• Rates from 1% per month
• Term – open ended unlike all bridgers
• 3 months’ interest on redemption
• Property types – all except development and filling stations
• Age – no maximum age
• Purpose of funds – no restrictions save must be for business use
• Amount of loan £50,000 to £1m
• Maximum Loan To Valuation 65% of a 90 day value
• Happy to take out a bridging lender
• Simple and quick

The commercial mortgage facility is TRUE non status. I often think that lots of people really do not know what this means. It means that we are only concerned about the property. We are NOT interested in

• Credit scoring
• Credit reports
• Accounts
• Payslips
• Bank statements
• CCJ details
• Business Plans

If you would like to know more about the product or would like to apply online please click here

The CML said the month-on-month annual comparison is likely to continue to decrease a little in the coming months, because underlying lending volumes rose sharply in the latter part of 2009 as borrowers rushed to take advantage of the stamp duty concession before the end of the year.

Its clear that Borrowers are nervous, even more so since the Spending Review and confirmation of some half a million public sector job losses. This fear for their personal circumstances has certainly contributed towards the drop-off in mortgage applications.

Mortgage Times have today announced that it will no longer be able to conduct regulated business. In an email from the board of Director to all appointed representatives of the mortgage network the following was stated.

"It is with great regret that The Mortgage Times Group Limited, as the authorised person, has applied for a variation of the current permission granted to TMTG pursuant to Part IV of the Financial Services and Markets Act 2000.

"The variation of permission requested is the addition of a requirement that with effect from 21 December 2009, the Mortgage Times Group Limited may not carry on any of the regulated activities in the permission.

"This means as appointed representatives of The Mortgage Times Group Limited you are no longer permitted to conduct regulated activities under our FSA number 303007 as from today’s date.

"As you will all be aware 2009 has been an extremely turbulent year for TMTG and we have been vigorously attempting to secure investment into the business from strategic business partners to allow us to continue to trade solvently in to 2010.

"We are extremely saddened that at the 11th hour a potential major investor has made the decision not to proceed and we have been left with no alternative but to cease trading.

"We would like to thank all our ARs for their loyalty over the last five years and apologise profusely that we have not been able to continue to provide a platform for you all to continue to trade.

"We assure you that we have left no stone unturned in an attempt to find a solution to our recent difficulties but ultimately have been left with no other options going forward.

"We would like to give you our best wishes for success in the future when this marketplace eventually returns to normality."

According to recent research conducted by a leading bank in the UK, the numbers of Britons with second, holiday or retirement homes abroad is set to double and Enable Finance can now help you achieve this by offering mortgages for overseas properties.

Overseas Mortgages For Holiday Homes

We have all thought it when we have been on holiday in a beautiful country “wouldn’t it be great to buy a place here” well now Enable Finance could help make that dream come true. If your interested in buy a holiday home abroad or even emigrate on a permanent basis (FACT: More than 165,000 UK nationals had emigrated last year by September) . we can help you find the property finance and realise the dream.

Overseas Mortgages: Countries we lend in:

• Spain
• France
• Italy
• Portugal
• USA
• Florida
• Canada
• Caribbean
• Morocco
• Bulgaria
• Singapore
• Hong Kong
• New Zealand
• Turkey
• Australia

For further information please visit our overseas mortgage page or call 0845 070 20 50

BestAdvice.web understands that its current funding arrangement with German bank HypoVereinsbank (HVB) will not be renewed and Beacon directors are urgently looking to seek out different arrangements.

In his email, Willson said: “Between now and February 2010, in close liaison with the FSA, Beacon will be rigorously managing the conclusion of its asset purchase arrangements, and to help customers to whom mortgage offers have been created in completing their loans within the stated validity of their individual mortgage offer.

