- How to Tell if a Variable Rate Mortgage is for You
- The choice between variable and fixed rate mortgages is important. Yet the decision is difficult since it depends on the future direction of interest rates.
- Climb the property ladder – two steps at a time
- Now is the time to move up the property ladder. There are savings to be made as house prices tumble. You may lose on the sale price but make up for it on your purchase.
- Climb the property ladder – two steps at a time
- Now is the time to move up the property ladder. There are savings to be made as house prices tumble. You may lose on the sale price but make up for it on your purchase.
- Mortgages. The pitfall of Interest Only mortgages.
- Interest Only mortgages have become increasingly popular. Why, and what are the concerns?
information about mortgage payment protection schemes
Mortgage Payment Protections
Mortgage payments are often the largest of our monthly outgoings and not paying can have serious consequences - even leading to the property repossession in the worst cases.
Because of the importance of this regular payment many people chose to take out insurance to make sure thay are still able to pay their mortgage in the event of unforeseen illness or unemployment.
But the choice of payment protection insurance is wide and varied and the regulatory authorities that worry about such things in the UK, namely the FSA (Financial Services Authority) and the OFT (Office of Fair Trading) are now concerned that the public are not receiving the full facts when they are sold a policy. The OFT requested that the FSA investigate the selling of these policies by loan, mortgage and credit card companies.
The investigation is ongoing but the FSA has already issued some large fines to a number of organisations and threatened to continue with larger fines if the industry does not clean up its act. (cheap rate loan)
A further development recently, is the increased occurence of attempts to reclaim insurance premiums where customers feel they have been mis-sold to. The industry itself seems to be fairly quiet on the issue at the moment, but if the trend starts to gather consumer momentum and the claims are proving to be valid, then some lenders will be facing significant reclaim expenses. (personal loans)
Read our articles on payment protection insurance and other subjects in the loans and mortgage sector to stay up to date. (secured loan)
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