Welcome to The Mortgage Guide UK
For most people in the UK mortgage payments represent the biggest section of their disposable income. With rising UK house prices, to get on the property ladder, often involves borrowing as much as the banks are willing. However with the recent rise in base rates homeowners are starting to feel the pinch of mortgage payments …
Continue reading “Reducing Burden of Mortgage interest Payments”
Since the Financial Services Authority FSA recently announced that banks must repay customers who get unfairly charged for bank charges. Customers and the FSA are now turning their attention to mortgage lenders who charge exit fees. In an increasingly competitive mortgage industry exit fees have been used as a way to increase their slim margins. …
Loan Consolidation involves putting your loans into one particular place to get the best rate of interest. A common example of how loan consolidation can help is if you have credit card debt that you pay 17% interest. If you can take out another loan at a lower interest rate then you can save yourself …
“I have a personal view that money is hard to earn and easy to spend. So what if that philosophy makes me a bit of a skin flint, tight wad or even miser in some peoples eyes, I do look after my brass.” Today we have a guest blogger sharing some hard won advice about …
The most important thing is to try and avoid missing statements and having unauthorised overdrafts. Always maintain the minimum payments and always try to pay off the high interest bearing accounts first. If possible try to consolidate your debts in one place where you can get the lowest interest rates. 6 Tips for Reducing your …
Will an increase in Mortgage defaults cause a recession in the US and rest of the World? At first glance it seems a relatively small problem. Within the US sub prime mortgage markets there has been an increase in defaults to 4.95%. The sub prime mortgage is a growing but still relatively small section of …
Continue reading “Will Mortgage defaults cause a recession in the US?”
UK debt currently stands at over £1.1 trillion. Average Personal Debt (Credit Card, overdrafts and personal loans) = £3,170 note in Europe average personal debt only accounts for £1,588 Average Mortgage debt = £21,000 (note this is much higher than European Average) (Source 1) Causes of Increased UK Debt 1. Lower Real Interest Rates. Compared …
Do you have unmanageable debt problems? Do you owe more than £15,000? Is it no longer possible to get new loans and credit cards? Are you considering declaring bankruptcy? Debt Settlement companies may be able to help. It is a way to reduce your debt and potentially avoid bankruptcy. Note, I am not trying to …
If you are struggling to cope with large debts it can be quite demoralising and stressful.I wrote this guide, 10 Tips to reduce and eliminate debt, primarily for people struggling to meet credit card and loan debts. If you have a mortgage, in addition to loan and credit card debts, it is worth considering whether …
Debt settlement is the option of seeking to reduce debt, by allowing a debt settlement firm to negotiate a reduction in your debt. It can be an attractive option for those with a huge debt problem. Debt settlement is primarily aimed for those with over £15,000 – £20,000 debt. It cannot be used for negotiating …
Continue reading “Problems of Debt Settlement and Credit Rating”
1. Remortgage with Existing Lender Most mortgages offer an introductory offer with a better rate of interest. When this introductory rate end you will revert to the Standard Variable Interest rate. As soon as this happens it is worth ringing up your mortgage lender and asking what options there are. The advantage of remortgaging with …
1. Don’t Ignore your debt problem in the hope it will disappear. It is a mistake to try and forget or ignore the problem of debt. It may seem unmanageable, but if you take a clear and focused attitude you can regain control and work out how to best manage the existing debt. 2. Always …
Continue reading “Top 10 Tips for Reducing and eliminating Debt”
Mortgage companies, are in many cases, charging very high penalites for those customers who fall into arrears. However, the penalties and charges vary considerably from company to company. It is worth finding out what your mortgage lender will charge if you miss, even one month’s penalty. If you become aware of how much they charge, …
Recent predictions by the Council of Mortgage lenders suggest that the coming months will see a marked increase in the number of home repossessions. If you are struggling to meet mortgage payments and fear slipping into arreas, there are a number of strategies that you can take. Government Help. The government doesn’t give much financial …
An increasingly popular option for homeowners is to take advantage of rising house prices and consolidate their various debts into one place. If like many people in the UK you have a situation where your house value exceeds your mortgage you may be able to remortgage. This means you take on a bigger mortgage against …
Continue reading “Is adding to your mortgage really reducing your debt?”
Do you really need to pay off your bills and reduce your monthly outgoings? Some cuts in spending are relatively painless, like for example, switching your gas and electricity supplies. But, if you have done all these easy methods, and still need to save money, here a list of other more painful sacrifices. 1. Live …
Continue reading “10 Painful but Effective ways to reduce Debt”
There are so many articles advising us how to get out of debt, that we may automatically assume debt is a bad thing. However, there are many occasions when debt can actually be a good thing. These are the situations in which debt can be helpful. 1. Mortgage debt There are few people who could …
Debt Consolidation is the process of moving various loans into one big loan. The idea is that you can get rid of loans with a high interest payment and put it into the loan paying the lowest rate of interest. For example if you were paying interest on a store card you could be paying …
How to reduce Debt- Top Ten Tips 1. Debt Settlement. This a way to reduce your debts and provide a single debt repayment. A debt settlement company will negotiate on your behalf to make a one off payment to your creditors. Often creditors are willing to accept 50% of the debt owed, rather than gain …
Debt settlement is a very significant financial undertaking. It has the potential to radically effect your financial situation. If it works out well, you can write off alot of debts, reduce your monthly payments, reduce stress and in the long run lead you to being free of debt. 1. Prepare accounts. The first step …