What is a mortgage? A mortgage is a form of long term loan used to purchase property and was designed to help people afford to buy their own home over a long period of time. With most property costing several times a customer’s annual salary very few people can afford to buy their home with cash outright, and instead have to turn to a mortgage. A mortgage allows them to borrow the money they need to buy their home over a number of years, with loan terms of 25 and 30 years very common. They’ll then make mortgage repayments every…
An IVA (Individual Voluntary Arrangement) is a government approved debt alternative to bankruptcy and will help those struggling under the weight of their debt get debt free in five years. Customers must be at least £15,000 in debt to at least two different creditors to be able to apply for an IVA, and will contact an IVA company who will provide them with a debt advisor. The debt advisor will evaluate their level of debt and inform the customer of the likelihood of their creditors accepting the IVA. The debt advisor will look at the customer’s outgoings against their income,…
A home loan is most commonly referred to as a mortgage and is the form of loan used by most people when they buy a home. House prices have always been far out of the reach of most people and as such they require a loan to be able to purchase their own home. A home loan provides that facility and is a great way of providing yourself with a secure future. Home loans, or mortgages come in a variety of different shapes and sizes, with the biggest difference being the way the interest charged is calculated. Nearly every sort…
A cash advance provides customers with a short term loan, which effectively gives them an advance on their next pay packet, and is a great way of helping customers access money they would receive next month when they need it now. A cash advance works in the same way as a payday loan, and is often called a payday loan. Customers who take out a cash advance borrow money until their next payday, when the repay the money they have borrowed plus interest. While the interest may look high on paper, in reality the cost of borrowing a relatively small…
A career development loan is offered to students, or people who are already in work to help them develop their career through training, with the money offered usually used to pay for living, or the cost of courses taken. There are a number of different careers where a career development loan is very common, with lawyers and doctors often having to take them out to pay their way through the final years of their courses and to help fund the first few low paid years of work. Career development loans are not just limited to those occupations, and anyone in…
If you are thinking about buying a new car on finance there is a good chance you will have been looking at the interest rates offered by car finance companies and wondering why they are so high. If you haven’t looked at the interest rates offered by typical car finance companies then when you compare the interest rates with those of a standard unsecured loan you’ll be surprised. In truth, many car finance companies get away with charging more for their finance because people don’t shop around. They go into the car showroom, fall in love with a car and…
During periods when money is tight, often house renovations, decorating and buying new furniture gets overlooked in favour of paying rising energy bills, the cost of the weekly food shop and other general increases in the cost of everything we buy. Whilst this can work for a few months, eventually our homes start to look tired, out of date and as a result start to lose value. They also start to feel stale, making us crave a move away, as we’ve got bored of living in the same surroundings, unable to afford to make changes. One of the best ways…
If you are like the millions of people in the UK who are unable to afford to move home because of the stagnant housing market, but rapidly outgrowing the space you have in your home then there could be a way you can not only increase the amount of space you have, but to add value to your home at the same time. By borrowing money against the equity you already own in your home, through a secured loan, you can extend and add value to your home, replacing the equity you have borrowed and giving you a lot more…
The world of the internet has made a huge difference to nearly everyone’s lives in the modern world, and the way we do our shopping has been totally revolutionised. With online shopping now making up huge percentages of many retailers profits it seems that the internet’s contribution financially will only grow from strength to strength.
The financial difficulties nearly everyone is experiencing at the moment is starting to take its toll on our children. With many people finding they have less disposable money as a result of tax increases and the general cost of everything we buy going up less and less people have the money to take their children on a dream once in a lifetime holiday.
