Nationwide recently announced they will be charging higher rates to first time buyers who don’t have a 25% deposit (link). This is bad news for long suffering first time buyer. If you consider that average house prices are £200,000, a 25% deposit represents £50,000. For nearly any aspiring homeowner in their 20s, to save £50,000 [...]
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Mis Selling of Loan Insurance PPI
These suggestions may be an indicator for whether you are entitled to a refund, or at least partial refund. It is helpful if you can have to hand a copy of the initial agreement. If it has been lost, ask your bank for another, dated from when you took it out. This is a template [...]
Chartered Surveyors Call for Rate Cut
According to the Institution of Chartered Surveyors House Prices fell in December at their fastest rate for 15 years. (This suggests recent data from the Halifax showing rising house prices may have been unreliable.) The study shows 49.1% more surveyors reported a fall than a rise. November’s level was 40.6%. Falling house prices were reported [...]
Why Have House Prices Increased Faster than Inflation?
Halifax have announced figures to show that in December house prices rose by 1.3%, cancelling out the previous month’s fall. This shows that the doom and gloom surrounding the UK Housing Market may be slightly exaggerated. However, some people question how reliable the data is. For example, other statistics such as mortgage approvals show definite [...]
Forecasts for UK Housing Market
Recent evidence of a slowing UK housing market emerged. Number of Mortgage approvals fell. According to the Bank of England, the number of mortgage approvals by UK banks fell to 102,000 per month. This is the lowest rate for over 2 years. see more at Bloomberg House repossessions forecast to rise. The council of mortgage [...]
House Prices Decrease In UK
House prices in the UK have fallen for the second consecutive month. According to the Royal Institution of Chartered Surveyors, 14.6% more chartered surveyors were reporting that house prices were falling. This is a bigger % than the 3.3% more who reported falling house price in August. It is worth noting that this is not [...]
Mortgage Fraud in UK Sub Prime Markets
An investigation by BBC panorama found that there are many instances of mortgage fraud in the UK. This fraud is centered on the sub-prime or adverse credit market. Mortgage Fraud Includes Selling Mortgage products to people without making very clear the increase in costs after the introductory period is over. Encouraging council tenants to exaggerate [...]
125% Mortgage – 6 Times Income? Try the Northern Rock
In the wake of the Northern Rock crisis many banks have tightened their mortgage lending criteria. However, one bank stands out for refusing to buckle under the pressure of the financial crisis. Northern Rock, who precipitated the crisis by borrowing emergency funds from the Bank of England, has kept its same mortgage products which includes [...]
Why The Sub Prime Crisis happened
The sub-prime sector refers to those borrowers who have a history of bad credit. This may range from a simple late payment, to several defaults and even bankruptcy. In America the sub prime sector gained a bad reputation because many mortgage lending companies sold mortgages to people, even though the mortgages were often inappropriate. The [...]
Mortgage Crisis Hits the UK
On my Mortgage News blog, I have been posting articles about the difficulties that UK mortgage lender, Northern Rock has been facing. What happens if your mortgage lender goes bankrupt? Why is Northern Rock facing difficulties Northern Rock customers withdraw savings – Should I sell shares in Northern Rock? What can we learn from the [...]
