INTEREST RATE'S CUT 1.5%

Last week the Bank of England cut the Interest Rates by 1.5% to try and help the struggling economy and property market in particular.
If you have a tracker rate mortgage then most mortgage lenders are now stating they are passing on the full 1.5% reduction in interest rate. The result in this to those on tracker rate mortgages and variable rate will be lower monthly mortgage payments.
If you are not on a tracker rate or variable rate mortgages then all is not lost. Yes you won’t see any financial reward in the short term, however the reduced interest rate has already prompted mortgage lenders to bring out some new low rate mortgage products and a few have lifted the barrier slightly on the loan to value ratio, meaning you don’t need as much deposit to purchase a property as you did 2 weeks ago. This hopefully, should mean more people can obtain a mortgage and as such the property buying market should start to kick off again. This then has a knock on affect to house prices in a positive way, as they will hopefully start to rise again.
I don’t think you will see 90%+ products for a long time but this is all a positive move from the government and mortgage lenders to try and inject a bit of faith and trust in to borrowing on mortgages and purchasing properties again.
Watch this space as we believe there may be a further reduction in the interest rates over the next few months.
To see if you can obtain a new mortgage deal simply apply online http://www.yoursmartfinance.com/Mortgages-Remortgages.php or call us 0191 233 1598 to see how we can help you

WIPE YOUR CREDIT CARDS & LOANS OFF........LEGALLY WITH NO ADVERSE AFFECT!!

Recently it has been unveiled that if you took out a loan or credit card before 1st April 2007 then the contract you signed may be unenforceable.

What does this mean?
In brief, it means you could be months away from having your balances written off without any affect to your credit rating and be totally debt free.

Yes.....this is true, 100% legal, signed off by a court of law and actioned by a team of solicitors. Basically, the contracts handed out to consumers to sign pre 1st April 1007 do not match the consumer credit act the way they should. In most cases there are 50+ reasons they don’t, however a solicitor only needs to find one to render your contract void and demand that they clear your balance.

The process will take approximately 6-9 months to complete and will cost you in the region of £495 to get going; however this is a small price to pay to erase 10’s of thousands of pounds.

For more information on how to erase your debts and be debt free in no time call a member of the Smart Team on 0191 233 1598

Interest rates go down!

Good news, interest rates have been reduced so if you have a tracker rate mortgage you will be pleased as most lenders are passing the reduction on to help consumers in this struggling economy.

Hopefully this is going to encourage a little bit more faith in buying properties as there are some good mortgage deals out there now and in turn the market should start to pick up slightly. So if you are looking to start buying again then now is the time to do it as we doubt whether the rates are going to reduce further any time soon.

If you are a first time buyer lenders and builders are again starting to offer good deals on mortgages and the properties, paid deposits, discounts etc.

If you are looking to remortgage due to the change in interest rate from a higher fixed rate then this might not be a bad idea. However a few things to work out are if you are going to be better off after paying any redemption penalties on your current mortgage including the new mortgage lenders arrangement fees and any other charges.

Buying your first mortgage, remortgaging or buying an investment property is all about making sure you don’t stretch yourself, especially in today’s market. Things might be improving and will inevitably get better but the cost of living is still quite high and may increase further so make sure you factor for this when assessing whether to purchase or not.

If you are still unsure or would like to know how much a certain property might cost you each month then speak to one of our mortgage team members, free of charge and they will give you the best advice possible. 0808 202 4619 / 0191 233 1598.

Have a great day

http://www.yoursmartfinance.com/Mortgages-Remortgages.php

Repossession Worries?

The credit crunch is starting to take a toll on more and more people and thanks to the media they scare people even more and make the situation worse, but hey its good TV viewing numbers for them so what do they care. My advice, switch the news off when it comes on.

I am no economist however the situation I feel is at its lowest or almost at its lowest; the governments have to intervene sometime soon and are looking at the possible interventions right now.

However if you have struggled to pay your mortgage for some time now and are potentially facing a repossession order and feel as though things can’t get any worse, there is a light at the end of the tunnel. There are companies out there who can help you.
Yes you will still have to give up your home still but you may still be able to pull some of the equity out that you would lose if you were repossessed and providing you can maintain the rent you will be able to stay in your home, with all your possessions and not be kicked out on to the streets.

Many of these companies get bad press but let’s way up the positives and negatives:

Positives:

• You get to stay in your beloved home.
• You potentially get to release some equity you would otherwise lose.
• Just because your home is repossessed it doesn’t always mean you are clear of the debt. If the mortgage lender can’t re-coup the amount owed from the sale of your property they may still chase you for the outstanding balance, therefore if you sell it your mortgage will be paid off and you will be mortgage free.
• Your credit rating will not be as adversely scared as if you got repossessed.
• You no longer have to worry about being repossessed.
• You don’t have the headache of moving.
• You can stay in your home as long as you wish.
• There are no fees to pay during the process of the purchase.
• There are no sale boards erected, so no one will even know you have sold you house.
• Should anything go wrong with the house, it is the responsibility of the landlord to fix it, not you.
  

Negatives:

• You are no longer a homeowner and may not receive the full amount of equity you have in your home, however you would receive none if you were repossessed.
  

As you can clearly see the positives out way the negatives, if however you are still unsure please contact us and one of our team members will call you back to let you know all the answers you need.

Simply complete this form and a member of the smart team will be in touch within 2 working hours.
http://www.yoursmartfinance.com/your-smart-property.html

Have a great day.

Help for first time buyers

Your Smart Finance www.yoursmartfinance.com have developed a scheme to help first time buyers afford a house buy purchasing below market value properties, and afford their fees by offering them to the buyers and building them in to their mortgage plan.

If you let us know where you are looking to buy, the type of property and a bit about your financial history, we will do all the research for you and offer you a solution to buying your first property in an affordable manner.

Complete our short application form http://www.yoursmartfinance.com/Mortgages-Remortgages.php?type= and one of our dedicated mortgage team members will let you know how we can make this all possible.