Need Money Urgently? – Get a Same Day Cash Loan

It’s a very common scenario in recent years – you could be in a full-time job, working every hour that you possibly can, but payday comes around and you simply don’t have enough money to pay all of your essential bills again. It’s frustrating and can be a major cause of worry for many families – how on earth can you keep on top of your essential bills when wages are remaining stagnant and the cost of living is increasing year on year?

Fuel bills are a great example – in recent months they seem to have surged yet again – and it doesn’t seem to matter how careful we are to budget our income and outgoings, rising bills can spiral out of control leaving us stressed and feeling under pressure. However, there is a solution, and it’s one that many people are now turning to – payday loans. Many companies can provide you with an instant-decision same day cash loan online.

With a payday loan, there’s no complicated application forms, faxing of documents, trips to the bank or telephone calls required – you simply visit the site and make your application entirely online. You’ll get a super quick decision and you could have the cash that you need in your account the same day – perfect if you need to pay urgent bills. Additionally, to qualify for a payday loan, you don’t need a perfect credit rating – there are many payday loan companies that will accept adverse or bad credit ratings.

So, rather than worrying about your outgoings this month, pay one of these sites a visit – you can borrow £100 – £1000 for any purpose and get an instant lending decision. To apply, you just need to be a minimum of 18 years of age, currently reside in the UK (if you are applying from UK) and have a bank account – it’s a simple and hassle-free solution!

Solve Your Financial Difficulties Today

The urgent need to cover unexpected expenses emerged in the middle of the month can be life threatening, be it medical expenses, accidental injury, repair of home, vehicle, or anything else. Even if you consider getting pecuniary aid form some external source of finance, it may take lots of time before you get an approval.

Payday Loans companies are here to help you get quick loan for any of your urgent financial need. Applying for an overnight payday loan, you will not worry waiting for the approval, as this process is quick and easy. Using their service, you will get monetary support within the shortest time span possible.

Overnight payday loans are short-term loans that are usually taken to solve any financial difficulties that arise in the middle of the month. The greatest benefit of these loans is that you can get an approval by the next day and even on the same day you have submitted your application. To get a loan it is necessary to provide certain information, as your personal information, bank account details as well as information about your current source of income.

Payday Loans companies offer their clients the most flexible terms and conditions. Overnight payday loans enable you to get the money you need within hours. You can then use the money according to your needs.

Basing on your information and circumstances, their team of professionals will do their best to arrange a loan that is the most suitable for your financial parameters and needs. They do not check your credit history and offer helping hand to borrowers suffering from bad credit tags. With the rational advice offered here, you will solve all your financial difficulties and move towards a cloudless financial future.

Tracker Mortgages

What are tracker mortgages?

Tracker mortgages are directly linked to the Bank of England’s base rate. The Bank of England has a Monetary Policy Committee (MPC) which meets on the first Thursday of every month to discuss the economy and decide whether the interest rate needs to be higher, lower or remain the same.

Most mortgage lenders offer tracker mortgages which have an interest rate set at a certain amount above the base rate. This will vary between lenders but with base rates at historical lows you are probably seeing deals of around 2-3 per cent above base, depending on the size of your deposit. Before the credit crunch it wasn’t unheard of to get tracker deals which were set at a percentage below base rate but these deals have all dried up now. Indeed, some lenders who had offered these deals ended up with customers who didn’t have to pay any interest whatsoever for a time on their loans.

Tracker Mortgages

How do tracker mortgages work?

When the meeting of the Bank of England’s MPC ends they announce what the base rate will be that month. If the base rate increases by 0.25 per cent the interest payments on your mortgage will increase by 0.25 per cent the following month. Likewise, if the base rate is lowered you will benefit from cheaper mortgage repayments.

Tracker mortgages can be for the full term of the mortgage in which case they are known as lifetime trackers. They can all have set terms – usually for two, three or five years. The same lender will often charge different premiums over the base rate depending on your requirements. If you have a larger deposit you can expect to pay a lower premium. A shorter time frame will also generally have a lower premium – so lifetime trackers attract higher premiums. Also some lenders will give you the option of having a lower premium if you opt for a higher arrangement fee.

Interest Only Mortgages

What are Interest only mortgages?

Interest only mortgages are mortgages for which you only pay the interest that has accrued on your home loan each month. With a traditional repayment mortgage you pay the interest and you repay part of the capital (the lump sum you borrowed to buy your property). This means that at the end of the mortgage term you will have repaid your loan in full. When interest only mortgages come to the end of their term you generally still have the entire capital amount outstanding which then has to be paid via some other means.

Traditionally, interest only mortgages were always sold alongside another product such as an endowment policy. This is a product which you pay into monthly which then invests that money in the stock market, with the aim being that when your mortgage term ends your endowment policy will be worth enough to cover the capital outstanding on your mortgage. Nowadays, particularly since the boom in property prices, some people have been taking out interest only mortgages without having any real plan in place as to how they are going to repay the loan.

interest only mortgage

What are the pros and cons of interest only mortgages?

Pros of interest only mortgages:

Interest only mortgages allow you to get on to the property ladder if you cannot afford to make the larger monthly payments of a repayment mortgage. When you become a bit more financially secure you can than remortgage to a repayment mortgage and start paying off the capital.

In areas such as London and South East where property prices are particularly high interest only mortgages can be a good option because they can actually work out cheaper than renting. But again, you should always try to either switch to a repayment mortgage as soon as you can or make sure you have some other robust payment plan in place.

Interest only mortgages can also be great for those borrowers who don’t receive a good chunk of their income as a guaranteed salary. This could be because they are self employed and don’t have a regular income or maybe they are employed but depend on bonuses or overtime to make up their salaries. In these cases it is a good idea to get an interest only mortgage that has some flexibility. Meaning, one that allows you to make over payments in good months.

Some lenders will allow you to take out a part interest-only and part repayment mortgage, allowing you to gradually reduce the interest only portion.

The other thing to bear in mind is the borrower’s situation. A lot of buy-to-let investors take out interest only mortgages because they intend to sell the property eventually. They will never need to live in it but just hope to profit from it either through an increase in property prices or buying receiving rent over and above the interest payments and any other costs.

Cons of interest only mortgages:

An interest only mortgage will cost you more in the long run because you don’t pay off any of the capital throughout the course of the mortgage – you are paying interest on the entire amount for the whole time. With a repayment mortgage your monthly payments start off being made up of a lot of interest and a little capital repayment but the balance gradually shifts until you are mainly repaying capital with a little interest.

Some people would rather take a chance by taking out a bigger property loan and just paying the interest on it in the hope that property prices increase enough so that they gain more from the increase than they lose in extra interest payments.

As lenders see interest only mortgages as riskier than repayment ones they may demand bigger deposits than required for the equivalent mortgage on a repayment plan. Or they may just charge a higher interest rate on interest only mortgages. At the time of writing, the Halifax has recently introduced interest rates which are 0.2% higher for interest only loans.

If you are thinking of going down this route then look at the maths in detail. Speak to a professional mortgage advisor who will help you determine whether interest only mortgages are a suitable option for you by talking you through the possible pitfalls and helping you to put in place a realistic repayment plan.