Glitec Loans

FOS and FSA still cracking down on loan insurance

Although the subject of loan insurance, otherwise known as Payment Protection Insurance or PPI, has been at the centre of heated controversy for some time, this product still continues to attract complaints from customers and concerns from a variety of industry professionals. In fact, the UK's financial regulator, the Financial Services ...

Government takes on the loans of another bank

Early this year the government announced that it was taking over the stricken bank Northern Rock, and passed legislation to allow the rapid nationalisation of the bank. The government has now used this same legislation to rush through the nationalisation of another struggling lender, the Bradford & Bingley. The government has announced that it is ...

Sell your home online and save some money

Industry experts have pointed out that some homeowners who want to sell their properties and want to try and recoup some of the money lost through falling property prices could actually benefit financially by selling their home online rather than through the traditional and expensive route of using an estate agent. This could be especially ...

Consumers warned over high fees on mortgages

With interest rates still high and consumer affordability stretched many people looking to remortgage or take out a new home loan are looking out for competitive headline rates to try and get the best deal possible at a financially difficult time. However, industry experts have stated that consumers need to be careful that they do ...

Auction cut prices on property

Potential property purchasers that want to take their chances on properties that go up for sale at auction could benefit according to a recent report, which suggests that auctions are cutting the prices of their properties. Auctioneers are being forced to cut the prices on properties going under the hammer due to the housing slump, ...

FOS still cracking down on loan insurance

The gap widens between buyers and sellers

Over the years an understanding has developed between sellers and buyers when it comes to the property market. Buyers are well aware that sellers will pull out all the stops to try and get the asking price on a property, and that many would put their property up at a slightly higher price so that ...

Help needed for homebuyers states OFT

Officials from the Office of Fair Trading have stated that more help is needed for homebuyers in the UK from house builders. Following an investigation by the OFT, house builders are to set up a new code of conduct to address issues relating to dissatisfied customers. The investigation showed that many home buyers had experienced ...

5% deposit mortgages difficult to find

A recent report has indicated that the traditional 95% mortgage, with just a 5% deposit from the borrower, is becoming increasingly difficult to find. Until the onset of the credit crunch borrowers could easily get 95% mortgages, 100% mortgages, and even 125% mortgages, but over the past year all of this has changed. The 125% ...

Banks cut mortgage rates after surprise announcement

Earlier this week the Prime Minister, Gordon Brown, and the Chancellor of the Exchequer, Alistair Darling, announced that the UK base rate was being cut by 0.5% from 5% to 4.5% in a surprise move one day ahead of the Monetary Policy Committee meeting. Other central banks around the globe, including the US Federal Reserve ...

Mortgage deals axed following B&B collapse

According to a recent report a huge number of mortgage products from lenders were axed following the high profile collapse of Bradford & Bingley, which was recently part nationalised. Shortly after the collapse over 10% of mortgage that were on offer to borrowers, buy to let investors, and those looking to remortgage were pulled from ...

£30,000 fine for mortgage broker

A mortgage broker from the UK has been fined a massive £30,000 by authorities after being accused of giving advice that put consumers at risk during the ongoing global credit crunch and financial crisis. William John Evans, along with a fellow director from Abbey Mortgages, were fined by the Financial Services Authority earlier this month. ...

Bad news on home loan numbers from CML

In a recent report released earlier this month officials from the Council of Mortgage Lenders claimed that the number of value of homes loans had fallen to the lowest level of record, with the number of home loans dished out in the month of August standing at just 42,000, which reflects a drop of 59% ...

Estate agent sales levels result in fee free sales

As many news reports have shown the number of properties being sold in the UK has plunged over recent months, and homeowners that are looking to sell up are suffering real problems. Many people cannot get a mortgage to purchase a property at present because of the tighter credit conditions, and many others do not ...

London homes up for sale for three months or longer

Industry officials have claimed in a recent report that many of the properties going up for sale in London are up for sale for three months or longer. The slump in the housing market has resulted in many homes stagnating on estate agents' books, with many buyers either unwilling to buy due to falling house ...

