Brunel Independent Mortgages

According to new research by Halifax, the UK’s leading mortgage lender to first time buyers, only a third of those new to the property ladder are aware that the acronym KFI stands for Key Facts Illustration.

A recent study by Halifax into first time buyer affordability shows that the house price to earnings ratio - a key affordability measure - has improved significantly over the past 18 months.

A third of first time buyers are unsure of KFI definition - A Key Facts Illustration (KFI) requires all lenders to set out the details of a mortgage product in the same format, so it’s easier for customers to compare mortgages. Despite this design, it seems the commonly used acronym KFI has left many first time buyers confused. Popular definitions proposed by first time buyers included Key Facts Instrument, Knowledge Facts Information and Knowledge For Improvement with 5%, 24% and 4% respectively

Source: Mortgage Introducer

At Brunel Independent Mortgages we promise:-

• We will answer all your questions honestly
• We will explain things clearly and in plain English
• We will not use industry Jargon
• We will give honest guidance and advance every step of the way
• We can help recommend other professionals such as solicitors and accountants
• We will ensure your continued understanding
• We will keep you informed every step of the way
• We have your best interests at heart

Please contact us on 01752 200002 with all your mortgage questions, go on don’t be afraid to ask!

With the Bank Base Rate at an all time low, there are some people who argue that there is only one direction it can now go! Whether this is true or not many people are now taking advantage of the low fixed rates available. Those with some good equity are eligible for the most competitive deals and many remortgage deals come with either free or refunded valuation and legal fees. Is now a good time to secure a fixed rate?

Housing minister Margaret Beckett has announced an overhaul of home information packs which will force buyers to compile a HIP before the property is marketed.
Sellers can currently commission and pay for a HIP and then start marketing their property for up to 28 days before the pack is available, but from April 6 2009 they will no longer be allowed to market the property without the HIP.
A new Property Information Questionnaire will also be introduced.

The questionnaire will include flood risk information, gas and electricity safety, service charges, structural damage, and parking arrangements to help buyers make decisions on whether to view and purchase a property.

The new PIQ will go alongside other important information in the pack, such as energy performance certificates.

Source: Mortgage Strategy

In light of the credit crunch and many more announced redundancies in Plymouth (and elsewhere) Brunel Independent Mortgages are offering a ‘free redundancy clinic’ to all those people whose jobs are at risk. This is in response to the fact we are seeing more and more people approach us who are in (or are concerned about) financial difficulty due to redundancy. In the current climate it is difficult to find another suitable job, this adds more pressure to households already feeling the pinch.

We are able to assist redundant people or those under redundancy notice in the following ways:-

• Prioritising debt and making arrangements with creditors as necessary
• Assisting with mortgage arrears and court cases for debt collection
• Help to reduce outgoings by restructuring and/or consolidating as appropriate
• Referrals to other professionals for tax, legal and investment advice

We are regulated by the Financial Services Authority (FSA) for mortgage and insurance advice and by the Office of Fair Trading (OFT) for debt counselling. We do not aim for quick fix schemes, we build long term relationships with our clients, as testified by the amount of referrals we receive.

Many clients who are made redundant are unaware of their options and sometimes seek advice after running into difficulties. Seeking advice at the first opportunity could prevent those difficulties arising. It is important to remember that any bad credit will affect your credit worthiness for at least six years.

Brunel Independent Mortgages have two convenient high street offices, one in Saltash, Fore St and one on Plymstock Broadway. Please remember all our initial advice is free. Call to make an appointment on 01752 200002

Figures published today by the Insolvency Service show the number of personal insolvencies reached 27,807 in the third quarter of 2008, an increase of 8.8% on the previous quarter!

As many people now feel the credit crunch, this figure may well increase. There are of course some less severe options than IVa’s. Contact us now with any debt worries. All enquiries treated in the strictest confidence. 01752 200002

Lenders have come under pressure to make hefty cuts in their mortgage rates following the shock cut in interest rates by the Bank of England.

But the Council of Mortgage Lenders has responded by saying lenders will cut rates by 0.5%-1.5% in the coming weeks.

The Bank Rate was cut from 4.5% to 3% on Thursday and the chancellor has called on lenders to pass the rate reduction onto their borrowers.

So far, only Lloyds TSB and Abbey have said they will pass the cut on in full.

The CML warned that the precise level of the reductions would be a commercial decision for each individual lender.

Michael Coogan, director general of the CML said: “The problem banks have got is that they have limited funds and don’t have enough money to give to all the customers who may want them.”

“I think over the next few days and weeks we will see that the banks and building societies will move by anywhere between 0.5% and 1.5% - the individual decisions will be on the basis of assessing what they want for their savers as much as what they want for their borrowers,” he added.

Source: BBC News

We have just added a testimonials page to our site and will add more comments from our ’satisfaction survey’ when recieved. Please see Testimonials page for more details.

In light of the recent Credit Crunch and escalating utility and fuel bills many people are financially suffering. Many people of heard of IVA’s and Bankruptcy. This is neither of these and is a real solution to debt worries. If you owe £3,000 or more to three or more unsecured credit providers then we may be able to help! This is regardless of credit or mortgage history. Call us now on 01752 200002 or see our Debt Management page for more details.

The choice of mortgage deals for mainstream borrowers have now become more attractive especially for those borrowing less than 75% of the properties value. In the last week alone, Nationwide, BM Solutions, Bristol and West, Skipton, Cheltenham and Gloucester and many others have all announced lower mortgage deals. The upshot is that many people are not necesssarily having the ‘payment shock’ they expected at the end of a current incentive rate and are able to find competitive schemes with other lenders via brokers. Many people are contacting ourselves now even though their current deal may not expire for another six months. This is a good idea as it keeps all options open and gives plenty of time to get an accurate valuation in the current market.

House prices fell by 0.9% in June, less than half the rate of the previous month according to Nationwide.