Mortgage Articles
Darling's Budget Report Highlights
Chancellor Alistair Darling delivers his first Budget Report yesterday. Highlighted in this article are some of the main points... Read More
Lending Falls Again Says CML
The amounts borrowed by first-time buyers and home movers continue to drop as the credit crunch takes further grip on the UK mortgage market. Remortgage activity is on the increase as many switch from fixed-rate deals to tracker mortgages in anticipation of further base rate decreases from the Bank of England... Read More
Interest Rates Kept At 5.25%
Yesterday, 6th March, the MPC decided to keep the base rate at 5.25 per cent. This decision was to be expected as the Bank focuses on the pressures of rising inflation and a slowing economy. Analysts are predicting another cut to 5 per cent to happen in May unless economic conditions weaken substantially. Whilst some feel the MPC shouldn't wait too long before the next cut, many agree with yesterday's decision... Read More
20 Per Cent Of Homeowners Fear Repayments
The UK's financial watchdog, the FSA, published a survey of over 500 mortgage holders which revealed 1 in 5 are worried about being unable to keep up with their mortgage repayments. It is estimated that 1.4 million fixed-rate or discount deals will expire this year raising monthly repayment amounts. Twenty five per cent of those surveyed admitted they had no contingency plans to meet these costs... Read More
Mortgage Criteria Becoming More Difficult
Mortgage borrowers are once again being hit with more criteria from lenders as the credit crunch becomes solidified in 2008. Not only have 100% and 125% mortgages been pulled from the shelf, now many lenders require a minimum of 10 per cent deposit in order to qualify for credit. It is now highly recommended to save as much as possible for your deposit and improve your credit history before applying... Read More
Average Stamp Duty Bill Rises To Almost £2000
A recent study reveals that the average home buyer must foot a stamp duty bill of £2,000 which is an increase of 60 per cent over the past 5 years. Since Labour has been in power, the Government is thought to have recieved around £3.1bn in stamp duty revenue. Halifax, one of the UK's largest mortgage lenders, says if stamp duty increased in line with house price inflation since 1997 then the tax wouldn't be charged until a home was worth £191,000... Read More
Mortgage Approvals Pick Up
The British Bankers' Association reports positive figures for mortgage approvals in January of 2008. This increase is welcomed following months of decline and near record lows since the onset of the credit crisis. However, despite this positive news, mortgage approvals are still down by almost one third compared to the same period last year. Economists still expect to see further declines in home purchases... Read More
100% Plus Mortgages Could Be In Trouble
As the credit crunch continues to grip the UK, mortgage lenders also carry on redefining their loan products. This time last year almost anyone seeking a mortgage could find a lender willing to offer them the cash they needed to purchase a home. Many first-time buyers were able to set foot on the property ladder by borrowing 100% to 125% the value of the property they sought to purchase. Those days are soon becoming a thing of the past... Read More
Financial And Property Markets Threaten Economy
As many predicted in 2008, we are still experiencing the sharp corrections of the current credit climate. Financial markets are still affecting the availability of bank funding leading to tighter lending criteria, also regarded as less lending, which in turn affects property prices. Will there be more rate cuts from the BoE? Depends on the ability to reach inflation targets, which look set to climb... Read More
Bill To Nationalise Northern Rock Will Go Before Parliament
Much debate has been sparked by the decision to take privately owned Northern Rock into a 'temporary public ownership. Cameron and his party are set to vote against the bill which is expected to become law on Thursday. Shareholders are worried about their return on investment whilst taxpayers are the ones bailing out the bank. Job losses are expected... Read More
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