Interest vs Repayment Mortgage

Repayment Mortgage. With a repayment mortgage, your mortgage payments are made up of both interest and capital. This means your mortgage is gradually paid off over the mortgage term. Usually repayment mortgages are weighted to mainly interest at the beginning of the repayments. Interest Only On an interest only mortgage, you only pay interest to …

Reverse Mortgage Schemes

A reverse mortgage scheme is way to make use of the equity locked up in your existing home. It can be particularly beneficial for those who have reached retirement, but, want to continue living in their home for as long as they live. Basically, a reverse mortgage plan involves selling your house to a equity …

Cheap Mortgages still available

Despite all the adverse newspaper headlines about the housing market and withdrawal of 100% mortgages, there are still plenty of good mortgage deals around. In the past few years, there were some exceptionally cheap mortgages. This was because it was easy for lenders to resell mortgage debt in the form of CDO – collateralised Debt …

Best Variable Mortgage Deals

In my opinion, variable mortgages offer better value at the moment. The state of the economy makes it more likely that interest rates will fall over the coming year. The credit crunch and declining housing market have caused the government to reduce their growth forecasts; lower growth should cause lower inflation and therefore enable the …

Finding Best Mortgage Deals

Finding the best mortgage deals has become alot more difficult recently with many big mortgage lenders withdrawing mortgage products and increasing the cost of mortgages. within the past month the number of mortgages on offer has fallen by 40%, with big names like first Direct, Co-op Bank and others restricting the number of new mortgages.The …

Building Society Mortgages

Research by the Council of Mortgage lending shows that lending by Britain’s building societies has slumped in the past few months. Total mortgage lending in March was down by £1 billion on the same level last year. It also shows that building socities have been hit harder by the credit crunch that the big banks.Building …

Mortgage Issues / Problems

Flats for Sale – But Who is Able to Buy Them? – How the credit crunch has affected the market for flats. The dilemma of the Bank of England – which is worse inflation or a recession. In the current climate it is difficult to reduce both inflationary pressure and prevent a slowdown. Rising oil …

Negative Equity in the UK

Definition of Negative equity: Negative Equity occurs when the value of a house is worth less than the mortgage debt. Negative equity is a real problem for people who need to sell their house and then still end up owing money to the bank. Many UK Banks remain heavily exposed to negative equity because in …

Mortgage Application Fees

Fees on fixed rate Mortgages have shot up in recent months. The cost of many fixed rate mortgage deals have increased by nearly 55%. Application fees on variable mortgages have increased, but, at a slower rate. Research by mform.co.uk suggest that best-buy discounted rate mortgages only increased 11%. The shorter the mortgage, the bigger application …

95% Mortgages

Nationwide are the first major building society to bring back a 95% mortgage. This may be helpful for first time buyers who are struggling to get a deposit. However, the rate at 7.19% is far above the base rate of 2%. Also there are still expectations of falling house prices so that many who take …

How To Collect Late Payments

Young businesses need cash and good credit control is an essential management tool. Try and get payments in advance, letters of credit or cash on delivery but if you must give credit to customers here is some advice. Get your customers to pay on time by talking to the regularly and building a good relationship. …

Joint Mortgages

Another development of the UK mortgage industry has been an increase in the number of people seeking a joint mortgage. Basically this enables buyers to share the costs of buying a house, helping some to be able to buy their first house. See advantagage and disadvantages of Joint Mortgages