Do you pass our financial stress test?
July 31, 2010
This week, the media reported how the banks of Britain passed a financial test this week as industry regulators agreed they were in a position to withstand future economical shocks. However, when looking at the finances of many of their customers, many experts believe many UK households are at the breaking point already and could not cope with unforeseen events.
According to the Yorkshire Building Society over a third of survey respondents said they would only have enough money to last 11 days if they were out of work.
This sort of statistic is rather worrying, and considering how much mortgages have featured in the news over the last couple of years we thought we’d put together our own mini financial test, so see how you fare: Read more
Number seeking mortgage advice up by a quarter
July 27, 2010
According to website Unbiased, the consumer numbers for those seeking advice when finding a mortgage rose by just under a quarter (24 percent) during the first six months of 2010 when compared to the same time period of last year. Read more
Northern Rock reduces residential and buy-to-let mortgage interest rates
July 24, 2010
Today, Northern Rock has made a number of changes to its buy-to-let and Everyday residential mortgage deals, by reducing its interest rates for longer term deals and reducing its buy-to-let product charges.
The Everyday range of mortgages gives customers a Read more
UK mortgage market experiences seasonal boost
July 21, 2010
The Council of Mortgage Lenders have announced that £13.1billion was advanced to borrowers throughout the month of June in the UK, an increase of 15 per cent on May, which is the greatest figure since December 2009.
However, this good news was Read more
UK borrowers increase equity in homes by £38.3 billion in two years
July 18, 2010
According to figures released by the Bank of England, in the last two years UK homeowners have increased their equity stakes in their properties by a whopping £38.3 billion.
£3.2 billion of this was Read more
FSA proposes new mortgage affordability rules
July 15, 2010
The Financial Services Authority (FSA) has proposed a number of measures in a move to reduce excessive mortgage lending levels however, in The Telegraph yesterday mortgage advisors warned these proposals could mean some borrowers will struggle to find a competitive mortgage deal.
Those expected to be worst Read more
iPad mortgage app proving popular
July 12, 2010
A loans broker that specialises in large loans claims it has helped the mortgage industry to break new technological ground with its development of a mortgage toolkit for the new Apple iPad.
The iPad has featured greatly in the news recently; the innovative Apple gadget is proving highly popular and is reportedly helping Apple to take a larger proportion of the market that has been mainly dominated by Microsoft.
Now, Read more
15 percent of mortgage holders unaware of own mortgage details
July 9, 2010
According to a recent report, around 75% of mortgage holders are unaware of by how an increase in interest rate of 1 percent would affect them.
The survey also found that worryingly, some people Read more
Six banned from mortgage industry by FSA
July 6, 2010
The Financial Services Authority (FSA) has banned six individuals from working within the mortgage industry after the watchdog discovered they had committed mortgage fraud.
Three of the six were working for the same company and one was given a fine of £130,000. Of those banned, most had Read more
CII welcomes stricter accountability for mortgage advisers
July 3, 2010
Following the new draft rules released by the Financial Services Authority (FSA) last week, the Chartered Insurance Institute (CII) has reportedly applauded the new stricter rules for mortgage advisers.
The FSA’s draft rules for its Approved Persons section aims to Read more
