Category Archives: Mortgage

Mortgage

Banks, Bonds, Checking & Savings, Financial, Financial Services, ISAs, Mortgage, Personal Finance

Northern Rock Cuts Everyday Mortgage Rates

Northern Rock has improved its Everyday mortgage range, offering lower rates which will make it more affordable for those looking to buy a new property or remortgage their home. The new Everyday fixed rates start from just 3.09%.

Everyday mortgages offer customers simple, straightforward mortgage deals with competitive rates and the ability to make overpayments of up to 10% each year, as well as the option to apply for payment holidays.

The news comes just weeks after it reduced its application fee for purchase customers to just £99.

Until Saturday 23 October 2010, all successful mortgage applicants on any Northern Rock purchase product who complete by 31st January 2011 will be entered into a prize draw with the chance of winning a home ‘makeover’. This prize will include a personal consultation with an interior designer to help them plan the change, and gift vouchers from retailer John Lewis.

Lloyd Cochrane, Head of Mortgage Products at Northern Rock said: “Buying a new house can be very exciting, but making your new house your home can also be expensive. Northern Rock understands this and so, as well as making rate cuts across our Everyday range of mortgages, we are offering one lucky mortgage customer the chance to win a fantastic new home makeover which we hope will help things along a little.”

Northern Rock continues to offer a choice of Fee Saver options across its Everyday and Flexible product ranges for customers who are looking to keep their costs as low as possible. And there is also a competitive range of Buy-to-Let mortgages available.

Northern Rock continues to operate its mortgage product range within the constraints of the competitive measures agreed with the European Commission. Full details of the entire mortgage product range offered by Northern Rock are included for information.

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Northern Rock Launches Penguin Book Share Scheme

Northern Rock has partnered with Penguin books to offer customers free copies of classic editions available from many of its branches.

Some 25 high street branches across the country will be stocked with classic titles from the Penguin range including Moby Dick, The Thirty Nine Steps and Wind in the Willows.

Each paperback cover will feature the iconic Penguin logo, alongside the distinctive Northern Rock pink and black brand.

Northern Rock hopes that customers visiting participating bank branches will select a book from the specially designed stand, take it home, pass it on to friends or drop it into a branch for someone else to enjoy.

Anth Mooney, Marketing Director at Northern Rock said: “The Penguin book share scheme is a great way to get people talking about our brand. It also helps to make our branches interesting and stimulating places to visit and conduct business.

“To be associated with such a well-known name in the publishing world is a great honour and we are looking forward to generating lots of interest and hopefully introducing children to such classics as the Railway Children and Treasure Island, featuring Long John Silver – the original Pirate of the Caribbean.”

Nicola Hill, Marketing Director at Penguin, said: “We’re delighted with this collaboration and look forward to hearing from new readers as they discover Penguin Classics through Northern Rock.”

If the pilot proves successful, Northern Rock aims to launch a virtual book club that allows people to post reviews and ask for Penguin books they have not read yet.

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Banks, Bonds, Checking & Savings, Financial, Financial Services, Mortgage, Personal Finance

Northern Rock’s Innovative Mortgage Website Scoops Prestigious Award

Northern Rock’s new interactive mortgage website has been commended by a leading magazine for its ‘best use of digital by sector’.

The new Northern Rock mortgage site was launched in April this year and managed to fight off stiff competition to win the prestigious accolade at the Communicate Magazine’s Digital Impact Awards.

The award presentation was held at the Tabernacle in Notting Hill in order to celebrate excellence in digital stakeholder communications.

Northern Rock, along with digital agency TH_NK, who helped design the website, succeeded in beating off stiff competition from FT.com, Echo Research for the Liberal Democrats, Omobono for Ocean Sky, Echo Research for Syngenta and Citigate Dewe Rogerson for TalkTalk, which were also shortlisted for the prize.

The site was created to make it easier for customers to find Northern Rock mortgages and learn more about the purchase process. As well as containing lots of useful advice and information for different customer groups, it also includes a range of new tools such as a jargon buster, budget planner and mortgage overpayment calculator to take the complexity out of the mortgage-selection process.

