If you are falling behind on your mortgage because money is being swallowed up by other debts, you need to reprioritise your payments or risk losing your home.
Homeowners with unsecured debt problems can often find that they get into arrears on their mortgage because they are focusing on paying credit cards and personal loans.
If a [...]
Using an individual voluntary arrangement or debt management plan could be the best way to resolve your personal debt problem but be aware of how your credit rating will be affected.
Your credit rating is the way that banks measure whether or not they should lend to you.
Each time you apply for credit, the bank will [...]
A debt management plan can be a very effective way of dealing with a personal debt problem. However, beware that the debt repayment period will be significantly increased and your debts could therefore remain payable for many years.
One of the key steps to resolving a debt problem is to reduce the payments you make to [...]
If you have started an individual voluntary arrangement (IVA) but are unable to maintain the agreed payments, bankruptcy could be an option to resolve your debt problem once and for all.
An individual voluntary arrangement (IVA) is a legally binding agreement with your creditors allowing you to settle unsecured debt over a fixed period of five [...]
If your circumstances change while you are in a debt management plan, you can increase or decrease your monthly payments accordingly. However, reducing your monthly payments will significantly extend your debt repayment period.
A debt management plan (DMP) is an agreement with your unsecured creditors to reduce the amount you pay back each month to a [...]
There are some warning signals or red flags regarding mortgage loans that help borrowers understand that the loan they’re going for would not work in their best interest. Following are four most important signs of a bad mortgage loan.
Borrowing Outside Your Budget
Various online mortgage loan calculators are available [...]
If you are looking to take out a mortgage or remortgage and money is tight - or if you are simply looking to reduce your monthly payments - an interest-only mortgage could be a good short-term solution.
As the name suggests, your monthly mortgage payments only repay the interest; you will not pay anything towards the [...]
Respected economists Posner’s view of the US mortgage bailout:
The President on February 18 announced a $75 billion plan with the following elements:
1. Refinance. The government will allow Fannie Mae and Freddie Mac–the large, now governmentally controlled buyers and underwriters of residential mortgages–to refinance mortgages when the unpaid balance of a mortgage is between 80 and [...]
In the current housing market, moving home presents people with two challenges: finding a new property - which is easier than it has been in previous years - and selling their own home, which can be a little more difficult.
The decrease in mortgage availability due to the credit crunch has led to a far higher [...]
If you’re in debt, you may have heard of debt management plans and of IVAs (Individual Voluntary Arrangements). You may wonder how they differ and you may wonder - most importantly - which one could be right for you.
Let’s start with four important points:
First: they’re both arrangements that could help you if you can’t keep [...]