- The Bank of England have potentially earmarked January 2016 when interest rates could be set to rise. But what does it mean for you?Continue reading..
Church of England Battle Payday Lenders as FCA Issue Advertisement Warning
The Church Credit Champions Network (CCCN) has been launched by the Church of England, to encourage financial education, responsible lending and signpost alternatives to payday lenders. The network is piloting in the dioceses of Liverpool, London and Southwark. The news comes after the FCA released statistics that show one in five adverts from consumer credit… Continue reading..
Managing Mortgage Arrears
How Mortgage Lenders Manage Mortgage Arrears There Are Set Rules Which Mortgage Lenders Must Adhere To When Dealing With Mortgage Arrears Mortgage lenders often manage mortgage arrears entirely in-house, or use a combination of in-house staff and external staff. There are only a very small amount of mortgage lenders who fully outsource their mortgage arrears… Continue reading..
House Prices Not Low Enough for 1st Time Buyers
House prices may be falling throughout the UK but this is not enough for first time buyers. New research shows that more than one in four of those looking to get onto the property ladder are out priced in their local housing market. Hometrack, the property information group, report that almost 30% cannot afford even… Continue reading..
Negative Equity Crisis
More than 23,000 people who took out 100% mortgages at the peak of the property boom could be facing a negative equity crises. New research from the Council of Mortgage Lenders (CML) says that for these homeowners, falling house prices mean that their mortgage on their home could be more than their home is worth… Continue reading..
Many Homes Could be in Negative Equity
Falling house prices could be that many homes could be in negative equity. Nationwide building society have releases figures which show that average house prices have fallen by 1.7% in September. There has been a decline for 11 months in a row, and the average house value now stands at £161,797, compared to £164,654 in… Continue reading..
Millions Need Housing Help
The number of repossessions increasing, house prices falling, unemployment rising and the building constructions coming to an almost complete stand still – UK homeowners are going to find that keeping a roof over their head becomes much harder to achieve. A report from The Times believes that the downward spiral from the housing market will… Continue reading..
Tenancy Deposit Protection
The average renters deposit in the in the UK is £670, but many consumers do not have this desposit protected. This is despite the fact that it is a legal requirement for landlors to ensure that a tenants’ deposit is financially protected. Almost a third of tenants are not covered by Tenancy Deposit Protection (TDP),… Continue reading..
New Low for Mortgage Approvals
The number of mortgages being approved is now at a record low and almost half the rate of 12 months ago, according to new research from the Bank of England. April saw just 58,000 new mortgages were approved, 8% down on last month. This number is at the lowest since comparable records began in 1999…. Continue reading..
Homeowners Need Deposit of over 20%
First time buyers are becoming more stretched as the credit crunch limits the amount of best buy mortgage deals available. According to research published by This is Money, the average homeowner needs a deposit of £40,000 before they can get a mortgage deal at a good rate. The figure is up 43% from the previous… Continue reading..
FAQ – Equity Release
1. What qualifying criteria apply to an Equity Release programme? If you are 55 years or under, and a property owner. 2. What charges apply to an Equity Release programme? There are a number of fees involved, such as the following: Arrangement fee; Legal costs; Valuation fee; Insurance; Rental charge and Early Repayment should you… Continue reading..
Homelessness for those struggling with Debt
Those who are at risk of repossession could end up homeless, as mortgage lenders try to recover the debt through repossession of their property and selling additional assets. If you cannot afford to pay your utility bills then the service will be cut off, and if you cannot afford to pay your unsecured debt then… Continue reading..
Mortgage Lending On the Up
According to the Council of Mortgage Lenders (CML), the month of March 2010 saw an increase in mortgage lending of almost a quarter on the previous month. The total value of mortgage lending jumped to £11.5billion in March, which was also up 3% on the same time last year. The CML was quick to point… Continue reading..
The Right Time to Remortgage
The latest figures have shown a huge increase in the number of people applying for mortgages. In the year up to November, more than 40% more applications were filed than in the previous year. At nearly 90% of the total, by far the greatest number of applications were for short-term mortgages. That is, mortgages with… Continue reading..
How to Save for a House Deposit
Many first-time buyers (FTBs) are struggling to get their foot on the property ladder as mortgage lenders require a large house deposit. It may take many months or even years to save up this amount, but you can save a little bit quicker by cutting back on unnecessary spending. Research by the Halifax suggests that… Continue reading..
Mortgage Debt for a Third of Pensioners
A third of UK pensioners are facing mortgage debt, according to figures released by impartial.co.uk. Their results show that the average 55-year-old homeowner still owes £55,046 to their mortgage lender and almost eight years left of their mortgage repayments. Worryingly 1.4 million still have at least ten years left on their mortgage when they reach… Continue reading..
The FSA Set to Reform the Mortgage Market
The UK government is to ban the practice of self-certified mortgages and ensure that homebuyers who are applying for mortgages will be subject to rigorous a credit check. The Financial Services Authority (FSA) is campaigning to rid the market of the kind of negligent lending that puts both banks and consumers at risk. The FSA has the… Continue reading..
House Prices on the rise
The most recent figures from the housing market show that prices have actually undergone an unexpected jump of 1.6 per cent for the month of September. The average house price in the UK is currently sitting at £163,500. In real life terms, this means that the average value of a UK home has shot up… Continue reading..
Mortgage Debt: 1 in 10 to Pay Off Mortgage Early
One in 10 homeowners are expected to pay off their mortgage debt ahead of schedule due to the current conditions in the marketplace. Many are looking to make additional payments to their mortgage in order to take advantage of record low interest rates. A study by First Direct, has revealed that more people are looking… Continue reading..
House Prices Falling – Now, is that good or bad?
Halifax’s house price index confirms that the price of the average house is now £154,716. This is a return to a level that we had last seen in 2004. The average property price fell by 1.7% in April and this is making property far more affordable, especially to those only starting out. The question everyone… Continue reading..
Struggling Homeowners Can’t Afford Repairs
More than one in ten struggling homeowners who have had things break down in the home have had to get into debt in order to fund the repairs, according to property repair group Homeserve. Many of us may be faced with house problems at some point in the future, such as a burst pipe to… Continue reading..