The biggest innovation in the mortgage market in recent years, the offset mortgage, is now starting to take a significant share of the market. Now, only six years after they were introduced, the offset and the current account mortgage account for 10% of all borrowed mortgage capital.
According to one of the UK’s largest mortgage lenders, as many as 25% of existing mortgage holders could save money in the long run by choosing an offset mortgage. If you’re one of those possible 25%, then it’s important that you are aware of the facts. Continue reading
Reverse mortgages are becoming popular among the senior citizens. They give seniors easy money in lieu of the part ownership of their home.
If you want to go for a reverse mortgage, the information below will help you:
What is reverse mortgage?
For senior citizens above 62 years, lenders offer instant cash without any monthly payments. This allows the pensioners with a home, but no cash, to get easy financing to meet their daily needs or for any other purposes. This allows them to convert their equity tied up in their home into cash. Continue reading
Who qualifies for a reverse mortgage?
You must be at least 62 years old and have equity in your home.
You have equity in your home if your home is worth more than you owe on it.
Here’s how it works
When you bought your home, the bank loaned you the money to buy it and you paid them back with monthly mortgage payments.
A home loan that you do not have to pay back for as long as you’re alive or for as long as you live there? That sounds too good to be true, but that’s what reverse mortgages do.
A reverse mortgage is a loan that you make where you do not have to pay back anything for as long as you still possess that property you have purchased. Reverse mortgages provide you with cash which you can use for other investments. By turning the value of your home into cash, reverse mortgages gives you virtually unlimited funds without having to move and even without repaying the loan every month. Continue reading
The CML (Council of Mortgage Lenders) show that nearly 6 Million people have received mortgages that are interest only. Interest only mortgages means that your monthly payments are applied only to the interest accrued on the debt and not the actual debt itself. Additionally, the CML has found that many first time home purchasers are seeking interest only mortgages. The number of first time buyers that apply for interest only loans increases each year. Why such a boom in this type of loan? Well research has found that by allowing first time homebuyers to pay interest only, is the only way many of them can afford to buy a home.
While there are several different types of 1% mortgage loans, there are really only two major keys to winning with a 1% mortgage loan.
The first key is to make sure the loan is set up correctly from the beginning.
And the second is to make sure you are using the loan correctly to gain the most benefit.
First, let’s talk about how the loan works. Then we’ll get into how to set the loan up correctly so you can reap the financial rewards these mortgage loans have to offer. Continue reading
Debt and bill consolidation is the practice of paying off many loans with one loan. This is undertaken by debtors for lowering their interest rates on loans and to enjoy the convenience of making a single monthly bill payment than multiple ones. Multiple bill payments increase the chances of missing a payment, which could adversely affect one’s credit score. Sometimes, debtors take one loan to pay off multiple loans with the intention of locking in a fixed interest rate.
Unfortunately, in todays world, debt in very nearly at endemic levels and is very much a way of life – of which to be fair, the finger cannot be pointed at any one single source to blame, but rather the blame must be shared by all involved to some extent.
Outside my online businesses, I also run a Financial Services Company – who, I would point out, are not involved in issuing or creating debt, but rather it is a part of our business that we often see it, and how it easily affects lives of many people, to the extent that they become blinded and even apathetic.
Debt can (and sometimes does) cause absolute devastation – occasionally to the point of suicide in the rare few.