The financial services regulator, the FSA is yet to publish the new rules on mortgage lending for banks and building societies. The results of the mortgage market review is set to clamp down on irresponsible mortgage lending but will leave thousands of would be home buyers with no opportunity to raise finance for their first home. Read more
First time buyers who are looking to purchase their first home have faced an uphill struggle in recent months. Strict lending criteria together with banks and building societies looking for much larger deposits has made it difficult for first time buyers to get a foot in the UK housing market. Read more
Sustained low interest rates and an uncertain future are driving many UK home owners to over pay their mortgages whilst they can still afford to do so.
A report published recently shows that homeowners in the UK are continuing the trend of paying down their outstanding home loan balances at an accelerated rate. Savvy home owners have reduced the outstanding debt attributed to home loans again in the third quarter of the year. It was the tenth consecutive quarter that the debt was reduced. The total outstanding debt was reduced by £6.1 billion which is the largest reduction since the start of 2009. Read more
House prices in the UK are set to continue to fall in 2011 as a range of economic factors hit home owners hard. The imminent rise in VAT, government spending cuts and unstable mortgage market will all end up taking their toll on the hard hit British housing market. Read more
Earlier this year thousands of already cash strapped borrowers faced increases to their monthly mortgage payments due to an error caused by Clydesdale and Yorkshire Bank. The Glasgow based bank is now set to have to pay up to £19 million as a result of their blunder. Read more
The sustained low interest rates has resulted in around two thirds of homeowners choosing to stay on their lenders standard variable rate. With many in the industry warning of an interest rate rise, borrowers much now decide on whether they should fix their mortgage or remain on a variable rate. Read more
The buy to let market has been struggling since the financial crisis made it difficult to raise credit. That may well be about to change in 2011 as a number of new providers are set to enter the market. Read more
The telephone and online bank, First Direct is still driving hard to take a even bigger share of the UK mortgage market by launching its cheapest tracker mortgage. Read more
Fears are growing in the financial services industry of a mortgage lending collapse. Recently the British Banking Association (BBA) announced that less than thirty thousand loans were approved in November which is down again from the 30,698 agreed in October. Read more
Financial experts and mortgage holders a-like have been keeping a watchful eye on interest rates. Borrowers are keen to see if the Bank of England increase rates amidst reports of an increase in inflation.
UK borrowers are especially interested in any potential base rate increases as this may have a direct effect on their monthly outgoings. This is especially true if they have a mortgage deal that is open to fluctuations such as a tracker or variable rate loan. Read more