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Expectations over house prices hit by mortgage concerns

Wednesday, July 7th, 2010

According to a recent report expectations over house prices are being adversely affected by consumer concerns over mortgages. Concern amongst consumers over both the state of the economy and the availability of mortgages has resulted in expectations relating to house prices in the UK being hit. The data comes from property website Zoopla.co.uk

The figures show that there has been a drop in the number of people that are expecting property prices to go up over the coming six months. This has fallen to 78 percent this month compared to 81 percent three months ago. The figures also showed that many people still thought it was very difficult to get a mortgage, and this is thought to have impacted on expectation over property prices.

According to the Zoopla survey 77 percent of those that were polled thought that the availability of mortgages had not improved over the last three months. 27 percent of those polled thought that it was now more difficult to get a mortgage than it was in May. Another 34 percent of those polled said that they found that trying to get a mortgage was their biggest obstacle when it came to buying a property.

Another 21 percent of those that were polled said that the public sector job cuts that were outlined in the recent emergency budget by George Osborne would negatively affect the health of the property market, and 25 percent thought that rising interest rates would impact negatively on the property sector.

Nicholas Leeming, commercial director of Zoopla.co.uk, said: “The fear remains that the revival in the housing market will be derailed unless the banks make a concerted effort to increase lending. With job cuts looming in the public sector and interest rate hikes expected at some point, the new government has its work cut out for it to ensure that home ownership remains affordable and attainable for most people.”

Tags: prices, Mortgage loan, mortgage, Zoopla.co.uk, property

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Can first time buyers get an affordable mortgage?

Saturday, June 26th, 2010

Over the past couple of years there is no doubt that things have been very difficult for first time buyers, and for many their dreams of homeownership have been dashed due to high deposit demands, stricter lending criteria, and higher interest rates charged to certain groups such as first time buyers.

However, although there have been extreme difficulties over the past couple of years when it comes to purchasing a home as a first time buyers the market is said to have eased up over the past couple of months, and this could mean that first time buyers won’t have such a tough time getting the mortgage that they need.

So, is it actually easier now for first time buyers to get a mortgage than it was say twelve months ago? Well, in actual fact the mortgage market has eased up to some degree, and there are now more mortgages available that are suited to first time buyers and even aimed at first time buyers, which is great news for those that want to get onto the property ladder.

However, things are nowhere near as easy as they were in the past. Just a few years ago first time buyers could get mortgages for 100 percent of the property and even for 125 percent of the property value, but this has now all changed. These days first time buyers would be lucky to find a mortgage for 95 percent of the property value, which just a few years ago was the norm.

The number of lenders offering 90 percent mortgages for first time buyers has increased, and this is good news for those hoping to get onto the property ladder as it means having to raise less of a deposit, although buyers may still have to stump up a substantial amount to be able to put down the necessary deposit, which can be a problem given that first time buyers have no previous property from which to take equity.

Another thing that could stand between potential first time buyers and home ownership is the fact that property prices are still quite high, and therefore many cannot get the level of mortgage that they need. A way around this is to look at scheme such as shared ownership or Homebuy Direct, which are schemes that make it easier and more affordable for first time buyers to get onto the property ladder.

Tags: mortgage, first time buyer, finance, Property ladder, Mortgage loan

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Government takes steps to protect struggling homeowners

Friday, June 25th, 2010

The government has taken steps to try and protect struggling homeowners in the difficult financial climate by bringing in a range of new measures that will prove additional safeguards for those that could otherwise be at risk of losing their homes.

The UK’s financial regulator has decided to make all mortgage advisors personally responsible and accountable through the introduction of new rules and regulations that will apply to companies that deal with consumers that are behind on their mortgage repayments.

The FSA started a review of the mortgage market in the autumn of last year, and has now said that all mortgage sale firms and employees will have to be FSA approved. In addition to providing additional protection for those that are behind with their mortgage repayments the regulator is also looking to increase protection for those that decide to sell and rent back their homes.

Sale and rent back scheme shave become increasingly popular over recent years, with homeowners desperately trying to find a way of being able to stay in their home before they are repossessed due to mortgage arrears. Through these schemes they can sell the home and then rent it back from the company, but there have been many problems including the companies evicting the former homeowners shortly after taking the property from them.

Under new regulations companies that buy homes to rent back to former homeowners will have to give them tenure of at least five years. According to reports these, and other new protective measures, will come into play at the end of June.

