Welcome to Home Mortgages
Hartford Home Mortgage Article
This is a selection made from among articles on Hartford Home Mortgage. For a permanent link to this article, or to bookmark it for future reading, click here.
from:
Self Certifed Mortgages on the Increase
By Nick Riviera
Self certified mortgages are for people who are unable verify their income by producing a series of wage slips. For such people income may come from a variety of sources, or it may be that they, as self-employed, have not been trading long enough to have accounts for the required period. Another possibility is that they may have a low basic salary and achieve high income through commission, bonuses, dividends or a second income.
Self certification covers a wide range of people and the trend is increasing. The self certification mortgage market is currently booming.
Market research organisation Datamonitor report that around 55% of self certified customers are self-employed, and another 34% are contract workers, seasonal workers and agency staff. That makes 89% of people in the self-certified market who fall outside the traditional employed status due to the way they work or earn their income.
The report also suggests that around 13% of the workforce in the UK is self-employed, and that number was nearly 3.8 million at the end of 2006. This is the highest number of self-employed people ever known in the UK, and the trend is growing.
There are a number of reasons for this trend. Although the number of redundancies in the UK is on the decrease the total was still over 500,000 last year. The problem is that re-employment rates are running at 35-45%, and older workers particularly find it difficult to get new jobs, meaning that there are a lot of people looking at ways to earn income for themselves, and they start their own businesses.
Once in the self-employed bracket, most people don't return to being employed. A Self-Employed Index was recently introduced which suggests from research that the mood among UK's business owners is buoyant, with 60% feeling confident about business prospects for the next six months. Another third were said to be very confident about the same period. The number expecting increased turnover for the next twelve months was 47%.
The number of self certified borrowers is also influenced by people multiple jobs. The rise of house prices, the increase in mortgage rates, creeping inflation are all factors that mean that some workers are now holding two or even three jobs just to make up the income they need. For these people, proof of income can be awkward.
There are a number of others who make up the rest of the self certification marketplace. There are those on low basic salaries, but who earn large bonuses at different times throughout the year; directors who wish to keep their financial affairs private; high net worth individuals with complex income streams, for example, property developers.
This wide and varied group of people all have one thing in common: they have more complicated streams of income than someone paid a regular, sufficient salary. They cannot always be catered for by mainstream lenders. Mortgage brokers or advisors can usually help.
It is likely that this pattern of work will continue to develop, and the demand for self certified mortgages will increase further. As the market continues to increase, so will the range of products available to consumers.
An author on a variety of property related subjects, which include mortgage rate reviews and detailed analysis of the role mortgage brokers provide in the current climate.
Article Source: http://EzineArticles.com/?expert=Nick_Riviera
http://EzineArticles.com/?Self-Certifed-Mortgages-on-the-Increase&id=884799
Hartford Home Mortgage Specific links
Hartford Home Mortgage News
Fannie Mae Taps CFO: Former Hartford Finance Chief David Johnson - CFO.com
Fannie Mae tapped outspoken financial-services-industry veteran David M. Johnson to serve as the embattled mortgage giant's executive vice president and CFO, effective immediately. Johnson — remarkably, the third CFO at Fannie Mae in this troubled ...
Read more...Fannie CFO Johnson's Pay Starts at $625,000 - CFO.com
For the big finance job ahead for Fannie Mae, the company detailed the pay plan for new CFO David M. Johnson. At the center of the incentives-laced package is a $625,000 annual salary that is slightly lower than what his predecessor received. The ...
Read more...MOVING IN: Hartford - Hartford Courant
When Ingrid Baker came to Connecticut from Jamaica two years ago, she moved into a rental owned by her uncle. After a year, she decided to buy a home within her son's high school district in Hartford. Between April and September, Baker's plans got ...
Read more...Fairfield County - Hartford Courant
Cyncy Abel laughs when talking about how her quality of life has improved since she and her husband, Mike, got a reverse mortgage on their Old Saybrook home. The reverse mortgage allowed her to retire from her full-time job so that she's able to work
Read more...New Fannie Mae finance chief to make $625,000 - Forbes
Mortgage finance company Fannie Mae said Monday that new Chief Financial Officer David Johnson will make an annual salary of $625,000, slightly less than his predecessor. Johnson, 48, formerly was named the company's CFO on Nov. 24. He formerly was ...
Read more...Delta, Northwest airlines post traffic declines - Milwaukee Journal Sentinel
Dec. 4, 2008 2:50 p.m. | Delta Air Lines Inc. today reported November traffic declines for both its Delta and Northwest Airlines units. For the Delta operations, revenue passenger miles in the United States dropped 10.5% compared to November 2007 ...
Read more...Some residents live in fear of foreclosure - Register Citizen
Elizabeth Jamieson is a self-employed foreclosure inspector. Usually, an inspector visits 100 homes or so per month. Last month, Jamieson inspected 200 houses. “I am the first person who finds a vacant property. It’s an eerie sight,” she said ...
Read more...Fed Aid Sets Off a Rush to Refinance - Wall Street Journal
The Federal Reserve's attempt to stabilize the housing market set off a chain reaction across the U.S. on Tuesday, dropping interest rates and quickly spurring a burst of refinancing activity by borrowers eager to lower their mortgage costs. Some ...
Read more...This Home Project Will Be 'EXTREME' - New London Day
Conrad Rickets, above right, executive producer of the TV show “Extreme Makeover: Home Edition,” greets prospective volunteers at a gathering last month. The show, with Colchester builder Bruce P. “Bruno” Hayn, below, as lead builder, will ...
Read more...Register for FREE - Wall Street Journal
Please register to gain free access to WSJ tools. An account already exists for the email address entered. The presidential candidates are in Music City, Nashville, Tenn. for their second debate, in a Town Hall format. The Dow fell another 500 points ...
Read more...