House Repossession Assistance » mortgage

TEXT-Fitch afrms Clydesdale Bank Plc's mortgage covered bonds no.1 at 'AAA'

admin — Sun, 29 Jan 2012 17:37:53 +0000

TEXT-Fitch afrms Clydesdale Bank Plc's mortgage covered bonds no.1 at 'AAA'
Jan 16 – Fitch Ratings has affirmed Clydesdale Bank Plc's (CLY; 'A+'/Stable/'F1') mortgage covered bonds, issued under its no.1 programme, at 'AAA' following a review of the programme. CLY is the UK-based arm of National Australia Bank Ltd (NAB …
Read more on Reuters

Rental yields are key in buy-to-let equation
By Tanya Powley Banks and building societies are making it easier for landlords to borrow more, by making higher loan-to-value mortgages available – but many of the latest offers are not as competitive as they first appear. Last week, Leeds Building …
Read more on Financial Times

S&P rates HML in the Republic of Ireland
… a world-class service to our existing clients and new ones. “HML is the only rated residential mortgage servicer in Ireland, so that should reassure companies looking for support with some, or all of their mortgage and arrears administration work.”
Read more on Mortgage Finance Gazette Online

Can my mortgage company take my tax refund if i am in foreclosure?

admin — Wed, 25 Jan 2012 17:37:47 +0000

Question by darwinsti: Can my mortgage company take my tax refund if i am in foreclosure?
We are in “accellerated” foreclosure. We haven’t received the notice of sale, but the company refuses to accept any payment from us unless it is the full arrears. Yet, they took our federal tax refund and i was told that legally since we are in foreclosure, they have to return the refund. Is that right?

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UK Mortgage Borrowers: Between A Rock And A Hard Place?

admin — Sat, 24 Dec 2011 17:47:58 +0000

According to a new study by Standard & Poor’s, the credit performance of UK mortgage borrowers could deteriorate in a wide range of economic scenarios, including not only a renewed recession, but also a stronger recovery accompanied by rising interest rates. In this CreditMatters TV segment, Mark Boyce, of the Structured Finance Research group, discusses what’s behind our projections for arrears and repossession rates.
Video Rating: 0 / 5

i live in caada and my mortgage company has resorted to solicitors for one month’s payment in arrears?

admin — Sun, 04 Dec 2011 17:39:57 +0000

Question by soleil_0608: i live in caada and my mortgage company has resorted to solicitors for one month’s payment in arrears?
i am scared witless that i am going to lose my home. i was told that they can defer one payment if i just write them a hardship letter which i did and i was advised that a deferment took place when it didn’t so i was still one payment behind on my mortgage. our income at the moment is not enough for us to make that payment one time but they are unwilling to make payment arrngements or partial payments with us.
i don’t want to lose my home. can anyone advise me what to do or tell me what can happen with this situation? thanks

Best answer:

Answer by Alice C
Have you went in a talked to them, show them you still want the house but need to make new arrangements. Can you go to another bank, and borrow from them? Cash in on some life insurance maybe?

Know better? Leave your own answer in the comments!

Q&A: mortgage with kent reliance building society?

admin — Sat, 26 Nov 2011 17:40:13 +0000

Question by wtn457: mortgage with kent reliance building society?
does anyone know how flexible is kent reliance building society about your credit to get a mortgage? i was suggested to take one from them by a mortgage adviser, but my credit isn’t high (no missed payments or arrears, but no on-time payments either because i don’t have any). is it worth trying or should i look for something else? this society doesn’t do agreements in principle, you need to apply with all the documentation straight away.

Best answer:

Answer by resmtg
I have never heard of Kent? However, with limited credit you should be going FHA! You can even get down payment assistance so you can save your cash.

Speak with an FHA certified loan officer, or email me and we will help you out.

Know better? Leave your own answer in the comments!