An FSA official said: “Sale and rent back is often used by those who want to sell in a hurry to stay in their home, and so it is vital that they are better protected during what is usually a difficult period financially. We also think it is wrong that arrears charges should be taken from customers already in difficult circumstances.”

Tags: FSA, mortgage, sale and rent back, finance

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Average fixed mortgage rates fall to seven year low

Monday, June 21st, 2010

The average rate of interest on a two year fixed rate mortgage has fallen to its lowest level in seven years, according to market data. Reports have shown that the average rate of interest charged on a two year fixed rate mortgage has now fallen to just 4.52 percent, which is the lowest it has been since September of 2003 when it fell to just 4.51 percent.

With lenders trying to get consumers off variable rate mortgage deals many have been dropping their fixed rate mortgages since 2009, and this has seen the average rate on these fixed mortgages continue to fall steadily. Officials said that many consumers are on standard variable rate mortgages at record low levels, and lenders want to try and get them onto fixed rate deals by dropping the rates to make the deals seem more tempting.

Industry experts have said that homeowners are now increasingly staying on standard variable rate mortgages with low rates of interest rather than switching to higher rate fixed rate deals, and this is something that lenders are determined to address. The urgency for lenders has been further increased by the fact that the base rate has now been at a record low of just 0.5 percent for well over a year now.

One finance expert said: “Many borrowers are opting to remain on record low SVRs and overpaying their mortgage rather than secure a new deal at a higher rate. Lenders are trying to incentivise borrowers onto new fixed rate deals by making significant cuts to rates. A fifth of lenders have moved to increase their SVR since bank rate was kept on hold after finding their previous level unsustainable. Competition for a limited amount of mortgage business continues to increase amongst lenders, who are once again actively competing to be top of best buy tables. Previously, only deals for borrowers with large deposits were seeing cuts, but as the market improves borrowers with smaller deposits are being offered more competitive deals. The platform has been set for the mortgage market to return to some sort of normality, while still applying the lessons learnt over the last few years.”

Tags: interest rates, finance, mortgage, Fixed rate mortgage, Mortgage loan

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Reduction in the number of home loans in Scotland

Thursday, May 27th, 2010

Official figures have shown that the number of home loans granted to people in Scotland experienced a drop in the first three months of this year. The figures, which were released by the Council of Mortgage Lenders, showed that in the first quarter of the year the number of loans that were granted to homebuyers in Scotland fell by one third.

Between January and March of this year the number of home loans that were granted to homebuyers in Scotland came to 9700. Whilst this figure did reflect a drop compared to the final three months of last year the number of loans granted was actually 28 percent higher than in the first quarter of last year.

According to the CML the end of the stamp duty holiday at the end of last year played a big part in the reduced figure due to the increase in activity prior to the end of the stamp duty holiday causing a lull at the start of this year. Many of those that would have otherwise waited until the start of the year to buy a home ended up rushing it through at the end of last year in order to save the money that they would otherwise have to pay on stamp duty.

The total value of the mortgages that were granted to buyers in Scotland in the first quarter of the year came to more than £1 billion. The previous quarter, when the number of home loans issued was higher, the value of the loans came to £1.6 billion.

A spokesperson for the Council of Mortgage Lenders said: “The pace of recovery in Scotland at first sight appears slower than in the rest of the UK, but in fact throughout the current housing cycle, market activity in Scotland has followed that of the whole of the UK very closely, but with a lag of around one quarter.”

Tags: Scotland, mortgage, council of mortgage lenders, finance, Mortgage loan

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Lenders offer mortgages to those with slightly damaged credit

Thursday, May 20th, 2010

Since the onset of the global credit crunch the term ’sub-prime’ has become something of a swearword in the financial industry, with lenders who were once doling out loans to those with bad track records shying away from anyone with even slightly tarnished credit.

The sub-prime mortgage sector has practically died a death over the past two years, and this has left even those with slightly damaged credit struggling to get mortgage finance. However, according to a recent report this could be changing with a couple of lenders now considering ‘almost prime’ and ‘complex prime’ consumers for mortgage loans.

Several years have passed since the financial meltdown began, which was parked across the pond and was partly blamed on subprime lending to those that could not make repayments. However, reports claim that General Electric Co.’s GE Money unit and Investec Plc’s Kensington division are now considering lending to those with slightly damaged credit who cannot get loans through mainstream lenders.

Compared to 2007 mortgage lending had fallen by 60 percent last year, and many lenders had stopped considering those with damaged credit for mortgage loans or any other type of finances. This has led to those with credit problems experiencing difficulties when it comes to getting a mortgage. However, the lenders that are easing up on the rules have said that it will not go back to the way it was in 2007, as they will ensure that customers have better credit histories and can meet repayments.

