The number of mortgages approved fell by almost a third in April 2012 to just 36,000 as fears over the impact of the euro debt crisis continue to dampen confidence, according to some analysts. This has triggered fears that house prices could fall sharply by the end of the year. The Council of Mortgage data [...]
Continue reading " Mortgages drop #2 – blame the Eurozone crisis "
According to the Council of Mortgage Lenders (CML), the number of loans lent on properties costing between £125,000 and £250,000 fell by 70 per cent in April compared to the previous month, due in part to the end of the stamp duty holiday. Economists said that the fall demonstrates just how precarious the property market [...]
Continue reading " Mortgages drop #1 – blame the end of stamp duty holiday "
An estimated 1.5 million such loans worth around £120bn are due for repayment in the next decade but with lenders much stricter about their lending criteria, there are fears that many will struggle to find another deal. A string of lenders recently slashed the amount which can be borrowed on an interest-only mortgage to just [...]
Mortgage arrangement fees have increased 25 per cent to an average of £1,502 in just three years, according to Moneyfacts. The record low Bank Rate of 0.5 per cent has pushed down the interest rates on home loans, but providers have raised their fees by an average of £321. The data shows that it is [...]
Savers are still enraged by pitifully low interest rates, while many home owners’ mortgage rates have failed to follow suit, says Martin Lewis of www.moneysavingexpert.com, one of the UK’s leading personal finance commentators. “This means that those with both a mortgage and savings often face a double whammy, while the banks cream up the difference,” [...]
Mortgage payments for new borrowers have reached their most affordable levels for 14 years, with typical payments in some areas of Scotland and northern England taking up less than a fifth of disposable incomes, according to research from Halifax. Average mortgage payments for new borrowers, including first-time buyers and home movers, were 27 per cent [...]
The Bank of England may have kept Bank Rate on hold at 0.5 per cent, but home owners need to be aware that mortgage rates may soon rise, in response to the Eurozone crisis. Rates have been creeping up in recent weeks and if the eurozone crisis implodes they could rise sharply – and be [...]
Continue reading " Eurozone Crisis Could Push Up Mortgage Rates "
Mortgage companies are unreasonable and out of step because they have refused to amend their age-related criteria after the scrapping of the default retirement age (DRA), according to elderly travel and insurance group Saga. This means that a prospective borrower in their mid forties may have a limited choice of mortgages with a 25-year term, [...]
Continue reading " Older Home Buyers Face Mortgage Trouble "
Home owners can save hundreds of pounds a year by switching some of their mortgage borrowing to cheap personal loans – and reduce their overall debt by thousands of pounds at the same time. Personal loan rates have been falling – the cheapest is now 6.3 per cent – as lenders engage in a price [...]
Continue reading " Switch to a Personal Loan and Save Thousands "
Leeds Building Society has launched its lowest ever two-year fixed-rate mortgage with a rate of 1.99 per cent. This brings the average two-year fixed rate to 3.82 per cent, down from 4.01 per cent in August, the comparison website Moneysupermarket said. But the website, whose records began in 2007, urged borrowers to consider all the [...]
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