Five Reasons to Consider a Remortgage

By: Nicholas Hunt

Gone are the days when we took out a mortgage and stuck with it for life, until the debt had been completely repaid. The remortgage market is big business these days, and taking a look at the options available could considerably improve your finances. What are some of the reasons for considering switching your mortgage?
1) Get a better deal: Are you sure that your current mortgage is the best one you can get? The market is very competitive and mortgage providers are desperate to attract new business, usually by offering special deals to people who switch their mortgage over to them. As well as aiming for a lower interest rate and lower monthly repayments, remortgaging could net you other benefits such as cash back, free home insurance, or other valuable extras depending on the deal.
2) Lock in a low rate: Interest rates are at historic lows, even taking into account the recent rise. Many experts are predicting that rates will begin to rise again over the next few months and years, leading to more expensive mortgages. By replacing your variable rate mortgage with one that has a rate fixed for a few years, you can protect yourself against future rises in the interest rate.
3) Release equity: As house prices have gone through the roof over the last decade or so, many people find that they are sitting on a large amount of equity in their home - the difference between how much their house is worth and what the outstanding mortgage balance is. Taking out a remortgage that will pay off your current mortgage and also give you some extra funds is an effective way of unlocking some of this stored wealth, providing you with the funds you need for home improvements, a holiday or wedding, or any other large expense. It is often cheaper to raise the money with a remortgage than by, for example, taking out a personal loan.
4) Debt consolidation: It's well known that the public as a whole are in debt to a level never seen before, with easy access to relatively cheap credit providing the temptation to 'live now and pay later'. Nonetheless, the money has to be repaid at some time, and credit cards and the like aren't an ideal way of obtaining long term credit. Taking out a remortgage large enough to cover both your mortgage and your other debts will simplify your finances, leaving you with a single monthly repayment to make, which will usually be for a smaller amount than your total repayments at the moment.
5) Change your mortgage type: People's circumstances change over time, and what might have been an ideal mortgage a few years ago when you took it out might not be the most suitable for your current needs. Maybe you want to switch from an interest-only mortgage to a capital repayment one, or you might want to take advantage of some of the more recent features of mortgages such as flexible payments or offsetting - a remortgage can give you the chance to get a deal more in tune with your current circumstances.Bearing all the above in mind, a remortgage might seem like an ideal way forward for restructuring your finances. It's important to remember though that the decision to remortgage is not to be taken lightly, as you could potentially be putting your home at risk if you get it wrong, and so it's essential to seek the advice of a properly qualified mortgage advisor if you are in any doubt.
Article Source: http://www.approvedarticles.com/
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5 Ways To Raise Credit Score

It's not as hard as you think to raise credit score. It's a well known fact that lenders will give people with higher credit scores lower interest rates on mortgages, car loans and credit cards. If your credit score falls under 620 just getting loans and credit cards with reasonable terms is difficult.
There are more than 30 million people in the United States that have credit scores under 620 and if you're probably wondering what you can do to raise credit score for you.

Here are five simple tips that you can use to raise credit score.
1. Get a copy of your credit report
Obtaining a copy of your credit report is a good idea because if there is something on your report that is incorrect, you will raise credit score once it is removed. Make sure you contact the bureau immediately to remove any incorrect information.
Your credit report should come from the three major bureaus: Experian, Trans Union and Equifax. It's important to know that each service will give you a different credit score.

2. Pay Your Bills On Time
Your payment history makes up 35% of your total credit score. Your recent payment history will carry much more weight than what happened five years ago.
Missing just one months payment on anything can knock 50 to 100 points off of your credit score.
Paying your bills on time is a single best way to start rebuilding your credit rating and raise credit score for you.

3. Pay Down Your Debt
Your credit card issuer reports your outstanding balance once a month to the credit bureaus. It doesn't matter whether you pay off that balance a few days later or whether you carry it from month to month.
Most people don't realize that credit bureaus don't distinguish between those who carry a balance on their cards and those who don't. So by charging less you can raise credit score even if you pay off your credit cards every month.
Lenders also like to see a lot of of room between the amount of debt on your credit cards and your total credit limits. So the more debt you pay off, the wider that gap and the better your credit score.

