Thursday, 15 November 2012

Self Employed? Check Out Contractor Mortgages

Are you self employed? Are you a contractor? Do you work freelance? If the answer to any of these questions is yes then you may have given up all hope of being able to obtain a mortgage in recent years. It has been difficult enough to get approval for a mortgage for the people who have several years in employment with one stable company and are paid a good wage for it, let alone for people who do not have the same assurances of a regular wage and may actually run out of work at any time. Unfortunately, thanks to the lingering uncertainty in the UK and on a global level, there looks to be no change coming any time soon for those who have been able to start working for themselves.

However, that is not to say that there are no options available for people who do want to get a mortgage but work for themselves in some capacity. Some companies are now recognising the fact that contractors, freelancers and the self employed are not necessarily high risk. In fact, some are better placed to pay back a mortgage than those in permanent employment.

So why are these companies able to lend to contractors when others still refuse to? Well, the first thing is that they recognise that many contractors cannot provide years and years of proof of income from their current line of work. Many people have been forced into contracting and freelancing since the global financial crisis began in 2007 purely and simply because they lost their jobs. As such, they may be successful in their new self employment but cannot necessarily prove their income. With understanding independent companies, they do not have to. Instead, limited records are required and other factors are used to assess affordability. In this sense, the process is not as frustrating as it used to be.

There are specialist parties that can help you, such as The Contractor Mortgage Centre, but their existence is  not very well publicised. This is largely because the focus is still on the major banks and mortgage companies despite the fact that most of them are refusing to lend to people that do not have security, employment and a huge deposit. Independent companies are undoubtedly the way to go if you do want to look into getting a mortgage despite your self employed status so it is certainly worth heading to to see what they can do for you.

Sunday, 16 January 2011

Property in New York? Why Not?!

It is a well known fact that housing markets all over the world are depreciating in terms of their value right now. Sure, some markets are recovering but there are still problems in the global marketplace. Take the British market for example. Some Sunday newspapers offered analysis today that the prices of fuel could actually have an impact on the housing market in the long term as a result of the cost of living and inflation rising. So if this is the case then where do you go? Where can you purchase property that will hold its value? Well, New York NY apartments offer an excellent place to start looking.

I read an article recently that suggested that investment in the restaurants New York NY has to offer can provide those looking for a new start with a profitable solution to financial issues because the city is still thriving despite the economic difficulties elsewhere. If restaurants and stores can profit there then it stands to reason that property in the city is also a good investment.

A few tips though - always, always, always check out the apartments in NY City that you are planning to purchase. Some are really good investments and others are really bad so making sure that you choose the right one is a must. Similarly, make sure that you know and stick to your budget too because exceeding it can get you into financial difficulty in no time. Finally, do your homework. Hire a surveyor and make sure that you get exactly what you pay for... and moreover that you know exactly what you are paying for. This applies to any property of course but if you are investing in one that is not in your native city or even country then it is even more important to avoid nasty surprises.

There can be little doubt that investing in a slice of New York can be very lucrative but always think over your decision before committing yourself because you never know what can happen if you are unsure!

Thursday, 27 May 2010

Managing Finances for First Time Buyers

First time buyers are getting a rough deal at the moment. Everyone repeatedly tells you that it is important to take that first step onto the property ladder but how are you supposed to do that when nobody is lending? If you are one of the lucky ones that has been able to get a mortgage recently and are finally looking to buy then you should know that the complicated part is not over. It is only just beginning! Easy loans or hard loans as the case may be, are just the start.

Renting and buying are two very different things and being a homeowner is tough. Managing the financial aspect of owning a home is more complex than you may think. For example, what happens if you run out of money at the end of the month or fall short on your mortgage? Without savings, or with money tied up in long term investments, it is difficult to find what you need in a hurry. If you rent then you can always ask the landlord for a few days’ grace. You do not get that with a mortgage.

Even if you plan your finances every month down to the very last penny then you may have emergencies crop up or find that you forget an expense that cannot wait. If this is the case then there are channels for you to access. For example, you could take out one of the many payday loans available to you to make ends meet. Although some have interest rates that are better than others, they are ideal for plugging your finances up for a very short period of time. You can access online payday loans at any time of day or night. However, as most providers will tell you, you should not use payday loans as a long term solution.

In the long term, every homeowner should work on building up his or her savings to ensure that there is some cash in reserve just in case because you never know what may be around the corner. It is always advisable to have approximately six months’ expenses in reserve so illness or the loss of a job will not affect you as much as it would have done otherwise. You can absorb the impact and roll with it rather than risk losing your home.

Short term and long term solutions are both recommended reading for homeowners so take a look around sooner rather than later so you know what your options are.

