Boost Your Business with a Commercial Mortgage
Long term commercial finance, in the form of a commercial mortgage, offers many small and medium sized enterprises (SMEs) the ability to invest in their business with new technology, new or refurbished premises, or increased stock levels.In the past, it tended to be only larger organisations with a proven track record who could obtain commercial mortgages. A large number of younger/smaller businesses were unable to obtain this type of commercial finance and, as a result, many businesses have been forced to rely on expensive short term finance or left to use their owners' residential property as security.Fortunately, this gap in the market is now being targeted by specialist commercial lenders who are willing to serve the commercial mortgage needs of SMEs and owner-managed businesses. The problemIn the past, it has been difficult for small business borrowers, self-employed traders, and partnerships to raise commercial mortgage finance. This is because:
- Institutional lenders have focused on larger, corporate lending secured on the tenant covenant of investment properties. This sector is seen as being low risk and so has become a favourite of many traditional lenders.
- The lending criteria of many mainstream commercial lenders disqualify applicants who do not have three years' audited account, those without business plans, or those with a less than perfect credit history.
As the UK workforce migrates more towards self-employment, greater flexibility is required from lenders to assess each case on its individual merits. Until recently, this flexibility has been hard to find. Similarly, in the past, the requirement for three years' accounts has been a barrier to new or young businesses.
- Available to small owner managed limited companies, partnerships, and self-employed sole-traders
- Self-certification option - no need for three years' accounts
- Finance available for any purpose - no bank imposed restrictions
- Mortgage arrears, CCJs, IVAs, discharged bankruptcy all considered
- Same day indicative offers
- Completion in weeks, not months
- Transparent mortgage tracking Bank Base Rate
- Mortgage term of up to thirty years
- Advances from ?50,000 up to ?1.5m
Change in Texas Law May Make Reverse Mortgages More Popular
Texas was one of the last states to allow homeowners to take out home equity loans. Laws going back to the nineteenth century strictly prohibited home equity lending, as legislators feared that unscrupulous lenders would take advantage of homeowners for the purpose of seizing their homes through foreclosure. This made it impossible for citizens of the Lone Star State to use their equity for home improvements, debt consolidation or paying medical bills, as homeowners in other states may do.In 1997, the Texas constitution was amended to allow homeowners to borrow against their home equity. The amendment allowed for traditional term loans, lines of credit, and reverse mortgages, but did not allow a line of credit on a reverse mortgage. In a reverse mortgage, owners of homes who are at least 62 years of age may borrow against the equity in their home.
They need not pay the money back until they die, move or sell the home. Reverse mortgages have become quite popular in the last few...
Change in Texas Law May Make Reverse Mortgages More Popular
Mortgages > Change in Texas Law May Make Reverse Mortgages More Popular
Home Mortgage
For months now, you have been looking at houses and home brochures and
you have finally found it - the house that's just right. So now, you're feeling
anxious to buy your new home, move in, and get settled. But this is not where
your search ends. You still have one more important task to do and that is
getting a home mortgage.
Contrary to popular belief, getting a home mortgage is quite simple.
All
you need in order to make the right decision is to who where to look, what to
look for, and what takes place when you apply for a home mortgage. Knowing what
to expect, especially if you are a first-time homebuyer, may make it easier for
you to get through the process.
Where to Shop
Some people may think that once they have found the house of their
choice, their shopping days are over. Actually, choosing the house is only the
first phase of the whole process....
Mortgages > Home Mortgage
What you need to know about mortgages
Business stuff can be downright confusing especially when confronted with rates, numbers and the banking jargon that seem alien language to you. Still, you do not really have much choice as loans, interest rates and mortgages are words that you can either understand and study or risk losing the roof over your head.
What is a mortgage?
Mortgages is a legal and binding contract that indicates that you have agreed to use your house as security for a loan made. Upon signature, the lender will hold the title deed of the property until after you pay all the money that you owed plus interest. If in case, you are not able to make mortgage payments, the lender has the right to sell the property.
What are mortgage payments
To make it easier for you, the lender will give you opportunities to pay your loan in installment. Some will ask for a down payment, which is a lump sum that you have to pay in order to reduce the amount of money that you have to...
Mortgages > What you need to know about mortgages
Home Equity Increases $1 Trillion in Five Years ? Is the Market Peaking?
