Premier Empire Mortgage

If you don’t know there is a global credit crunch, you must have been living on another planet. And if you’re trying to buy a house or get a mortgage, you will be only too aware of its effects on the mortgage market.

Some people decide there’s no point in even looking for a mortgage. Others, especially first time buyers, are completely confused about where to go for a good deal. If you are one of these, it’s really important to get mortgage advice.

So why is getting mortgage advice more important now than ever?

As banks and other lenders are finding it harder to get hold of money to lend to would-be borrowers, their lending criteria get increasingly stiff - that is, they impose tougher conditions before they regard you as suitable to lend to. You need mortgage advice to show you how you can maximise your chances of finding a suitable mortgage.

Obviously there is a much more limited choice of mortgages available than there was a year ago, or even a few months ago. Most of us know someone who has been in the process of applying for a particular mortgage, only to find that product is suddenly withdrawn. Not only does this mean they have to start all over again, but they might well lose the house they were after. This is less likely to happen if you have taken mortgage advice first, as the adviser is more likely to know which are the safest products.

Taking advice from a whole of market mortgage adviser, even if it means paying a fee, is the best way to make sure you get the right deal. A lot of products are more competitive when obtained via a broker than when obtained from the actual lender - this is because lenders often give brokers advantageous terms because of the business they bring them. On the other hand, in the current market, some lenders are keeping some competitive products to themselves and not making them available through brokers. A whole of market mortgage broker will be able to source the best deal for you, wherever it may be found.

There are so many different factors to weigh up when choosing your mortgage that it’s extremely complicated to sort it out on your own. The one with the apparently lowest rates may not be the best one - you have to look at charges, redemption fees, and factors such as whether interest accrues daily, monthly or yearly, and whether overpayments are accepted. You also have to be sure that the rate initially offered by the lender is the rate you will actually get, rather than being a “headline rate” or “typical rate”. Plus of course you have to decide whether or not to go for a fixed rate mortgage, and whether an interest-only or repayment mortgage is more suitable for you. It can be difficult and stressful and this is where taking mortgage advice can really help you.

With the situation changing every day, virtually everyone is confused - you’re not alone! But if you take whole of market mortgage advice, you will find the person who is best placed to know how things stand at any given time and to guide you to the best solution.

The credit crunch has created a mortgage drought that is expected to worsen and more people are expected to slip into mortgage arrears in 2009.

For those with bad debts, arrears, credit problems and CCJs the outlook is bleak with one in four finding it difficult to obtain a mortgage or remortgage from a traditional high-street lender. Increasingly, mortgage deals are available only to borrowers with a 40 per cent deposit.

Experts fear that the mortgage market is freezing out young people and people who bought recently but need to remortgage.

But help is at hand from one company who believes that mortgage deals are still out there and who provides a conscientious and personal service to ensure that their clients will be able to have the house of their dreams.

J P Financial is a whole-of-market mortgage broker, providing mortgage advice on all types of mortgages and remortgages as well as refinance and secured loan products.

And because they are not tied to any lender they are able to remain fair whilst also finding the best possible deal.

The company offers thousands of mortgage products and allocates one mortgage advisor to see a client through the process of finding the best mortgage to suit their individual situation.

Their mortgage advisors use the latest computer technology to obtain the most up to date mortgage advice and mortgage rates the market has to offer.

Their web site, at www.jp-financial.co.uk, has a handy mortgage calculator to help buyers see whether their mortgage requirements are affordable. It also contains a wealth of useful information on mortgages (including self certification, buy-to-let, remortgage, right-to-buy and commercial), debt consolidation, bridging finance, life cover and mortgage protection.

My husband was a war reporter working in Iraq. Every time he went away I worried and stressed that something would happen but he always assured me that he never took any chances. I was fotunate enough to be able to run my own small business from home which kept me busy during the day and also meant I was there for the children after school.

Even when he was away my husband would deal with all the household finances from his laptop. When we bought our first house and he was reporting from the Falklands, he searched out mortgage advice on line and arranged our mortgage from a distance. He continued with an insurance policy that he had taken out many years ago, so as far as I was concerned everything was covered.