Competition Commission concerned over competition with PPI

The financial news has been filled with stories about problems relating to payment protection insurance or PPI, with evidence that this insurance has been mis-sold to consumers for a number of years, and that lenders were using a range of tactics to try and make borrowers take out this cover when taking out finance. The ...

Nationwide passes on some of interest rate cut

According to recent report the Nationwide Building Society is planning to pass on part of the latest base rate cut, although it will not be passing on the full rate cut to borrowers. Officials state that as of the start of November Nationwide will be reducing the interest rates on its standard variable rate mortgages ...

Brits being hit with rocketing loan interest rates

Since the onset of the global credit crunch consumers in the UK have been affected in many ways, with the cost of borrowing rocketing and with availability of finance in all sectors becoming more restricted and difficult. Many consumers have found that whilst they were able to get finance with relative ease a year or ...

House price falls worse than in 1990s

A recent report has suggested that the house price falls that are currently being experienced in the UK are actually worse than those seen in the 1990s. In fact, the data suggests that in the past twelve months the average UK home has lost more in value than the whole of the period in the ...

Sellers being forced to slash prices

According to a recent report homeowners that are looking to sell their properties are being forced to slash their asking prices in order to secure any hope of selling their property in the current financial climate. Fears over negative equity due to falling property prices, coupled with difficulties in obtaining affordable mortgages, has left many ...

Repossession levels soar

Recently released figures have shown that repossession levels have soared recently, and that in the months to come the number of repossessions compared to last year could rise even further. Figures from the Financial Services Authority have indicated that repossession levels increased by around 71% between April and June of this year compared to the ...

Is the current house price crash worse than that of the 1990s?

As most people are only too aware the value of property has been falling month on month for the past year, and property prices have plummeted since they hit their peak last October. Many homeowners have seen thousands of pounds wiped off the value of their homes in the space of just one year, and ...

Slight increase in mortgage approval levels for September

According to recently released figures there was a slight increase in the level of mortgage approvals in the UK during the month of September compared to the previous month. There were 21,342 mortgages approved for the month of August, and there was a slight increase for September, where 23,422 mortgages were approved. Whilst the slight ...

How will buy to let landlords fare after B&B collapse?

The recent collapse and part nationalisation of Bradford and Bingley came as a shock to some, and none more so than the many buy to let landlords that have been affected by what has happened to the lenders. The Bradford & Bingley has been a primarily buy to let lender, and many landlords may have ...

Base rate cuts need time to take effect

A policymaker from the Bank of England has said that the recent rate cuts are going to take some time to take effect and feed through to the economy. Andrew Sentance reckons that negative performance indicators in the economy will continue into next year despite the recent drastic rate cuts, as these will need time ...

Is now the time to take out PPI?

The subject of PPI, or Payment Protection Insurance, has been a controversial one for the past couple of years, with a huge amount of controversy relating to the mis-selling or this cover, and financial authorities really clamping down on lenders and providers that are found to be breaching guidelines relating to PPI sales. The bad ...

What will our Christmas spending be like this year?

Many consumers in the UK have had a very difficult financial year over the past twelve months for a number of reasons. Whilst interest rates have now dropped to 3% after some drastic cuts by the Bank of England many have spent the past year trying to cope with high repayments, which has left them ...

Are you facing repossession?

If you are in danger of facing repossession at the moment then you are not alone, as there has been a sharp increase in the level of repossessions of late, with more and more homeowners losing their homes. In fact, figures have recently been released that show the level of repossessions for the third quarter ...

Can an interest only mortgage ease your finances?

A recent article has suggested that struggling homeowners who are finding it difficult to make ends meet each month could benefit from opting for an interest only mortgage in order to reduce monthly repayments. It also suggests that those getting onto the property ladder for the first time could keep their monthly costs down to ...

Parents providing help to many first time buyers

For many years first time buyers have struggled to get onto the property ladder for one reason or another. For a number of years the problem has been the soaring price of property in the UK, but more recently, even thought house prices have been falling, other problems have emerged for first time buyers. This ...

