According to recent figures mortgage lending levels in the UK remain subdued, as the global credit crunch continues to wreak havoc in the financial markets. Figures were recently released by the Bank of England, and showed that mortgage lending levels were continuing to fall, with tighter lending conditions and fewer applications from cash strapped consumers […]
Following a recent meeting with banking and mortgage officials the government has announced that there will be help in place to assist struggling homeowners that are in danger of losing their homes due to mortgage arrears. This includes those that are coming off cheap fixed rate mortgage, many of whom could face losing their homes […]
According to a recent report banking officials have warned MPs and the Chancellor, Alistair Darling, that the cost of mortgages may continue to climb over the coming months, despite the launch of a £50 billion mortgage rescue plan introduced by the government, where banks will be able to exchange mortgage assets for government bonds for […]
Over the past six months the mortgage markets have been thrown into turmoil in the UK, with lenders scaling back on their lending, and consumers facing ever increasing costs and difficulties when it comes to getting a mortgage or a remortgage. Many lenders have had to rein in their lending over the past six months, […]
According to a recent report house prices in the UK are set to face the first annual fall since the middle of the 1990s, as experts continue to make predictions over forthcoming movement on house prices. Officials have said that house prices will fall in 2008 on an annual basis for the first time since […]
The Bank of England announced earlier this week that the base rate was being cut by 0.25%, taking the base rate from 5.25% down to 5%. The announcement came after the Monetary Policy Committee meeting on Thursday, but did not come as a surprise to many industry experts who had been expecting the bank to […]
Officials from the British Bankers Association have revealed that mortgage approval levels in the UK are still low, with February’s approval figures reflecting a drop of around one third compared to February of last year, although the figure was slightly higher than January of this year. Experts state that the low level of mortgage approvals […]
The governor of the Bank of England, Mervyn King, has indicated that an April interest rate cut has become more likely as a result of the tighter credit conditions that are in place in the UK – news that will be welcomed by struggling homeowners that need to cut back on their outgoings. The governor […]
There has been a huge drop in the range of mortgage deals that are available in the UK according to a recent report, which suggests that the number of different mortgage deals has dropped by two thirds since the onset of the global credit crunch. Over recent months more and more lenders have been taking […]
All mortgages in the UK come under two main categories, which are repayment mortgages, also known as capital and interest mortgages, and interest only mortgages. With repayment mortgage the monthly repayment made by the borrower is applied to both the loan and the interest on the loan, which means that at the end of the […]
