Homeowners are being urged to act quickly if they are looking to take advantage of interest rate cuts and switch to a cheaper mortgage, as otherwise they could end up missing out on some very competitive deals that are either selling out or are being taken off the shelves by lenders after just a short period of time. Many homeowners may be looking at remortgaging in light of the two interest rate cuts that have been made since December 2007, but they are being warned not to dither and delay if they see a competitive deal. Read the rest of this entry »
Popularity: 28% [?]
According to a recent report a number of mortgage lenders in the UK decided to hike up their mortgage interest rates in January 2008, even though there was a reduction in the base rate in December 2007 and the base rate remained unchanged for January 2008. One of the latest to hike up the rate on its tracker mortgage – which is supposed to track movements in the base rate – is the Nationwide Building Society, which recently won a poll as most trusted bank of building society. Read the rest of this entry »
Popularity: 28% [?]
Since August of 2006, which marked the start of a series of five interest rate rises that were to take place in under one year, many homeowners on variable rate mortgages have been struggling to keep on top of their mortgage repayments. Repossession levels have rocketed and the strained financial situation facing most households has seen spending levels fall and the economy take a battering. Read the rest of this entry »
Popularity: 46% [?]
Industry officials from the British Chambers of Commerce have called for the Bank of England to cut interest rates again. The bank of England hiked up rates five times between August 2006 and July 2007, taking them up by a total of 1.25% to 5,75%. The rates then remained unchanged until December 2007, when they fell by 0.25% to 5.5%. Many were expecting a further fall in January given the marked slowdown in the economy, but the Bank of England also had to consider inflationary pressures and the base rate remained unchanged. Read the rest of this entry »
Popularity: 34% [?]
Following announcements from a number of lenders in relation to their LTVs it seems that first time buyers could be facing increased difficulties again, just when many thought that falling house prices and lower interest rates may have enabled more non-homeowners to get onto the property ladder. It now seems that finding a 100% mortgage or even a 95% mortgage may be getting more difficult, and for first time buyers with no previous equity to use towards purchasing a property this could mean that they can no longer afford to buy a home. Read the rest of this entry »
Popularity: 38% [?]
Mortgage Next recently announced the launch of a discounted buy to let mortgage, which consumers considering getting into the buy to let sector may find beneficial. The mortgage is funded through Mortgage Express, and offers a fixed rate of 6.29% for two years. This equates to a discount of 0.96%. With buy to let mortgages often considerably more expensive than standard ones in terms of interest rates, this mortgage offer could attract attention from prospective buy to let investors. Read the rest of this entry »
Popularity: 47% [?]
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: 45% [?]
Recent data has shown that landlords in the UK found it easier to find tenants in the last quarter of year 2007 compared to the third quarter of the year, reflecting the increased demand for rental properties amongst consumers that have now been priced out of the market altogether when it comes to purchasing a property. Tight credit conditions, high interest rates, soaring property prices, and the effects of the credit crunch. Read the rest of this entry »
Popularity: 55% [?]
For a number of months now there has been widespread speculation with regards to property values in the UK, with many experts predicting that house prices – although unlikely to crash – are set to fall over coming months. Data from a series of surveys and studies has backed up these predictions, and the past few weeks have already seen a weakening housing market with falling property prices. Read the rest of this entry »
Popularity: 48% [?]
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% [?]