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::: Second Mortgage Articles :::



The Debt Test: are you making out a mountain out of your mortgage?

by cashzilla

According to the Council of Mortgage Lenders, first-time buyers are the most susceptible group of homeowners to debt, as they are more likely to have higher loan-to-value ratios and commit a higher proportion of their income to mortgage repayments. Despite their susceptibility to debt, there is evidence which indicates that insurance take-up and employee benefits provide recent first-time buyers with a safer foundation than the general population of mortgage borrowers.

The Council of Mortgage Lenders (CML) has become increasingly concerned about the ability of current and future home-buyers to pay back mortgages in the event of changing circumstances. Over the past five years, the CML and its partners within the Sustainable Home-ownership Initiative, have sought to improve this issue. Contributing factors to the problem include increasing personal debt levels and a less certain economic environment. This has provoked concern about the sustainability of home-ownership and consumer understanding of financial products, ensuring that the issue of mortgage risk is at the top of the agenda for the UK Government, industry regulators and public as a whole.

Over the last year, the Sustainable Home-ownership Initiative has debated the most effective move forward to increase home-buyers’ awareness of potential debt and protection from unforeseen events with insurance products, specifically Mortgage Payment Protection Insurance (MPPI). The Financial Service Authority is leading the way to help raise awareness of debt prevention with the “Debt Test” initiative.

According to research carried out by the Council of Mortgage Lenders, two thirds of recent first-time buyers say that an online debt test designed to help them assess potential triggers of debt and highlight future borrowing risk would be useful.

The mortgage market is also watched very closely by the consumer research website, moneynet. In addition to tracking market behaviour, property values and homeowner incomes, moneynet have endeavoured to become increasingly proactive about educating their visitors, so they fully understand the complexity of the relevant financial products. In addition to their mortgage comparison service and mortgage protection options, moneynet published a comprehensive mortgage guide earlier this year, as part of its series of consumer product guides. Moneynet isn’t the only site to offer enhanced information services; Which? also offers a detailed mortgage guide and mortgage search tool powered by Moneyfacts. Both “Switch with Which?” and moneynet take the consumer through the types of deal available, detailing the different interest rate structures including fixed rates, capped rates, discounted rates, stepped rates and standard variable rates.

The CML state that there is much evidence to show that first-time buyers appreciate this information, including the “debt test”, more so than older households. This is perhaps due to the fact that many first-time buyers have to borrow much more for their initial property, due to high prices, and that they have generated more personal debt than their parents’ generation. Whilst personal debt remains a major concern for the finance industry, the government and the public, financial stability remains possible with education.

* * * * * * * * * * * *

Resources:

http://www.moneynet.co.uk/mortgage-guide/index.shtml

http://www.switchwithwhich.co.uk/mortgage/index.html

http://www.cml.org.uk/
Rachel writes for the personal finance blog Cashzilla: http://www.cashzilla.co.uk/



::: Second Mortgage News :::

Second Mortgage - Google News
Second Mortgage - Google News
Second Mortgage - Google News

TransUnion.com: Mortgage Loan Delinquency Rates Rise for the Sixth ... - Mark...
8 Sep 2008 at 4:08am

TopNews

TransUnion.com: Mortgage Loan Delinquency Rates Rise for the Sixth ...
MarketWatch - 3 hours ago
Mortgage borrower delinquency rates in the second quarter of 2008 were highest in Nevada (6.6...



China and Japan hail US mortgage rescue as doubts linger - Financial Post
8 Sep 2008 at 6:37am

China and Japan hail US mortgage rescue as doubts linger
Financial Post, Canada - 1 hour ago
China and Japan, the biggest and the second-biggest holders of the Fannie and Freddie bonds, welcom...



Washington Mutual Forces Out CEO - Wall Street Journal
8 Sep 2008 at 6:18am

Wall Street Journal

Washington Mutual Forces Out CEO
Wall Street Journal - 1 hour ago
Succeeding Mr. Killinger will be Alan Fishman, currently chairman of New York commercial mortgage broker Meridia...



2ND LD: Tokyo stocks soar on bailout of US mortgage firms, Nikkei ... - TMCnet
7 Sep 2008 at 9:03pm

Earthtimes (press release)

2ND LD: Tokyo stocks soar on bailout of US mortgage firms, Nikkei ...
TMCnet - 10 hours ago
The TSE's Second Section index was up 30.28 points, or 1.23 percent, to 248...



