House price falls lowest in 12 months
November 30, 2008
According to recent Nationwide figures this week, house prices have still fallen in November, however, the rate at which they have fallen is the lowest rate for the last year.
The house price fall has slowed down to just Read more
Mortgage Lending in Scotland Falls
November 29, 2008
Those looking for CeMAP training in Scotland might be disappointed at first by the latest figures from the Council of Mortgage Lenders (CML).
Although the figures show that mortgage lending in Scotland fell by 18 percent in the third quarter of this year, the number of mortgages approved Read more
Best mortgages cost first time buyers more
November 28, 2008
For first time buyers, the cost of a mortgage is over £2,000 more per year than for those able to deposit 40 percent or more according to mform, as there are mortgages available for those with a 40 percent deposit as low as 3.99 percent and yet for those with just a 20 percent deposit the interest rate will jump to 5.99 percent or more.
Francis Ghiloni, at mform, said:
“The mortgage market is entirely back to normal as Read more
Britannia reduces their fixed rate mortgages
November 27, 2008
Britannia has recently reduced the interest rate on their fixed rate mortgages and say they have no arrangement fees on them either. Their new fixed rate range of mortgages features a five year fixed rate mortgage. Loan to Value (LTV) is still quite low, and their Managing Director of Member Business, Tim Franklin, said:
“None of our fixed rate mortgages have Read more
VAT cut may assist mortgage market
November 26, 2008
On Monday, the government announced a VAT rate cut in its pre-budget report, which according to some experts may help to boost the mortgage market.
According to personal finance website fool.co.uk, this rate cut of 2.5 percent should save a family on average around Read more
Will the recession affect Scotland more or less?
November 25, 2008
There have been two opposite points of view in response to this question debated in the media. One report, by the Ernst & Young ITEM Club, says it will fare better and another report, by the Fraser of Allander Institute, says otherwise.
Whether this is true or not depends upon how you view the Read more
Mortgages and the Pre-Budget Report
November 24, 2008
For mortgage holders and those looking to acquire a mortgage, the pre budget report held a few promises.
Alistair Darling announced that for those struggling to meet repayments, measures had been agreed with mortgage lenders to not pursue borrowers for the first three months, to give them more time. In addition, mortgage lenders have also promised to Read more
Nicola Sturgeon calls for government help to Scottish housing industry
November 23, 2008
The Scottish government has called for Alistair Darling to offer more support for Scotland’s troubled housing industry ahead of the pre-Budget report which Darling will be releasing on Monday.
Among the calls from Nicola Sturgeon, Deputy First Minister, are for cuts to VAT in order to assist the construction industry in Scotland. She also wants to see the government offer more assistance to homeowners who have been made unemployed in the current financial crisis and have fallen into arrears with their mortgage payments. In addition to this she wants to see the government make significant investment in affordable housing in Scotland, and to introduce plans to help homeowners who are struggling to repay their mortgages introduced sooner.
As those who have completed their CeMAP training in Scotland will know, the rules for mortgages in Scotland are Read more
Nationwide cuts 10 and 25 year fixed rate mortgages
November 22, 2008
Yesterday (21st November), Britain’s largest building society, the Nationwide, made the decision to withdraw its 10 and 25 year fixed rate mortgages.
This decision coincides with moves from other mortgage lenders to cut their interest rates on fixed rate products.
Matthew Carter, the Nationwides divisional director for mortgages, said that the building society was Read more
1.3 Million Have No Mortgage Repayment Plan
November 21, 2008
According to new research from Liverpool Victoria (LV=), approximately 1.3 million interest-only mortgages do not have an investment vehicle set up to pay off their mortgage.
These statistics are worrying as it shows that around £75 billion in mortgage lending is outstanding in loans without any method or plan for repaying them.
According to LV=, most of these mortgages that do not have a repayment plan have Read more