The day I was told of his death I was inconsoleable. The usual neccessities were dealt with and it obviously took some time for myself and the children to come to terms with what had happened. I believed all the finances to be dealt with but had begun to recieve letters from my mortgage lender saying there was a problem with the repayments.

My brother sat me down one day to help me sort it out and we opened the dreaded letters together. The insurance letter, which I thought was a standard payout, turned out to be no such thing. Because of a loophole in the policy and the fact that my husband was in a no-go area at the time, the insurance company decided they would not pay out.

The mortgage lender had got wind of this which meant no life cover and no mortgage cover! I was two months behind with the repayments and they were threatening to repossess my home. Where would I go with my children? How would I get my business back on its feet after neglecting it for the last few months? How would I support my children?

My brother was there to help. Having taken mortgage advice himself recently, he put me in touch with the right people. My main priority right now was keeping a roof over our heads but how was I going to do this with such a drastically reduced income?

My mortgage adviser came out to see me, talking to me like a real person and not a business opportunity. We went through my personal circumstances. Due to the lack of attention I had given my business recently, I had run up debts on top of my mortgage arrears. After shopping around with mortgage lenders, my mortgage adviser was able to secure me a mortgage specifically tailored to the needs of a self employed person. It encompassed a debt consolidation arrangement, business protection and proper insurance cover.

With these concerns now dealt with in such a professional manner, I was now free to concentrate on getting my family and my business back together. As soon as I am ready to do so, my mortgage adviser will be helping me to deal with will writing so that my children do not have to face these difficulties again.

Finding independent mortgage advice is not as hard as it sounds. It is very important though if you want to make the right decision about which mortgage is the best one for you.

There are plenty of information about mortgages in the public domain on websites, in magazines and tabulated over and over again in mortgage comparison tables. We believe that because there are so many variables within the minefield that is mortgages, that seeking mortgage advice is essential. In fact, we even recommend you speak to independent mortgage advisors or brokers who have access to the whole UK mortgages market because otherwise you might not get advice covering all mortgages available to you.

This is even more important if you are trying to get onto the first rung of the property ladder and are a first time buyer. With the property market being so tough in the UK, there are more and more first time buyer mortgages on the market now and good mortgage advice for your first home is essential.

Since 2004 the giving of personal financial and mortgage advice in the UK has been governed by the Financial Services Authority. Companies or individuals offering personal financial or mortgage advice must comply with the Financial Services Act or they are breaking the law. Many companies offer consultations on an information only basis and you would need to formally agree to having requested to be advised on financial matters. Adherence to the rules of the Financial Services Act is called compliance.

Mortgage advice can be sought from a number of sources:

A tied mortgage adviser: These work and will therefore recommend products on behalf of just one lender.

A multi-tied adviser: These will recommend products from a limited range of lenders.

An Independent Financial Adviser (IFA) or Independent Mortgage Advisor: These will recommend products from the whole market.

You are perfectly entitled to ask on what basis your advisor is operating.

Be warned though, that if you go to see an Independent Mortgage Advisor, they will be independent on mortgages but perhaps not insurance and most homebuyers take buildings insurance alongside their mortgage.

By researching and reading it is relatively easy to glean a certain amount of useful information but by seeking personal mortgage advice from a mortgage advisor, you will be gaining the expertise of someone who knows all about all the different first time buyer mortgages on the market, what special deals are on offer, the peculiarities of the one lender versus another, what the latest mortgage releases are and of course they will always take your personal plans and circumstances into consideration.

As well as verifying who you are, you will be required to provide evidence of major income (your salary) and your major out-goings like car-loans, student loans etc. If you have loans or debts, it does not mean that you cannot apply for a mortgage.

Mortgage advice can be given in a number of different ways. It can be given by phone, email or in person - different advisors work in different ways. These days professionals are pretty flexible. In order to give you proper mortgage advice, mortgage advisors will need to a great deal of information about your personal finances. They want to determine that you can and will be able to make the mortgage payments. The last thing they want is to repossess your property if you fail to be able to make the mortgage payments. They will ask your permission before they give financial or mortgage advice. You will probably need to sign an agreement form saying that you agree to being given mortgage advices as opposed to just mortgage information.

