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Zopa is the online marketplace where people meet to lend and borrow money. The easiest way to describe it is like eBay for money - lenders lend money, borrowers borrow money, and by cutting out the banks, everyone gets a better deal. If you're looking for a loan at the mo', you'll get a competitive rate and Zopa don't have any sneaky fees or penalties if you want to repay early. Plus, you get that warm feeling inside, knowing that your repayments are helping real people rather than the fat cats. Or, if you've got some spare cash and fancy making a return, why not try lending at Zopa? Zopa credit-score and risk assess every borrower, you can lend each borrower as little as 10 pounds to minimise risk and all payments are collected on your behalf.***Click the link below to join, now!*** http://www.zopa.com/member/djsl82 thanks for reading and have a nice day
Zopa is the online marketplace where people meet to lend and borrow money. The easiest way to describe it is like eBay for money - lenders lend money, borrowers borrow money, and by cutting out the banks, everyone gets a better deal.If you're looking for a loan at the mo', you'll get a competitive rate and Zopa don't have any sneaky fees or penalties if you want to repay early. Plus, you get that warm feeling inside, knowing that your repayments are helping real people rather than the fat cats.Or, if you've got some spare cash and fancy making a return, why not try lending at Zopa? Zopa credit-score and risk assess every borrower, you can lend each borrower as little as 10 pounds to minimise risk and all payments are collected on your behalf.***Click the link below to join, now!***http://www.zopa.com/member/djsl82
We took out a Current Account Mortgage with the Royal Bank of Scotland three years ago. Our mortgage until then for £120,000 was with Nat West, and was due to run until 2017. With the Current Account Mortgage, instead of having separt bank, mortgage and savings accounts, the whole lot is lumped together so that you (simply!) have an overdraft. To start with it looks a bit frightening when you see your bank statements, as it doesn't look that nice to have a six figure overdraft. But as soon as your pay goes in, down the overdraft goes. As the amount of interest you pay is calculated daily, then you soon start to get ahead of a normal mortgage. And if you have any spare cash, or a windfall, then that goes straight into paying off the mortgage, with NO PENALTIES! Instead of paying tax on your savings, you reduce your mortgage TAX FREE! You can also check progress online. Every month, you get sent a paper statement which tells you how you are doing against your plan of paying off by an agreed target date. If you like playing with spreadsheets, you can start to make your own predictions about when you will be paid off. We hope to pay our mortgage off by the end of 2009. Not bad! So take a good look at a Current Account Mortgage - they could save you years of interest, too.
I am a first time buyer, and I bought my house before i really thought about who to get a mortgage from. I spent a lot of time researching mortgages, and found Alliance and Leicester to be among the top 3 places for a mortgage i could find. In my opinion, theye were a good option for me. The fixed rate mortgage i got was a good rate at the time, and the situation I was in, I needed an offer quickly. This is what happened with A&L. My tip would be to find the best offer you can, and see a financial advisor who doesn't charge a consultation fee, and let them know. Then, they will looka at similar products and tell you which is best for you. There is mutual advantage in this, as the financial advisor (FA) will fill in all your paperwork for you and sort out any problems, and in turn, A&L will give the FA a commission. I was told by my FA that A&L really look after you, and when it comes to the end of your fixed period, they offer you good deals to keep you on. Also, they are quick (not the quickest) in tyhe application process. I even had a change of heart and wanted to change my deposit amount. I let my FA know and within 2 days, I recieved a revised offer from A&L. So all in all, they are quick, have good rates, and are rated among the financial people in the know. Bad point, well I am not sure I have any at the moment, but if you have a premier account with them, I believe you have access to a wider range of offers.
