Sep 07 2010

Go Direct to the Best Mortgage Deals Around

Category: Uncategorized — Sarah @ 5:55 am

Applying for a mortgage can be a very stressful time for a person and it is important that you choose the best mortgage deal for you. Without research into what is on offer you could find yourself opting for a deal that is not right for you and your circumstances. Mortgages are a loan that is used in order to buy a house and the borrower makes regular monthly payments to pay off the loan amount, until eventually the full amount is paid and the house belongs outright to the borrower.

If you are looking to apply for a mortgage and are unsure of where to get information on the best mortgage deals around look no further than Go Direct. Here you will find online tools to help you come to an informed decision about the type, size and term of your mortgage.

Many people assume that all mortgage are the same, but they are not and this is why it is so important to find the best mortgage deals. After all why apply for a mortgage that does not suit your financial situation and could leave you out of pocket? If you are unsure as to how to even begin searching for the best mortgage deals then you have come to the right place.

There are so many mortgages available right now all with different repayment terms and conditions, interest rates and offers such as cash back when you apply for them, so you do need to have an overview of what are the best mortgage deals. Here is a brief rundown of the kind of mortgages you can expect to choose from:

• Variable rate mortgages – these are linked to the interest rate and will go up and down as the interest rate does. These are a good idea if you would like to pay less for your mortgage when the interest rate is low – however, be warned if the interest rate goes up so does your mortgage payment and you need to be able to make your repayments or your home could be at risk.

• Fixed rate mortgages – these are the opposite of variable rate mortgages as the repayment amount is fixed. This fixed amount is often higher than the variable rate amount but borrowers have the peace of mind of knowing how much their mortgage payment is every month.

• Interest only mortgage – these are mortgages where the borrow only pays off the interest on the amount borrowed. Although it can seem like a good idea and can be cheaper than some of the other mortgages around in the long run you will only be paying the interest and not the equity in the property.

• 100% mortgages – these are mortgages for 100% of the property’s value and were popular up until recently. However mortgage companies are now cutting down on the number of 100% mortgages that they offer.

• Joint ownership – these are mortgages where a housing company or local council own half of the house and the borrower owns the other half. Then repayments are split between the other owner and the mortgage company. This type of mortgage is good if you can only afford to borrow a small amount.

• Buy to let – these are mortgages on properties that the owner intends to rent out and they work slightly differently to a ‘standard’ mortgage.

If you are looking for the best mortgage deals the best place to check out is Go Direct who have the tools and advisors on hand to steer you through the minefield of choosing a mortgage that is right for you.

If you need any advice on the best mortgage deal do not hesitate to contact Jason Jones who is one of our trained mortgage advisors. Go Direct are the leader in assisting customers to get the best mortgage deals for them, so you know where to turn.

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Sep 06 2010

County Court Judgements And Bad Credit Mortgages

Category: Uncategorized — Sarah @ 6:33 am

A County Court Judgement is an order by the courts for one party to pay an amount owing to another party. County Court Judgements, or CCJs, affect people’s credit files and will normally require the applicant to abandon the prospect of applying for traditions mortgage products and instead apply for bad credit mortgages.

When the order is given by the County Court, the creditor will be required to repay the debtor within a specified period of time. If this is not done, a County Court Judgement will be recorded on the creditor’s credit file. This entry can remain on the credit file for six years if it is not settled in the meantime. Having impairments to a credit file such as CCJs can make it extremely difficult to obtain standard mortgages from high street lenders.

Because County Court Judgements are so common, a large number of people are unable to apply for standard mortgages. This could be viewed as unfair as CCJs can be recorded on a person’s credit file for trivial amounts of money and sometimes without their knowing. The massive growth in the number of people who suffer from this form of adverse credit has lead to incredible growth in the market for bad credit mortgages in recent times.

In addition to mortgage applications being affected by outstanding County Court Judgements appearing on a credit file, CCJs that are paid in full at a later date can remain on the credit file for up to six years. Lenders will therefore be able to see that there was once an outstanding debt despite the fact that is has since been cleared. Although the entry will indicate that the debt has been settled, it may not be removed completely. This means that a person may be forced to apply for bad credit mortgages several years after paying off their County Court Judgements.