4. Don't Close Old Accounts
In the past people were told to close old accounts they weren't using. But with today's current scoring methods that could actually hurt your credit score.
Closing old or paid off credit accounts lowers the total credit available to you and makes any balances you have appear larger in credit score calculations. Closing your oldest accounts can actually shorten the length of your credit history and to a lender it makes you less credit worthy.
If you are trying to minimize identity theft and it's worth the peace of mind for you to close your old or paid off accounts, the good news is it will only lower you score a minimal amount. But just by keeping those old accounts open you can raise credit score for you.

5. Stay Out Of Bankruptcy
Bankruptcy is the single worst thing that will destroy your credit score. Bankruptcy will lower your credit score by 200 points or more and is very difficult to come back from.
Once your credit score falls below 620, any loan you get will be far more expensive. A bankruptcy on your credit record is reported for up to 10 years.
The reality of a bankruptcy is it will limit you to high-interest lenders that will squeeze out high interest rate payments from you for years.
It is better to get credit counseling to help you with your bills and avoid bankruptcy at all costs. By getting credit counseling instead of declaring bankruptcy you can raise credit score over a much shorter period of time.
http://www.amortgage4you.co.uk/article-raise-credit-score.html

Student Loans UK: Supporting Student Financially by Peter Taylor

Pursuing for higher studies or professional course has become challenging because of the hike in the admission fees and other related expenses. However, future of a nation is dependent upon the education and for this reason all the finance lending institutions have come forward to aid the economically challenged students under the loan plan named as student loans UK.
Student Loans UK assist students with the necessary finance and meet the expenses that might come or comes in the way while pursuing higher studies. The loan can be borrowed for aboard studies as well as for pursuing studies in reputed institutions. Without the adequate money at hand, students very often cannot continue their studies and have to leave in the middle of the course. Thus taking notice of such instances, student loans UK are offered even in the stage of have poor or no credit status. Applicants can approach lenders for student loans UK and get the amount with or without pledging collateral.
Loan amount that can be borrowed is limited and depends entirely upon the use and the equity of the collateral. The multiple demands and expense that can be supervised in a single loan are as follows: admission fees, books, computer, laboratory instruments, accommodation and fare etc. Very often it is noticed that borrowing of loans is easy and repayments are rigid thus making repayments unsuitable. But, student loans UK has followed the flexible reimbursement loan. Borrowers can start repaying the loan amount after six months or completing the course. The interest rates of student loans UK are not ignored rather have been calculated making it economical and easy to afford.
Click the online application form and approve the student loans UK from home. This is the easiest and straight forward way to get the loans. All you to have to follow is furnish the details at the space. So, now onwards you can carry on your education or support the education of your dear ones with the aid of student loans UK.

http://www.goarticles.com/cgi-bin/showa.cgi?C=630003

Bad Credit Remortgage - get rid of high rate mortgage with ease by Roger John

If you have a bad credit history and want to get rid of existing mortgage then still you have options in doing so. The loan market place is full of bad credit remortgage providers who are ever willing to give a new mortgage as per your circumstances.
Bad Credit Remortgage means bad credit history people can switch existing mortgage to a new mortgage for host of benefits. Remortgage allows in replacing current mortgage of higher interest rate with a new mortgage of lower rate. This way you save lots of money on interest payments each month and can use it for other purpose including paying for remortgage installments. There are many reasons for taking a bad credit remortgage. For instance you can reduce monthly outgo or you can release extra money in your home for home improvements, buying car, wedding, going to holiday tour and so on.
Bad credit is usually no hurdle in taking a remortgage as lenders have little risks. This is because the same home can be used as collateral for remortgage. The lenders however ensure that your repaying ability is sufficient. So your income and bank statements are seen by the lenders prior to approving the loan. take a convincing repayment plan to the lender for better approval results.
Take rate quotes of bad credit remortage lenders for comparing them. Comparison of remortgage lenders is prudent as this way you find out suitable lender providing remortgage at lower interest rate than rate on existing mortgage. You are also advised to take remortgage from online lenders as they have lower rate offers for bad credit people as compared to banks and financial companies. And ensure to repay the remortgage installments regularly in time to avoid building up of debts and also to improve credit score.

