Mortgage Articles
Mortgage Endowment Pay-Outs Down Again
Mortgage endowment policies have received a lot of negativity in the press in recent years and for good reason, many policy holders have realised a shortfall in monies to pay off their mortgage. Norwich Union, one of the 'better' providers announced pay-outs are down again this year. Results from other insurance companies will be even worse, with some reporting 9 out of 10 endowments will not cover the loan when they mature... Read More
Mortgage Outlook
The outlook for the immediate future of available mortgages in the UK is not looking particular great compared to even 6 months ago. The global credit crisis and the effects of Northern Rock have changed the availability of mortgage products. If you have very good to excellent credit there are still plenty of options however, if you suffer from adverse credit, you may be in for a shock... Read More
Housing Market Looks Bad Says RICS
The Royal Institute of Chartered Surveyors recent survey shows house prices are falling at rates comparable to the early 1990s. According to 500 estate agents surveyed, 6 out of 10 are saying house prices had definintely fallen during the last quarter of 2007. Many fear the market is heading down the same path as in 1992 when may people found themselves in the negative equity trap. RICS wants to see further rate cuts by the Bank to avoid a property meltdown... Read More
Economy In For A Rough Ride
Rising costs in energy, chemicals, and food products have increased inflation for manufacturers up to 5% in December 07 which is the highest level since the recession days of 1991. This bad news also affects retailers as they have to buy at higher prices. Consumer spending is dropping and major retailers are seeing significantly lower profit margins. More pressure lies on Bank's shoulders... Read More
Bank Holds The Base Rate At 5.5%
With much anticipation as to the Bank of England decision this month regarding a base rate cut, the Bank has decided to remain as they are. Retailers are complaining of difficult times but consumers are also worried as inflation sits above the BoE target of 2%. Most experts predict further rate cuts this year whilst other feel to cut rates further now would be a mistake... Read More
Banks Under Fire For Rate Cut Delays
The majority of UK banks and building societies still haven't passed on any savings to their customers since the Bank of England reduced the base rate to 5.5% in December. Gordon Brown and Chancellor Alistair Darling are criticising this decision by lenders. Typically when the Bank's rate goes up, so do mortgage rates so why don't lenders pass on savings when the base rate drops?... Read More
FSA To Have More Power To Deal With Failing Banks
As a result of the Northern Rock fiasco, the Bank of England has suggested giving the FSA more power in dealing with failing banks. The Chancellor appeared very disappointed that Northern Rock's board and shareholders maintained too much power during its demise which the Goverment, and taxpayers, had to rescue with a £57billion emergency fund. New power would allow the FSA to step in sooner... Read More
Bleak Outlook For UK
Considering the current credit condition in the UK and evidence backed by the Bank's Credit Conditions Survey, there is optimism of future base rate cuts in the near future, possibly even this month. The question is, will lenders pass on any interest rate benefits to its customers?... Read More
UK Interest Payments Hit New High
In today's credit climate UK lenders and credit providers are tightening lending criteria making credit much harder to obtain. In addition, interest rates continue to climb as consumer debt affects more and more people. One report claims 25 percent of those asked admitted repaying their current debts were becoming unmanageable. Consumers are advised to control spending... Read More
House Values To Lose £20,000 In 2008
Analysts are predicting UK property values will decrease as much as 10% in the next 12 months. If this happens, consumer confidence may fall even lower. Homeowners, perceiving to be less wealthy, may spend less and this could have an adverse effect on the economy. The good news is the base rate has lowered and is expected to drop again this year. But, is it a little too late?... Read More
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