Many lenders will now consider mortgage applications from people who suffer from bad credit. In fact dozens of specialist lenders that focus solely on bad credit mortgages have appeared in recent years so individuals who have bad credit will not necessarily be unable to buy a home. Although the recent credit crunch has seen such lenders dwindle in numbers in recent times, specialist lenders still exist and offer mortgage products.

Because the market for bad credit mortgages is highly specialised and many of the lenders are too small to open their own branches to the public, it may be necessary to apply for bad credit mortgages through a mortgage broker.

An independent mortgage broker will be able to search the entire market for bad credit mortgages using special software. This can save both time and money when compared to searching for a mortgage on your own because an independent mortgage broker will have access to the entire mortgage market and will be able to find the most suitable bad credit mortgages to suit your personal situation. If you require a bad credit mortgage product contact an independent advisor today for impartial advice.

Get expert advice from impartial Mortgage Advisors on various home loan products including Bad Credit Mortgages today at UK Mortgage Source

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Sep 05 2010

A Short Guide To Applying For Mortgages

Category: Uncategorized — Sarah @ 6:40 am

Applying for a mortgage is not an easy thing to do, especially with the way the property market is working today. It is far more risky to contemplate buying a house of your own let alone actually going out there and buying it. There are however help available for people looking to buy for the first time rather than leaving it to chance that you will eventually be able to afford a house. The first step you would need to take is to compare mortgage rates between lenders.


When you compare mortgage rates, you will be able to get a good idea into how much on average you would be spending to pay off your mortgage. This will help you to calculate how much you would spend on top of the mortgage repayments, such as electricity bills, water and council tax. These are all contributed towards the payment, and can amount to a lot of money per month; therefore, it is vital that you calculate in advance how much you can afford to pay.


Whilst you compare mortgage rates, you will notice that different mortgages have different lengths of time for repayment plans. Depending on how quickly or slowly you will need to repay the mortgage; the interest rates will vary with monger term mortgages being more expensive. This is where you will need to calculate whether you can afford to pay the mortgage off in ten years or twenty-five years (or in some instances, it may take thirty-five years).


Whatever you choose, initially it may seem that paying it off quickly will seem more expensive and your outgoings will be high. However, you must remember to keep track of how much you pay off and calculate your outgoings realistically. As mentioned before, paying off the mortgage is just one milestone; keeping up with the all of the overheads is another milestone. People have made the mistake in jumping in and buying a house without any consideration to the monthly costs.


Before making an application always consult a mortgage advisor, they will help to calculate all of your existing outgoings, along with any debts to pay off against how much you are earning on a monthly basis. Mortgages are usually calculated by, multiplying your annual earnings by three or four; however, in some places you can be eligible for more. Some can apply for graduate mortgages provided they have graduated within five years of applying.


Other types of mortgage deals include paying off the interest only, aptly named as an interest only mortgage. With these kinds of mortgages, there is no guarantee of paying off the entire from the lender, as when you pay off the interest you are also putting money away in an investment savings account. If all goes well you should be able to pay off the mortgage, however, this may not work out as perfectly as you would want.


There are also first time buyers mortgages, in which lenders will allow people with little or no deposit to put down and are looking for a home to buy. It is not recommended for a graduate mortgage, which is a one hundred percent mortgage. This will work out to be more expensive and you will run the risk of falling short of payment each month. It is always best to try to save for a deposit rather than taking a risk such as this.


The key is research, research and more research. You would rather be over prepared than falling into something that you cannot afford in the long run. Spend time to compare mortgage rates so then you can become familiar with the property market.

Anna Stenning is an expert for helping people to compare mortgage rates, and researching the property market herself.

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Sep 04 2010

How to Get a Self Cert Mortgage

Category: Uncategorized — Sarah @ 7:11 am

Self cert mortgages are available to everyone, but in particular are useful for those who cannot prove their income or do not qualify for standard mortgages. You are not required to provide documentary evidence of your mortgage, but it is important that the information that you supply is as accurate as possible.

If you are applying for a self cert mortgage or a non status mortgage, then it is likely that you fall into one or more of the categories below.

• Paid by Commission or Bonuses
• New Start Up
• Paid mainly in Dividends
• Fluctuating Profits
• Self Employed
• Employed
• Non Status
• Bad Credit CCJs Remortgage
• Adverse Credit History
• Self employed and require a remortgage loan up to 90% of the property value

If you are interested in applying for a self cert mortgage (http://www.clickngomortgages.co.uk/self-certified-mortgage-deals.asp), then your lender will need to gleam as much financial information from you as possible. The more information that you are able to provide the more likely that you are to obtain a good deal and mortgage rate.

