Over the past few weeks many industry officials and groups were convinced that Britain was at last coming out of the other side of the recession. It was widely expected that official third quarter figures would show that there had been an increase in economic output and that the nation would officially be out of recession. (more…)
Archive for the ‘New Articles’ Category
Britain continues to languish in recession
Tuesday, November 17th, 2009
Mixed reactions to recovery of property market
Tuesday, November 3rd, 2009There is no doubt that over the past couple of years the UK’s property market has been through an extremely turbulent time, with the near financial collapse resulting in a negative effect on the mortgage and property markets. (more…)
Tips for First Time Home Buyers
Tuesday, October 20th, 2009Buying your first home is an exciting, yet daunting experience. It is likely that this purchase is the biggest financial commitment you will ever make in your life and the prospect of taking out a loan that will take you about 25 years to repay is something that could keep you awake at night. (more…)
Is the FSA failing to protect homeowners from lenders?
Saturday, October 17th, 2009The Financial Services Authority is the UK’s financial regulator, and part of its job is to protect consumers from unscrupulous actions by banks and financial institutions by ensuring that these institutions and properly and fairly regulated. (more…)
Increased protection for homes is vital
Thursday, October 15th, 2009Industry 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 terms of both security and insurance cover. (more…)
Are Brits paying out a fortune for properties that are too small to live in?
Thursday, September 24th, 2009Whilst it is true that property prices in the UK have fallen over the past eighteen months the cost of purchasing a home in the UK is still high, which makes things difficult for first time buyers. (more…)
Government Schemes to Help People Keep Their Homes
Monday, September 21st, 2009With so many people in the UK struggling to make their mortgage payments and finding themselves fighting a losing battle, the government has initiated several schemes to help them keep their homes and not have to suffer through repossession by lenders. (more…)
How good is your equity release advisor?
Thursday, August 27th, 2009With 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 what has become a difficult financial situation. (more…)
How first time buyers are faring in the current climate
Monday, August 24th, 2009It 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. (more…)
Some of the ways in which banks are getting more money from consumers
Friday, August 21st, 2009Over 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. (more…)
Are you relying on your property for your retirement?
Wednesday, August 12th, 2009Industry officials are forever warning us of the importance of thinking about the future in terms of our retirement and ensuring that we have something in place that will enable us to live comfortably once we have retired. (more…)
Are low rate high fee mortgages the way to go?
Thursday, August 6th, 2009The 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. (more…)
Lock in Your Mortgage at a Fixed Rate Now
Wednesday, August 5th, 2009Mortgage 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. (more…)
Thousands of mortgages each month being turned down
Tuesday, August 4th, 2009Whilst 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. (more…)
Many Brits Still Counting on Making Money From Property
Sunday, August 2nd, 2009Even though the housing market is in a slump and house prices have taken a direct hit, there are still millions of people in Britain who feel they will make enough money on the sale of their property to give them the funds they need for their retirement. (more…)
125% Mortgage – Nationwide’s Boost To Those In Negative Equity
Monday, July 20th, 2009125% mortgage. Just when most of us thought that we would never see figures even approaching 100% with regards to mortgages ever again, Nationwide appear to be thinking outside the box with this, distinctly against market trend, deal it’s offering to those trapped in the misery of negative equity. (more…)
Keeping Your Mortgage Payments Up to Date
Friday, June 12th, 2009With interest rates starting to rise, many homeowners have gotten used to low monthly payments on their mortgage. (more…)
‘Buy now, pay later’ on the rise
Monday, June 8th, 2009These are uncertain times. Unemployment is on the rise, property prices have crashed leaving many with negative equity problems, savings are attracting low rates of interest and the nation has tightened its belt. Or so it seemed. There may be an area of growth right now after all- in the ‘buy now, pay later’ finance sector. (more…)
Is it a Good Idea to Lock in Your Mortgage at the Lower Rates Now Available?
Tuesday, May 26th, 2009The 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. (more…)
Recession Forcing Britons to Do Their Own Renovations
Saturday, May 16th, 2009The crash of the real estate market has dashed the hopes of many Britons who expected to sell their homes this year and move into large properties. The inventory of homes on the market is in excess with foreclosures and the homes that have been languishing on the market for many months. (more…)
Markets are Finally Opening for First Time Home Buyers
Monday, May 11th, 2009When 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. (more…)
Are lenders being too optimistic about house price increases?
