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Mortgage & Refinancing Information |
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Housing Bill - Changes in the Right To Buy Scheme
Presently council tenants are able to purchase their rented property after 2 years of tenancy. However, this is about to change. As of the 18th January 2005, the new Housing Bill becomes law and the current 2 years will change to a period of 5 years. This means, that once the proposals come into force, any new council tenant will have to wait 5 years before having the option of buying their property. There is also a proposal to extend the period during which landlords can require owners to repay some or all, of the discount given on a property in the case of an early resale. Currently, purchasers of a property that has been bought on the right to buy scheme, can sell after 3 years with no requirement to make any repayments of the discount. The proposal suggests this should be extended to 5 years. Therefore, anyone who sells a property bought under the right to buy scheme within 5 years of the purchase, will be requested to repay a percentage of the given discount. Repayment figures are as follows: -
With the predicted drop in house prices in 2005 (meaning lower property valuations) combined with the new proposals further restrictions on council tenants wishing to purchase, now may be a good time to consider a right to buy. The proposed changes in the right to buy scheme include measures to reduce the attraction of purchasing a discounted property with the prospect of selling it to make a profit. The initial idea of the right to buy scheme was to give ordinary families the opportunity to own their own homes, something they may not have been able to afford otherwise. However there are concerns about the effects this has had on local housing stock and a number of people profiteering from potential windfalls in expensive property areas. Exploitation in the Right to Buy Scheme There have been several schemes where third party companies encourage tenants to purchase their homes under the right to buy scheme, by offering them cash incentives. The tenant purchases the property at a discounted price under the right to buy scheme and simultaneously exchanges contracts to sell the property to the company after 3 years at which point no discount penalty will be repayable. The tenant will lease the property to the company and move out of the home with a cash sum. This leaves the company free to rent out the property at the current market rental rates. After three years the tenant sells the property to the company. The company will either continue to rent the property at market rates or the property will be sold on at a substantial profit. The incentive for the tenant is the lump sum offered, which can be anywhere from 5000 to 26000 but is usually a percentage of the equity of the purchased property. This could be attractive to tenants who do not wish to purchase their current home or hope to purchase a property in another area as it will give them a ready made deposit to buy another home. The new proposals are designed to make this type of sale less attractive and prevent profiteering as well as securing local housing for the less well off. The proposed changes in section 180 and 182-189 of the Housing Act 2004 will come into effect on 18/1/2005. For more information on a right to buy mortgage, visit Right To Buy website. Nicola Bullimore has been working with people to resolve debt problems for a number of years. For more information regarding debt issues, please visit Debt Questions website.
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How to get out of debt: 4 balances you should refinance in 2019 USA TODAY Is this a good time to refinance your debt? Here are a few debts that you should consider refinancing in 2019. VA loan series: VA vs FHA vs USDA | Mortgage Rates, Mortgage News and Strategy The Mortgage Reports VA loan *service* requirements are important when it comes time to get a VA mortgage. Depending on your *service* status it's possible to avoid funding fees. Refinance rates advance for Tuesday Bankrate.com Several closely watched refinance rates notched higher today. If you're shopping for a home loan, see how your payments might be affected. Loose Lending Standards Are The Cancer Not The Cure Seeking Alpha The Bank of Canada last week flagged the fragile nature of highly indebted Canadian households and said 42% of households would struggle to refinance their ... US News: How and Why to Refinance a Reverse Mortgage