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As of today, we all have less than one month to claim any mis-sold payment protection insurance (PPI). Statistics show that around 64 million PPI policies have been sold in the UK – most of them between 1990 and 2010, with some policies dating as back as the 1970s.

The History of PPI

As some of you may probably know, the payment protection insurance was established in order to cover repayments that people couldn’t pay themselves due to certain circumstances. For example, PPI would cover any repayments of a person that could not work due to an illness, accident, or death or was made redundant.

More than 35 billion pounds have been repaid to customers since 2011, with banks setting aside billions and billions for this type of compensation and refunds. Naturally, a deadline was probably bound to happen sooner or later – you can do so and reclaim any mis-sold PPI until the 29th of August 2019.

In today’s article, we will be talking about everything that you need to know about the PPI deadline. This way, you won’t miss a single thing and you’ll be able to properly claim back your money.

Are You Entitled to PPI Compensation?

You may have been mis-sold payment protection insurance if you have purchased a loan, mortgage, or any kind of credit product – such as a credit card – up until 2006. Keep in mind that mis-selling could have taken place after this year as well.

Given that there is no limit on how far back people can claim payment protection insurance and that most of us don’t actually know if we’ve been mis-sold PPI, we should all consider making a claim.

Even if there’s a small chance that you are owed compensation, then make sure that you do not miss the deadline.

What Happens to the Unclaimed PPI funds?

As mentioned before, the money available for compensation and refunds has been set aside by the banks of the UK. Obviously, any unclaimed funds will be reinvested in these banks.

In short, every bank that is offering refunds keeps the money that the people don’t claim. Basically, we could say that these funds are up for grabs for anyone that has been mis-sold a PPI.

What You May Not Know

If you haven’t filed a claim yet, then you may think that this whole PPI thing does not apply to you or that the process for being awarded a refund is too complicated.

You may also avoid claiming a refund because you had PPI on an appropriate product and nothing went wrong with it – you were happy with your deal, so to say. However, there were some cases in which people were sold a certain product as part of a credit deal.

This should make the sales process questionable and, ultimately, persuade you into applying for a PPI refund.

There are more than enough stories of people that have checked PPI without expecting anything, only to find out that they were owed thousands due to a mis-sold. For example, one person who used a lot of different loans in the past didn’t think that they were eligible for a refund. Later investigations discovered that the person was owed almost 19 thousand pounds.

When Will the Claims be Resolved?

Keep in mind that the deadline date is the 29th of August. All you need to do in order to take advantage of the PPI repayment is to submit your claim before this date.

If you submit your claim close to this date, it is unlikely that you will receive an answer before the 29th. However, this doesn’t mean that your claim will get cancelled or denied. As long as you submit it before the 29th and the bank receives your claim, they will investigate it and return to you with the result.

The bank usually takes around eight weeks to resolve a claim – still, it is known that this process can be longer in some instances. You should be patient.

How Do You Submit a Claim?

There are companies that will offer you their services and make a claim on your behalf. However, keep in mind that the claims management firms will take a rather large part of your compensation for filing a claim for you – up to 24%. For example, if you think you may be entitled to PPI compensation on a buy to let mortgage, you may want to keep it all for yourself.

Naturally, the easiest way to submit a claim is by making one directly to your provider. There are also many online tools that can help you start your claim, fill out the form, and then forward it to your provider, be it Property Finance or anyone else.

Buy to Let Mortgage PPI

Since we have mentioned a scenario including a buy to let mortgage, it is worth mentioning a couple of things about this specific case.

While you can file a PPI claim for this, keep in mind that most companies will reject it – therefore, PPI is worth having. Moreover, as most mortgage brokers were not regulated before January 2005, the window for complaints is little to none.

In short, the sale of PPI starting with January 2005 has been regulated while buy-to-let lending is unregulated – the result is mortgage PPI that does not get much coverage.

What Happens If You Miss the Deadline?

If you miss the deadline of August 29, you can still make a claim – but only if you have experienced exceptional circumstances. If you have to rely on such a claim, keep in mind that you must include as much information as you can when you apply – as these claims will be dealt with on a case-by-case basis.

We strongly recommend you apply for PPI compensation before the deadline if you want to make sure that your claim gets considered.

