Will house prices rise or fall?
October 6, 2008
A huge number of industry officials and agencies have been predicting since last year that since the housing bubble burst house prices would continue to fall for the next couple of years in the UK. Some officials have predicted that house prices could plummet over the next couple of years, with a number of professionals sating that the value of properties could fall by 17% over the next year and by up to a third over the next couple of years. Read more
Credit unions performing well in the wake of the credit crunch
October 2, 2008
Over the past twelve months, since the onset of the global credit crunch, many people have become distrustful of banks, and many others have found that they no longer have access to some of the services that banks offer, such as loans and other forms of finance. According to a recent report this trend is resulting in increased custom for credit unions, which are community run institutions and offer many benefits for members. Read more
Should you go direct to lender or through an intermediary for your mortgage?
September 25, 2008
These days getting a mortgage can be really difficult, and the global credit crunch has impacted heavily on the mortgage sector heavily, leaving consumers with little choice when it comes to finding a mortgage and resulting in lenders really tightening up on their lending criteria. Whilst the base rate has come down three times over recent months many lenders have continued to hike up their mortgage interest rates, making it more expensive for consumers to borrow. Many lenders are also demanding higher deposit levels and charging huge arrangement fees, which has added to the problems that borrowers face. Read more
Income and outgoings set to cause consumers problems
September 22, 2008
The governor of the Bank of England, Mervyn King, has recently highlighted how below inflation wage rises coupled with soaring food, petrol, and living costs are set to cause many households severe problems over the foreseeable future. Mr King warned households in a recent speech to brace themselves for some of the most challenging times that many may have yet faced in terms of their finances, with outgoings set to far outweigh income levels in the current economic climate. Read more
How to ease the financial strain at home
September 20, 2008
The global credit crunch, tighter credit conditions, rising bills, and soaring living costs have all taken their toll on household finances, and many consumers have found that it has become increasingly difficult to cope with their finances, with many finding that their income is way less than their outgoings. Many industry officials have said that the situation is set to get worse, with the Bank of England hinting that rate cuts could come to a stop whilst the government tries to bring inflation under control, energy industry officials stating that bills could soar in the autumn, and little hope of food and petrol prices coming down. Read more
Offers on properties being dropped just prior to exchange
September 14, 2008
A recent report has highlighted a problem that many homeowners are now experiencing, with the housing market having swung abruptly from a sellers market to a buyers market. Many homeowners are now experiencing difficulties in selling their homes for a number of reasons. One reason is that mortgage lending has dried up over recent months, and this has resulted in many would be buyers being unable to get a mortgage to purchase property, as well as due to would be buyers experiencing nerves over taking the plunge in case property prices continue to fall, as they are expected to do, as this could leave them facing negative equity. Read more
How are estate agents bearing up to the housing crisis?
September 8, 2008
The housing slump in the UK has hit rock bottom over recent months and estate agents have been reporting very poor sales figures over this period. The housing crisis has been fuelled by one disaster after another, and all of this has added up to housing transactions all but grinding to a halt in England and Wales. House prices have been falling for the last ten months, which has put many people of buying property in case the value of the home continues to fall after they have made the purchase, leaving them facing negative equity. Read more
Some signs of the weakening economy
September 5, 2008
Most of us have heard rumours and speculation over whether the nation is on the brink of recession lately, and there is little doubt that the economy has taken a real battering of late. This has been worsened by the fact that interest rate cuts from the Bank of England have come to an abrupt halt as a result of soaring inflation levels, having been kept on hold since April of this year. Some industry official have said that the Bank of England has had no other choice but to hold interest rates steady, given that the rate of inflation has reached nearly double the government target of 2%, coming in at 3.8%. However, others have said that the decision spells disaster for the economy, which is already going through a marked slowdown. Read more
Even wealthier borrowers are now struggling to repay their loans
August 27, 2008
A recent report has claimed that suffering severe financial difficulty is no longer a problem that affects only low income consumers. The report shows that financial difficulties are now even hitting homeowners living in fairly affluent areas, indicating that the current financial climate is also impacting heavily on the finances of those that would normally be considered to be fairly well off. Read more
Cost of home improvements rising for homeowners
August 25, 2008
Homeowners have received more bad news recently, after a report showed that the cost of home improvements has rocketed over the past couple of weeks. This comes at a particularly bad time, as many homeowners who are unable to sell their homes due to tighter mortgage lending conditions and falling house prices have decided that they may as well stay put and improve their homes to suit their needs rather than selling up at a low price and moving on. Read more
What are payday loans for?
August 25, 2008
Have you even reached the middle of the month, when payday is still a couple of weeks off, and encountered some form of emergency where you need to raise finances that you simply will not have available until payday? This is something that has happened to many people, and something such as an unexpected bill, an emergency repair, or even an unexpected event can result in the need to find money when payday still seems a long way off. Read more
The benefits of an unsecured loan
August 20, 2008
There are many different loan types available these days, and consumers that are looking for finance can choose a loan that caters for their individual needs and circumstances. There are loans available for all sorts of people, including homeowners, non-homeowners, and even those with bad credit. It is important that you find a loan that is suited to your needs and your circumstances before you apply otherwise you risk wasting your time applying for a loan that you are not eligible, and also damaging your credit as a result of rejection. Read more
Is an interest only mortgage a good idea?
