I spotted this great PR today on AP basically pointing out that not many of us actually know who owns our mortgage anymore.

With the subprime mortgage shakedown almost old news this article sure does give some food for thought. Until recently I’d always assumed that the company that sold me my mortgage had a big part to play in looking after it . . . however that doesn’t seem to be the case because there are so many people involved in the mortgageing process.

Over the next few weeks I’m going to take a more in depth look at the mortgage process from start to finish . . . hold tight

Debt management company Gregory Pennington have warned that the economy remains uncertain, despite a number of signals suggesting a potential recovery, and have advised anyone facing severe financial problems to seek professional debt advice as soon as possible.

The Bank of England Monetary Policy Committee’s announcement on Wednesday that the base rate would fall to 4.5% was intended to calm fears surrounding the money market and increase lenders’ willingness to do business with one another, subsequently increasing liquidity and boosting the loans market.

A number of lenders announced cuts to their mortgage rates following the base rate announcement – which may come as a relief to prospective homeowners or existing homeowners looking to remortgage, following many lenders’ reluctance to respond to the last base rate drop.

Meanwhile, petrol prices recently fell to as little as 103.9 pence per litre, while food price growth slowed by 0.2% in September, according to the British Retail Consortium (BRC) – arousing speculation that overall inflation has hit its peak and will now begin to slow.

However, a spokesperson for Gregory Pennington commented that while there are encouraging signs for the economy, there is no guarantee that further difficulty for the economy can be avoided.

“The first thing to bear in mind is that while the base rate cut is intended to help the economy, it was brought in as an emergency measure,” she said. “The threat of a severe economic downturn is still looming and there are no guarantees it can be avoided.

“The fall in oil and food prices are very encouraging, but both are heavily affected by external factors, largely outside our Government’s control.”

The debt management company spokesperson was keen to emphasise the continued need to take care over finances and manage debts effectively in the coming months. “There is still the possibility that things could get tighter in the near future, so it pays to tackle any financial issues now, rather than waiting to see what happens next.

“People who are struggling with debt are especially at risk, because their finances are already stretched – and any further rises in costs of living could make those debts unmanageable.

“As always, we advise anyone struggling with debt to seek expert debt help as soon as possible. Leaving it too late could allow your debts to grow, which is particularly dangerous if costs of living do continue to rise.

“There are a number of debt solutions to help with various financial situations. A debt management plan is a flexible means of getting out of debt in which your repayments are based on how much you can afford, and in some cases interest and other charges can be frozen.

“Debt consolidation involves grouping your debts into one convenient monthly payment, therefore simplifying your finances, and your debt can also be spread out over a longer period of time, meaning monthly payments are smaller – although this can mean you pay more interest in the long run.

“For more serious debts of over £15,000, an IVA (Individual Voluntary Arrangement) might be more appropriate. These work by agreeing with your creditors to make payments based on what you can afford for a period of five years, after which the remaining debt is considered settled.”

The Scotsman reported today that, according to official figures, more than 3000 people in the Lothians are at risk of defaulting on their mortgages because of the credit crunch, whilst thousands more who are not covered by the statistics could be in the same boat.

The news comes at the same time as separate figures show a surge in the number of people going bankrupt.

Today a firm which specialises in buying homes on the brink of repossession so they can be leased back to their former owners said the number of inquiries it is receiving had quadrupled.

ThinkMoney.com is the new website from the Manchester based Think Money Group. Think Money is a leading UK financial services company established over 15 years ago and providing financial services to over 100,000 UK consumers.

The company employs over 600 staff in it’s purpose built Manchester call centre and has consistently been voted by it’s employees as on of the UK’s best 100 companies to work with.

ThinkMoney.com offers a complete suite of financial products from mortgages to debt advice, including remortgages, loans, debt management plans, IVAs, bank accounts, insurance and car finance.

