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In 2013, interest-only mortgages were faced with new rules: new interest-only mortgages are no longer eligible for mortgage interest relief. Existing interest-only mortgages still. But what if you want to refinance your interest-only mortgage? And can you just take your interest-only mortgage if you move or not?
Take interest-only mortgage
You can always take your interest-only mortgage when you move to a new home. The part of your mortgage that you have now taken out without repayment retains the conditions that currently apply. For example, the mortgage interest and the fixed-rate period do not change if you include the interest-only mortgage.
If you move to a more expensive house, you may want to increase your mortgage to finance this higher amount. For this new part you have to take out an annuity mortgage or a linear mortgage if you want to use the mortgage interest deduction. If you choose to take out an interest-only mortgage for this amount, only this part of the mortgage will not be eligible for the mortgage interest deduction.
Instead of taking your repayment-free mortgage, you can also transfer it to a new repayment-free mortgage without affecting the mortgage interest deduction. The costs for the transfer are limited when you move, because you do not pay penalty interest. You do pay advice and closing costs and the costs for re-registering the mortgage in the registers of the Land Registry.
Whether re-transfer is advisable depends on whether the lower mortgage interest rate compensates for the re-transfer costs. Also keep in mind that you opt for a mortgage with good conditions, for example around extra repayments. This way you prevent that you will have to incur additional costs at a later time.
Mortgage repayment-free without relocation
You can always transfer your current interest-only mortgage to a new interest-only mortgage from your current bank or another bank, even if you do not move. However, sometimes you pay a penalty interest if you opt for this before the end of the fixed-rate period. So always check whether you are paying a penalty interest rate and how high it is for you to calculate whether the lower mortgage interest rate compensates for these costs.
Transfer interest-only mortgage to another mortgage type
In recent years, there has been a growing awareness that an interest-only mortgage is not always beneficial in the long term. You do not fully repay the mortgage loan, which means that you also continue to pay mortgage interest after the maximum period of 30 years for mortgage interest relief. Other mortgage types do not have this disadvantage.
However, switching over to an interest-only mortgage to another type of mortgage involves a number of snags. The monthly costs of an annuity mortgage or linear mortgage are higher than the monthly costs of an interest-only mortgage. You must be able to cope with this monthly increase in costs. In addition, in some cases you pay penalty interest and you pay advice and closing costs. A financial adviser can help you with this choice.
Taking an interest-only mortgage to a new home smart?
Whether or not it is smarter to take your interest-only mortgage with you when you move house depends on your current mortgage and the conditions of the new mortgage. Do you pay a lower interest rate with a new mortgage and does the bank apply better conditions? And does the saving outweigh the costs that you incur for the transfer? By working this calculation out well, you will soon see whether you can better take your repayment-free mortgage or take it over.
Housewives can apply for bank loans to earn additional income or to establish their own businesses. In this way, they can start their business life and support both their family income and their own budgets. Both banks and government agencies can offer interest-free loans to housewives . If you want to take advantage of these credits you can get information by reading the entire article. At the same time, these loans can be provided not only to start a business, but also to meet your other basic needs. Let us examine the possibilities of interest-free loans .
How to Get Interest-Free Credit to Housewives?
The possibility of interest-free credit to housewives who want to own their own business comes from the state. With the support provided by the state, housewives who start their own business can receive loans without interest . Housewives who work under difficult conditions to contribute to the family economy or who do not work at home because it is not possible to work under these conditions will establish employment for many unemployed housewives by establishing interest-free loans to housewives provided by the state. There are many jobs that many housewives do as a home hobby. There are many interest-free credit support provided by the government for women who want to turn this hobby into a business to generate income.
These supports can be used not only to start a business, but also to develop or upgrade your existing business. If you want to make such moves, you can benefit from interest-free credit supports provided by the government or as a result of agreements made by the state and banks. In grants where many supports are possible, thanks to the supports, housewives will become the bosses of their own business and individuals with economic freedom. The information about the grant loan support to the housewives and the district loan is as follows;
District Office Loan for Housewives
The District Governorate and Social Welfare Foundation provides a business start-up loan of 15 thousand pounds to housewives who want to own their own business. The district housewife loan, which is not repaid for a year, is repaid without interest in 3 years. The most important criteria sought in the loan application is to ask for 2 officers as guarantor.
Recommended Article: Women Incentive Loan
Provided by the District Governor and Social Assistance Foundation for the housewives’ loan to the district governor, they will be able to earn more by reducing the cost and making their own money by making their own production for themselves at home.