Second Mortgage Loans vs. Home Equity Loans - Corsavoo.com
5 Sep 2008 at 10:08pm

Second Mortgage Loans vs. Home Equity Loans
Corsavoo.com, France - Sep 5, 2008
A second mortgage pays out a permanent sum of money to be reclaimed on a set schedule, like your opening mortgage...



Big intervention should assure America's recovery - Times Online
7 Sep 2008 at 3:40pm

Washington Post

Big intervention should assure America's recovery
Times Online, UK - 16 hours ago
The rescue of Fannie Mae and Freddie Mac, America's two dominant mortgage providers, an...



In Forclosure? Buy a Second Home - ABC News
7 Sep 2008 at 4:23pm

ABC News

In Forclosure? Buy a Second Home
ABC News - 15 hours ago
He has an adjustable rate mortgage that has doubled to more than $4000 a month, more than Eble can afford to pay. So before the bank...



US Treasury seizes control of US mortgage giants - NEWS.com.au
7 Sep 2008 at 5:52pm

CTV.ca

US Treasury seizes control of US mortgage giants
NEWS.com.au, Australia - 13 hours ago
?Similarly, conservatorship does not eliminate the outstanding preferred stock, but does place pref...




::: Second Mortgage Blogs :::

Second Mortgage - Google Blog Search
Google Blog Search Results: 627,133 results for Second Mortgage - showing 1 through 10

Tampa Home Mortgages - Low Mortgage Rate - Refinance Second ...
8 Sep 2008 at 11:51am
What is an 80/20 Mortgage?An 80/20 mortgage is really two loans. You will have a first mortgage for 80% of your homes help and a second mortgage for the lingering 20%. By using this 80/20 mortgage yo...

Feds Take Out Second Mortgage On Our Childrens' Future
8 Sep 2008 at 10:00am
GOOD INTENTIONS ROAD, Hell -- After Sunday morning's announcement that the Treasury Department is going to bail out mortgage giants Fannie Mae and Freddie Mac, Federal Reserve Chairman Ben Bernanke ap...

Mitsubishi prices LaserVue TV, better take out a second mortgage
7 Sep 2008 at 2:24pm
Mitsubishi has priced their 65-inch LaserVue HDTV that will begin shipping to Diamond stores at the end of this month and you may want to sell your car or take out a second mortgage. That?sa bit of an...

Mortgage Information - Refinancing? Second Mortgage? Home Equity ...
7 Sep 2008 at 3:42am
A mortgage is usually the biggest purchase that an individual makes, and because of that, many people tend to get nervous during the process. But wouldn?t it make things easier if you felt that you ...

second mortgage
6 Sep 2008 at 7:00am
The degree of risk is determined by the margin between the appraisal value and the total prior liens on the property inasmuch as the second mortgage can be wiped out by the foreclosure of any senior m...

Lending Guidelines Change - The Future of 100% Financing, Sub ...
7 Sep 2008 at 6:11pm
Sure, it's good to have a $ 60000 note on a second mortgage in which a boy, who pays 11000%. But when it comes into default, and take back of his house and he was up and down from $ 100000 and you los...

How do I know what is the best Second Mortgage Home Loan for me?
7 Sep 2008 at 6:21pm
The information in your credit history helps mortgage lenders decide how much credit and what interest rate you are eligible for, and then match it to a bad credit home loan. The better your credit hi...

Mortgage Information - Refinancing? Second Mortgage? Home Equity ?
7 Sep 2008 at 3:42am
There are also many mortgage companies online that can help you find direct mortgage lenders and home loan brokers that will best suit your needs. This is a quick way to find a good mortgage loan and ...

I was thinking of a second mortgage line of credit which is locked ?
6 Sep 2008 at 5:02pm
The loan is an interest only loan, we have 100% intentions of selling our home and moving before the three year locked rate is up, this is a second mortgage line of credit, anyone out there with banki...

Paying Down Debt In Your Marriage
8 Sep 2008 at 1:12pm
Don?t include your mortgage as part of your list of debts unless it is a second mortgage. If you have a second mortgage, include it as part of your list, but save it for last. This step-by-step method...


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