Categories Loans

Features of a good mortgage

Looking for a mortgage is an important step for every person looking forward to buying a house. Making sure that you get a good mortgage is important. The kind of mortgage that you get will determine the ease of payment. When looking for a mortgage, you need to make sure that you get one that has flexible terms of payment and also friendly conditions. By hiring this company, you will get a good mortgage.  A broker will help you find the best lender and rates available in the market.

How to identify a good mortgage

Reasonable deposit

A good mortgage should be able to offer you a reasonable deposit. Raising a deposit is usually the biggest challenge for most of the home buyers. Sometimes raising the deposit of 20% can be challenging so you need to look for a mortgage that makes it possible to raise a reasonable interest. Some lenders will allow you to pay a deposit of 20% of the cost of the house. However, it is important to remember that once you pay a lower interest, you might need to compensate this by paying higher interest rate or monthly repayment.

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Flexible repayment terms

For most of the mortgage loans, you will be required to stick to a strict repayment term. However, it is important to consider a mortgage that is quite flexible. Flexibility will give you an easy time when paying for your loan. For instance, there are mortgages that will allow you to pay more money for some months so that you can go for some months without paying. The flexibility is however limited because you can never get full control of the mortgage.

Reasonable interest rate

When it comes to mortgage, you need to make sure that you get one with a reasonable interest rate. The best way to get a mortgage with a reasonable interest rate is by comparing it with other mortgage lenders. It is always advisable to look for a mortgage that offers interest rate in the same range with the other lenders.

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Customer service

Customer service is important when looking for a mortgage. You need to consider looking for a good lender that will give you personalized services. Most of the small lenders can give you a personalized customer service because they have few customers and they can handle all of them.

Categories Finance

Small Tips For Choosing The Right Direct Debit Service Provider

Introduction

If you want to streamline your paying options and ensure your financial transactions, you should opt for the direct debit solution. However, if you want to take full advantage of the benefits this solution offers, you should consider finding the right supplier. Even though the majority of them are the same, you should keep in mind that there are some with notable differences, ones that might seem small but can have major effects in the long run. With that in mind, here are some guidelines that will help you find the right direct debit supplier. Additionally, you could also check Debit Direct, for any extra info and good advice too.

You must be present on the customer bank statement

22 khklfgkjoWhen yours or your business’ name appears on your client’s or customer’s bank statement, there is no doubt left as to who collected the funds. This helps avoid any sudden cancellations or questions being raised by the customers in regards to the money collection.

Three working days to clear the funds

Once you have collected the money from your customers’ accounts, the funds should appear in your account in no more than three days. Ideally, this should be completed within two working days following the collection of the direct debit. This way, the funds will be cleared to your Client Holding Account, which is a unique account for your funds only, and which is not shared with anyone else but you. Once these funds are cleared, they will be subsequently transferred into the account of your designation and will take no more than two working days to clear. The clearance period will usually depend on the number of funds transferred

There should be no percentage charge

One of the biggest advantages of the direct debit method is that there are no percentage charges involved. Keep in mind that your bank should charge a flat fee for a debt collection, instead of a percentage. This means that your costs are always fixed, regardless of the customer. This is a much better option than having to pay a percentage of the collected amount, which means you will simply give away more, the more you collect.

There should be a variety of reports

To manage your payments and financial transactions better, you will probably need a wide variety of different reports. These can include occasional reports, daily, weekly, and monthly ones. Keep in mind that your needs will most likely change as your business grows or changes, so it would be wise to look for the options that will be of most use.

Quality communication service

When you decide to change the amount of money you collect from your customers, it is very important that the financial institution of your choosing is capable of immediately notifying the customers. They need to promptly inform them of any changes that happen to their billings. This will not only help you manage your collections more easily but also strengthen the bond between yourself and your customers and bolster their trust in you.

Proactive management

33kgkjrjgoLast, but not least, your direct debit institution should be fairly proactive in managing your payments and your customers on your behalf. For instance, they should regularly inform you if there are any clients who have amended or canceled their instructions before the payment collection.

Categories Finance

A Brief Overview Of A Trust Deed

Introduction

Financial crises have pushed most of us into the deep pit of debt. Being in debt is normal. How you get out of it is the biggest challenge. Things are likely to move from the frying pan into the fire if you are not careful. For instance, if you are in debt of £5,000 or more, you must be struggling with monthly payments. You may even have reached the point of plastic deformation- where you feel that you cannot pay some of your debts. You need a debt solutions assistance from professionals to write off these debts. You also need help with the monthly payments. A trust deed will be of great help to you.

Trust Deed

33mndbgjdbjkMany might be asking, What is a Trust Deed? It is a legal document that serves as a financial relief for the people who are in debt. Precisely, according to the Scottish law, a trust deed is a formal agreement where an Insolvency Practitioner (IP) voluntarily agrees to protect an overburdened debtor against legal action by creditors. The IP offers this protection by overseeing the administration of the Trust Deed agreement.

How to get started

The first step in getting a trust deed is contacting your preferred Insolvency Practitioner in Scotland, who becomes the trustee. Discuss your financial position with your IP of choice. He or she will determine the most favorable repayment plan for your unsecured loan. The amount of monthly repayment you can afford according to your earnings is determined. If you are in agreement with your IP and the deed is signed, the remaining part of the process is mainly done by the trustee. He or she will send the deed to your creditors. Your creditors can accept or reject the deed. If the deed is accepted, it becomes a legally binding document. It gets protection from the law. If the deed is rejected, you are given further advice on what you can do to get help with your debt.

What happens when a deed is protected?

When the deed is protected, your creditors cannot take legal action against you. In fact, they should not even contact you. They should communicate directly with your trustee. The deal remains in force for four years or longer, depending on various factors. When the trust deed period elapses, the remaining debt is declared a bad debt and written off. Your creditors cannot follow you to pay this balance.

Advantages of trust deeds

22mbknvbmnWith a trust deed, you do not have to worry about your creditors taking your car or home to repay themselves for the loan you have with them. You also do not get letters and phone calls from them requesting you to repay your loan. Interest on the loan is also frozen when the deed is signed, reducing your burden. A Trust Deed agreement can be done within a short period to prevent a court action, auction off your assets and earnings arrestment. Trust deed arrangements are also cheap. Insolvency Practitioners know that you are already in a hole and they do not want you to dig deeper.