Credit Choices adds a re-mortgage calculator

May 16th, 2009 by writer | No Comments | Filed in Press Releases

Immensely popular UK consumer credit information website Credit Choices has made a superb addition to its collection of free personal finance tools. Found on the Internet at Creditchoices.co.uk. This free online resource is noted for the hundreds of impartial credit card and personal lending reviews. While Credit Choices has always maintained a free mortgage calculator the addition of a remortgage calculator has been sorely needed. This is of course due to the worsened world economic situation. Many UK homeowners are considering taking equity out of their homes so as to strengthen other personal assets such as businesses and other investment. In conjunction with the newly improved mortgage calculator, Credit Choices has added substantial information and documentation on available opportunities for mortgage protection. Mortgage cover is a policy that will pay your mortgage payment each month for up to one year should you lose your employment for any non-voluntary reason. Consider the following scenario. A person has a business that over the years has proven itself to be quite reliable. Say for example a car hire shop. But tourism is off due to the slow economy and that business needs an infusion of cash and new inventory. Funds released from a simple remortgage can be a fast way to protect the larger investment in ones business. And if one is officially an employee of said business mortgage protection provides a little peace of mind when assuming a new financial risk.

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Do The Math With A Mortgage Calculator Or Saving Calculator

March 17th, 2009 by writer | No Comments | Filed in Press Releases

Far too often we trust in others and in machines to add up sums for us. Let’s admit it. When we go shopping at the department store do we allow the cash register to total our purchases or do we take out pen and pad and double check the addition? Of course we let the machines do the work. And if we are slighted on a can of soup it is no great tragedy. But what if that can of soup cost as much as a house? We still trust in our lender to calculate the amortised costs of our mortgage. This may not be wise as a person had to fill the data into that loan program and people can make mistakes. You could end up unknowingly paying tens of thousands of pounds extra over the cost of a home loan.

Before you sign on the dotted line run your numbers through the free mortgage calculator at creditchoices.co.uk. Credit Choices has several of these free financial tools including a savings calculator.

There is never a charge for help from credit choices and the total knowledge offered on the site is immense. There is complete data on current credit card deals as well as information on personal loans. You can even apply for loans directly on the Credit Choices site and receive a yea or nay within minutes. The mission of CreditChoices.co.uk is to help people understand all of the personal finance decisions. Whatever financial information you seek, you will find it by first stopping at CreditChoices.co.uk.

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100% Mortgages – What Are They, And Why Did They Vanish?

February 12th, 2009 by admin | No Comments | Filed in Press Releases

100% mortgages used to be one of the most popular home loans, due to many first time buyers seeking a loan for 100% – or even 100% of the value of their property. This was usually to allow buyers to afford new furniture, cover solicitors fees etc.

100% mortgages have always been viewed as a high risk mortgage, when compared with a standard mortgage for a smaller percentage of the value of a given property. The seemingly worldwide crunch on credit caused the withdrawal of 100% mortgages from just about every mortgage lender, certainly in the UK.

Part of the reason for the withdrawal of this kind of mortgage offer may be, in part, fear of borrowers ending up in negative equity. Negative equity is a term used to describe the situation whereby a borrowers house has been devalued due to a drop in house prices, causing the remaining mortgage to be higher than the value of the house. Obviously, by definition, a 110% mortgage would leave a borrower in negative equity, but in prosperous times this is not really a concern if the borrower has a good income, and house prices are (as usual) set to raise, thus putting the borrower into positive equity.

For those looking to take out a loan of any type, but especially a secured loan, it would be advisable to do your sums before applying for credit. Using tools like a savings calculator can be helpful for standard loans, and a mortgage calculator for home secured loans.

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Mortgage Protection Cover?

January 21st, 2009 by admin | No Comments | Filed in Press Releases

In uncertain times it is always advisable to use whatever security is available to mitigate the tribulations that life throws at us. In some ways it’s unimportant what the ‘credit market’ is doing as we still need to buy food, pay the mortgage or buy your first house. So what do the changes to the global credit system mean for us? Although it will undoubtedly be more difficult to obtain credit or a mortgage, the financial institutions that specialise in credit will have to keep lending or close up shop. This suggests that they will be avoiding high risk ventures and looking for more security. You can tip the scales in your favour by aiming to be one of the customers the lenders are looking for. Step one would be get your facts and figures straight before you make contact.

Compare the market using a comparison site like Creditchoices.co.uk work out which products you are interested in or can afford, use their mortgage calculator to do the sums and their database to check for the most up-to-date products. Once you have selected the realistic options consider Mortgage Protection Cover so in the unlikely event of unforeseen circumstances your home isn’t at risk.
 
 
 
 
 
 
 
 
 
 
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100% Mortgages An Introduction…

December 21st, 2008 by admin | No Comments | Filed in Press Releases

100% mortgages
 
Although now defunct, 100% mortgages used to be popular with 1st time buyers, offering a loan for the complete value of the property. Mortgage repayment rates for 100% mortgages tended to be higher than pretty much all other mortgages, but borrowers were made to understand that this was due, in part, to the extra risk on the part of the lender.
 
As well as the 100% mortgage, some lenders even offered to lend up to 125% of the value of the property, so the house buyer could purchase household goods, as well as pay for things like solicitors fees and valuations.
 