Reverse Mortgage Daily Refinancing an existing reverse mortgage into a new and potentially better one could be an option that works for some senior homeowners, but it's not a ... HARPing on Fannie Mae, Freddie Mac Refinancing The MReport First American Financial Corporation reported that Fannie Mae and Freddie Mac completed 234,716 refinances in Q1 2019, with 901 loans refinanced through ... Mortgage rates decline for Thursday Bankrate.com Several closely watched mortgage rates decreased today. If you're in the market for a mortgage, see how your payments might be affected. Mortgage rates fall for Monday Bankrate.com Several closely watched mortgage rates trended down today. If you haven't locked yet, see how your finances could be affected. Mortgage Traders Breathe Easier as the Risk of a Refinancing Wave Ebbs Bloomberg Mortgage investors are breathing a sigh of relief amid signs a potential surge in prepayments set to weigh on returns may be avoided. Mortgage applications edge up in US housing market - Xinhua | English.news.cn Xinhua WASHINGTON, May 22 (Xinhua) -- Mortgage applications in the United States increased as mortgage rate continued its downward pattern, according to a report ... April's dip in home sales may portend significant gain in May, economist says HousingWire Housing economists were left scratching their heads this week over a National Association of Realtors report showing U.S. existing home sales fell in April. In the ... When will non-QM loans and HELOCs take off? National Mortgage News The shift to nonbank lenders will put the breaks on non-qualified mortgage and home equity line of credit origination growth. How to find the best FHA mortgage lender Bankrate.com There are government-insured mortgage programs that can make homeownership more attainable. This includes loans backed by the Federal Housing ... HELOC: Understanding Home Equity Lines of Credit NerdWallet A home equity line of credit, or HELOC, is a second mortgage that gives you access to cash based on the value of your home. You can draw from a home equity ... Mortgage rates climb for Monday Bankrate.com Several benchmark mortgage rates notched higher today. If you haven't locked yet, see how your future mortgage payments could be affected. Rotich to unveil mortgage refinance company today Business Daily Kenya's first mortgage refinancing company that will make it easier for banks to access long-term funds for cheaper home loans will be launched today after 20 ... When to Refinance a 15 Year Mortgage to a 30 Year Mortgage SavingAdvice.com When you are ready to refinance a mortgage, one thing to you may wonder is should I Refinance My 15 Yr Mortgage to a 30 Yr Mortgage? Read her to find out. Mortgage rates decrease for Wednesday Bankrate.com Multiple benchmark mortgage rates tapered off today. If you're shopping for a home loan, see how your finances could be affected. Mortgage rates fall for Wednesday Bankrate.com Several closely watched mortgage rates sunk lower today. The average rates on 30-year fixed and 15-year fixed mortgages both were down. On the ... Refinance rates retreat for Thursday Bankrate.com Several key refinance rates ticked downward today. If you're in the market for a refinance, see how your finances could be affected. GDP Growth Called "Transitory" While Low Inflation Appears Permanent Mortgage News Daily While calling the recent report on real gross domestic product (GDP) the strongest first quarter in four years, Fannie Mae's Economic and Strategic Research ... Personal Finance Daily: One simple change to your marriage increases the risk of divorce by 33% and how to decide whether to refinance your mortgage ForexTV.com Previous: ESTABLISHMENT LABS INVESTOR ALERT: Faruqi & Faruqi, LLP Encourages Investors Who Suffered Losses Exceeding $50,000 Investing In ... AfDB Approves EUR 90 million to support Kenya’s Mortgage Refinance Company THISDAY Newspapers Bennett Oghifo. The Board of the African Development Bank has approved a EUR 90 million loan to support the establishment of the Kenya Mortgage Refinance ... Refinance rates trend higher for Saturday Bankrate.com Multiple key refinance rates climbed today. See what that means for your refinance. In mortgages, these banks zigged while many others zagged National Mortgage News While regulation and nonbank competition are spooking some banks, others believe low funding costs and the right relationships can help them succeed. 