Figures that were recently released by the Bank of England have shown that for the month of January mortgage approvals for property purchases levelled out, standing steady at 31,000. (more…)
Archive for March, 2009
Mortgage approvals held steady for January
Tuesday, March 31st, 2009
Cost of renting a property falls
Monday, March 30th, 2009Recently released figures have suggested that the cost of renting a home in the UK has been falling, and this is as a result of a rising number of property owners putting their homes up for rent because they cannot sell them in the current climate. (more…)
Tenant eviction numbers increase
Sunday, March 29th, 2009According to a recent report there has been a notable rise in the number of tenants being evicted from private landlord properties, and this is as a result of the landlords being unable to keep up with repayments on the mortgage on the property, thus resulting in repossession of the property. (more…)
Property sales sink again in February, states RICS
Thursday, March 26th, 2009Since the onset of the global credit crunch credit conditions and mortgage lending have become very restricted, and many people are finding it difficult to get a mortgage or other type of credit, which has had a severe knock on effect on many different industries. (more…)
Falling House Prices Affects the UK Real Estate Market
Wednesday, March 25th, 2009With the world in a recession, house prices in the UK have fallen to levels not seen since March 2005. There has been a drop of 15.1% in prices in the past few months and in January alone, the housing market suffered a 0.8% decrease in prices. (more…)
90 percent mortgages make a comeback with the Rock
Tuesday, March 24th, 2009Previously troubled and now nationalised bank Northern Rock has announced in the past few weeks that it is making a multi-billion pound return to the mortgage market, and will be offering mortgage loans of 90 percent of the property value to eligible consumers. (more…)
Are house prices in the UK going to continue falling?
Monday, March 23rd, 2009For homeowners the ten years leading up to the third quarter of 2007 were very fruitful in terms if finances, the main reason being that house prices rocketed, and those that were lucky enough to own a property saw the value of their home soar and the equity in their properties shoot sky-high. (more…)
Increased availability of home loans unlikely in the near future
Monday, March 23rd, 2009A recent report has indicated that it is unlikely that there will be any significant increase in the availability of home loans in the near future. (more…)
Phantom mortgage cause problems for homebuyers
Sunday, March 22nd, 2009According to a recent report a number of lenders are offering mortgages that do not actually exist, which is causing problems for many buyers who think that they have found the perfect mortgage deal only to find that there is no mortgage deal to be had. (more…)
Beware of adverts that offer to clear your debts
Friday, March 20th, 2009Over the past couple of years we have all become used to seeing a variety of advertisement from debt companies that offer to take control of our finances and debts, clear our debts within a relatively short space of time, and leave us debt free with no hassles or problems from creditors. (more…)
Lower Bank Rates to Stimulate the Economy
Thursday, March 19th, 2009For the first time in history, the bank rate charged by the Bank of England stands at 0.5%, the sixth straight cut to the rate in an effort to revive the sagging economy. Another policy introduced by the bank is that of quantitative easing, which means the bank will place more money in the system to the tune of £75 billion. (more…)
Rise in number of tenants being evicted
Wednesday, March 18th, 2009Recently released figures have shown that there has been a sharp rise in the number of tenants that are being evicted from private landlord accommodation, and this is because the landlords are falling into arrears with the mortgage on the property, resulting in the home being repossessed. (more…)
Will property sales rise over coming months?
Wednesday, March 18th, 2009There is little doubt that the past year has been a shocking one in the housing and mortgage sector, and the lack of mortgages and tighter credit conditions that have stemmed from the global credit crunch have had a severe knock on effect on the house market. (more…)
Lenders shut doors on homebuyers
Tuesday, March 17th, 2009A recent report has indicated that many lenders have now shut their doors on a large number of homebuyers, with many banks and building societies leaving homebuyers out in the cold. (more…)
Is it the end for self cert mortgages?
