Mortgage Brokers – Best Service Tips
Most of us have been there before, looking to buy a new home.
Most of us have been there before, looking to buy a new home.
Home equity loans are a way of using the money that you've invested in your mortgage by borrowing against it. Essentially, a home equity loan is a 'second mortgage' - a loan secured by your property. If you don't make good on your payments, the lending company or bank can force the sale of your house to recover their money.
Late last year, accompanied by the usual razzmatazz, Gordon Brown announced the Governments new “Open Market Homebuy” mortgage scheme for first-time buyers. Under the Home buy scheme, first time buyers take out a mortgage for 75% of a home's value with no deposit and the Government and the mortgage lender will in practice buy the remaining 25% of the property. Then when the borrower eventually decides to sell the property, the borrower will receive 75% of the net sales pro...