My Credit Rating Guide

Mortgage Indemnity Guarantee, especially if you only have a small deposit. Then there are fees as well as the possibility of having to pay stamp duty. Related News 25/06/2008 - Mortgage approvals fall to lowest figure in ten years . . Figures show that the number of new mortgages approved by British banks has fallen... 18/06/2008 - Struggling mortgage holders must get help . . The Council of Mortgage Lenders has warned homeowners who are struggling with their mortgage... 16/06/2008 - Nationwide extends mortgage rates . . Nationwide, the high street bank, has announced that it will take steps to offer... . Related Guides Mortgages and financial distress . . If you are having difficulty meeting your mortgage repayments or are worried it may... Guide to buying leasehold property . . When you begin to search for a new property you may come across the... First time buyer . . Being a first time buyer entering the housing market can be a slightly daunting... . Related Articles 13/06/2008 - Mortgages: understanding the confusion . . Mortgages have never been easy to work out for the average homebuyer. With so... 19/05/2008 - Assumable mortgages . . The financial trends of today and tomorrow will no doubt be influenced by a... 02/05/2008 - Flexible mortgage for you . . Found your dream home but are at a loss as to what kind of... . Mortgage Advice Mortgage Advice Call our mortgage advisers 0800 180 4638 Mortgage Guides Quick Guides Mortgages and financial distress Guide to buying leasehold property A guide to mortgage rescue Mortgages guide Mortgage terminology Best Buy Mortgages Best Buy. Mortgage News Latest News 21/08/2008 - Millions of mortgage applicants turned down . . More than three million borrowers have been turned down... Read More 21/08/2008 - US mortgages hit rock bottom . . Mortgage applications in the US fell to an eight-year... 18/08/2008 - Another bank cuts the price of its fixed mortgages . . Cheshire Building Society has cut the price of most... Mortgages and financial distress - Only Finance.com . Latest Mortgage Guides - If you are having difficulty meeting your mortgage repayments or are worried it may become . mortgages, finance tips, . Home Loans Mortgages Credit Cards Insurance Debt Compare Mortgages | Mortgage Advice | Best Buys | Mortgage Providers | Mortgage Calculator | Call Me Back. Mortgages - Mortgages and financial distress If you are having difficulty meeting your mortgage repayments or are worried it may become a problem in the future, here is some information that can guide you through the process. It may even help you in understanding mortgages a little better. If you are facing difficulty in paying your mortgage, then there are some steps that you can take to soften the financial blow. The first thing is to inform your lender as soon as possible; the lender may provide assistance to you at the earliest convenience. The next step is to get advice from organisations that offer financial tips. Check the options available to you as your repayments may be covered by an insurance policy or you might be eligible for state benefits. These options could increase your income and assist you with repayments. If you are unable to make your full mortgage repayments, or you anticipate that this may be the case in the near future, you should tell your lender immediately. You should not worry that your lender will be unhelpful; lenders try to deal with all cases of arrears sympathetically and positively. Some lenders have telephone help lines or debt counseling facilities to assist making contact. The sooner you contact your lender the better. If you can t afford your full mortgage repayments you should talk to your lender and still pay what you can afford. This shows your lender you are committed to solving the problem and makes it easier for them to help you. There are several options that your lender may be able to consider. You could begin with reducing monthly payments by lengthening the term of the loan. On the other hand, you could try moving a capital repayment mortgage onto an interest-only basis, provided you understand you will not be paying anything off the actual mortgage. Another option is by adding arrears to the outstanding mortgage amount rather than seeking immediate payment. Accepting reduced payments for a short period could also buy you some time until you are able to resume full payments and repay any arrears that build up as a result. The earlier you make contact with your lender the more options there are available to resolve the problem. However, these are short-term solutions and in the long-term a repayment problem will have to be resolved. Your lender will wish to stay in regular contact with you to keep up to date with any changes in your circumstances. Each lender has a policy setting out how they will treat borrowers when their mortgage is in arrears. Your lender should provide you with information explaining how you can expect to be treated by them. There are a number of organisations, which offer free and independent money advice. Their counselors can help you assess your financial problems and advise the best course of action to solve them. If you are worried about approaching your lender directly - or if you have multiple debts these debt advice organisations can help you. Lenders may work with these organisations if they are acting on your behalf. When taking out a mortgage ensure you check the options you have available to you. If you become unemployed, have an accident, or are too sick to be able to work, you should check whether you have a mortgage payment protection policy. This type of insurance would usually have been taken out at the same time as your mortgage. If you have an eligible claim, it will cover your mortgage repayments up to a period of 12 months or sometimes more. There are also state benefits available which could assist you. It is worth seeking advice on whether you are eligible for any of the options mentioned above. Related Guides Guide to buying leasehold property . . When you begin to search for a new property you may come across the... A guide to mortgage rescue . . There are several ways to curb being unable to repay your mortgage, some of... Mortgages guide . . There is no doubt that mortgages can be confusing. With so many products available, ... Related Articles. 