July 2007 Archives

  • Regulator expresses concern over lenders lending criteria
    Posted on 03 Jul, 2007
    In recent speeches to the Building Societies Association and the Council of Mortgage Lenders, the Regulator (FSA) expressed concerns about the need for lenders to act responsibly in terms of their lending criteria. Particular attention was given to the sub-prime market where mortgage arrears are running at twenty times that ....Continue Reading >>
  • First time buyers offered 115% Mortgages
    Posted on 03 Jul, 2007
    The Yorkshire has launched a mortgage called Mortgage +, which provides 115% loan to value. This is aimed at first time buyers who need more than 100% to purchase the property and help with associated costs such as stamp duty, legal fees and furnishings. There is no application fee with ....Continue Reading >>
  • Remortgaging up by 7.19% last year
    Posted on 04 Jul, 2007
    Figures have shown a large rise of 7.19% in remortgages taken out last year. This has come as a surprise to many with the interest rate rises making it more expensive to remortgage. This increase is in part by people coming to the end of introductory deals, and borrowers looking ....Continue Reading >>
  • City watchdog may punish five mortgage intermediaries
    Posted on 06 Jul, 2007
    City watchdog the (FSA) has been investigating the sub prime mortgage sector also called impaired credit mortgages or bad credit mortgages. The FSA have been investigating this sector for six months, and have admitted that it was surprised at the number of errors uncovered, made by both mortgage brokers and ....Continue Reading >>
  • Interest only mortgages grow in popularity
    Posted on 07 Jul, 2007
    The increases in interest rates over the past months are making more home buyers look around for cheaper mortgage deals. There are more and more people opting for interest only mortgages in an attempt to keep monthly payments as low as possible. As an example if you had a £100,000 ....Continue Reading >>
  • Bank of England raises base rate to 5.75%
    Posted on 08 Jul, 2007
    As predicated the Bank of England’s Monetary Policy Committee voted to raise the Official bank rate to 5.75% which is an increase of 0.25%. This is the fifth rise in the cost of borrowing in the last eleven months, with the previous rate rise on the 10th May when it ....Continue Reading >>
  • Homeowners withdraw £49.7 billion
    Posted on 15 Jul, 2007
    Figures show that the amount of borrowing against the value of their property is rising, with the mortgage equity withdrawal totalling £49.7 billion in 2006. This figure is up from £36.6 billion in 2005. Many economists suggested that this rising mortgage equity withdrawal rate would increase consumer spending on the ....Continue Reading >>