Before you go out and get an investment loan, you’ll want to do some research and find out what the investment outlook is for 2010. Investing today is not the same as it was a few years ago. Of course many people still look for an investment loan so that they can put that money into real estate, but the outlook for investment appears to be gaining a focus on global investments.
Today, investors need to look at where the money is being made. One of the biggest mistakes that people can make in 2010 is to play it safe by only investing in solid companies. Economic experts tend to agree that for these companies, the rebound from recession will be slow in coming.
Last Updated ( Wednesday, 10 February 2010 16:50 )
There has been much in the news recently suggesting that a lot of people are going to be seeking bankruptcy help in the coming year. Financial professionals have predicted that tenant defaults are going to hit a record high in 2010, based on reports from a YouGov poll that over one million households have had to use credit cards to pay their rent and mortgages.
Although the restrictions on credit have tightened recently, and a larger number of the population is placing more importance on paying off debt, the dim economic environment has placed many people in a desperate situation where they have had to use credit to pay their bills.
According to the YouGov poll that was conducted for the housing charity Shelter, 2,022 people were survey and one of the questions asked was if they had used a credit card to pay their rent or mortgage in the last year. Of those people, 6 percent stated that they had used a credit card to pay rent or house payments; this indicates that on a national average, one million people have used their credit card for this purpose. London had the highest numbers, with 12 percent of those surveyed using credit to pay for housing costs. With these numbers, there is little doubt that there will be a lot of people that need bankruptcy help in the coming months.
The need to use credit to cover housing costs appears to have crossed classes, and although working class professionals were most apt to use credit cards to pay their rent, about 4 percent of middle class professionals have also used credit to meet their mortgage payments.
The result is that a large number of people that have used credit to pay rent or make their house payments have simply traded one debt for another debt. The problem is that the debt to cover housing cost is a reoccurring debt that must be paid each month, but now these people have to cover their credit card debt as well. If this trend continuities, there will be many people owing arrears for rent or defaulting on their mortgages.
One of the most important things to consider, for people who are using credit, is that mounting debt rarely amounts to being able to better pay your bills later. For this reason, it is significant that those who are using credit in this way seek debt advice so that they do not lose their homes at a later time. If the problem has gone beyond budgeting to better meet financial obligations, it may be time to seek bankruptcy help.
Professional advisors that can give people information and bankruptcy help, may actually be able to help many people avoid bankruptcy by showing them what the alternatives are. The average person might not be aware of the many different programs that are in place to help people avoid bankruptcy and get their debt under control. This is where bankruptcy help professionals can provide advice and information that debtors may not even realize exists.
Looking for Brokers?
Our self cert mortgage broker partners have access to the whole of the mortgage market and semi-exclusive schemes. This means that they can search from across mortgage lenders and mortgage products to find you the right mortgage deal. Unlike many of their competitors they are not limited in thei choices by being tied to certain mortgage lenders and therefore limited self cert mortgages.
Their skills and knowledge lie in: Advising if you have little or no proof of income Finding solutions to your income verification problems that effect your ability to obtain a mortgage Saving time with paperwork, lenders, solicitors, valuers etc
Self Cert is where you self declare your income because you cannot prove your total household income. Increasing numbers of people are either self employed or earn non standard incomes and this has resulted in a more diverse market with new products and lenders arriving in the industry.
With the growing numbers of mortgage lenders and products this has created a competitive market. This has encouraged borrowers to remortgage at regular intervals to obtain the cheapest rate most suitable for them. It is to be noted that this can increase your total borrowing and may not save money over the term of the mortgage. You may also be interested in finding a deal that gives you more flexibility, or you may be looking for the stability of a fixed rate. Why stay paying a higher rate of interest than offered to new borrowers?
If you want to release the equity that you have in your property and the market value of your property is higher than the loan you have outstanding, a lender may allow you to increase the mortgage you have- subject to status and affordability.
Many lenders will allow you to refinance for the following: consolidation of financial commitments; capital raising for holidays; a new car; a divorce settlement; home improvements; to buy property to rent out; to buy property abroad or simply to switch and save changing to a lower interest rate. Consolidation of financial commitments may result in extending the term of the original loans increasing the amount of interest payable.
Please call one of our partner advisers to see if we can save you money. In days gone by re-mortgaging could be a complicated process. Now however, lenders are generally more flexible in the re-mortgage market than previously. Review your current deal. If you feel you're paying excessive rates of interest, compared to rival lenders then a remortgage may save on your monthly payments. We can search the whole of market to find the most suitable product for you.
Last Updated ( Monday, 14 December 2009 11:51 )
Self Cert Intro
Self-Certification mortgages were first introduced over a decade ago for people who could not easily prove their income. Also known as 'self-cert' and 'non-status' mortgages they were originally designed for self-employed people but are now often also a choice for employed people who cannot prove their income. Self-Certification mortgages allow you to self declare your income if it is not easily provable. This can be very helpful if you have multiple incomes, commission, or work on a contract basis.
If you are one of Britain's 3.3 million self-employed people then you may have a problem finding a regular High Street mortgage product. Many mainstream lenders do not necessarily provide the best options for your needs. Many lenders understand that many self-employed people cannot easily prove their full income. Even 3 years accounts may not accurately reflect your current income. Our partner mortgage advisers can discuss your options and find the mortgage to suit your requirements..
