Financial experts are highlighting the importance of keeping a check on finances to those that are planning to buy a property in the near future. According to some experts potential home buyers that are planning to purchase a property within the next year or so need to start getting their finances into order as soon as possible, particularly in light of the mortgage situation in the United States, which has now started to take its toll in the UK. This situation has made if extremely difficult for those with tarnished credit to get a mortgage at affordable interest rates, and could impact heavily on accessibility to sub-prime mortgages in the future. Read the rest of this entry »
Popularity: 90% [?]
Over the past year the popularity of fixed rate mortgage has been rising, and this has been largely due to a series of five interest rate rises that have taken place since August 2006. With each of these interest rate rises more and more homeowners and first time buyers were panicking over how they would keep up with their rising mortgage repayments. For many, taking out or remortgaging to a fixed rate deal was the most effective solution, as this meant that they would no longer have to cope with the effects of further interest rate rises. Read the rest of this entry »
Popularity: 100% [?]
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: 79% [?]
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: 75% [?]
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: 76% [?]
UK homeowners with variable rate mortgages have had a rough twelve months, with five interest rates of 0.25% having been applied to the base rate since August of last year, taking the base rate from 4.5% to 4.75%. many homeowners on variable rate loans have seen their repayments rocket over the past year, and this has put a large number of homeowners in a difficult position, as they are struggling to keep up with repayments on their home, and, as predicted by many experts and industry officials, the level of repossession taking place has rocketed. Read the rest of this entry »
Popularity: 75% [?]
The UK has seen a record five interest rate rises of 0.25% each in the last year, with the Bank of England taking the base rate from 4.5% last August to 5.75% this July through the series of interest rate hikes. According to some analysts and economists a further interest rate rise does not lie far off, and many expect a further rise to be announced after September’s Monetary Policy Committee meeting. This would take the interest rate – which is already at its highest in six years – up to 6%. Read the rest of this entry »
Popularity: 66% [?]
Officials from the Bank of England have stated that the level of new mortgage approvals in the UK dipped in December, and that this was the seventh month in a row where mortgage approval levels had fallen. In November 2007 there were around 81,000 new mortgage approvals according to recent figures, and this fell to 73,000 in December 2007. Read the rest of this entry »
Popularity: 86% [?]
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: 94% [?]
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% [?]