GE Money said: “‘Subprime’ sends messages out that people are lending money to individuals who can’t repay it. Our customers have clear track records though some may have had minor credit blips.”

Mortgage brokers believe that in the current climate there is a big gap in the market for those that have slightly damaged credit histories, as often these people are not a big risk but can still struggle to get mainstream finance.

Tags: mortgage, credit, Mortgage loan, finance, Subprime lending

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95 percent LTV mortgage from Skipton

Friday, May 14th, 2010

First time buyers have had a difficult time when it comes to raising the money to get onto the property ladder over the past couple of years, and this is because since the onset of the global credit crisis lenders have been demanding much higher deposits than the traditional 5 percent that was once the standard. For many first time buyers the demand of 10 or 15 percent deposit has been too much, leaving them stranded when it comes to realising their dream of homeownership.

However, many first time buyers will be pleased to hear that one High Street building society is launched some new mortgage deals next week, which will include a mortgage of 95 percent Loan to Value, meaning that the buyer will only have to find a deposit of 5 percent if they qualify for the deal.

The mortgage product is being launched by the Skipton Building Society, and will be made available to both existing and new customers who apply directly to the building society. There are subsidiaries that borrowers can apply through but the minimum deposit available through these channels will be 10 percent.

The interest rates that Skipton is going to charge on its 95 percent LTV mortgage will vary based on whether the applicant is an existing customer or a new customer. For existing customers the interest rates for an 85 or 95 percent mortgage will be 4.99 percent to 6.99 percent with a fix of two years. For new customers for the same mortgages the rates are 5.19 percent to 7.19 percent, also fixed for two years.

Skipton said: “When we announced our strong 2009 annual results earlier this year, we said that we hoped to gradually increase both the volume and scope of our lending throughout 2010, and this new range is part of that process.”

Tags: finance, Skipton, Mortgage loan, mortgage

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Homeowners pay small fortune for security of fixed rate mortgages

Tuesday, April 27th, 2010

Recently released figures have suggested that many homeowners in the UK are paying a small fortune each year for the security of taking out a fixed rate mortgage. Homeowners that are opting for a fixed rate mortgages are paying around £850 a year more for the security of having this type of mortgage according to industry reports.

There are a number of options available for those that want to take out a fixed rate mortgages, such as two, three, and five year fixed rate deals. The longer the fixed period of the mortgage the more the borrower pays in terms of interest. With the fixed rate deal borrowers enjoy more financial stability as they know exactly what their repayments and interest rates will be for a specified period no matter what happens with the base interest rate.

The nature of fixed rate deals offer peace of mind for many homeowners, especially first time buyers who want some financial stability to get them used to budgeting. However, for those that go for the longer fixed term deals the financial penalties can be huge, leaving them to pay far more interest on the loan, which costs them hundreds of pounds a year.

The interest rates on shorter term fixed rate loans have come down to some degree due to the high level of competition amongst lenders to provide the best fixed rate deals. However, longer term fixed rate deals can be much more expensive, with figures showing that borrowers will pay more than 1 percent more for a three or five year fix compared to a two year one.

One mortgage broker said: ‘whether you think it is a good idea to fix for longer depends on what you think will happen to Bank of England base rate and if you need that reassurance of knowing what your repayments will be. If your situation is likely to change a lot over that period, then it is worth seriously considering if you want to be locked in for that long.’

Those that do want the peace of mind that a fixed rate mortgage can provide are advised to shop around to ensure that they are able to get the best deal possible, as many lenders are now offering fixed rate mortgages but the costs involved can vary relatively widely making a big difference to monthly repayments and overall interest paid.

Tags: Fixed rate mortgage, interest rates, mortgage, finance

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Mortgage restrictions lead to increase in buy to let activity

Saturday, April 24th, 2010

For many people being able to buy their own property is an impossible dream at the moment, and this is because there are still so many restrictions within the mortgage industry and things are really difficult for those looking to get onto the property ladder. Increased deposit demands, more stringent lending regulations, and the increased caution being exercised by lenders is leaving many would be buyers out in the cold.

For many of those that are unable to buy a property due to these restrictions the only way that they can put a roof over their heads is through renting. The waiting lists for council properties and registered social landlords can be very lengthy, and for this reason many people are opting to rent within the private sector.