Saturday, May 2nd, 2009Since October of 2007 house prices in the UK have been falling month on month, and have so far plunged by around 20 percent compared to their peak. (more…)
Tenant eviction numbers increase
Sunday, March 29th, 2009According to a recent report there has been a notable rise in the number of tenants being evicted from private landlord properties, and this is as a result of the landlords being unable to keep up with repayments on the mortgage on the property, thus resulting in repossession of the property. (more…)
Falling House Prices Affects the UK Real Estate Market
Wednesday, March 25th, 2009With the world in a recession, house prices in the UK have fallen to levels not seen since March 2005. There has been a drop of 15.1% in prices in the past few months and in January alone, the housing market suffered a 0.8% decrease in prices. (more…)
Will property sales rise over coming months?
Wednesday, March 18th, 2009There is little doubt that the past year has been a shocking one in the housing and mortgage sector, and the lack of mortgages and tighter credit conditions that have stemmed from the global credit crunch have had a severe knock on effect on the house market. (more…)
Mortgage conditions become tougher
Monday, March 9th, 2009As most people are already well aware mortgage conditions and credit conditions in general have become increasingly tough since the onset of the global credit crunch in the latter part of 2007. (more…)
Situation with mortgages set to get tougher
Monday, March 2nd, 2009In 2008 the UK went through a very turbulent financial period, and after ten years of relatively laid back and easy credit conditions many consumers felt the sharp shock of suddenly being unable to get their hands on affordable credit. (more…)
Increasing Numbers of Home Repossessions
Saturday, February 28th, 2009With the downturn in the economy that has thrown markets all over the world into a slump in recent months, the number of homes being repossessed by lenders is increasing at a rapid pace. (more…)
Now could be a good time to buy a property
Friday, January 9th, 2009As most people are only too well aware the housing market is still going through a severe slump at present, with house prices plummeting and many struggling to sell their homes for as much as they hoped. For many the housing slump has proven to be bad news but for some people the plummeting house prices spell good news. Industry officials claim that cash rich consumers and those able to get finance could get their hands on the ideal property at a fraction of the original price, which means that getting your hands on your cream property may not be as difficult as it has been in the past. (more…)
Will the government’s homeowner mortgage support scheme work?
Wednesday, January 7th, 2009Earlier this month the government announced further details relating to the homeowner mortgage support scheme that was first mentioned by the Prime Minister, Gordon Brown, at the beginning of December. The basic aim of the scheme appears to be quite simple – that homeowners will receive assistance and support with regards to mortgage interest payments for up to tow years through deferred payments in the event that they suffer a sudden loss of income through their employment or self employment. (more…)
Is there any point forecasting house prices for next year?
Monday, January 5th, 2009Each 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, it has become increasingly difficult for even industry experts to predict what will happen with house prices over the coming year, and this is why some have decided not to bother. (more…)
First time buyers paying a fortune on mortgages
Saturday, December 27th, 2008Things have not been easy for the average first time buyers for many years when it comes to getting onto the property ladder. The last ten years has seen many first time buyers priced out of the market, as property prices in the UK have rocketed, leaving many unable to entertain the idea of getting on to the property ladder because of the cost of buying a home. However, property prices have been falling over the past year, and are expected to continue falling for the foreseeable future. (more…)
Rates on personal loans have soared
Wednesday, December 24th, 2008Most 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 interest rate has fallen a number of times, and in particular over the past two months, which has seen 2 percent sliced from the base rate. The base interest rate is now at 3 percent, which is almost half what it was a year ago, at 5.75 percent. (more…)
Drop in mortgage approvals as consumers spend deposits elsewhere
Sunday, December 21st, 2008Reports 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 things on which to spend their deposits, particularly with Christmas just around the corner and very little availability of credit for many consumers. (more…)
Are you facing repossession?
Monday, December 15th, 2008If 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 of the year up to end of September increased by around 12 percent, to around 11,300. The figures have been released by the Council of Mortgage Lenders. (more…)
What will our Christmas spending be like this year?
Wednesday, December 10th, 2008Many 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 struggling to make ends meet. In addition to this inflation levels have soared to record highs, which has also affected consumer finances. The cost of food has rocketed, petrol prices have soared, and energy bills have gone through the roof, which means that all in all it has been a very bleak year for most people financially. (more…)
Is now the time to take out PPI?
