The Chancellor of the Exchequer, Alistair Darling, is still pushing for lenders to introduce long term fixed rate mortgages in light of the current crisis, where many consumers are facing crippling mortgage repayments once their existing cheap fixed rate comes to an end. The chancellor has been pushing for this type of mortgage for some time, and in his recent first budget he addressed the issue, urging lenders to introduce more affordability and accessibility when it comes to longer term fixed rate deals. Read the rest of this entry »
Popularity: 62% [?]
One of the leading building societies in the UK, the Nationwide, has answered the calls of new Chancellor of the Exchequer, Alistair Darling, by introducing a new 25 year fixed rate mortgage in order to try and make home ownership and stable repayments more of a possibility for consumers in the UK. Mr Darling recently announced that one of the things that he was aiming for in light of the current housing situation with regards affordability was for more longer term fixed rate mortgages to be available. Read the rest of this entry »
Popularity: 68% [?]
The Chancellor of the Exchequer Alistair Darling has been pushing for lenders to increase the number of longer term fixed rate mortgage deals on offer since he came into office as the chancellor. The series of recent interest rate rises have had a serious impact on affordability for first time buyers and existing homeowners on variable rate mortgages, and the level of repossessions in the UK has rocketed over the first half of this year, as many struggle to keep on top of rising repayments. Read the rest of this entry »
Popularity: 69% [?]
According to recent reports house prices in the UK have fallen for the first time in a two year period. Many experts believe that the housing market is softening as a result of lack of affordability and other issues. According to the Royal Institute of Chartered Surveyors from June to August of this year the house price index showed its first negative reading since October 2005. Affordability in the housing market has become major issue over recent months, with a number of factors affecting both consumer confidence and affordability. Read the rest of this entry »
Popularity: 58% [?]
In the past many people in the UK steered clear of renting property, as most classed renting as dead money and preferred to put their monthly repayments towards the investment value of purchasing a property, since the difference between paying a mortgage and paying rent was minimal. However, over recent years the cost of purchasing a property in the UK, coupled with increased interest rates, has seen the monthly repayment on a mortgage by far exceed the monthly repayments on paying rent. Read the rest of this entry »
Popularity: 62% [?]
According to recent reports the UK continues to see rising repossession levels after millions of homeowners with variable rate mortgages were left struggling to repay their mortgage following a series of interest rate rises over the past year. The base rate has gone up five times since last August, and has resulted in the base rate shooting up from 4.5% to 5.75% after five rises of 0.25% each. For homeowners with variable rate mortgage this has meant a massive overall rise in repayments. Read the rest of this entry »
Popularity: 73% [?]
A shocking report has revealed that many consumers in the UK are being talked into lying about their income in order to get a larger mortgage – often resulting in them taking on loans that they cannot afford based on their actual income as opposed to their inflated income. The reports claim that a number of financial advisers and brokers are persuading consumers that self certify their income – where the consumers states his or her income and there are no checks carried out – to lie and state that they are earning far more than they actually are. Read the rest of this entry »
Popularity: 75% [?]