A recent report has indicated that it is unlikely that there will be any significant increase in the availability of home loans in the near future. (more…)
A recent report has indicated that it is unlikely that there will be any significant increase in the availability of home loans in the near future. (more…)
According to a recent report a number of lenders are offering mortgages that do not actually exist, which is causing problems for many buyers who think that they have found the perfect mortgage deal only to find that there is no mortgage deal to be had. (more…)
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. (more…)
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. (more…)
A recent report has suggested that the days of self cert mortgages could be coming to an end, as lenders become increasingly cautious and stringent with regards to who they will lend to in what has become a very volatile and difficult financial climate. (more…)
The nationalised bank, Northern Rock, is apparently using taxpayers’ money to revive its mortgage lending operations, according to recent reports. (more…)
Sir John Gieve has recently stepped down from his three year role as deputy governor of the Bank of England, and was recently speaking at a farewell speech, where he commented on a number of issues, including the financial crisis and how it had been handled by the government and the tripartite system put into place by Gordon Brown in 1997. (more…)
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. (more…)
Over recent weeks estate agents and surveyors have been stating that the markets could be easing and that the level of interest in property purchasing has increased as a result of rock bottom interest rates and falling house prices. (more…)
Following calls from the Prime Minister, Gordon Brown, for more ‘prudent and careful’ lending, the City Minister, Lord Myners, has stated that the 100 percent mortgages that were once so popular in the UK were ‘foolish’. (more…)
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. (more…)
According to a recent survey from the Royal Institute of Chartered Surveyors, house prices across the UK continued to fall for the month of December, with the average number of sales per month per estate agent also falling in the final quarter of last year. (more…)
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. (more…)
The Council of Mortgage Lenders has asked for a lower cap to be introduced, which would mean that mortgage lenders would not be expected to reduce their mortgage interest rates beyond a certain level. (more…)
Last year the Council of Mortgage Lenders predicted that the number of repossessions in the UK could reach as many as 75,000 over the course of this year, which is a worrying figure in itself. (more…)
Recent reports have suggested that the number of people now turning to standard variable rate mortgages is increasing, as borrowers take advantage of the sharp falls in the base interest rate. Just a couple of years ago borrowers were flocking to take out fixed rate mortgages following a series of base rate increases and amidst fears of further rate increases. (more…)
Recent figures have shown that property prices fell for a sixteenth month in a row in January.
House prices have been plummeting for the last year and a half, with homeowners seeing thousands of pounds worth of equity being wiped of the value of their homes. (more…)
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. (more…)
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. (more…)
During the third quarter of last year the number of people that were losing their homes nearly doubled, according to recent reports. (more…)
According to officials from the Council of Mortgage Lenders, mortgage lending over the course of last year fell by around 30 percent, taking it to its lowest levels since around 2002. (more…)
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. (more…)
HSBC has enjoyed being named the top mortgage lender of 2008 recently, taking the title from the 2008 winner, which was the Furness Building Society. (more…)
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. (more…)
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. (more…)
The results of a recent poll have revealed that an increasing number of middle class homeowners are concerned that they will not be able to keep on top of their mortgage repayments over the coming year, according to a recent report. (more…)
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. (more…)
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 borrowers are being turned down for ‘the most spurious of reasons’. (more…)
Following the recent Monetary Policy Committee meeting held last week the Bank of England has announced that the UK base interest rate has been cut yet again, falling by 0.5 percent from 2 percent to just 1.5 percent. (more…)
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 a particularly turbulent year for the housing sector where there are now mixed opinions on what will happen with house prices over the coming year. (more…)
According to a recently released report house price falls in the UK are coming at a faster pace than the hour price falls during the crash of the 1990s. November saw the property market go through a sharp and rapid deterioration, with data from the Halifax suggesting that house prices had fallen by over 2.5 percent over the month. This took the annual house price fall for November to over 16 percent based on these Halifax figures, wiping over £30,000 from the value of the average property on an annual basis. (more…)
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. (more…)
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 lend money in the current financial climate, and many consumers too wary to apply for a mortgage and buy a property because of the ongoing falls in house prices, which could leave them open to negative equity. (more…)
