June 2007 Archives
- Fixed rate mortgages grow in popularity
Posted on 01 Jun, 2007
The fixed rate mortgage has grown in popularity in the UK and it is not hard to see why. With six rises in the Bank of England base rate over the last three years. The Council of Mortgage Lenders reports a record number of first time buyers (87%) opted for ....Continue Reading >> - Saving money on your mortgage
Posted on 02 Jun, 2007
When people take out a mortgage they look for the best rates and deals available at the time. Most opt for a special deal from their chosen lender, I.e. cash back, discount rate or the most popular fixed rate mortgage. They are then happy to sit back knowing they have ....Continue Reading >> - The Bank of England holds interest rates
Posted on 08 Jun, 2007
The Bank of England decision to hold interest rates was welcomed by many including The Council of Mortgage Lenders. Figures from the council of mortgage lenders estimate that around 1.3 million borrowers in 2005 took out fixed rate mortgage deals and a further 1.5 million in 2006. The majority of ....Continue Reading >> - Over one million fixed rate mortgages set to end this year
Posted on 09 Jun, 2007
It is thought that there are over one million borrowers who took out fixed rate mortgage deal two years ago which are set to end this year. They should now be looking to remortgage in order to avoid going onto their lenders standard variable rate. Although mortgage rates have risen ....Continue Reading >> - The mortgage market remains strong
Posted on 10 Jun, 2007
Contrary to what many financial pundits have been saying the mortgage and housing market in the UK is in a very healthy state. This is reflected in the figures from the Council of Mortgage Lenders (CML) which states that the gross advances in the UK Mortgage market were a staggering ....Continue Reading >> - The buy to let market still looking strong
Posted on 11 Jun, 2007
Even with the recent interest rate raises the buy to let market looks strong with UK investors being drawn to the rental sector in the search for strong returns. The council of Mortgage lenders reports an increase of 48% in buy to let mortgages taken out last year. Figures show ....Continue Reading >> - Remortgaging can save thousands a year
Posted on 12 Jun, 2007
If you have come to the end of a fixed rate mortgage deal and have gone onto your lenders Standard Variable rate (SVR) you may be paying thousands of pounds a year more then you should be. If for example you had a Mortgage of £250,000 on the lenders SVR ....Continue Reading >> - Claiming back your mortgage exit fees
Posted on 12 Jun, 2007
Mortgage exits fees had remained constant for many years, but in 2004 they started to rise sharply. The lenders pushed up these fees by hundreds of pounds with some as high as £300. The Financial Services Authority has now agreed that some of these were unfair and borrowers who paid ....Continue Reading >> - First time buyers hit by mortgage fees
Posted on 12 Jun, 2007
Many of the major mortgage lenders are penalising borrowers who do not have a large deposit to put down. The fee is called a ‘higher lending charge’ and can cost the average borrower £2000 if they do not have a 10% deposit. The lenders claim this charge is just a ....Continue Reading >> - Why 4 million people may be paying too much for their mortgage
Posted on 13 Jun, 2007
There are around four million people in the UK that are on ‘standard variable rate mortgages’ which go up or down in line with interest rates set by the Bank of England. Standard variable rate mortgages tend to be more expensive. For example with a base rate at 5.5%, most ....Continue Reading >> - More parents help kids get on the property ladder
Posted on 15 Jun, 2007
The current house price situation is making it extremely difficult for first time buyers to get on the property ladder, so more and more parents are offering their kids help. Figures from new research done by Standard life Bank show parents are paying out more than four billion pounds a ....Continue Reading >> - The cost of fixed rate mortgages goes up
Posted on 15 Jun, 2007
Mortgage lenders have increased the cost of fixed rate mortgages despite the fact that interest rates remained the same. Many banks and building societies have increased interest rates by up to 0.7% in June despite the Bank of England keeping the base rate at 5.5%. It is estimated that there ....Continue Reading >> - How to reduce your outgoings on personal debt
Posted on 16 Jun, 2007
The figures for personal debt in the UK are frightening standing at a colossal 1.3 trillion pounds. For most people their biggest debt is their mortgage so it is vital to keep the cost of this to a minimum. Many people will be coming to the end of their fixed ....Continue Reading >> - Lenders try to keep interest rates low for first time buyers
Posted on 19 Jun, 2007
Lenders are trying to attract first time buyers get onto the housing ladder by keeping interest rates as low as possible. With more and more first time buyers looking for 100% mortgages or no deposit mortgages interest rates have been kept low. If you take the rise in interest rates ....Continue Reading >> - More people are looking for shared ownership mortgage
Posted on 20 Jun, 2007
First time buyers are increasingly finding it difficult to get on the housing ladder, and even 100% mortgages are not enough as affordability is the key. More and more people are looking at the option of shared ownership mortgages. When people talk about ‘Shared ownership mortgages’ they usually think about ....Continue Reading >> - Will the Bank of England Raise Interest Rates?
Posted on 23 Jun, 2007
Figures from the Council of Mortgage Lenders show in the month of May gross mortgage lending hit a record high. Lending in May reached £30.6 billion which is up 12% on the figures for April. These figures are in contrast to figures from the Building Societies Association, which stated new ....Continue Reading >> - Is an Interest only mortgage for me?
Posted on 23 Jun, 2007
Before we look at the positive and negative aspects of this type of mortgage we need to know how they work.As the name suggests with an Interest only mortgage you only pay the interest on the loan, and pay nothing off the capital amount. With a normal repayment mortgage your ....Continue Reading >> - Choosing the right mortgage for your needs
Posted on 25 Jun, 2007
A mortgage for most people will be the biggest financial commitment they ever make so it is important that you make the right choice. At first glance there seams to be a bewildering choice of different mortgage types and deal, with loads of different banks and building societies and other ....Continue Reading >> - Social housing budget to go up buy 50%
Posted on 26 Jun, 2007
Speaking on BBC’s Politics show the soon to be prime minister Gordon Brown pledged that the government would look to address the current housing crises of affordability for first time buyers. As part of the plan to build more houses the social housing budget is to increase by 50%. Mr. ....Continue Reading >> - Council tax bills have risen by 91% in last ten years
Posted on 27 Jun, 2007
Figures published by the Halifax building society show that over the past ten years the average council tax bill has risen 91%, while average earnings have increased by 51% over the same period. In another report by The Local Government Association figures show that Council tax in England is set ....Continue Reading >> - Sharp rise in the number of properties coming onto the market
Posted on 28 Jun, 2007
Figures from estate agents show an average of a 10% rise in the number of housing stock on their books which is the largest rise for three years. This is believed to be in part caused by people rushing to avoid the introduction of the home seller information packs. These ....Continue Reading >> - Beat the next interest rate raise
Posted on 29 Jun, 2007
There has been much speculation in the press about the possible rise in interest rates next month. Some lenders have started to withdraw fixed rate deals or adjust interest rates in anticipation of the possible rate rise. If you need the stability of a fixed rate mortgage there is still ....Continue Reading >> - Offset mortgages increase in popularity
Posted on 30 Jun, 2007
According to the Council of Mortgage Lenders Offset mortgages are growing in popularity with around 7% of all new lending last year, which equates to around 170,000 Offset mortgages or £29 billion in lending. What is an Offset Mortgage? With an offset mortgage you combine your savings with your mortgage ....Continue Reading >>