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Banks, Bonds, Checking & Savings, Financial, Financial Services, Mortgage, Personal Finance

Northern Rock Launches New Fixed Rate E-Bond

Northern Rock has launched a new e-bond account, providing a competitive interest rate for those savers who wish to operate their account online.

With a minimum deposit of just £1, customers can benefit from a fixed rate of interest for one year. e-bond (Issue 1) pays 3.00% gross*/AER** pa until 20 October 2011. Accounts must be opened and operated online. Initial deposits can be made online by electronic transfer from another bank or building society, or from an existing Northern Rock account.

Account holders can choose to have their interest paid annually (interest is calculated daily) on 5 August, or monthly (the monthly interest rate is 0.30% below the gross* annual rate) on the 7th of the month (available next business day).

Additional deposits can be made during the offer period up to a maximum of £250,000 per customer. e-bond (Issue 1) is non-redeemable and does not allow any withdrawals or closure during the fixed rate period. The fixed rate bond is offered on a limited issue basis and will be withdrawn without notice once fully subscribed. Once withdrawn, no further deposits will be accepted.

In keeping with Northern Rock’s commitment to providing openness, transparency, and fair treatment of customers, full product details are available at Northern Rock’s website at www.northernrock.co.uk/savings.

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Assets, Business, Financial, Financial Information, Financial Management, Financial Services, Financial Solutions, Home Equity, Investment, Money, Mortgage, Personal Finance, Taxes, Venture Capital

Principle First Highlights Budget Plans To Make Venture Capital Trusts More Attractive

Principle First has registered extremely strong demand for Venture Capital Trust (VCT) investments driven on the one hand by the VCT’s numerous tax advantages, but also by proposed positive changes in VCT legislation which were announced in this year’s budget, which if passed should allow VCTs to invest in a wider range of small and medium-sized enterprises (SMEs) with up to 250 employees, and market capitalisation up to £15m.

Principle First Highlights Budget Plans To Make Venture Capital Trusts More Attractive

Gareth Flanagan, managing director of Principle First, said: “VCTs offer an unbeatable 30% tax relief and there are now very innovative VCT models available which have very effectively minimised risk. As the top tax bracket has now risen to 50%, VCTs are a more attractive investment than ever, particularly for high earners.”

Principle First believes the recent increased demand is due to the market conditions which have made VCT investments extremely favourable at present. In the current economic environment, where bank lending to SMEs is relatively difficult to obtain, the UK’s most dynamic companies are looking around for alternative sources of finance – and see VCTs as an attractive option. Consequently, VCT managers have never had such a range of good deals coming across their desks, and the quality and standard of companies where they invest has never been so good. VCT investments offer a 30% upfront income tax relief on investments of £3,000 – £200,000.

According to Principle First, the Octopus VCT, which minimises investment risk, and Alternative Investment Market (AIM) VCTs have also benefited. AIMs work best when investing in companies with capitalisation towards £15m, and as such are poised to benefit strongly from the budget proposals to relax investment rules.

VCTs are a valuable and highly tax-efficient strategic investment which can be used in conjunction with Individual Savings Accounts (ISAs) and a personal pension, as part of a rounded, balanced and tax-streamlined financial plan.

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Principle First Sees Rising Demand For Guaranteed Investments

Principle First reports guaranteed investments are rapidly gaining in popularity, as many investors who felt the pain of the recent slump in stock investments seek more stability and security, moving forward. This follows a noticeably sharp rise in the number of Principle First clients eager to invest capital but also looking for the security that guaranteed investments provide.

Principle First Sees Rising Demand For Guaranteed Investments

“Guaranteed investments offer stability and security to those wishing to invest with no risk to capital. This is a significant attraction to those who saw the value of their other investments fall dramatically in recent years, and indeed to those who only witnessed the economic downturn, and are coming to invest money now.” said Gareth Flanagan, Managing Director, Principle First.