When the mortgage advisor or mortgage brokers has taken all the information from you about what you want and your finances, you might, after agreeing which mortgage and which mortgage lender is appropriate to you, make a mortgage application.

The selected mortgage lender will scrutinise your form and carry outs some checks of their own

Some advisors gain their income form commission they earn from selling insurance policies and mortgages whilst others charge for giving mortgage advice. You are perfectly entitled to ask about what charges will be applicable in your instance.

Dont be intimidated by mortgage advisors. Though they have trained for a considerable time to be able to offer mortgage and financial advice, they are human, just like the rest of us.

First time buyers also have to think about budgeting, as in many cases they may not have had the experience of trying to met mortgage repayments, bills, and costs of living. So, as a first time buyer you will have plenty to think about.

Many people that are buying for the first time find that trying to raise a deposit as well as have cash for solicitor fees, stamp duty, furniture, and other costs involved in property purchasing can be very difficult, and this is why a number of lenders offer mortgages for one hundred percent of the propertys value, which means that you wont have to find the traditional five percent deposit. Some lenders will even offer over and above the propertys value, giving you additional funds for home improvements, furnishings, and even to pay the stamp duty.

One thing to bear in mind if you do opt for a one hundred percent or higher mortgage is that you run the risk of falling into negative equity, which means that if property prices fall you will find yourself in debt for far more than you would get if you were to sell the property.

Another first for many first time buyers is having to budget and work out bills, mortgage payments, and living expenses, ensuring that your income adequately covers your outgoings without leaving you too financially strained. If you opt for a variable rate mortgage you could find this quite difficult, as interest rate changes can mean that the repayments on your mortgage are unpredictable, and this can make it harder to manage your finances effectively.

This is why many first time buyers opt for a fixed rate mortgage, which enables them to get used to the independence and having to manage their own finances without having to worry about fluctuating mortgage repayments. You will be able to enjoy a fixed rate for a specified period, which will give you time to get used to budgeting and get some savings behind you before you revert to a variable rate.

Alisdair Milton

After an extremely volatile week the financial markets are being capped with incredible events especially coming from government announcements and intervention. With the news coming so quickly here is a recap of the recent events and how they impact mortgage borrowers:

1. Fear about the safety of money on deposit with banks folding or going on brink of collapse. This loss of confidence has caused bonds to lose some or all of their value in certain cases. This news has resulted in money quickly pouring out of stocks and bonds and into U S treasuries.



Impact to borrowers: preventing lockdown of the markets with government involvement. Currently people are willing to pay money not to lose principal or basis in their investmentsnot even worrying about a return on their investment. With the government rushing to back investments and restore trust this means lower rates for borrowers.

2. Government guarantee of market funds. Treasury Secretary Hank Paulson announced the US Government will guarantee money market funds.This action is helping settle the markets and as a result stocks were up last yesterday and rallying again today.



Impact to borrowers: rate volatility from day to day based on current news.

3. Fed makes a decision to support currently unsellable mortgage debt. The mortgage mess has so much uncertainty that investors do not want to buy the investments regardless of the performance level. The government has stepped in as a buyer providing liquidity to investment groups that are holding these securities and keeping them afloat while they to recover.



Impact to borrowers: stabilizing long term impact on fixed rates.



Are these the last changes we will see in the mortgage market?

If the last few years have taught us anything it is that there are more changes to come. At Trusted Mortgage Advice we believe that ultimately the financial markets will determine their own outcome and that common sense will ultimately prevail.

We see a return to mortgage basics borrowers will need good credit, a bit of money saved and will need to invest in their own homes.

But at the end of the day government intervention is going to be a necessity here. Why?



Too much at stake. With the size of the financial institutions that are failing keeping them afloat may be worth the investment of taxpayer dollars.



Media coverage. With so much coverage of this financial turmoil politicians and regulators will be under tremendous pressure to do something about it.



Mortgage lending still makes sense. So much of todays problems have been caused by a lack of good judgment shown by both lenders and borrowers over the last few years. At the end of the day American homeownership will survive and credit worthy, responsible borrowers will be able to obtain credit.



The possibility of a recession is still out there and regulators will do everything they can to avoid letting that happen on their watch.





Looking for Advice on Your Mortgage Situation?

