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Homemover Case Studies

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Homemover Case Studies
Jayne’s story: nFollowing her divorce Jayne had been renting a small apartment. Getting back onto the property ladder for Jayne seemed impossible until a new development near by included properties available on Shared Ownership part buy part rent scheme.
How we helped:nHaving been accepted by the Housing Association to purchase one of their properties, Jayne needed to arrange a mortgage and exchange contracts within 28 days.nJayne required  a mortgage for 60% of the overall market value. The other 40% would be owned by the housing association to which rent would be payable. nnHaving discussed Jayne’s requirements we recommended she take a  fixed rate mortgage so she would know exactly how much she would be paying each month. Jayne had a good deposit but not all lenders would except a property on a shared ownership basis. Fortunately  we have extensive knowledge of this market and we were  able to quickly and successfully arrange a very competitive 5 year fixed rate mortgage for Jayne.
Alan and Deborah’s story: nWith their existing home sold and an offer accepted on a new larger house, what could possibly go wrong?  Alan & Deborah applied to their existing lender for a mortgage but were disappointed to find their application refused.
Base rate rise expected
Today’s interest rate rise was probably the easiest to predict, and the relief for many homeowners that it was limited to just a quarter of one percent is easy to see. From my point if view, many of the lenders I deal with had already taken into account the rate rise and we should see little movement in the fixed rate and capped mortgage products available in the market. There will be a flurry of activity from the banks as they re-align their savings and mortgage rates, which will have an impact on those who sit on a standard variable rate mortgage. But it’s not a time to get complacent with borrowing, as even a small rise in the bank base rate could tip someone with large amounts of debt over the edge.
Over the past few months, there have been 4 base rate increases as the Bank of England tries to keep to the inflation target of 2%. The fact that they hit 3% last month and were forced to write to the treasury to explain why suggests that this small increase may not be the end of the treatment.
We now wait to see the impact of this latest rise on the economy and the housing market in general.
Your home may be repossessed if you do not keep repayments on your mortgage.
Sitting comfortably
Pupils in reception class 1 at Bentley Heath Primary School are sitting more comfortably during reading time as a result of our charity referral scheme.
Mark Williams Principal at Bentley Ash Mortgage Management said we were delighted to be able to make a donation to school funds allowing the purchase of 1 of 3 seats for the reception class reading corner.
Teacher Mrs Lavery said it was a lovely surprise when the seats appeared and totally unexpected.
How we helped:nFrom our initial enquiries it soon became clear why Alan & Deborah were finding obtaining a mortgage difficult. Alan had unfortunately been unemployed 3 years earlier which had resulted in some late payments and four county court judgements being registered against him.nnHowever all was not lost, with our extensive knowledge of the  mortgage market we were quickly able to agree a competitive 2 year fixed rate mortgage for Alan & Deborah meaning that they could proceed on their purchase as planned.

James and Brenda ’s story: nHaving found their dream home James & Brenda were delighted that their offer had been accepted subject to selling their current home. After 3 months and without an offer  James & Brenda were desperately close to  loosing their dream home or reducing the price of their existing property in the hope of a securing a sale.

How we helped:nJames & Brenda could not arrange a sufficient mortgage without selling their current home due to the borrowing they already had. We suggested to James and Brenda that it may be worth considering letting their current home rather than selling their home cheaply or getting themselves into a bridging situation.
After some research James and Brenda discovered the potential rental income would be sufficient enough to cover their existing mortgage repayments. With the lenders consent gained to let we were then able to set up a new mortgage for the full amount on a fixed rate basis so James and Brenda could successfully secure their dream home.