Drop in mortgage approvals as consumers spend deposits elsewhere

Reports have shown that October saw a further decrease in mortgage approval levels, falling by nearly two thousand compared to September and plunging by a massive 52 percent compared to October of last year. It is thought that part of the reason behind the fall in mortgage approval levels is that consumers have found other ...

Rates on personal loans have soared

Most people are well aware that the financial sector has been deeply affected over the past year as a result of the global credit crunch, which has affected all sectors of the financial industry and has seen credit conditions become far tighter and borrowing rates become far more expensive. However, over the past year the base ...

Are those with bad credit being targeted by high interest lenders?

Over the past decade having damaged credit did create problems for those that were looking to take out finance. However, in the days of easy credit even those with damaged credit were able to get finance at a relatively affordable rate. However, these days are now gone and now those with bad credit will find ...

NCC cuts ties with doorstep lending site

The National Consumer Council, which was recently renamed Consumer Focus following a merger, has reported that it is not part of a relatively new website that was set up to help consumers find the cheapest doorstep lenders. The reports indicate that the consumer watchdog is trying to distance itself from the website, which was set ...

Homeowners will not necessarily benefit from rate cuts

Recent 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 ...

Is there any point forecasting house prices for next year?

Each 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, ...

Brown and Purnell described as being loan sharks

The Prime Minister, Gordon Brown, and the Work and Pensions Secretary, James Purnell, have been accused of acting like a couple of loan sharks after proposing the introduction of crippling interest rates on vital loans that are designed to help the poor to cope with unforeseen emergencies. The government's social fund is designed to provide ...

It's not just the UK reeling from house prices

Over 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 ...

Another fall for mortgage lending

A 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 ...

Cash strapped consumers paying higher rates on loans

According 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 ...

Lenders continue to offer fewer mortgage products

According 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. ...

House price forecasts put on hold by lenders

Two 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 ...

Banks finding excuses to refuse mortgages

According 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 ...

Estate agents in London face worrying year

According 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. Moreover, many industry officials have predicted that the outlook for estate agents in this area could get far bleaker over the ...

Further falls in house prices in November

The 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. The November fall resulted in the annual house price fall reaching ...

Irish bank will cut back on lending in UK

According 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. Officials from the Bank of Ireland have stated that the bank plans to ...

Payday loan rates are sky high

The 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'. The concern comes as an increasing number of cash strapped consumers find themselves having to turn to payday loans and similar forms of finance more frequently due to ...

HSBC top mortgage lender for 2008

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. The honour was given by an independent advisor, mform.co.uk, which stated that the lender was the most consistently competitive lender for last year when it came to mortgage lending. The ...

15.9 percent fall in house prices last year

According to recently released figures 2008 saw house prices in the UK fall by 15.9 percent. The figures come from a survey from the Nationwide Building Society. According to the building society December saw house prices fall by a further 2.5 percent, and this has brought the total house price fall for the year to 15.9 ...

92% increase in home repossessions in one year

During the third quarter of last year the number of people that were losing their homes nearly doubled, according to recent reports. The figures show that in the three months up to September, which was the third quarter of the year, there were 13,161 properties that were repossessed, and this reflected an increase of around ...

Benefits of overpaying mortgage highlighted

Industry officials have recently highlighted the benefits of overpaying on a mortgage loan, as the practice of paying more than is necessary on a mortgage loan becomes more popular. Officials from the High Street banks, HSBC, have stated that consumers would be acting wisely if they used the series of Bank of England base interest ...

Those with fixed rate mortgage may be losing out

A recent report has highlighted how many British homeowners that have fixed rate mortgage deals in place may be missing out financially because of the cut in interest rates over recent months. Since October the base interest rate has been slashed from 5 percent to just 1.5 percent, and many think that it will continue ...

Over a million in negative equity

Recently released figures have suggested that the fall in house prices has now resulted in over one million homeowners being plunged into negative equity. In fact, it is estimated that the collapse in house prices in the UK has left around 1.2 million homeowners trapped in negative equity, where they actually owe more on their ...

Many people trying to reduce their mortgage debt

According 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. Whilst the Bank of England has reduced the base interest rate dramatically over recent months, and government officials have made it clear ...

