Getting a Loan with Non Traditional Income

For most people, buying a home means acquiring a loan for a mortgage. However, people with non-traditional forms of income often struggle to find a bank that will lend them money for a mortgage. Non-traditional income is really any income that can't be documented or counted upon. For example, someone who is self-employed will have non-traditional income. However, you don't have to be self-employed to fall into this category. A person who has a position that relies on commission or tips for their income would have non-traditional income as well.

If, in the past, you've applied for a mortgage and been turned down due to your inability to prove you have consistent income, you will be happy to know your situation may be changing. Non status mortgages, or non certified mortgages, make it possible for people who have difficulty proving they have an income to still get a loan to purchase a home.

What is it?

A non status mortgage is actually quite simple. Instead of providing proof of income with pay stubs, you are required to sign a statement of earnings with the amount you're confident you'll make each year. This serves as your proof of income. There are still other qualifiers to meet as well, however. The bank is still going to run a credit check to determine if you're a high risk in this area. Also, you'll still need a down payment, and you may potentially need to provide letters of reference from previous lenders.

Who offers it?

While mortgages for people with hard to prove income aren't anything new, it wasn't until recently that more banks began offering non certified mortgages to borrowers. In fact, in the past, there were only one or two options for people who had non-traditional forms of income. Most banks wouldn't even entertain the thought of lending to someone who didn't have provable income in the form of pay stubs.

However, due to the increasing number of people starting their own businesses or looking for alternative ways to earn money, banks have had to reconsider how they look at the money people earn. There are over two million people across the UK who are now considered “non status” earners. These people are working freelance jobs to make ends meet, working as contractors, working on commission and more. Many banks realized that if they were going to continue to make money through mortgage loans, they were going to have to open up some options for people who make money in non-traditional ways.

Is it easy?

Unfortunately, it can be tedious to get this type of loan. Many people find the fastest way to get a mortgage of this type is to use a mortgage broker to find lenders for them, and then, help them through the process. The benefit to using a mortgage broker is that he or she is skilled in all of the different mortgage types and can tell you if a non status mortgage is right for your situation, or if you should consider other alternatives. Additionally, a mortgage broker often charges the banks for their services rather than charging you, although you do need to understand their terms up front before you assume this to be the case.

If you want to learn more about a non status mortgage, or discover if you even qualify, take the time to visit www.selfcertremortgages.co.uk/non-status-mortgages/. Here, you will find great information about these mortgages and have access to a search tool to help you find the perfect loan.

What You Need To Know About Auto Enrolment

Did you know there are millions of employees in the United Kingdom who do not have any kind of pension plan set up? The government has decided that tens of millions of employees without a savings plan is too much. They have decided to start a program called Pension Auto Enrolment that would automatically put these employees into a pension scheme so they could start saving and preparing for their future. It was in October of 2012 that this initiative was started by the government. This initiative has a pretty strict deadline and there will be consequences for employers who try not opt out of it.

Experts are saying that small businesses are going to be the ones most affected by this new government regulation. This is partly due to the fact that a small business owner is unlikely to have much experience with establishing a pension plan. It is also not uncommon for a small business owner to lack the resources or knowledge to set one up. Experts and the government are encouraging business owners who feel overwhelmed by setting one up on their own to talk to a pension provider or a financial adviser in order to get assistance with setting something up. Trying to avoid setting a pension scheme up for your staff is a bad idea as the government plans on charging a daily fee of £500 to any business owner that does not have a pension plan set up by the deadline.

You should keep in mind that the government is not requiring employees to participate in this initiative. The government understands that there are some people who live paycheck to paycheck. These people need all of their paychecks every month in order to make ends meet. There are also some employees that have gone out of their way to set up a pension plan through a private provider. If that is the case for you, then there would be no reason for you to get one through your employer as well.

Once your employer has a plan in place you should receive a packet of information. You can take the packet of information and decide what you want to do. You can opt into the pension scheme or you can throw the packet away and opt out of it. Your employer is not going to force you into the scheme. The scheme is put in place for any employees who might want/need it. You can visit NWAutoEnrolment.co.uk to learn more about the initiative.

Experts and government officials are suggesting that all employees consider signing up for some kind of pension plan to protect their future. You never know when something could happen that could prevent you from being able to return to work tomorrow. You need to know that you have a backup plan to support you and any family members that you might be supporting as well. After all, the earler you start saving your money, the more money you will have to live on when you retire.

Get Free Debt Counselling and Start Down the Path of Becoming Debt Free!

In these troubling economic times, many people have found themselves accruing more debt than they're comfortable carrying just in an effort to make it on a day to day basis. However, as the interest fees (and sometimes late fees and penalties) are added into the debt they already owe, it begins to feel as if the debt is like a snowball rolling down a snowy slope, threatening to become an avalanche. Too often people fail to deviate from the path they're on simply for lack of a better option. They don't see a way out and don't know what to do. If this describes you, don't feel alone, there are more than two million people in that boat with you.

Fortunately, help is available, help that doesn't even cost anything! StepChange Debt Charity is the United Kingdom's primary debt charity, and is there to help you get back in control of your finances, and to show you ways to pay off the existing debt that is currently weighing you down. They can tell you if you would benefit from debt consolidation loans and can mediate for you with your creditors. Best of all, the understand your situation and are in the business of assisting not judging.

