Wednesday 22 April 2009

Hello world! Its the offical Amanda Steadman Blog

Well its taken me a while but I am finally on here. I also have another wordpress blog ‘onlinesuccess’ but I have been focussing on the offical website www.wealthbabes.com. I am looking forward to joining the proper blog and Internet Marketing community! And also to helping add value to any readers who want to increase income and become more successful…lets rock 2009

Tuesday 21 April 2009

How to tackle low equity in your home…

It’s not just borrowers in negative equity that have cause for concern.

Times are still tough for those with low positive equity.

Falling house prices have plunged many mortgage borrowers into negative equity, in particular those who bought in the middle part of 2007 (now identified as the property price peak), according to trade body The Council of Mortgage Lenders (CML).

It estimates that 900,000 people have already fallen into negative equity and it says that certain parts of the country are affected more severely than others.

According to the CML the concentration of negative equity is by far the greatest in the North, where almost 10% of owner-occupied houses are estimated to be in negative equity.

But in East Anglia, which saw significant negative equity in the 1990s, there is very limited experience of it now. Scotland too has very few borrowers in negative equity — just 1% of total owner occupiers.

The CML also says that two-thirds of borrowers in negative equity have a shortfall of less than 10%.

Low positive equity
But they are not the only people whose equity position could cause them a problem.

Having low positive equity (under 10% for example) can have a similar practical impact to being in negative equity, especially if you want to move house.

This is because mortgage lenders are extremely cautious about high loan-to-value lending, and have all but stopped lending at over 90% LTV with just a handful of deals remaining. In other words they now usually require equity (or a deposit) of at least 10% in order to accept a new mortgage application.

In February last year there were over 1,000 products on offer in the UK with maximum LTV criteria of 90% or above, and over 500 at 95% or above, according to financial information provider Moneyfacts. But as of February 2009 there were less than 100 at 90% and just 10 at 95%. And those higher LTV products that remain are very expensive indeed.

Who does this affect?
The CML estimates that, on top of those with zero or negative equity, there are around 600,000 mortgage holders in the UK whose equity is less than a 5% deposit on an average priced property for a home mover in their region.

And there are a further 500,000 who do not have 10% equity.

This means is that, in total, an estimated two million UK mortgage borrowers would not be able to raise a 10% deposit from their equity, should they sell their home.

But while the range of mortgages on offer above 90% LTV is much more limited and expensive than before, these products do exist. So while it might be expensive for low equity homeowners to move house, it is at least possible.

Below is a range of deals available to home movers with 10% equity and one product for those with less. Note that you may see other deals advertised at 90% or even 95% but many are for first-time buyers only:

90% and 95% LTV home mover mortgages
LENDER TYPE OF DEAL RATE FEE MAX LTV
Post Office Five-year fix 6.01% £599 90%
Post Office Three-year fix 6.02% £599 90%
C&G Five year fix 6.29% £895 90%
RBS/NatWest Two-year fix 6.39% £799 90%
First Active Two-year fix 6.79% £699 90%
Direct Line Two-year fix 6.89% £499 90%
Abbey Five-year fix 7.09% £2,499 95%

Existing lender leeway
For those with low positive equity, or in negative equity, who want to remortgage but are not moving house, there are more options.

At the end of your current deal you will normally move onto your lender’s standard variable rate. While this used to be seen as an expensive option it is currently a very good idea for many borrowers, as lenders’ SVRs are at historic lows.

In addition, you might find that your lender offers you a choice of mortgage in addition to its SVR, even if your LTV is higher that its stated maximum. Halifax and Bank of Scotland for example will allow existing clients in negative equity to fix at a rate normally only available up to 95% LTV, instead of moving onto their SVR. This might be a good option for those who cannot afford an increase in payments and therefore do not want to risk a variable rate.

Yorkshire Building Society will also offer existing clients a deal if their LTV is beyond its usual maximum or they are in negative equity. Nationwide will do this too, but up to a maximum of 95% LTV, above which the SVR is the only option.

Abbey said it will look at cases from existing borrowers that are just over its 95% maximum LTV on a case-by-case basis, but will not offer any mortgage deals other than SVR to borrowers in negative equity.

It’s encouraging to see that if you only need to remortgage, negative equity needn’t mean you have no options, as you could choose between your lender’s SVR and a fixed rate. It’s always worth asking even if they don’t advertise it.

But if you do want to move home things still look tricky, not just for those in negative equity but for anyone with less than 10% equity in their homes. The best thing you can do if you have the money is to overpay your mortgage, try to pay down your debt — and hopefully reduce your LTV.

Published in The property ladder on 21 April 2009

Franck Robert (on Behalf of Amanda Steadman)

Wednesday 8 April 2009

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Tuesday 7 April 2009

World wide rave’ trumps ‘viral’ in the new age of online marketing

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‘World wide rave’ trumps ‘viral’ in the new age of online marketing

The internet’s ability to spread ideas across networks of users rapidly remains one of the most powerful forces in marketing, according to digital marketing innovator David Meerman Scott.

The reputation of viral marketing has taken a bit of a battering of late, but at its heart is an idea that’s worth saving. So says digital marketing expert David Meerman Scott, whose new book sets out to show there is far more to so-called ‘viral’ campaigns than gimmicks and publicity stunts.

The name of Scott’s latest book, World Wide Rave, comes from a term he coined himself in an attempt to capture the original spirit of what he says is “the coolest phenomena on the web.” Scott is the author of several books on online marketing and has a weekly show on online business TV network yourBusinessChannel.

“When an idea takes off, it can propel a brand or company to seemingly instant fame and fortune, for free,” says Scott.

The problem with viral marketing, says Scott, is that it can often rely on the trickery or coercion that characterises traditional advertising and marketing. “It’s the old rules of marketing mindlessly transplanted on the web,” he says, “a transparent attempt to sell products.”

The approach Scott proposes in World Wide Rave, on the other hand, hinges on identifying the kind of content that your audience actually wants to consume. A ‘world wide rave’, he says, is when millions of web users out there will then find their own ways to share your story, because they are genuinely excited about it.

All this sounds good in theory of course, but the really hard part is creating really appealing online content. Of course, Scott has plenty of recommendations on that.

First, he says, forget about your company and its products. You’re trying to excite your audience, remember, not bore them senseless with self promotion.

Next, make your content remarkable. You want to get your audience talking and inspire them to share your material. Create something that is highly useful, valuable, outrageous, funny, or innovative. Or all of those things!

It is critical, says Scott to give great content away for free. And free means free: no email sign ups, just let them have it. Make it highly accessible, through your website and blog, and on online networks like YouTube and Facebook.

Finally, Scott admits that you can never be completely sure what will take off. With this in mind, he recommends trying a number of different approaches and vehicles.

Roll out a few ideas, and one of them is bound to work: because if there’s one thing about the internet you can rely on, it’s that it’s an unpredictable beast.

Looking for low risk, results based marketing help? Apply for the Million Dollar Challenge and access business development advice and campaign tools drawing on over US$1 million worth of expertise.

For up-to-the-minute business advice from leading business experts, choose from over 600 business TV shows on yourBusinessChannel. New shows are produced every day, and all are free to view.

Saturday 4 April 2009

Post Easter Social For Millionairess Club - Tuesday April 21st

Join us for an informal social to catch up on all the successes of the Millionairess Club after Easter. This is a FREE event and will be starting on TUESDAY 21st April at 7pm at Jewel Bar in Covent Garden down Maiden Lane!

We look forward to seeing you all!

Have a great month!

Amanda