Malta is a South European country near Sicily and Tunisia and is one of the world’s smallest countries on par with South American countries. Malta has great historical significance dominated by different countries until its last captor, the United Kingdom, finally ended its reign in the country in 1964. The country has a good economy, but that is just one reason why you should stay and get a property in Malta.
1. The Mediterranean/ South American Vibe
Many tourists find South America as the foremost “summer vacation spot” because of its tropical atmosphere. In Malta, you could have the same atmosphere and scenic sunsets, yet have the best weather of having 5 hours of sunshine a day. The tropical vibe could visit by the morning with the country’s lush tropics, then end up with a Mediterranean mood as the sun sets.
Because of its rich history dominated by Phoenicians Greeks, Christian Crusaders and later the British, Malta’s culture is very diverse as it is very endearing. Greek architecture is interspersed with Mediterranean and British architecture throughout history. Many of the oldest manmade structures in the world, such as the Ggantija, exists in Malta. It’s Roman heritage explains the mosaic floors and classical architecture that also exist in the country.
Malta has an advanced economy that depends on cotton and tobacco exports. It ships to different countries all over the world through its shipyards. It’s primary resources are limestone and it produces 20% of the food it consumes. Film production is a booming business in Malta because of its scenic locations visited by different film producers and companies. It also has no property tax.
Every UK citizen has the right to file for accident claims if they suffer injuries when it is not their fault. With high risk of injuries and loss of wages, an accident claim can provide victims the support they need. However, the Ministry of Justice plans to reduce the number of fraudulent accident claims by abolishing the win/lose no fee accident claims system and replacing it solely with the no win no fee accident claims system.
With only the no win no fee accident claims system, victims may be undercompensated because they need to pay 25% of their compensation to their legal representatives. In a win/lose no fee situation, legal representatives take their fees and success fees from the MOJ or the insurance company while victims keep all their compensation. For serious cases, such as severe car accident injuries or medical negligence, having legal help may not be an option, allowing insurers and offenders to pay less.
The MOJ imposed the new claims system because claims management companies and personal injury lawyers brought in a great number of claims, with some appearing to be fraudulent or exaggerated, yet bound by legal expertise, were able to earn great compensation. To lessen the number of claims management company-dependent claimants, they enforced the no win no fee claims system back on track.
However, personal injury lawyers say that it is unfair for victims because without legal advice, insurance companies and offenders can just offer a lump sum payment, which will leave customers undercompensated. Critics agreed with their statements, given that the implementation of the no win no fee would leave victims at a lose-lose situation.
Analysts and experts said that refunding PPI repayments to customers can cost banks more than £25 billion in total just for this year. Currently, £14 billion is the total of the PPI compensation package for the United Kingdom, which is already staggering. However, experts say that the financial industry underestimated their mis selling activities for the past decade.
Experts said that the amount of £25 billion is probably not the final amount of the PPI compensation package; some small detail will lead to the increase of this staggering total. However, they said that it is truly one of the biggest recompense amounts for a financial scandal, putting PPI mis selling as bigger than the pension scandal years ago.
Lloyds recently set aside £1 billion more for PPI recompense, bringing its total compensation to £6.3 billion, the largest of all four major UK banks. The Financial Services Authority recently penalized the bank for an “inadequate” PPI repayment system that cost around 240,000 customers to wait for more than 28 days to six months in getting their compensation.
Credit unions are the first stop of any customer who finds their credit scores inadequate to get banks to finance them. However, credit unions only have limited funding, which is why they can only choose select customers they can finance. If you want to get an affordable financing from a credit union, take note of the following.
1. Credit Scores
You might have a low credit score, but most credit unions will not consider your credit score. Instead, they base it on your financial capability, employment stability and current financial capability. You will be asked for an interview with one representative.
2. Common Ground
As credit unions have smaller vaults than banks, they select customers who share a “common ground” with them in terms of profession, race, nationality, ethnicity or industry. Try to find your own common ground first before heading to apply for a mortgage or any financing with a credit union.
