Mortgages

First Time Homebuyers Use Credit To Fund Loan Deposit

November 10, 2011

Buying a home is something that fewer UK residents can afford to do. However, even that is not deterring many of them from becoming new homeowners. Desperate times call for desperate measures and these include using bank and payday loans and credit cards to fund home deposits. This increasing trend has many debt experts very [...]

Low Inflation Affects Equity-Release Mortgages

October 29, 2011

The low UK interest rates are great for people needing cheap loans. However, the 0.5 percent base rate can be detrimental to holders of an equity-release home loan, which involves borrowing against the security in their property. Early repayment penalties are not widely publicized and they can be quite hefty. Equity-release loan holders should be [...]

UK Homeowners Experiencing Multi Billion Pound Mortgage Windfall

October 25, 2011

The Council of Mortgage Lenders (CML) revealed that in 2010, nearly two million UK households made a move that will save them an average of £2,600 annually. They opted for a standard mortgage loan after the expiration of their original fixed-term mortgage. The switch was valued at approximately £4 billion per year. Typically, the standard [...]

UK Lenders See Positive Trending In Housing Market

October 19, 2011

According to some UK lenders, recent housing market figures are promising signs and may even indicate a positive trend. Extremely low loans APR and the variety of loans bank offered have increased market activity. Low property prices have led many people to become landlords and the remortgaging market is also bustling with activity. With housing [...]

UK Mortgage Loan Approvals Reach 20-Month High

October 3, 2011

Finally, there is some positive news regarding UK home lending. Bloomberg reported that August UK mortgage approvals increased to the highest level in 20 months. Record low borrowing costs helped support the housing market, with lenders granting 52,410 home loans, according to the Bank of England. This is higher than the figure predicted by economists [...]

UK Mortgage Approvals Reach 15 Month High

September 21, 2011

In August, UK home loan approvals managed to climb to a 15-month high. High loan-to-value lending and relaxed lending criteria led approvals to climb to 49,566 during August. This was a 4.3 percent increase from the August 2010 figure, the largest year-over-year increase since May 2010. Many months of negative annual growth have finally been [...]

Overseas Investors Should Take Advantage Of UK Property Prices

August 31, 2011

UK properties have long been some of the most expensive in Europe. First-time home buyers from across the pond had major problems getting home loans for these. This is no longer the case, as the Council of Mortgage Lenders reports that the FY2011 gross mortgage decline has caused prospects to be better than ever. The [...]

UK Home Loan To Value Statistic Drops Under 60 Percent

August 10, 2011

The most recent statistics provided by the Council of Mortgage Lenders shows that the average loan to value for a UK home is now under 60 percent. During recent years, many UK homeowners have increased the amount of equity held in their property. Low loans APR have enabled them to reduce mortgage payments. The extra [...]

Holiday Home Loans Becoming Harder To Get For UK People

August 1, 2011

Many UK residents have experienced difficulty getting a mortgage in their home country due to lending restrictions. It is also now becoming more difficult for them to secure home loans for holiday residences in Italy, Spain, or France. Bank bureaucrats are preparing to roll out new rules and Brits are on the losing end in [...]

Additional Mortgages Issued To UK Residents

July 26, 2011

A recent change in the housing market is either a fluke or an indicator of the beginning of recovery. It is the trend of more mortgages being granted to residential buyers in the UK property market. Many people are hoping that this is an initial sign that the real estate market is bouncing back. Experts [...]

Barclays Mortgage Ranks Continue To Decline

July 22, 2011

As the UK housing market settles into what seems to be a long-term slump, many lenders are continuing to slash their mortgage loan rates. Barclays is one of the most recognized names in regional banking and it is no exception to this trend. In fact, the financial institution is reducing rates on one-third of its [...]

