The mortgage market * apply for a mortgage * buying a property or remortgaging a home * borrowing limits * mortgage arrears advice * avoiding repossession
Since the credit crunch and property prices started to fall it has been difficult for many people to find a mortgage lender prepared to consider most mortgage applications. The mortgage market has tightened up as banks have tried to conserve their funds and stabilise their cash flow. Many people have left a credit footprint a mile long as they have trooped from one lender to another looking for any bank prepared to make them an offer.
Any bank looking at any mortgage applicant will look at their credit file and most likely be alarmed by the number of applications they have made without success. Using our panel of mortgage brokers who know and understand the mortgage market can save you a lot of heart ache and rejection.
THE MORTGAGE MARKET
The Bank of England recently unveiled a plan to inject £50bn of funds into the financial system in an attempt to kick start the moribund mortgage market. This is expected to breathe life back into the mortgage market.
The scheme, which the Bank of England has put together, follows pleas by mortgage lenders to help liquidate money markets paralysed by the recent credit crunch. This has to be good news for homeowners looking to remortgage and first time buyers hoping to get on the property ladder. Under this bail out scheme, the government is expected to issue bonds which mortgage lenders will be able to exchange for packages of mortgages lodged with the Bank of England as collateral.
APPLY FOR A MORTGAGE
If you want to apply for a mortgage you would be best advised to use one of our panel of mortgage brokers who keep a keen eye on the market and will be in the best position to find you a lender prepared to consider your application and make you an offer.
To submit your mortgage enquiry, please complete the simple enquiry form below. We will
then arrange for a qualified mortgage consultant to contact you to discuss your requirements.
Please note that all information you provide is treated in strictest confidence,
and that by submitting your details you are giving your consent for our chosen
firm to contact you.
BUYING A PROPERTY
If you are buying a property, remember that prices are likely to fall in price over the next 12 months. You should therefore look for properties where the seller is more amenable to accepting a low offer. Presenting a lender with a mortgage application for a property that is undervalued will benefit your position some what as property valuers tend to err on the side of caution.
REMORTGAGING A HOME
If you are remortgaging your home you have to take into consideration that the banks know that property prices are going to continue to fall. If you are coming to the end of a fixed interest mortgage the banks will not consider lending on a property where the equity is likely to be swallowed up by further falls in the price of properties.
Before asking any bank or lender to survey your property you should make sure that it is in as good a decorative order as possible. Whilst this won't add enormously to the price, it will prevent any valuer from reducing the valuation due to a poor state of repair.
BORROWING LIMITS
Mortgages tend to be granted on the value of a property and the income multiples of one or two people. Borrowing limits vary from lender to lender and whilst banks have been irresponsible in lending based on extremely high income multiples in the past, you can expect them to reduce the amount they are prepared to lend for some time to come.
MORTGAGE ARREARS ADVICE
If you have mortgage arrears and are looking at remortgaging with your existing lender or new bank you should do whatever you can to reduce your mortgage arrears before applying. Remember that banks don't look sympathetically at your personal situation; they only care about the fact that you can make whatever repayments they apply to your mortgage. You should speak to one of our panel of mortgage brokers by asking for a quote through our online form.
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AVOIDING REPOSSESSION
If you are falling behind with your mortgage payments, or loans secured on your property, you should seek help and advice as quickly as possible. If you are behind in your monthly installments, there are a range of options available, dependent on your circumstances that could be used to stop repossession of your home. If you know that you are in financial trouble and you won't be able to meet your mortgage or loan repayments, then get advice now - don't leave it until it is too late. Repossession can happen very quickly once the process has started.
In the majority of cases there are always sensible solutions to your repayment worries. There must be a legal reason for your lender to repossess your home. The most frequent reason for a repossession order is very late or unpaid mortgage repayments. If you are dealing with late payments on a mortgage, the best course of action is to continue making payments at the highest possible sum you can afford, even during court proceedings. This proves to the court that you are not shirking your responsibilities and making every effort to comply with your mortgage agreement.
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