Guide To Mortgage Loan Modification – Earn 50% Per Sale/upsell!

admin — Sun, 30 Oct 2011 17:35:29 +0000

Guide To Mortgage Loan Modification – Earn 50% Per Sale/upsell!
Help Individuals Who Seek To Modify Their Mortgage And Earn 50% Per Sale With Our Ebook, Plus Get 50% On All Upsells! You Can Earn Over Per Sale – Get Started Now!
Guide To Mortgage Loan Modification – Earn 50% Per Sale/upsell!

What would happen if I called my mortgage company and told them I’ve lost my job?

admin — Tue, 25 Oct 2011 17:38:09 +0000

Question by Bill Spry: What would happen if I called my mortgage company and told them I’ve lost my job?
And couldn’t pay my mortgage and probably won’t be able to pay it ever. If I wasn’t in arrears yet would they give me a runaround? Would I actually have to miss a few payments before the conversation got serious? I guess my question is how would the initial conversation go?
Keep in mind I’m trying to sell the house anyway and wouldn’t want a “payment plan.”

Best answer:

Answer by appstate
It is better to contact them as soon as possible if you did loose your job. Most people wait until it’s to late to contact their bank. Depending on the bank they will try to work out a temporary payment plan that you can afford so you can keep the house. You need to call and found out who you need to talk to.

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Raise Your Guard or Endure a Battering – Potential Dangers of the Mortgage Business

admin — Tue, 25 Oct 2011 17:33:23 +0000

Raise Your Guard or Endure a Battering – Potential Dangers of the Mortgage Business

Raise Your Guard or Endure a Battering – Potential Dangers of the Mortgage Business

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Home Page > Writing > Non-Fiction > Raise Your Guard or Endure a Battering – Potential Dangers of the Mortgage Business

Raise Your Guard or Endure a Battering – Potential Dangers of the Mortgage Business

Posted: Dec 15, 2006 |Comments: 0

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The Council of Mortgage Lenders Repossession Risk Review shows a significant rise in the number of repossessions and mortgage arrears. Numbers of people with arrears of more than six months rose to 46,290 in the second half of last year, up from 38,130 in same period in 2004. That is a jump of nearly 21 per cent.

Arrears of more than 12 months grew 23 per cent in the same period. At the same time, there has been a marked decrease in the stimulus provided by mortgage brokers and IFAs, provoking customers to review their financial commitments.

Let us get the numbers into perspective. The total number of borrowers with arrears of six months or more represents just 0.4 per cent of total mortgages in the UK, but it is a significant number.

The CML draws some comfort from this being a historically low number, but the underlying picture may be a lot worse due to two factors.

First, strong house price inflation over the last decade, has meant lenders could take lenient arrears management policies. Second, low interest rates and aggressive lending programs have pushed lending levels to new highs. Getting credit has been free and easy, well almost free.

There is a clear correlation between mortgage payment problems and households that have a high loan-to-value ratio. Last year the ratio of households with a LTV greater than 100 per cent was 5 per cent, down from 8 per cent in 2004.

But once you add on the typical consumer debt nasties of credit cards, store accounts, car loans and friends, things start to get a little shaky when its time to balance the household accounts.

The CML in its review recognises the high and rising level of unsecured debt and concludes that a segment of mortgage borrowers will have a raised sensitivity to changes in interest rates and income levels. But even the CML confesses it is not able to accurately assess the trigger points or estimate the number at risk. A qualified IFA or mortgage broker can accurately assess the risk if they get in front of these clients early enough and complete a full financial review.

Reckoning

The day of reckoning for many mortgage customers may be ever closer and last year the number of properties taken into possession reached 5630, up from 3000 in 2004. This represents just 0.1 per cent of total mortgages, but it is a number that is set to climb, and many consumers could find themselves in above their means. Slower property growth, rising unemployment and spiralling levels of consumer debt could spell disaster for many mortgagees.

Add to this the burden of rate shock as honeymoon deals expire, and slower growth in household incomes and it is clear some serious belt tightening needs to be done fast. The ratio of mortgage payments to household income rose by about 20 per cent between the end of 2003 and the middle of last year.