http://www.goarticles.com/cgi-bin/showa.cgi?C=630039

Subprime Second Mortgage - Who Needs One(By Mike Hamel )

Subprime lenders are providing first mortgages, second mortgages and home equity loans to those who don't qualify for conventional financing. Many of the more than 19,000 mortgage lenders in the U.S. offer some form of subprime mortgages.Subprime borrowers are people with a FICO score of 620 or lower. In fact, the “sweet spot” for the subprime industry consists of borrowers with credit scores between 620 and 640. Bad credit means you will pay more when you borrow money. However, a subprime second mortgage could still save you thousands of dollars over other forms of borrowing.Prior to the widespread availability of subprime loans, many deserving people with poor or insufficient credit histories could not get a mortgage. Now these folks are able to become proud homeowners as part of the American Dream.A subprime second mortgage makes sense when you don’t want to refinance your first mortgage but want to access your home equity for legitimate reasons such as home improvements, debt consolidation, medical bills or college tuition. As an added bonus, the interest paid on a second mortgage is usually tax deductible.Borrower BewareRecent research reveals that subprime mortgages are three times more likely to happen in minority neighborhoods. Even affluent minorities are more likely than whites to take out subprime mortgages. The AARP notes that older female borrowers held 45% of subprime mortgages and only 28% of prime mortgages.Some dishonest lenders will try and exploit the financial troubles of borrowers by offering easy-but-expensive credit that could lead to them eventually losing their homes. Or, these disreputable people resort to exorbitant fees, prepayment penalties or balloon payments to snare the unwary.Learn more about how to avoid Subprime Second Mortgage fraud, and get a free loan quote at Easy Second Mortgages. Even if you have bad credit, you may still qualify for a good second mortgage.Mike Hamel is the author of three business books and several articles about mortgage financing. His material is featured on sites like Easy Second Mortgages.

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Personal Loans - Making Your Holidays Better (By Amenda Dorothy)

For British holidaymakers, Thailand is the most preferred destination. The country is better known for its ancient temples, beautiful beaches and mouth-watering cuisines. So, plan a visit to Thailand with your family and enjoy the exotic locations there. You can also think of visiting countries like Australia and India, also the favourite destinations and ranked second and third for the British visitors.As far as the financial implication of a foreign tour is concerned, you must give due thought to it and properly plan your finances. First of all, make it a valid point to avoid using your credit cards while abroad. The credit card companies usually charge hefty fees whenever a credit card is used outside the country. Secondly, make your budget and try not to exceed it during the holidays.If you find that your budget is far exceeding your savings and cash available with you, apply for a. Personal loans can be secured, as well as unsecured. If you do not have any security to offer to the lender, go for an unsecured personal loan since this loan does not require any security. Personal loan is quick to get and can solve your purpose. You can get £25,000 from the lender at competitive rate.Personal loans are very easy to obtain. You can apply online and request the lenders to send loan quotes. Once you receive quotes from several lenders, you should compare loans and find out a loan deal that clearly suits your requirements and preferences. This process ensures that you get a good loan deal.Generally, borrowers consider your repaying capability, credit score, monthly income and the amount of loan required before they sanction any personal loans deal. If you have a spotless credit record and decent monthly income, you can easily get a personal loan.About The Author: The author is a business writer specializing in finance and credit products and has written authoritative articles on the finance industry. He has done his masters in Business Administration and is currently assisting ask4loan.co.uk as a finance specialist.For more information related to personal loans: http://www.ask4loan.co.uk