This increase in the number of people looking for properties within the private sector has impacted on buy to let mortgages and properties, with the number of landlords investing in buy to let property having increased in order to meet the rising demand of consumers that want to rent in this sector. Figures show that 10 percent of landlords said that they would invest in buy to let property in the first quarter of the year, but this increased to 12 percent for the second quarter of the year.

The data was released by the Paragon Group, which said: “Demand for property investment has remained strong during the recession and has improved since house prices stabilised. Landlords know that the long-term forecast for tenant demand is extremely healthy, with socio-economic and demographic changes leading to growth in the number of households calling the private rented sector home. Government figures show that the private rented sector is the only housing tenure that is currently growing.”

Tags: Investment, Renting, buy to let, Landlord, mortgages, Private rented sector

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Hung parliament could see mortgage costs and other costs increase

Saturday, April 24th, 2010

Concerns have been expressed in recent report over what might happen to the UK’s economy in the event of a hung parliament in the up and coming general election. Many are concerned that this could rock the nation’s already fragile economy and could lead to soaring mortgage costs, higher interest rates, and a far weaker pound.

The possibility of a hung parliament is very real at the moment, with the usual two horse race between the Labour and Conservative parties having now turned into a genuine three way competition with no clear winner evident as yet. Whilst some, including the leader of the Liberal Democrats, Nick Clegg, are not overly concerned about a hung parliament others think that this could spell disaster.

According to reports a hung parliament could see interest rates soaring from the all time low of just 0.5 percent to 3.5 percent or more. Homeowners that are still paying off mortgages could see their mortgage repayments increase by hundreds of pounds a month, and the British economy could be severely affected and could struggle for many months to come.

There are also concerns that the British pound would take a nosedive as a result of a hung parliament which would be bad for the economy as well as for travellers. The weak pound would also mean that consumers would be paying more for things such as petrol, the price of which is already causing severe financial problems for many drivers.

The CEBR said: “Of course we just don’t know what will happen. We are in unchartered territory. It could be OK. Or it could be absolutely awful. But most people don’t seem to realise how fragile the economy is. And now is not the time to sort out the deficit by taking a stab in the dark with a hung parliament.”

Tags: economy, mortgage, British pound, Politics, parliament

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Dealing with mortgage arrears

Thursday, April 22nd, 2010

Those of us that managed to buy our own homes may be counting our blessings for getting onto the property ladder before getting a mortgage became increasingly difficult, as it is now, but there are other problems that homeowners have to worry about, namely how to ensure that they keep on top of their mortgage repayments.

Whilst it’s all well and good to have your own home, your property could disappear in a puff of smoke it you fall behind with repayments and already many people have lost their homes over the past couple of years because they have been unable to keep on top of repayments on their mortgage.

Over the past year things have been very difficult for many homeowners in the UK, with many suffering as a result of the recession, which resulted in massive job losses. The added pressure of the credit crunch added to the financial problems that many homeowners were experiencing, and regrettably many were unable to keep up with their repayments.

With banks clamping down more seriously than ever on mortgage arrears many quickly found themselves losing their homes, which were swiftly repossessed by the banks who were desperate to shore up their own finances by selling them as quickly as they could.

Whilst the situation as eased off a little now, partly due to pressure from the government to use repossession only as a very last resort, there are still many people who may be finding it difficult to make their mortgage repayments and could end up losing their homes eventually unless steps are taken to rectify the problems.

Industry experts are warning those that do experience difficulties in making mortgage repayments not to bury their heads in the sand and hope that the problem will go away. Instead, homeowners that are in financial trouble need to get advice as quickly as possible in order to try and sort the problem out before it gets to the repossession stage.

One option for homeowners is to speak to their bank or lender about their situation, being honest about finances and making suggestions about how they might be able to sort things out. Most lenders will be sympathetic about homeowners’ situations as long as they are made aware of the problem.

For those that do not get any joy from their lender there are also a number of debt advice charities that can help, such as the Consumer Credit Counselling Service or the Citizen’s Advice Bureau.

Tags: Banking, finance, advice, repossession, mortgage, debt

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Sharp fall in popularity of fixed rate mortgages

Monday, April 19th, 2010

In the past many people that were buying homes opted for a fixed rate mortgage because of the increased peace of mind that these mortgages provided. Whilst the interest rates charged on fixed rate mortgages were slightly higher than on variable rates these loan types gave the borrower increased financial stability and peace of mind.

With the fixed rate mortgage homebuyers were able to relax in the knowledge that for a set period of time their mortgage interest rate, and therefore their monthly mortgage repayments, would not change even if there were changes to the UK base rate. Whilst this also meant that the rate and repayment could not fall most buyers were happy knowing that it would not go up.

