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Banks and other financial institution were not the only entities to suffer from the credit crunch. As borrowed funds became more difficult for other large and small businesses to obtain, the suffering spread. Almost every business in the world relies on at least one form of credit to survive – whether it be credit to purchase inventory or a working capital account – but the level of credit available to businesses shrunk drastically over a short span of time.
Posted: 2009-10-04
Category: Mortgages
A return to the days in which almost anyone could pass a few exams and become a successful mortgage broker might help the profession return to the situation in which fraudulent activity becomes widespread once again.
Posted: 2009-10-04
Category: Mortgages
Mortgage lenders in Australia rarely deal with brokers that cannot submit a high volume of successful home loan applications to them each month. For example, a particular bank or non-bank lending institution might refuse to deal with an entity that cannot close at least one million dollars worth of mortgages with them on a monthly basis.
Posted: 2009-09-21
Category: Mortgages
Unemployment is certainly a statistic that prudent mortgage brokers should keep an eye on during the coming year and beyond. Recent dramatic decreases in the Bank of England Base Rate will hopefully provide some sort of relief for businesses that are heavily financed and could have a knock-on affect of reducing the need for them to lose staff in order to survive. This is a scenario that mortgage brokers should be praying for.
Posted: 2009-04-26
Category: Mortgages
Estate agents, magazines, newspapers, websites, and even mortgage brokers were enticing people to buy almost any property they could get their hands on citing extraordinary historical capital growth rates as a basis for expecting the same growth in future years. Had properties around the world continued to grow at such alarming rates it is likely that the next generation would find it impossible to buy a home anywhere in the civilised world.
Posted: 2009-01-11
Category: Mortgages
Self-certification mortgages have endured a rollercoaster ride over the last few years. It seems only yesterday they were hailed as an innovative product and a Godsend to millions of self-employed workers who failed to reach the requirements of standard home loan products. Now they are considered a pariah, have been labelled “liar loans” in the United States, and have been widely condemned as one of the main contributors to the credit crunch and resulting global recession.
Posted: 2009-01-11
Category: Mortgages
Much has been written about the sub prime mortgage crisis in the US and even more has been said. Most analysts placed the blame for the implosion in the credit market on the adverse credit mortgage. This is a type of home loan that is issued to a borrower with a less than impressive credit history and financial resume. However there is another factor which may have been overlooked. This same factor may be about to spur a mortgage bonanza in the least likely of places – Africa.
Posted: 2008-11-27
Category: Mortgages
Self-certification mortgages have not enjoyed a good reputation in the property market in recent years. Several years ago evidence emerged that some applicants were exaggerating their incomes in order to achieve bigger loans. It was alleged that a minority of applicants may have also been lying about their incomes altogether and may have actually been unemployed.
Posted: 2008-11-27
Category: Mortgages
One of Australia’s largest non-bank lenders has been offered up for sale by its owner GE Money – the giant American corporation with an international financial services arm. The mortgage lender has apparently been put on the market to stave off a takeover bid by its previous owner however it is likely that the sale has been triggered in part by the credit crunch.
Posted: 2008-08-09
Category: Mortgages
Equity has long been the golden egg of the property investing world. Build up enough equity in your property portfolio and you will never need to work again. Countless celebrity investors and seminar givers have championed the call for us all to buy property and build up equity so we can live the dream of telling our boss where to go and quitting our jobs once and for all.
Posted: 2008-08-09
Category: Mortgages
Recent figures released by the Council of Mortgage Lenders reveal that home owners in the UK are more likely to seek advice from intermediaries when they remortgage their homes. The alternative is for borrowers to apply to refinance their homes directly with lenders however it seems the majority of property owners favour impartial advice from mortgage brokers instead.
Posted: 2008-08-09
Category: Mortgages
The current mortgage and loan market has undergone a period of turmoil recently that has been felt all around the world. The full damage from the fallout from the turmoil has yet to be assessed and this is partly because the pattern of behaviour in the lending market is somewhat different to what it should be.
Posted: 2008-08-09
Category: Mortgages
The Federal Government’s apparent willingness to support the market for adverse credit mortgages in the United States raises the question as to whether the UK Government should consider doing the same. The House recently passed a allowing the Federal Housing Administration of providing insurance to lenders on mortgages that are in danger of becoming delinquent. While final legislation is still not a sure bet it begs the question of whether a similar scheme would work in the UK.
Posted: 2008-08-09
Category: Mortgages
There are a growing number of lenders who will consider applications for problem remortgages. This is an indication of the growth in the market for home loan applications from borrowers with non-standard credit histories and financial situations over the past few years. Such growth has largely been consumer driven.
Posted: 2008-05-20
Category: Mortgages
According to figures, 10% of all homes bought in 2006 were via the buy-to-let mortgage option. Accounting for over £17.5 billion, it’s a number that looks set to grow, if 2007’s trends are anything to go by. Looking at what a buy-to-let mortgage offers, it perhaps shouldn’t be such a surprise that they’re growing in popularity.
Posted: 2008-05-20
Category: Mortgages