A new survey reveals that in the last five years, the equity in the California real estate market has increased by more than one trillion dollars. A trillion dollars is a large number to ponder, but put in concrete terms, it can be represented by a stack of one hundred dollar bills that is six hundred thirty one miles high! This astronomical increase in California home values isn't all that unique, however. Prices on the East Coast, particularly in the Washington, D.C. area, are increasing just as rapidly. There are areas on both coasts where home prices have tripled during the last five years. This, along with the dramatic increase in interest-only mortgages among homebuyers, suggests that home prices may be peaking.
In California, 35% of all mortgages written are interest-only mortgages. In Washington, the figure is a whopping 48%. With an interest-only mortgage, the homeowner pays only the interest on the home loan for the first few years of mortgage payments. After...
Home Equity Increases $1 Trillion in Five Years ? Is the Market Peaking?
Mortgages > Home Equity Increases $1 Trillion in Five Years ? Is the Market Peaking?
Are you ready for a 40-year mortgage?
Real estate prices have been increasing steadily over the last five years, particularly on the East and West coasts. In parts of California, homes are selling for 33% more than they were a year ago. This has made it more difficult than ever for first-time homebuyers to purchase a home. Over the years, a number of new mortgage options have become available to prospective buyers that ease the burden of buying a home. Buyers can now obtain a mortgage with a variable interest rate that rises or falls with the market or even a mortgage that requires only interest payments for the first few years of the loan term.
This allows buyers to make smaller payments early in the repayment schedule while purchasing a more expensive home than they otherwise might be able to afford. The payments would increase in later years, but so, presumably, would the income of the buyers, so that the home would still be within the buyers' range of affordability. A relatively new mortgage option that may soon...
Are you ready for a 40-year mortgage?
Mortgages > Are you ready for a 40-year mortgage?
Guide to Flexible Mortgages
Outlined below is a useful guide to flexible mortgages. Flexible mortgages are also known as Australian Mortgages because they usually feature something which is common in Australia - interest recalculation on a daily basis.Daily interest rate calculation means that the amount you owe falls each month as a little more capital is paid off with each mortgage payment. Most flexible mortgages now offer daily calculation of interest, so changes to the outstanding balance are taken into account immediately. The flexible mortgage was originally designed to help homeowners take a more pro-active role in managing their debt. Since their inception they have increased dramatically in popularity.
Flexible mortgages allow you to tailor your mortgage to suit your lifestyle. A flexible mortgage allows you to make additional or lump sum payments in excess of your scheduled amount, enabling you to pay off your mortgage early. By reducing the capital amount of your mortgage in this way, you are...
Guide to Flexible Mortgages
Mortgages > Guide to Flexible Mortgages
HELOCs and Second Mortgages: Which One Should I Choose?
Whether you need some extra cash to pay off some credit card debts, or to make some home improvements, home equity lines of credit or second mortgages can be great ways to get started.
Many people looking to borrow money often opt for home equity line of credit, or HELOCs, for short.
They are a tempting first choice, because they can often give you the much needed cash at a low interest rate.
Another advantage to taking out an HELOC, or a home equity line of credit, is that they may provide the borrower with a certain tax break, but you would need to verify this with your lender or accountant.
One drawback to HELOCs, however, is the fact that borrowers are expected to put their homes up as collateral.
So, it is important that you think this decision through, before finalizing the loan, because you may be at risk of losing your home- and its equity- if you are late or cannot make your monthly payments.
Finally...
HELOCs and Second Mortgages: Which One Should I Choose?
Mortgages > HELOCs and Second Mortgages: Which One Should I Choose?
Compare Mortgage Rates Online
A mortgage is very efficiently used in creation of a lien on a contract basis. The mortgage as a lien is usually created on a real state, a house, for instance. It is more than often used deliberately as a method by which individuals or businesses can buy residential or commercial property without paying the full value upfront. Therefore, it is quite evident that a mortgage is of prime importance to the mortgager, even more than the mortgagee. It is quite obvious that an individual will always look for mortgage rates which are very low.
He has the full sovereignty just like any other free citizen to go through all the mortgage rates available to him.
Any rational human being will try for that financial company or bank that will best provide him with lowest rates in mortgages. Therefore, it is always advisable that a person who is looking for a loan should always compare the mortgage rates. Online search and comparison is a handy way to find out what rate suits one's...
Mortgages > Compare Mortgage Rates Online
Mortgages
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