'Now Is The Time To Refinance': Low Mortgage Rates Cause Surge In Refinancing Forbes Last week's massive dip in mortgage rates apparently pushed homeowners into action. According to new data from the Mortgage Bankers Association, ... Fed Survey: Consumers Expect Slower Home Price Growth ABA Banking Journal Americans' expectations for home price changes fell in 2019, according to results from the Federal Reserve Bank of New York's 2019 SCE Housing Survey, ... Is a No Closing Cost Mortgage Right for You? U.S News & World Report Money A no-closing-cost mortgage conserves cash upfront when borrowers buy or refinance a home, but you will pay more interest over the life of the loan. 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How to Refinance a Small Business Loan U.S News & World Report Money Refinancing a small business loan, compared with a mortgage, has a few more steps and may require as much documentation as your initial business loan. May Fed Meeting: Mortgage rates fall as the Fed maintains "patient" stance | Mortgage Rates, Mortgage News and Strategy The Mortgage Reports The third Fed meeting of the year adjourned on May 1 and mortgage rates are benefitting. The group continued on the “patient” path as far as future rate hikes. Holistic approach needed to fix vital federal mortgage programs National Mortgage News Housing finance reform cannot be piecemeal, but must be done using a comprehensive approach, an independent mortgage banker says. Mortgage refinance boom goes bust as rates shift higher CNBC A turnaround in interest rates turned borrowers back on their heels last week, deflating a quick boom in refinance demand. Mortgage rates retreat for Thursday Bankrate.com Multiple key mortgage rates declined today. If you're in the market for a home loan, see how your payments might be affected. Mortgage rates fall, head to best levels for 2019 ETF Daily News Lower mortgage rates continue to bloom in May, after an April that rained down increases in borrowing costs. Read for more details. Mortgage refinancing spree becomes a race against the clock Bankrate.com Some 2.43 million homeowners can reduce their mortgage interest rate by refinancing, according to a recent mortgage report by Black Knight, a mortgage data ... Refinance Your Mortgage Quickly: Prequalify in Just 3 Minutes Credible News Let us do the heavy lifting for you. Compare rates from multiple lenders with no impact to your credit score. Refinance your mortgage with peace of mind. These are the best (and worst) reasons to refinance your mortgage Bankrate.com Whether you've owned your home for a short time or you've had your mortgage a bit longer, a mortgage refinance involves careful consideration. After all, you'll ... LO, AE Jobs; Broker and Warehouse Products; Conventional Conforming News Mortgage News Daily What's going on behind the scenes and in the rumor mill at the MBA's Secondary Conference? There is derision about HUD's Ben Carson not knowing what ... 5 Signs It's Time To Refinance Your Mortgage Forbes You've probably heard that refinancing your mortgage can save you money. While that's true in many cases, refinancing needs be done at the right time in order ... What to consider before determining whether to refinance your mortgage Washington Post REAL ESTATE MATTERS | For a home-run refinance, try to find a deal that helps you do these four things: lower your interest rate, shorten your loan term, lower ... Mortgage refinance checklist: what you need to refinance your home | Mortgage Rates, Mortgage News and Strategy The Mortgage Reports This handy mortgage refinance checklist tells you what you need to do before refinancing. Get your paperwork in order and know your refinance goals to speed ... The main reason to refinance your mortgage: Save money Chicago Tribune A substantial drop in interest rate on a fixed rate mortgage could save you money with a refinance. But you must factor in closing costs on the transaction. 11 first-time home buyer mistakes to avoid [VIDEO] | Mortgage Rates, Mortgage News and Strategy The Mortgage Reports Everyone makes mistakes. But in home buying? Those mistakes can cost you dearly. Not only can they mean more in costs (think tens of thousands more), but ... Mortgage refinance applications hit 18-year low CNBC Mortgage refinance applications hit an 18-year low. With no major move in interest rates and continued weakness in home affordability, there was not a lot of ... Refinance mortgage rates mixed for Saturday Bankrate.com Refinance rates were mixed today. See what that means for you if you're in the market for a mortgage. Refinance mortgage rate drops for Tuesday Bankrate.com Refinance rates were mixed, but one key rate trended down. If you're shopping