Interest rate in the UK are currently 5.25%

If you have any questions on this article or others like it, please feel free to contact Solution Mortgages on 0845 123 1260 or visit us online at http://www.solution-mortgages.co.uk/

Bad credit remortgages

Tuesday, February 19, 2008

If you need a bad credit remortgage, due to a poor credit rating, arrears on your current mortgage, CCJ's or been made bankrupt, we should still be able to find a bad credit remortgage to suit your needs.

A bad credit remortgage will allow you to repair your bad credit and pay off more expensive loans and credit cards, thus leaving you with lower monthly payments.

If you have bad credit problems, such as mortgage arrears, County Court Judgments (CCJ’s) or been made bankrupt, whether past or present, a bad credit remortgage will suit you.

Solution Mortgages use a panel of bad credit remortgage lenders who will consider applications for a bad credit remortgage from potential borrowers.

If you are considering a bad credit remortgage, please feel free to call Solution Mortgages on 0845 123 1260 or visit us online at www.solution-mortgages.co.uk

Northern Rock to be nationalised

Monday, February 18, 2008

The Government has now confirmed that Northern Rock is to come under public ownership. This is believed to be a temporary measure.

This follows months of indecision over which route to take for the struggling bank. The move has been undertaken after talks with the Bank of England and the Financial Services Authority (FSA). It is though that temporary nationalisation will provide better protection for taxpayers money.

Northern Rock has borrowed about 25 billion pounds from the Bank of England since the liquidity crisis in the money markets lasy year ruined its funding model.

Northern Rock has been put on the government's books as around 90 billion pounds of public debt.

The bank will be run from a distance but still on a commercial business by Ron Sandler and Ann Godbehere.

The debacle is a headache for Gordon Brown and Alistair Darling who have both spoilt the reputation of the UK as a financial hub. It has also undermined their reputations as guardians of financial stability.

There has also been anger from shareholders as they are likely to receive a small pay out and legal cases are likely to follow.

If you have any questions about this article or others like it, please feel free to contact Solution Mortgages on 0845 123 1260 or visit us online at www.solution-mortgages.co.uk

Poor credit remortgage

Friday, February 15, 2008

If you have a poor credit rating, Solution Mortgages should still be able to arrange a poor credit remortgage, regardless of your credit history.

Using the most up to date technology we will provide you with all the information you need to choose the right poor credit remortgage to suit your needs.

You may have acquired a poor credit rating due to mortgage arrears both past and present,
County Court Judgement (CCJ’s) or been made bankrupt. This would mean that you would be unlikely to obtain a mortgage from a traditional lender but would be eligible for a poor credit remortgage and be able to start repairing your poor credit history.

Solution Mortgages will process the poor credit remortgage for you, dealing with any third parties on your behalf including surveyors and solicitors all the way through to completion.

If you are interested in discussing a poor credit remortgage please feel free to call us on 0845 123 1260 to discuss your options or apply online at http://www.solution-mortgages.co.uk/

Adverse credit remortgage

Thursday, February 14, 2008

Solution Mortgages specialise in arranging you an adverse credit remortgage, regardless of your financial circumstances.

Whether you have a poor credit rating, arrears on your current mortgage, CCJ or been made bankrupt, Solution Mortgages should still be able to find an adverse credit remortgage to suit your needs.

You should view an adverse credit remortgage as a way of repairing your adverse credit. If you maintain your payments on your new adverse credit mortgage, you will qualify for much better interest rates than you would be able to obtain with an adverse credit remortgage in the future. We use a range of adverse credit remortgage lenders that will consider applications from potential borrowers looking for an adverse credit remortgage.

If you are considering an adverse credit remortgage, please feel free to contact Solution Mortgages on 0845 123 1260 or apply on line at www.solution-mortgages.co.uk

Slowdown in inflation hints at rate cut

Wednesday, February 13, 2008

The consumer price index (CPI) rose slower than expected in January which could mean that interest rates could be cut further by the Bank of England over the coming months.

Inflation was at 2.2 % in the month which is just above the Governments target.

It is edging away from the 2% target that the Government likes but at a slow rate and the previous concerns that inflation would rise sharply in January look to be unjustified.

The bank is currently wrestling with the threat of inflation against the back drop of a slowing economy. The more likely scenario for interest rates, is a gradual cut with a more wait and see approach. This is in stark contrast to the way the Federal Reserve has been cutting rates in the US.

The current UK base rate is 5.25%.

If you have any questions on this article or others like it, please feel free to contact Solution Mortgages on 0845 123 1260 or visit us at http://www.solution-mortgages.co.uk/

Lower interest rates with slower cuts

Tuesday, February 12, 2008

The slower the Bank of England cut interest rates the more likely rates will fall further.

There is a feeling that interest rates could eventually go down to 4% but would take a while to reach this figure.

Many people would hope rates would fall faster but a prudent wait and see approach by the Bank would be more likely, especially with the backdrop of infaltion.

The markets are of the opinion that the slower the Monetary Policy Committee (MPC) cuts interest rates the further interest rates will fall.

The figure of 4% is plausible for around June next year as inflation poses a near term threat.

Uk interest rates are currently 5.25%.

