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mortgage advisor in uk

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If you?ve thought about getting a bad credit remortgage ? to pay off debts, fund home improvements or pay for a special occasion ? you should get some specialist advice. It?s possible to arrange this type of remortgage yourself, but the market can be complex and you should be absolutely sure that you?re choosing the right product ? and the right advisor.

1. Sound advice

In the UK, mortgage advisors are required by law to be authorised and regulated by the Financial Services Authority (FSA). This body regulates the majority of the financial services industry, and its members must abide by a strict set of guidelines when they give advice to customers. This means that the advice they give must be fair and impartial and that they must explain clearly why they have recommended a certain product and make clear whether they will receive commission for selling this product or whether they charge a fee to clients. They must also provide a document, called the ?Key Facts Illustration? which sets out the most important elements of the product they are recommending. This enables the customer to compare products from different lenders easily.

2. Expertise

The bad credit remortgage market is a specialist one, although growing, and it is important that your mortgage advisor has experience in this market. This will help them to make the best recommendations for your personal current situation and to explain the product to you. When you approach a mortgage advice company, find out if they have an advisor who is an expert in bad credit remortgage products.

3. Customer service

Customer service is equally, if not more important in the financial services industry than in other sectors. Advising people about their money and future finances is a serious, responsible business and customers should be looked after appropriately and shown that the advisor has their best interests at heart. If you don?t feel you?re getting the customer service you deserve, try a different advisor; one who keeps you informed, is willing to take the time to understand your situation and who will keep in touch in the long term to make sure that the product is still working for you.

Mike Burridge is with Leybridge Limited, an FSA authorised and regulated mortgage advisor that specialises in products for those with bad credit problems.
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Secured Loans – Making the Most of Your Home as Collateral

My visit to the lender was interrupted with my wife demanding a reason for my preference for secured loans. Though I hushed up the matter then, it kept on ringing in my mind hours later. Actually, I didn't know of options other than the secured loans that are available. The various instances of people that have lost their homes to lenders that she used to supplement her contention refused to leave my thoughts.

Therefore, the first thing that I did on reaching the lender was to put my wife's question thus. What makes secured loans more favourable for me? And the answer that I received has made me content that secured loans are the best for me.

The answer that I received could have helped a number of people who try to seek alternative sources of finance fearing secured loans can be perilous to their homes. Through this article, I have tried to bring forth the various aspects of secured loans that make them more favourable.

Secured loans are easily available:

Secured loans are most favoured by the lenders. Lenders vie to have the business of the borrowers who are ready to offer collateral. As mentioned, homes or property most often serve as collateral in a secured loan deal. This lessens the amount of risk that is otherwise associated with loans. Borrowers can exercise the right to choose secured loan deals from among the various secured loan providers.

Get favourable terms on secured loans:

Since the degree of risk in secured loans is lesser, lenders do not deter from making the terms a little more flexible for the secured loan borrower. Therefore, whether you need a higher amount or need it over a longer time period, you just have to mention and lenders will themselves match term with your requirements.

Employ the equity lying idle in your home through secured loans: Home equity is the value of the home that it may fetch if sold. Thus, equity shows the market value of the home. By taking a secured loan, one can use the equity in home. Using equity in home does not mean selling the home, because equity is replenished through the regular payments that one makes on the secured loan. It is because of the equity that borrowers get the best terms on secured loans.

Secured loans at the lowest rate of interest:

Secured loans are credited with offering the lowest interest rates. Interest being a function of risk embroiled, is lesser in case of secured loans. This is the most important aspect of loan. Therefore, they must be studied with care. The use of APR and loan calculators can be made to understand the concept of interest properly.

Arrange larger sums of money through secured loans:

It is normally difficult to save as much money as we can arrange through secured loans. The expenses leave little to be saved. Through a secured loan however, people can easily get their hands on a lump sum that can be used for purposes like constructing homes, making home improvements, buying a car, doing away with the debts and many more.

Ease in repayment:

It is much easier to repay the secured loan. Borrowers can choose the term of repayment and the repayment method in the manner that they feel will be suitable. The interest cost is included in the amount of secured loan and is then broken into the number of months comprising the term of repayment. Borrowers pay either the whole of the instalment or the interest under a different scheme called the interest only method.

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