UK Real Estate Blog » UK Mortgage Listing

Lifestyle Mortgages UK

Angel Abdulnor — Wed, 15 Jun 2011 02:47:44 +0000

California home loan pre-approval letter, real estate agents are more inclined to work with you, and show properties in the specific price range of the maximum mortgage. Sellers and listing agents also take an offer more seriously if the home mortgage loan is already pre-approved.

Many first time home buyers confuse being “pre-qualified” with “pre-approved.” Pre-qualification is a casual process, where the potential buyer how much may be borrowed based on income, existing debt, and cash down payment.

A pre-qualification may be a form letter or personalized, but will contain disclaimers to protect the lender in case the borrower fails to qualify. Some real estate agents feel that pre-qualification letters say little more than you have contacted a California mortgage company. Before a lender will make the loan, a formal loan application will be required.

In contrast, pre-approval letters have far more validity and indicate to the seller that the borrower has passed the credit check and have preliminary loan approval. To obtain pre-approval letter a formal loan application is submitted with all the relevant documentation. Everything is verified and credit is checked, then the California mortgage lender agrees in writing to make the loan. The loan will be subject to a satisfactory property appraisal and title search.

A formal loan application process is an eventuality, so we recommend obtaining a loan pre-approval in advance. By doing so, you avoid any disappointment of making offers outside of your price range, and get far more cooperation from agents and sellers because they will feel that their time is not being wasted.

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Rogue Traders Bag $200M

Bob Taylor — Mon, 13 Jun 2011 03:43:30 +0000

The UK’s financial regulator is probing whether malicious traders attacked the share price of the country’s largest mortgage lender yesterday by spreading rumors it faced a major liquidity crisis. The Telegraph reports that HBOS saw its shares plunge 20% as an email circulated suggesting the firm was facing trouble. The hunt is on for at least one rogue trader who shorted HBOS and made $200 million.

Computer safeguards automatically suspended trading when shares began to slide, and both HBOS and the Bank of England had to deny rumors of liquidity issues. The lender’s share price recovered but was down 7% by day’s end, leading losses across the FTSE. A senior executive at the lender called it “the modern day version of bank robbery.”

.Reference resource: Click Here.

Searching UK Mortgage Provider Listings

Michel — Thu, 18 Oct 2007 03:57:06 +0000

It can be a headache searching for the right mortgage. There are over 8500 mortgages on the market so it’s a tricky business. You might conduct a mortgage search on the internet, or via a large high street lender, or with a mortgage broker or advisor. Mortgage advisor can range from single individuals to large organisations with a number of advisors.

When you do conduct a mortgage search you will be asked a number of set questions. These are designed to help you and the lender, broker or advisor with you to find the mortgage that will be best suited to you and your circumstances.

In your mortgage search you will be asked whether you are a first-time buyer, whether you are moving home, or whether you are remortgaging your current home. Mortgages applicable to these circumstances can be very different. You will be asked about your income details; these may applicable to you as an individual, to the higher earner of a couple, or to a couple’s joint earnings. Multiples of earnings are used to determine what you might be able to borrow and 3.5 times the main salary is a standard amount.

When you carry out your mortgage search you will be asked about the property that you wish to mortgage. The lender will want to know its location and its value – you will need a proper valuation before you are lent the money for the mortgage.

These days there are crucial questions to answer in a mortgage search about what kind of mortgage you would like. There are a lot of different types, such as fixed, trackers, discounts, capped. Most are variable rates, but nowadays over 75% of mortgages issued are fixed rates, as people try and escape the variations that come with changes in the Bank of England’s base rate.

Another significant question in a mortgage search these days is concerning bad credit history and county court judgements. With recent problems surrounding sub-prime mortgages (those given to people with poor credit histories or exceptional circumstances) mortgage lenders are becoming more stringent than ever when before they lend money to people.

Depending on the answers you give to these questions your mortgage search will reveal a number of mortgages that are suitable for you. There is less choice in some circumstances – for example those with CCJs – and in those circumstances the mortgage applicant will probably end up paying a higher interest rate for their mortgage.

When you carry out a mortgage search with your advisor – wherever he/ she is from – you should be as honest as possible, as economies with the truth will only lead to difficulties further down the line, and that includes being honest with yourself about how much you can afford to borrow – and pay back.

It is probably wisest to carry out a mortgage search with a broker or an advisor as these people have access to the whole of the mortgage market, and they are doing it regularly so they know what’s available. In this way you will avoid a mortgage search restricted to just a few products (as from a high street lender) and you will not get caught up in a maze of confusion (possible if you did it yourself).