Typical payments for first-time buyers and home movers with new loans stood at just over a quarter (26 per cent) of take-home pay, Halifax said. That is nearly half of payments five years ago, which peaked at 48 per cent of income seen in the autumn of ... Borrowers able to secure new home loans enjoy lowest payments proportionate ...
www.theclaimsconnection.co.uk - Payment protection insurance, or 'PPI', is not a bad product in principle. It's designed to cover loan, finance or credit card payments in case you are made redundant or are too sick to work. PPI could be acquired relatively cheaply when purchased as a stand-alone product. However, Halifax banks and other large financial organisations saw an opportunity to link PPI to loans and credit cards. Heavy selling techniques were adopted and premiums soared, along with profits. Since the mid 1990s, mis-selling of PPI has been rife across the financial services sector. Most major lending institutions were guilty of 'jumping on the PPI bandwagon'. The most common mis-selling practices included failing to inform customers that the PPI was optional or leading them to believe that it was compulsory. Other practices included failing to discuss: • the price of the policy separately to the loan itself ; • the overall cost of the policy (instead of just the monthly premium); • the 'cooling-off period'; and • in the case of single premium PPI, the lack of pro-rata refunds or the payment of interest. Halifax bank and many other banks and lenders generally failed to explain the policy in a way that was understandable to the particular customer. They also frequently failed to investigate whether the policy was suitable for the customer's needs. Consequently, PPI was sold to customers for whom it was unsuitable. For example, self-employed or retired people, or ...
Many people are confused by the Halifax Home Retirement Plan. In essence, this program provides interest only mortgages for those who qualify and can financially help people who feel their retirement income may be an adequate to meet future needs. It is a combination of roll-up equity relief and residential mortgage in one package.
It's important for those considering this option that they understand qualifying is determined by income which is similar to residential mortgage plus interest that is normally paid on a monthly basis. It is also similar to equity release in that there is no termination date and is balance is repaid eventually on the sale of the property at the time of the owner's death or should they be moved to a long-term care facility.
This allows those who qualify the opportunity to raise tax free cash with interest repayment in a direct deposit method. What this does is allow the Halifax plan to maintain exactly the same balance over time. The balance is then paid off at the time of death or when an individual moves into a long-term care facility. This is different than equity release that requires no monthly payments and, therefore, increases the amount owed over time which ultimately reduces benefits to survivors.
There are respected criteria established in order to qualify for this type of plan. One must be 65 or older, but there are exceptions to this age limit in the case of injury, ill-health, or redundancy. It's important to remember as well that the maximum that can be borrowed are 75% of the property's value. This too can be affected by income level which is the basis for the borrower's limit.
Halifax strives to ensure that mortgages are affordable. To determine one's limit and eligibility, a breakdown of income, monthly payments to loans and credit cards, credit score, and the loan amount expected is needed. To calculate affordability one need merely contact an Equity Release Supermarket advisor who can complete the calculations.
Once the application has been an accepted an approved, this interest only mortgage can be disbursed as a single lump sum. This eliminates the need or a drawdown facility which is usually associated with roll-up equity relief plans. Additional funds can be made available at a future time provided underwriting can be secured.
Although called many things, the Halifax plan described here is the official title of the product mentioned. It offers flexible interest rates and must be released through an intermediary from equity release. It is classified as a lifetime mortgage by the Financial Services Authority. These have different regulations than regular mortgages and special advisors must evaluate qualifications before an individual can be recommended for the program.
The Halifax Home Retirement Plan is a lifetime mortgage designed to help those who have assets, but lack income. Repayment occurs when the property is sold usually after the borrower has passed on or moved into a care facility. To understand the risk and features of this program it is always wise to seek independent financial and legal advice. Related Halifax Home Retirement Plan Options Topics
Question by : Mr. Jake Smith. Loans/Credit Operations Manager Halifax Bank Plc 104/108 High Street,Bromley London-- United K? Please advice how is true the above information. Best answer for Mr. Jake Smith. Loans/Credit Operations Manager Halifax Bank Plc 104/108 High Street,Bromley London-- United K?:
Answer by Kittysue
I just rang the bank and they have nobody named Jake Smith working there The bank's number is Tel: 020 8218 9118 The bank said this is a scam using their bank's name and to contact your local police to report if you have been contacted by this person as they are committing fraud Jake Smith is a fake name used by a Nigerian scammer. Here are a few of the thousands of examples of his scams http://antifraudintl.org/archive/index.php?t-48884.html http://www.scamwarners.com/forum/viewtopic.php?f=35&t=14669 http://www.scamwarners.com/forum/viewtopic.php?f=35&t=14608 If the email is NOT from @barclays.co.uk it is NOT from Barclays If you did not go IN PERSON into that specific Barclays bank branch to fill out a loan application then there is NO way you can get a loan. Barclays does not give loans over the internet - you have to go into the bank, speak with a loan officer, fill out a loan application and provide proof of identity and original bank statements
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