If you have any questions about this article or others like it, please feel free to contact Solution Mortgages on 0845 123 1260 or visit us at www.solution-mortgages.co.uk

Increase mortgage payments to beat inflation

Monday, February 11, 2008

Homeowners should look to increase their mortgage paymets (over pay) as much as possible to beat inflation.

With a background of rising prices it is important to ensure any savings guarantee a better return.

By paying off you mortgage quicker you will guarantee an inflation beating return.

You would be better doing this as you would need to achieve 7.5% interest in a high rate savings account, which is unlikely.

The Bank of England has recently dropped rates to 5.25 % but is also having to wrestle with inflation.

If you have any queries on this article or others like it, please feel free to contact Solution Mortgages on 0845 123 1260 or visit us at www.solution-mortgages.co.uk

Mortgage arrears

Friday, February 8, 2008

Solution Mortgages specialise in arranging you a remortgage even if you have mortgage arrears.

Whether you have a poor credit rating, mortgage arrears on your current mortgage, CCJ´s or been made bankrupt, Solution Mortgages should still be able to find a remortgage to suit your needs.

Mortgage arrears occur when you miss payments on your mortgage.

Your lender will notify a credit reference agency when a payment is missed which then shows up on your credit file.

We use a range of specialist lenders that will consider applications from potential borrowers who have mortgage arrears.

If you have historic or current mortgage arrears and are considering a remortgage, speak to Solution Mortgages on 0845 123 1260 or apply online at www.solution-mortgages.co.uk

Problem Remortgage

Thursday, February 7, 2008

Solution Mortgages specialise in arranging you a problem remortgage, regardless of your financial circumstances.

Whether you have a poor credit rating, arrears on your current mortgage, CCJ´s or been made bankrupt, Solution Mortgages should still be able to find a problem remortgage to suit
your needs.

Many people need a problem remortgage as CCJ’s and arrears will not be allowed by high
street lenders.

We use a range of specialist lenders that will consider applications from potential
borrowers looking for a problem remortgage.

If you need a problem remortgage and would like to discuss your options, please feel free to call Solution Mortgages on 0845 123 1260 or apply online at www.solution-mortgages.co.uk

Debt Consolidation

Wednesday, February 6, 2008

Solution Mortgages specialise in arranging you a debt consolidation remortgage, regardless of your financial circumstances.

Whether you have a poor credit rating, arrears on your current mortgage, CCJ´s or been made bankrupt, Solution Mortgages should still be able to find a debt consolidation remortgage to suit your needs.

Debt consolidation is for people who have multiple payments across a wide range of
credit. The interest rate on loans and credit cards will be higher than that on a mortgage.

By raising the capital on a mortgage to pay off the other loans and credit cards you will be able to reduce your payments and make life easier.

We use a range of specialist lenders that will consider applications from potential borrowers looking for a debt consolidation remortgage.

If you are considering a debt consolidation remortgage, please feel free to speak to Solution Mortgages today on 0845 123 1260 or apply on line at www.solution-mortgages.co.uk

Britons secret loans

Tuesday, February 5, 2008

More than 1 million people in the UK have secret loans that they have taken out. These are loans that a partner do not know about.

Around £7.7 billion is borrowed in this way.

These loans are either taken out to consolidate other loans or to pay for things like cosmetic surgery.

People should be more open and honest about their finances in general.

If you are struggling with these payments it is worth looking around to see if you can do anything to reduce your monthly payments and ease the burden.

One such way, could be to look at a debt consolidation remortgage. This will allow you to raise funds to pay off your more expensive loans and credit cards and reduce your monthly payments.

If you would like to discuss a debt consolidation remortgage, please feel free to contact Solution Mortgages on 0845 123 1260 or apply online at www.solution-mortgages.co.uk

Large drop in IVA approvals

Monday, February 4, 2008

There has been a large drop in the number of Individual Voluntary Arrangement's (IVA's) transacted in the last quarter of 2007.

This is likely to be down to the stringent criteria imposed by the Insolvency Exchange.

Many more IVA applications are being rejected as a consequence.

However as conditions in the credit market have failed to improve and with debt in the UK at an all time high it is likely that many more people will be pushed down the IVA route.

We would expect to see the number of people applying for IVA's increase significantly over the next 12 months.

If you have any questions on this article or others like it, please feel free to contact Solution Mortgages on 0845 123 1260, or visit us at www.solution-mortgages.co.uk

Call for Code of Conduct in sale & rent back sector

Friday, February 1, 2008

There have been calls for providers of sale and rent-back schemes to subscribe to a Code of Conduct to improve the poor reputation that the sector currently has.

Criticisms of the sector range from, providers not using independent valuations for properties, to deals done without rental guarantees in place.

Sale and rent-back schemes can be an option for borrowrs who are facing repossession due to mortgage arrears but are only really viable if they are offered a fair deal by the provider. This should include a rental guarantee and an independent valuation of the property.

The Financial Services Authority (FSA) has been touted as a possibble regulator of the industry as the products are very similar to equility release schemes and Islamic mortgages, but little has been mentioned recentley.

It is probably safe to assume that the FSA is unlikely to regulate the sector in the near future but that does not mean that a Code of Conduct should be produced and adhered to in the meantime.

If you have any questions on this article or others like it, please feel free to contact Solution Mortgages on 0845 123 1260, or visit us at http://www.solution-mortgages.co.uk/