HSBC has enjoyed being named the top mortgage lender of 2008 recently, taking the title from the 2008 winner, which was the Furness Building Society. (more…)
Tags: hsbc, mortgage lendingHSBC has enjoyed being named the top mortgage lender of 2008 recently, taking the title from the 2008 winner, which was the Furness Building Society. (more…)
Tags: hsbc, mortgage lendingThe shadow housing minister, Grant Schapps, has recently expressed concern over the interest rates that are being charged on some payday loans, describing the rates as ‘obscene’. (more…)
Tags: payday loanAccording to recent reports a major Irish bank plans to cut back on its mortgage lending operations in the UK, further impacting on the already struggling mortgage market and increasing the difficulties that borrowers face when it comes to getting a mortgage. (more…)
Tags: bank of irelandThe Land Registry has recently released figures that show that house prices fell by a nearly 2 percent in November, taking another tumble of around 1.9 percent. Officials said that as market activity fell for yet another month the value of homes also fell. (more…)
Tags: house pricesThe results of a recent poll have revealed that an increasing number of middle class homeowners are concerned that they will not be able to keep on top of their mortgage repayments over the coming year, according to a recent report. (more…)
Tags: middle class, mortgagesAccording to recently released reports many of the estate agents in the London area have been selling an average of less than one property per month, as the housing downturn continues its downward spiral. (more…)
Tags: house prices, london estate agentsAccording to recent reports many banks are now using a range of excuses to turn down mortgage applications, as more and more banks shy away from lending money as a result of the ongoing financial crisis. Reports have claimed that lenders are using any excuse to turn down mortgage applications from consumers, adding that potential borrowers are being turned down for ‘the most spurious of reasons’. (more…)
Tags: banks refuse mortgages, mortgagesFollowing the recent Monetary Policy Committee meeting held last week the Bank of England has announced that the UK base interest rate has been cut yet again, falling by 0.5 percent from 2 percent to just 1.5 percent. (more…)
Tags: bank of england, interest ratesTwo major UK lenders have decided that they are going to postpone making any house price forecasts for next year in the current climate, even though they have been forecasting house price movement for years. Usually the Halifax and the Nationwide tend to forecast prices for the coming year, but this has all changed following a particularly turbulent year for the housing sector where there are now mixed opinions on what will happen with house prices over the coming year. (more…)
Tags: house prices, council of mortgage lendersAccording to a recently released report house price falls in the UK are coming at a faster pace than the hour price falls during the crash of the 1990s. November saw the property market go through a sharp and rapid deterioration, with data from the Halifax suggesting that house prices had fallen by over 2.5 percent over the month. This took the annual house price fall for November to over 16 percent based on these Halifax figures, wiping over £30,000 from the value of the average property on an annual basis. (more…)
Tags: house pricesAccording to a recent report the number of mortgage products being offered by lenders across the UK is continuing to fall, with lenders favouring those with higher deposits to put down in the current financial climate, resulting in fewer mortgage products being made available by lenders for those that do not fit into this group. (more…)
Tags: mortgages, mortgage productsA recent report claims that millions of borrowers could be entitled to sue lenders and claim back a percentage of their loans, and this is because of alleged mistakes that some lenders have made with their loan contracts. Banks could be left facing whopping bills at a time when their financial situation is already facing massive problems, and some experts reckon that some consumers could end up being able to wipe out all of their debt as a result of the errors. (more…)
Tags: PPIAccording to recent reports many cash strapped consumers are paying higher than average rates of interest on personal loans, and amongst those being stung by these higher rates are pensioners and those that have a damaged credit rating – groups who are often struggling financially and can therefore ill afford to be paying higher rates of interest than most others. It is thought that some poorer consumers could be facing interest rates of close to 20 percent on personal loans with some lenders. (more…)
Tags: loan rates, loansA recently released report has shown that mortgage lending in the UK has shrunk yet again, with figures indicating that the level of mortgage approvals is now around 60 percent lower than it was for the same period last year. Mortgage approvals have plummeted over the course of this year with banks too wary to lend money in the current financial climate, and many consumers too wary to apply for a mortgage and buy a property because of the ongoing falls in house prices, which could leave them open to negative equity. (more…)
