Finance, Mortgages & Remortgages

A new five year fixed rate with a £1,499 fee, available from 5.88% for house purchasers and 5.68% for re-mortgage, further advance and existing customers wishing to switch to a new deal.

For large mortgage loan borrowers with an LTV of up to 60% Nationwide will increase maximum borrowing from £500,000 to £1 million on all products except those with a reservation fee of £1,499, where the limit will remain at £500,000.

Factoring means selling your sales invoice to a factor who will then be responsible for collecting payment of the invoice from your client.

You will receive up to 95% of the face value of the invoice immediately and your factoring company will assume full responsibility for the sales ledger.

If your factoring facility is a recourse facility, there is no bad debt provision. If the invoice isn’t paid, your factoring partner can reclaim the balance from you, after a defined period. If the facility is non-recourse in nature, the factoring partner shoulders the bad debt and cannot reclaim payment from you.

Invoice Factoring is one of the fastest ways of resolving cash flow problems or ensuring your business has continuous and adequate working capital.

UK Businesses are braced for a real rough ride of cash flow problems and potential business recovery activity

It’s now acutely apparent that the credit crunch has imposed some really tough challenges on UK Business. Banks being even more cautious than ever before, overdrafts are less are easy to extend or indeed obtain and the long term relationship you had with your bank manager doesn’t seem to add much weight anymore.  Consumers are now thinking twice before they buy and Creditors are looking for faster payment while Debtors want extended payment terms which are now starting to create the classic cash flow squeeze.

R3 is also concerned at the number of corporate insolvencies have increased, with the total amount of receiverships, administrations and CVAs (Company Voluntary Arrangements) dramatically increasing since the same time one year ago.

“This huge rise in corporate insolvencies is confirmed by the number of people our members are seeing coming through their door. In fact, in a recent survey, 90% of Insolvency Practitioners thought that the number of corporate insolvencies would jump in 12 months time, indicating that the worse is still to come. Construction, retail and leisure are especially vulnerable sectors.”

With this in mind Enable Finance has specifically formed a team of business recovery professionals to sit alongside its corporate finance department.

Feedback from the corporate finance team say that cash flow is one of the biggest concerns raised by UK business and invoice factoring is now one of the most popular asked for business finance solution asked for by their clients.

Don’t believe it when they tell you that a house is a dead investment. If you’re very good at acquiring debts and not repaying them, your house could even save you from pesky creditor calls or worse, a bad credit score. And so you might ask, how can this happen?

In four words: homeowner debt consolidation loan.

A homeowner debt consolidation loan is a secured debt on your home. For its sheer convenience, it is one of the most popular debt solutions thus far. This is especially popular among homeowners who owe substantial debts to at least three creditors. What a debt consolidation loan does is to take out cash from the equity on your home so you can pay all your creditors through one single monthly payment.

Credit scores don’t matter that much in debt consolidation loans, but a good credit score can lead to lower interest rates. People with bad credit scores tend to be charged the higher interest rates.

It can be very easy to apply for a debt consolidation loan. The interest rates are lower than other loans. Take note though that debt consolidation loans can actually lead you to more debt. It’s all in the psychology. Freed from the old debts, bad debtors tend to spend more, upsetting their cash flow in the process.

You could end up paying more with a debt consolidation loan. This is because of the longer terms. A typical debt consolidation loan is payable from between ten years to 30 years. Consider your personal situation first before approaching any debt consolidation lender. It would also help if you talk to a finance expert.

Debt consolidation loans are ideal for homeowners whose total debts from three different creditors exceed £5,000. But it is best served cold to homeowners with huge debt amounts like £25,000 its always good to get debt advice if your debts exceed £15,000you could write a large percentage of them off

Remortgages are commonly used to fund home improvements, but they can be just a way of saving money by moving to a lower interest rate with another lender, or even the same lender. Remortgages are new mortgage replacing the existing mortgage on a property in which the borrower already resides. Remortgages are very popular. They can save people hundreds and even thousands of pounds a year.

Remortgages are quite commonly used for releasing equity on your home today and using the funds to purchase a holiday home abroad. A remortgage can help you get access to large amounts of money that is wrapped up in the equity of your home. Remortgages are specifically aimed at borrowers looking to change their current mortgage deal. The rates might be lower than other products, because the banks can take you current mortgage history into account.

Remortgages are in many ways identical to any other mortgage. It involves you presenting your financial situation, your need, and the collateral (your property) to a lender. Remortgages are secured on your home. All loans and remortgages are subject to status and are available to UK residents aged 18 or over.

Remortgaging is often used as a way to pay off more expensive loans or credit cards. Remember to exercise caution before borrowing additional money to repay your debts , you will potentially pay more interest by consolidating if the loan is increased and the term is extended. Remortgaging is not a difficult process and should be an option that all mortgage borrowers review on a regular basis. A financial adviser can be invaluable to the process, making sure that the most suitable and financially beneficial product is chosen. Remortgaging is changing mortgages without actually moving house. Common reasons for people to remortgage include to get a better rate, to release equity or to consolidate debts.

Remortgaging is often a far better way of borrowing money than taking out loans, or using credit cards, as interest rates are much lower. Remortgaging is the best way to get a better mortgage rate. It helps to ensure that mortgage lenders give as much attention to existing clients as to attracting new ones; and that means better deals for everyone. Remortgaging is where you replace your current mortgage with a more favourable deal from another lender. Generally, once you have come to the end of an introductory rate with a lender you will be switched on to your current lenders standard variable rate (SVR).