Credit unions can only provide you a certain amount when it comes to home, car or any type of financing. It might not promise that it can pay for your item in full, but it can certainly promise you lower interest rates and flexible repayment options. You even have the option to pay for your refinancing with a small top-up amount with your regular repayments.
Payment protection insurance is a general term for an insurance that repays loans, mortgages and credit cards when the customer suffers injuries or is unable to work. Being a general term, it can also be named differently, but still function similar to a PPI policy. Here are the different kinds of PPI that exist, and may continue to be sold in the United Kingdom, today.
1. Credit Life Insurance
Credit life insurance is what usually comes with credit cards and loans that provide financing repayment in case of customers having health and unemployment problems. This type of insurance is a variant of PPI, and it costs more than the average single premium PPI policy.
2. Credit Disability Insurance
Credit disability insurance, also mis sold alongside credit cards and loans, covers your repayments in the event you become unemployed. It does not cover your repayments when you get sick or you face an accident. This is a single premium PPI policy and can commonly be mis sold by insurance brokers and banks.
3. Credit Accident Insurance
This is sold alongside loans, credit cards and mortgages and is also a single premium PPI that pays only for your financing if you get into an accident. The insurance policy does not cover being unable to pay due to unemployment .
Looking to raise your home equity? You’re reading the right article! Home improvement is actually important before you sell your house or use it as collateral for your financing. Here are some good areas to start improving your home.
Your home’s water series and passages should be improved if you find leaks or troubles when turning on your faucets or showers. Repairing these can improve your home’s value by up a great notch. Most old homes that are resold usually have lower ratings because of poor water sourcing. Try to replace pipes and patch up waterworks with superior repairs before selling your home.
An insulated house works great for anybody and it is the most inexpensive and easiest improvement you could do for your home. Soundproof your AV and living room, replace your windows with sliding ones that have glazed glasses. A good insulated house ensures maximum HVAC system output during the cold weather, saving the new owners much in electricity prices and making your house more expensive.
A good kitchen is one that has enough vents to send out the smoke or at least smother it while cooking. Replace any broken tiles. You don’t actually have to spend so much for replacing your tiles with fancy looking ones; all you need is some creativity. With a few principles of kitchen design and knowledge about tile composition and material, you could even attach these items yourself.
Having two bathrooms in your house makes it more expensive, especially if the personal quarters is located on the top floors. Two bathrooms makes it convenient especially if there are more than five people living in the house.
You might be planning to move out soon or sell business property to improve your home or business. If you’re having trouble finding buyers for your properties, you’ll need to take advantage of new technology and some services to ensure you sell your properties having a good, market-sellable price and profit. Here’s what you need to know.
1. The Internet
Online forums and retail websites feature property selling services and product listing. Aside from selling your usual products and services, you can also sell your properties using these websites. Interested people can contact you to look at your property and negotiate personally for the price.
2. Real Estate Agent
Real estate agents are normally the people you are looking for when selling your home. The agents can appraise your properties, tell you which areas and parts of the properties needs repairs and improvement and how you can raise the price of the property you’re selling. However, you will need to pay for their professional fee and they are to receive commission should they successfully your properties.
3. Industrial Communities
Most industrial communities have a network of property dealers. If you have an abandoned factory, assembly or production line, you can work with the property dealers to introduce your property to others related in the industry. You can earn more from selling your properties as industries look for quality and utility in most industrial properties.
It’s no surprise that first time buyers are struggling to get on the property ladder, there are few 90% mortgages out there never mind 95% or 100%. Add to this the high rental costs eating into income that would otherwise be saved for a deposit and those looking for their first home are barely able to dream about ownership.
The property market is one big tease at the moment, with cheap properties flaunting themselves in front of would-be buyers in great numbers but those very same buyers are unable to take advantage. It’s so hard to get a mortgage at the moment that properties are spending months on the market at reasonable prices, even potential buyers with a healthy deposit cannot get the financial support they need from their lender.
