Mortgage lending drops a staggering 90%

The net amount of mortgages lent by month has fallen by 90% in just one month, figures by the Bank of England have reported. This amazing drop represented a fall from £1.62bn in August down to just just £112m in September amid fears house prices are set to dive. At the same time, with homeowners [...]

General tips for securing a great mortgage rate

If you are going to be paying into the same mortgage for the next few years, how do you make sure that the rate you have got is the best? Well, here are a few simple tips. Getting the best deal out of your mortgage is essential if you want to make sure that you [...]

The Government Aims To Reduce Runaway Housing Prices

The Government is planning to put in place measures to correct the increase in recent years of the cost of housing. Their aim is to ensure that the cost of buying a new home rises less each year than the average income, to allow incomes to catch back up with housing costs. Whilst this will [...]

Lowest number of monthly remortgages for 10 years

The ratio of remortgages arranged to new mortgages has fallen to a 10-year low the Council of Mortgage Lenders has reported. With only a quarter of mortgages taken out in August being remortgages, this is the smallest ratio since the end of 1999. Approximately 25,000 remortgages were arranged in August, 13% down on July and [...]

Gazundering is making a massive return in a falling market

Estate agents are reporting that the habit of gazundering is making an unwelcome return as potential buyers are seeing massive falls in the value of the property they are buying. Agents are reporting that up to 25% of would be purchasers are attempting to renegotiate the purchase cost of the house in their favour at [...]

Mortgage rates are dropping because of competition, if you have a good deposit

Several popular mortgage lenders are reducing their mortgage rates due to the market competition in a drive to pull in new customers with plenty of equity or deposits.. Several lenders are discounting their fixed rate products and some excellent deals are on offer, but you have to have plenty of equity or a good deposit [...]

Lloyds To Randomly Spot Check Interest Only Mortgages

Lloyds has written to mortgage brokers supplying their products to inform them that they are commencing a program of random checking of homeowners with interest only mortgages. Currently it is down to the brokers to make sure that the person wanting to borrow the money does actually have a method for paying off the loan [...]

Base Rates Held Again…

The Bank of England’s Monetary Policy Committee has announced that base rates will be held at 0.5% for the 19th month and that their program of Quantitative Easing will not be extended. Earlier in the day the Pound had fallen to a 5-month low against the Euro on fears of an extension of the program [...]

Your House Lost 3.6% Of Its Value In September

According to the monthly report by the Halifax, the average property lost 3.6% of its value in September. Although this is the biggest single month loss on record (since 1983), the Halifax says that it does not see this as part of a bigger picture of a sustained house price fall. Not yet, anyway. Comparing [...]

New Rules Could Leave Many Homeowners Unmortgaged

Experts have warned that half of the mortgages that have been taken out over the last five years would not have been completed under the new rule changes. Somewhere in the order of 4,000,000 loan requests that were completed would have been rejected under the Financial Services Authority’s proposed rule changes in the last 5 [...]

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