However, due to existing market conditions it seems that the popularity of fixed rate mortgages has declined, with a sharp fall reported in the popularity and take up of these mortgages. For over a year now the base interest rate has stood at its lowest level in the history of the Bank of England, at just 0.5 percent. With this in mind many have decided that it is no longer viable to opt for fixed rate deals.

One mortgage broker, Ray Boulger, said that today’s fixed rate deals were more expensive than they were a year ago despite the lower base rate. He also said that the percentage of clients at his firm that were taking out fixed rate mortgages had plummeted from a healthy 80 percent to a paltry 20 percent, with many realising that tracker products were the best bet at the moment.

Mr Boulger stated: “I think you will see the proportion of fixed-rates continuing to fall on the CML reports for at least the next two or three months.”

Tags: mortgage, interest rates, fixed rate, mortgages

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Pre-election property sales rush is on

Friday, April 16th, 2010

A recent report has shown that a rising number of homeowners in the UK are now rushing to try and sell their properties before the general election takes place on May 6^th. Officials from the Royal Institute of Chartered Surveyors claim that homeowners that were only considering selling previously were now determined to sell as quickly as possible.

With the very real threat of a hung parliament following the general election next month homeowners are panicking about what might happen if they wait around to sell their homes. It is thought that many of these people may have been considering selling for close to two years and that the up and coming election may spur them on.

RICS officials claim that the number of homeowners now putting their properties up for sale has increased to its highest level in around three years. The number of sellers is now outstripping the number of buyers, and officials believe that this could help to bring house price inflation under control.

The report for March from RICS showed that whilst the number of people registering to purchase property remained flat 21 percent more surveyors reports a rise in properties being put up for sale as opposed to a fall. This comes after a year of lack of supply to meet demand caused property prices to be pushed up.

A spokesperson from RICS said: ‘With the election approaching and uncertainty growing over the political direction of the country, many vendors now appear eager to put their properties on the market. For the time being, many of the key housing market indicators are still positive or stable. However, with stocks increasing and sales decreasing we may see some modest price falls in some regions although London, the South East and Scotland are continuing to perform well.’

Tags: general election, buyers, property, homeowners, Royal Institution of Chartered Surveyors

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Many families still living on the edge financially

Friday, April 9th, 2010

According to a recent report many families in Britain are still living on the financial edge despite the recession being over and the financial markets said to have improved. For many people even a slight drop in income could result in them being unable to keep on top of financial commitments, and with the prospect of job losses still a concern this could pose a real problem for many households.

According to a recent survey 25 percent of people said that if their household income dropped by £300 a month they would no longer be able to make repayments on their mortgage. With the threat of job losses still very real, and with pay freezes compared to inflation causing problems, this could put many people on the edge financially.

The credit reference agency Call Credit questioned over two thousand respondents with regards to their financial situations, and 26 percent of those questioned said that they would struggle to make mortgage repayments if they lost several hundred pounds off their income.

Research also showed that around 9 percent of those questioned had lied about their income in order to get the credit that they wanted, telling lenders that they were earning more than they actually were in order to be able to get the amount of finance that they needed.

A Call Credit official said: “These statistics are extremely alarming. A significant proportion of people aged 35 to 44, many of who may have families to support, are living on a financial precipice where just one negative event, such as a reduction in paid overtime or an unexpected expense, could have disastrous financial consequences. What is of real concern is that some people are deliberately over-inflating their income to increase their credit limit. If the borrower then maxes out their high credit limit, they are running a serious risk of getting into financial difficulties and being unable to repay the debt.”

Tags: finance, income, Personal finance, mortgage

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Getting a property in a difficult climate

Friday, April 9th, 2010

Over the past couple of years the mortgage market has really suffered, and as a result of this those that are looking for mortgage loans have also suffered with many being unable to get the finance that they needed to buy a home, and many others having to pay way over the odds in order to get a mortgage loan. The property market has been suffering since the onset of the global credit crisis, which swept across the UK in 2007, and it is only recently that it has started to recover.

Whilst some form of recovery appears to have positively affected the mortgage and property markets there are still many challenges that face buyers that are looking to get some sort of mortgage. Certain groups have suffered more than most, such as first time buyers and lower income families who have been unable to raise the high deposit levels that lenders have been demanding.