Sellers Of UK Homes Decrease Asking Prices

July 20, 2011

For the first time in 2011, home sellers in the UK are lowering their asking prices. Property Web site Rightmove Plc reported that asking prices declined by 1.6 percent between June and July. The mortgage crunch is deterring buyers so sellers are taking it upon themselves to entice people to buy homes. With a more [...]

Developments In The UK Buy To Let Market

July 14, 2011

First time homebuyers are facing a restricted mortgage financing market. This has provided the buy-to-let sector with a boost. Last week, the Communities and Local Government Department announced that the number of renters of privately-owned properties increased 55 percent in the past six years. Many prospective homebuyers are realizing that they cannot afford the deposit [...]

Problems Getting A Mortgage When You Are A Business Owner

July 8, 2011

Business makes the world go ‘round but it seems business owners are not loved by all. In the UK, some business owners are finding themselves unwelcomed by mortgage lenders. Lenders seem to prefer salaried workers to freelancers, business owners, and other categories of the employed, treating the latter groups as people of a lower class. [...]

How To Get Financial Assistance From Your Mortgage

June 23, 2011

Many UK residents are forced to stick with their existing mortgage deals. Those who have savings wonder if their mortgage can help increase savings rates and those who are overwhelmed by debt want the mortgage to help them reduce costs. These are different sides of the same coin and both parties can get some of [...]

Being Informed Increases Chances Of Finding A Mortgage

June 17, 2011

Some people are afraid to apply for mortgages because they think their credit history will prevent them from being approved. Restricted lending has affected first-time buyers in particular. UK residents are not unjustified in their worrying because many are not approved by various lenders. Knowing how a lender calculates whether people can afford mortgage loans [...]

Ways To Overcome Home Buying Barriers

June 14, 2011

A recent Halifax survey revealed that though more people expect housing prices to fall than increase in the coming year, 80 percent of those surveyed do not expect their financial prospects to improve. Fifty percent of respondents said the next three months will be prime times to purchase a property. However, many of them may [...]

Tips For Getting A Mortgage Application Approved

June 5, 2011

Unless you plan to live in a dog house, you will need more than payday loans to finance your new home. Banks are more stringent when it comes to lending and they will continue to be throughout 2011. Some estimates claim that nearly one in four mortgage applications will be rejected in certain places. The [...]

UK Mortgage Direct Debit Caution

May 26, 2011

Financial Web site Moneybasics.co.uk recently found that one in every 20 UK homeowners does not use direct debit to pay the mortgage. This places these five percent of mortgage holders at risk of missing payments, which could lead to big financial woes. The majority of people without direct debit have already fessed up to recently [...]

Can I Use a Credit Card to Pay My Mortgage

May 26, 2011

While it may be possible to do this, we would have to warn you off it for a variety of reasons. First, however, let’s cover the way that this can actually happen if it is absolutely necessary. Few mortgage companies will actually accept a credit card as a form of payment. However, the borrower can [...]

The Current State Of Non Status Mortgages In The UK

May 10, 2011

Arranging for a loan has historically not been easy for UK borrowers that have a non status credit history. Things have gotten particularly difficult within the past few years, due to changes within the UK mortgage and real estate markets. Mortgage availability is now restricted for all borrowers, including those of the non status type. [...]

Tips For First-Time Homebuyers

April 30, 2011

A home represents the largest purchase made within a lifetime so it makes sense that the home-buying process is not easy. These days, things are even more difficult due to restricted lending courtesy of the credit crunch.First-time homebuyers face limited options when it comes to mortgages. Anyone who is purchasing a first home should follow [...]

UK Consumers Pay Almost £3 Billion To Organize Mortgages

April 17, 2011

Fixed rate mortgage programs have flooded the market due to worry that the base rate will soon increase. According to independent price comparison and switching organization uSwitch.com, these deals are costing UK homebuyers a bundle. On average, consumers are required to pay £1,044 in mortgage setup fees. If this amount is added to the mortgage, [...]

