Ocean Finance Mortgages

Review: 8.5/10

Your mortgage is probably one of the largest financial commitments you will take on during your life time. At Ocean Mortgages we are dedicated to providing you with a mortgage that matches your needs whilst giving you an honest, fair and efficient service.
Our mortgages are made available through major lenders and subsidiaries of high street banks. We are authorised and regulated by the Financial Services Authority for the provision of mortgage advice and arranging insurance.


We will carry out all of the processing and legal work on your behalf in order to ensure that you start your new mortgage with the absolute minimum of disruption. Furthermore you will not be expected to pay any upfront fees for our services and we will not charge you any legal or valuation fees.
You will be provided with a dedicated mortgage advisor who will be available for help and advice. All of our Mortgage Advisors hold the 'Certificate in Mortgage Advice and Practice' (CeMAP) qualification, so you can be sure you are dealing with a company who will endeavour to provide a first class service to you.


http://www.oceanfinance.co.uk/mortgages/om01.asp

Regency ReMortgages

Review: 8.9/10

A remortgage is the same as a mortgage except you are not buying a new house you are simply taking out a new mortgage to pay off your existing mortgage. Remortgaging can be used for a number of reasons; if you have mortgage arrears or bad debt a remortgage can release some of the equity in your property to pay off debts and in some cases you can actually borrow extra money to get your finances in order.Different lenders will have different procedures and rules when deciding what you can borrow for mortgage refinancing i.e. a remortgage. Regency’s friendly staff will be able to guide you through the process,

By remortgaging your house, you could reduce monthly repayments; release a cash lump sum to help pay off existing debt or to treat yourself and your family to something you’ve been promising yourself for a long time.Remortgaging has become more and more popular as people realise they can switch to different types of mortgages to suit individual circumstances and also receive more competitive deals, possibly saving thousands of pounds in the process.Regency is a specialist broker with access to most mortgage products from a panel of lenders. Our expert mortgage advisors can take you through the different products available highlighting the benefits and pitfalls when you borrow for mortgage refinance.

http://www.regency-remortgages.co.uk

Mortgage - Basics

A mortgage is a method of using property (real or personal) as security for the payment of a debt.
The term mortgage (from Law French, lit. death vow) refers to the legal device used in securing the property, but it is also commonly used to refer to the debt secured by the mortgage.
In most jurisdictions mortgages are strongly associated with loans secured on real estate rather than other property (such as ships) and in some cases only land may be mortgaged. Arranging a mortgage is seen as the standard method by which individuals or businesses can purchase residential or commercial real estate without the need to pay the full value immediately.
In many countries it is normal for home purchase to be funded by a mortgage. In countries where the demand for home ownership is highest, strong domestic markets have developed, notably in Great Britain, Spain and the United States.


Participants and variant terminology

Each legal system tends to share certain concepts but vary in the terminology and jargon they use.
In general terms the main participants in a mortgage are:


Creditor

The creditor has legal rights to the debt secured by the mortgage and often make a loan to the debtor of the purchase money for the property. Typically, creditors are banks, insurers or other financial institutions who make loans available for the purpose of real estate purchase.

Debtor

The debtor or debtors must meet the requirements of the mortgage conditions (and often the loan conditions) imposed by the creditor in order to avoid the creditor enacting provisions of the mortgage to recover the debt. Typically the debtors will be the individual home-owners, landlords or businesses who are purchasing their property by way of a loan.

Other participants

Due to the complicated legal exchange, or conveyance, of the property, one or both of the main participants are likely to require legal representation. The terminology varies with legal jurisdiction; see lawyer, solicitor and conveyancer.
Because of the complex nature of many markets the debtor may approach a mortgage broker or financial adviser to help them source an appropriate creditor typically by finding the most competitive loan.
The debt is sometimes referred to as the hypothecation, which may make use of the services of a hypothecary to assist in the hypothecation.
A debtor is sometimes referred to as the mortgagor, borrower, or obligor
A creditor is sometimes referred to as the mortgagee or lender.


Legal Aspects

There are essentially three types of legal mortgage.


Mortgage by demise

In a mortgage by demise, the creditor becomes the owner of the mortgaged property until the loan is repaid in full (known as "redemption"). This kind of mortgage takes the form of a conveyance of the property to the creditor, with a condition that the property will be returned on redemption.
This is an older form of legal mortgage and is less common than a mortgage by legal charge. It is no longer available in the UK, by virtue of the Land Registration Act 2002.



Mortgage by legal charge

In a mortgage by legal charge, the debtor remains the legal owner of the property, but the creditor gains sufficient rights over it to enable them to enforce their security, such as a right to take possession of the property or sell it.
To protect the lender, a mortgage by legal charge is usually recorded in a public register. Since mortgage debt is often the largest debt owed by the debtor, banks and other mortgage lenders run title searches of the real property to make certain that there are no mortgages already registered on the debtor's property which might have higher priority. Tax liens, in some cases, will come ahead of mortgages. For this reason, if a borrower has delinquent property taxes, the bank will often pay them to prevent the lienholder from foreclosing and wiping out the mortgage.
This type of mortgage is common in U.S. and, since 1925, it has been the usual form of mortgage in England and Wales (it is now the only form - see above).
In Scotland, the mortgage by legal charge is also known as standard security.


History

At common law, a mortgage was a conveyance of land that on its face was absolute and conveyed a fee simple eestat, but which was in fact conditional, and would be of no effect if certain conditions were not met --- usually, but not necessarily, the repayment of a debt to the original landowner. Hence the word "mortgage," Law French for "dead pledge;" that is, it was absolute in form, and unlike a "live gage", was not conditionally dependent on its repayment solely from raising and selling crops or livestock, or of simply giving the fruits of crops and livestock coming from the land that was mortgaged. The mortgage debt remained in effect whether or not the land could successfully produce enough income to repay the debt. In theory, a mortgage required no further steps to be taken by the creditor, such as acceptance of crops and livestock, for repayment.
The difficulty with this arrangement was that the lender was absolute owner of the property and could sell it, or refuse to reconvey it to the borrower, who was in a weak position. Increasingly the courts of equity began to protect the borrower's interests, so that a borrower came to have an absolute right to insist on reconveyance on redemption. This right of the borrower is known as the "equity of redemption".
This arrangement, whereby the mortgagee (the lender) was on theory the absolute owner, but in practice had few of the practical rights of ownership, was seen in many jurisdictions as being awkwardly artificial. By statute the common law position was altered so that the mortgagor would retain ownership, but the mortgagee's rights, such as foreclosure, the power of sale and the right to take possession would be protected.
In the United States, those states that have reformed the nature of mortgages in this way are known as lien states. A similar effect was achieved in England and Wales by the Law of Property Act 1925, which abolished mortgages by the conveyance of a fee simple.
In the United States, mortgages became widely used starting in 1934. In that year, the Federal Housing Administration (FHA) lowered the down payment requirements by offering 80% loan-to-value loans. Next, banks, insurance companies, and other lenders followed the example. The FHA also lengthened loan terms by first introducing 15-year loans to supplant 3, 5, and 7-years loans which ended with a balloon payment. Until the 1930s only 40% of U.S. households owned homes; the rate today is nearly 70%. In 2003, total U.S. residential mortgage production reached a record level of $3.8 trillion through record low interest rates (though these continue to vary according to credit rating.)