for a refi, see how that could affect you. Shelter Afrique invests Ksh 200M in mortgage refinancing firm Kenya Broadcasting Corporation Pan African housing development financier, Shelter Afrique has invested Ksh. 200M in the Kenya Mortgage Refinance Company. Cash-out mortgage refinancing: Here’s where homeowners are using it most Bankrate.com Homeowners who snagged a low-interest mortgage in recent years generally avoid refinancing the loan because interest rates are higher now. When they need ... Still haven’t refinanced your mortgage? You still have an opportunity to save big Bankrate.com Mortgage rates seem to be the only thing that's affordable in today's low-inventory, high-priced housing market. This is good news for both homebuyers and ... Shannon Christenot Is The Go-to Mortgage Broker In Los Angeles, CA - Press Release - Digital Journal Shannon Christenot Is The Go-to Mortgage Broker In Los Angeles, CA - Press Release Digital Journal Shannon Christenot has been helping clients with their home purchase or refinances needs in and around Los Angeles. Did you refinance your home mortgage last year? You can still qualify for often-overlooked deductions MarketWatch f you refinanced your home mortgage last year, you may be in line for some often-overlooked tax deductions on your yet-to-be-filed 2018 Form 1040. What You Should Know About Mortgage Programs for Teachers U.S News & World Report Money A number of local, state and federal programs offer eligible teachers steep discounts on homes and attractive mortgage terms. Refinance mortgage rates mixed for Thursday Bankrate.com Multiple benchmark refinance rates were flat today. If you're in the market for a mortgage, see how your payments might be affected. Homeowners are rushing to refi mortgages as rates drop The Real Deal Homeowners throughout the country are looking to refinance their mortgages thanks to lower borrowing costs, contributing to a sharp government bond rally. Refinance mortgage rate slides for Wednesday Bankrate.com Refinance rates were mixed, but one key rate declined. If you're in the market for a mortgage, see what that means for you. Refinance mortgage rates mixed for Monday Bankrate.com Refinance rates were mixed today. If you haven't locked a refi yet, see how your future mortgage payments could be affected. 5 million homeowners suddenly "in the money" to refinance | Mortgage Rates, Mortgage News and Strategy The Mortgage Reports Millions of homeowners could now save each month on their mortgage payments, according to a new report. That's because they're suddenly “in the money” to ... Mortgage rates drop below 4.5%. Homeowners scramble to refinance | Mortgage Rates, Mortgage News and Strategy The Mortgage Reports There is a quiet refinance boom brewing, as mortgage rates sink to 9-month lows. Not since April 2018 have rates been this low. Freddie Mac, in its weekly ... Refinance rates trend higher for Monday Bankrate.com Several key refinance rates floated higher today. See what that means for you if you're in the market for a home loan. Gatehouse Bank launches first five-year fixed Islamic mortgage Wealth Adviser Gatehouse Bank has launched its first 5 Year Fixed Home Purchase Plan (HPP) product alongside rate cuts across its other fixed terms. Refinance rates rise for Friday Bankrate.com Multiple closely watched refinance rates notched higher today. See what that means for you if you're in the market for a home loan. Refinance mortgage rate eases for Monday Bankrate.com Refinance rates were mixed, but one key rate slid lower. See what that means for you if you're in the market for a home loan. Freddie Mac Enhanced Relief Refinance (FMERR) 2019 guidelines, rates, and benefits | Mortgage Rates, Mortgage News and Strategy The Mortgage Reports The Freddie Mac Relief Refinance Program (FMERR) allows homeowners to refinance with little or no home equity. Home value dropped since you purchased? How should I apply for a mortgage refinance: in person, by phone or online? | Mortgage Rates, Mortgage News and Strategy The Mortgage Reports You can apply for a mortgage refinance in person, over the phone or online. Just make sure that the company is legitimate before providing personal information ... Refinance rates move higher for Wednesday Bankrate.com Multiple key refinance rates notched higher today. See what that means for your refinance. Refinance mortgage rates mixed for Tuesday Bankrate.com Refinance rates were mixed today. If you're in the market for a refi, see how that could affect you. |
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