“To ensure that this is often achieved, and in keeping with regulatory needs, all totally packaged applications on the current Beacon product range, prepared for first time offer and among the packagers monthly quota, can want to be with Beacon by shut of business on Friday 13th November. No new mortgage offers can be issued by Beacon when close of business on Friday 27th November.”

He added: “With an announcement of this importance it wouldn’t have been possible for me to get around to visit you all personally in sooner or later, hence the announcement by email. I will, however, be contacting you all individually to debate the announcement in a lot of detail.”

One packager who spoke to BestAdvice.web anonymously said: “We’d spoken to Beacon earlier within the week and concluded that everything was fine until February. We’re shell-shocked.”

Beacon, which launched in 2005, was one in all the few players left concerned in specialist lending and a range of packagers are heavily reliant on their arrangements. If Beacon is unable to secure another funding line then the worry is that the already diminished packaging community will be severely, and presumably fatally, wounded.

source: BestAdvice.net

This news comes just weeks after the FSA stated that they would be looking to ban self cert mortgage products.

This news is no doubt going to come as a massive blow to the self employed business community who have ordinarily not been able to fit into the prescribed boxes that mortgage lenders have imposed. It is however, hoped that once the Financial Services Authority issue guidance that mortgage lenders will be able to tailor specific products to the self employed business community.

We all wait to see how the mortgage market will cater for the self employed business person.

Between 31 October 2004 and 30 November 2008, a number of serious failings by GMAC-RFC were identified in relation to its dealings with customers experiencing arrears and repossessions. 

These included excessive and unfair charges for customers that did not reflect administration costs, proposing repayment plans that did not always consider a customer’s individual circumstances and inadequate training of mortgage servicing staff in handling of arrears and repossessions.

The lender was also issuing repossession proceedings before fully considering all the alternatives.

The case sets a precedent, with the FSA concluding this investigation in a matter of weeks, and the firm working with the FSA to agree a process to enable customers to receive redress as quickly as possible.

As a result of early settlement, the firm qualified for a 30% discount under the FSA’s settlement discount scheme.  Without the discount the fine would have been £4m.

The FSA announced in June that four firms had been referred to enforcement for investigation and several more firms were being assessed for referral.

In many cases the FSA found a high incidence of mortgages moving straight into arrears and potential breaches of responsible lending rules.

Margaret Cole, director of enforcement and financial crime, says: “This case shows credible deterrence in action.  It is an excellent example of what the FSA’s more intrusive approach can achieve for consumers, and it reflects what we said in our Mortgage Market Review last week about unfair mortgage arrears charges.  Mortgage lenders and third party administrators should read this final notice and the Mortgage Market Review and take action in the interests of their customers.”

Alan Cleary, managing director of Exact, says that the scale of the fine shows that the spotlight is firmly on third party administrators and lenders, and the FSA has shown that it means business.

He says: “All mortgage servicers will need to have the very best, most up-to-date arrears handling processes to demonstrate they are treating their customers fairly and not rushing them to court.”

A spokesperson for GMAC-RFC says: “We want to apologise to customers affected.  We have worked openly with the FSA to review and revise our procedures for managing accounts in arrears.

“We’ve been able to work quickly as a result of cooperation with the FSA and changes already made to our procedures and training programmes over the last eighteen months.  Furthermore, we have established a customer contact and redress programme in relation to certain arrears charges.    

“Whilst our arrears charges were in line with the market, in hindsight, we fully accept that for certain fees our estimates of the costs were not proportionate to the additional administration actually required. We will be writing to customers who incurred these specific charges when in arrears and will re-credit the charges plus interest.”

Details of fees to be redressed include:

• Charges for non payment of the monthly mortgage payment by Direct Debit when in arrears (average refund £117)
• Early Repayment Charges applied to arrears fees and charges (average refund £14)
• Part of the solicitors instruction fee which was more than the actual cost  (average refund £45)

The company will be sending a letter with details of the redress programme to any customer with a mortgage in arrears who was charged one of the above fees since 1 November 2004. Following this communication, existing customers of GMAC-RFC will receive an automatic re-crediting of the charges plus interest to their mortgage account.