15/07/2008 - A little piece of good news for the gloomy property market . . The housing market in Britain is on a decline with more and more people... 08/07/2008 - Morgages fall as more people choose to rent . . Recent figures show the number of houses sold in the UK in the last... 03/07/2008 - Mortgages and the credit crunch . . The credit crunch has bought good and bad news for homebuyers. The good news... . A guide to mortgage rescue - Only Finance.com . Latest Mortgage Guides - There are several ways to curb being unable to repay your mortgage, some of which . mortgage rescue, mortgages, mortgage guide, compare mortgages, . Home Loans Mortgages Credit Cards Insurance Debt Compare Mortgages | Mortgage Advice | Best Buys | Mortgage Providers | Mortgage Calculator | Call Me Back. Mortgages - A guide to mortgage rescue There are several ways to curb being unable to repay your mortgage, some of which are outlined below. You should never take out a loan at a higher rate of interest to pay your regular mortgage payments; this will only make the problem worse. Don ignore letters or telephone calls from your lender; if you are not sure what they mean ask your lender or a debt adviser. Don stop paying altogether if you can afford the full repayment: talk to your lender and pay what you can each month. You may be thinking about abandoning your property or sending the keys to your lender. You should not do this without talking to your lender first and understanding the consequences. There are a few points that you could take into consideration. You will still owe any outstanding debt/mortgage, including the interest building up on the loan, until the property is sold. You will have to pay for the costs of selling the property and will still owe any shortfall between the sale price of the property and the outstanding debt. Your lender may pursue you, through the courts, to recover the total amount owing. You may be recorded on a register of people who have had their properties repossessed and may find it more difficult to obtain loan finance in future. Some companies offer to help you if you get into financial difficulties with your mortgage payments by buying your home and then renting it back to you for a fixed period of time (six months or more). These are sometimes called a href="http://www.onlyfinance.com/Mortgages/Facing-the-Threat-of-Negative-Equity.aspx" title="mortgage rescue" mortgage rescue ent-back or ell-to-let schemes. Selling your home in this way may allow you to clear your mortgage debts and stay in your home. However, if you opt for such a scheme you will no longer own your home and could still be evicted if you fall behind with your new rental payments. In addition most of these firms will pay you less than the market value of your property, so think carefully before entering into such a scheme and make sure you understand the consequences. Income Support (IS) is a benefit to help people on low incomes, although eligibility for help with housing costs is very restrictive. If you qualify, then there are limited arrangements in place to help meet your mortgage interest, provided that the purpose of the mortgage was for the purchase of your home or for work carried out to maintain the property. There is a limit of 100, 000 on the size of mortgage which it will cover - although if your mortgage is larger than this, you may still be able to receive assistance on the first 100, 000. Restrictions can be imposed. In addition to mortgage interest, it may also cover ground rent or certain service charges, but it will not cover the capital part of your mortgage payments or the premiums on an endowment policy. IS for mortgage interest is normally paid direct to your mortgage lender and credited to your mortgage account every four weeks in arrears. The timing of the assistance will depend on when you took out your mortgage, but usually you cannot start receiving assistance until 9 months after the start of a claim: check with your local Jobcentre Plus office. Sources of further advice and assistance as well as specialist advice may be needed which cannot be obtained from your lender or you might want to seek independent advice about the best course of action for you. Related Guides Mortgages and financial distress . . If you are having difficulty meeting your mortgage repayments or are worried it may... Guide to buying leasehold property . . When you begin to search for a new property you may come across the... Mortgages guide . . There is no doubt that mortgages can be confusing. With so many products available, ... . Life insurance guide - Only Finance.com . Latest Life Insurance Guides - Most life policies have optional extras, which include the following. A waiver of premium is . Javascript must be enabled to use this site. Home Loans Mortgages Credit Cards Insurance Debt Car | Home | Bike | Van | Travel | Life | Health | Payment Protection | Call Me Back. Life Insurance - Life insurance guide Most life policies have optional extras, which include the following. A waiver of premium is one extra that is opted for. If you cannot follow your normal occupation because of illness or injury, the insurance company will pay your premiums to maintain the benefits under the policy. Critical illness occurs where the insurer provides cover against the risk of you having a serious illness such as a heart disease or cancer. If you