StepChange Debt Charity offers two different means of communication. The first is their confidential online help tool and the second is their telephone hot line. No matter which one you choose you'll receive the same quality information and professional advice, tailored specifically to you and your bills, debt and circumstance. Because this is something that as debt counsellors, they see on a daily basis, they will have more insights as to the options you have available to you. Many times they'll help you to develop a Debt Management Plan (DMP). With a debt management plan, each month you will make just one payment to StepChange Debt Charity, and they work out where that money goes with your creditors. The stress of dealing with each individual creditor has been eliminated for you, yet you know that your debts are being repaid. In many cases, it is possible to arrange for the

You make a single monthly payment to us and we divide it amongst those you owe money to. A DMP takes the stress out of dealing with your creditors. It shows them that you’re committed to repaying your debts. It also gives you peace of mind that all of your debts are being paid every month. Even better, in almost all cases it will be possible to get the interest and penalties you're being charged, stopped.

Before contacting either the helpline or the website, you are advised to have first gathered up the specifics of your debt situation. You'll need info such as the amount of your income, the cost of your bills on a monthly and annual basis, whether or not you are behind in payments to specific creditors, the cost of your household expenditures, such as for food and utilities, any assets you may own as well as their approximate value.

The hardest part of dealing with debt is taking that first step to do so. Sadly, many people pretend they don't have a problem, avoid dealing with it and in this way do nothing but compound the problem. Many people report a great sense of relief just for having taken a proactive step by calling and getting information about the options that are open to them. You are not alone. Help is available.

Reasons to Hire a Financial Advisor in Denver

Nothing in life is certain, except that you should expect the unexpected. There are things you need to save for such as your children’s college education, your retirement, plans to start a business, or even to provide for your loved ones once you are no longer around to do so yourself. The best way to do any of the above is to hire a Financial Advisor Denver to not only help you get your finances in order, but help make sure you invest wisely and to keep you on track. One thing you need to know is that a financial advisor is not to be confused with an accountant or an investment broker; they are completely different professionals and provide varying services. Below, you will find some of the reasons hiring a financial advisor can be beneficial.

You have Minor Children

The Best Financial Advisor Denver will tell you one of the most important reasons to hire a professional is to secure the future for your minor children. If you currently have no provisions for them, they could be facing an uncertain future should something happen to you. If you plan your finances the right way, with the help of a financial advisor, you can be assured your children are provided for in case of an accident, or in the event of your sudden death.

Your Financial Goals Never Materialize

If you are one of the many Americans who makes financial goals for yourself, but they never seem to come to fruition, you really need the services of a financial advisor. An advisor can guide you in the right direction for reaching those financial goals. The best way to do this is to have a specific goal in mind, like saving a certain amount of money within a specified amount of time to start your own business. This will be like a carrot dangled in front of your nose by your financial advisor and should help you to stay focused on the long term instead of living in the here and now.

You never get around to it

Believe it or not, there are many Americans out there who are perfectly capable of managing their own money. However, life is always getting in their way, making it impossible for them to get their finances in order. If you are one of these people, a financial planner is someone you can’t do without. It would be a shame to have an uncertain future for you and your loved ones simply because you never had time to take care of planning ahead.

Many people feel that having a financial planner is a waste of time and money. However, these people aren’t seeing the big picture; they are too worried about what is going on in their lives today. If you are in one of the situations above, you may want to get on the phone and start researching financial advisors in your area. After all, you have nothing to lose by talking to one.

Things to Look at When Purchasing Miami Beach Condos

Miami Beach is symbolic of an ideal beach vacation and a trendy city center wrapped into one. While there are many Miami Beach homes to choose from, there are also a variety of condos to look at. The condos have many different features. So, you should take these things into consideration before you purchase your new Miami Beach condo.

One of the biggest appeals of the Miami Beach Condos is the access to the beachfront. This is great both for the views of the endless waves of water washing across the white sands and the convenience of heading down to the beach for a quick swim. It is also one of the major selling features in many condos. So before you invest, you should take the time to consider how close to the beach that you want to be and if you want to live right on it.

Another thing to think about is the size of the condo and the number of bedrooms and bathrooms. While you may give up a little space on the indoors, you should still have an adequate space that fits your needs. So, you really do need to take that into consideration with your search.

Storage is another thing to think about. You should inquire about the places where you can store your surfboards and other beach items. Since these things do take up space, you may need that extra storage for your personal items. So, this is something you should inquire about especially if you have a lot of things that you need to keep at your condo.

The amenities are really something to explore while searching for your condo. Some complexes offer the option of using the pool, workout centers, activity centers and other perks for being a part of their complex. While these things may not be on the top of your list of must haves, they can be that nice extra that can help you make your final decision especially if you have a couple of complexes to choose from.

While not the most pleasant aspect of condo shopping, it is important to look at any fees associated with complex. Some monthly fees can be higher because of their location and what they provide. Make sure you know what you have to pay each month so you aren’t caught off-guard by this particular expense.

Budget is probably your biggest factor on where your search for your condo is going to take place. A condo complex usually has many different price ranges to accommodate different budgets. Your real estate agent can help with determining some of the comparison values to make sure you are getting a good price on the condo you want to live in.

Just like homes, there are many decisions to make before buying a condo. These are some of the things you should keep in mind as you commence your search for the right one. Miami Beach is a great place to live and you want to enjoy your condo after you buy it.