Concluding Remarks

If you’ve stressed over PPI in recent years, then now is the time to make the most of it, so to say, and take advantage of it as well. As you won’t have to think about payment protection insurance ever again, this is the perfect time and opportunity for you to file a claim and possibly get compensated.

Basically, if you think you’ve been mis-sold PPI, then don’t waste any time and apply for a refund today – it’s free, it’s easy, and you get the chance to solve this matter once and for all!

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The bridging loan market in the UK is steadily growing. More and more people are considering this form of financing in order to secure an excellent deal for purchasing property in the UK. The reason why there is a growing market for bridging loans is that there is a significant demand for finance in the domain of property investment. Although some borrowers still opt for mortgages, bridging loans are different in the sense that they are more flexible.

A Competitive and Flexible Form of Financing

Usually, as the target audience for a specific product or service increases, so does the variety of products or services. The same goes for bridging finance. In other words, as this form of financing grows in popularity, lenders are more flexible in the loan terms they provide – in this way, they make the market competitive.

Professional property investors have been using bridging loans for years in order to turn around properties and act fast. Meanwhile, when applying for a mortgage, the time required to get approval is much more significant, not to mention that the criteria are more stringent.

That is not all, though; the cost of a mortgage is significantly higher, which could minimise the financial return of the investor. Meanwhile, a bridging loan enables an investor to act and move fast, to embrace a deal whenever it emerges and to make the most out of it. This is primarily why the average size of a bridging loan has also grown over the last couple of years.

A Developing Market Segment

Furthermore, there are more people now that resort to bridging loans to cover the costs of large, complex projects. This could also mean that more and more people think of this option as a good, reliable alternative. In addition to that, as figures indicate, the average monthly interest rate for this type of financing has decreased. This, of course, has to do with the size of the average loan increasing. Hence, as grim as the economic condition in the UK might appear at the time being, things seem to be looking up – at least in the bridging loan sector.

Investors who are considering this type of financing for their upcoming project should definitely use a bridging loan calculator. This is a handy tool. It gives a fair idea of the loan you might get, the additional costs associated with the loan, and other important information. In this way, one can make a sensible decision prior to applying for a loan. Due to the shortage of residential property in the UK, it makes sense that investors want to seize each opportunity and take advantage of it. And a bridging loan allows one to do so.

The Bottom Line

On that account, we are looking forward to observing the way in which the bridging loan sector is due to develop further in the years that follow. Most likely, it will keep growing as it has been in the last couple of years, providing numerous opportunities to enthusiast investors.

If you would like to know more about bridging loans please contact property finance partners – bridging loans & development finance. on 020 3393 9277 alternatively, use the form below to apply.

Apply for a bridging loan

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It is quite common for people to change from a residential mortgage to a buy to let one. In both cases, the rules are similar, but buy to let mortgages do come with some key differences that you have to take into account and fully understand.

First of all, it is worth mentioning that you will need your lender’s consent if you want to switch to a buy to let mortgage. If your lender doesn’t approve this, then you have the option to re-mortgage with a new lender.

Let’s take a look at the things you will have to do to change your mortgage, as well as at the things you will have to take into account before and after doing so.

What Is a Buy to Let Mortgage?

First, let’s start with the essentials – namely, what exactly is a buy to let mortgage and why would landlords choose this instead of a residential one?

Just as its naming implies, buy to let mortgages are specially designed for landlords or borrowers that wish to buy a property and then rent it out. Naturally, the rent that you are likely to charge on the property after you buy it will directly influence the amount the lender will offer you.

Moreover, buy to let loans usually come with a higher interest rate than usual, besides the also steeper arrangement and booking fees. You will have to take this information into account and make sure that you have realistic expectations and understand what a buy to let mortgage implies.

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How to get a Buy to Let Mortgage?

Even though getting a buy to let mortgage may sound easy, we assure you that it is not. You shouldn’t rush such a decision. So, make sure that you take every possible aspect into consideration.

Obviously, it is strongly recommended that you consult a specialist (Property Finance Partners) if you are unsure about getting a buy to let mortgage or changing your current mortgage.

When it comes to this type of mortgage, keep in mind that you will most likely want to improve/maximise your rental income.