However, with spring now in full swing more and more people will be considering either buying a new home or moving home, and this means that more people may be looking for a mortgage in order to fund their purchase. Many of those considering purchasing a property may be looking at ways to improve their chances of getting a mortgage in the current challenging climate, and there are a number of ways through which you may be able to boost your chances of success.

For many people now is the perfect time to buy a home, not just because of seasonal reasons but also because the stamp duty exemption threshold has been increased, which means that buyers can now avoid having to pay stamp duty on a property up to the value of £250,000, which represents a potential saving of up to £2,500.

The first thing to remember is that this stamp duty holiday will bring a rising number of people to the property market, and competition for properties that are for sale will become tougher. You can stay one step ahead of the competition by getting a mortgage agreed in principle, which would make you a more attractive prospect to sellers compare to someone that puts in an offer before having any idea of whether they can get a mortgage.

In order to improve your chances of getting a mortgage make sure that you check your credit report to ensure that all information is accurate and up to date so that this does not adversely affect your chances. Also, make sure that you save as much as possible towards a deposit, as lenders these days want to see some form of financial commitment in order to provide people with mortgages.

Tags: finance, property, mortgage

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Increase in property sales in February

Monday, April 5th, 2010

Recently released figures have shown that the level of property sales in February picked up. The data was released by HM Revenue and Customs, and showed that there was a 14 percent increase in completed property sales in February compared to the previous month. (more…)

Tags: stamp duty, housing market, Alistair Darling, British Bankers Association, property sales

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Stamp duty holiday may have cost first time buyers more than it saved them

Friday, March 26th, 2010

Last year the Labour government announced that it was suspending stamp duty on the purchase of properties up to £175,000 in value. (more…)

Tags: stamp duty, first time buyer, Mortgage loan, Taxation

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Possibility of fresh house price crash according to experts

Tuesday, March 23rd, 2010

Over recent months the value of properties in the UK has increased significantly following eighteen months of house price falls that saw the average value of a home plunge. (more…)

Tags: property market, Home Information Pack, Gazumping

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OFT to make DIY home sales easier

Friday, March 19th, 2010

The Office of Fair Trading has recently announced that it plans to bring in measures that could make it easier for homeowners to sell their own properties rather than having to go through estate agents and pay extortionate fees. (more…)

Tags: property, property owners, Office of Fair Trading

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Mortgage broker banned by FSA

Wednesday, March 17th, 2010

It has been reported that the UK’s financial services regulator, the Financial Services Authority, has banned a mortgage broker. The ban was imposed because the broker allegedly failed to prevent mortgage fraud. (more…)

Tags: mortgage, Financial Services Authority, mortgage broker, mortgage fraud

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Mortgage activity will increase this year

Monday, March 15th, 2010

A prediction with regards to mortgage activity in the UK has been made by the Council of Mortgage Lenders recently, with officials from the agency predicting that 2010 will see the level of mortgage activity in the UK increase. (more…)

Tags: Mortgage loan, mortgage, council of mortgage lenders

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Confidence returns to property market in the UK

Friday, March 12th, 2010

Over recent months there have been a number of signs of recovery in the property market, with increasing property prices, a growth in property transactions, easing up of the mortgage markets, and increased interest from would be buyers. (more…)

Tags: mortgage loans, Subprime mortgage crisis, mortgage, mortgage broker

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Half of all new mortgages issued by Santander

Wednesday, March 10th, 2010

Figures have recently been released showing that around 50 percent of all new mortgages issued in the UK are now arranged through the Spanish based lender Santander, which owns banks such as Abbey and Alliance & Leicester in the UK. (more…)

Tags: mortgage, Alliance & Leicester, santander, financial products

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154 percent increase in deposits required by first time buyers

Thursday, March 4th, 2010

According to recent reports the average amount of deposit that is required by first time buyers in Scotland has increased by a shocking 154 percent since 2007. (more…)

Tags: Mortgage cashback, first time buyer, mortgage, property price

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Government reports on house price increases last year

Tuesday, March 2nd, 2010

A government report has indicated that in 2009 property prices in the UK increase by 2.9 percent. The data comes from the most recent government house price survey. (more…)

Tags: house price, Department for Communities, property market, Housing market crisis in the United Kingdom

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Properties selling at 93 percent of asking price

Wednesday, February 24th, 2010

Figures that were recently released by a property website have revealed that properties in the UK are now selling at around 93 percent of their asking price, showing an increase compared to the 88 percent low that was seen in February of last year. This means that those looking to put in an offer on a property need to be mindful about how much they are offering, otherwise they could find that the property is snapped up by another buyer. (more…)