How To Shave Years From Your Mortgage

April 13, 2011

Many of us may not realize that we are overpaying for our mortgage loans. We borrow against the increasing value of the properly and use this money for remodeling, vacations, and automobiles. Some of us are now repaying this debt, with official figures reflecting a record rate of repayment during the final three months of [...]

Incentives Are Disguising Real Condition Of UK Property Market

April 5, 2011

The property market seems to have a short memory. A mere three years after the credit crisis, Northern Rock is offering first-time homebuyers 90 percent mortgages. Despite its increasing deficit, the government is working with developers to lend deposits to first-time buyers. These down payments are being used to purchase expensive new homes in a [...]

How To Beat The 2011 UK Budget

March 30, 2011

With the new budget in the UK comes additional burdens on the pocketbook. First time homebuyers and motorists will feel some relief but millions of people face increasing living costs. If you are one of them, a simple review of the household budget and some smart shopping can save you up to £2,500. A mortgage [...]

UK Homeowners Should Carefully Review Their Finances

March 28, 2011

With the March budget comes some desired relief for families with low incomes. However, many homeowners in the middle-income bracket face higher living costs, no wage increases, and the potential for mortgage rate hikes in May. Atlantic Financial Management (AFM) is one company advising that UK families conduct a full financial assessment to make sure [...]

The UK Mortgage Market Reinvented

March 23, 2011

Before the financial crisis that began in 2007, the UK commercial and residential mortgage market was considered one of the most competitive in the world. Unfortunately, this changed for the worse during the crisis. Long product combinations like sub-prime, self-certification, interest-only tracker 95 percent loan to value mortgages have been sent away like bad children. [...]

UK Fast Track Mortgages May Be Entitled To Reprieve

March 18, 2011

With fast-track mortgages, income verification is not performed for applicants with high credit scores who request low loan-to-value amounts. It appears that these will remain available to borrowers in the UK. The Financial Services Authority (FSA) is currently taking a second look at its proposal requiring lenders to verify income for all mortgage applicants. In [...]

More People Looking For Mortgage Loans As Housing Prices Decline

March 2, 2011

Housing prices in the UK fell through last year and are expected to decline further during 2011. This is good news for anyone interested in purchasing a property. The problem is that due to the financial crisis, many do not have the extra funds. Others who do are finding it difficult to get mortgage loan [...]

Are The Rumors About Northern Rock Bank True

February 26, 2011

This week, media reports claim that the nationalized bank Northern Rock may soon re-launch its mortgage products. This would include an LTV mortgage arrangement designed for first time buyers. It would be the first deal of this kind since the bank became nationalized during the credit crisis. The bank is reportedly preparing for a stock [...]

2011 UK Housing And Mortgage Trends

February 19, 2011

According to the Council of Mortgage Lenders (CML), there were 529,300 UK mortgages issued in 2010 with a value of £77.1 billion. This represents a three percent increase from 2009 in terms of numbers and an 11 percent increase based on value. This was the highest figure since the year 2007, during which 1.14 million [...]

First time home buying tips for new couples

February 17, 2011

Being in love is grand, but affection is not always conducive to smart financial practices. No one wants to think about the day the relationship ends, but establishing some ground rules can make things less complicated if it does. There are several ways to be wise when it comes to money and a relationship. Following [...]

Retirement Delayed By Unpaid Mortgages And Credit Card Debt

February 5, 2011

Most of us hope for a comfortable retirement, with no worries about finances. This is becoming more like a dream for many people, with one in five individuals set to retire this year facing debt that averages £33,100. For males older than 65, things look even worse because one in every ten has debt exceeding [...]

Increased Protection For UK Mortgage Borrowers

February 2, 2011

The Treasury announced new regulations on Wednesday that mean good news for mortgage borrowers. The Financial Services Authority will assume second charge mortgage regulation from the Office of Fair Trading. First mortgages are already controlled by the FSA and by controlling second charge mortgages, the agency can make standards consistent and simplify regulation. A second [...]