Mortgage firm recovers lost ground
March 21, 2009
A Norwich based mortgages company has stated it is looking to recruit a further 100 people over the next two years as it recovers ground lost in the credit crunch.
The Money Centre is one of the UK’s largest mortgage firm in the area of buy-to-lets and had to make redundancies last year but now believes that largely thanks to Read more
RBS boss states 100% mortgages immoral
March 20, 2009
The Deputy Chief Executive of the Royal Bank of Scotland (RBS), Gordon Pell, has hit out and stated that 100 per cent mortgages, where mortgages are granted to those that have no deposit whatsoever is ‘immoral’ and stated that this is like giving them a loaded gun. He added it is not in the interest of the consumer and felt it is ‘bad banking’ practice.
There has already been some pressure on the mortgage regulatory Read more
Five year fixed rate mortgages return
March 19, 2009
Now that the Bank of England’s interest base rate is deemed to be at or very close to rock bottom, mortgage lenders seem to be recovering confidence in the market and the five year fixed rate mortgage has returned. There are several good offers on the market now for those with large deposits and even those with smaller deposits have a few options open to them.
For example, for those with a 40 per cent deposit, the Abbey is offering five years fixed at 3.95 per cent with a fee of £995 and the HSBC is also offering them a 3.99 per cent deal with a £999 fee.
For those with a 25 per cent deposit or a 10 per cent deposit, the Read more
Made up mortgages?
March 18, 2009
It has been reported that some officials are claiming that mortgage lenders are being so pressured by the government to increase lending and be competitive in the mortgage market that they are resorting to listing ‘fake’ mortgage deals.
These fake mortgage deals are listed to keep the government happy but are then Read more
Scottish government launches mortgage schemes to support struggling borrowers
March 17, 2009
The Scottish government has pledged £35 million of public money to two new schemes designed to help people struggling with their mortgage payments. Anyone facing repossession through unpaid arrears on their mortgage will have the option of entering into a shared ownership arrangement with their housing association. The government is also extending the ‘mortgage to rent’ scheme.
Alex Neil, the Housing Minister, has stated that £35 million will be set aside for the two schemes in a bid to help families remain in their homes. Previously just £25 had been allocated by the government for the two schemes, but as the property market has slumped further and the UK is now officially in recession, a further £10 million is to be put into the schemes.
In the shared equity scheme, anyone facing repossession can allow the government to take a stake in their property. The level of the stake will be Read more
The pros and cons of home study
March 16, 2009
When you decide there is a particular qualification you wish to attain, such as the CeMAP, CeFA or CeRER qualifications, there is a minefield of information and courses to choose from. It can be incredibly difficult to work out which route to take or which method is best for you personally. Home study courses can seem the best and most obvious solution for those who don’t have the time for a full time course, however, for those who could choose either option, here are a few pros and cons of home study to consider: Read more
Credit crunch affects landlords
March 15, 2009
There has been much in the media about homeowners suffering from the credit crunch and searching for remortgages. However, the credit crunch is also affecting tenants too and new research has shown they are bailing from their rental accommodation to avoid paying the bills.
The Letting Protection Service (LPS) release recent Read more
FSA calls for end to ‘light touch’ regulation
March 14, 2009
Next month Chancellor of the Exchequer Alistair Darling is reportedly set to speak at the G20 summit and call for the power for financial regulators to intervene with banks where necessary to avoid future problems such as those that cause the credit crunch.
This means that bank’s balance sheets would Read more
FSA mortgage advisor warning
March 13, 2009
Training to become a mortgage advisor is a huge responsibility as highlighted by the most recent consumer warning from the Financial Services Authority (FSA) yesterday.
The FSA releases around six of these each year and its most recent warning came following an alleged issue with a firm of financial advisors in Kent in relation to mortgage Read more
Use savings to offset mortgage
March 12, 2009
For those people who do have some savings, the recent cuts in interest rates are certainly not good news. However, by offsetting their savings against their mortgage, customers could benefit by savings thousands in mortgage interest and also cutting their mortgage term by years.
Competitive savings rates are a distant memory for Read more
