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Mortgage Related Articles. If you wish to contribute to our Articles section, please email us your article to articles@searchmortgage broker.co.uk. You don't need to be a member to submit an article. We include full credit to all submissions, including links to your website where relevant. Equity Release Made Clear If you're retired and living on your pension, you may be finding money is a bit tight. If you own your own home and are in your mid-50s or over, you may be thinking about Equity Release because it could provide you with a lump sum or additional income. You might also consider equity release for tax-planning reasons. In this article, you'll find out how equity release schemes work and what you might think about before starting one. Borrowers need for Independent Mortgage Advice increases in uncertain economic climate Statistics show that since the beginning of the year there has been an increasing number of first-time buyers turn to Independent Mortgage Advisers to secure their mortgage. With the credit crunch taking an even greater bite as the year progresses, inflation on the rise and oil and petrol prices going through the roof, many borrowers are finding it increasingly difficult to secure the borrowings they require. Choosing the Right Mortgage? Purchasing a property with the support of a mortgage is probably the biggest commitment that most people with ever make. Although there are thousands of lenders, choosing the right mortgage does not have to be quite as daunting as it may first seem. CAN REMORTGAGING BE MORE COST EFFECTIVE THAN MOVING? Thousands of people save money each year by remortgaging and you don’t have to move house to do it. In fact, the number of people choosing to re-finance and invest in their current property is on the rise. HFS Milbourne Financial Services offer advice on switching your mortgage agreement and/or mortgage lender to one that offers greater affordability and the option to invest money back into your home. It is not just first-time buyers who struggle with high house prices. Existing homeowners in need of more space find the gap between the steps on the housing ladder are getting ever further apart and harder to reach. The economics of the market are currently such that it makes sense to examine the opportunity to extend before considering a move. Deadline on HIPs postponed Following all the uncertainty with the looming launch date for the Home Information Buyers Packs, the government has climbed down. The implementation has now been put back until August 1. There had been a lot of speculation as the original launch date of June 1st came closer, with the Royal Institute of Chartered Surveyors announcing they had started judicial review proceedings against the Department for Communities and Local Government for its failure to carry out proper consultation before implementing the new legislation. Home Information Packs Judicial Review Is the Home Information Packs legislation confirmed? Yesterday, May 16th, the House of Commons voted by a majority against a motion calling for the Home Information Packs (HIPs) regulations to be anulled. However, the Royal Institute of Chartered Surveyors has decided to make a last ditch attempt to block the introduction, scheduled for June 1st. It has started judicial review proceedings against the Department for Communities and Local Government for its failure to carry out proper consultation before implementing the new legislation. What is a Self Cert Mortgage? Historically, mortgage lenders have required proof of income before they will lend money for the purchase of a property. This is fine for those who are employed, but for around 4 million people in the UK this can create problems, because they are either self-employed, or are paid by way of bonuses or commissions. |
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