Archive for January, 2008

What is self ceritification all about?
The Thrifty Scott explaina it here:

Self certification mortgages

There are many different types of mortgage available these days, with mortgage loans on offer to suit a wide range of needs, circumstances, and budgets. Whether you have good credit or bad credit, are employed or self employed, you should find that there are mortgage products on the market to suit both your needs and your pocket, although rising interest rates have obviously had an impact on the affordability of mortgages, especially in the case of sub-prime mortgages, where lenders have pushed interest rates up higher than the base rate in many cases.

A self certification mortgage is a type of mortgage that comes under the umbrella of sub-prime mortgages, and this is because the lender is classed as an increase risk because of their self employed status. Being self employed can be very rewarding for many people, and means that you can enjoy unlimited earnings potential and the freedom of working for yourself.

On the downside the potential instability of this type of employment status means that you are classed as an increased risk by lenders, and therefore the cost of taking on a loan such as a mortgage may be far higher than for those with an employed status and good credit.

Self certification mortgages

Tags: self, certification, mortgages

If you’ve been thinking of remortgaging, then here’s some good info from The Thrifty Scott.
They advise taking a sober overview and not being seduced by all the free add ons on offer:

There are plenty of remortgage offers on the market, and it is important to look further than the headline rate which help get mortgages to the top of the best buy tables.

Borrowers need to work out the overall cost of the mortgage, including arrangement fees, and taking into account offers such as free valuations or legal work.It is equally important not to be blinded by the “freebies” as these are thrown in as enticements, but might be accompanied by a higher interest rate as the provider is unlikely to give away something for nothing.These days arrangement fees can be set at thousands of pounds or as a percentage of the mortgage – which can be even higher. Set fees can be better for higher mortgages; percentage fees may work out cheaper for lower mortgages.It is certainly worth asking a mortgage broker for advice and guidance. They can trawl the whole of the market to find the best deal to suit your circumstances.

Look For Ways To Cut Your Long-term Mortgage Costs

Tags: remortgage, refinace, mortgages

It had to happen, especially after more bad bank news for the sub prime housing market from the US.

Government Figures Show Slowing House PricesOfficial Government figures show that house price inflation fell to its lowest for more than a year in November, with the cost of an average home falling by £1,750.

The figures from the Department of Communities and Local Government show that house prices fell by 0.8% in November, meaning that annual house price inflation was down to 9.5% in the year to November.The average home in the UK was worth £218,330, with a 2.4% fall in the price of detached houses and a 0.9% drop in the cost of a bungalow.Most house price indexes showed a fall for November, although the DCLG figures are published later than the others.

Halifax saw a fall of 1.3%, and Nationwide a drop of 0.8% in November.The figures back up other evidence that the housing market is in a period of slowdown.

Government Figures Show Slowing House Prices

Tags: housing, mortgage, sub prime