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So what to do, if your finances are out of control? The problem for many consumers is knowing where to turn. Citizens Advice has been swamped with record levels of enquiries, but realistically what can it reasonably be expected to do? Under-funded and under-resourced no doubt.

Commenting on the repossession figures, Michael Coogan director general of the CML said that now would be a good time for borrowers to review their financial commitments. Cutting unnecessary spending, ensuring they have a suitable mortgage deal and taking out suitable insurance such as mortgage payment protection insurance could make the difference between coping and falling into trouble.

Let us explore that a little deeper. How many consumers pro-actively review their financial commitments? The minority of course. If everybody did, there would be nobody sitting on any bank standard variable rates and the banks would be bleating about horrendous losses. In fact, how many consumers are even privy to CML data?

IMpetus

On top of the gloomy picture on the repossession front there is some significant impetus missing from the mortgage market. There are two key factors at play here. First, pre M-Day outbound calling to generate mortgage enquiries was legal. Post M-Day it was banned. It was banned unilaterally by the FSA, without, dare I say it, any qualitative research undertaken to see what impact banning outbound calling would have on the market particularly with consumers who are not proactive about reviewing their finances. Clearly the major banks lobbied hard to have outbound calling banned, and for good reason.

We estimate that more than a million outbound mortgage lead calls were made in the UK each week before M-Day. Forget the semantics about whether outbound calling should be allowed or not – if you really object you can ring BT and get your number blocked – there is a lot of activity that simply is not happening anymore. There are many consumers out there, who just do not know where to turn until it is too late. Outbound calling certainly was a direct approach, and how many of those calls are not being made to those consumers who desperately need help and do not know where to get it?

I am certainly not talking about the London set or our policymakers at Canary Wharf, I am talking about lower socio-economic and the not so financially astute borrowers, who have been flooded with credit card and loan offers, and lost control of it all. In marketing terms I am talking about C and D grade clients, not As and Bs who get most of the focus. Without help, they will not be clearing credit card and loan offers from their mailbox but repossession orders. No outbound calling means there is a major stimulus missing from the mortgage market. Total lending volumes were significantly down in last year, and some of that must be attributable to that factor alone.

Many IFAs have turned their back on mortgage business. It is difficult to quantify how many, but at the UK Mortgage Summit held in Jerez last year, it was estimated that up to 30 per cent of mortgage brokers and IFAs who completed mortgage business pre M-Day would stop doing so with 18 months of regulation. Doing mortgage business in a heavily regulated environment has all of a sudden become a whole lot harder.

There is quite literally twice the amount of paperwork to complete now, hefty FSA fees to pay and significant fines to pay if you fall foul of the industry watchdog, and yes that is how the FSA refers to itself, as a watchdog. Picture a dobermann, gnashing its teeth and foaming at the mouth. It is enough to put anyone off writing mortgage business, especially if you are a one man IFA outfit who does not want to risk the years of hard work put into building a healthy pipeline of life, pension and insurance business.

Protection

That also leads on to the thorny issue of payment protection insurance. The CML points out there are continuing low levels of consumer awareness about payment risk and the ways it may be managed. There is a real danger that the seemingly endless reviews and commentary about lump sum accident, sickness and unemployment payments versus monthly premium policies will scare more IFAs and mortgage brokers away from the sale of either. It is a difficult one to resolve, but in our experience with sub-prime clients it is easy for them to cancel a direct debit when things get tight, and that is exactly the time they need the payment protection insurance to help them out.

That is a topic for another time, but with repossessions on the rise, it is an issue not to be ignored by the IFA and mortgage broker community. Cover yourself and discuss payment protection with all your clients, make sure it is written down as well, or in the FSA’s eyes it never happened.