develop one of the illnesses listed in the policy a lump sum (or occasionally a regular income for a set period) will be paid. This type of insurance can be bought on its own or as an addition to whole life, endowment or term insurance. Provided your policy is a ualifying policy the benefits paid on death or maturity are not subject to income tax. To qualify, a policy has to satisfy certain statutory conditions. These include the need to pay premiums at annual or shorter intervals for at least 10 years or until your earlier death. Your sales person, adviser or insurer will tell you whether or not your policy is a qualifying one. The surrender of a policy within the first ten years may result in a liability to pay some income tax. There are controls over selling life insurance. Sales are governed by the rules of the financial services regulator the Financial Services Authority. The Financial Services Authority as either a company representative or an independent financial adviser must authorise any person advising on or selling investments. The sales person will make his status clear and explain whether he is authorised to only offer the products of one company or whether he can advise on a range of different companies products. Insurance companies deal direct with potential customers either by telephone or through their sales people but it is also possible to buy through independent financial advisers or other insurance intermediaries. A life insurance policy is a long-term commitment. It is not designed for you to cash in early. Insurance companies and other financial advisers can help you decide what products are suitable for you. Never surrender a life insurance policy without taking expert advice. When you have decided on a policy you will have to complete and sign a proposal form. This form may ask about such matters as your age, occupation and health. You must answer all questions truthfully. If you fail to do so, it can, in some circumstances, mean that your policy will not pay out. Every effort is made to ensure your application for life insurance is made in the full knowledge of all its terms and conditions, but all these policies have a ooling off period (of at least 14 days). During this time you can tell the insurer you do not want the policy and receive a refund of any initial premiums you have already paid. With unit-linked policies it may not be the full amount you originally paid if the value of the units has decreased since purchase. If there is an issue you want to complain about, your first point of call would be the salesperson, adviser or Insurer. Your policy document will provide details of the insurer complaint arrangements. The aim will be to ensure that your complaint will be thoroughly investigated at the right level. If you are not satisfied with the way your complaint was handled you can contact the Financial Ombudsman- who settle disputes between consumers and businesses providing financial services. Related News 10/08/2008 - ABI updates life insurance for those with HIV . . The Association of British Insurers(ABI) has introduced a new guide about insurance countries with... 11/07/2008 - ABI updates rules on HIV testing for life insurance . . The Association for British Insurers has this week brought out a new set of... . 24/06/2008 - Genetic testing impacts life insurance policies . . The Association of British Insurers (ABI) has suspended the use of predictive genetic testing... Related Guides Life Insurance . What is Life Assurance/Insurance What types of life assurance are there What is critical illness... Related Articles 04/03/2008 - Can Being Gay Prevent You From Getting Life Insurance . . If you are a chain-smoker, heavy drinker or are extremely overweight, you are likely... . 14/02/2008 - Additional Benefits of Life Insurance . . There are four key types of life insurance term life, whole life, universal... 22/08/2008 - Life insurance if people depend on you . . Before opting to take out any form of life insurance cover, there are a... Life Insurance Guides Quick Guides Life insurance guide Life Insurance . Life Insurance News Latest News 20/08/2008 - There's a new player in town . . Barclays Bank have agreed a deal with Norwich Union... Read More 17/08/2008 - Britons ignore life insurance . . New research has revealed that over 30% of UK... 13/08/2008 - Post office reveal life insurance pattern . . You can't put a price on life, well providing... Mortgages and financial distress Guide to buying leasehold property A guide to mortgage rescue Mortgages guide Mortgage terminology Best Buy Mortgages Best Buy Fixed Mortgages Credit Ratings Credit Scores Adverse Mortgages Credit Ratings Credit Scores Discounted Mortgages Click Here . Read More 21/08/2008 - US mortgages hit rock bottom . . Mortgage applications in the US fell to an eight-year... 18/08/2008 - Another bank cuts the price of its fixed mortgages . . Cheshire Building Society has cut the price of most... More News RSS Feed THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPATMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT. Guide to buying leasehold property - Only Finance.com . Latest Mortgage Guides - When you begin to search for a new property you may come across the word . leasehold property, mortgages, leasehold, . Home Loans Mortgages Credit Cards Insurance Debt Compare Mortgages | Mortgage Advice | Best Buys | Mortgage Providers | Mortgage Calculator | Call Me Back. Mortgages - Guide to buying leasehold property When you begin to search for a new property you may come across the word leasehold . Many homebuyers don t understand what a leasehold is, how it works, the rights it gives and the responsibilities that it entails. For those people who are buying, or are considering buying, a leasehold flat or house (flats are more often leasehold than houses), it is essential to know