MIAS Warns that Home Information Packs are to Slow the Housing Market
(ContentDesk) February 16, 2006 -- When HIPs become law in England and Wales on 1 June 2007, house sellers will have to produce information packs for buyers, at a cost of around ?600 plus VAT.
(Office of the Deputy Prime Minister news release, 17 November 2005.) Ministers say that HIPs will cut the number of sales which fall through, thereby speeding up the home buying and selling system.MIAS (http://www.mias-ltd.co.uk ) is concerned that the introduction of HIPs will initially slow down the current home buying system further.
Roger Milbourn, Director of MIAS Ltd said: I believe that the implementation of HIPs will initially slow down the housing market, as in order to put a property up for sale, sellers will have more work to do and will need to find at least ?600, in order to compile a pack. HIPs will impose extra costs and red tape in an already complex market. They could have serious repercussions on the buying and selling process and, consequently, on house prices. MIAS Ltd also sounded another note of caution.
Roger Milbourn said: Finding enough people to carry out the 1.5 million surveys currently done each year may prove extremely difficult. The Office for the Deputy Prime Minister tells us that as of November 2005, 1700 people were undergoing training for the Home Inspector qualification but that the number of inspectors expected to be required for June 2007 is between 5000 and 7400. (Ibid.) MIAS Ltd hopes the Government will ensure that sufficient Home Inspectors have been trained by the time HIPs become mandatory next summer. Commenting, Alistair Good, Managing Director of MIAS, said: The implementation of HIPs represents a major change to the process of buying and selling property. It is vital that ministers examine the potential impact the packs will have on the market, in order to provide assurance to the industry and the public. We await the results of the Governments dry run with HIPs later in the year with interest. For further information, please contact:MIAS Ltd 0845 833 0878Managing Director: Alistair Good???Director: Roger Milbourn?????????Notes to Editor:The Mortgage and Insurance Advisory Service (MIAS Ltd) is a firm of impartial mortgage advisers, offering a comprehensive service to clients seeking residential and commercial mortgages and mortgage protection.Founded in 2002, MIAS has quickly gained a reputation for providing straightforward, impartial mortgage advice, matching clients up with some of the most competitive deals around.
MIASs experienced brokers have expertise in all sectors of the mortgage market and look after the whole transaction from beginning to end, making the process as smooth and as headache-free as possible. For further information on the services MIAS offers, please visit http://www.mias-ltd.co.ukCompany Registration No: 4578793Consumer Credit License No: 529227Financial Services Authority No: 301532MIAS Ltd is authorised and regulated by the Financial Services Authority. You can check this on the FSA's Register by visiting the FSA's website www.fsa.gov.uk/register/ or by contacting the FSA on 0845 606 1234..
Real Estate Wealth Protection With Short Sales
Is a sharp correction in store for the real estate market?Fannie Mae, the largest buyer of mortgages in the US, is worried. They recently warned that the probability of a housing bust has risen sharply in certain parts of the country. Fannie Mae and Freddie Mac financed about 43% of new home mortgages last year. That's down from 53% the year before. Fannie and Freddie only buy "conforming loans" In these days of easy money and competition for borrowers...
morelenders are selling mortgages to non-government sponsoredloan buying companies. They have less stringent lending standards. That means more risk as it allows home buyers with poor credit records or unconfirmed income to qualify for mortgage loans. Listen to this! 24% of the sub-prime loans sold to non-conforming buyers in 2004 were adjustable rate mortgages with an interest only feature. And...
these mortgages are not restricted to less expensive houses. The share of jumbo mortgages loans ($359,650 & up) accepted without...
Real Estate Wealth Protection With Short Sales
Mortgage > Real Estate Wealth Protection With Short Sales
How I Became a Hard Money Lender
Unlike other investors, my venture into real estate was a natural extension of my secondary business as the IP Ware software developer. However, opportunity and perseverance beget wealth, or at least a decent side income. Aside from my ventures into lease optioning residential property, I and my partner have managed to acquire a number of properties with our own credit. However, when looking at our finances and the return we were getting for the amount of effort involved, we both decided there must be a better way. That is when it occurred to me.