Useful Links:

Mortgages & Loans
Mortgages > http://www.thinkmoney.com/mortgage/
Remortgages > http://www.thinkmoney.com/mortgage/remortgage.asp
Loans > http://www.thinkmoney.com/loans/
Secured loans > http://www.thinkmoney.com/loans/secured-loans.asp

Debt help & advice
Debt help & advice > http://www.thinkmoney.com/debt/
Debt management > http://www.thinkmoney.com/debt/debt-management.asp
Debt consolidation > http://www.thinkmoney.com/debt/debt-consolidation.asp
IVA > http://www.thinkmoney.com/debt/IVA.asp
Trust Deed > http://www.thinkmoney.com/debt/trust-deed.asp

Other services
Bad credit bank accounts > http://www.thinkmoney.com/banking/
Car finance > http://www.thinkmoney.com/motoring/
Insurance > http://www.thinkmoney.com/insurance/

Bradford & Bingley, the UK’s latest troubled mortgage lender is being nationalised by the British Government in an effort to stabalise the UK economy.

In a statement by Prime Minister, Gordon Brown, UK voters heard how the Government have vowed to  “work night and day to make sure that Britain can come through fairly this (the economic) downturn”

Gregory Pennington are on of the largest debt management companies in the UK. With over 40,000 UK clients on debt management, the company has been providing debt help and advice since 1993.

Located in Manchester, close to Salford Quays, the company employs over 600 people and provides services including debt management plans, debt consolidation loans, IVAs, bank accounts and remortgages.

The company is a founder member of DEMSA (the Debt Managers Standards Association).

Useful links:
Debt management plans: http://www.gregorypennington.com/debt-management.asp
Debt consolidation: http://www.gregorypennington.com/debt-consolidation-loan.asp
IVAs: http://www.gregorypennington.com/individual-voluntary-arrangements.asp

A fixed rate mortgage is a mortgage where the monthly interest rates are fixed at a pre-specified rate for a pre-specified period of the loan.

It is common for fixed rate mortgages to have the rate fixed for 1, 2 or 3 years, after that period the rate payable will switch to refelct current interest rates.

A recent study by Zillow.com claims that 33% of American consumers who purchased a property in the last 5 years are now suffering negative equity. The study claims that the severe market turn has meant up to 25% of all those selling their property in the last 5 months have taken a loss on the sale.

Debt Advisers Direct appears to be on of the UK’s leading providers of debt consolidation services. Providing debt help and advice to over 40,000 consumers, the company has over 14 years of advising on consumer debt issues.

Debt Advisers Direct specialise in personal, one to one debt advice, advising on the right debt solutions for a particular clients needs.

The business offers a range of debt solutions including debt consolidation, remortgages, debt management plans & IVAs.

The debt consolidation arm of the business facilitates secured loans and remortgages to enable the client to consolidate their debts into one monthly payment.

Visit the site: http://www.debtadvisersdirect.co.uk

In response to a recent report from the National Housing Federation suggesting that property prices will recover and rise by 25% by 2013, mortgage specialists ThinkMoney.com advises property owners to stay optimistic whilst warning them not to become complacent about protecting themselves against the downturn in the property market.

The National Housing Federation anticipates further falls in house prices for the next two years – 4.4% in 2008, with a further fall of 2.1% in 2009 – after which prices will begin to recover, rising by 25% by 2013.

The report itself acknowledges that the figures depend on a ‘robust employment market’, and warns that if  consumer spending falls too much, the property crisis could be more severe.

A spokesperson said: “We would advise homeowners to continue saving well, spending responsibly, and to remain aware of the potential problems facing the housing market. Your financial planning should, as always, be geared towards making sure you are prepared for any problems that could arise.

“The report is only speculative, and as with anything, it is very hard to predict what will happen in the next five years. The predictions are essentially a best-case scenario,” she said.

“In a sense, it’s healthy to be slightly cautious when it comes to money, especially with an important financial commitment like a mortgage.”