Just eighteen months ago many homeowners in the UK were facing crippling mortgage repayments because of the high base interest rate, and many found that they were unable to keep on top of these repayments fuelling a surge in property repossessions across the UK. (more…)
Archive for December, 2009
Homeowners better off due to low interest rates
Wednesday, December 30th, 2009
Minimum repayment encouraging credit card debt
Sunday, December 27th, 2009Many consumers are being lulled into a false sense of financial security by credit card lenders that are quite happy to accept very low repayments on the credit card balance, but failing to make clear to the consumer that this will lead to a lifetime of debt for many. (more…)
House prices to fall again next year
Wednesday, December 23rd, 2009Whilst there has been a great deal of speculation with regards to whether recent house price increases in the UK can be sustained over recent months, a report has now suggested that many economists and estate agents are now in agreement that property prices are likely to fall over the course of next year. (more…)
Did shoppers heed Church of England warning?
Monday, December 21st, 2009Many shoppers have been hitting the High Streets and virtual retailers in their droves over recent weeks, as they clamour to buy gifts for loved ones and make purchases ranging from food and drink to clothes and entertainment for the festive season. (more…)
Could shared ownership be the answer to your property dreams?
Saturday, December 19th, 2009For many would be first time buyers the dream of homeownership has never been quite within reach. For many years the price of property in the UK was so high that most first time buyers did not have the income to get the mortgage that they needed, despite the fact that many lenders were increasing income multiples to as high as six or seven times the income. (more…)
Repossessions relating to credit card debt could increase
Friday, December 18th, 2009There are concerns that the number of repossessions in the UK that stem from credit card debt rather than secured debt may start to increase, which means that many people that may have kept on top of their mortgage repayments and other secured debts could still end up losing their home because of other debts that they have defaulted in even if the debt was not a secured one such as credit cards. This is due to proposals that are set to go into consultation over the coming weeks. (more…)
Lenders offer 125 percent mortgages to existing customers
Wednesday, December 16th, 2009Over recent weeks a number of lenders have decided to bring back 125 percent mortgages, but these will only be made available to existing borrowers who have very good credit and need to move home. (more…)
Experts give opinions on FSA mortgage lending regulation changes
Tuesday, December 15th, 2009The mortgage markets have been turbulent to say the least over the past couple of years, and many of the problems that have almost brought the financial sector to its knees have been blamed on irresponsible mortgage lenders over the past decade, where high income multiples, extended repayment periods, lending to those with bad credit, jumbo mortgages, and high risk lending was all part and parcel of the mortgage lending sector. (more…)
Cumberland Building Society gets national award
Tuesday, December 15th, 2009The banking industry has suffered a series of knock backs over the past couple of years, and as a result of a number of factors many consumers have lost confidence in banks and building societies, which have come under fire for a variety of things. (more…)
Mortgage lending in October increased compared to previous month
Monday, December 14th, 2009Figures that were recently released by the Council of Mortgage Lenders have shown that there was a month on month increase in mortgage lending for the month of October, with mortgage lending for the month rising by around 5 percent compared to September. (more…)
Consumer should not switch mortgages without banking fees
Friday, December 11th, 2009Consumers are being warned that they should avoid switching their mortgage loans without first checking the fees that they will be charged for the privilege. (more…)
Ban on self cert mortgages will not cut off everyone with an irregular income
Friday, December 11th, 2009Since the UK’s financial regulator the Financial Services Authority announced plans to ban self certification mortgages in their current form there has been a lot of controversy.
Property market more active than usual for this time of year
Thursday, December 10th, 2009It has been reported that the property market in the UK is more active than usual for this time of year, with many people putting their Christmas shopping on hold to get on with the more important matter of getting a house. (more…)
Rent to Home-buy scheme deemed unsuccessful
Wednesday, December 9th, 2009The Rent to Home-buy scheme that was launched by the government in the hope of enabling more people to get onto the property ladder has been deemed unsuccessful. (more…)
Borrowers trying to pay off more debt
Tuesday, December 8th, 2009Recent figures have shown that whist mortgage lending was up in October compared to September it appears that the residents of Great Britain are keeping focussed on paying off as much debt as possible. (more…)
Rise in the number of landlords obtaining buy to let mortgages
Monday, December 7th, 2009Figures that have recently been released by a mortgage group have suggested that a rising number of landlords are adding to their property portfolios by obtaining buy to let mortgages. (more…)
Bloomberg survey suggest up to five years for full house price recovery
Friday, December 4th, 2009Since property prices reached their peak in the UK in October of 2007 the value of homes in the nation have plunged, with many homeowners seeing tens of thousands of pounds being wiped off the value of their homes. (more…)
Fake Payslips Beig Bought Online For Mortgage Fraud
Wednesday, December 2nd, 2009Following an investigation by the Observer newspaper it has been revealed just how quick and easy it is for criminals to purchase fake payslips via the Internet and then go on to commit mortgage fraud. (more…)
FSA accused of treating lenders like drug dealers
Tuesday, December 1st, 2009The UK’s financial regulator, the Financial Services Authority, has been accused by the banking industry of treating both banks and building societies like ‘drug dealers at the school gates’. (more…)