Back in 2006, roughly 2 percent of all mortgages were 100% ones. (Sourced from the Council of Mortgage Lenders)
 

Are 100% Mortgages Still Available?


 
In a word, No. the credit crunch has closed the door on 100% mortgages. Whether this is a long term thing, or just a temporary issues whilst the powers at be sort out the housing market and other issues, we do not yet know. Some people say we will see a return to 100% mortgages, whilst others are more sceptical.
The reason 100% mortgages are no longer available is pretty simple. Mortgage providers rely on borrowing money from other lenders at very competitive rates, who in turn rely on house prices rising steadily. Since October ’07, there has been a slump in house prices, to the extent that 1 year later, in October ’08, house prices were lower than 2007.
 
This has left some mortgages holders in ‘Negative Equity’ – a term used to describe having a mortgage debt that is higher than the value of your property.
If you came here looking for a 100% mortgage, do not despair. It would be wise to use a mortgage calculator to work out what you can or can’t afford, and what deal would be best for you.
 

Mortgage Calculators – What Are They?


 
A mortgage calculator is basically a tool that can be used to determine what your monthly repayments should be for any given mortgage. Some of the best mortgage calculators allow you to input the sum to be borrowed, the % rate that you have been offered, and the repayment period. The calculator will then give you details such as your monthly repayment amount, the total cost of the mortgage, and even the total interest paid for the mortgage.
 
It may be surprising what you find when you use one of these tools to work out how good the mortgage you are being offered really is – Seeing the figures in black and white in front of you in a concise table can really clear the fog somewhat.
 

About Credit Choices.


 
Creditchoices are a leading comparison site for finance matters. On their site you can compare everything from abbey mortgages to instant decision credit cards, and much more.
 
Creditchoices also have a plethora of facts and guides, in an effort to educate the consumer, so they can make informed and sensible decisions when looking for credit.
 
 
 
 
 
 

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Mortgage Protection Cover

November 21st, 2008 by admin | No Comments | Filed in Press Releases

In uncertain times it is always advisable to use whatever security is available to mitigate the tribulations that life throws at us. In some ways it’s unimportant what the ‘credit market’ is doing as we still need to buy food, pay the mortgage or buy your first house. So what do the changes to the global credit system mean for us? Although it will undoubtably be more difficult to obtain credit or a mortgage, the financial institutions that specialise in credtit will have to keep lending or close up shop. This suggests that they will be avoiding high risk ventures and looking for more security. You can tip the scales in your favour by aiming to be one of the customers the lenders are looking for. Step one would be get your facts and figures straight before you make contact. Compare the market using a comparison site likeCreditchoices.co.uk work out which products you are interested in or can afford, use their mortgage calculator to do the sums and their database to check for the most up-to-date products. Once you have selected the realistic options consider Mortgage Protection Cover so in the unlikely event of unforseen circumstances your home isn’t at risk.
 
 
 
 
 
 
 
 
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Mortgage calculator

November 11th, 2008 by admin | No Comments | Filed in Press Releases

 
If you’re applying for a mortgage it is hard to determine which lender is offering the best package. Lenders offer very different rates depending on the term of the loan, the sum borrowed, the type of mortgage and their assesment of your risk to them
 
If you have a mortgage and aren’t considering moving, it may be well worth researching a remortgage to gain more favourable terms. This has the potential to save many thousands of pounds in interest payments and seriously decrease you monthly outgoings. However, even if you understand the market a list of mortgages and providers can be daunting. A comparisson tool can reduce the problem to a few simple calculations.
 
A good tool is a mortgage calculator , www.creditchoices.co.uk host one on their comparisson website so you can search for all the appropriate providers and then use the calculator to crunch the numbers and show the true cost of the product. The creditchoices mortgage calculator is free to the user and simple to use. The required data is the borrowed sum, the mortgage rate and the mortgage term. The output information will tell you:-
 

  • Monthly Mortgage Payment

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  • Total Interest On Mortgage

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  • Total Cost Of Mortgage

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    Without these facts at your disposal it is difficult to accurately compare the true cost of the product you’re interested in.
     
     
     
     
     
     
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    Mortgage Calculator Makes Comparing Mortgages Easier

    October 5th, 2008 by admin | No Comments | Filed in Press Releases

    When considering applying for a mortgage, it can be very difficult to figure out which lender is offering the best deal.
    Often lenders will offer different rates dependent on how much you are applying to borrow, the type of the mortgage, and also the length of the mortgage.
     
    Even if you have a mortgage and are not thinking of buying a new house, it can be a mistake not to look into remortgaging, as this can seriously cut down on your monthly outgoings.
     
    Even if you understand these facts, then the list of mortgages available can seem daunting! – How can you possibly compare them all?
     
    Well, one solution is to use a mortgage calculator, like the one provided by the team at creditchoices.co.uk.
     
    The mortgage calculator that creditchoices provide for free to its readers is a great tool. You are able to enter the amount of mortgage that is required, the Interest rate of the mortgage, and the period of the mortgage. Once all this data is input into the mortgage calculator, you will be given the following useful facts:
     

    Monthly Mortgage Payment

     

    Total Interest On Mortgage

     

    Total Cost Of Mortgage

     
    Being able to check these facts easily can help you compare mortgage providers much quicker.
     

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