Tuesday, December 25, 2012

How To Apply A Home Loam For First Time Buyers

Purchasing and owning a home is one of the biggest financial investments you’ll ever make, and no doubt you’ll have many questions regarding the process. First-time buyers enjoy some special privileges and opportunities.

Some banks will offer first-time buyers a bond above 100% to help you cover the transfer and legal costs as well as the purchase price. And almost all institutions now offer a 30 year bond repayment period, to make the monthly costs more accessible, an option which banks created specifically for first-time buyers.

Make that very clear on your application that you’re a first-time buyer.

It is a general rule, make a quality purchase, buying a house is a big decision so you have to decide wisely.  When house hunting you can follow this tips.

Take a digital camera with you when house-hunting. Having photographs in front of you will help you recall specific details of each home you see – which is particularly useful if you’re viewing up to six homes in a single day.
Write down key points about each home you see as you’re inspecting it. In particular, record its size, special features, design and other factors which may influence your decision.
Take note of the area and its surrounds. Is the house close to all amenities, or is it in a remote location? Would you be happy to live in that particular neighborhood?
When you’ve narrowed down your options, ask to view the homes you like best a second time. This will help you to narrow down your options further.

Banks have many considerations before lending you loan, they don’t just look at your financial situation; they also consider the property that you want to purchase.  Then it is still subject to approval, if what you wanted to purchase seems that you will not going to afford it chances are you will be decline. The more money they have in their account, the less danger there is that you’ll suddenly be called on in the future to pay large amounts towards repairs or maintenance – affecting your ability to pay the installment on your home loan.

Get Help from Professionals, admit it, you are not so familiar with the big leap you are about to do.  It’s always advised that you get someone knowledgeable to help you interpret the information and prepare your application.

It is essential to ascertain whether you are ready to make such a big, constant financial commitment.  If you are secure in your job and gross a regular monthly salary, you’ll have a quite good idea of whether or not you can afford to buy a home.  Also important to bear in mind are the costs and fees linked with purchasing your new home.  You’ll need to have money saved to place a deposit on the home, and you’ll also have to consider moving costs, home-owners’ insurance and rates on your property.  To make certain that you can afford the purchase, it’s necessary to calculate all your monthly operating cost and those concerned in buying your first home.  As a general rule, your bond repayments, together with taxes and property insurance, shouldn’t go beyond 25% to 30% of your gross income.

Sunday, December 16, 2012

Springhill Group Home : How To Apply For Bank Loans


Nowadays, banks doors are seem to be close for the public because of the effects of unfettered credit card debt, housing foreclosures, and price increases on everything from a gallon of gas down to a can of sardines, bank loans are fast becoming a shrinking commodity due to economic downfall.  The banking world is acting in response to the economic turmoil by tightening the reigns in the lending department.

With the cards stacked up against many bank loan applicants and with the big chances of getting knocked back can seem prohibitively high, this became sour news to consumers and small businesses in need of additional funding.

It may seem impossible so forget all the doom and gloom rather present a clear, compelling case, backed up by hard facts, you stand a great chance of getting the money you want.  Banks are still also a business and they want to lend money to viable businesses alone.  They will definitely lend you money if you can show them that your business can produce enough profit to prosper and you are able paying them back.  It will also be a plus point if you have track record to point to.

Being prepared is always the key, you will have a higher percentage of getting what you want if came prepared.  You need to know exactly what you want before you start pitching for a bank loan because if you aren’t clear in your own mind what you want, tendencies are you will be turned down at once.

You’ll need to present a credible business plan and be able to speak with confidence about your business’s commercial offering.  You may ask help from a business adviser towards your business plan.  Plan your dialogue; know exactly how much money you need and how you will spend it.  It will make you look organized and goal oriented.  You must explain them clearly how the cash you are asking for will increase profit in your company or business.  Be ready to present monthly cash flow projections for the next four quarters.  This is necessary so will be able to demonstrate you can comfortably meet interest and loan payments or in other words you can really pay them.  Expect that the higher amount you’re asking for the more details you are ask to give.  It is also better to include a ‘repayments’ figure in your calculations.

You must give the impression to the bank that you are the real deal.  Be ready to detail any market research you have carried out.  The people in your team is also a plus, make them realize that you have the best team and your business is a sure hit.

Nothing beats being honest but also remember to be energetic and enthusiastic to build rapport to the one your dealing with.  The bank will need a true picture of your business so it will also be a good idea if you mention weakness in the business but not too much or else you will fail.

After making sure about those details, also it is better to have all documents to hand so that you are able to furnish the bank with up-to-date personal and business financial histories. Bring with you acceptable credit score or personal reference, and to go through your latest accounts, tax returns, assets and liability statements.

Lastly, you need to think about terms.  This is very important.  How many years will you need to repay the loan?  Make sure you have fixed rate of interest, or a variable rate which moves up and down with the Bank base rate.  The terms should fit your business strategy, and ensure you can continue to meet your repayments even if the company hits turbulence.

Newscenter Springhill Group Home – Two Land Banking Fraudsters Convicted

Two men jailed in the UK’s first criminal trial involving land banking fraud in the City of London Police investigation

A £3 million was proven to be gathered from 300 investors the pair cheated, evidence was pointing the two as culprits.  Their strategies were to fool their victims like elderly and those who are vulnerable into buying plots of land that were either worthless or massively over-priced.

Found guilty of five counts of money laundering, the two men (42 and 32 years old) were sentenced to seven and six years at Isle worth Crown Court.

Their claim was that the locations of the supposed to be valuable plots were marketed as being in a prime position for development and would quickly increase in value.  But the truth of the fact is that investors were putting their money into plots located on farmland, in the Green Belt, within an Area of Outstanding Natural Beauty or on the sides of hills, with no chance of gaining planning permission let alone building houses.

The two were just funneling off the funds into a network of bank accounts while the investors received small returns while others lost everything.  In a matter of two years they manage to con 300 victims, one of which is an elderly man who was suffering from terminal cancer losing almost £300,000 and a woman fooled by as much as £373,000.  In order for people to buy their schemes, cold calling and high pressure sale tactics were put into play to target and then bully them.

According to DC Dave Parkinson, from the City of London Police, ”The pair preyed on the vulnerable, exploiting their desire to put their savings in something tangible that would provide them with long-term security. They cared not from whom they stole, but only for what they could take.”

“Plots of land that were good for nothing and worth a fraction of the asking price were marketed as a sound investment with planning permissions in the pipeline and development round the corner. The gang used all the tricks of the trade to give the appearance of legitimacy, picked off their targets over the phone and then disappeared without trace with their savings.” He added.