Two new fixed rate deals launched by HSBC

Over 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. Over the past five months the ...

Redrow sees revenues fall by nearly 60 percent

A 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. With the financial crisis continuing to wreak havoc ...

Mortgage numbers not as restricted as many might think

A 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. Whilst there is no doubt that mortgage numbers have plummeted since the onset of ...

Northern Rock uses taxpayer's money to revive mortgage lending

The nationalised bank, Northern Rock, is apparently using taxpayers' money to revive its mortgage lending operations, according to recent reports. The bank fell into trouble in the latter part of 2007, becoming one of the first major victims of the global credit crunch in the UK after it became the victim of the first run ...

Lenders shut doors on homebuyers

A 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. The report claims that whilst a small number of buyers are enjoying the benefits of being able to get extremely low interest rates and ...

Will property sales rise over coming months?

There 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. Not only have property prices been tumbling but the ...

Rise in number of tenants being evicted

Recently 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. The housing charity, Shelter, has said that the ...

Bad Credit Loans

If you have a bad credit history you have probably found it's hard to get a loan, in fact the only type that you may be able to get is a bad credit loan. Whether it's for a home, a car, a personal unsecured or secured loan, people with bad credit typically have a ...

90 percent mortgages make a comeback with the Rock

Previously 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. The lender will offer a range of loans of up to 90 ...

Falling House Prices Affects the UK Real Estate Market

With 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. The average home in the UK is now ...

Property sales sink again in February, states RICS

Since 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. One of the effects of this problem is that property ...

Cost of renting a property falls

Recently 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. Many homeowners are reluctant to sell up at the ...

Nationwide takes over Dunfermline Building Society

The troubled building society, Dunfermline, is being taken over by Britain's largest building society, Nationwide, after running up huge debts for which the taxpayer will pick up the tab.

The merger with Nationwide is part of a package that was announced recently by the Bank of England, and over five ...

Single premium PPI to be stopped soon

Lenders and PPI providers have been told by regulators that they will have to stop selling the highly controversial single premium PPI, or payment protection insurance, over the coming months, and providers have now been given a deadline by which they must have ceased selling this type of insurance cover. The

Last year saw mortgage arrears rise by over 30 percent

Recently released information has shown that over the course of 2008 the level of mortgage arrears in the UK increased by over 30 percent, as more and more homeowners struggled to keep on top of repayments in the increasingly difficult financial climate. The data, which has come from the UK's financial regulator, the Financial Services ...

Mortgage approval levels increase in February

Recently released figures have shown that the level of mortgage approvals for the month of February increased by more than many industry officials had been expecting. The figures have been released by the Bank of England, and show that in Britain there was a higher than expected increase in mortgage ...

Rates on personal loans continue to increase

According to recently released reports the interest rates being charged on personal loans in the UK are continuing to rise despite the fact that the base interest rate has plummeted. Over the past six months the base interest rate has fallen month on month, dropping to the lowest level in the history of the Bank ...

Markets are Finally Opening for First Time Home Buyers

When the real estate market started to show signs of decline in 2007, the first step taken by lenders was to tighten the lending restrictions for first time home buyers making it more difficult for them to obtain a mortgage. A recent announcement by HSBC, one of the leading mortgage lenders in the UK, shows ...

House price decline slowest in a year in March

According to industry official the decline of house prices across England and Wales continued in March, but was at its slowest level in the space of a year. In addition to this there was also an increase in sales levels, which picked up from record lows. The data came from the Royal Institute of Chartered ...

Cost of buying a home has rocketed in past five years

Recent reports have indicated that the cost of buying a home in the UK has soared by around £2000 in the past five years, and this has come as a result of rocketing fees, low valuations, and more. Many are worried that these rising costs will put a spanner in the works of the recovery ...

PPI ban sees spike in loan rates

According to recent reports the PPI ban that has recently been announced by authorities will result in further spikes to loan rates, which many industry officials have said are already spiralling despite the all time low base interest rates, which stands at just 0.5 percent. Reports show that when the base rate stood at 5 ...