When we moved home the first time I just carried on my existing mortgage and increased the amount. Simple. When we moved again, the mortgage providers (Natwest) were very non co-operative, especially when we ran into problems with the purchase and it meant we would've needed a bridge over loan. Instead we redeemed the mortgage, which cost us a lot of money, but it was the best decision we ever made. We applied for a mortgage with Rugby & Hinkley Building Society. No arrangement fee, no valuation fee, a flexible variable rate mortgage. The interest rate was superb and the mortgage is still in the best buys of the financial press months later. I think it is currently at 4% or therabouts. We took out £47,000 to be safe and a few weeks after the sale had gone through and everything was paid for we just sent them a cheque for £3,000. We wrote a quick note with our mortgage number on and put it in an envelope addressed directly to the office. Within days we had been sent a receipt and a letter informing us that our monthly payment was being reduced, due to the reduced amount of capital. I rang the office direct (and spoke to a human) and changed the arrangement so that instead of paying the £270.00 a month they recommended we now pay a fixed fee of £350.00 per month. All this means is the lower the interest rate, the more money goes towards the capital. This is not a fixed rate mortgage. We pay an extra £80.00 towards the capital each month, saving us interest each time and, if the rate does not rocket, this should save us months, maybe years off the term of the mortgage. In the few months we have had the mortgage, we have had two letters informing us of the interest rate reduction but our payment has not altered. When the interest rate drops, more of our money goes towards the capital and less on interest. We know exactly where we are each month and every so often we get a statement detailing our payments and our outstanding balanc e. Overall I found Rugby & Hinkley a lot more professional than the bigger outfits, the valuation was done within days of them receiving our application and they took out references with our employers almost immediately. When you ring you get straight through to someone who knows what they are doing instead of the old "Press 1 for sheer frustration". With the mortgage we have you can also take holiday payments. I'm sure if we ever need this, it will be sorted straight away with a phone call. Somehow I can't say I ever had the same confidence with Natwest. In answer to some of the comments. 1) I won't get a "bum deal" if the interest rate goes down. I will pay the same each month but the capital will pay off quicker. With a variable rate mortgage you only lose out if the rate goes UP! 2) Rugby & Hinkley's current rate is 4.3%, Nationwide is 4.65%. The R&H mortgage is still the best variable flexible rate mortgage around, according to the Daily Express financial column and has been for several months.
I used LendingTree.com to find my last refianance leader. Loans Direct now E*Trade Financial had the best rates, what a mistake I made. It has been two years since my last refinance and I got the new title for the new loan, to my surprise the Loans Direct/Escrow Direct company never completed the release of my first and second mortgage, as a result I have spent many hours trying to correct it and I am about to lose my lock, because they could and can't help me resolve this issue now. I have had to my previous mortgage lenders to fix the issue. The funny fing is that the same people still work at E*TRADE Financial. Good Luck It should be interesting to see how many other people using the same lender have this problem in a few years.
Hiya folks! Yes, I’ve been away for absolutely ages but I’m excited to be back at long last in the ‘restful’ period of the school holidays – it’s uncanny that isn’t it, it seems I only write when I actually have time to breathe!? In the meantime loads of thing have happened one of the most major being buying a house ‘en solo’ with all its little ‘difficulties’ and mortgage problems. Sit down comfortably folks and I’ll tell you another of my famous stories. Glad you had rest from me, eh? I already knew I was going to encounter mortgage problems when I was living in the USA after my undergraduate degree. My student loan deferment forms had arrived in London and guess whose ‘trusty’ friends didn’t ship ‘em over stateside. Yeah mine. I ended up getting a CCJ and have had credit problems to one extent or another ever since. Sob sob. Automatically then I knew I needed help from a mortgage lender who could take my problems into account. High street lenders didn’t want to know as a CCJ often markets you as irresponsible, so I tottled of to a broker and shared the secrets of my short and sad credit history. Southern Pacific was recommended to me as a lender that takes mortgage enquiries into account irrespective of past credit history problems, thus they’re a good lender to turn to even if you’ve previously been sent packing, spitting and pleading from the doors of other lending companies. They are a reputable company and adhere to the regulations of the Mortgage Code (I checked this out through speaking to various brokers). Naturally, as you would expect, their interest rates are higher than some companies (although by no means astronomical and unrealistic) and their redemption penalties remain high for the first three years of a mortgage term (6% of outstanding mortgage balance). In terms of figures, it you were interest ed in getting such a loan, you should expect to initially put down 10% of your property’s value to qualify at this mitigates overall risk and you could then expect rates (using my own mortgage as an example) of a fixed rate of less than 6% for a discounted period (normally for anything up to 18 months) and then at a variable rate (currently at 6.75% for my mortgage). Again, I personally find these rates realistic especially if seen as a temporary measure. Ultimately, all mortgages demands are treated as individual cases but I would certainly recommend in the company in being able to help with mortgage provision for problem cases in the short term. When my period of three years payment is up, providing my student loans are paid off in full, I will certainly turn to a high street lender to seek better rates for the remainder of my mortgage. If you’re still interested, it only remains to be said that most brokers who specialise in adverse credit would surely be able to recommend Southern Pacific. However, if you have any problems with this I would recommend Simpleloans (on (01543) 303170) as a broker (no, I’m not advertising it’s just that I used them myself and they’re very good). Anyway, in the words of the French – c’est tout. And I really hope this advice is in anyway helpful to you folks out there who really have had difficulties with some of the more pompous lenders that exist. I couldn’t go without that last insult. Over and out folks and it’s bloody good to be back! PS – Be nice to me!
