Many homeowners and first time buyers welcomed recent news that suggested that fixed rate mortgages with interest rates hovering around the 5% mark seem to be making a comeback. Since interest rates started to rise in August 2006, affordable fixed rate deals have become a thing of the past, with a series of five interest rate rises pushing the cost of fixed rate deals up higher and higher. Read the rest of this entry »
Popularity: 7% [?]
Concerns over the effect that interest rate rises will have on homeowners that are currently in cheap fixed rate deals have been rife for some time. There are many homeowners that took out cheap fixed rate mortgage two or three years ago, with many paying under 4.5% on their mortgage loan. However, between August 2006 and July 2007 interest rates rose five times, taking the base rate from 4.5% to 5.75%. Between July and November the base rate remained unchanged at 5,75% but at the beginning of December the Bank of England cut the base rate by 0.25% bringing it back down to 5.5%. Read the rest of this entry »
Popularity: 16% [?]
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% [?]
Financial stability for many homeowners in the UK has become increasingly difficult as a result of the interest rate rises that have been enforced by the Bank of England over the past year. Homeowners are having to pay out more in the way of mortgage repayments, which has left them with lower levels of cash to deal with other bills and repayments, and many are struggling hugely to keep up with repayments on their bills and other financial commitments. Read the rest of this entry »
Popularity: 69% [?]
The popularity of fixed rate mortgages has started to cool off, after month of intense interest from consumers trying to avoid the pinch of a series of interest rate rises. After the first couple of interest rate rises last year people were flocking for fixed rate deals, as analysts and economists were predicting further rate rises would take place in the near future. Since that time, a further three interest rate rises of 0.25% each have taken the base rate to 5.75% - it’s highest in six years. This has resulted in fixed rates becoming too expensive for some consumers, as the rate is set at slightly higher than the base rate. Read the rest of this entry »
Popularity: 42% [?]
Over the past year and a half consumers that have been on variable rate mortgages have had to deal with the effects of a series of five interest rate rises, which has resulted in soaring monthly mortgage repayments for many homeowners. Those that took out cheap fixed rate mortgage two or three years ago have managed to avoid the pitfalls of these interest rate rises. Read the rest of this entry »
Popularity: 59% [?]