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Slight fall in house prices for April

Figures that were recently released by the Nationwide Building Society have shown that despite the surprise increase in house prices in March, property prices in England and Wales are continuing to fall, with April seeing a slight dip in house prices. Property values fell by 0.4 percent for the month of April, according to the ...

Watchdog to keep close eye on loan adverts and comparison sites

It has been revealed recently that an industry watchdog is going to be keeping a closer than usual eye on loan advertisements and financial comparison sites in order to try and provide consumers with increased protection during the recession. The Advertising Standards Authority plans to keep a close eye on both ...

Is it a Good Idea to Lock in Your Mortgage at the Lower Rates Now Available?

The interest rates for mortgages in the UK are at the lowest level they have been in 300 years. Many homeowners are wondering if they should lock in their mortgage at these lower rates in an attempt to save money on their mortgage payments. The recent news from the mortgage market with home sales up ...

Buyer interest increases and house price falls slow

Recently released figures for the month of April have shown that whilst interest from buyers in the housing market increase the pace of house price falls slowed down. The level of house price falls were at their slowest in more than a year for April, and with interest rates at an all time low and ...

Huge increase in mortgage rejections

The number of mortgages that are being rejected has increased by around four times, according to a national newspaper report. It is said that despite the fact that these mortgage applications fit with the lenders' criteria on paper, an increasing number of lenders are still finding reasons to turn them down. The number of rejections ...

FSA takes action against broker

The UK's financial regulator, the Financial Services Authority, has recently taken action against a mortgage broker that was said to be involved in fraudulent activity. The regulator has both fined and banned the broker after he was allegedly found to have been involved in the submission of false mortgage applications. The broker at the centre ...

Problems arise in secured loans market

It has been reported recently that the secured loans market in the UK is somewhat doomed, with the availability of secured loans becoming more and more rare as a result of falling house prices. Earlier this month one of the last four remaining providers decided to pull out of the market, adding further speculation that ...

New record for bankruptcy levels

It was revealed earlier this month that bankruptcy levels in England and Wales had reached the highest on record, with the financial crisis and the ongoing recession forcing more and more people into insolvency. The figures were released several weeks ago by the Insolvency Service, and reflect just how dire the financial situation has become ...

Slight increase in house prices reported for May

According to figures that were recently released in relation to UK property values house prices for the month of May edged up slightly from April, rising by 1.2 percent for the months. Some industry officials have said that these figures suggest that there is increased activity in the UK housing market. The figures were recently ...

Increase in mortgage approvals for April

Despite the doom and gloom that has been surrounding the mortgage markets over the past year or do, recent figures have shown that there was an increase in mortgage approvals for the months of April, brightening the dark mood that has been surrounding the mortgage industry over recent months. The British ...

Fall back in mortgage lending for April

A recent report released by the Council of Mortgage Lenders has claimed that the level of mortgage lending for the month of April fell back again, following a surprise increase in mortgage lending for the month of March. The March increase led many industry officials to speculate over whether the housing and mortgage markets were set ...

Only one family saved by mortgage rescue scheme

A recently released report claimed that whilst the mortgage rescue scheme launched by the government had been aimed at stopping many families from losing their homes, only one family had actually benefited from it. The report was released at the start of May, and resulted in critics slating the scheme and accusing the Prime Minister, ...

Borrowing levels affected over uncertainty about finances

According to a recent report the borrowing levels of consumers in the UK are being affected by uncertainty over their finances. Officials from the British Bankers Association have said that households' uncertainty over their finances is leading to lower levels of borrowing, with net mortgage lending amongst UK lenders at its lowest level in ...

Consumers looking for mortgages over longer terms

According to official from a mortgage broker group more and more people in the UK are now looking to take mortgage loans out over longer terms. The officials claim that over half of the people that came to get help in finding a mortgage product were looking for terms of at least three years. The ...

Many will be able to clear mortgages before repayment term ends

It has been claimed recently that many homeowners with mortgages in the UK will be able to benefit from paying their mortgage loans off far earlier than the scheduled repayment date thanks to the historically low base rate, which has stood at o.5 percent for some months. The record low interest rate has resulted in ...