Choosing a mortgage lender is one of the biggest decisions you?ll make in your life. Get it wrong, and it could cost you dearly. Remortgaging has never been easier, and many lenders are desperate for new business, and will even poach from other lenders. That said, it is still time consuming to change mortgage lender, and not necessarily without a cost, albeit hidden. So, it is important to get it right first time, and not rely on the fact that you can change lender part way through your mortgage. Four years ago I moved house and was looking for a lender. I shopped around (although without the luxury of the internet to take away the donkey work), and chose Direct Line. I had two main reasons: 1. At the time they were offering a competitive interest rate, below many of the leading High Street banks and building societies. The current standard variable rate is 5.71% with some discounts available. 2. They calculate the interest on a daily basis, and allow you to repay more anytime you wish. Again, this was in place 4 years ago, long before some of the building societies were forced by consumer pressure to change the way they calculated interest. Over the last four years, my mortgage rate has been reasonably competitive, and I have not judged it worth my while to consider changing. Their customer services staff are friendly and helpful, and I have no major complaints about my mortgage until now. Prior to the interest rate cut of 0.5% announced recently, Direct Line?s standard variable rate was 5.96%. I checked on the internet yesterday, and it has now reduced to 5.71%. You don?t need to be a maths genius to calculate that they?ve reduced the mortgage rate by only 0.25%, NOT the 0.5% cut in interest rates. If other lenders have passed on the full interest rate cut, maybe Direct Line isn?t so competitive after all!
Just over a year ago I took out a £55,000 repayment mortgage over 25years. I paid 10% off the original mortgage leaving a £50,000 balance. Last month I telephoned my mortgage company and told them I wanted to up my payments. My mortage was :- 24 years left @ £382 balance £110,016 My mortgage now :- 10 years left @ £598 balance £71,760 As you can see, in my case, upping the payments by around £200 has taken 14 years off my mortgage and £40,000 in interest. I think the figure of 25years to pay your mortgage is far too long and you too should look to up your mortgage payments, if only by £50 per month.
Not so much to do with a mortgage lender, in this case, but the cover for it. Almost 20 years ago, we bought our present house and converted a FP with-profits policy to an endowment, to help cover a part of the mortgage. We also took out another low-cost one, to make up the difference. Now, the arguments about the pros and cons of endowments have been raging for quite some time. Unlike many people, however, we have kept our policies going, mainly because one of them is now quite valuable and it would be foolhardy to be panicked into cashing it in; especially as it hasn't got long to run. We have friends who have turned their endowments in and lost thousands of pounds value in the process. This is exactly what the companies want you to do...cash in and get off their backs. The gripe here is not the endowments themselves, but the way that FP appear to have manipulated all the annual and terminal bonus calculations. Recent discussions with them over a projected shortfall in the cheaper policy revealed that their calculations are, to say the least, very suspect. One policy has, according to our reckoning, been projected and calculated (by FP) with zero terminal bonus and almost negative % growth for the next nine years, even failing to meet the guaranteed amount. FP denied this over the phone, at the same time going through their explanation of how they calculate bonuses. On speaking to a more experienced rep, however, the methods suddenly changed! The inconsistencies in determining annual bonuses is quite amazing; it seems FP can work things out in half a dozen different ways, to get half a dozen end results...depending on the person you happen to be discussing your problems with! Terminal bonuses were once offered at 195%. Even allowing for this to fall to just 10%, and a pathetic annual growth rate bonus of just 2%,our policy would be worth more than what has been suggested. When questioned as to what had happened to all the terminal bonus money, in "the pot" over twenty years of the policy's life, FP could not provide satisfactory answers. We are now in the process of arranging to tackle a FP rep directly; ambiguous answers and calculations simply are not acceptable. Many of you will know that FP have recently announced plans to demutualise.This is supposedly in the interests of policy-holders; experience suggests otherwise. FP would appear to be covering up serious problems at deeper levels and if you are thinking of taking up a long-term policy with them at the moment (August 2000), I would hold off. Financial plans like these can be extremely complex to understand, which is why people fight shy and just accept whatever they are told. Even IFAs don't always get it right. Equitable Life has already been a good example of how things can go badly wrong; there might be more on the way.