Increased rationing of mortgages
January 30, 2009
According to industry officials the rationing of mortgages in the UK is set to get worse, with lenders becoming increasingly stringent when it comes to mortgage lending and with fewer and fewer mortgage products being left on the shelves. Read more
Tighter criteria on buy to let from lenders
January 27, 2009
According to recent reports lenders are tightening their criteria when it comes to buy to let mortgages, and this means that existing and potential investors that have been hoping to benefit from the falling house prices and plummeting interest rates will most likely experience problems when it comes to getting the finance that they need. Read more
Property prices could fall by 35 percent before they rise again
January 25, 2009
A leading economist has warned that house prices in the UK could be set to fall by as much as 35 percent in total before they start to go back up again. The warning comes from George Buckley, chief UK economist of Deutsche Bank. Read more
Reports that property prices may pick up next year
January 23, 2009
Recently an industry official predicted that house prices would have to continue falling up to an overall 35 percent before starting to recover again. Read more
Part nationalised banks charge first time buyers more
January 21, 2009
Recent reports have indicated that the part nationalised banks in which the government owns a stake after bailing them out with taxpayers’ money are actually charging first time buyers more each month on their mortgages than other lenders are. Read more
House prices set to continue falling
January 19, 2009
Recent reports have suggested that house prices in the UK are going to continue falling with one industry group predicting that there will be a further 10 percent fall in house prices over the coming year. Read more
First time buyers unlikely to benefit from HSBC increased lending
January 16, 2009
Earlier this month the High Street bank HSBC made an ambitious pledge to increase its lending by around 20 percent next year compared to this year, claiming that it aims to lend around £15 billion in mortgage loans. Read more
One in ten struggling to pay their mortgage
January 14, 2009
Recent reports have suggested that around 10 percent of homeowners are struggling to make repayments on their mortgages. Industry officials have stated that one in ten homeowners is finding it difficult to make mortgage repayments. The data comes after a survey was carried out into unemployment figures for couth east Essex. This showed that more than seven thousand people in the area were unemployed and were now claiming benefits. Read more
London property market will lead the way to recovery
January 13, 2009
Recent reports have suggested that whilst London may see the largest house price falls than any other area in the UK next year property prices in this area will also be the first to recover once the housing slump starts to subside. Read more
Homelessness could be increased through struggles with mortgage repayments
January 12, 2009
According to a recent report the number of people that will find themselves struggling to make their mortgage repayments next year could lead to a rise in the number of people becoming homeless. The Council of Mortgage Lenders has already predicted that repossession levels could rise to 75,000 in 2009, and whilst the government is trying to take action to reduce the number of people being repossessed it is likely that the number of homeless people may soar over the course of the year. Read more
New buyers could benefit from slashed auction prices on property
January 8, 2009
With the housing market experiencing volatile conditions and mortgages becoming increasingly difficult to get, many new buyers have found that when it comes to purchasing a property they have had to hold off because of affordability problems or simply because of the risk of property prices falling further after they have purchased the property that they want. However, some people could find that they are able to get their hands on a bargain property by going to auction, where they could end up paying far less than they imagined. Read more
Base rate cut to lowest level in nearly sixty years
January 8, 2009
Earlier this month the Bank of England cut the base rate to its lowest level in nearly six decades, slashing it by a further 1 percent to just 2 percent. This brings the base rate to almost one third of the level it was at just over a year ago, when the base rate was still 5.75 percent. The central bank slashed rates in October, November, and December, cutting rates by a total of 3 percent in this period, bringing the base rate to its lowest level in fifty seven years. Read more
Increase sales resulting from falling house prices
January 6, 2009
Over the past few months property sales levels in the UK have been plummeting, with tighter credit conditions and a range of other factors resulting in fewer and fewer people purchasing property. With property prices falling many people have been nervous to take the plunge and purchase a property in case house prices continue to fall leaving them quickly facing negative equity. Read more
Increases on loan rates
January 5, 2009
According to industry officials the interest rates being charges on many personal loans have been rocketing over recent months, with many loans charging more than double the base interest rate, which has fallen to just 2 percent over the past couple of months. Reports suggest that the margin between the base rate and the average interest rates on personal loans has increased to more than 5 percent. This has resulted in many consumers paying way more than they should for borrowing by way of a personal loan. Read more
BBA reports on slipping mortgage lending figures
January 3, 2009
The British Banker’s Association has recently released figures that show mortgage lending levels slipping for the month of October. Industry officials have suggested that some consumers may have used deposits to fund other purchases over the month, particularly with Christmas just around the corner. Compared to October of last year mortgage approvals had fallen by around 52 percent according to the BBA figures. Read more
First time buyers paying more for mortgages due to deposit levels
January 1, 2009
A recent report has shown that those taking out mortgages with just a small deposit to put down are paying far more each year for a mortgage than those that have a higher deposit level to put down. People with lower deposits, who are often first time buyers with little in the way of savings and no previous property from which to take equity, are paying far higher interest rates than those able to put down a higher deposit, and therefore are ending up paying far more in repayments each year. Read more