For past customers who were in arrears and have already redeemed their mortgage with GMAC-RFC, the company will send a letter to the last known address to arrange a refund.

source: mortgagestrategy.co.uk

The CML created the comments as part of its submission to the Money Services Authority ahead of the publication of its Mortgage Market Review – expected next week.

But the CML says it considers self-cert a legitimate niche product for those that have irregular income or cannot verify their income from employment.

It says a ban on the merchandise would mean lenders would not be ready to fast-track cases for borrowers where income verification is simply not always undertaken, even when the applicant may give proof of income.

It will believe however there are sensible concerns for lenders to consider when verifying income, like how a lender may really verify income without access to a powerful knowledge set.

The modern issues stem not from a failure of the mortgage rulebook, or from widespread credit problems during a recession, but essentially from past approaches to supervision of the principles and an over-supply of cash to lend out. Currently the pendulum has swung and the difficulty is the lack of available mortgage finance. Regulatory intervention on mortgages is unlikely to reverse this trend plus can accentuate the problem

The initiative will be part of the FSA’s keenly awaited mortgage review, set to be published which early next week, according to an exclusive in The Times.

The sweeping report is also targeting buy to let mortgages, which could be regulated for the first time, said the paper.

Self-cert mortgages, also dubbed liar loans, Self-certification mortgages accounted for one third of new loans in 2007, or about GBP 100 billion of the GBP300 billion loans granted that year. Buy-to-let accounted for 12 per cent of all properties, or more than three million homes in the same year.

But new loans in both sectors plunged to almost zero in the past year as lenders have deserted the riskier parts of the housing market.

Self-cert loans have been one of the fastest-growing parts of the mortgage market in recent years. They were mainly targeted at the self-employed or those with mulitple income streams who find it tough to prove their irregular income streams.

Unlike standard mortgages, for which customers must provide pay slips and other documents proving salary and expenditure, self-cert loans require far fewer documents and rely more on customers’ declarations that they can meet their repayments.

However, in the donwturn defaults on self cert mortgages have been at much higher rates than the industry average.

HBOS and Bradford & Bingley were among the biggest self-cert lenders. HBOS was sold to Lloyds TSB in a rescue deal in September last year and B&B collapsed and had to be partially nationalised.

The FSA is also considering regulating buy-to-let loans for the first time. That could require professional landlords, who may have portfolios of 500 properties, to fill in the same forms that individual homeowners have to complete. Such a move would be inappropriate, experts assert, and could further stifle buy-to-let lending, which has also nose-dived in the past 12 months.

The bad credit may have been registered to your Limited Company or you the Owner / Director. While the commercial mortgages are available on a non status basis commercial mortgages are assed individually on there own merits.

Bad Credit Commercial Mortgage – Product Overview

Loan Sizes: min £50,000.00 Max £250,000.00 with loans in the region of £100,000 to £200,000 being reviewed favourably

Loan to values: up to 60% of the 180 day market value of the property but taking account of the 90 day value

Property types / Acceptable Lending security

Examples: residential, retail, offices, warehouses, factories, garages, care homes, cafés and restaurants,

Limited priority on: farms/farm land, hotels, public houses (including working men’s clubs)

Exclusions: development (including development land), nightclubs, petrol stations, waste transfer sites, fish farms, caravan sites, golf clubs, commercial leasehold security and any other property which may be viewed upon as “exotic or extreme”

Location: Exclusions in more isolated rural areas (non applicable to farms/farm land)

Tenure: freehold only on commercial security, with min 125 years on residential leasehold security

For more information on commercial mortgages and how Enable Finance Ltd can help your business contact one of our Commercial Finance Advisor or why not apply on line for a Risk Free commercial mortgage quote.

Click here for a RISK FREE Commercial Mortgage Quote