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Low Interest Rates Helping Households

The bank of England’s monetary policy committee (MPC) cut interest rates in a last ditched attempt to help households and businesses in the economic downturn.

Head of banking at, Kevin Mountford said “The bank of England did not slash the base rate to appease consumers, it was originally done to help kick start the economy.” Read more

Overpay Your Mortgage

In these ‘money saving’ times it is surprising how few people concentrate on the biggest financial burden they are ever likely to have, their mortgage.

Monthly mortgage payments are often viewed as a given with borrowers accepting that they will have this dept for at least 25 years and there is nothing they can do about it. This is not always the case, with the banks base rate at 0.5% it has provided a significant boost for borrowers who would like to overpay their mortgage but have felt unable to do so. Read more

Return of Negative Equity

Approximately 3.5 million UK households can not move as they have insufficient equity in their property or they can not get a mortgage.

Research has shown that many people who bought their properties around 2007 will be in or close to negative equity and therefore unable to move even if they wished to. Read more

The Dread of Negative Equity

Average house prices have fallen by 1.7% in the past year according to land registry figures. Capital Economics predicts house prices will be 5% lower in December 2011 than in December 2010 and will fall a further 7% through out 2012.  

According to recent research published by the Council of Mortgage Lenders (CML) at least a quarter of those with mortgages originated since around 2005 have less than 10% equity in their homes. Read more

Is it Hard to Get a Mortgage

Getting a mortgage these days is not as impossible as some experts would have us believe, the number of products may have fallen from around 15,000 to approximately 5,000 but there is still an adequate number of appealing deals to choose from. Read more

Resilient House Prices As Economy Slows

The United Kingdom coalition government has made an immediate impact on the property market with measures that quickly weaken United Kingdom property prices. Read more

Home Sellers Start To Drop Prices

A report recently revealed that two in five properties on the market currently have had their asking price cut at least once, as many home buyers play the waiting game.

Over optimistic home owners are finding that they must lower their financial expectations if they actually want to sell. Read more

Re-mortgaging Down Due The Low Interest Rates

The number of people re-mortgaging has slumped over the last couple of years, the main reason for this steep decline is the fact that many borrowers have actually been better off staying put as their lenders standard variable rate (SVR) was lower than the rates available on new mortgage products. Read more

Mortgages By Many Major Lenders Fall Again

The total value of home loans underwritten by many major lenders fell again according to a report from the British Bankers Association (BBA).

Industry trade organisation said that total mortgage lending fell 11% to £7.6 billion in June. The bank of England figures show that the number of mortgages approved for home purchases hit a new low in April 2011. At just 45,166 they were the lowest April figures since the banks records began in 1992. Read more

Mortgage Approvals on the Increase At Last?

New deals spark a rise in mortgage approvals. Many lenders are now starting to loosen their criteria, thus helping first time buyers to qualify for their mortgage deals. Lenders are also currently increasing the number of mortgage deals. With higher loan to value, these require lower deposits. Read more

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