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08 Aug 2007 1st Article

Bad Debts Remortgage: Proximity For A Better Future(by George Cummings)

The journey of life becomes bitter when the bad credit tags sting your financial profile. Anyone among these viz. CCJs, arrears, defaults, late payments, bankruptcy might be the reason of your bad credit. To disperse or reinstate is not a matter of concern but rather can surmount in a rational manner with the bad debts remortgage.
Bad Debts Remortgage is a secured form of loan. This loan plan ensures that applicants obtain loans without any hassle and within less time. If empowers or can say provides the bridge to shift the current mortgage to a new lender if he finds the offers more attractive and reasonable. Bad debts remortgage allows victims of bad credit to grab an opportunity to rebuild and least stabile the credit condition. A direct slash in the interest rates can be observed by considering the bad debts remortgage.
Procuring a lender offering the bad debts remortgage loans is not a hard task. But applicants should take into granted the benefits and the marginal interest rates. Applicants should follow the practice of contrasting the figures of interest rates and pick the cheap and marginal one. It is easier to handle the situation and pin point the low interest rates by using the online application procedure. The online process makes it more efficient to approach lenders from home or office.
Bad debts remortgage is what a bad credit person seeks for when they are going through the phase of bad credit. If a through reading is done then certain objectives can be understood that are subtly inserted for the well being of the bad creditors. It contrives policies to accumulate the tattered credit conditions and stitch it...

