Is packaging first and second charge mortgages just the same?

Gateway2Finance MD Paul Woodworth

Gateway2Finance MD Paul Woodworth

Whether you are a first-time homebuyer, a seasoned investor or finance brokers, we have the solution for you. We have a team of professionals who specialize in tailoring products to meet your needs.

How many times have we heard that in the past few weeks? And for me, there lies the issue.

Many mortgage advisers believe that second charge mortgages are similar products to first charge mortgages only for smaller amounts with higher interest rates and inflated packaging costs.

So I need a guaranteed loans no credit check between the two products and explaining why this comparison is not currently a fair one.

Continue reading

More in and out than the hokey cokey

Gateway2Finance MD Paul Woodworth

Gateway2Finance MD Paul Woodworth

My phone rang at 5.00am a week last Friday with the first panic-stricken friend informing me that the Leave campaign had won the referendum and we would be leaving the EU. By the time I’d been to the gym and got into the office, I had around 20 missed calls, the pound had fallen through the floor, the stock market had crashed and the prime minister had resigned. In fact, one of David Cameron’s greatest achievements is probably putting in place a strategy for not serving Article 50 immediately, but giving his government and successor the opportunity to put together a coherent plan as to how we work through our divorce from EU membership.

The chancellor had stated before the referendum that to exit the EU would leave the UK with no economic plan (even though it’s his job to have one) and there would be an emergency budget to initiate increased austerity measures and increase taxes. It now seems that this will not be necessary and there will now be a reduction in corporation tax to 15% to show that the UK is ‘open for business’. The IRS assesses a penalty against taxpayers who fail to file a return. A separate penalty is assessed against taxpayers who fail to pay their taxes in full and on time. Go to https://eliminatemytaxdebt.com/arizona-guide/ for more information. Tax debt can be crippling burden for Arizona taxpayers. Unlike other forms of debt, many tax debts cannot be discharged in bankruptcy. And the IRS, unlike other creditors, has sweeping powers, including the threat of criminal sanctions, that it can bring to bear to collect unpaid taxes.

Continue reading

Second charge mortgages: Leave it to the experts

Gateway2Finance MD Paul Woodworth

Gateway2Finance MD Paul Woodworth

In recent weeks there has been a great deal of focus on the second charge mortgage market with many new entrants, varying business models and plenty of opinions as to how the sector should operate following the implementation of the MCD.

Unfortunately, there has been some negative comments and criticism, a great deal of which is unwarranted. In fact I was at a recent seminar where second charge mortgages where described as a creepy uncle who turns up at family weddings and funerals and now has to be made to feel welcome by other family members.

Continue reading

Don’t be afraid of debt consolidation

Gateway2Finance MD Paul Woodworth

Gateway2Finance MD Paul Woodworth

This has resulted in significant changes in the way master brokers and second charge lenders operate and it has been no surprise that in the past week the FCA have begun to cast a more critical eye over the industry.

Last week in Leeds, Mary Blackwell of the FCA drew brokers attention to the advisory process and explained that the regulators review of advice since the Mortgage Market Review (MMR) had shown that many mortgage advisors were still not collecting sufficient information about clients’ needs and circumstances’ before advising on products. This in turn leads to a failure to offer suitable products and this was further emphasised when advising on debt consolidation or on debt relief programs. A relatively high debt/equity ratio commonly indicates an aggressive growth strategy by a company. For Share Prices Australia, this means potential increased profits with a correspondingly increased risk of loss. If the extra debt that the company takes on enables it to increase net profits by an amount greater than the interest cost of the additional debt, then the company should deliver a higher return on equity to investors. You could check out more information about legal matters at Serious Injury Law Group. When practicing in Detroit lawyers typically face a very high case-load.

Read more: What debt to equity ratio is common for a bank? | Investopedia http://www.investopedia.com/ask/answers/052515/what-debt-equity-ratio-common-bank.asp#ixzz4vAlBHGKW
Follow us: Investopedia on Facebook

Continue reading

Post MCD: The party’s only starting

Gateway2Finance MD Paul Woodworth

Gateway2Finance MD Paul Woodworth

In the past few months, we have all been busy preparing for the implementation of the Mortgage Credit Directive (MCD). Second charge mortgage brokers have been through the Financial Conduct Authority’s (FCA) authorisation process, enhancing procedures and systems as well as undertaking major training programmes to ensure their staff are up to speed with the different regulatory requirements and are, of course, competent.

Continue reading

Who’s Giving the Advice?