There are a wide variety of guaranteed products on the investments market, one particular guaranteed investment available through Principle First is the MetLife Guaranteed Investment Bond. The Guaranteed Investment Bond is a single premium, unit linked insurance bond that invests in a range of portfolios managed by MetLife.

“Income bonds may suit those who wish to enjoy a monthly income from interest on a lump sum guaranteed investment.” said Gareth Flanagan, managing director of Principle First.

This type of bond is not invested in the stock market, and may be the guaranteed investment of choice for those wishing to avoid stock market investments. As guaranteed investments, income bonds offer the security of knowing that the original sum is secure and will be returned, combined with the monthly or annual interest payments on the cash. (Investors can also choose to roll up annual interest, and take it at the end of the bond’s term). These payments are taxable, and can be paid directly into the investor’s bank account.

As is generally the case with bonds, penalty charges are likely to be payable if the bond is cashed in before the end of its term. From that point of view, income bonds are suitable only where the investor can do without the cash for the term of the bond. As Chartered Financial Planners, Principle First offers an advice service covering all aspects of guaranteed investments to clients.

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Business, Financial, Financial Information, Financial Services, Home Equity, Investment, Loans, Money, Mortgage

Michael Leary Will Manage Merger Talks Between AFG And Apex Investment Services

On 05/15/2010 Peter Cennamo announced their plans to take The Alternative Funding Group (AFG) public in 2011 and their new merger with Apex Investment Services this week in Sydney. The Alternative Funding Group serves as a Hard Money Lender for Non Owner Occupied Investment Properties. Apex Investment Services is one of the leading Investment Firms in Australia.

Peter Cennamo says their partnership with Apex Investment Services will provide them with a dominate partner in the markets as well as provide them with an in house expert in currency trading.

“Having a partner like Apex Investment Services will allow us to benefits from investments made in the currency markets while continuing to acquire as much investment property as we can within the US Markets” says Peter Cennamo CFO of The Alternative Funding Group.

Hard Money lenders assume the majority of the risk in real estate investing by only investing in properties at a profitable LTV (Loan to Value) Percentage. The actual investment property is used as collateral therefore there is no need to use the investor’s money or in most cases their credit. Hard Money Lenders are simply looking for really good deals, and to establish a profitable relationship with investors based on their ability to eventually sell the investment property.

Thomas Rothstein of the Real Estate New Network ( www.thomasrothstein.org ) says “the sweetest deals going right now for investors are currently offered by The Alternative Funding Group.” Despite the fact that AFG will only fund deals within certain states, there are no requirements that you actually live in one of their servicing states. The basic requirement is that you have at least a 680 FICO (credit score), and at least four months of monthly mortgage payments in the bank in case the home does not sale within the allot time frame you requested.”

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Financial, Financial Services, Home Equity, Loans, Money, Mortgage, Personal Finance

UK Borrowers Paying Too Much For Life Insurance From Their Banks

Life Insurance for a man aged 30, covering a £150,000 mortgage, costs £17.05 a month from HSBC and £15.95 a month from RBS. The same cover from Legal and General costs £7.73 a month and from Aviva, £8. Savings would be more than £100 each year and in excess of £2,500 over the 25 year life of a mortgage.

Richard Morea, Technical Manager at L&C said, “Anyone who has bought life insurance from their bank should review whether it represents best value for money. The simplest way to see if they could save money is to use L&C’s minute Life Insurance Check calculator This will show them quickly if their current premium can be beaten for equivalent cover. Anyone currently applying for a mortgage via their bank should get independent quotes for life insurance – the savings could be substantial.’

For a free life insurance review, speak to one of L&C’s expert advisers on 0800 073 1932.

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London and Country were named Best Mortgage Adviser at the prestigious Money Marketing awards at the end of March

This is the fifth time L&C have won this award in the past seven years; a feat achieved by no other mortgage broker, and reconfirms their position as the preeminent mortgage broker in the UK.

