MORTGAGES SK12

Upturn in Loans Approved - Good news for homebuyers

2011-03-30T10:38:00.000+01:00

The Bank of England has today revealed mortgage approvals rose in February.According to the Bank, there were 46,967 loans approved in the month, up from January’s 46,152.

The level of approvals was broadly in line with analysts forecasts of a level of 46,800.
In the meantime, the number of remortgaging loans approved totalled 35,725 in February – a 26-month high and up from January’s level of 33,972.

However, despite the improvement, the housing market is still expected to remain subdued throughout 2011 as demand for housing is expected to stay weak as a result of the uncertainty surrounding the economy and the Government’s massive spending cuts.
Last week, the British Bankers’ Association (BBA) revealed a slight rise in the number of new mortgages approved by the major banks in February.

According to the BBA, the number of new mortgages approved in the month stood at 29,923 – marginally better than January’s level of 29,159, albeit lower than economists forecast of 29,350.
In other news today, the Office for National Statistics (ONS) revealed the UK economy contracted by 0.5% in the October to December period – slightly better than the second estimate of 0.6% but unchanged from the first estimate.

First Time Buyer? Need a Deposit for a house? Here's how to get one....

2010-02-16T14:27:00.000Z

....if you need a deposit to get on the property ladder then why not think about organising a Vendor Gifted deposit. So how does this help you get a deposit? Simple. With Vendor Gifted any discount negotiated on a property could be used towards a deposit. This is obviously great news for anyone trying to get on the property ladder.

So how does it work?

Here is an example of how a deal like this would work: Let's say that you find a property advertised at £100,000. The property would value at this price but you manage to negotiate a buying price with the vendor at £85,000. Now you need to get the seller to price the property in the sale contract at £100,000 and give you £15,000 back at completion (on paper).

The net result is that you have a mortgage for £85,000 as you would always have done. The vendor receives £85,000 as they would always have done, however the bank is now satisfied that the need for a deposit has been met.

What's the catch?

There isn't one, it's completely legal and above board. When organising a Vendor Gifted deposit there are two rules which must be met. Firstly you need to find a bank that accepts this method of providing a deposit. Secondly, the surveyor must agree that the asking price is fair. This is not a way to inflate the asking price to make it look like a deposit is there.

So which Banks will lend money using a Vendor Gifted deposit?

Lenders such as the Woolwich and the Halifax will accept applications from buyers who wish to use this method of deposit. (* correct at time of publication February 2010)

What's the next step?

Contact Graham Brooke to discuss how he can help you use this shortcut to buying a home if you don't have a deposit or with any other mortgage related matters. Tel: 01625 875352 or Mobile: 07774 744150 or Email: contact@mortgagessk12.co.uk

Why use a Mortgage Broker?

2009-09-16T08:57:00.002+01:00

Why should anybody use an intermediary when you can walk into any number of lenders on the high street? Most high streets are dominated by the big banks and building societies, and you probably already have a reasonable relationship with the branch you bank with.

However, getting a mortgage is a much bigger financial responsibility than maintaining a current account or getting a personal loan. It is likely that it will be the biggest investment of your life. It’s all the more important because it involves your home. Hence it is vital that you use a specialist broker.

Advantages of using a broker:

Most brokers can source mortgages from the whole of the market. This means that a broker can source a mortgage from every product available on the market today. Brokers can source mortgages from specialist lenders tailored to your individual needs. High Street lenders will only ever recommend a mortgage from their own limited range.

Mortgages SK12 can source mortgages from the whole of the market. Call us today.

Due to the levels of business many brokers give to lenders, they can give extra clout to your mortgage application. Your application may be considered borderline on a certain lender’s criteria, but given the amount of trust often built up between the lender and broker they can give you the benefit of the doubt.

Mortgages SK12 have favourable relationships with lenders. Call us today.

Brokers often negotiate special rates with lenders (sometimes with high street lenders) that are not available anywhere else.

Mortgages SK12 get exclusive rates that are not available on the high street. Call us today.

This information is intended for use in the United Kingdom (UK) only.

If you need mortgage advice please call us today for a chat.

Telephone: 07774 744150 Email : contact@mortgagessk12.co.uk

Independent financial advice a top priority

2009-08-19T12:27:00.002+01:00

During the first quarter of 2009, unbiased.co.uk – the free independent advice search facility – received almost 115,000 enquiries from consumers looking for independent financial advice.

The research revealed, with 31% of all enquiries, retirement planning advice as the top priority, followed by investments and savings advice at 24% of total enquiries.

If you need to review your mortgage, retirement plans, investments or savings, contact Mortgages SK12 to receive your independent financial advice

Telephone: 01625 875352 or email: contact@mortgagessk12.co.uk

(Source: unbiased.co.uk)

August Mortgage News from Mortgages SK12

2009-08-10T14:22:00.003+01:00

After a bad year for the housing and mortgage market, what does the second half of 2009 hold in store? The Council of Mortgage Lenders expects gross mortgage lending in 2009 to reduce from £258bn to £145bn.

CML also predicts net lending to be negative as homeowners scurry to repay mortgage debt and banks look to balance the interests of savers and borrowers.

Of course, lower house prices and interest rates also present opportunities.

How would you like to pay off your mortgage early? Well, one way you might achieve this is with an offset or current account mortgage, a mortgage offering much flexibility to homeowners. One symptom of the continuing credit crunch is the severe lack of available mortgage products from which to choose, but Mortgages SK12 may have the answer. They can search the whole market to get you the right mortgage for your circumstances. Give them a call to discuss how they can save you money on your mortgage.

Telephone: 01625 875352 or email: contact@mortgagessk12.co.uk

(Source: CML 18 December 2008).