The recent coalition government spending cuts may well be set wreck the mortgage market. Tens of thousands of struggling households are set to loose support from the government in a bid to cut the deficit and sure up the UK economy.
Industry watches are concerned that this may well trip many poor and struggling house holds over the end and force them out of their house. Up to now the number of repossessions has been fairly low and well under the predicted numbers but this may be set to change following the announcements. Read more
Spanish giant Santander have reduced rates across some of its mortgage range to attract more borrowers from other providers. Borrowers looking for a competitive deal could do worse than taking a look at Santander’s new range that was re-priced on Friday.
Santander, who moved into the UK market by buying up failing banks and building societies hit hard by the credit crisis has revised its mortgage proposition by reducing its rates which include fixed rate and tracker mortgages. At the same time they have launched two other products to bolster their proposition which they hope to use to take a larger share of the UK mortgage market. Read more
Those borrowers who are looking to take advantage of the sustained low Bank of England base rate of 0.5%, but are worried about future raises and want some sort of protection from them should look at capped mortgages.
Recently a leading financial website highlighted that the number of capped mortgages available on the market has increased over the past few years. Both HSBC’s telephone bank, First Direct and Barclays mortgage brand, The Woolwich are currently pushing their capped mortgage range. Read more
Last year there were 7,641 complaints made about letting agents to the ombudsman, 26% more than in 2010 which saw 4,180 complaints made.
However, of these complaints only a mere 756 were taken on by the ombudsman as a formal case, but this too was an increase of 42% on 2010 figures. Read more
Presently there are nearly 5 million people on a waiting list for social housing; most of these families will not get a home any time soon.
However, almost 160,000 council homes are being sub-let by their tenants, this practice increases the pressure on the public purse, through providing those who need a home urgently and can not get one with temporary accommodation. Read more
Mortgage fraud accounts for more than half of all fraud committed against the financial sector.
This type of fraud occurs when individuals defraud a financial institution or a private lender through the mortgage process.
Data has shown that the incidence of mortgage fraud through falsified information which has already been uncovered is on the rise. Experts believe that this trend remains upward and it could also be some time yet before the peak is seen. Read more
The Council of Mortgage Lenders (CML), which represents banks and building societies, said that only 36,200 properties were seized from borrowers who had failed to keep up repayments in 2011. The number of homes repossessed last year fell to its lowest rate since 2007.
Buy to let properties accounted for 5,900 repossessions in 2011 this is up from 4,700 in 2010. Read more
It seems that nowadays the internet is groaning under the weight of price comparison websites.
Whether someone is in the market for a new mortgage, be it a first time buyer or a re-mortgager it always pays to shop around. They can of course just walk in to a bank or building society and apply for one of their products but this can cost them money they do not necessarily need to spend. Read more
Britain is a nation that has definitely become fixated with house prices and given the coverage that the subject receives it is surprising just how many young professionals are still so keen in getting on to the property ladder.
With lenders requiring large deposits and stricter lending criteria’s it is no wonder that first time buyers can find today’s mortgage market somewhat daunting and all too often confusing. Read more
Following the expiry of the stamp duty holiday on the 24th march 2012 first time buyers are now concerned about having to fork out extra cash on stamp duty.
The first time buyer will now need to find an extra £1,250 to £2,500 depending on the size of their potential property, which is not an insignificant sum if finances are already being stretched. Read more