Tags: estate agents, property prices, housing market, real estate

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Mortgage availability on the increase

Tuesday, February 23rd, 2010

Over the past couple of years the mortgage industry has been through some tough times, and both consumers and the economy as a whole have been affected by the lack of mortgage finances that has been available. (more…)

Tags: Super jumbo mortgage, Mortgage loan, mortgage, Personal finance

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Elderly could save money with equity release service from charity

Monday, February 22nd, 2010

Equity release schemes can often prove to be very useful for older homeowners that want to unlock some of the equity in their homes, but the scheme have also come under fire on a regular basis as a result of the fees that many elderly end up paying. (more…)

Tags: Consumer Credit Counselling Service, equity release, Personal finance

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Five year tenancies to be given with sale and rent back schemes

Friday, February 19th, 2010

Over recent years there has been a lot of concern over sale and rent back schemes, and this is where a company buys a person’s property for a percentage of the market value and then rents it back to them. (more…)

Tags: property, Loss mitigation, Home insurance, Financial Services Authority, Leasehold estate

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FSA proposes new rules for those in mortgage arrears

Thursday, February 18th, 2010

Over the past couple of years, with the credit crunch, recession, and pay freezes affecting so many households, a rising number of homeowners have fallen behind with repayments on their mortgages, and for many this has resulted in the loss of their homes through repossession. (more…)

Tags: Economy of the United Kingdom, Financial Services Authority, finance, repossession, Economics, mortgage

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Continued popularity for variable rate mortgages

Monday, February 15th, 2010

Whilst there was a time when people wanted to avoid variable rate mortgages because of the high rate of interest attached to them many people at the moment are finding that these are the most cost effective mortgage types to opt for because of the record low interest rate that is still in place. (more…)

Tags: Fixed rate mortgage, Variable-rate mortgage, Interest, finance, mortgage

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Nationwide predicts good news for house prices

Saturday, February 13th, 2010

Amidst the news that the UK has now come out of recession and things in the property market are looking somewhat brighter than they have for some time one leading High Street lender has now predicted further good news for the property market. According to the Nationwide house prices in the UK are continuing to increase, and the rate of house price increases could rise to over 10 percent a year. (more…)

Tags: Economics, finance, property prices, house market

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Older homeowners warned about eviction threat from sale and rent back operators

Thursday, February 11th, 2010

A warning has been put out for older homeowners that may be looking to release equity from their homes, with officials concerned that many of these homeowners could end up at the mercy of sale and rent back operators that are nohttp://www.glitec.co.uk/wp-admin/post.php?action=edit&post=1680&message=6t operating to FSA regulations. (more…)

Tags: real estate, mortgage, Home insurance, sale and rent back

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Houses were more affordable five decades ago than now

Wednesday, February 10th, 2010

According to the High Street lender, Halifax, the quality of homes across the UK has improved over the past few decades but affordability is now lower than it was fifty years ago. (more…)

Tags: Economic history, finance, Inflation, Economics

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Generate money from your home whilst you are away

Saturday, February 6th, 2010

It is no secret that many homeowners these days are experiencing difficulties when it comes to making their mortgage repayments and making ends meet financially, even with the base rate at an all time low of just 0.5 percent. (more…)

Tags: Home insurance, property, real estate, mortgage, Ivy Lettings, Renting, House sitting

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Sales of properties reach highest levels in two years

Friday, February 5th, 2010

The sale of properties in the UK have reached their highest levels in two years according to recent reports, and this comes after a turbulent period during which the sale of properties all but came to a halt, with faltering prices resulting in homeowners being reluctant to sell and the mortgage drought resulting in would be buyers unable to purchase a property. Officials believe that the increase in sales is yet another sign that the property market in the UK is on its way to recovery. (more…)

Tags: property prices, Sales, house market

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Asking prices being increased by sellers

Thursday, February 4th, 2010

According to a recent report homeowners that have been putting their homes on the market in the hope of selling them have been pushing up asking prices, with many realising that the lowest stock levels in around ten years could work to their advantage. (more…)

Tags: For sale by owner, Home.co.uk, Right Move

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More choice for consumers as Virgin gets banking licence

Tuesday, February 2nd, 2010

The Virgin brand is one that is known and trusted across the UK as well as globally, and over the years Sir Richard Branson’s company has gone from strength to strength offering everything from financial products and entertainment to travel and more. The company has now added another feather to its cap after it was announced that it has managed to acquire a licence to supply full banking services, which means that consumers will be able to enjoy more choice. (more…)