In this respect, if you simply change your residential mortgage, for example, with your current lender, they will show you their rates only. Doing so will limit you to one single lender – you will not have the option to browse mortgages and choose the best one for you.

In the following lines, we’ll showcase the two scenarios that might make you want to change your current mortgage to a buy to let one.

  • Buying a new property and changing your current home to a buy to let

Also referred to as a let to buy mortgage, the practice of moving into a new property and switching the mortgage of your old one to a buy to let is quite common. After all, it seems like the natural thing to do for most people.

Instead of selling their old home, they choose to rent it out and get some rental income out of it as well. Moreover, you can re-mortgage your current home in order to fund the purchase of the new property.

The rental income that comes with the buy to let mortgage of your old home can very well be used to support your new residential mortgage.

A buy to let mortgage is also preferred when you can’t seem to sell your current home for the price you think it’s worth. If you have overpaid for it, then you will most likely want to hold the property and wait until its value is high enough.

  • Moving into a rented property and changing your current home to a buy to let

It may be harder for you to change your mortgage to a buy to let if you go with this option. While there are various available lenders for this practice, not every one of them will be confident enough and will consider changing your mortgage.

The main reason for their lack of confidence is that the buy to let mortgages are usually given to current homeowners that have at least one residential mortgage. Obviously, the lenders also have to take into account the various risks.

For example, if the tenants of your now-buy-to-let property default on paying the rent, you will be put in a difficult financial situation. Moreover, even the rent of the property you move into may be higher than a mortgage repayment. In short, if something goes wrong, the whole scheme collapses.

Lenders understand these risks and are likely to decline this type of switch.

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How Much Can I Borrow on a Buy to Let Mortgage?

The amount you can borrow on a let to buy mortgage depends on several factors that have to be carefully taken into account. However, the biggest influence comes from the amount of rental income that you expect to receive.

Usually, lenders need this income to be around 25 to 30% higher than your mortgage payment. Naturally, you will also have to take into account the value of your current property, the existing mortgage balance, as well as your income, in some cases.

Naturally, we recommend you consult with specialists or talk with local letting agents in order to find out exactly how much you could borrow on a buy to let mortgage. If you wish to change your mortgage, it is important that you have taken every risk and factor into account before applying for a loan or a new mortgage.

Concluding Remarks

Long story short, you have to be careful and explore your options before considering changing your mortgage to buy to let. While it may seem like the right thing to do for you, you will have to make sure that the new mortgage setup does not put you in a difficult financial situation.

Also, keep in mind that some lenders are not so keen when it comes to changing your current mortgage – especially if the risk they are supposed to take is high!

For more information on buy to let mortgages contact property finance partners. Call 020 3393 9277 or email [email protected]

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Leading pan European property finance company, Property Finance Partners, offers solutions to getting the lowest bridging Loans in the market in a new post

Property Finance Partners has again reiterated its goal of providing innovative finance solutions for the property sector.

In its recent post where clients are educated on bridging loans and getting some of the lowest bridging Loans in the market.

Starting with as low as 0.43%. Property Finance Partners already made a name in the property finance industry as the go-to solutions provider for top-notch property finance solutions.

Bridging finance has become increasingly popular in recent times, more people realizing its immense benefits.

While bridging loan remains an amazing opportunity to the bridge gap between the cash flow needs and the actual situation, many people are yet to leverage its features.

This is where Property Finance Partners are looking to change the narrative by allowing even more people to enjoy the benefits of bridging finance.

In the article titled “Bridging Loan & Short term loans” –

https://www.propertyfinancepartners.com/bridging-loan-short-term-loans/, Property Finance Partners give a short and concise description of bridging loan, providing a comprehensive guide on bridging loans.

The post also talks about the advantages of bridging loan. One of the biggest ones being the speed that the lender can obtain the finance.

In certain cases, a deal can be structured within hours if the right information is provided.

This consequently helps people in securing land considering the importance of speed and efficiency to the process.

Other areas covered in the post include Rates of Interest on Bridge Loans and the factors that determine the rates.

Property Finance Partners also talks about the different uses of bridging loans and how borrowers can take advantage of it in different situations.

