Mortgage where to start?

Posted by on Aug 22, 2017 in Uncategorized | Comments Off on Mortgage where to start?

Local Mortgage brokers in Liverpool have to be qualified to give you mortgage advice, whereas you may not get that kind of guarantee if you ring up a lender’s call centre. That said, new regulations mean that all call centre staff need to be advisers or must refer you to someone who is, and if you went in-branch, you ‘d be able to arrange an appointment with one of their mortgage advisers.

In contrast, if you go directly to a high street mortgage lender, don’t take advice, and end up with a mortgage that later becomes unaffordable, you may not have so much legal recourse. (However, under the rules of the Mortgage Market Review, it’s the lender’s responsibility to ensure affordability– so even if you buy direct, you could have some recourse. Nonetheless, a broker can still offer a valuable layer of protection.).

They also know the background criteria that a lender has and can bring this experience to bear when advising you and processing your application.

Then there’s the fact that, because a mortgage broker may put a lot of business to a particular lender in a year, they can exert influence and chase things in a way you just can’t do by yourself– and that can be invaluable should things get held up.

They know the industry.
Mortgage criteria have tightened massively over the last few years, with the Mortgage Market Review being the latest, and arguably widest-ranging, development. It’s been designed to ensure borrowers can prove affordability, even in the event of a rate rise, and those extra checks have understandably increased application times.

A mortgage broker is qualified.
There’s an awful lot to think about when choosing the right mortgage. It’s not as simple as just opting for the cheapest fixed or tracker rate mortgage you can find!

If you’re asking yourself these questions, it can be more than tempting to cut out the middleman. However, you may want to think twice.

Mortgage advice, from a reputable broker, can be an invaluable service– and here’s why …

You’re protected
An important thing to understand is that when you receive mortgage advice, your mortgage broker has a duty of care to you. They have to recommend a suitable mortgage and be able to justify why the particular mortgage they have chosen is right for you. If their advice is not up to scratch, you can complain and be compensated.

That’s why it’s so important to stay in the loop– and to have a mortgage broker on your side who understands it all. A broker deals with lenders on a day-to-day basis, so they’ll know what the application process is like for each one and can tell you which lender can process your application with minimal delays.

A broker is on your side.
An independent mortgage broker will look for the best mortgage for you. They aren’t on the lender’s side, they’re on yours, and they’ll give you access to far more products than if you went direct. You ‘d get unbiased advice and would be able to choose from a range of lenders and subsequent products, rather than being restricted to the single range of the lender you go to.

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Do you need a mortgage broker for the best advice?

Posted by on May 8, 2017 in Uncategorized | Comments Off on Do you need a mortgage broker for the best advice?

Brighton Mortgage Broker | Qualified Mortgage Adviser 01273 660 878

When the time comes to look for a mortgage you will very quickly understand it’s not easy.

So there are lots of places you can go to when looking for mortgage advice, the first is most common friends, family, work colleges… who will sure to tell you about how great a deal they got!! not to worry second we like to have a little Google maybe something like “best mortgage rates” or “best mortgage advice for first-time buyers”  then follows the painful phone call to the bank who want 3 hours of your time in 3 weeks, just not helpful. Finally, alot of people get recommended to a local broker much like the guy I used near my home town Brighton who was a local mortgage broker based in Brighton who managed to sort through my entire paperwork and just dealt with the whole processes it was great.

But back to point the main change is the time 20 years ago there wasn’t the regulation you have today which meant people ended up with interest only mortgages they couldn’t pay, this simply doesn’t happen like it used to the process in place to ensure people can afford the mortgage is massive & people like brokers are regulated under the MCOB rules. So my advice is with the security you have why give yourself a headache pick that phone up to speak to a broker and let them deal with it all while making sure you’re getting the best deal simple really.

 

 

 

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Money advice for benefits

Posted by on May 14, 2015 in Uncategorized | Comments Off on Money advice for benefits

The concept of loans extends back to the mists of energy, and reams of historical documents exist built back many thousands of years. But the oldest available records might be found in Assyria and Babylonia where farmers and traders got grain loans because of the merchants of times.

In Europe, it turned out during the 13th century when lending has been around since as churches understood the financial advantages of revenue available as interest.

The Evolution of Loans

The practice of lending evolved at the center ages if the ways of borrowing money was seeing rapid changes. The Indentured loan would be a way that was practiced in the middle ages with the seventeenth century through which money was borrowed for choosing land or possibly a house. But there are some unscrupulous lenders who inflated the debt or interest rates, leading to your borrower effectively getting to be a slave.

Banking Loans

It was over the time of indentured loans that some lenders recognized the need for repeat custom and were active in the practice of sustainable lending. In Italy, stalls were positiioned in local markets that served to lend money for a certain interest as loan along with the borrower was meant to pay back the borrowed many at certain intervals. It is this practice that changed into the modern notion of loans which can be found by banks. The word “Bank” itself is produced by “banca” that was the place on what trading was conducted because of the money lenders. The problem together with the earlier system of loans was that there have been different rates that were charged through the lenders and which are not governed by any central authority.

In case of not making enough money, the financial institution would smash his bench (“bank rupta”) and went for a lot of other job. The modern “bankruptcy” comes from this early practice, though using a different implication.

Modern Banking Loans

Nowadays, money lending features a greater control by some central authority (banks or financial authority) as money lenders are regulated by these authorities and then there are very little chances of losing your kneecaps into a unscrupulous lenders.

Types of Loans

Here are short descriptions for the types of loans that happen to be prevalent today.

Secured Loans

When a secured loan is taken, the borrower provides an asset as collateral. This asset may be your house, car, pet tortoise or no matter what bank considers sufficient enough to service the debt in case of the borrower failing to repay. This type is usual during paying for a house or possibly a car.

Unsecured Loans

Unlike the secured type, the unsecured lending isn’t secured against your assets so that as part of protection higher rates of interest are sent to this type of loans. Some examples in this type include:

· Personal loans

· Credit cards

· Bonds (issued by corporations)

· Overdrafts on your own bank account

Demand Loans

This type of mortgage is offered as unsecured, though mainly, it truly is secured. No fixed repayment dates exist along with the interest rates also vary. The term Demand Loans originated because the financial institution can ask any time for repayment.

Concessional Loans

In this loan, a persons vision rate charged is frequently below the market industry rate. The concessional loans can be found by governments to poorer countries, though many financial organizations provide its employees this benefit.

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