With the euro zone crisis and concerns that the UK could face a second credit crunch it is looking all the more likely that mortgage lenders will look to raise their rates.
Although it seems that many lenders have been more competitive in recent months the amount of lending in the market has not increased and could therefore fall back further depending on how the euro zone pans out. Read more
Most households have been faced with high living costs and deteriorating employment conditions for quite some time now. However the largest drop in inflation in nearly 3 year was reported earlier this month and therefore things look even bleaker for many households.
Family finances are under a much greater pressure than ever before, thus making it increasingly difficult, and for some impossible, to make end meet. Read more
The only thing anyone can be certain of in theses hard times is that we all have an uncertain financial future.
Although many aspects of the property and mortgage market have been seemingly encouraging in recent months, with Barclays for one relaunching into 90% loan to value (LTV) mortgages and the Nationwide also improving their availability of high loan to value (LTV) loans. Read more
Due to financial problems caused by the sub prime mortgage crisis the Northern rock bank was nationalised in 2008 by the government using approximately £1.4 billion of the tax payer’s money.
This move to nationalise the bank signalled the start of the financial crisis. Read more
The economic environment still looks decidedly worrisome, what with the labour market on course to deteriorate rapidly in 2012 and the euro zone crisis also showing no signs of abating, the future appears very gloomy for the housing market.
On top of all this, it seems that there is also a significant number of people still finding it hard to get a mortgage and the is of course the threat that banks ability to lend to home buyers may be affected by difficult wholesale funding conditions. Read more
It seems that the Co-operative bank is to purchase 632 Lloyds branches, with a bid thought to be worth around £1 million.
Lloyds TSB, the state rescued bank which is 41% owned by the government, is being forced to sell some of its branches under European Union competition rules. These rules ensure that competition with in the EU is not restricted or distorted. Read more
It seems that as the lending criteria has tightened; the number of people able to buy property has shrunk, leaving a gap in the market which is being filled by the buy to let investor.
One of the reasons that buy to let investors have not been hit as hard by the mortgage market is that many property investors do not need a mortgage or have sufficient equity to put off sizeable deposits, this also puts them in strong bargaining positions. Read more
Most potential first time buyers have now found themselves trapped within the rental sector, with no way out for the foreseeable future.
Ever growing numbers of first time buyers who have been unable to secure a mortgage have consequently pushed up rents by approximately 10% since the banking crisis struck in 2008. Read more
In a radical move, from January 2012, the HSBC bank to offer there own established panel of solicitors and licensed conveyancers to provide the required legal service to their mortgage customers.
Countrywide property services, is one firm that has won their tender to be part of the panel and Paul Creffield, corporate operations director at Countrywide said 2we are delighted to have been selected by HSBC and welcome the opportunity to work with HSBC”. Read more
There is no doubt in anyone’s mind that the economic climate was and still is difficult, however consumers are generally more upbeat today than they were back in 2008.
Rock bottom interest rates enabled mortgage lenders to offer some of the best deals ever.
Research has shown that while the housing market is undergoing a difficult time at the moment, those who are already on the property ladder are faring much better than those yet to climb on to it. Read more