Mortgage Help and Advice 101
Fee Free Mortgage Deals
Fee free mortgage deals may not offer homeowners or potential homerowners the value for money they first think. Based on an analysis of several mortgage / remortgage packages, its been calculated that only people looking to borrow less than £57,000 can find a good deal with a fee free mortgage or remortgage. Based on this, these deals are best suited for those looking to remortgage or those who have already paid off a substantial part of their home loan. In what may surprise many homeowners, the best mortgage or remortgage offers all incur the most fees up front. Lenders are being very innovative with products, but because mortgages can be so complex borrowers need to be cautious and ensure they get best deal. Fee-free deals are not as simple as they are marketed to be, so people need to look beyond any headline rates and special offers. Unfortunately, the more money-conscious consumers are more likely to be attracted to the ‘free’ part of fee-free – but doing a bit of homework beforehand could expose the pitfalls of a fee-free deal.
Some 2.5 million people in Britian are struggling with paying back their debts, a rise of 700,000 people in just six months, new figures reveal. A YouGov poll commissioned by debt consultancy firm Thomas Charles found 8.4 million people or one in five of the UK population has unsecured debts of over £10,000. Of those owing more than £10,000 a third of women and a quarter of men said they were in financial difficulty and reporting regular repayment problems. Seventy per cent of those owing over £10,000 or 1.4 million adults – said they are ‘quite likely’, ‘likely’ or ‘certain’ to declare themselves bankrupt or take out an Individual Voluntary Agreement (IVA) in the next six months.Mr Falla, director of Thomas Charles, said: “Our latest research confirms that the debt problem in the UK is continuing to worsen. “We are currently witnessing a correlation of increased borrowing alongside a massive decrease in the number of people coping with their debts. If action is not taken to curb borrowing trends in the UK, the situation is likely to spiral over the coming years.” He added that the UK could soon hit “a tipping point” where those in financial trouble outnumbered those who were not. He advised people with debt troubles not “to bury your head in the sand”.
High-street lenders have a tendancy to steer clear of any mortgage circumstance which may be viewed as non-conforming. However, in today’s society, many people fall into this category due to CCJ’s, bad credit or mortgage arrears, but also, those who are self-employed, contract workers or those who rely on bonuses/commission. Fortunately, there are lenders dedicated to helping those who suffer from such a financial position, and Shorething Mortgages is a closely linked introducer to lenders of this sort.