Mortgage customers being exploited by banks claims report

A recent report has claimed that many of the UK's banks are exploiting their mortgage customers, with the banks' profit margins soaring to the highest levels seen since the onset of the global credit crunch. Despite historically low base interest rates banks have seen sharp increases in profits on fixed rate mortgages. The ...

65 percent of would be first time buyers face gloomy outlook

It has been reported that as many as 65 percent of would be first time buyers that may have been hoping to get onto the property ladder before house prices start increasing again may have little or no luck, as they do not think that they will be able to afford to do so. A recent ...

Average property prices drop in June

According to a recent report the average price of property in the UK fell in June following four months of increases. The data comes from the property website Right Move, which claims that in the weeks leading to 13th June property prices fell by 0.4 percent, which took the average property price to £226,436. However, ...

Another hold on the base interest rate

Earlier this week the Monetary Policy Committee met up for the July monthly meeting with regards to reviewing the base interest rate. Following the meeting the Bank of England announced that it had decided to leave the base interest rate on hold for a further month, which came as no big surprise to most industry ...

First time buyers could enjoy lower deposits this summer

It has been suggested that first time buyers could finally see some light at the end of the tunnel this summer, as there may be mortgages available that do not demand impossibly high deposits from borrowers. For the past decade first time buyers have been priced out of the market due to the high value ...

New home loans at highest level in over a year

It was recently reported by the British Banker's Association that the level of new home loans for the month of May jumped to its highest level in over a year. The increase in mortgage approval levels for the month resulted in the highest level for thirteen months, and officials from the British Banker's Association said ...

Bank took pensioner's money to recoup daughter's debt

A major UK lender recently took a month's pension money from an old age pensioner to use the money for repayment of her daughter's debt. Although the debt was not the pensioner's the bank, the Halifax, took the money from her account using a banking law loophole. However, the money has now been returned after an ...

Almost 25 percent of homeowners cannot get a new mortgage loan

Earlier this month a report was released that indicated that almost a quarter of all homeowners in the UK were unable to find a new home loan deal. The reason given for this is that lending criteria has become far stricter, making it harder for many consumers to get the finance they need, which includes ...

Banks increase profits through increasing loan rates

A recent report has suggested that banks in the UK are slyly trying to make more money from customers by increasing their personal loan rates, which some campaigners have described as being underhand. Over the past six weeks or so it is claimed that some lenders have increased the average rate of interest charged on ...

Mortgage and loan rate continue to rise

It has been claimed recently that despite the fact that the base interest rate is at an all time low of 0.5 percent the rates being charged on many mortgage loans and general loans are continuing to increase, meaning that consumers are unable to benefit from the cut in base rate in many cases. In ...

Negative equity mortgages being offered to some customers by Nationwide

In response to the rising number of homeowners that have fallen into negative equity since the house price crash in the UK one leading lender has re-introduced the 125 percent mortgage. The Nationwide has launched the 125 percent mortgage recently to try and help struggling customers whose properties are now worth less than the amount ...

Thousands of mortgages each month being turned down

Whilst there has been a lot of talk about 'green shoots' in relation to improvement in the economy, financial markets, and property sector over recent weeks, a report that was recently released by the Bank of England indicates that thousands of mortgage applications a month are still being turned down by UK lenders. This is ...

Brits may have to rely on foreign banks for finance

With lending conditions amongst banks in the UK still highly restricted it has been revealed that some of us may have to learn to rely on foreign banks for our financial needs until the UK lending system sees some form of improvement. For many consumers finding a mortgage from UK lenders has become a real ...

Lock in Your Mortgage at a Fixed Rate Now

Mortgage brokers are advising homeowners with mortgages to lock in their loans at the low fixed rates as soon as possible because interest rates will soon start to rise in a significant way. The Bank of England has left its base rate unchanged at 0.5% and this is likely to remain for several months. However, ...

Are low rate high fee mortgages the way to go?

The property and mortgage market has been going through a huge amount of turbulence over the past couple of years, sending not only consumers but even the banking industry into confusion. One thing that has lightened the load for many consumers is the fact that the base interest rate has plummeted, going from 5 percent ...