First Time Buyer Mortgages

In times gone by, there hasn't been a specific type of mortgage known as a 'first time buyer mortgage'. But, as property prices have raised so much in the UK over the last five years, leaving first time buyers out of the market, mortgage lenders have had to come up with some new and creative ways of lending to help people onto the first rung of the property ladder.Ten years ago, first time buyer mortgages were easily calculated by simply multiplying your annual salary by two and a half. Nowadays it’s a lot more complicated than that!Now there are hundreds of lenders offering thousands of first mortgages – all vying for your first time buyer mortgage business. Along with the competitive situation there are a great number of first time buyer mortgage deals to be had!So, how should you go about deciding on your first mortgage?If you have time and are fairly numerate, it’s possible to research the offering in magazines and on-line. You can compare first time buyer mortgages in terms of their promotional offers, costs, interest rates, fees, pay-back terms and how much the lenders might lend.There are an enormous number of variables to consider. For that reason, consulting a mortgage broker or advisor can offer significant financial benefits. It is important to seek appropriate first time buyer mortgage advice. Probably of all the different types of mortgages, 1st time buyer mortgages offer the most variables - as the area has become more competitive.Mortgage brokers or mortgage advisors who are independent will have access to and knowledge of all the mortgages on the market. They will not only know the differences between the lenders – how responsive they are, how flexible, how generous, but they will be up to date with the rates and offers. They will probably also be able to sell you other relevant ancillary products like life and property insurance should you need them.When seeking first time buyer mortgage advice, you will find that many first time buyer mortgage advisors and brokers offer a free consultation, taking their earnings from the commission they earn when they sell a mortgage. Others will charge, possibly up to £800 for a consultation. You always have the right to ask how they are being paid. Plenty of first mortgage information is readily available and in the public domain, in magazines or on the internet. If you want your mortgage broker to advise on a particular range of products that they feel suit your circumstances you will need to actively approve this. Offering mortgage advice is governed by the Financial Services Act and has to be carried out according to very strict guidelines and rules.The main differences between mortgages are how much they cost and how you are charged. There can be quite a difference!The main way in which the mortgage lender charges you for the loan is through interest payments. The interest charged is based upon the interest rates set by the Bank of England.There are two main types of first time mortgages. The difference is determined on whether you pay for the interest and also pay back the loan, or just pay the interest on the loan. It's a big difference that really needs to be understood when you are considering your 1st mortgage. A repayment mortgage is one where you pay off part of the loan as well as interest on that loan every month. At the end of the term of the mortgage, usually between 25 and 35 years, you will have paid off the interest on the loan and you will have paid off the loan. The property will be yours.With an interest only mortgage, you only pay the interest each month on the loan. Thus you are paying less out each month for your mortgage. You must be aware that at the end of the term, whilst you might have paid off the interest on the mortgage, you will still owe all the money to the value of the mortgage. With an interest only mortgage you will need to find some other way (typically some sort of policy) to pay off the mortgage if you want to own your home at the end of the term.When you add up the interest you will pay on your mortgage you may be shocked to see what an enormous sum it is. There are ways of reducing it, the main one being by shortening the mortgage term when you are able to pay more into the mortgage each month. From two or three years after you take out your first mortgage, you should look into remortgaging.There are also many other variables like fixed, tracker, discounted, variable, capped, offset - your first time buyer mortgage advisor will be able to help you choose between all the different 1st mortgages.With the property crisis for first time buyers, the lenders have launched a number of first time buyer mortgages designed to help out. They often mean unconventional ownership options which will become more widely used as time goes by.We have put together a list of popular first time buyer mortgages:Guarantor mortgages: parents guarantee to pay your mortgage payments if you can’t.Cash-back mortgages: purchase the house and receive a lump sum from the lender to pay some costs like stamp duty and furnishings.Mortgages based on parents’ residual borrowing capacity: borrow more because your parents can help you with the payments.Family offset mortgages: your family’s savings interest is offset against your mortgage interest.Graduate and professional mortgages: bigger mortgages are offered to those who are dammed to have careers where salaires are expected to rise quickly.Shared ownership mortgages: own part of a property, pay rent to the co-owner (usually a housing association) and get a shared ownership mortgage out for the part you are buying.Extended term mortgages: start out with a repayment term of up to 40 years. It makes the monthly payments more affordable but you would pay a lot more interest overall if you didn’t shorten the term at some point.High Loan-to Value mortgages: lenders might lend up to 130% of the value of the property. You start with negative equity but all your costs will be covered. These mortgages are only available to the rare few.Joint mortgages: you team up with a friend or family member to borrow more, share the costs but have joint mortgage payment liability.'Renting a room' mortgages: if there’s a spare room in the house, the rental revenue is taken into account when deciding how much to lend to you.Rent to Buy mortgages: the amount of monthly rent you've been paying is taken as the account. It demonstrates affordability.Shared appreciation mortgages: in exchange for a mortgage and an additional cheap 'equity loan' with which to buy a first home, you would have to give up some of the increase in value of your property to the lender when you sell it.There are now so many options, the best thing to do is to seek first time buyer mortgage advice.

How to Use Home Equity Loans?

These days, property investment is gaining immense popularity, more than anything else. Home is often referred to as a source of security. Security, not only in the sense that it provides shelter to you and your family from any external threat, but it guards you in the hour of need. If you encounter any financial difficulty, you can offer it as collateral to secure the loan amount and avail finance on easy terms. Usually, lenders feel safe while offering finances to homeowners and offer nominal interest rates long with flexible terms of repayment. As this way, their money is much safer than for unsecured home loans. What exactly does it take to qualify for home equity loans and what are the things that you should keep in mind while applying for these loans. Let us confer upon all the significant details of home equity loans. Home equity refers to the total value of house after deducting the amount that you still owe. The loan amounts issued against Home Equity Loans are generally larger. In fact, you can have home equity loans at competitive rates. Working out all the expenses is a Herculean task for salaried class individuals. In such hour, your home can serve as a priced possession. Home equity loans are the easiest way to acquire money for your financial requirements. With the help of home equity loans, you finance any of your requirements. Whether you want to make home improvement, buy a new home, car, repaying debts or anything else, it can be used for all. In order to make most of home equity loans, you must have a financial plan in your mind. Make sure that you compared well, more than one quotes, before arriving at any decision. You can go for online mode of search for best possible deals of home equity loans.

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