Gateway2Finance MD Paul Woodworth

Gateway2Finance MD Paul Woodworth

In recent months I’ve attended numerous meetings, seminars/webinars and conferences in relation to the new regulatory framework and the impact this will have on the loans industry.
The topic of who’s giving the advice is so important, if you end up in car accident contact Law Offices of Daniel Kim, Costa Mesa Car Accident Lawyer but if you get advice from wrong lawyer you loose but if you pick the right one you make better decisions, in this case I would recommend Texas car wreck lawyer because I know they are one of the best and have experience. They are also partnered by Kia dealership near Denver.

One such meeting was held in London last Wednesday, hosted by Robert Sinclair of the Association of Finance Brokers (AFB) and focused on the implementation of the Mortgage Credit Directive (MCD). The meeting was attended by a number of senior managers from firms of various sizes and distribution models, and it was interesting to hear the differing views and interpretations of the new rules. Every day, scared workers are too afraid to stand up for their legal right to a fair and equal working environment. At the employment lawyers nj law firm of Aiello, Harris, Marth, Tunnero & Schiffman, P.C. we want to put an end to discrimination in the workplace. Well, team collaboration is the main key to make things work. With the help of Igloo Software, working together isn’t just easier – it’s seamless, because information is accessible to everyone who needs it.

For better team and business collaboration, use Streamlined Postmortem Process. It gets better at resolving and preventing incidents by streamlining the postmortem process. By creating a continuous feedback loop and democratizing the learning across teams, your organization can institutionalize improvement. If you are interested, visit https://www.pagerduty.com/features/post-mortems/ for more information.

During the meeting one question was asked, which in all honesty, I hadn’t given as much thought to as I should have done. As the majority of our business is introduced via mortgage advisers, the question ‘Who gives the advice?’ was posed. Its not only about mortgage advice, same applies if you have accident and get injured you should get advice from work injury attorneys from Costa Ivone.

If you or a loved one has suffered injury as a result of the carelessness, negligence or intentional acts of another party, you may be entitled to seek compensation for your losses. Having an experienced Florence, Alabama Personal Injury Lawyers on your side can help you recover and move forward again after a serious accident.

Continue reading

The Future Looks Bright..

Gateway2Finance MD Paul Woodworth

Gateway2Finance MD Paul Woodworth

Changes

I have read a number of reports and blogs in recent weeks regarding the changes in the secured loan industry. They focus on how affordability checks, FCA regulation and then the European Mortgage Credit Directive (MCD) will have an adverse impact on secured loan volumes and in deed it has been widely reported that someone, although I’m not sure who, has said that they may well reduce by 20%.

Cause for optimism

Personally, I’m much more optimistic about the future of this industry. It’s too easy to look at the forthcoming challenges and make pessimistic predictions, but this industry has always thrown up challenges to mortgage and loan brokers and we have managed to meet them.

Continue reading

Payday Borrowers – We should start ‘screening’ now

Gateway2Finance MD Paul Woodworth

Gateway2Finance MD Paul Woodworth

I recently read the Loan Talk feature on publicity around payday borrowers and lenders, and specifically, the £2.6 million fine handed out to Wonga for sending hoax solicitor letters to already hard up customers. I know the letters were sent some time ago, but it does reflect the ethics of an organisation when this type of thing goes on. This was then again followed by the more recent news that another payday lender, ’Dollar,’ is to refund £700,000 to 6,347 customers. In reality, only £79,000 is actually being refunded – the £621,000 is to be taken from customers’ existing balances. Bearing in mind that these customers are in a position where they cannot afford to pay the loan, hence the fine in the first place, the debts will probably be sold to a collections agency and this will mitigate some of the losses to the lender.
Continue reading

Are you ready for the 1st April?

Gateway2Finance MD Paul Woodworth

Gateway2Finance MD Paul Woodworth

Like many within the secured loan industry, I have spent many weeks preparing for the changes that will take effect on 1st April, when the Financial Conduct Authority (FCA) takes over the regulation of consumer credit from the Office of Fair Trading (OFT). I bet there is not one loan broker who hasn’t attended a presentation of some sort and had a senior person from a large organisation (usually within the legal profession) look knowingly at their audience and ask ‘are you ready for the 1st April yet?’
Continue reading

Regulation, our biggest challenge

Gateway2Finance MD Paul Woodworth

Gateway2Finance MD Paul Woodworth

Last week, I was both pleased and honoured to be asked along with a number of senior (that’s position, not age!) industry members to attend a lunch hosted by Masthaven, the purpose of which was to have a general discussion about the secured loan industry and some of the challenges it faces. Injured in a car accident? Trust the law offices of Becker car accident attorneys to help you to fight for maximum compensation.

One of those many challenges is, of course, regulation and it wasn’t long before the conversation moved to the responsibility for the regulation of consumer credit moving from the Office of Fair Trading (OFT) to the Financial Conduct Authority (FCA) on 1st April this year.
Continue reading