London and Country were named Best Mortgage Adviser at the prestigious Money Marketing awards at the end of March

The judges applauded L&C’s customer focus and excellent performance, despite the most challenging of market conditions. David Hollingworth, Head of Communication at L&C said, ‘we were delighted to win the Money Marketing Best Mortgage Adviser Award for the fifth time. It is testimony to the hard work and dedication of our staff. In the extremely difficult market conditions we are currently operating in, it is clear that our no fee, whole of market proposition is attractive to a growing number of consumers.’

London & Country (L&C) is the UK’s leading no-fee mortgage broker. Based in Bath, it provides whole of market advice via telephone and post to clients nationwide. As well as residential mortgages, it also specialises in the Buy-to-Let and adverse-credit sectors.

L&C is a Climate Neutral company and for the last seven years has invested in climate friendly projects and tree-planting to help offset its emissions and those of its customers. For more information, go to www.lcplc.co.uk/green.

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Are Secured Loans Improving As A Secured Loans Lender Reenters The Market?

Champion Finance, the Glasgow based finance broker, who have been arranging homeowner loans throughout the whole of the UK for twenty six years, now feel that a new glimmer of hope is being witnessed after what has been a very bleak time for the once so buoyant secured loans industry.

During the recession secured loans fell to less than 20% of their position at the start of 2007. Household names such as First Plus ceased trading. By the beginning of 2010 there was less than a handful of secured loan lenders compared to more than twenty before the recession.

Many homeowners who could have benefitted from these products especially for such purposes as debt consolidation could not obtain the homeowner loans they wanted The self employed were especially adversely affected as self certification of income was completely abolished for those requiring a mortgage or a remortgage and two years fully audited accounts are now required by mortgage lenders.

The good news is that Champion Finance can now offer homeowner loans to self employed without accounts, provided that they have been trading for at least six months, can provide three months bank statements and have a maximum LTV of 60% in their property. This is thanks to Link Loans reentering the secured loans sector and offering these loans through respected intermediaries such as Champion Finance who in addition to being in a position to offer a mortgage and a remortgage from the whole of the market also provide debt advice. Link Loans are now strongly funded by RBS and their reappearance must surely indicate the long awaited resurrection of homeowner secured loans.

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Shopping Around More Important Than Ever As Housing Market Remains Fragile

House buyers must shop around if they want to secure the best mortgage deals in the current climate, according to a firm of UK mortgage experts. This is especially important for those who are looking for first time buyer mortgages.

Whole of market broker The Mortgage Point has stressed the need to check out finance deals from as many lenders as possible following the release of February’s figures from the Council of Mortgage Lenders (CML).

Gross mortgage lending in February grew to an estimated £9.2 billion, up from £8.7 billion in January. Analysts said an increase during the shortest month of the year was unusual, and the return of stamp duty at the start of the year on properties costing under £175,000 is likely to have distorted figures.

In their February report, the CML said while consumer confidence is expected to continue growing, the funding markets remain difficult, something which is due to impact on the supply of finance available in the coming months. And while last month saw an increase in lending, it was down 6 per cent on February 2009’s figure of £9.7 billion.

Stuart Codling, CEO of Salford-based The Mortgage Point, said “it is more important than ever for first-time buyers and homeowners looking to re-mortgage to shop around for the best deals.”

He said: “Confidence within the market is continuing to grow as the economic situation improves and we are seeing increasing numbers of people contacting us for mortgage advice and to arrange finance for properties. However, it remains imperative that people don’t limit themselves when it comes to choosing a new mortgage product.

“There are good deals to be had whether you’re looking for a fixed rate, capped rate or tracker mortgage. The important thing is understanding which product is most suited to your particular situation and then making sure you search a wide variety of lenders in order to secure the best option.”

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Assets, Business, Financial, Financial Information, Financial Management, Financial Services, Financial Solutions, Home Equity, Investment, Money, Mortgage, Personal Finance, Taxes

New Online Inheritance Tax Planner

Principle First has announced the online launch of its unique Inheritance Tax Planner facility. Developed in close consultation with clients, the unique new online tool enables users to calculate their own personal liability for inheritance tax.