Tags: Virgin Money, British brands, Moneysupermarket.com, Virgin Group, banking services

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House price gains are not good news for all

Thursday, January 28th, 2010

Over recent months many reports have highlighted how properties have been picking up in terms of value following a year and a half of month on month falls. For many homeowners this brought some degree of comfort, but one report has suggested that the news of the house price gains will not be good news for all homeowners. (more…)

Tags: property market, Home insurance, house prices, increase house prices

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Banks’ special offers on financial products often more expensive than best buys

Wednesday, January 27th, 2010

With the January sales well and truly underway many consumers are hoping to bag a bargain or two. This year it seems that it is not just High Street retailers that are offering products in the sales, as many other sectors have joined in ranging from broadband providers offering special deals on packages to banks offering great value financial products to help consumers save money. (more…)

Tags: Online shopping, Electronic commerce, David Black, buy products, broadband, savings products

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Next Year Could See Supermarket Break Into Mortgages

Sunday, January 24th, 2010

According to a recent report the supermarket retail giant Tesco could end up breaking into the mortgage market as early as 2010, which would mean that consumers will enjoy more choice and will be able to consider a mortgage from a household name that is trusted by many people. (more…)

Tags: tesco, Royal Bank of Scotland Group, Tesco Personal Finance, northern rock, Supermarket, supermarket mortgages

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Buyers In Bloxham Can Continue To Enjoy Stamp Duty Holiday

Thursday, January 21st, 2010

Last year saw the government launch a stamp duty holiday for buyers that were purchasing property up to the value of £175,000. Previously the only properties that were exempt from stamp duty were those that were up to the value of £125,000. (more…)

Tags: Taylor Wimpey, stamp duty, Stamp duty in the United Kingdom, Taxation in the United Kingdom, first time buyer

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Lenders pushing more expensive deals

Tuesday, January 19th, 2010

A recent report has suggested that lenders may be pushing their more expensive mortgage deals onto consumers, with deals such as short term fixes, which are being pushed by lenders, proving to be costly for consumers. Many lenders are said to be focussing on pushing deals where rates are fixed for two years or less, and which tend to be the most expensive for consumers. (more…)

Tags: Mortgage loan, UK mortgage terminology, mortgage broker, Financial services, mortgage

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Up To 4 Percent Increase In House Prices Says CEBR

Friday, January 15th, 2010

It has been forecast by the Centre for Economic and Business Research that house price increases next year will start to moderate and stabilise after a series of increases over recent months. (more…)

Tags: Centre for Economic and Business Research, mortgage, interest rates, bank of england, Personal finance

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HIPs won’t need to be replaced say Tories

Wednesday, January 13th, 2010

According to reports the Conservative Party has promised that if it comes into power in the next general election in 2010 then it will be abolishing the controversial Home Information Packs or HIPs, which were brought in by the Labour government. The promise to abolish HIPs, which have been at the centre of controversy since they were brought in, was made by the Shadow Housing Minister Grant Schapps. (more…)

Tags: Home Information Pack, Labour Government, Energy in the United Kingdom, energy ratings, Energy Performance Certificate, Conservative Party

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Property prices still strong according to RICS

Friday, January 8th, 2010

Surveyors from the Royal Institute of Chartered Surveyors have stated recently that property prices in the UK continue to be strong, and earlier this month reported that they were actually increasing at their strongest level in around three years. (more…)

Tags: house prices, Royal Institution of Chartered Surveyors, Chartered Surveyor, property market, real estate, Estate agent

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Fall of 10 percent in mortgage lending

Tuesday, January 5th, 2010

Figures that have been recently released have shown that for the month of November there was a drop of 10 percent in mortgage lending in the UK compared to the previous month. The figures suggest that mortgage lending in November hit the lowest level since May of this year. The Council of Mortgage Lenders has stated that the mortgage lending levels of November of this year were also down by around 14 percent compared to the same month last year. (more…)

Tags: mortgages, mortgage amounts, mortgage lending

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First time buyers at lowest level in a year

Saturday, January 2nd, 2010

Recent figures have suggested that the level of first time buyers in the UK have fallen to the lowest in the period of a year. The National Association of Estate Agents has stated that the number of first time buyers entering the property market has fallen to the lowest level this year, and is in fact at its lowest since November of 2008. (more…)

Tags: first time buyer mortgages, first time buyers

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Homeowners better off due to low interest rates

Wednesday, December 30th, 2009

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…)

Tags: homeowner wealth, interest rates, bank of england

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