With all of the turmoil we recommend making a thorough financial check up including:



Talk to your banker: check the rates on checking and savings accounts to ensure you get the best pricing.



Talk to your financial advisor: Make sure your investment strategy doesnt need to change based on current events.



Talk to your insurance agent: It never hurts to ask if you can save money on home, auto or health insurance.



Talk to Trusted Mortgage Advice: Dont let a mortgage company convince you to take a deal that doesnt feel right. We will help you evaluate your loan and make sure you are getting the best deal possible.

For many people, mortgage payments are their single largest expense. Yet, when financing a home, most Canadians dont comparison shop to ensure theyre getting the best mortgage rate and terms available. This mistake can cost homeowners tens of thousands of dollars over the course of their mortgage.

Here are seven ways mortgage brokers can help:

Access to competitive rates

Brokers deal with multiple competing lenders and can often access exclusive rates. Based on the number of mortgages brokers complete each year, they also have the power to negotiate rate discounts from lenders, which can be passed on to their clients.

A free service

Mortgage brokers services are typically available at no cost to consumers. Brokers are paid by the lender selected by their clients.

Knowledgeable advice

Brokers offer consultative service, advice and solutions that are customized to each clients needs. And unlike banks, brokers work for you.

Speed and convenience

Brokers will work around a clients schedule to make the transaction as easy and convenient as possible.

Pre-qualification

Whether youre shopping for a new home or refinancing your existing mortgage, a broker can help you obtain a pre-approved mortgage, often with up to a 120-day interest rate guarantee.

Preserved credit rating

When you shop for a mortgage, there is an accumulation of lender inquiries on your credit bureau report, possibly affecting your credit rating and, ultimately, the rate and terms of your mortgage. This isnt the case with a mortgage broker, who only does one inquiry yet can still get many competing lenders to quote on your business.

Peace of Mind

The Canadian Association of Accredited Mortgage Brokers has a stringent Code of Ethics that members are required to adhere to in order to retain membership.

Some bad credit mortgages are backed by major insurance providers but available through brokers, others by stand-alone providers, but they will mean higher interest rates, greater monthly payments and higher penalties for arrears. In any case, if you decide a bad credit mortgage is right for you, you’ll need to find a mortgage advisor who will help you get the best deal.

There are some steps you should take before you even think about getting mortgage advice. For example, by getting hold of your credit record through contacting a company such as Experian UK or My Equifax and updating it if it’s not accurate, you can avoid some of the penalties associated with a bad credit record: your credit record may still contain closed or paid-up accounts, which you can ask to have removed.

Taking out a credit product such as a bad-credit credit card or bad credit mortgage will improve your credit rating if you make payments on time, but it’s not an undertaking to be taken on lightly. You’ll need proof of income, and it’s advisable to have other debts in order before you proceed: could also consolidate any other debts you are able to for the sake of paying a better interest rate.

Mortgage advice for a bad credit mortgage should encompass the following areas of pitfall in a potential mortgage: higher late fees and payment penalties, ‘prepayment penalties’ for repaying your mortgage too soon. It could after all be in your interest to switch from a bad-credit mortgage to a standard mortgage after several years of improving your credit history, to benefit from more favourable interest and payment amounts.

Your bad credit may have been acquired as a result of previous mortgage arrears, a county court judgment against you, as a result of bankruptcy, have missed payments due to an irregular income, or have changed address many times. Whatever your circumstances, you should be able to get mortgage advice without having to pay a fee. If you choose a mortgage advisor who knows the whole market, and isn’t restricted to bad credit mortgages, you may find that you get a better deal.

A bad credit second mortgage could be used if you already have a bad credit mortgage and are looking for a way to consolidate or repay debts, given that bad credit mortgages can be offered at a rate that is less that other unsecured debts. Bad credit second mortgages can be useful if are self employed investor landlord and have another property with a mortgage that you may have missed a payment on.

There are other ways to improve your chances of getting a mortgage if you have a bad credit rating. One is by improving the terms you offer to an agreement, through getting a higher salary, asking for a smaller mortgage, making a bigger down payment, or a secured property against which to pay for the mortgage.

Insurance brokers will differ in the rates they charge, which is normally a percentage of the amount of the final mortgage. You should, however be able to get advice for free, so whatever your mortgage circumstances there’s always hope that you will one day own your own home.

