The boom for online banking and the exploding success of many of the larger online banks seems to be revolutionising how we manage our finances. There’s no exception with mortgages. Virtually all lenders in business today maintain an online presence, and we, the consumers, are able to access our accounts online, with new innovations making having a mortgage all the more flexible, and deals all the better.
Locating good information online is the absolute easiest way of comparing mortgages. There are many good reputable loan mortgage lenders ready to do business with you. They can offer you consistent rates and good terms, and you can check them all out very easily right there online. You can then apply online too, which saves you a lot of time compared to the old process of filling out applications and waiting days for an answer.
Wise Up to The Web For Online Mortgages
There are a lot of online providers competing for your business, which means lots of deals and packages set for attracting you to them. This can be the wave of the future. You’ll be able to access all your banking and mortgage accounts online, as well as personal and savings accounts. Whenever you have an offset mortgage, it means that rather than receiving interest add onto the amount of your current account or savings, you can lower the amount that you pay on your mortgage. By having control over all your accounts online, you have much more flexibility, meaning you can juggle your finance to take advantage of what you have available. Plus the convenience of doing things online cannot be over-stated, much faster and much easier than visiting branch offices or writing letters.
Many quotes and packages can be compared online through specific websites designed just for that. You can compare rates and select types of loans and mortgages available to find the one that suits you best. It’s all about convenience and flexibility.
There are other changes in the mortgage process that have arisen due to the internet as well as loans. Companies can now offer you online conveyancing, using email or text messaging updates, as well as online progress reports. This take a whole lot of the old hassles out of conveyancing, and you have no need to meet with any solicitors.
To get some general advice concerning mortgages or especially to make any kind of complaints or bring up problems, you should first off call the FSA website. They can provide you with lots of information and lots of links that take you to the ombudsman schemes site. These are set up for the protection of the financial consumer.
You can arrange a mortgage to purchase property overseas in most of the world’s developed countries. These properties can be used just as holiday homes or they can be utilised to generate a rental income from holiday makers (this income may be seasonal). In some countries the rate of growth, property inflation can be greater than the UK!
TOP TIPS FOR BUYING ABROAD
Never sign a contract that you do not understand (for example – if it is in a foreign language).
You should have a separate legal “Last Will and Testament” in place in the country that you are buying in.
Always ensure that you seek specialist advice from independent Solicitors, Architects and Surveyors before considering a purchase overseas. They should be proficient in your chosen country’s laws and processes and also know the specifics involved in buying a property there.
Before proceeding with the purchase (and would especially apply to a re-sale property, regardless of age), ensure an Independent Valuation of the property is carried out, which should point out any problems with the property – i.e.: subsidence, damp, wiring defects – and could also possibly highlight any boundary disputes etc.
Ensure you do not inherit a debt on the property before you purchase, which a solicitor should be able to check – i.e.: If the developer has borrowed money to build the development and this amount has been allocated against each plot as additional security to the developer’s bank.
Make sure you know what mortgage you’re buying
Always give yourself a `cooling off` period if you see a `must-have property` and are tempted to put down a deposit there and then.
If you are arranging finance on the property, ensure that this is stated in any contract and you have an ‘opt-out clause’ if the loan is not agreed (which will ensure any deposit paid is refunded).
Try to arrange your mortgage finance ‘in principle’, before agreeing to purchase the property, or before signing any contracts and paying over a deposit.
Arrange your mortgage in the currency that you earn in where possible, unless you are going to receive rental income from that property in the local currency and then this may be a possible alternative option, dependent on the lender’s criteria.
Think about combining your cash with friends or family: it could bring a Villa with pool within your financial reach, rather than simply an Apartment.
Check with the Estate Agent or vendor that you are aware of the costs charged by the legal and government authorities for purchasing a property in your chosen country.
Open a bank account in your chosen country and ensure you get a Certificate of Importation for the money you bring in from your home country.
Set up standing orders in a local bank account to meet bills and taxes. Failure to pay your taxes in some countries, such as France, Portugal and Spain, could lead to court action and possible seizure of your property.
Remember that bills do not end at the asking price. Lawyer’s fees, Taxes, Insurance etc must all be met in your host country and can often be more expensive.