UK MORTGAGE QUOTE - BEST RATES

We are an independent financial company with no affiliation to any lender. We operate a database of UK financial institutions and are able to obtain a competitive mortgage quote for almost all UK citizens over the age of 18 years. We can assist those who have CCJ’s, poor credit records or a history of instalment payment default at reasonable rates. We can obtain secured loans for those who have been bankrupt, are the subject of an individual voluntary arrangement (IVA) or the self employed with no trading history.

A mortgage quote will reflect the risk that a potential lender perceives as attaching to a particular applicant in that interest rates will vary. The lender will however always be protected as the property upon which the loan is secured will be available for sale in the event that the borrower defaults on the instalment payments. This means that even those with a bad credit history will still be able to obtain a secured loan at reasonable rates which are usually only slightly above the lenders basic rate. If payments are made on a regular basis, inflation usually ensures that the equity in the property grows on a month by month basis and that the loan will represent a lesser percentage of the value of the property as time goes by.

This type of lending is also known as a secured loan as the lender, with the consent of the borrower, registers the loan with the Land Registry which gives the lender the right to arrange for sale of the relevant property in the event that the borrower defaults on the instalment re-payments. Registration also prevents the borrower from disposing of the property without repaying the lender and generally gives the lender the security of knowing that the loan will almost certainly be eventually repaid from the proceeds of sale of the property. If the borrower has a good track record for the repayment of previous loans then the lender can expect not to need to exercise his powers of sale, which would inevitably necessitate expenditure on legal costs, and is able to offer the lenders basic rate in a mortgage quote. If however the borrower has a bad credit history, the lender is likely to increase the interest rate charged to cover the potential risk of the cost of any necessary court action to enforce the security in the event of default by the borrower.

The Land Registry is a government department which records all transactions in property in the UK. For secured borrowing to be enforceable against property the details of the loan and the security must be lodged at the Land Registry in the form of a ‘charge’ on the property. This protects the lenders interests as no potential buyer will purchase a property without first checking with the Land Registry to ensure that the property is unencumbered and is sold without the necessity for repayment of a previous loan secured on that property. If there is a ‘charge’ on the property then any previous loan must be discharged by the seller prior to buyer purchasing the property.