REBUTTALS for UK Mortgage Sell

Are you selling me something?

No sir, I’ m not selling anything. I am calling to make you aware of the fact that interest rates are quite low at this time and we can help you save your money over existing mortgage arrangements.

Where did you get my telephone number from?

We have a research department and have the phone numbers of all the residents in the country.

What is the name of your company and where is based?

It’s a network of independent financial advisers based in London. We deal on behalf of all the major Banks and building societies.

I won’t give my personal details to a stranger over the phone? How safe is it to give you my details?

Sir/ Madam we are registered under the Data Protection Act and all these details will be kept under the strictest of confidence and not used for any other purpose as we are bound by the law.

Send me something through the post, I wan written quotation?

Sir/ Madam First my financial adviser will call you to discuss your specific requirements and then provide you with a written quotation.

What is the interest rate that you will offer?

Sir, It will completely depend on your personal circumstances and the product you choose. But let me assure that with so many products available you will definitely find a better deal for yourself.

If I want finance I can directly approach a Bank?

We are dealing with most of the major bank and building societies and thus can provide you with more choice and options. As we are completely independent, we also have access to some special deals which are not available directly.

I am planning to take loan/ Mortgage but after few months?

Sir/ Madam the interest rate are quite low at this time and they might go up in the future and if you are planning for any loans then this is the best time.

I am tied with my lender for few years; else I have to pay the Penalty.

Sir/ Madam if we are able to help you save a large amount of money, it can take care of your redemption penalty. By the way, how much is the redemption penalty. If equal or less than 1000 continue with the call.

I requir4e finances, but my credit rating is not good?

No problem sir/ madam we specialize in such case and will definitely provide a very good deal.

Give me your number I will give you a call?

Sorry sir, this is an outbound call center and incoming calls are not possible. Moreover, the adviser local to you will provide you will all the details.

I don’t know you why should I talk to a stranger?

Sir/ madam we are completely operating under the UK laws and can help you in saving a lot of money. We close more than 2000 loan and mortgage applications a month.

I don’t do any business on the phone?

Sir we cannot complete the business over the phone. My financial adviser will call you to discuss all your requirements and then send a written quotation if you are satisfied, we will underwrite the deal.

I cannot give you my annual income?

Sir unless we have this information, we cannot determine the maximum loan amount that we can offer you.

If the Customer is a pensioner/ retied

We can offer only personal loan to these prospects, provided their situation meets with the criteria.

If the customer is on income support/ unemployed

Say thanks for your time and end the call

New EMI Calculation for Home Loans on lower interest rates in India

Nowadays, in the Real Estate sector there is a revolution for mortgage loan. All the news paper and magazine are with full coverage of lower interest rates for home loans, lower EMI on home loans, lower mortgage interest rates etc. But what is the actual situation have to justify.

According to the SBI calculation on fixed 12% interest rate the EMI will be 867.82 now upto Rs. 5 lakh on per lakh for every month. Old EMI was 1,101.09 upto Rs. 5 lakh for per month on every Rs. 1 lakh. It means, your saving is about 233.37 up to Rs. 5 lakh for every month on per lakh.

For the Rs. 5 to 20 lakh new EMI will be 915.87 per month for every Rs. One lakh rather than 1,101.09 old EMI. It means, your saving is Rs. 185.22 for per one lakh amount if you get the home loan for Rs. 20 lakh for the 20 years tenures.

Overall your saving will be Rs. 185 to 233 for per lakh on the home loans for 20 years. It was the calculation on the basis of 12% fixed interest rate by State bank of India.

What is the reality of these loans? For example you borrow a loan amount of Rs. 20 lakh for the 20 years then what will be EMI?

According to the new EMI calculation you have to pay per month about Rs. 17356.4 if all the circumstances don’t change. However, your older calculated EMI was for Rs. 20 lakh per month – Rs. 22021.8.

You can just imagine that if you buy a home on the amount of Rs. 20 lakh then you have to pay total in 20 years Rs. 41,65,5,36. It means just double amount for that Rs. 20 lakh in 20 years.

So, in the Indian context you can imagine who can buy the flats to take loan by banks! It is the revolution of Indian Real Estate sectors and income and investment of Banks.

Another story says that you can borrow whole amount by banks on 0% down payment. Is it crisis or investment? However, the home loans or mortgage loans trends has been not increased as year of 2006-2007.

Total deduction in the percentage of interest rates is 1 to 1.5. The actual interest rates will follow with the monthly EMI on the basis of loan amounts and loan terms.

All the activities is the result of government pressure on banks due to economic crisis for the liquidate the capital in the consumers.

Re-Mortgage : take advantage of lower rate of interest

Re-Mortgage

A recent survey has estimated that homeowners currently spend $720 million per annum too much on mortgage payments because they were unaware they can get a better deal from another lender. The financial services industry is arguably the most competitive it has ever been and because of this consumers can get fantastic saving on their mortgages as companies compete with each other for business.

Why to re-mortgage?

To take advantage of lower rate of interest or to release the equity that has built up in your home, to extend or reduce the term of mortgage or even to consolidate the debts. You may also want to release money to buy-to-let a property.