August 20, 2008
For many consumers and lenders the idea of an interest only mortgage is a worrying one, as these mortgages are often seen as higher risk mortgages, and are frowned upon by some lenders who refuse to offer them in the current, riskier financial climate. However, for some people there may be no other option apart from an interest only mortgage, and this is because the repayments on a capital and interest mortgage – also known as a repayment mortgage – are simply too high to afford. Read more
Searching for the right loan
August 18, 2008
In the past finding the right loan could be a difficult and time consuming process, even though credit conditions were pretty relaxed and there was a wide range of loan products on the market to choose from. These days things have changed for the worse when it comes to finding the right loan, with the global credit crunch resulting in such tight credit conditions that the whole process has become increasingly difficult and time consuming, particularly for those with less than perfect credit. Read more
How long will it take for the mortgage market to settle down?
August 9, 2008
According to recent reports the mortgage industry in the UK could take several years to settle down, and industry officials have said that conditions in mortgage lending will never be as relaxed again as they have been over recent years. These relaxed conditions and the days of easy credit were brought to an abrupt halt late last summer, as the global credit crunch winged its way to the UK from the United States, and began to wreak havoc in the mortgage and finance industries. Read more
How a home improvement loan could help you
August 9, 2008
We’ve all heard about the problems that have dogged the housing and mortgage markets of late, and for many homeowners and would be purchasers this is causing real problems. Homeowners are now often finding that selling their home has become increasingly difficult, and those wishing to move are experiencing huge delays in terms of selling their homes, as well as being beaten down in price. Read more
Brokers angry over lack of deals from lenders
August 5, 2008
Many consumers as well as many different industries have been affected by the global credit crunch, which made its way to the UK last summer. Credit conditions have become far tighter, consumers have struggled to get finance, lenders have struggled to fund their mortgage lending operations, and the wheels of the mortgage lending industry have come close to grinding to a halt. Recently a number of lenders have tried a new tactic, by offering better deals to consumers that go to them directly rather than going through a middle man in the form of a broker. Read more
Should You Pay Off Your Mortgage
July 30, 2008
A mortgage loan is a pretty hefty debt to have hanging over your head. Sometimes mortgages are used to buy that first home or to pay for remodelling, emergencies, or other situations where money is needed quickly.
The current mortgage crisis has many homeowners looking twice at the loan agreement which may reset at higher interest rates in the future and at rates that make foreclosure possible. This fact alone causes many home owners to consider paying off a mortgage early. Read more
Will mortgage approval levels recover?
July 8, 2008
With the ongoing global credit crunch causing huge problems for mortgage lenders when it comes to raising finance to fund their mortgage lending operations, mortgage approval levels have been taking a hit for some time. The current economic climate means that many consumers are unable to consider taking out a mortgage, with many household budgets already overstretched, and this is also affecting approval levels with fewer people applying for a mortgage. Lenders have also increased a range of mortgage fees, such as interest rates, deposit levels, and arrangement fees, which has affected consumer ability to afford to take out a mortgage. Read more
Lack of first time buyers severely affecting rest of housing market
July 6, 2008
The housing and mortgage markets have both been experiencing immense difficulties over recent months, with the onset of the global credit crunch last summer having a profound adverse effect in the money markets, and this having a knock on effect in the housing sector. Mortgages have all but dried up, with many consumers unable to get finance to purchase a property due to tighter credit conditions stemming from lenders finding it increasingly difficult to get finance to fund their mortgage lending operations. Read more
Have you been priced out of the housing market?
July 1, 2008
When industry analysts and economists began to make predictions last year that the ten year housing boom was finally over, and house prices in the UK would come tumbling down over the months to come, many first time buyers pricked up their ears and rejoiced, thinking that it was at last time for them to take their first tentative steps onto the property ladder. With house prices having soared over recent years, many would be first time buyers had found that it was impossible to get onto the property ladder due to affordability problems, so this prediction came as welcome news to most. Read more
House price falls – opinions from experts
June 29, 2008
Last year many industry professionals began to predict that house prices throughout the UK would fall, although most thought that the fall would be minimal and some thought that house price inflation for this year would remain stable. However, there is little doubt that house prices are indeed falling and are likely to continue to do so over the course of this year and into next. Read more
What to look out for when choosing a mortgage
June 18, 2008
The world of mortgages has become something of a minefield in the UK over recent years. Not only are there more and more lenders offering a wide choice of mortgages, but the rises in property prices and interest rates have meant that many lenders have changed what were once considered traditional terms in relation to mortgages, such as offering far higher income multiples and much longer repayment periods. Read more
Are discount mortgages a good choice?
June 18, 2008
From fixed rate mortgages to a tracker mortgage, and from interest only mortgages to buy to let mortgages, the world of mortgage loans has become more complex than ever these days, with a wide range of mortgages to select from. This is great news for consumers that want to find the perfect mortgage for their needs, but can be a nightmare for those that know little or nothing about mortgages and are not sure where to even start. Read more
Borrowers getting fleeced on fees
June 18, 2008
It seems that the average borrower looking for a mortgage simply cannot win these days. Even though house prices are coming down, which should have been good news for first time buyers looking to get their foot on the property ladder, and interest rates have been cut three times since December, which should be good news for all borrowers, things are still incredibly tough for mortgage borrowers, and many are still finding that it is impossible to get a mortgage due to a variety of factors that are affecting affordability levels. Read more