The industry needs to heed Michael Coogan’s advice, now is a good time for borrowers to review their financial commitments, but it is IFAs and mortgage brokers that desperately need to be the pro-active ones. Pick up the phone and ring your customers, a call that could save them money and relieve the stress and headaches of finances that are out of control; surely that is not such a bad thing.

There is no doubt that the combined impact of no outbound calling and far fewer IFAs chasing mortgage business means there are fewer options for customers to access a review of their financial commitments, and that could spell disaster. The UK economy is heavily dependent on consumer confidence, and a sharp rise in repossessions would be a significant body blow to that confidence.

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About the Author:

Matt Davies writes articles on the finance industry for www.blackandwhite.co.uk, who offer secured loans to all kinds of people, even those with bad credit.

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The Complete Mortgage Guide – Part 2

admin — Sun, 23 Oct 2011 17:34:05 +0000

The Complete Mortgage Guide – Part 2

The Complete Mortgage Guide – Part 2

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The Complete Mortgage Guide – Part 2

Posted: Aug 03, 2011 |Comments: 0
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Bankruptcy Mortgages explained

Under the Insolvency Act of 1986, Bankruptcy applies to any individual debtor who is unable to repay their debts within a given time. If you are declared Bankrupt and need a Bankruptcy mortgage from a professional Bankruptcy mortgage lender, you will be subject to certain restrictions which include access to credit. Around 12 months later, once creditors are satisfied that the Bankruptcy debt is being dealt with, the debtor will be discharged from Bankruptcy and may find they can begin to borrow once more.

What is a Bankruptcy Mortgage?

A bankruptcy mortgage is a mortgage application for people that have declared themselves bankrupt in the past. While turning to bankruptcy or individual voluntary arrangements may be the only way to get out of debt for some people it leaves a bad mark on their credit rating: a bankruptcy mortgage is aware of the borrower’s credit history but is willing to lend them the money under certain circumstances where they would be refused by a standard mortgage.

When it comes to Bankruptcy mortgage and financing, those who have become Bankrupt through lack of mortgage funds may find that the picture is not as bleak as it was 10 years ago. In the past many lenders stopped debtors from borrowing for up to 7 years after Bankruptcy. Today, due to lenders specialising in adverse credit, borrowers may still be able to keep their home even if they have considerable arrears. However, even the most specialised Bankruptcy Mortgage lender will apply restrictions to Bankruptcy mortgage refinancing, in order to make sure they are covered if the lender cannot pay.

What are the differences between a Bankruptcy Mortgage and a Standard Mortgage?

A bankruptcy mortgage is higher risk than a standard mortgage because it is designed for people who have had financial difficulties in the past. As such it is called a sub prime mortgage and is only available from specialised lenders, although the number of companies offering mortgages for individuals with adverse credit is growing. Currently there are around 30 lenders that offer bankruptcy mortgage services according to research done by the Council of Mortgage Lenders (CML). The rates for a bankruptcy mortgage are likely to be a couple of percentage points higher than a standard mortgage but individual case history and the circumstance of your debt will be considered.

How soon after Bankruptcy can I apply for a Mortgage?

Usually bankruptcy lasts for a year, therefore after this time you can apply for a mortgage although whether or not it is granted will depend on your credit record and the circumstance. Bankruptcy will stay on your credit record for six years. Usually individuals will have to show evidence that the circumstances that caused bankruptcy no longer apply.

Will getting a Bankruptcy Mortgage improve my credit rating?

Getting a bankruptcy mortgage is a good way to improve your credit rating if you have been bankrupt in the past, as long as you can keep up with your mortgage repayments you will be proving to future lenders that your financial management has improved.

Should I use a Broker to find a Bankruptcy Mortgage?

Bankruptcy mortgages are particularly specialist, therefore many firms that offer them only do so through a broker. Approaching a broker will give you access to a large amount of deals from a range of firms, because the rate you get quoted will depend so much on your previous case history going through an intermediary who knows the industry is the surest way to get a good deal and save you money.

What will I need to provide when applying for a Bankruptcy Mortgage?