Levied at 40%, Inheritance Tax (IHT) is one of the most important taxes to HMRC (The Revenue Commissioners), and swells the taxman’s coffers by billions of pounds every year. The good news though, for many inheritors, is that a good financial adviser can radically cut a person’s IHT liability, in just a few simple steps.

The new Principle First online Inheritance Tax Planner alerts clients to their current Inheritance Tax liability and when used alongside Principle First’s financial planning advice it could enable them to vastly reduce or completely eliminate their exposure to what has been called ‘the most avoidable tax of all’.

The Principle First Inheritance Tax Calculator is an important tool as it helps with the crucial first step in avoiding this most expensive of taxes which is simply knowing how much could be owed.

IHT can apply to parts of a person’s wealth when they pass funds and assets on to their children. It is a relatively simple calculation based on the total assets in their ‘estate’, less debts and liabilities. Despite this, many people fail to take a few minutes to work out their IHT liability, and then take advice on how to reduce it.

The current tax-free allowance, or ‘nil rate band’ for IHT in 2010-11 is £325,000 (£650,000 for a married couple or civil partnership). This amount however covers a wide range of assets which are included as part of an estate. Calculations need to include the value of properties, cars, valuables, savings, investments, and insurances – less the value of any outstanding mortgage, loans and other debts.

By entering these values into the inheritance Tax Planner, in response to a series of simple questions, the user can calculate the value of their estate, and deduct their allowance to show how much of their wealth will be liable to Inheritance Tax. The calculator will then show how much of that they would have to pay in Inheritance Tax at this moment.

Principle First believes the new online tool will prove to be a simple but valuable asset for its clients which could easily help them save thousands of pounds which they would otherwise lose to HMRC.

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Research Revealed Nearly Half The UK’s Population Have No Life Insurance

Amongst those who currently have  life insurance policies, 53% had no idea how much they would receive if they were to make a claim. This suggests that they don’t know whether they have adequate cover in place. It is also highly likely they haven’t reviewed their cover recently and so could therefore be paying over the odds.

Research Revealed Nearly Half The UK's Population Have No Life Insurance

Richard Morea, Technical Manager at L&C said, “Consumers are clearly burying their heads in the sand and adopting an ‘it won’t happen to me’ stance.  We urge people with no cover to take action now to protect their family in the event of the unforeseen happening. Those with cover should understand exactly what it will provide in the event of a claim. If it is sufficient, they should review the cost. L&C’s online  1 minute life insurance check calculator will quickly show them if savings can be made. In addition they should review whether their cover is still adequate and if it’s not take expert advice’.

For a free life insurance review, speak to one of L&C’s expert advisers on 0800 073 1932.

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Attractive Range Of Exclusive Mortgage Deals By London and Country

Not only have the major lenders competed with one another to offer best buy mortgage deals but some of the smaller lenders have also been keen to flex their muscle in the market.

Attractive Range Of Exclusive Mortgage Deals By London and Country

This has resulted in London and Country having a number of attractive exclusive mortgages to offer customers.

These include a 2 year fixed rate up to 80% Loan To Value (LTV) from Market Harborough at 3.6% with a £1094 fee and free valuation and legal work for remortgages, and a 3.49% tracker from Furness, available up to 80% LTV with a low £199 fee and free valuation and legal work for remortgages.

David Hollingworth, Head of Communication at L&C said, ‘it is pleasing to see more competitive mortgages return to the market, particularly at higher LTVs. This means more people can get mortgage finance than previously and those looking for a mortgage at present can take advantage of some great value schemes’.

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A New Government-Run Service Is Set To Provide Impartial Financial Advice For Millions Of UK Citizen

A new Government-run service is set to provide impartial financial advice for millions of UK citizens looking for help with money matters.

A New Government-Run Service Is Set To Provide Impartial Financial Advice For Millions Of UK Citizen

The service – called Moneymadeclear – was launched by Chancellor of the Exchequer Alistair Darling and will provide free consumer advice from independent financial experts.