Monday, March 16th, 2009A recent report has suggested that the days of self cert mortgages could be coming to an end, as lenders become increasingly cautious and stringent with regards to who they will lend to in what has become a very volatile and difficult financial climate. (more…)
Northern Rock uses taxpayer’s money to revive mortgage lending
Sunday, March 15th, 2009The nationalised bank, Northern Rock, is apparently using taxpayers’ money to revive its mortgage lending operations, according to recent reports. (more…)
Gieve wants mortgages to be capped
Saturday, March 14th, 2009Sir John Gieve has recently stepped down from his three year role as deputy governor of the Bank of England, and was recently speaking at a farewell speech, where he commented on a number of issues, including the financial crisis and how it had been handled by the government and the tripartite system put into place by Gordon Brown in 1997. (more…)
PPI with loans to be banned
Friday, March 13th, 2009Officials from the Competition Commission have recently confirmed that the sale of the controversial insurance cover known as Payment Protection Insurance or PPI is to be banned in 2010. (more…)
Mortgage numbers not as restricted as many might think
Friday, March 13th, 2009A recent report has suggested that the whilst most consumers are of the mind that there are very few mortgage products available on the market, the number of mortgages on offer may actually be considerably higher than many people might think. (more…)
Getting into the property ladder still a problem for first time buyers
Thursday, March 12th, 2009Over recent weeks estate agents and surveyors have been stating that the markets could be easing and that the level of interest in property purchasing has increased as a result of rock bottom interest rates and falling house prices. (more…)
100% mortgages were ‘foolish’
Wednesday, March 11th, 2009Following calls from the Prime Minister, Gordon Brown, for more ‘prudent and careful’ lending, the City Minister, Lord Myners, has stated that the 100 percent mortgages that were once so popular in the UK were ‘foolish’. (more…)
Redrow sees revenues fall by nearly 60 percent
Tuesday, March 10th, 2009A leading house builder in the UK has revealed that revenues have fallen by almost 60 percent as the mortgage crisis in the UK continues. In the last twelve months house builder Redrow has seen revenues plunge by more than half with a drop of 58 percent. (more…)
Mortgage conditions become tougher
Monday, March 9th, 2009As most people are already well aware mortgage conditions and credit conditions in general have become increasingly tough since the onset of the global credit crunch in the latter part of 2007. (more…)
Two new fixed rate deals launched by HSBC
Monday, March 9th, 2009Over the past few weeks a number of lenders have been launching new fixed rate mortgage deals with competitive rates of interest, and this follows the base interest rate plunging to a fresh record low of just 1 percent, which was announced after the February Monetary Policy Committee meeting. (more…)
House prices still falling
Monday, March 9th, 2009According to a recent survey from the Royal Institute of Chartered Surveyors, house prices across the UK continued to fall for the month of December, with the average number of sales per month per estate agent also falling in the final quarter of last year. (more…)
Many people trying to reduce their mortgage debt
Sunday, March 8th, 2009According to a recent report more and more people are now trying to reduce their mortgage debt by overpaying on their mortgages as and when they are able to. (more…)
Over a million in negative equity
Sunday, March 8th, 2009Recently released figures have suggested that the fall in house prices has now resulted in over one million homeowners being plunged into negative equity. (more…)
Have you managed to streamline your New Year debt?
Saturday, March 7th, 2009Although it may seem that Christmas is long gone, it has actually only been a couple of months since the festive season and New Year, and sadly many people are still reeling from the financial repercussions of the period, having spent far more than they intended to, and often having put the cost of the season on their credit card or used some other form of borrowing to pay for it. (more…)
CML wants lower cap on mortgage interest rate reduction
Friday, March 6th, 2009The Council of Mortgage Lenders has asked for a lower cap to be introduced, which would mean that mortgage lenders would not be expected to reduce their mortgage interest rates beyond a certain level. (more…)
Analysts predict a greater number of repossessions this year
Thursday, March 5th, 2009Last year the Council of Mortgage Lenders predicted that the number of repossessions in the UK could reach as many as 75,000 over the course of this year, which is a worrying figure in itself. (more…)
More people turning to variable rate mortgages
Wednesday, March 4th, 2009Recent reports have suggested that the number of people now turning to standard variable rate mortgages is increasing, as borrowers take advantage of the sharp falls in the base interest rate. Just a couple of years ago borrowers were flocking to take out fixed rate mortgages following a series of base rate increases and amidst fears of further rate increases. (more…)
Debt management enquiries to Payplan increase
Tuesday, March 3rd, 2009An official from the debt management service Payplan has states that the level of debt management enquiries in the middle of January this year soared, as an increasing number of worried consumers faced up to the fact that they may struggle with their finances over the course of this year. (more…)
Situation with mortgages set to get tougher
Monday, March 2nd, 2009In 2008 the UK went through a very turbulent financial period, and after ten years of relatively laid back and easy credit conditions many consumers felt the sharp shock of suddenly being unable to get their hands on affordable credit. (more…)