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Repossession Timebomb!

Repossession rates in UK are down so far this year, but experts have warned that home owners could face severe problems making their mortgage repayments as more and more lenders raise their interest rates.

Despite the levels of repossession at the end of 2011 falling significantly by 9%, some experts are predicting that these levels are currently only representative of the ‘calm before the storm’. Read more

‘Newbuy’ Mortgages

The ‘newbuy’ mortgage scheme has been launched as a way to persuade first time buyers back on to the property market, whilst also stimulating the building industry and the economy.

This scheme aims to help 100,000 home buyers who have only a 5% deposit to purchase a new build property, up to the value of £500,000. Read more

Is the buy to Let Market Getting Tougher?

Buy to let it seems has bounced back in recent times while the rest of the property market struggles. Mortgage figures show that landlords purchased 20% more homes last year.

This rise in the buy to let market has come over the same period that residential purchases are expected to fall by at least 5%. Read more

Annual Costs of Running a Home Rise

The annual cost of running a home is at its highest for 4 years, despite falling mortgage repayments. The cost has soared to a ten year high.

Martin Ellis, housing economist at Halifax, said “the typical costs of owning and running a home has increased over the past year, returning the overall level to that of 4 years ago”. Read more

Accidental Landlords

There can be no dispute that it is becoming increasingly difficult for home owners to sell their homes in today’s uncertain market.

According to property valuation agency, Hometrack’s latest index, properties are now taking on average more than 15 weeks to sell, last year the average time on the market was just 9 weeks. Sellers are also only achieving around 93% of their original asking price. Read more

A Rise in Mortgage Fees

While the record low bank rate of just 0.5% has pushed down the interest rate on home loans, mortgage providers have raised their fees by an average of £321.

Recent research has shown that mortgage arrangement fees have increased 25% to an average of £1,502 in just 3 years. Read more

A Drop in Mortgage Deals

The mortgage market seemed to be looking healthy at the start of 2012, with a peak of 2,757 deals recorded in February by moneyfacts, the highest monthly figure since 2007.

However, the deals on offer now seem to have taken a sharp downturn in March and the beginning of April, when they dropped back to 2.325 and 2,288 respectively. Read more

The Property Market in Light of the 2012 Budget

The state of the economy and public finances has not changed much since November 2011.

Chris Keates, general secretary of the National Association of Schoolmasters Union of Women Teachers (NASUWT), said that the recent budget showed the government was ‘out of touch with the lives of ordinary people’. Read more

Maternity Leave and Mortgages

Planning ahead for a new baby is a huge task and after the birth of the baby new parents have more than enough to worry about with out having to worry about the mortgage.

What happens however if new parents need to buy a new property? Read more

HSBC Conveyancing Panel Causes Delays

Banking giant HSBC has denied that its conveyancing panel is closed to new firms following criticism from lawyers.

The HSBC established a panel of solicitors and licensed conveyancers to provide the required legal services to their home buying mortgage customers. Read more

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