Legal Remedies on Default

Unit 6: Arrears and repossessions Legal Remedies on Default  Contained in the Law of Property Act 1925 is the remedies that a lender can undertake in repossessing a property when a borrower does not meet up with the payment terms. These rules are not applicable in...

State Assistance on Mortgage Arrears

Unit 6: Arrears and Repossessions State Assistance on Mortgage Arrears Support from Mortgage Interest (SMI)  Payment of mortgage interest (all or some) will come from the support of the Mortgage Interest if the claimant has certain benefits entitled to them. SMI...

Arrears & Repossessions

 Unit 6: Arrears and Repossessions MCOB 13: Arrears and Repossessions MCOB 13: Arrears and repossessions make available the obligation needed by the lender on how they handle customers in arrears. Mortgage debt shortfall must be treated in a fair manner by the...

Changes to a Mortgage Contract

Unit 6: Arrears and Repossessions Changes to a Mortgage Contract The moment a mortgage has been acquired, changes to the mortgage contract will only be carried out by the parties involved–which are the lender and the borrowers on the mortgage as contained in the...

Increasing Borrowing

Unit 6: Arrears and Repossessions Increasing Borrowing There are different ways a customer can acquire more loan even with an existing mortgage. It is important that the lender treats the customer as one on the vulnerable list—it seemingly impossible for them to step...

Introduction

Unit 6: Arrears and Repossessions Introduction For unit four, the focus on the rules put in place as soon as the mortgage is active. It has within it changes to the mortgage and the challenges that could occur when completed. The unit is fully focused on MCOB 7 and...

Income Protection Policies

Income Protection Policies Income protection insurance is in place to offer protection to individual income when an accident, sickness or unemployment occurs. With the coming of some policies, income replacement for either long or short term is now possible. Other...

Term Insurance

Term Insurance Term insurance is a type of life insurance policy that provides coverage for a certain period of time or a specified “term” of years. If the insured dies during the time period specified in the policy and the policy is active, or in force, a...

Insurance

Insurance The primary responsibility of an insurance company is to sell insurance; they are well regulated. Insurance is defined as the process through which a customer can transfer liability to an insurance company. For the price of the premium, the consumer is...

Equity Release

Equity Release  These are equity release mortgages which are targeted at elderly borrowers with no mortgage on their property and make use of the equity of their home for funding retirement or even in taking care of themselves over time.  Lifetime mortgages...

Various Schemes

Various schemes Schemes for the Benefits of Homebuyers  The government, the lenders or house builders want to help individuals become property owners. The widening gap between rising house prices and wages has made it difficult for so many to own a property....

Buy to let

Buy to Let The growth in the market is quite tremendous coupled with the growing competition from lenders, helping the supply of BTL mortgages to stay ahead of the game. To fit the bill for borrowing, lenders require at least £20,000 to £25,000 as earned income;...

Mortgage Features

Mortgage Features  We have looked at different kinds of interest rate options. They are ideal for capital repayment or interest only. Let’s take a look at different features on some mortgages. Flexible Mortgage A Flexible mortgage has no specified definition but...

Mortgage Interest Options

Mortgage Interest Options  Several interest rate options exist irrespective of the repayment method that you choose. The money is loaned out to the borrower by the lender with interest charged using the outstanding capital amount—calculation is done yearly, monthly or...

Pension Mortgages

Pension Mortgage A pension is a savings vehicle that comes with zero tax which gives an opportunity to individuals to transfer part of their earning during their working years so they can qualify for income when they retire. For you to get tax advantages in the UK,...

ISA Mortgages

ISA Mortgages When someone chooses an ISA as a reimbursement vehicle to satisfy a mortgage, another life cover is needed (Level term insurance). An ISA which is a personal savings account is a zero taxation wrapper (a tax shield) put around various investments. There...
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