Buying a house is probably the biggest financial transaction that most of us make in our lifetimes. It can be exciting, but also rather scary, given the large sums of money and the life-changing event that it is. As well as the money that goes to the actual purchase of a property, there are additional costs involved when buying a house. It is as well to keep these as low as sensibly possible.

If youre thinking of buying a house in Edinburgh it is wise to get advice from those who live and work in the city giving you the benefit of their knowledge and experience. When looking for a mortgage Edinburgh can offer a full range of fixed rate mortgages, capped mortgages, discount mortgages. You dont need to march up and down the streets of the city to find mortgage advice in Edinburgh.

Trawling the internet can bring a number of mortgage brokers and advisors in Edinburgh straight to your attention. What you are really looking for is a company with knowledge of the local area and

mortgage market in Edinburgh. Whether you talk to them online, on the phone or in their office, you will want to be confident that when you look for a mortgage in Edinburgh you are getting sound advice from people who know the area; people who will be able to match up your requirements to your budget to get you the property that you want.

Property in Scotland has seen a boom in recent months, but with financial turmoil in world markets, a certain degree of nervousness has been creeping into the housing market, and Scotland and Edinburgh are no exception. The steep rise in prices has started to come down. Nevertheless, major cities like Edinburgh will always remain popular with buyers as they are centres for trade, tourism and jobs. Therefore, although prices may not rise as steeply as in recent months, they are unlikely to drop very far, if at all.

When looking for a property in Edinburgh, you will need to consider your finances, and what sort of mortgage in Edinburgh you can really afford. Consider all your potential income and all your potential outgoings. There are mortgage calculators on the internet that can help you with this, and give you a guide as to what you might be able to afford, but remember that, as interest rates have mainly gone up in the past 15 months, despite the recent cut, they can go up again. Look at what you could afford if that were to happen.

To get the most accurate idea of what you can afford for a mortgage, Edinburgh brokers and advisors can give you the help and assistance you need.

Edinburgh is a beautiful city, steeped in history, tourist attractions and culture. There is little doubt that demand for property will remain high in Scotlands capital. Tap into local knowledge to get the best advice, the best property for your needs and the best mortgage Edinburgh can offer.

For a lot of newly weds buying their first home together is something that they dream about. When they view each house they imagine how well their new furniture will appear and what beautiful colours they will paint each wall and even which of the bedrooms will be ideal for their forthcoming children.

But far from these wonderful ideas the one concern that they ought to have on both of their minds is the mortgage. A First time Mortgage for a home can be expensive if one does not know what to look for.

The majority of banks and financial institutions often offer first time mortgages to people wishing to buy a home but first time mortgages are somewhat different to conventional mortgages in so much as the first time applicants do not possess an credible account of a previous mortgage repayments.

Many first time buyers do their financial business with only one of the many financial institutions out there including having a current or savings account with them. They will want to think about them first when they are looking for first a time mortgage. These financial institutions will more than likely already have a perception of your previous and current financial status as ountless people do apply for credit cards from their principal bank and this can certainly help you when the time comes to fill in each of the documents necessary for a mortgage.

The banks will desire to know how secure your employment is and they might request a letter of confirmation of your employment and income from your employer. It is advisable that you let your employer know that you are applying for a mortgage so that they will keep and eye out for any such letters from your lender. If you are self employed then your bank may request a copy of your most recent tax return. They will want to view this simply because it will provide them with a better understanding of your gross annual income, so be ready to supply such tax returns for the past 3 years of so.

When applying for a first time mortgage you should know that the home you purchase will be the main portion of collateral that you will own. But be aware the bank or mortgage company will have the power to repossess your home should you ever fail to meet the repayments and other terms set out in the mortgage agreement.

In a number of cases where a house buyer is seeking a first time mortgage the bank may well ask for someone to co-sign the loan agreement. Quite frequently a parent will be the co-signer. But be aware that this does mean that if you fail to make the repayments then the co-signer will become liable.

While the vision of getting yourself into so much financial debt can make you cautious about applying for a first time mortgage, the venture is well worth it. as owning your very own home is a step in the right direction to a secure financial future.