The Abbey has recently announced that it will be raising the interest rates on some of its mortgage products as a result of the current turmoil that has hit the financial markets in the UK. The credit crunch, which was sparked in the sub-prime sector in the United States and is now having global repercussions, has affected many lenders, with some withdrawing some mortgage products, some raising the interest rates, and some even going into administration. Read the rest of this entry »
Popularity: 92% [?]
According to recent figures the recent rises in interest rates has seen the level of interest and activity with remortgage rise steeply, as consumers rush to try and find a more competitive deal on their mortgage before interest rates rise yet again. Interest rates have already been hiked up by the Bank of England five times since this time last year, with each rise being 0.25%, adding an additional 1.25% to the 4.5% interest rate from last August – the base rate now stands at 5.75%. Read the rest of this entry »
Popularity: 79% [?]
According to recent report many potential first time buyers have decided against rushing into purchasing a property, and have instead decided to wait it out to see what happens with house prices and interest rates. Rumours about the possibility of house prices coming down along with the risk of interest rates rising – despite this month’s decision to keep rates on hold – have resulted in many first time buyers deciding to either stay with their families for a while longer or simply rent for a while until they can make a more informed decision on whether they can afford to purchase a property. Read the rest of this entry »
Popularity: 48% [?]
The Financial Services Authority, the UK financial regulator, has carried out a recent review that has highlighted the lack of essential checks by some lenders and brokers in the sub-prime mortgage market. According to the FSA report many brokers and lenders are allowing sub-prime customers – those with a poor credit rating or no proof of income – to borrow money without carrying out adequate checks to ensure that the borrower can afford the repayments on the loan. Read the rest of this entry »
Popularity: 46% [?]
Recent reports have shown that the global credit crunch that has stemmed from the problems with mortgage defaults in the United States could make things extremely difficult for those with patchy credit histories that are looking to take out a mortgage. Many sub-prime lenders have announced that they will be withdrawing their sub-prime mortgages in the UK, with many others stating that they will be pushing up interest rates on sub-prime mortgages by significant amounts, which will mean that those with bad credit will either not be able to get a mortgage or will have to pay through the nose for the privilege. Read the rest of this entry »
Popularity: 56% [?]
A recent report has shown the alarming rate by which mortgage fees have been rising over the past couple of years, with many consumers being hit by extortionate fees on their mortgages. The reports suggest that some mortgage lenders have raised their arrangement fees by as much as 600%, even though the cost of arranging a mortgage has not risen in the past two years. In fact, as some experts point out, computerized systems have made the cost of mortgage arrangements even lower, yet some lender have still raised their fees by enormous amounts. Read the rest of this entry »
Popularity: 58% [?]
Over recent months mortgage exit fees have been at the centre of controversy, with regulators and campaigners questioning why a number of lenders have hiked up the cost of mortgage exit fees by huge amounts – in some cases by 200% over the past few years. Mortgage exit fees have been charged to those closing their mortgage accounts, such as those that have paid off their mortgages and those deciding to remortgage with another lender. Read the rest of this entry »
Popularity: 71% [?]
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: 79% [?]
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: 48% [?]
A recent report has shown how many consumers still expect property prices to continue rising, despite evidence that shows that property prices have already fallen and despite predictions from industry experts that property values will continue to fall in the coming months. Many analysts and economists have predicted that house prices will fall over the coming months, and in September there were figures that showed an unexpected fall in property values. Read the rest of this entry »
Popularity: 45% [?]