Instead of trying to leverage our existing assets for a diminishing return, perhaps we could be the bank.Here is the scenario as it has played out. First of all, we control a decent number of properties with our own credit. Most were purchased with 100% financing using multiple capital sources. However, each contains only a primary lean and is financed using standard mortgage terms. Subsequently, there is a 20% secondary credit position...
How I Became a Hard Money Lender
Mortgage > How I Became a Hard Money Lender
What is debt consolidation all about?
Debt consolidation is a very common thing in the western countries. It basically means getting a loan to pay off any other loans or debts. Usually, when people get a debt consolidation loan, they look for the lowest interest rate they can find and for something that can make their financial life easier to handle. This means they are interested in uniting all their loans into one and paying their debts faster and easier.
Well, debt consolidation sounds pretty good until now, but is it perfect?
First let's look at the positive aspects of a debt consolidation loan:
1.
Instead of having to make a lot of payments to a lot of creditors you only have one creditor and one monthly payment. This greatly reduces the stress in your life because you aren't forced to figure out who you should pay, when or what the specific amount is. You just have to remember the company that helps you with debt consolidation.
2. The interest rate for a debt consolidation...
Mortgage > What is debt consolidation all about?
Buying a Home With Bad Credit - Tips on Finding the Right Broker or Lender
You can buy a home with a bad credit record; you just need to find the right mortgage financing package. Before you sign up with the first company that offers you a loan, remember to research offers to be assured you are getting a fair deal.Know Your Credit RatingYour credit score is one of the biggest factors in determining the points you will pay for your loan. People with scores between 620 and 800 have near perfect credit and will have the lowest rates and fees. Scores between 620 and 550 mean an interest rate or two higher. 600 is usually the cutoff point for 100% financing.
Scores less than 550 mean mortgage interest rates are up to 5% higher with up to five points. Lenders will also require a down payment between 5% and 20%You can find your score online along with your credit report. This is a good time to make sure all the information is correct on your record. Any discrepancies should be checked out and corrected before applying for a loan.Know The FeesArm...
Buying a Home With Bad Credit - Tips on Finding the Right Broker or Lender
Mortgage > Buying a Home With Bad Credit - Tips on Finding the Right Broker or Lender
Cutting Back To Get Out Of Debt
When you start to get behind in your bills, your creditors often wait a several weeks before notifying collection agencies. During this time, it might be smart to write your creditors and request
an extension or a reduction on what you owe so that you can pay the debt off slowly.
Since most creditors want the money they will extend your time to repay the debt.
This is to their benefit too as it is a big hassle for them to go through the motions of reporting you. Most creditors want their clients to come back and believe that if given a chance you will pay off your debt and start a new account.
After you have talked to each creditor, set up a budget plan that will help you through eliminate your debts.
The first thing you must do is add up your monthly living expenses - rent or mortgage, heat, lights, groceries etc..
These are the bills that MUST be payed for you to survive.
Then subtract this from the money your...
Mortgage > Cutting Back To Get Out Of Debt
Mortgage Glossary of Terms
Adverse CreditThe term used if the borrower has a poor credit history. This could include previous mortgage or loan arrears, bankruptcy or CCJ's. Other terms used to describe an adverse credit mortgage include:
- Bad credit mortgage
- Poor credit mortgage
- Non status mortgage
- Credit impaired mortgage
- No credit mortgage
- Low credit score mortgage
Mortgage > Mortgage Glossary of Terms
Lowest Mortgage Rates
A mortgage is very efficiently used in creation of a lien on a contract basis. The mortgage as a lien is usually created on a real state, a house, for instance. It is more than often used deliberately as a method by which individuals or businesses can buy residential or commercial property without paying the full value upfront. Any rational human being will try for that financial company or bank that will best provide him with lowest rates in mortgages. It is always advisable that a person who is looking for a loan should always compare the mortgage rates.
Therefore, it is also quite obvious that the individual will calculate and look after his own benefit as he would compare the different mortgage rates that are available in the market.
This comparison becomes an important activity as the individual in question is always concerned about his monetary benefit.
Lowest mortgage rates are the highest advantage yielding proposition for any kind of borrower....
Mortgage > Lowest Mortgage Rates
Mortgage
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