Lloyds New Pledge to Help First Time Time Buyers.
In recent weeks mortgage providers have released new products on to the market and they have also slashed rates for those with smaller deposits.
It therefore seems then that first time buyers are now been given a much needed boost. Especially as recently one of Britain’s biggest mortgage lenders, Lloyds banking group, has pledged to lend first time buyers £6.5 billion by the end of 2013 in order to help them get on to the property ladder. Read more
Chelsea Building Society’s Unique Offset Deal.
It now seems that first time buyers are becoming the toast of the UK property market as lenders are beginning to woo them with interesting deals involving new offers and more products.
The Chelsea building society, which is owned by Yorkshire building society, has recently launched a very unique mortgage range that could allow first time buyers access to the property ladder via an offset mortgage at no additional cost to the mortgage. Read more
Proposed Changes to the Financial Service Authority.
It seems that the financial crisis and the years that preceded it have now changed the philosophy behind regulation. In 2010 the chancellor, George Osborne, announced changes to the way that the financial services would be regulated.
As far as both consumers and some financial experts are concerned the financial Service Authority (FSA) has not been successful in recent years as amongst other things they failed to prevent the banking meltdown. Read more
Are Mortgage Payments Lower?
According to a current study, mortgages have dropped to their most affordable level for a decade and are currently almost twice as cheap as at the height of the financial crisis.
After three years of bringing in tougher new checks and higher deposit requirements for borrowers, banks and building societies alike are now starting to slash their mortgage rates following the launch of the ‘funding for lending’ scheme. Read more
Rent Arrears at the Start of 2013.
It appears that in most areas of the country they average rent actually fell for the second consecutive month in December 2012, dropping 0.9 per cent in most areas.
According to the latest buy to let indexes rent falls in December were merely due to landlords trying to avoid empty properties over the festive period. Read more
Funding for Lending Scheme used to ‘Rip Off’ Customers!
Banks are now been accused of using the funding for lending scheme to ‘rip off’ customers. It seems that the Funding for Lending Scheme (FLS), has sent interest rates on savings accounts plummeting. This means that it is almost impossible for savers to secure a decent rate on their cash.
The original idea was that the funding for lending scheme (FLS) was to be as vehicle in order to reduce bank costs by providing cheap state backed loans however it now appears that many lenders have cutting rates on savings accounts more than on new loans. Read more
Banks Want a PPI Deadline.
Figures show that Mis-selling payment protection insurance (PPI) claims have exploded in the last few years following a legal battle which eventually concluded with banks being ordered to repay premiums in a high number of cases.
The Financial Ombudsman Service, recently said it is now receiving 5,000 claims a week and has estimated total claims will be 52 per cent higher than expected this financial year. Read more
HSBC Cut Mortgage Rates.
It seems that the HSBC is marking the start of 2013 with some new competitive mortgage rates.
Peter Dockar, head of mortgages at the bank, said “we worked hard last year to help UK borrowers with aspirations to own their own home and we will continue to offer competitive rates”. Read more
Could now be the time for borrowers to fix their mortgages?
It seems that interest payments on fixed rate mortgages are tumbling to record lows.
The cuts to mortgage rates will no doubt come as welcome relief for those who have been struggling to get a foot on the property ladder or raise a typical 20 per cent deposit. Read more
Mortgage Deals On The Market in 2013.
It seems we are in the middle of a “high-street mortgage war”, according to a recent report from the Financial Times.
Although with funding still scarce lenders are increasingly competing for credit worthy borrowers with large deposits. Read more