AROUND 150,000 mortgage borrowers who are trapped on expensive home loans may soon find it easier to switch to a cheaper deal. The city watchdog has announced plans to loosen its often restrictive lending rules, which should make it easier for borrowers to remortgage. There are two main reasons why borrowers find themselves trapped. The first issue affects around 30,000 home owners who took out their mortgage or last switched before the financial crisis. After the crash, lenders introduced tough new rules making it harder for existing borrowers to switch around. The second problem affects around 120,000 borrowers whose existing mortgage lender isn't authorised to give out new loans or to offer them a remortgage. I'm terminally ill and trapped in my homeCHRISTINE KINSELLA, 60, drew up a bucket list of dream holidays when she was diagnosed with a terminal lung disease. But instead, the hospital worker will spend her final years working to pay off her mortgage, which she says is stuck on … [Read more...] about Thousands of mortgage prisoners trapped in home loans can move to cheaper deals
Best remortgage deals uk
AN online tool is promising to help homeowners find a better deal on their mortgage almost instantly - and it could save you thousands of pounds a year. The new remortgaging function in the app by credit reference agency ClearScore is said to allow users to compare offers in just 15 seconds by helping you add the required information. To compare home loan deals, customers currently have to fill in information, such as the current value of their home, the outstanding mortgage as well as their monthly payments to get a quote. They then have to compare deals on the market with their current mortgage, which some people may find confusing. In fact, 25 per cent of homeowners don't remortgage before their deal comes to an end, meaning they're moved onto the lender's standard variable rate (SVR) – costing them up to hundreds of pounds extra per month. The new app, which was launched by ClearScore with mortgage technology provider Koodoo today, eliminates some of the application process. … [Read more...] about New tool that could knock THOUSANDS of pounds off your mortgage bill
Robert Jackman 6 March 2019 7:04 PM 6 March 2019 7:04 PM Share Twitter Facebook LinkedIn Email Whatsapp Last week, George Eustice became the latest minister (the majority of whom have been Brexiteers) to quit the government, resigning in protest at Theresa May’s plan to give MPs a vote on delaying Brexit. In his first interview since leaving the government, Eustice, who held the post of farming minister, went even further, stating that farming bosses were ‘wrong’ to fear a no deal Brexit – a dramatic statement which puts him at odds with Environment Secretary and chief Brexiteer Michael Gove. Eustice isn’t the only former minister to flirt with no deal: both David Davis and Boris Johnson have suggested that no deal remains a better option than the government’s current plan and its much-discussed backstop. But while they may claim that opinion is hardening behind them, the fact remains that the no dealers face considerable … [Read more...] about Eustice and Grieve go head-to-head on Brexit
James Kanagasooriam 6 March 2019 4:36 PM 6 March 2019 4:36 PM Share Twitter Facebook LinkedIn Email Whatsapp When I quit investment banking in search of daylight in 2014 I thought my life was going to be little easier crunching numbers for political campaigns. It wasn’t to be. Over the last few years, I’ve worked on the Scottish independence referendum in 2014, the 2015 general election, the Scottish Holyrood election in 2016, the EU referendum and the 2017 snap election. What I’ve never been able to wrap my head around through all these campaigns is why we’ve seen so many political upsets. Just why has the political consensus been wrong so often these past five years? When I worked on the Remain campaign, the upending of the consensus – against my own expectations – was a painful experience. Working for Ruth Davidson and her team in Scotland, the surprise result felt exciting and heady. Some political commentators have … [Read more...] about The Brexit paradox that spells doom for the Independent Group
SWITCHING your mortgage might seem like a good way to slash costs but there are risks involved in remortgaging your property. Around a third of all home loans made in the UK are actually remortgages but do you know what's involved and whether it's right for you? Here's what you need to know. What is a remortgage? According to MoneySavingExpert.com, a remortgage is when you take out a new mortgage on a property you already own. This can be done either to replace your existing mortgage or to borrow money against your property. The main reason people remortgage is to save money but it's important to shop around. About a third of all home loans made in the UK are actually remortgages. When should you remortgage? Most people remortgage when their current deal is about to end and their lender puts them on a standard variable rate (SVR). It is best to start looking around for a cheaper rate around 14 weeks before your current one comes to an end. But there are other reasons to … [Read more...] about When can I remortgage my property and how much can I borrow?