The stress is not only on buyers but also sellers and estate agents, with ready-to-go-buyers at a minimum property chains are going stagnant as agents are unable to complete deals. This puts the agent-client relationship under immense pressure as the realtor looks to do all they can to move the process along but is ultimately at the mercy of the lenders; if they hand the cash over – it’s on, if they don’t – it’s not.
Speaking about the state of the market, Vicky Bibiris from Stoke Newington estate agent Location Location, said: “It’s a trying time for all estate agents at the moment with relationships constantly on tenderhooks. But the vendors and buyers have the biggest problems, unable to sell and unable to buy they are stuck until lending criteria are relaxed.”
Ms Bibiris added: “While the rental market is bouyant and prices are high, first time buyers look to be facing a period of uncertainty if the recent BSA report is to be believed. Here in North London and across the capital; prices are rising steadily putting new homes even further out of reach for many, it’s a good time to have a healthy deposit stashed away.”
The BSA (Building Societies Association) report believes first time buyers will have to save for at least 10 years to put a deposit in place, despite a 34% rise in lending in the mutual sector. Shockingly; research conducted by the BSA found that one in five first-time buyers believed they would still be renting or living with family in 2022.
The current UK payment protection insurance bill has now reached a staggering amount of £12.94 billion according to recent figures. According to financial experts, the numbers are still rising as more claimants with larger interests and longer time owning the insurance come forward to make a claim.
The financial industry is currently swamped with mis sold PPI claims and large PPI bills. Currently, Barclays has £3.7 billion pledged for mis sold PPI, HSBC has pledged an additional £223 million, bringing their total bill to £1.3 billion. Lloyds, the biggest mis seller of PPI, has reached £5.3 billion, the largest amount of all compensating parties.
PPI is an insurance product designed to repay a loan, mortgage or credit card in case the customer gets sick or unemployed. Many customers were mis sold the insurance under mis-interpretation and unnecessary inclusion.
Customers such as “Roberta” who gained £65,000 for a mis sold PPI continue to alarm analysts and the financial industry. Thousands of customers with potentially a decade of compound interests can instantly bring the PPI compensation bill to £16 billion by 2013.
However, the slowing down of the PPI claims process is entirely blamed by authorities on the banks themselves. The Financial Ombudsman Service Chief Natalie Ceeney states that 7 out of 10 claims rejected by banks were all valid, meaning that the investigative arm of the financial industry are not paying full attention to the claims or are not giving proper processing to the cases themselves.
Do not fear the economic crisis’ effects on the property industry; it is still fairly easy to get approved a mortgage application and get re-financing with the current economy. However, you will need to get your financial profile in shape. Most lenders consider your credit score, your financial capability and your personal touch in your application to give you a lower interest rate and instant approval. Here are the basic steps to getting your mortgage approved.
1. Credit Scores
Your credit score is the heart of your mortgage application. Don’t consider applying for mortgage if you have a low credit score. A score of about 630-680 should be enough for your lender to consider giving you a lower-interest mortgage proposal. Double-check if the credit bureau had given you the correct update on your credit scores as well.
2. Your Requirements
Most lenders require that you have your payslips, tax forms, employment details and other information including your existing financing. Prepare these forms in both hard and soft copies and have multiple copies prepared. A delay in your application may mean the progress of your savings and you losing the application in itself. As soon as you apply, supply copies of these documents.
3. Have More Choices
You can haggle with your lender regarding the mortgage rates they offer you and the best way to haggle is to have information from their competitors. Mortgage deals may be advertised, but the adjustments made by other brokers to you own particular benefit may lower the rates proposed to you by an initial offer.
It is possible to re-finance your closing costs with the same lender as long as you show you are capable of maintaining your credit score. The approval of the application is the first half of the battle; the other part is maintaining your score that would grant you lower rates on your re-financing with the same lender.