Moneymadeclear gives people the chance to pick up the phone, talk face-to-face or get information online with regard to money worries, financial planning and information on consumer rights.

The service also gives advice to consumers who think they may have been mis-sold a financial product and don’t know what action to take.

A service such as this is long overdue says life insurance comparison site QuoteBoffin.co.uk:

“Consumers have long deserved a service that is concise and impartial as Moneymadeclear, especially for people who have concerns over money but do not know who to turn to.

Moneymadeclear also supports the different ways in which people take in information as well as the resources consumers have available. For example, some people prefer to use the web to get information whilst others are more comfortable meeting an advisor face to face and so forth.”

The Government has trialled the service in the North East and North West since last April. The trial helped 500,000 people and is expected to assist a million people in the next year alone.

Chancellor Alistair Darling said:

“Moneymadeclear is free, impartial advice for all, whether you are unsure about the small print in a mortgage form; want advice opening a savings account for your children or grand-children or want some help dealing with repayments before they get out of hand.”

In a post recession economy the importance of financial support for concerned consumers will undoubtedly be welcomed by people looking to firm up their finances.

QuoteBoffin.co.uk went on to say “Although the UK has officially left the recession it’s going to take many years to see a full recovery. This means that continued job losses, mounting debt and high interest rates will put continued strain on consumers.

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First Time Buyers Shouldn’t Panic Following Stamp Duty Changes, Says UK Broker

First time buyers who didn’t manage to find a new home before the government’s stamp duty concession ended shouldn’t despair, says a leading UK mortgage broker.

In an effort to tempt buyers into the market, the government removed the stamp duty levy on properties costing under £175,000 for just over a year, but the threshold was lowered back to £125,000 at the start of 2010.

Figures released this month by the Council of Mortgage Lenders show that prior to the deadline there was a spike in the number of loan completions in the final month of 2009.

A total of 10,300 first time buyers had their loan applications approved in December for properties in the £125,000 to £175,000 bracket. The figure, up 63 per cent from November, is believed to be a direct result of people rushing to complete house purchases before January 1 in order to avoid paying an extra 1 per cent stamp duty charge.

Stuart Codling, managing director of Salford-based whole of market mortgage broker, The Mortgage Point, said potential buyers shouldn’t be disheartened as some of the best mortgage deals are still out there for first time buyer, both in terms of property prices and first time buyer mortgage products.

He said: “Buying your first property is a substantial commitment and first time buyers especially have to work to a very tight budget.

“Stamp duty now has to be paid once again on properties valued in excess of £125,000 and house prices are starting to rise. However, first time buyers still have an opportunity to get their feet on the property ladder. Although activity is increasing in the market, some of the best mortgage deals are still to be had.

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Principle First To Offer Remote Financial Advice

Principle First now offers clients the ability to interact with an adviser online, as they are brought across to his screen to discuss their financial plan using a range of graphical tools, charts and graphs illustrating their proposed or current investments.

Principle First’s remote financial advice service has already been rolled out as a pilot project, and has passed the test with flying colours.

Gareth Flanagan, founder and managing director of Principle First, said: “Our clients have already given our remote advice service a very strong ‘thumbs up’.

“I think people love the idea of tending to their future and current financial planning from the comfort of their own home.”

A potential client can log onto the Principle First website to make an investments enquiry.

The Principle First remote advice service offers visual and graphical illustrations to complement discussions on mortgages, life insurance, tax planning and savings as well.

Gareth Flanagan added: “The real beauty of remote financial advice is its ability to cut through the resistance of many consumers to visit a financial adviser.

“It’s amazing to think that only 20% of consumers seek and accept free, no-obligation help with their financial plan and pensions. Many of those consult only banks and building societies who, due to their limited product range, place their funds in the worst-performing sectors.”

Principle First has found that this resistance is based on three erroneous beliefs, which undermine a customer’s self-confidence in approaching an adviser.

Consumers often believe that financial planning is only for the wealthy, and that they simply do not have enough wealth to justify the attentions of a professional financial adviser.

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