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<h1>Homemover Case Studies</h1><br />by powerdart<br /><p>Homemover Case Studies<br />Jayne’s story: nFollowing her divorce Jayne had been renting a small apartment. Getting back onto the property ladder for Jayne seemed impossible until a new development near by included properties available on Shared Ownership part buy part rent scheme. <br />How we helped:nHaving been accepted by the Housing Association to purchase one of their properties, Jayne needed to arrange a mortgage and exchange contracts within 28 days.nJayne required  a mortgage for 60% of the overall market value. The other 40% would be owned by the housing association to which rent would be payable. nnHaving discussed Jayne’s requirements we recommended she take a  fixed rate mortgage so she would know exactly how much she would be paying each month. Jayne had a good deposit but not all lenders would except a property on a shared ownership basis. Fortunately  we have extensive knowledge of this market and we were  able to quickly and successfully arrange a very competitive 5 year fixed rate mortgage for Jayne. <br />Alan and Deborah’s story: nWith their existing home sold and an offer accepted on a new larger house, what could possibly go wrong?  Alan &amp; Deborah applied to their existing lender for a mortgage but were disappointed to find their application refused. <br />Base rate rise expected<br />Today’s interest rate rise was probably the easiest to predict, and the relief for many homeowners that it was limited to just a quarter of one percent is easy to see. From my point if view, many of the lenders I deal with had already taken into account the rate rise and we should see little movement in the fixed rate and capped mortgage products available in the market. There will be a flurry of activity from the banks as they re-align their savings and mortgage rates, which will have an impact on those who sit on a standard variable rate mortgage. But it’s not a time to get complacent with borrowing, as even a small rise in the bank base rate could tip someone with large amounts of debt over the edge.<br />Over the past few months, there have been 4 base rate increases as the Bank of England tries to keep to the inflation target of 2%. The fact that they hit 3% last month and were forced to write to the treasury to explain why suggests that this small increase may not be the end of the treatment.<br />We now wait to see the impact of this latest rise on the economy and the housing market in general.<br />Your home may be repossessed if you do not keep repayments on your mortgage. <br />Sitting comfortably <br />Pupils in reception class 1 at Bentley Heath Primary School are sitting more comfortably during reading time as a result of our charity referral scheme. <br />Mark Williams Principal at Bentley Ash Mortgage Management said we were delighted to be able to make a donation to school funds allowing the purchase of 1 of 3 seats for the reception class reading corner.<br />Teacher Mrs Lavery said it was a lovely surprise when the seats appeared and totally unexpected.<br />How we helped:nFrom our initial enquiries it soon became clear why Alan &amp; Deborah were finding obtaining a mortgage difficult. Alan had unfortunately been unemployed 3 years earlier which had resulted in some late payments and four county court judgements being registered against him.nnHowever all was not lost, with our extensive knowledge of the  mortgage market we were quickly able to agree a competitive 2 year fixed rate mortgage for Alan &amp; Deborah meaning that they could proceed on their purchase as planned. </p> <p>James and Brenda ’s story: nHaving found their dream home James &amp; Brenda were delighted that their offer had been accepted subject to selling their current home. After 3 months and without an offer  James &amp; Brenda were desperately close to  loosing their dream home or reducing the price of their existing property in the hope of a securing a sale. </p> <p>How we helped:nJames &amp; Brenda could not arrange a sufficient mortgage without selling their current home due to the borrowing they already had. We suggested to James and Brenda that it may be worth considering letting their current home rather than selling their home cheaply or getting themselves into a bridging situation. <br />After some research James and Brenda discovered the potential rental income would be sufficient enough to cover their existing mortgage repayments. With the lenders consent gained to let we were then able to set up a new mortgage for the full amount on a fixed rate basis so James and Brenda could successfully secure their dream home.</p> <br /><h2>About the Author</h2><p><a href="http://www.freemortgageadvisor.co.uk/"target="_blank">Shared ownership mortgage </a><br /> <a href="http://www.freemortgageadvisor.co.uk/"target="_blank">Independent mortgage broker</a></p> <br /><h3><a href="http://www.content4reprint.com/finance/mortgage/homemover-case-studies.htm" title="Homemover Case Studies">Article Source:</a> <a href="http://www.content4reprint.com" title="Free high quality articles">Content for Reprint</a></h3>