“Help is available”, is the message as the USA administrationas it looks to offer a mortgage rescue programme to help those home owners who are at risk of losing their homes. Although this programme could save many mortgage defaulters their home, there is no gaurantee it will help everyone.
The mortgage support could be in the form of reducing interest or extending the period of the mortgage to make it more affordable. It will be likely that mortgage brokers back here in the UK, will be waiting to see if this settles the USA market and then stimulates the home buying market back here in the UK.
Unless you have been living in Mars recently you can’t have missed the finacial crisis that has sweeped the world that originated from the USA. Just it was annoced that a Loan Modification Programme may be introduced to help mortgage owners within the USA.
As we all know, what happens across the pond will then influence what occurs back here in teh UK and across the world, so it is worth keeping an eye on USA news and events. Here is a taster from the Associtaed Press.
Thee link is here http://uk.youtube.com/watch?v=gvViLx2qDGg
The dawn of Mortgagebam is nearly here with only a few additions and alterations to be made before we are live for real. There is still some text issues of which we need some more mortgage advisers to commit to their opinions and of course then comes the hard job of convincing the thousands of mortgage brokers to join Mortgagebam’s system.
There are lead generating sites already out there, but we believe we are different as in that we are set up more for the consumer who is looking for that mortgage, rather than very detailed forms to fill in that will keep the mortgage broker happy, but put any consumer off who does not like disclosing a lot of private information into a web form.
This may be the challenge when we go public and have to convince mortgage brokers why in the 21st century we need to out the consumer first and it is the mortgage brokers responsibility to give their customers what they want.
We still also have to trial the ratings system to ensure it works correctly, not to mention a few issues with the automated email system. But we are sure that in a short period of time, we will be bring consumers together with mortgage brokers throughout the UK.
In order to sell any mortgage product in the UK, you must not only be qualified to do so, but also be registered with the financial services authority to do so. Â So when the question of how do I know the mortgage adviser I want to have a face to face meeting with, is qualified is asked then the Financial Services Authority or FSA is the place to start.
In fact they have made it very simple for consumers to check on the validity of any mortgage broker, company or adviser advertising or selling services. All you need to ask for is their FSA reference number, which many mortgage brokers will clearly show on all stationary or website, then use the handy online tool provided by the FSA.
The tool is the FSA register which is locate here http://www.fsa.gov.uk/register/home.do and just by entering their reference number will show if they are registered with the FSA or not. You can type in the individuals name or business name, but it needs to be exact to what is stored in their database to show up, so it easier with the correct FSA reference number.
Al mortgage brokers who subscribe to Mortgagebam are asked to provide their FSA registration number, which we in turn will check against this register.
As we waited to see if the Bank Of England would action another base rate cut to stimulate the mortgage market, with rumours of up to 1% being suggested by the press, not many predicted that a 1.5% reduction would be presented to UK borrowers.
The base rate is now set at 3% (at time of writing)which will make a big difference for many home owners especially in the build up to Christmas, where credit card spending may take over from real earnings in order to keep children and family happy.
The interest rate cut is also good news for the mortgage brokers here on Financebam who really do want to offer first time buyers and those who want to re-mortgage some good considerations to buy their next or new home.
Often many consumers contact mortgage brokers looking for that mortgage deal that was maybe there a year ago but now has gone, due to market conditions and the banking financial crisis. They find themselves spending a lot of time arranging and advising on mortgages that just do not transfer into reality.