Personal Loan

A personal loan is an agreement between a borrower and a lender such as a bank, building society or loan company, allowing the borrower to be lent a specified amount of money according to certain terms and conditions. The loan is usually dispensed as a lump sum and then repaid by monthly installments. Personal loans usually start at about $500 and can go up to beyond $20000. Customer will agree to pay back the loan over a predetermined period of time, referred to as the term of the loan, in monthly installments. Loan terms can very between six months and twenty-five years; but it depends on the individual lender as to their requirements and conditions.

This charge is calculated as a percentile of the borrowed amount and accrues with the length of time for which the money is borrowed. This is called interest.

UK Personal loans are usually available for almost any purpose. You might want to fund your dream holiday, pay for an extension on the house, or buy a car. Personal loans are available for almost any amount you require, though lenders will usually only provide loans between certain brackets.

Mortgage Products Overview

Variable Rate Mortgage

Variable Rate mortgage is based on the standard rate of interest set by the lender. The monthly payment goes up and down, generally in line with Bank of England bade rate.

Discount Mortgage

The rate of interest charged is the variable rate less an agreed discount for a period of years. The rate charged will still very but will be below the standard variable rate by the agreed discount. Sometimes penalties are imposed if the mortgage is redeemed within the discount period.

Fixed rate mortgage

The rate of interest charged is fixed for a given period of time as agreed with the lender usually between 1 and 5 years but can be for the term of the mortgage. Your monthly payment will not change during this period. At the end of the fixed rate period your mortgage will revert to the variable rate. During the fixed rate period penalties are normally imposed if you redeem all or part of the mortgage early.

Capped mortgage

A capped rate mortgage is variable rate mortgage which has a fixed upper rate limit to which it cannot go above. It can, however, go down if the variable rate falls below the capped rate. The capped period is normally between 1 and 5 years but can be longer penalties may be payable if the mortgage is repaid during this period.

Flexible mortgage

Interest is calculated daily or sometimes monthly, unlike the traditional mortgage where interest is usually calculated annually. The interest charged is generally variable. Overpayments are allowed and payment holidays are allowed. By making overpayments, if one have a repayment mortgage, it is possible to reduce the term of the mortgage considerably. Most lenders normally offer, within the package, are reserve fund can drown upon for any purpose. Flexible mortgages are normally penalty free.

CRTB

The right to buy means you can buy your home from a local authority, a non-charitable housing association or a housing trust. Usually a “right to buy” mortgage will cost less than on the open market because as a tenant you can obtain a discount on the loan. Under the right –to buy scheme, council tenants are entitled to a 32% discount on the value of their house after they have lived in it for two years, followed by a further increase of 1% for each additional year, up to a maximum of 60% For flats the available discount rise to 70%.

Financial Products for UK Mortgage Product Training

MORTGAGE

Mortgage is a structured loan- term loan to enable you to buy your own home.

The following is an introduction to type of payment methods.

REPAYMENT MORTGAGE

It is also known as the Capital and interest mortgage. This involves the borrowing of a Sum of money over a chosen term, often 25 years, over which the borrower makes a monthly payment to the lender that includes interest as well as part of the capital. This is the only method which guarantees that by the end of the mortgage term, the mortgage would be paid off. The borrower can see the mortgage debt reducing each year.

INTEREST ONLY MORTAGE

In this kind of payment method the borrower agree to pay only the interest each month and the capital borrowed is paid off the end of the term as lump sum.

This, therefore, requires a separate saving vehicle to run the mortgage so that the mortgage can be paid at the end of term. This is usually in the form of an endowment, ISA or pension.

The three most common savings vehicles used for mortgage repayment are

ISA: One can benefit from the tax concessions available within these plans. It is from the proceeds of your plan that pay off your mortgage. An added opportunity, if ISA performs exceptionally well, or you can afford additional payments it, is that you may be able to repay your mortgage ahead of schedule.

Pension: By using the tax free lump facility available from pension plan to pay off your mortgage debt, you can take advantage of the tax relief they are available on pension contributions.

Endowment: These are life Assurance Policies that serve two purposes. Firstly They Provide Financial Protection in case you die before the end of the mortgage term. Secondly, if you survive throughout the policy term, the investment element of the policy provides a lump sum (maturity value) that be used to repay the outstanding mortgage debt.

Welcome to Mortgage Loans Blog!

The blog is intended to let you learn about mortgage loans and mortgage process. Basically, it is for UK mortgage loans process and Indian Property investment. India is very hot today in the investment of real estate property.

In the UK mortgage loans are most famous and active. So, I have decided to write on the blog about mortgage and real estate. According to news in the real estate Indian person owner of the DLF is the 3rd richest person of India.

In the mortgage loans process all the outsourcing of UK runs in India. So, Finance department for the loans process is very strong in UK.

About more than 900 banks and associates of banks are working in UK to provide the loans of UK people.

In the loans and finance market UK is the major market and along with mortgage process there are other loans process are also running by the banks. Like – debt consolidation loans, car loans, wedding loans, personal loans, tenant loans etc.

In the same situation in India loans market is now in growing position and here personal loans, car loans and home loans are the main type of loans.

After the consolidation of these knowledge I will proceed for mortgage loans process in the UK and Indian investment.