Mortgage Articles
FSA Warning To Mortgage Lenders For A Difficult 2008
The credit crisis in the UK continues to cause worry amongst both lenders and borrowers. The FSA is warning mortgage providers and borrowers to be cautious in 2008 as the credit crunch takes its grip. The forecast predicts an increase in credit problems and repossessions and urges lenders to protect themselves against the credit crisis next year... Read More
No Rate Cut Expected
Recent polls reveal that a majority of economists don't expect a rate decrease. The International Monetary Fund also warned of a potential 'perfect storm' on the horizon for the UK economy as oil prices rise and the credit crisis takes a further grip. The governor of the Bank of England is focusing more on inflation than a rate decrease... Read More
Mortgage Gloom For 2008
Mortgage approvals fell to lowest levels in October according to figures reported by the Bank of England. Across the board mortgage lending has dippped including remortgages and buy-to-let. Consumers are faced with gloomy predictions of a 50 percent chance of a recession in 2008 according to recent forecasts. If capital markets don't open soon, UK lenders may not be able to fund mortgage markets... Read More
Northern Rock's Preferred Bidder Is Virgin
Northern Rock prefers the Virgin consortium to be the "rescuer" of the suffering bank. Funding thought to be coming from Royal Bank of Scotland, Citigroup, AIG and Deutsche Bank would help Virgin to repay £11bn of its debt owed to the Bank of England. An injection of £1.3 billion would come by way of discounted rights issue... Read More
House Prices And Mortgage Numbers Down
House prices in England and Wales fell by 0.2% in November bringing annual house price inflation down to 3.6%, the lowest its been since mid 2006. Other banks and expert property sites are saying to expect a further fall in prices as the credit crunch continues to affect consumer spending and confidence... Read More
Northern Rock Still Looking For Buyer
Northern Rock still searches for a buyer with many showing interest to bail out the flailing bank. However, showing interest doesn't mean a materialisation of purchase. The Virgin Group as well as two US firms are showing keen interest. Northern Rock isn't the only lender hit by the credit crunch but hopes to secure a buyer soon as there are 6,000 staff to consider... Read More
Housebuilder Forecasts Tough Times Ahead
The housing market 'boom' is over, according to house-builder Barratt Developments. Interest rate increases, the credit crunch that affected Northern Rock and rippling to the rest of the UK financial community, all contribute to the reality that the housing market is beginning to flatline. House prices fell accross the country with London as the main exception... Read More
What To Look For When Mortgage Payments Rise
Over the next 15 months it is expected that millions of mortgage borrowers will be facing monthly increases as their fixed-rate deals end. Many could face as much as £300 more per month and some borrowers may not be able to remortgage due to lenders tightening their criteria based on credit history... Read More
Asking Prices Don’t Stack Up in London
According to some experts the property market in London is "stuck in a rut". Sellers appear to be overly optimistic holding out for higher selling prices than perhaps are realistic. Many buyers, on the other hand, are no longer willing to pay current asking prices which could be due to many factors such as HIPs and the credit crunch reflective of the Northern Rock debacle... Read More
Slowdown in Housing Market More Pronounced
The RICS recently reported a survey indicating further price falls in the UK housing market for October. This is the third consecutive month to see a drop in prices. Major factors such as the current credit crunch has lead to lenders tightening lending criteria thus making it more difficult for first-time buyers to step onto the property ladder... Read More
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