Banks 'choking' the housing market

Banks in the UK have been accused recently of 'choking' the housing market by failing to hand out mortgage loans, even to the best buyers with five star credit. It was revealed in a recent report that even the most credit worthy consumers may find that it takes months to secure a suitable mortgage, and ...

Some of the ways in which banks are getting more money from consumers

Over the past couple of years banks have found themselves increasingly under fire, having been found guilty of irresponsible lending, partly fuelling the financial crisis, and seeing their own finances suffer as a result. Many banks have now had to be bailed out using taxpayers' money, but although one might think that there would be ...

How first time buyers are faring in the current climate

It seems that no matter what happens first time buyers in the UK are destined to get a raw deal when it comes to trying to get onto the property ladder. For the decade leading up to 2007 many first time buyers found that they simply could not afford to get a property because of ...

How good is your equity release advisor?

With the financial climate still in a dire state, and the recession adding increasing pressure to consumers all across Britain, a rising number of older homeowners have decided to turn to equity release programmes over recent months in order to free up some cash from their property and give themselves some extra spending power in ...

Bank of China looks for prime mortgage borrowers in UK

It has been reported that whilst UK banks are restricting lending to borrowers from the UK some foreign banks are hoping to increase business by taking on some of the UK consumers who are struggling to get the finance that they need from UK lenders. One such bank is the Bank of China, which is ...

Drop in mortgage arrangement fees

Whilst much of the news relating to mortgage and housing affordability in the UK has been bleak for quite some time, there has been a little good news for consumers recently. It has been claimed that over the past year mortgage arrangement fees that are charged by banks and building societies have fallen by around ...

Increase in rents due to landlords selling

According to recent surveys many landlords are now selling their properties albeit reluctantly, and this is driving the cost of rents up for tenants who wish to rent a property. The figures show that in the month of July rents on properties across England and Wales increased by around 0.5 percent compared to June, which, ...

Many first time buyers have been seeking mortgage advice

It has been revealed in a recent industry report that many first time buyers have been seeking mortgage related advice in the current difficult financial climate, as they desperately try and get their foot onto the property ladder. Figures have shown that in June the majority of mortgage related enquiries from those looking for advice ...

Many middle class households may suffer due to interest only mortgages

According to industry officials there could be serious problems ahead for many middle class families who took out interest only mortgages, with many facing the prospect of being unable to move for many years to come due to plummeting property prices and negative equity. For those that need to move due to job changes and ...

Mortgage lending continues to rise

Figures that were recently released by the Council of Mortgage Lenders have indicated that mortgage lending in the UK is continuing to rise following a very volatile eighteen months where lending levels plummeted. Whilst lending levels are still far lower than in the past there are signs that lenders are easing up a little when ...

Home loan prices continue to rise

According to recently released figures the prices on home loans in the UK are continuing to increase even though the base interest rate has now been at record lows of 0.5 percent for many months. Whilst banks are now paying less for their own borrowing figures from the Bank of England have suggested that the ...

Country homes holding prices better than town houses

It has been revealed in a recent report that the prices of homes in the country and in rural areas are holding better than the value of homes in urban areas during the property slump. A survey was carried out by the Halifax recently, and the results showed that the gap between the price of ...

Home buyers in Surrey can get expert advice

People who are looking to purchase a home can get some advice and assistance from experts at a luxury new housing development in the Surry area, according to a recent report. The evening event is to be held on 24th September until 8pm, and will be held at the Hartswood development in Haslemere, Surrey, and ...

Why You May be Turned Down for a Loan

It is not surprising to hear of many customers being turned down when they apply for a loan from one of the many UK lenders in these times of economic uncertainty. In the past few years, banks and credit card companies have come under fire for forcing loans on consumers and raising the credit limits ...

Many homeowners refuse to drop property prices

Over recent months property prices in the UK have been increasing slightly, but over the past year and a half property prices have plunged with the UK experiencing a dire property slump. Although property prices have been increasing slightly they are much lower now than they were at their peak in October of 2007. However, ...

