First Property

NEWS 1:-

The Mortgage Crisis for First Time Buyers who are hoping to buy.

If you are looking to buy your first property then things are looking good for you at the moment. Property prices are falling (and have been for the last 6 months) so you can just sit back and see what happens.

If you are living at home with your parents then start saving as much as you can for a deposit as there are no 100% mortgages about at the moment. In all likelihood the best you will get is 90% LTV (loan to value) which means you need to raise a 10% deposit as well as considering any legal fees and removal expenses. But save you must as property values will hit a low and it's at this point you want to be in a position to buy the property you want. That time might be now or in a few months yet but nevertheless an independent financial advisor will help you get a decison in principle (effectively an offer from a lender) so that you know you have the mortgage you need.

NEWS 2:-

The Mortgage Crisis for People with Bad Credit History

Unfortunately it is now more difficult for people with a bad credit history to get a mortgage.

This is because lenders are becoming more cautious with the current economic situation and are drawing back from anything they regard as slightly risky. They want to lend to people with good credit, a steady income and who they would consider low risk.

Whether you can get a mortgage if you have bad credit will depend on your exact circumstances. How much of a deposit you have and the extent of your credit problems and how long ago they were etc.

Before applying directly to any lender you should seek independent advice. If you apply to a lender the chances are they may do a credit check. If this happens and you are turned down this will make it even harder to get you a kmortgage as it will affect your credit rating.

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“When I visited your website I was desperate as my finances were in a real mess. You recommended us to a mortgage adviser and through their help and patience secured a mortgage for me through a building society who were sympathetic to my needs.

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Offset Mortgages

An offset mortgage is one whereby you can offset the interest charged on your mortgage against interest earnt from a savingsor current account. The advantage of this is that you can keep your savings easily accessible in case of an emergency whilst benefitting from the interest you could save by reducing your mortgage. Furthermore you do not pay tax on the interest you would have earned so you make a saving on this as well. These mortgage accounts are usually set up in such a way that the money you save reduces the term of the mortgage rather than the amount you pay each month. This can save you tens of thousands of pounds.

All of the High Street Lenders now offer offset mortgages and an independent advisor can compare some of the most popular mortgages for you: eg Intelligent Finance, Woolwich and Abbey National all have some very good products with slightly different features that you may wish to have explained to you by an independent advisor.

Always get independent advice on these products! To speak to an independent FSA (Financial Services Authority) regulated mortgage advisor now complete our no obligation enquiry form below. This service is completely free and your personal broker is under obligation to give you 'best advice' depending on your circumstances and requirements. Your personal independent broker may suggest other mortgage products to you that you may be unaware of.

Please tell us about yourself

Required mortgage type

Title

First name*

Last name*

Date of birth*

Postcode*

House Number*

Address Line 2

Town/City

Telephone*

Mobile*

Email Address*

Is this a single or joint application?*

Joint Single

Your property and mortgage details

Mortgage amount required (£)*

Approx. amount of any unsecured loans (£)

Have you found the property you wish to buy?*

Yes No

Would you like to save money on your life insurance?

Yes No

Would you like to save money on your buildings and contents insurance?

Yes No

Your circumstances

Please tick any of the following that apply to you. This will not hinder your mortgage enquiry but will help us find the most suitable product for you.

Have you or the joint applicant had a CCJ in the last 3 years?

Have you or the joint applicant ever had an IVA?

Have you or the joint applicant ever been declared bankrupt?

Have you or the joint applicant missed any mortgage or secured loan payments in the last 2 years?

Any other information

Please add any other information that you feel may be important here.

RemortgageMe is an independently run website acting as an introducer to regulated advisors who can discuss and advise you on your mortgage options