Non-Refundable Loan to Housewives
A credit facility is also offered to housewives by Government. Government, which provides a great deal of support to women who want to have a job, can provide support up to 80% according to the applications. The things you can set up for the non-repayable loan from the state to the housewives; It consists of homemade food shop, underwear shop, women’s shoes and accessories shop, and women’s hairdresser. Housewives who want to benefit from this loan go through a priority 4-day training and at the end of this training, they create a business project. You can apply for a non-refundable government loan by applying with the resulting business project and you can be among the women who have their own financial freedom by starting your own business.
You can get more detailed information from Government Supports.
What is Micro Credit for Housewives?
Another credit for housewives is micro credit . So what is micro credit? How to get micro credit? Micro-credit is the loan support provided by 5 housewives who live in the same region and come together to start a small business and provided approximately TL 1000-3000 . The loan is interest free and repaid in the same installments. Although small, you can operate in many businesses.
How to get micro credit?
Support is provided if 5 housewives living in the same region apply to public education centers. As in many other fields, there are those who abuse goodwill. In order to prevent this abuse, the authorities supervise you every week and sign them regularly. If you use the loan in an area other than the job you specified at the time of application , you will be penalized. When used properly, microcredit provides a good start for housewives. So much so that there are housewives who start their own business with micro credit and now have many employees.
The works that can be established with micro credit are as follows;
- Hairdresser’s salon (low budget)
- Ornament, ornamental materials,
- Henna organization, equipment rental
Loan for Housewives
You want to contribute to the economy by creating your own business and create employment, but you don’t have money? The government provides a business start-up loan to housewives who want to start their own business. For example, you opened a female hairdresser. In the first stage, you will be eligible for 50.000 TL grant and 100.000 TL interest free loan. You can also apply to the interest-free loan program of TL 50,000 and benefit from this loan.
50 thousand pounds of graceful support and 100 thousand pounds of interest-free credit will be quite sufficient for a good start in order to open a business for housewives who do not have a capital to start a business. You can do business opportunities with non-refundable 50.000 TL ;
- If you trust your talent and taste in design, you can open a clothing store where you can sell your designed clothes.
- If you are a person who works wonders when you get a pair of scissors, you can open a female hairdresser that puts forward great models.
- You can open a beauty shop that uses various accessories and personal care that attracts the attention of women.
- You can open a shop that makes great home-made dishes such as brioche and ravioli.
You can make a good start with a good budget by adding the loans provided by the banks to the housewives besides the business start-up loan given to housewives.
I was able to spend a good part of the time through the Credit Score site. Here you can get your most recent Credit score for just $ 15, 95. But the site offers much more than just your score. They have several other ‘tabs’ on their home page that offer you everything from a variety of products related to monitoring and protecting your Credit score to the latest low-credit credit cards.
Credit Score Defined
First, let’s define what we are talking about. In the current ‘credit-oriented’ world, all different scores and reports can be confusing. Your Credit score is determined by the Corporation and is a way to measure the creditworthiness of a person . It is a score that can vary from 350 to 850. There are many things that influence the determination of your score (the whole process is complex and is very well monitored). It contains, among other things, your standard history, the current amount of debts that you have and the length of your credit history.
This number is used to determine everything from your mortgage interest to conditions on your credit cards to interest rates on car loans and is used by around 90% of banks in this country. And for the most part, your Credit score is the only thing that counts when it comes to determining these rates in your financial life. Any other so-called “scores” that are there are really just counterfeits.
Credit Score gives you direct access to your Credit score for just $ 15, 95. As I understood the history of Credit Score, I discovered that access to this score was free some time ago, but not anymore. I now read in many places that it is considered “not free but the only score that matters.” As an example they give, a swing of just 100 points in your Credit score would mean a $ 40,000 difference in extra interest on the life of a 30-year mortgage.
Credit Score is a simple and easy-to-navigate site. There are four tabs on their homepage that all contain different products that are related to your Credit score. Credit scores and Credit reports lists all the products they offer, and offers all of you a number of benefits with regard to your score. On the Financial Help Center tab you will find an overview of why your score is so important and this information is linked to the various products they offer.
One of the most important pages on the internet
For me, the Education tab is one of the most comprehensive pages about your credit score that I have not yet seen on the internet. Here you can get a detailed explanation of what your score is, what your credit report is and what influences and does not influence them. They give you tips and advice on how to improve your score, how to solve errors in your report, how to prepare for large purchases, along with forums, videos and a question and answer section on just about everything that is financial. They also offer various interactive “calculators” that can help you determine everything from how much it would cost to pay off a credit card for how much money you can afford to borrow for a mortgage.
The site has a tab called Credit Card Center, which gives you a fairly comprehensive list of just about every credit card you need. Here they provide offers for balance transfer credit cards, credit cards with the best reward programs, cards to help you build your credit, business credit cards and an advice section to help you decide which card is right for you.