Self certification means that you self certify that you can make payments on your mortgage and because of this, there is often a higher rate applied as you are seen as a larger risk to lenders than someone who can substantiate their income.

If you are interested in obtaining a self cert mortgage, then the kind of information that you will need is as follows:

• Bank statements (Usually the last 6 months)
• Proof of any additional income (Invoices / Benefits / Pension / overseas rental income / sub contract vouchers / tips & gratuities)
• Tax returns two years (This can be used as evidence of a percentage of your income)
• Statements of assets (Savings Account Balances / Second Properties / Stocks & Shares / Assets)
• Proof of maintained rental commitments (A reference from your landlord)
• Companies house statement or SA302 self assessment tax return
• Your business licence
• Evidence of future lump sum payments (This could be inheritance or bonus schemes)
• Income & allowances paid in not sterling currency (Travel industry / Armed forces)
• Income gained from outsourcing and contract working in both the private and public sector i.e.: IT contractors

All of the information gathered is taken into account and considered when applying for a self cert mortgage, this is why it is imperative to supply as much information as possible.

There is a range of benefits attached to self cert mortgages and those who apply for them. If you are a first time buyer, this may also be a great way of securing your foothold on the property ladder. A self cert mortgage may also be helpful for those looking to remortgage or those who are moving house.

The range of self cert mortgages cover a wide selection of tracker, fixed, discounted and variable rates. Although the rate is often higher than that of a standard mortgage rate, they have come down quite a bit over the last 5 years and are now a lot more affordable.

If you are looking for a self cert mortgage, then it is well worth exploring the market and finding a broker who understands your needs and will do some of the work for you.

I like cheese and wine and not in any particlar order

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Sep 03 2010

New Non Resident Mortgage in Turkey

Category: Uncategorized — Sarah @ 7:23 am

Now almost all nationality should apply to mortgage in Turkey with the new mortgage system in Turkey. So now you know that you can get mortgage in Turkey with better ofers now. But let us guess what you curious more about Turkish mortgages. Now we will take a look at them under two main healines.

A)FAQ About Mortgage in Turkey:




B)How to Apply Non Resident Mortgage

FAQ ABOUT MORTGAGE IN TURKEY

•What is the amount of minimum loan i can borrow ?


The minimum amount of loan you can borrow from Turkish Banks is : 40.000 Euros

•What is the amount of maximum loan i can borrow ?


The maximum amount of loan you can borrow from Turkish Banks is : 280.000 Euros

• What are the avaliable the currencies for mortgage in Turkey ?


Turkish mortgages are available in TRY, EUR, USD, GBP and CHF currencies

•What is the minimum length of turkish loans ?


The minimum length of turkish loan you can borrow is 6 months.

•What is the maximum length of turkish loans ?


The The maximum length of turkish loan you can borrow is 240 months.

•What is the maximum loan-to-value ratio of Turkish mortgages for EU countries?


The maximum loa-to-value ratio of Turkish mortgages for EU countries is 65%.

•What is the maximum loan-to-value ratio of Turkish mortgages for other nationals?


The maximum loa-to-value ratio of Turkish mortgages for all other nationals is 50%.

•Do I need any Insurance on the property ?


Yes. You need a insurance on property which will be asked by mortgage lender.

•Do Turkish Mortgages need any decleration of income to qualify for loan ?


Yes. Turkish mortgage system need decleration of any income to qualify you for loan.

How to Apply Non Resident Mortgage

There are minimum requirements that any bank or mortgage lender should ask you for applying a non resident mortgage in Turkey. Now note the list above as your check list before getting in contact with a bank or a mortgage lender.

• Tax ID Number given by Turkey.


• Appraisal review report of the property.


• Non- Resident submission form which is provided by the branch.


• Copy of the passport.


• Credit Bureau record from your home country.


• Utility bill which will show your full address.


• Security check obtained from military authorities in Turkey.


• Report of previous three month’s bank account, credit card, overdraft statements.

Sources : Garanti Bank, Mortgage Turkey ( http://www.mortgageturkey.net/mortgage-in-turkey.html )

John Domanic – Digital Manager / Mortgage Turkey

http://www.mortgageturkey.net/

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