Wednesday, December 10th, 2008The 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 press has resulted in more people either deciding not to take out this cover over the past couple of years, or has resulted in fewer policies being taken out because of reduced pressure from lenders and providers who are aware of the crackdown by authorities such as the Financial Services Authority. (more…)
Borrowers may start to see rate cut benefits
Monday, December 8th, 2008According to recent reports many borrowers may start to benefit from the recent base interest rate cuts, as many lenders – under pressure from the Prime Minister, Gordon Brown – are now responding the recent rate cuts, and are cutting their own borrowing interest rates accordingly. In October of this year the Bank of England, along with other global central banks, applied a surprise base rate cut of 0.5% a day before the scheduled Monetary Policy Committee meeting, which is where interest rate movement is normally determined. (more…)
How will buy to let landlords fare after B&B collapse?
Monday, November 24th, 2008The 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 had buy to let mortgages with the lender set at special rates for a fixed period. Moreover many of these landlords may be due to come off these set rates, and this could prove to be a problem for some. (more…)
Is the current house price crash worse than that of the 1990s?
Thursday, November 20th, 2008As 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 those that bought their properties more recently are facing the threat of negative equity, where they end up owing more on their home than the property is actually worth. (more…)
Competition Commission concerned over competition with PPI
Monday, November 10th, 2008The 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. (more…)
How can you get your hands on a cheaper property?
Sunday, November 9th, 2008The value of properties across the UK has been falling over the past year, and it is thought that house prices now are around 13% lower than they were at their peak, which was last October. However, despite the house prices falls the ten year housing boom over the past decade means that the cost of purchasing a property in the UK can still be very high. Many would be buyers are still nervous about whether or not to take the plunge and buy a property due to fears over continuing house price falls, which could leave many facing negative equity. (more…)
Could struggling homeowners get help due to new regulations?
Tuesday, November 4th, 2008Over the past year many homeowners have lost their homes to repossession as a result of falling behind on mortgage repayments as credit conditions have become more difficult and living costs have soared. With the financial markets and the housing markets in their worst state in decades the government has decided to take action and try and help struggling homeowners by bringing in new regulations relating to repossessions by lenders. (more…)
Are firmer regulations needed over sale and rent back firms?
Wednesday, October 29th, 2008Over the last couple of years we have heard more and more about sale and rent back schemes, which many of us may never have heard of before. However, since interest rates started to soar in 2006, many homeowners found that they were not able to keep up with rising mortgage repayments, and this resulted in them having to take drastic action to avoid losing their homes altogether. The problems have become worse over the past year as a result of soaring living costs, rising bills, and tighter credit conditions, which have all adversely affected the ability of many homeowners to keep on top of their mortgage repayments. (more…)
FOS still cracking down on loan insurance
Wednesday, October 15th, 2008Although 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 Authority, and the Financial Ombudsman Service are continuing to crack down when it comes to PPI, having already imposed sky high fines on some lenders and companies that have been found to have been mis-selling this form of cover. (more…)
FOS and FSA still cracking down on loan insurance
Friday, October 10th, 2008Although 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 Authority, and the Financial Ombudsman Service are continuing to crack down when it comes to PPI, having already imposed sky high fines on some lenders and companies that have been found to have been mis-selling this form of cover. (more…)
Mixed reactions on housing proposals from government
Wednesday, October 8th, 2008The government in the UK has made a number of new proposals recently to try and kick start the slow housing market, and amongst the actions taken by the government are a suspension in stamp duty for properties up to £175,000, and also the provision of loans for first time buyers looking to purchase new build properties. Industry groups and officials have offered mixed reactions to these moves, some of which can be seen below. (more…)
Rising number of landlords in serious mortgage arrears
Tuesday, September 30th, 2008Over recent years the housing boom has made the buy to let market an attractive proposition for investors in the UK and a rising number of people have decided to enter the buy to let market in order to invest in their future. However, last summer brought with it the global credit crunch, which has become a household term and has wreaked havoc in the financial markets for many months causing all sorts of problems. (more…)
Is the UK heading for recession?
Wednesday, September 24th, 2008The word recession is one that strikes fear into the hearts of many, particularly those that remember the dark days of the late 1980s and early 1990s. However, over recent months the nation has seen financial markets dry up, house prices plunge, credit conditions become increasingly tight, inflation levels soar, and consumer confidence dwindle. It is therefore little wonder that so many people are convinced that the country is on the brink of recession. With households facing their toughest time in years when it comes to finances many people are unable to spend freely, which is affecting the economy. (more…)
Just how bad is the UK economy?
Tuesday, September 9th, 2008There have been a number of different opinions and predictions from industry officials in relation to the UK’s economy of late. Most have been relatively gloomy and some have been downright worrying, with many officials expressing concern over how close the nation is of sliding into recession. According to a recent report the UK’s largest employer’s association, the CBI, has stated that the state of the economy is actually worse than most thought. (more…)