exactly what leasehold means. Leasehold flats and houses may be situated in purpose-built blocks, converted houses or as part of commercial or retail premises. Leasehold ownership of a flat fundamentally means a long tenancy - the right to own, occupy and use flat for a long period known as the term of the lease. This can be for between 99 - 999 years; and the flat can be bought and sold within that period. There are long leases and short leases, referring to the number of years left on the lease. From the outset of the lease, the lease term is fixed and decreases every year thereafter. At the end of the lease, the flat is returned to the owner of the building. Technically, even whilst a leaseholder owns the lease on a property, the owner of the freehold retains ownership of the external and structural walls, as well as any common parts of the structure. The owner of the building is also responsible for the maintenance and repair of the building. Leasehold properties may be owned by either individuals or companies, and sometimes by housing associations or local authorities. Often, leaseholders purchase the freehold of the building in which they live by creating a residents management company. In the eyes of the law, a lease refers to a specific contract that exists between the owner of a property and a leaseholder that provides the latter with conditional ownership for a fixed period of time. Leases are extremely important documents, and both parties should keep a copy of the agreement and make sure that it is understood. Leases are usually worded in legal jargon, which can be hard to understand without taking advice. Leases lay out in certain terms the contractual obligations of both parties. This will include what the leaseholder has to do, and what the landlord has to do. The lease will set out what the leaseholder s obligations are, as well as any restrictions and conditions regarding the property. Usually, the landlord is required to maintain and manage the structure of the property, as well the outside and any common areas. Leaseholders may not be totally free to do what they wish to in or with the leasehold property. The lease itself has its own conditions, to protect the rights of all those with an interest in the building. When a flat is sold, the seller passes all the rights and responsibilities of the lease to the purchaser, including all future service charges that have not been identified. Related News 21/08/2008 - US mortgages hit rock bottom . . Mortgage applications in the US fell to an eight-year low last week as purchases... 14/08/2008 - Homeowners wary of climbing onto the property ladder . . Due to the credit crunch, potential homeowners, across the UK, too nervous to climb... 11/08/2008 - Number of buy-to-let mortgages available drops dramatically . . The number of buy-to-let mortgages on the market has dropped drastically in the last... . Related Guides Mortgages and financial distress . . If you are having difficulty meeting your mortgage repayments or are worried it may... A guide to mortgage rescue . . There are several ways to curb being unable to repay your mortgage, some of... Mortgages guide . . There is no doubt that mortgages can be confusing. With so many products available, ... . Holidaymakers possessions worth 3000 - Only Finance.com . Latest Travel Insurance News - Travel insurance could be more valuable than you think as a recent study by Legal . Travel Insurance, loss, theft, possessions, luggage . Travel insurance could be more valuable than you think as a recent study by Legal and General has revealed that the average British family going on holiday for a week, takes over 3, 000 worth of possessions with them. Even for a weekend break when many pack just a small piece of carry on luggage, the average cost of possessions taken is 1, 300. The price of clothes, bags, make up, jewellery and accessories taken on holiday really does add up with most people unaware of how valuable their luggage is. These days many people take expensive technology away with them as well, pushing up the value of their luggage. Nearly every tourist can be seen with a digital camera to capture all the sights and an ipod to pass the time spent travelling. Elaine Parkes, Head of Technical Services at Legal General's general insurance business said: "It's surprising just how quickly the value of the contents of our luggage adds up. "It's easy to forget the actual value of the suitcase or bag itself and the accumulated value of all its contents may not be fully appreciated, particularly if you like designer accessories! Bearing in mind the accumulated cost of luggage taken on holiday, travel insurance seems like the only sensible option, especially considering around 200, 000 UK holidaymakers lose their bags every single year. If the average bag contains 3, 000 worth of possessions, that works out as 60 million worth of luggage which is being lost each year. The only way to protect yourself from this kind of loss is to take out comprehensive travel insurance before going away. Make sure that your policy covers the full value of your possessions, bearing mind that they could be worth more than you think. If you are taking an activity holiday or have any special equipment your luggage could be worth even more than the average of 3, 000. Related News 15/08/2008 - More Brits travel outside of Europe . . Despite the credit crunch limiting spending and pushing the price of holidays up, Brits... 05/08/2008 - Travel insurance vital for Beijing Olympics . . The Beijing Olympics kick off on August 8th, 2008, and travel insurance is vital... 31/07/2008 - Consumers warned over malaria . . Customers have been advised to always seek malaria advice before going on holiday to... . Related Guides Travel Insurance . Why do I need travel insurance What is Single Trip Insurance What is Annual... monebaggasse