Tuesday, 22 December 2009

The Benefits Of Choosing A Reserve Study

Most homeowners will tell you that savings are absolutely essential when you have your own property because you never know what may go wrong. After all, you have all of the necessary repairs that are the results of wear and tear but then you will also have repairs that your home insurance does not cover but that are completely necessary if you want to be able to continue to live in relative comfort. All of these elements cost a fortune. As such, you can imagine the problems that you may encounter if you live in a communal building and problems arise with the structure. As such, it is recommended that all condominiums, cooperatives, townhomes and homeowners associations have a reserve study in place, such as that offered at

The Seattle reserve studies info that can be found on that site should give you a good idea of the major elements of a reserve study, but it is basically a budgeting tool that takes into account how much will be needed for repairs and modifications and then keeps that in mind when communal action is required. It keeps enough equity in the bank to ensure that problems can be solved quickly and easily whilst providing consistent reports to ensure that all homeowners within the complex know exactly what is going on. It is an essential tool these days because people just cannot find the kind of money often needed for major repairs at short notice.

If you are interested in finding out more about the reserve study then click here. You will find everything you need to know right there at your fingertips in no time!

Wednesday, 9 December 2009

Make Buying Easier With Real Estate Records

Buying a house is not an easy process these days, especially given the nature of the real estate market and financial difficulties that many families are feeling. With Christmas well and truly on the way, plans for moving in the New Year may well be on the horizon. If this applies to you then you may want to examnine and use a few of the best tools on the market to help you to choose the right property and is a great place to start.

DataScoutPro can give you a fantastic resource that enables you to look up real estate records in Arkansas as and when you are looking for a home there. Buyers, sellers, banks, lenders and owners can all use Arkansas property records for a variety of reasons. It can provide details on residential properties, commercial properties, vacant properties and even agricultural land. As such, it can give you the advantage in trying to find the best possible property for you.

To access this valuable tool, click here. It covers the vast majority of counties and is continuously updated. There are other such tools available for other states and indeed other countries, most of which are quite similar and just as useful. However, I have to say that this is the best one I have found so far. As such, check it out and if you need something similar for use elsewhere then use this as a template to find what you are looking for.

Thursday, 25 September 2008

The Credit Crunch And Property Plans

So I haven't written here in a while... largely because I have just been sitting back and taking everything as the property market has seemed to have gone down and down. For many people, being approved for a mortgage is no longer an option, let alone purchasing the house of their dreams. So what now?

Credit card market collapse and mortgage company collapse has left many on the brink of poverty. In the UK, two of the high street banks have merged to avoid collapse. In the USA, it is being left up to the government to rescue the errant banks, one of which currently has $5 billion in unpaid credit card debt. Of course, the collapse of the Lehman Brothers is only expected to be the first, so what can you do?

Well, first things first, if you have any debt at all then the best thing for you to do is strive to clear it. Depending on the total debt you have, this could take quite a while but it is essential if you wish to be approved for a mortgage. If you want to invest in the near future and can be approved for a mortgage then waiting it out for a few more months could indeed see you pick up a bargain.

Wherever possible, borrow only the money you absolutely need. If home improvements can wait then make them wait. If you can pick up a cheaper home in the same area then do so. This may sound like general advice but the economy at the moment demands the use of common sense... so use it when you can!

Friday, 5 September 2008

Home Staging Tips For The Credit Crunch Seller

The house market in the UK has undoubtedly fallen off in recent months as a result of the banks' reluctance to lend money in the form of mortgages. This is also true in the United States. That is not to say that they are not lending money but there are nowhere near as many opportunities to borrow as there were before. As a result, the need for house staging has really increased.

House staging is effectively dressing your home for prospectives buyer to encourage them to put an offer in for your home. However, a high nuber of people think that it is either a waste of money or too expensive for them to even consider. Neither is true. It is a proven fact that house staging can help to sell your home and also a proven fact that it is possible to stage your home on a budget. As such, the following tips should help to give you ideas to help you stage your home and sell it as quickly as possible:

* Work with what you have. Choose the best pieces of furniture in your home and showcase them. If you do this and place them well then your home can look like a showhome in minutes. Hide away the old and battered furniture and bring the newer and more stylish pieces to the fore.
* Clean your home from top to bottom, including areas that you do not think people will look. You can guarantee that people will look under the sinks, under the mat, on the skirting board and so on if you do not clean every single inch of your home. You would be surprised how much dirt will put people off!
* Use the natural light to the best effect. Invite the light into your home and the rooms will automatically look bigger than they actually are. This illusion of space will make your home more attractive.
* Give the walls a lick of paint. It is no use making your furniture sparkle if the walls are dirty and scuffed. Adding a coat of paint will cost you very little but will undoubtedly perk up your rooms.
* Declutter your home. There is nothing better to make your home look small and cramped than clutter. Decluttering your home will enable people to imagine themselves and their stuff in it and that is the biggest selling point of all!