Tags: mortgagesOver the past year the UK has seen its property prices plummet month on month, with prices now having fallen by far more than many had originally predicted and with further house price falls expected over the coming year by many industry experts. Many sellers have either had to accept lower offers for their properties or have been unable to sell, although the situation for buyers has also been difficult due to the difficulties that many have had in security mortgages despite the decrease in property values. (more…)
Tags: house pricesNationalised lender Northern Rock, which was nationalised earlier this year after becoming one of the first major victims of the global credit crunch in the UK, has been accused of selling off repossessed home at knock down prices in a bid to try and get back as much money as possible as quickly as possible rather than trying to get the best price for the former homeowner. (more…)
Tags: northern rock, repossessed propertyAs most people are only too well aware the housing market is still going through a severe slump at present, with house prices plummeting and many struggling to sell their homes for as much as they hoped. For many the housing slump has proven to be bad news but for some people the plummeting house prices spell good news. Industry officials claim that cash rich consumers and those able to get finance could get their hands on the ideal property at a fraction of the original price, which means that getting your hands on your cream property may not be as difficult as it has been in the past. (more…)
Tags: property salesAs most people are aware the housing market is going through a lot of turmoil at present, as it has been for some months. Many homeowners are unable to keep up with mortgage repayments due to financial difficulties and this has led to a rise in repossessions. And whilst house prices have been falling many would be buyers cannot get the finance that they need to take out a mortgage because of the tighter credit conditions that have come into play over the past year due to the global credit crunch. (more…)
Tags: repossessed property, property investors, property auctionEarlier this month the government announced further details relating to the homeowner mortgage support scheme that was first mentioned by the Prime Minister, Gordon Brown, at the beginning of December. The basic aim of the scheme appears to be quite simple – that homeowners will receive assistance and support with regards to mortgage interest payments for up to tow years through deferred payments in the event that they suffer a sudden loss of income through their employment or self employment. (more…)
Tags: mortgages, government mortgage supportAccording to recent reports the 100% mortgage could be on its way back through a government backed scheme aimed at first time buyers and low income households after being wiped from the shelves earlier this year by worried lenders that did not want to take the risks associated with these mortgages during the ongoing global credit crunch. (more…)
Tags: 100% mortgagesLenders who deal with home loans have been given a fairness deadline, and have been told that they could face hefty fines if they fail to treat customers fairly when it comes to dealing with arrears on home loans. Lenders have been told that they must prove that customers that are in arrears or are facing repossession are being treated fairly and that they have to provide this proof by 31st of January. (more…)
Tags: FSA, mortgagesEach year a number of major lenders in the UK, along with the Council of Mortgage Lenders, tend to prepare a forecast for house prices in the UK over the coming year. However, this year has been very different, largely due to the turbulent housing market, tumbling house prices, and the unpredictable climate. In fact, it has become increasingly difficult for even industry experts to predict what will happen with house prices over the coming year, and this is why some have decided not to bother. (more…)
Tags: house pricesRecent reports have indicated that despite the base rate cuts that have been applied by the Bank of England over the past few weeks some homeowners may not actually benefit from these reductions, as many lenders have not passed the rate cuts on. The central bank is expected to cut rates further next year, but some feel that many of the major UK banks will ignore the reductions and fail to pass them on. (more…)
Tags: base rateOfficials from the Council of Mortgage Lenders have recently stated that the situation with mortgage lending levels may get worse, stating that whilst mortgage lending has certainly been rationed over the course of this year as a result of the global credit crunch and tighter lending conditions the likelihood was that it would be further restricted over the coming year. (more…)
Tags: council of mortgage lenders, mortgages