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Mortgages | Our
recommended lender
specialises in finding the right mortgage for your needs what every your
circumstances; Who's panel of lenders have products specially designed to
cater for the self-employed, those of you with more than one source of
income or those of you with either current or previous credit issue's.
What's more you can use the money for any purpose including paying off
credit cards or loans on high rates, home improvements, a long deserved
holiday or just trying to find a cheaper deal than your current high street
mortgage provider
The overall cost for comparison is
6.4%(APR).
The actual rate available will depend on your circumstances. Ask for an
illustration. The APR is variable and based on a usual case.
Below
is a list of the types of mortgages available.
Repayment Mortgages
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You pay interest and the outstanding balance so that you are
guaranteed to pay off your mortgage after the term.
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Fixed Rate Mortgages
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Your outgoings are fixed for a set period so you know how much
your payments will cost. |
Cashback Mortgages
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Recommended for first time buyers who may not have enough money
for moving costs. Use the cash generated for any purpose.
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ISA Mortgages
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Tax
free savings plans that could mean you may be able to pay off your
mortgage early, provided your investment performance is good
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Interest Only Mortgages
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Here
you just pay the interest on the mortgage and need to put in place
an investment product to repay the balance at the end of the term.
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Right-to-Buy
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Only available to council tenants to purchase the home in which
they currently live.
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Discounted Mortgages
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These
mortgages have reduced payments in the early years of the plan,
but may have higher repayments in later years |
Offset Mortgages
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Combine
your savings and current accounts so that your credit balances
reduce the amount of interest charged on your mortgage, and you
may pay off your mortgage earlier.
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Endowment Mortgages
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The
traditional way of paying off an interest only mortgage,
combining a savings plan with life cover.
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Flexible Mortgages
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Modern
flexible contracts that allow overpayments and payment holidays.
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Buy to Let
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Commercial mortgages allowing you to invest in the domestic
housing market and become a landlord, and earn an income from
the property.
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Capped Rate Mortgages
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Standard mortgages that guarantee not to go over a certain level
of interest rate, so you can be sure of affordability.
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The overall cost for comparison is
6.4%(APR).
The actual rate available will depend on your circumstances. Ask for an
illustration. The APR is variable and based on a usual case.
A
fee will be payable depending on your circumstances. An indication of the
fee is £1900 this fee will include solicitors fee’s, solicitors
disbursements, broker fee, processing fee and valuation costs, no up-front
costs when re-mortgaging or purchasing your council property through the
right to buy scheme.
An
early repayment fee maybe payable depending on the mortgage you choose.
Adding existing debts to your mortgage will both extend the repayment term
and increase the overall cost of the debt.
Think carefully before securing any debts against your home. Your home
maybe repossessed if you do not keep up payments on your mortgage.
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What if I have a poor credit rating?
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No problem, many people are afraid to look for a
remortgage deal because they think there is no possibility of
arranging finance due to adverse credit. This may be due to County
Court Judgments or rent or mortgage arrears that occurred through
any number of reasons like divorce, redundancy, sickness or a
failed business venture. We are able to provide non-judgmental and
sympathetic advice in these circumstances and can help find you
the best mortgage to suit your circumstances. |
Can we help?
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We have access to a wide variety of lenders who can
help in this area so do not despair, whatever your circumstances
help may be at hand – just complete our enquiry form . There is no
obligation and we will be only too happy to offer remortgage
advice. |
Mortgage Arrears
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This describes the amount the borrower is behind in
their mortgage repayments schedule. The amount is usually measured
in months. If the arrears have occurred in the last 12 months this
will decrease your chances of being successful in applying for a
'High Street' mortgage or loan. The lenders we use are specialised
in this market and therefore consider applications on an
individual basis. We have helped many people with minor or even
severe credit difficulties including pending repossessions. When
the arrears have occurred in the last 12 months the mortgage rate
will generally be slightly higher than it would be otherwise.
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How can you repair your credit?
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Just as a poor credit rating can be developed
through your actions, so can a good credit rating. In fact, even
if you were previously bankrupt or owed thousands of pounds you
couldn't pay back there is still hope for you. All you need to do
is show that you have changed or that the behaviour that got you
into trouble was not typical behaviour for you. The way to do that
is to rebuild your credit profile. To start rebuilding your credit
all you need to do is manage your bank account, mortgage, credit
cards and loans in an orderly manner.. Never miss a payment or
make late payments. That means don't take on more than you can
manage in the first place. Once you have done this for a year or
so you will start to look like a more attractive borrower and may
even be able to move back to a mainstream mortgage company to
enjoy lower rates. If you keep it up then your credit will
eventually be completely clean as previous incidents disappear
from your record after 6 years. |
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Can I Consolidate My Debts?
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Remortgaging can assist with debt consolidation –
helping to re-organise your financial affairs, and sort out your
finances by transferring debts with high rates of interest to your
mortgage - the cheapest way to borrow. Your new monthly repayments
are likely to be considerably less than from all your existing
debts. The high interest charged on credit cards and bank loans is
a strong incentive to re-mortgage. |
County Court Judgement (CCJ's) and Defaults
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This is an adverse ruling by a County Court against
a person, who has not settled their debt payments to their
creditors. Once the ruling has taken place it will be recorded
against the persons credit history and will appear every time a
credit search is done until you have it removed or it drops off
through age (this takes years). |
County Court Judgements
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Failure of an individual to make payments on a
credit facility at the correct time or to not complying with the
lender's requirements. CCJ's & Payment Defaults will not stop you
getting a Mortgage or Loan. It is generally accepted, that if a
person has a Payment Default or County Court Judgement against
them it will have to be satisfied before they can get a mortgage
or loan. This is not strictly true, as there are some lenders that
specialise in providing mortgages and loans to those with varying
degrees of adverse credit, including CCJ's. It is true, however,
that the mortgage rate will generally be slightly higher than it
would be otherwise. |
Bankruptcy
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A bankrupt person is relieved from paying all debts
once assets have been surrendered to an appointed third party
designated by the court. Whilst in Bankruptcy you are not
permitted borrow money via conventional sources. Even when you
have been Discharged from Bankruptcy it will still restrict your
chances of obtaining finance, in some cases for many years. We
have lenders that consider Bankrupts once they have been
Discharged. If there are Cautions, ex-creditors interests,
registered against the property it may be possible to clear these
by way of a re-mortgage. This will depend on the amount of equity
in the property and the amounts outstanding. Depending how long
you have been Discharged, the mortgage rate will generally be
slightly higher than it would be otherwise. |
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