In addition to Bridging Loan & Short term loans. Property Finance Partners offer other amazing property finance solutions.

This has made them one of the most sought-after results-orientated structured property finance companies in Europe with over 100 years of experience in the industry.

Services offered by the company include Senior Lending, J.V. Partnership, Stretch Senior Finance, Business Loans, and Development Finance.

More information about Property Finance Partners and the Bridging Loan services offered.

Can be found on their website. A video on Bridging Loans and the low rates offered by Property Finance Partners is also available on YouTube.

About Property Finance Partners

Property Finance Partners is a pan European results-orientated structured property finance company. They provide comprehensive real estate raising finance solutions.

For developers, experienced builders, institutional and corporate property owners, real estate investors, and landlords.

The company provides top-notch property finance solutions thanks to its professional team. Which blends in-depth local knowledge and finance industry driven insights as well as global expertise and experience.

Buying, renovating, and then refinancing a property is one of the strategies that property developers generally use nowadays to profit from real estate.

However, this is also a strategy that relies greatly on your ability to think and act fast.

Unless you have unlimited funds to buy and refurbish a property yourself, the chances are high that you will have to find alternative property financing options.

You could get sponsors – but that is easier said than done. Most of the time, you are better off by taking matters into your own hands.

For those who are in the business of real estate development, bridge loans have proven to be quite a good solution.

The demand for them has increased by 39.8% over the past year, and the global interest seems to be growing.

Typically, these loans are used on the short term for financing the purchase of a property before another one is sold.

If you are wondering why a bridge loan is a great choice for your finance, here are a few advantages that come with them:

  1. They are very quick and convenient

When you are into the business of real estate development, you may often be found in need of quick financing for new development.

This is one of the main reasons why you have to consider bridging loans to develop the property.

With this kind of loan, you should be able to raise the capital that you need to buy a new property – particularly if you have to do it fast.

The funds are generally given much faster compared to other loans designed for property purchase (as in, mortgages). You can even get the option to raise all the needed capital through a bridge loan.

  1. They allow you to purchase any kind of real estate property

No matter if you want to refurbish a residential property or a commercial one, a bridging loan will allow you to do so.

Real estate developers use it to buy and develop residential establishments, commercial buildings, retail shops, apartments – and even lands.

If you go for a secured bridging loan, you will secure it against a property that is already owned by you.

If you are the owner of at least one piece of property that does not have any loans secured against it, then you may easily get your hands on a bridging loan.

  1. They are perfect for major property renovation

It takes quite a lot of money to renovate an entire house – a sum that you may not be able to get with an average personal or business loan.

Since most lenders will consider this to be a great risk, there is a chance that they will not give you the money that you seek.

This is why bridge loans can prove to be such a great alternative.

They can cover the renovation costs, and they can make an uninhabitable home look habitable again. At that point, you may refinance using a traditional loan.

  1. They are perfect on the short term

Mortgages can last up to 25 or 30 years – which can be quite troublesome if you want to maintain your real estate business going.

However, a bridging loan is generally given on the short term – from two weeks to 12 months at most.

It is also possible to arrange for longer periods if you are not convinced that you can sell an old property within a year.

You may go for closed or open types of bridging loans – which means that whether you want to stick to fixed payments or flexible ones, the choice is up to you.

As long as you are able to pay back the money that you borrowed, you will be given the ideal solution.

You may want to collaborate with companies such as Property Finance Partners since they have experts that can give you some good free advice. You can find them here: https://www.propertyfinancepartners.com/bridging-loan-short-term-loans/

  1. There aren’t any penalties for early payment

How many times have you been penalised on other loans by simply paying off the loan early? With bridge loans, you can pay the loan in full the moment you have the money. Without having to wait until it reaches full term.

So, let’s say that you went for a 12-month loan – but by the 6th month, you have already gathered the funds to pay the rest of the loan in full.

Other loans might penalise you for it – but bridge loans will allow you to pay the money without putting extra taxes on you.

Plus, considering that interest is gathered only while the loan remains, early payment will also save you on the interest.

Bridge loans are a great opportunity to get financing when you are into real estate development. They are fast, they are convenient – and they don’t put as much pressure on you as other loans do. Just be certain that you work with the right lenders during this process.