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Trustguard Has Launched A New 90% Ltv Self-certification Range. By Russell Marsh. New 90% LTV self-certification range introduced by Trustguard.
They've joined forces with Kensington to give rates from BBR+1.69% for a two year self certified tracker mortgage. This will be offered to employed, self employed, prime 1st time buyers and can be used for purchasing or remortgaging.
The National Sales Manager of Trustguard, Sian Brown was heard to say: "There is a significant gap in the market where these products used to be. Providers have recently deserted this area which has left many brokers unable to meet their client's needs. The availability of these products has diminished to the point where they were nearly an endangered species. It's our hope that our new range of these products will really help brokers supply the demand that is out there."
Trustguard will be offering a two year option at 6.99% fixed and a three year one at 6.89% fixed. There is a completion fee of 1,999 which can be added to the loan above the maximum allowed LTV and there won't be a higher lending charge. The maximum on offer will be 500,000.
Overpayments of up to 10% are allowed per year. Applicants should have no CCJs within the last three years, no arrears during the past 12 months, no defaults in the previous 3 years, no IVAs and must never have been a bankrupt. The reversion rate is BBR +2%.
Philip Collins, chairman of the Office of Fair Trading (OFT) will be the keynote speaker at the Association of Finance Brokers' (AFB) annual dinner on 1st July 2008. It is to be held at the Drapers Hall, London. AFB's chairman, The Rt Hon John Gummer, MP, will also be speaking.
Robert Sinclair, director of AFB said: "We are delighted to announce that Philip Collins will provide our after dinner speech. As an acknowledged expert in the area of European and Competition Law, Philip is uniquely placed to provide insights into changes in lending markets, and the forthcoming Competition Commission report on payment protection. It will be a great opportunity to hear, first hand, from the man who governs the OFT."
The FSA's (Financial Services Authority) effectiveness is being questioned by the IMLA (Intermediary Lenders Association)
after the FSA published it's 2nd stage of the Effectiveness Review.
"The IMLA does welcome the 2nd stage of the Effectiveness Review although in reality the findings are not really surprising and don't help the industry very much." said Peter Williams, IMLA Excutive Director. "As we all know most sub prime mortgages are processed via intermediaries who are obviously in the best position to judge the particular circumstances that each borrower faces. It's hardly surprising also that borrowers rely on their Broker's expertise and professionalism."
"On the whole these findings are complementary to the Financial Services Authority. As far as the MCOB (Mortgage Conduct of Business rules) I think the results of this study question the regime already in place and suggest the over-engineering could be simplified. I'm hoping these findings will be properly considered in the MCOB review."
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Qualifying for mortgage AFTER unemployment ends My wife andamp; myself, victims of Michigan economy, moved to Georgia and returned to the workforce in June 2010 after periods of unemployment. Myself-16 months straight, my wife-6 months out of the previous 24. We we told by several lenders that we had to work at new positions for six months to qualify for a mortgage. Quite a shock as we have no debts/loans and our credit scores range 795-820.
Does anyone know specifically when and where these regulations came into effect and where is the doc... VOE My husband recently quit his previous job (assumedly on good terms) to go work for the competition for better pay, perks, etc. We have to move because the new job is too far to drive daily. The loan officer is insisting on a VOE. Unfortunately the previous employer is quite ridiculous and vengeful and will now not sign the VOE form. Is there any way around this as we have provided paystubs and W2's showing he worked there for the past 2 years?? refi or pay more each month We currently owe 233,000 on our home at a rate of 5.5% and are 6 years into a 30 year mortgage. (Original loan was for 260,000) I've been paying an extra $200 each month towards principal to pay it off a bit sooner. Am I better off refinancing to a slightly lower rate (~4.5%) or should I simply continue to pay more each month on what we have? Who is entitled to the earnest money? My husband and I decided to buy our first home a couple months ago. After looking for a while we found one. Since we were pre-approved for a mortgage it was fairly easy getting the ball rolling. The sellers accepted our offer, (which included them paying for a termite inspection) and we set a closing date. In that time frame my husband lost his job and had to seek new employment. This changed our loan approval and the deal fell through. Now the seller is wanting the earnest money, money for the ... any investor friendly broker licensed in Geogrgia looking for cash out refi for 2 houses which are paid no mortgage...looking for cash out refi....
thank you
[Email deleted as per forum rules. Thanks.] PMI - Conventional vs FHA We bought our house last September and as we were planning to put down 10% we learned we have to pay PMI. We told the Bank of America mortgage agent that we were planning to pay it off as soon as possible. We have been making double payments in hopes to get rid of our PMI. He told us that the best thing for us is the 30 year Fixed with PMI.
However, our mortgage is listed as 30 Years Conv w/PMI on our online account page and our HUD statement states that we have an FHA loan and we were charg... PMI with 20% down?? I have a credit score of 802 but last years income was lower than normal. I don't qualify for a traditional mortgage for the house that I want I'm about 40k short but my father is willing to cosign. I was told I can only get an FHA loan because he is a 'non occupant' and we are still required to pay pmi even though we are putting down 20%...Any way around this?? refinance We have 124,000 left on a 30 year mortgage. Currently 22 years left to pay. We pay biweekly (and pay 200 extra a month) the rate is 5.75. So it has dropped the amount dramatically through the years. Should we refinance at a 15 year, 3.8 interest rate or just keep paying the extra on the original loan. We would pay the same extra 200 on the new loan amount also. The closing costs might be around 3,000. Not sure yet. Am I just fooling myself into thinking lower rate will get it paid off qui... Should we refinance? Current: 27 yrs left on 30 yr fixed at 6.625% andamp; we pay $200/mo extra on a $773.18 Pandamp;I note. Home value $162K, owe $109,800. Ficos are 736/781. Offer: 30 yrs 5%, so not 2 points difference. We would be depleting large part of savings for closing. I say recoup that by lessening our non matched 401K deposits for 6 mo. We are disciplined and would go back to that for sure. Husband thinks not worth it. Plan on being in this home for life.
Thanks! owner or not Hi my ex wants me to sign the quitdeed under my legal name but I did on 2005 that this means im legally owner
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