ALBAMONEY - Ayrshire, Mortgage Advice, Mortgages, Remortgages, Equity Release Advice

Mortgages after the Crunch

it is more important than ever that you take advice from a professional adviser before considering a house purchase, even if you have had several mortgages before. The rule book has been rewritten and the key to success lies in getting competent advice before you apply. There are mortgages out there for everyone to take advantage of. Deposits may not be necessary is some cases and Shared Equity Schemes may provide the help you need to buy your new home.

What's Changed?
	The amount you can borrow is determined by affordability and not by a multiple of your income. All your normal expenses including loans and cards are deducted from your net income to work out what your family has to live on and pay your mortgage. A larger family will have less money to use.

	Property values have reduced dramatically, which is not good news if you are downsizing, but is advantageous if you are trading up.

	Lenders have reduced the loan to value ratios with maximum loans generally only reaching 90% for the best quality customers.

	Customers with even minor impaired credit may now find it very hard to find a lender who will consider them. Most of the lenders than previously took on this business have either withdrawn or gone under.

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Purchases
	First time buyers may get loans with small deposits or they may get help from the Scottish Executive through the Shared Equity Schemes.

	Home movers can avoid some of the pitfalls by taking solid advice before even they market their home. Costs of Surveyors, Solicitors and Estate Agents can be trimmed substantially.

Remortgages
	Rate switches the greater the amount of equity in your home the better the interest rate will be. There are still plenty of good deals to be had.

	Capital raising it still avaialble although some lenders are taker a stricter line when the funds are used to consolidate debt. Don't ruin your credit score with failed applicarions.

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