When applying for a mortgage in adverse credit circumstances providing full details of your credit history is important, the more information you give the more they will understand your personal circumstances. You will also need to provide proof of your income. Before you approach a lender it is a good idea to think realistically about the amount you can afford to borrow and what monthly repayments you would be able to keep up with.

Increase your chances of success:

Following bankruptcy keep your payments up to date and on time
Put down a large deposit or down-payment
Choose a mortgage lender who is FSA regulated and approved
Get bankruptcy advice from an independent third party
Use a broker or comparison tool to compare different bankruptcy mortgage quotes

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When it comes to Bankruptcy mortgages and financing, those who have become Bankrupt through lack of mortgage funds may find that the picture is not as bleak as it was 10 years ago. In the past many lenders stopped debtors from borrowing for up to 7 years after Bankruptcy. Today, due to lenders specialising in adverse credit, borrowers may still be able to keep their home even if they have considerable arrears. However, even the most specialised Bankruptcy Mortgage lender will apply restrictions to Bankruptcy mortgage refinancing, in order to make sure they are covered if the lender cannot pay.

Bridging Loans explained

A bridging loan is typically used when an individual is unable to pay a mortgage at a particular time. It is a temporary solution to mortgage arrears and is usually accessed to alleviate cash flow problems until a source of finance can be found. A bridging loan is not just suitable for those hoping to pay back a residential mortgage, as it can also be used to extend property or to buy a business.

If you need some cash up front in order to find a mortgage for a bigger property, a bridging loan could be the right solution. For example, you’ve found your dream home but your first property is still on the market, so you need some money now to make a deposit. A bridging loan can also be used to buy a property at auction. In this case you might need a deposit quickly so that the mortgage lender can organise the payments for your new property.

Isn’t a Bridging Loan just another name for a Short Mortgage?

A bridging loan is more expensive than a normal mortgage and should only be used by those who can pay back quickly. They can be a great solution to find a mortgage speedily by providing the required deposit, but at the same time they are risky if you are unable to find the borrowed cash within the given time frame.

How does a bridging loan work?

The amount of money you can get from a bridging loan depends on the value of the properties involved and any existing mortgage. Speak to your individual lender to find out about their bridging loan policies and discover if you can afford to find a mortgage before your existing property is sold.

Which organisations deal with bridging loans?

Although you may find that your high street bank offers bridging loans, it would be wise to shop around and visit a number of specialist bridging loan lenders before deciding. A specialist will have the knowledge and resources to deal with your request quickly, which can make a huge difference when it comes to the property market. In general if you want to find a mortgage, extend a property or buy a business, a bridging loan can be a quick fix solution, providing ready cash within 10 days.

Can I use a bridging loan if the sale of my house falls through?

You can also apply for a bridging loan if the sale of your house falls through but you want to buy another property. Bridging loans however are expensive and are only a short-term solution. In today’s property market selling a house could take time so you may wish to consider changing your previous property to a to-let mortgage, or a quick-sell or auction would allow you to sell your property quickly and raise the money you need to buy your next property. You would also probably find that a second mortgage with no early repayment fees would work out cheaper than using a bridging loan.

Are there different types of bridging loans?

There are two types of bridging loans, ‘closed’ bridge loans and ‘open’ bridge loans. Closed are available to people who have already exchange contracts on the sale of their current house, while open bridge is where a sale has not been closed but where there it is likely that a sale will take place in the near future: your house must already be on the market. Most mortgage lenders will only allow 12-month open bridge loans, after which time the loan will have to be renegotiated.

How much does a bridging loan cost?

Bridging loans are more expensive than standard mortgages because they are short term. Usually they charge 2-2.5% in addition to the Bank of England’s base rate as well as an arrangement fee around 1% of the total loan. Beware of lower or no arrangement fees as this may be indicative of high interest rates, whether or not you opt for a lower arrangement fee or lower interest rate will depend on how long you envisage to use the loan, if you only intend to borrow for a short time and are confident you can pay off your debt after this time then a lower arrangement fee is more sensible.

