The UK Mortgage Shop

Qualifying For a UK Mortgage

admin — Wed, 02 Dec 2009 15:56:59 +0000

Find out all about mortgages in the UK, from what types are offered to the salary multiples that banks use in assessing your ability to buy.

The UK mortgage market is one of the top most innovative and competitive markets in the world. The UK mortgage market differs in comparison to other countries in that there is no intervention by the state or state funded entities.

In the UK mortgage market, lenders usually charge a valuation fee, which pays for a chartered surveyor to visit the property and ensure it is worth enough to cover the mortgage amount. Such type of survey is not a full survey. That is why it may not identify all the defects that a house buyer needs to know about, nor does it form a contract between the surveyor and the buyer.

Some UK mortgage types:

In the case of “repayment mortgages”, each monthly payment pays off a little of the underlying debt, as well as interest on the loans. After the completion of the term, the mortgage is then cleared.
In the case of “endowment mortgages”, an endowment policy is provided to life insurance and saved funds to repay the loan at the end of the term (generally 20-25 years). If the investment performs badly, then a shortfall is added to your loan at the end of the repayment period.
In the case of “individual savings account (ISA) mortgages”, an ISA (much like an endowment) is used as the loan repayment method. If your investment performs badly, you could face a shortfall at the end of the UK mortgage term.
In the case of “pension mortgages”, which are similar to both ISA and endowment UK mortgages, but work on the basis that pensions provide tax-free cash on retirement. After the end of the mortgage term, the loan is paid out of your tax-free lump sum.

Some facts on obtaining a UK mortgage:

What is a UK mortgage? A UK mortgage is a loan – usually from a bank or building society to buy a home. You borrow money and pay it back to the lender with interest over a set period of time known as the “term”. This loan is secured against the home you buy – if for any reason you cannot repay your UK mortgage payments.
How much can I borrow? The amount you can borrow depends on your circumstances. Traditionally, UK mortgage providers will lend up to 3 ½ times your salary (before taxes). If you’re buying as a couple, they may multiple your joint income by 2.5.
What do lenders want to know? Each UK mortgage lender considers mortgage applications differently. You should keep full details of your employment, salary and history on hand – plus a record of previous, regular UK mortgage or rentals payments.
Do I need a deposit? Traditionally, UK mortgage lenders expect buyers to save a cash deposit of between 5% and 10% of the property’s value, to be paid up-front. This is still a sensible thing to do if you can, as it reduces the total amount you need to borrow.
What other costs are involved? When you apply for a UK mortgage, providers should give you a Key Facts document about their company’s services, and a KFI (Key Facts Illustration) about the particular UK mortgage you want.

Note: For more information, please contact a lender directly and/or your local regulatory body. The information included in this article is for discussion purposes only and should not be deemed financial advice.

Mis Sold Mortgages. How to Claim Back £1000s.

admin — Sat, 31 Jul 2010 15:46:07 +0000

Many mortgages and their associated products have been mis-sold or falsely represented. Yours could be one of them! Get fast and free mortgage audit today at www.DebtElimination.org.uk/mortgage-review.html or www.Missold-Mortgages.org.uk.
If you are a victim of scandalous mortgage mis-selling you’ll receive no-obligation advice on how to claim back £1000s.

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Technorati Tags: mis sold mortgages, mortgage audit

Unsecured Loans Uk No Need To Pledge Collateral

admin — Fri, 30 Jul 2010 01:39:06 +0000

To say something is not right in the field of finance. If you are out of property and rummaging around for urgent monetary relief, then you can apply for unsecured loans UK. These finances are such names that are derived without pledging assets as collateral to lenders. This privilege is heading for persons akin to you, who do not have property for securing the funds and unenthusiastic to use it. As you are freethinking from the conundrums of collateral it becomes free from the fear of repossessing the collateral by loan providers. Through unsecured loans UK, you can withdraw is limited with the range of 1,000-25,000. With the help of these you can fulfill personal desires and also to settle financial dispute that might ameliorate your credit records. These finances are a financial program with small repayment term that is allowed for 1-10 years. Lending money without the demand of any security is a risky affair, and it is utterly borne by lenders rather than borrowers. As a result, with the intension of diminishing the risk they charge unsecured loans UK with marginally higher interest rates. This is because the interest rates without collateral come with slightly higher interest. Other than, it is the matter of concerning, can easily be managed by comparing figures given in the quotes. Meeting your huge needs you dont need to think deeply because you will have the plan for meeting ends without any risk is not a deal to be purchasing a vehicle, weddings, going on exotic holidays tour, pursuing higher education paying off the previous debts and many more. In order to get approval in no time for unsecured loans UK, you just have to use online application method. The applying for these loans can be done from home and office and you have to follow simple free online application in order to complete with few basic details. The amount will be transferred into your bank account very within 24 hours.

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Technorati Tags: Collateral, loans, Need, no, Pledge, to, UK, unsecured

Report illegal loan sharks

admin — Wed, 28 Jul 2010 20:53:21 +0000

Don’t get ripped off by illegal loan sharks http://www.direct.gov.uk/stoploansharks – report them by calling 0300 555 2222, text Loan Shark to 60003 or email reportaloanshark@stoploansharks.gov.uk

Duration : 0:1:17

Technorati Tags: debt, debts, illegal, lender, lending, Loan, loan shark, money

First Time Buyers’ Mortgages – Top Tips

admin — Tue, 27 Jul 2010 02:22:09 +0000

http://Creditchoices.co.uk give their top tips for first time buyers on mortgages.

