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% [?]
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% [?]
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% [?]
With property prices in the UK soaring and interest rates continuing to go up many UK consumers that were hoping to get onto the property ladder face a bleak future. And according to recent data the problem is set to get worse, as future property purchasers may be looking at property prices that are ten times their salary, which for many means that there is no chance of being able to afford their own property. Read the rest of this entry »
Popularity: 66% [?]
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: 78% [?]
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% [?]