Payments on mortgages fall to lowest level in seven years

Despite the troubled financial climate and the recession recent reports have shown that consumer do have some good news when it comes to their finances. One report has shown that with the interest rate still at an all time low of just 0.5 percent payments on mortgages have fallen to their lowest levels in the ...

Ulster Bank aims to increase lending

Whilst many recent reports have stated that many banks across the UK are still being extra cautious with regards to lending to consumers in the current climate it has been revealed that one bank in Northern Ireland is actually trying to increase its mortgage lending, and has launched a drive that is aimed towards improving ...

Can house price revival be sustained?

Recent speculation about green shoots in the UK economy has been further fuelled over recent months because house prices have seen a small yet sudden revival after over eighteen months of falls. Many industry officials, homeowners, and industry groups have been encouraged by the property price increases over the past few months, but there are ...

Increased protection for homes is vital

Industry officials have been warning that in the current financial climate, with the credit crunch and the recession still affecting the economy, the level of domestic burglaries has been rising and in order to try and avoid becoming the victim of burglaries consumers need to ensure that they step up protection for their homes in ...

Highest number of mortgage complaints received by Bank of Scotland

According to figures received from the Financial Ombudsman Service the highest number of complaints in relation to home loans and mortgages has been received by the Bank of Scotland. The figures showed that in the first six months of this year the Financial Ombudsman Service received around five hundred and sixty ...

Shake up in store for the mortgage market

Over the past couple of years the mortgage market in the UK has gone through some very tough times, and even now traditional mortgage lenders are being increasingly strict with regards to mortgage approvals, and are putting many obstacles in the way of borrowers that do not have large deposits and excellent credit histories. This ...

Mixed news on mortgage lending

Over recent weeks data has been released that indicates mixed news in the mortgage lending markets. There has been much speculation recently about signs of recovery in the property and mortgage markets, and indeed some of the figures relating to mortgage lending levels have pointed towards recovery. However, as a recent report has indicated it ...

Property still not affordable enough for first time buyers

Since the property market peaked back in 2007 property prices in the UK have plunged, sending many homeowners spiralling into negative equity and wiping tens of thousands of pounds off the price of properties. However, over the past few months there has been a slight revival in property prices, partly fuelled by increased demand and ...

Homeowners urged to fix rate before it is too late

For the past seven months the base interest rate in the UK has been at an all time low of just 0.5 percent, which is the lowest it has ever been in the history of the Bank of England, which spans over three hundred years. However, whilst the low base rate has been welcomed by ...

90 percent mortgages withdrawn by Britannia

First time buyers have faced a number of problems when it comes to getting onto the property ladder, even though property prices have come down. Over the past couple of years banks and lenders have become reluctant to hand out mortgage loans, and first time buyers in particular have suffered because of the high deposit ...

RBS bonuses fly in the face of government promises

Since the onset of the global credit crunch, which has seen a number of banks become at least part government owned as a result of huge bailouts using taxpayers' money, the government has been promising to clamp down on the extraordinary bonuses that banking executives were picking up. However, despite these promises one bank appears to ...

Borrowers being pushed onto costly fixed rates by lenders

A recent report has claimed that lenders are being accused to pushing customers onto expensive fixed rate mortgage deals that could see the amount that they owe go up by thousands of pounds. Lenders are being accused to encouraging customers to come off standard variable rates, which at present are the best option due to ...

More people could end up taking out IVA due to credit card debt

Officials from a national debt charity have recently stated that a rising number of people may end up turning to Individual Voluntary Arrangements (IVAs) in order to deal with the credit card debt that they accrue in the current difficult financial climate. Many people have been turning to their credit cards to get them through ...

Homeowners given advice on making money from their home

In the past many people with their own homes were reliant on the equity in their properties to provide them with financial stability in the future. However, with the onset of the global credit crunch and the property market crash all of this has changed, and plunging property prices have left many homeowners with little ...

Nationwide predicts downward spiral for house prices

The leading building society Nationwide has recently warned that we should expect downward pressure on property prices in the UK over the coming year. The warning came as the building society posted details of its profits, which have plunged by around 63 percent. Pre-tax profits for the building society were reported to be £117 million ...