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Technorati Tags: Bank, Banks, borrow, buyers, cash, compare, consumer, credit, debit, debt, first, ladder, money, MORTGAGE, mortgages, property, time

Instant Personal Loans Uk – Loans With No Questions Asked

admin — Tue, 27 Jul 2010 02:22:05 +0000

Someone said that it is not hard to meet expenses. They are everywhere. It may sound sarcastic. But it is a fact. Most of us, the salaried people, earn just enough to make both ends meet. Our salary is exhausted even before we get the salary cheek enchased. Add to it some kind of emergency and we are done for. Of course, we can approach our friends for some money, how much help they can be? Instant personal loans UK serve the purpose of helping you out to the extent you need the help. There are a range of options available for people who need money urgently for some reason. You can approach the local money lender who will ask you several questions and will get you place something as mortgage or collateral before he hands over the money to you. Even in this case, he will try to negotiate the interest rate. You also face the risk of loosing the property you placed as collateral in case you are not able to pay off the installments in time. Why take unnecessary risk? You have the option of getting cash without any tension. Yes. You can approach one of the online financial institutions. These financial institutions offer instant personal loans UK – both kinds of loans: secured and unsecured. For secured loans too, the process is fast and they have fixed rate of interest so you do not have any chance to get cheated. Besides you can go through a range of schemes so as to avail the best offer. If you do not want to risk your property, or if you do not have anything to place as collateral, you can still get the money you need. And you need not answer such questions as how and where you plan to spend your money. All you need to answer is which plan will you select to repay the instant personal loans UK. Of course, the amount you can get as the loan depends on your repayment capability which is generally a portion of your monthly salary.

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Technorati Tags: Asked, instant, loans, no, personal, Questions, UK, with

fixed rate UK mortgage ending! struggling single parent with poor credit history?

admin — Sun, 25 Jul 2010 20:59:04 +0000

my mortgage repayments are about to double & im at my wits end… also, my son is 17 & in his final year at college which means in a years time,my family tax credits will stop. ive called my lender but even if i switch to an interest only mortgage the repayments are out of my budget!
any advice…….please!

Sell the house…. the intent of a adjustable rate mortgage was for you to refinance the house long before the "adjustment" date rolled around or sell it with a profit and pay off the loan within the teaser rate period of time.

Of course… reality came in between you and Utopia and now you are stuck with a house you can’t afford. that is what it is…. a house you can’t afford now and never could afford. You paid rent to a mortgage company and will have to move to a place you can afford.
If your ARM is about to adjust and your mortgage payment is going to be twice as much as before than you bought something so out of your league that the whole deal should be considered criminal and the mortgage lender should be thrown in jail…. Most likely they are long gone…. and you are stuck with the bitter end result.

You need to brace yourself and get on with life…. Find a rental, move your stuff into it and turn in the keys to the house to your mortgage lender. Face it… you can’t afford this place and no, you can’t refinance something that is so upside down in value nor can you afford the real mortgage payment no matter how many years they tugg onto the length of the mortgage. A real mortgage payment is paying back principal and interest… you only ever paid a part of the interest and now the principal and interest is due for repayment and you never could afford this and never will.

Where can I get a payday loan, unsecure loan ? uk

admin — Sun, 25 Jul 2010 18:13:02 +0000

http://www.gopaydayloans.co.uk/
Faxless payday loans mean no faxing in most cases or waiting in line at a payday loan store.
No credit is required. Bad credit is welcome.
Apply for your payday cash advance online or by phone, whichever you prefer.
Avoid Overdraft Charges from you bank.
Get Quick Cash for Emergencies

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Technorati Tags: advanced loan, bad credit loan, need cash now uk, payday loans

E4 Loans

admin — Fri, 23 Jul 2010 00:59:14 +0000

We’ve all seen the ads, numerous loan companies promising us a debt free life by some aligator eyed person on what can be called a shoddy ad. Sometimes, after falling into the traps that are these ads, we’ve even found ourselves at the hands of loan sharks. Finally, some bright spark down at E4/Channel 4 has decided to reveal the true colours of these companies, as well as making fun of their poor production values in the form of this spoof TV commercial for E4 Loans. Stars Peter Dickson (aka Voiceover Man). Captured from a Sky+ recording from some date I can’t remember (I think it was it’s first showing).

Note: E4 Loans is not a real company, in case you hadn’t figured that out already.

Duration : 0:0:49

Technorati Tags: Dickson, E4, loans, Man, Peter, Voiceover, yt:crop=16:9

Mr Mortgage – HERE COMES THE ALT-A CRISIS 4-16-08

admin — Fri, 23 Jul 2010 00:59:04 +0000

Visit my new blog…
http://mrmortgage.ml-implode.com

Mr Mortgage Exposes ALT-A Crisis Coming to a City Near You Soon

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Technorati Tags: Alt-A, Banks, bear, Chase, economy, Estate, Fargo, Foreclosure, lehman, Loan, MORTGAGE, Mr, Real, recession, Stearns, subprime, Wells