Finally, they have a community tab with forums on topics related to just about everything that is financial.
Credit Score is basically your one stop shop for everything related to your credit score. I really can’t think of anything they’ve left out. There are many places on the internet that offer different types of scores and reports, and so on, but your Credit score is the only one that really matters. Most other sites are just there to sell you products that you may or may not need, while Credit Score provides you with relevant relevant information on everything that counts in determining that score .
If there is nothing else, the page about Education should be in everyone’s favorite Maeldúin list. The information provided there is simple and is not intended to induce you to purchase a particular product or credit card. It offers unbiased and objective advice on everything that is both positive and negative with regard to your credit score.
Would i buy it?
Not often do I recommend spending extra money when it comes to managing your debt or your creditworthiness. However, I think I would definitely try Credit Score if I ever had questions or concerns about my Credit score. It is a great tool to have at your disposal if you are trying to dig your way out of debt, if you are trying to understand your score, or if you are preparing to make a major purchase.
But let me quantify this a bit. Your Credit score is largely based on information included in your credit report. I would NEVER pay my credit report, because you can get this report once a year for free at one of the three major reporting agencies. However, I have not yet found any sites that can give you your score for free. All sites that claim to do this more than likely do not give you your real, actual Credit score.
The world of credit reports and scores and managing your creditworthiness can be overwhelming and intimidating. One of the best ways to navigate through all the information you need to make informed decisions regarding your credit is at Credit Score.
Saving is important for many people: one saves for the study of his child, the other for that beautiful vacation or for a new car. Yet not everyone saves enough. 15 percent of households have no savings and another 20 percent have less than 2,000 euros. How much savings should a family actually have and what is the average savings in the Netherlands?
A large proportion of households therefore have little or no savings. The average savings differ considerably among households that do save. How much you can save depends on your home, family situation and income. But on average the savings of families saving according to Credit Checker are:
|Family composition||Median savings amount|
|Single person of 25 years in a rental home and an income of 1,500 net per month||5,000 euros|
|Couple of 30 years in a owner-occupied home and a car worth 5,000 euros and an income of 3,500 net per month||39,750 euros|
|Couple of 30 years in a rental home with a car worth 5,000 euros and an income of 3,500 euros net||16,600 euros|
|Family with 2 children in a owner-occupied home with a car worth 10,000 euros and an income of 3,000 euros net per month||27,750 euros|
|Imagine having children in a house for sale with a car worth 10,000 euros and an income of 3,000 euros net per month||35,200 euros|
Those who live in owner-occupied homes save on average more than tenants and couples with children save less than couples without children. Families with a higher income also save on average more than families with a lower income. After all, they have to make every effort to make ends meet every month, and then saving quickly comes to an end. Households with sufficient income put an average of 9 percent of the income in a savings account. But if you have a low income, it is quickly impossible to save so much.
How much savings do you need?
How much savings you need depends on your situation. Tenants and couples without children have to save less than buyers and couples with children living at home. Even if you have a car, you have to save extra. The guidelines according to Credit Checker are as follows:
|Family situation||How much savings needed|
|A single person in a rental home||3,550 euros|
|A couple without children with a home for sale and a car worth 5,000 euros||4,000 euros|
|Couple without children with a rental home and a car worth 5,000 euros||4,000 euros|
|Couple with two children, a house for sale and a car worth 10,000 euros||5,000 euros|
With this amount of savings you can absorb unforeseen expenses, such as a faltering car, a boiler that fails or a washing machine that breaks down. Extra savings goals, such as a vacation or your child’s study, fall outside this minimum amount.
Average savings – Tips
If you do not save enough, this may cause problems in the future if unforeseen costs arise. That is why it is important to consider how you can supplement your financial buffer. This starts with opening a separate savings account, so you always see how high your buffer is and you don’t accidentally spend the money on other goals.
Not only does opening a separate savings account help you save more. The following tips also help:
- Make an overview of your income and expenses. First you look at what you can possibly save on (cheaper insurance? Too expensive groceries?). You then determine how much you can save each month. Even if this is a small amount. People who save are more aware of their money.
- Always transfer money to your savings account at the start of the month. Set up a direct debit if you don’t think about it yourself.
- Consider transferring additional amounts, such as your holiday pay, directly to the savings account. If you need the money, you can easily get it back. But if you don’t need it, you don’t spend it either.
- Replenish your savings account as soon as possible if you have paid unforeseen costs. This keeps the buffer up to date.
- Agree with yourself (and possibly your partner) for which costs you will or will not use the savings account. This way you avoid withdrawing amounts too easily.