Google Launches Mortgage Comparision Site.
Google has recently launched a new comparison site which will search the whole of the UK mortgage market for the best deals.
According to some experts Google’s new comparison site is clearly a step forward for the housing market. Read more
The Financial Services Authority Fines at a High!
The Financial Service Authority (FSA) handed out just over £66 million in fines last year, this was the second highest total in its history behind 2010’s £89 million.
However, according to law firm Reynolds Porter Chamberlain (RPC) the regulator has handed down a record £312 million in fines this year, the fines have smashed the previous record of £89 million, set in 2010, beating it by 251 per cent. Read more
More Lenders Drop Interest Only Mortgages!
According to recent figures Interest only mortgages still account for nearly one in 10 of all UK home loans.
Should ‘Mortgage Prisoners’ Now Look To Move Their Mortgages?
Prisoners Mortgage are a by-product of the credit crunch and the new world order of mortgage finance post 2008.
Mortgage Prisoners are people trapped with their existing mortgage product and unable either to move their mortgage to another property or remortgage with another Lender. Read more
Tougher New Mortgage Rules.
It appears that soon getting a mortgage to buy a property in the UK will never be as easy as it was in years gone by.
New rules which have recent being announced are the final out come of the regulator’s Mortgage Market Review (MMR), a process which has been going on for a couple of years now. Read more
It has been suggested in new research that around 240,000 new homes are required each year to keep pace with demand.
Sellers Raise Asking Prices.
Recent research revealed that house sellers dropped their asking prices by the biggest percentage ever recorded for the month of August.
Asking prices saw an “aggressive” 2.4 per cent drop month on month to reach £236,260 on average, compared with a typical fall of 1.1 per cent it has measured in August over the last 10 years. Read more
Pensions for Property Scheme.
It seems that bank and building societies’ large deposit demands for the best mortgage rates and tough lending criteria are currently shutting many young hopefuls out of the property market.
However, Nick Clegg, the Liberal Democrat leader and deputy prime minister has recently promised to help thousands of young people desperate to get their feet on the first rung of the property ladder, but who are prevented by lack of deposits. Read more
New Banking Reforms.
On 14 June 2012 the Government published its White Paper ‘Banking reform: delivering stability and supporting a sustainable economy’, which sets out the Government’s detailed proposals for implementing the recommendations of the Independent Commission on Banking (ICB), to fundamentally reform the structure of banking in the UK.
George Osborne, UK chancellor of the exchequer, explained the government’s intentions through the new banking reform and said: “High street banking will be ring fenced so that taxpayers are better protected when things go wrong. We will be able to bail in creditors when a bank fails rather than turning to the public purse”. Read more
What is a Mortgage Prisoner?
Research has shown that Mortgage lending reached reckless levels during the last housing boom, and helped to push up property prices. Some lenders handed out mortgages with only cursory checks on borrowers’ real ability to repay.
The Financial Service Authority (FSA) has estimated that as a result of lenders tightening their borrowing criteria, up to 45 per cent of borrowers who had taken out a deal since 2005 could be mortgage prisoners. Read more