Archive for October, 2011
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Intermediaries On The Rise
The number of borrowers involving intermediaries in their search for mortgages has been seen to be on the increase according to a financial website.
Darren Cook mortgage expert at eMoneyfacts.co.uk commented in this increase he said: With continuing uncertainty in the mortgage market and the total number of products continuing to decline many more people will be considering approaching an intermediary to find them the best mortgage deal for their circumstances. However many intermediaries are finding that their choice of products to recommend to clients has been increasingly restricted as more lenders move to offer their most competitive products just for direct only business.
Just 49 per cent of deals on the market today are exclusive to intermediaries whilst 23 per cent are available through both intermediaries and direct business. Although intermediaries have 72 per cent of the market to advise on it’s the deals that are available direct from lenders which are the most competitive.
The top 13 deals for a twoyear fixed rate mortgage based on 150K are only available direct and of the top 20 deals only three are available via intermediaries.
This reduction in competitive deals has led Jonathan Fischel head of mortgages and credit unions department at the Financial Services Authority to advise intermediaries to advise on direct only products and charge a fee for the advice given.
He also commented that most sourcing systems do not show direct only products. eMoneyfacts.co.uk has the facility for intermediaries to opt whether or not to include direct only products in their product sourcing. A priceless facility at the current time.
However at the moment the majority of lenders are now receiving more business than they can actually process. If the products that are currently only available direct were also made available to intermediaries then the lenders would no doubt find other ways to restrict their business volumes such as further tightening their lending criteria.
There are less mortgages being written and this position is likely to continue for at least the next twelve months. It is likely that mortgage intermediaries will need to widen their scope of financial advices in order to survive.
The argument on dual pricing will no doubt continue to rumble on. However for a long time mortgage clubs and packagers have benefited from exclusive and semiexclusive deals with lenders. If they are looking for a level playing field it could be argued that these exclusive deals should also come to an end.
About the writer: Ruth is an author of several articles pertaining to Mortgages. She is known for her expertise on the subject and on other Business and Finance related articles.
Interest Only Mortgages – What You Need To Know Before Obtaining One
Buying a home is a dream that just about everyone has. Unfortunately many individuals are unable to afford a home without assistance. Even with financial assistance in the form of a mortgage there are still many individuals who find it difficult to own their own home. In recent years the popularity of interest only mortgages has increased. Interest only mortgages are often viewed as a way to save homeowners money but are they really?
Interest only mortgages are just what they sound like. For a period of time you will only have to pay the internet rate of your loan. Instead of making large monthly payments you will only have to pay the dollar amount of your interest. To many individuals this means a large savings but only in the beginning. After the interest only period has ended you will be required to start making regular payments. Because full payments were not made in the beginning your monthly payments will be higher than normal.
Saving money even if only for a short period of time is appealing to many individuals. That is why interest only mortgages are so popular. Unfortunately many individuals end up in financial trouble because of them. In addition to experiencing financial difficulty there are some individuals who have even lost their homes. That is why it is extremely important to fully examine and understand interest only mortgages before trying to obtain one.
In the past interest only mortgages were only obtained by wealthy individuals. Many of these individuals could afford to make the higher monthly payments later on. Now interest only mortgages are popular among individuals of all social standings. While interest only mortgages are pushed and offered to all there are some who may benefit from them and others that may not. Before agreeing to an interest only mortgage you are urged to determine what type of individual you are.
Most individuals get paid a certain amount of money each week. Others get paid commission or multiple bonuses a year. If you are one of those individuals you may be able to benefit from an interest only mortgage. If you are sure that you will see an increase in income in the future you may not have a difficult time making the higher monthly payments once the interest only period has ended.
If you live paycheck to paycheck or if you only receive a set amount of money each week you may want to obtain a traditional mortgage. Too many individuals are purchasing homes that they cannot afford. This is often because interest only mortgages lead them to believe that they actually can afford them. If you cannot or do not expect to be able to afford your regular monthly mortgage payments you are encouraged not to obtain this type of loan. Not paying your mortgage can result in damage to your credit and the loss of your home.
You should be able to determine for yourself whether or not you can benefit from an interest only mortgage. If you are unable to do so you may want to consider seeking professional guidance. Real estate agents accountants and financial advisors may be able to offer you assistance with the process of buying and affording a home. Whether you seek professional assistance or not you are advised to fully examine your decision. If you don’t you can forever end up suffering the consequences.
About the writer:nbsp;nbsp;John Halsey recommends that you visit http://www.homeloansdirect.net for more information on Bad Credit Remortgages.
How To Incorporate Mortgage Leads Into Your Business Plan Close More Loans!
Incorporating Mortgage Leads Into Youre Business Plan
Taking high measures to minimize risk is the key to longterm success rather than simply hoping for the best. Many mortgage brokerage companies are not only surviving but flourishing even in these troubled times. As you have probably heard in the news major mortgage companies such as Countrywide who experienced a severe decrease in its stock value in part due to an unprecedented number of foreclosures are going broke. For someone making their living in this industry the times of uncertainty can be costly. Thankfully there is a light at the end of the tunnel.
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