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 or have been unable to sell, although the situation for buyers has also been difficult due to the difficulties that many have had in security mortgages despite the decrease in property values. (more…)
Nationalised lender Northern Rock, which was nationalised earlier this year after becoming one of the first major victims of the global credit crunch in the UK, has been accused of selling off repossessed home at knock down prices in a bid to try and get back as much money as possible as quickly as possible rather than trying to get the best price for the former homeowner. (more…)
According to recent reports the 100% mortgage could be on its way back through a government backed scheme aimed at first time buyers and low income households after being wiped from the shelves earlier this year by worried lenders that did not want to take the risks associated with these mortgages during the ongoing global credit crunch. (more…)
Lenders who deal with home loans have been given a fairness deadline, and have been told that they could face hefty fines if they fail to treat customers fairly when it comes to dealing with arrears on home loans. Lenders have been told that they must prove that customers that are in arrears or are facing repossession are being treated fairly and that they have to provide this proof by 31st of January. (more…)
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 some feel that many of the major UK banks will ignore the reductions and fail to pass them on. (more…)
Officials from the Council of Mortgage Lenders have recently stated that the situation with mortgage lending levels may get worse, stating that whilst mortgage lending has certainly been rationed over the course of this year as a result of the global credit crunch and tighter lending conditions the likelihood was that it would be further restricted over the coming year. (more…)
Recent figures have shown that rental prices on homes are being driven down as a result of the many homes that remain unsold on the UK’s property market. Property sales have been very low over recent months, and although they have increased slightly over recent weeks due to more realistic pricing from sellers, they did recently reach average lows of as bleak as less than one property sale per week per agent. (more…)
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 includes far tighter credit conditions, making it difficult for some first time buyers to get finance, and higher deposit requirements from lenders, which decreases affordability for the average first time buyer. (more…)
As part of the package of measures that was announced in the recent pre-budget report, homeowners who lost their jobs are set to get extra help from the government to ensure that they do not lose their homes. Previously, the government covered interest payments on mortgages for those that had been out of work for at least thirteen weeks and could not meet repayments. However, this was up to a maximum of a mortgage value of £100,000. (more…)
According to the results of a recent survey HSBC is the most competitive mortgage provider, having made forty two appearances in a top ten poll of mortgage providers by an online comparison site. The results were up to the end of September of this year, and resulted in the bank being dubbed the most consistently competitive mortgage provider during the third quarter of this year. (more…)
Officials from the Nationwide Building Society have recently stated that the fall in house prices in the UK could continue over the course of 2009 and even into 2010. The building society, which has slashed mortgage lending like many other lenders since the onset of the global credit crunch, has said that the housing market is likely to remain subdued for the foreseeable future, which spells bad news for homeowners, who may lose their equity and even end up in negative equity. (more…)
Following the recent 1.5% base rate cut, and in response to calls from the Prime Minister, Gordon Brown, a number o major lenders in the UK have said that they will be passing on the full 1.5% rate cut to borrowers over the coming weeks. As hoped by the government this could help to ease the financial situation for many consumers, and could ultimately help to boost the flagging economy, as consumers find themselves with more money to spend in the run up to Christmas. (more…)
According to recent figures house prices have fallen for yet another consecutive month, and after a fairly small price fall in September figures show that house prices have now fallen by a further 2.2 percent in October. The figure comes from the Halifax, and officials from the lender have said that the October fall has brought the annual house price drop to 13.7 percent. The average house price has now fallen to £168,176 according to the Halifax, which is nearly £30,000 lower than a year ago. (more…)
Figures that have recently been released have shown that mortgage lending for the month of October rose by around 7 percent, with gross mortgage lending totalling £18.7 billion for October compared to £17.5 billion for September. However, whilst mortgage lending for the month has risen compared to the previous month officials have said that lending in October was still around 44 percent lower than the same time last year. (more…)
According to an industry expert people with commercial mortgages could enjoy some good news, as it has been predicted that in the coming months interest rates could fall to as low as 2.5 percent. One industry experts has said that it is likely that the Bank of England will soon cut the base rate by a further 0.5 percent, following cuts adding up to 2 percent over the past two months. (more…)
The base rate in the UK has fallen dramatically over the course of the last year, with the rate falling from 5.75% to 3%, with a recent huge interest rate cut of 1.5% this month alone. The Prime Minister, Gordon Brown, said that cutting interest rate was vital in order to weather the global financial crisis and the economic downturn, and he indicated that there was room for further interest rate cuts. (more…)