Buy to Let Mortgages explained

There is very little difference between a buy to let mortgage and a traditional mortgage except a buy to let mortgage is taken in the assumption that income from rent will be used to pay back the mortgage. When it comes to buy to let mortgages there are two main types you will need to choose between – a repayment mortgage or an interest-only loan. With an interest only mortgage, lenders are often looking for a suitable investment product, while with a repayment mortgage, some lenders may ask for life insurance in conjunction with your loan.

Other options include fixed rate and variable rate mortgages. A fixed rate loan should provide you with some certainty about your monthly repayments whilst variable mortgage rates can change from month to month.

Top Tip!

When choosing a buy to let mortgage, take some additional sound property advice from an independent adviser or mortgage intermediary, in order to help you consolidate your ideas.

What are the additional costs of a buy to let mortgage?

In addition to monthly mortgage repayments you could also have to pay for:

Building insurance
Content cover for furnished properties
Maintenance costs
Dry periods when you don’t have tenants.
Extra rent if tenants fall into arrears.
Interest rate growth and related mortgage repayments.

Questions to consider before choosing your mortgage:

Have you received advice from a variety of mortgage consultants?
Have you thought about how rising interest rates could affect you?
Do you have enough savings or income to pay for tenants who leave, rent arrears or if the property is empty?
Is the mortgage affordable and will I be able to pay it in the long term?

When it comes to buy to let mortgages we recommend you consider all of these questions before you sign a contract. In addition you should get independent tax, legal and property advice from qualified specialists who can help you to see all the disadvantages and benefits of this investment method.

Can I change my current mortgage to a buy to let?

As the property market struggles many people are choosing to rent out their property and rent elsewhere to meet their changing needs. In order to rent out your property you will have to change from a normal repayment mortgage to a buy to let mortgage. While mortgage brokers are usually happy for you to do this, you may incur a fee or a higher rate of repayment; so do your research, and compare remortgaging to buy to let quotes.

What are the advantages of buy-to-let?

Benefit from rising property prices
Regular income/return from rent
Pay off the mortgage with rent money
Long term investment
Rent out an existing property while you relocate
Avoid problems associated with selling a house in a lagging property market

What are the disadvantages of buy-to-let?

You will have to pay stamp duty, solicitor’s expenses
Ongoing costs of property maintenance
Property prices may not rise
Have to consider mortgage repayment if property not occupied
You must contact your mortgage lender to gain permission to rent your home out – this may result in them charging fees

Top tips for choosing a buy-to-let property:

Choose a promising area
Consider who you will be letting to: Families? Young couples? Students?
Choose a property type and location appropriately
Don’t overstretch your budget

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Kieron Bolton -
About the Author:

Kieron Bolton, Director of propertyadviceblog.com invites you to visit our website to find UK Mortgage Brokers who can offer today’s Best Buy mortgage products at the lowest possible rates. We can search the whole of the market to find you the best Buy to Let Mortgages available today. By visiting our site you’ll receive a FREE copy of ‘The Essential Property Ebook” together with Free impartial property Advice for all your property needs.

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If I purchase a property’s delinquent tax bill, and the property has an existing mortgage. Is that debt transferred/assumed to me? or would a refinance, or complete payoff of the mortgage be required
Please advise a complete guide book to manufacture a successful hydro car kit
Is there ANY help for homeowners with an FHA mortgage that are lucky enough to still have their jobs, not late on payments.. but are completely under water with their home values and just want to refi

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Q&A: my mortgage company won/t report my account after chap 7 even though I paid them alll arrears payments?

admin — Mon, 17 Oct 2011 17:36:42 +0000

Question by duty lee: my mortgage company won/t report my account after chap 7 even though I paid them alll arrears payments?
How do I get them to report to the credit bureau

Best answer:

Answer by jlf
You cannot compel a lender to report your payment history to credit bureaus. You can only request.

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