mortgages

Mortgage squeeze forces homeowners to sell

Rebecca Atkinson — Fri, 21 Nov 2008 10:01:31 +0000

The number of homes being repossessed rose by 12% in the third quarter of the year, official figures have shown.

More help needed for homebuyers

Rebecca Atkinson — Thu, 20 Nov 2008 12:32:15 +0000

Alistair Darling has been urged to do more to help mortgage banks lend to home buyers in his forthcoming pre-Budget report after figures revealed a 44% fall in the number of approved home loans since 2007.

New figures from mortgage lenders show that £18.7 billion was lent during October, up 7% from September but down 44% from the same month last year.

Lenders claw back profit on mortgages

Rebecca Atkinson — Fri, 14 Nov 2008 11:14:01 +0000

Rates on tracker mortgages have jumped despite a 2% fall in the Bank of England base rate since October.

Property sales hit 30-year low

Rebecca Atkinson — Tue, 11 Nov 2008 10:40:40 +0000

Property sales have hit a 30-year low as mortgage lending dries up by more than 50% in just 12 months.

The Royal Institution of Chartered Surveyors (RICS) reports that the average number of sales per surveyor is currently just 10.9, the lowest level since records started in 1978. London remains at the bottom of the activity league, with just 6.4 sales per surveyor on average.

Take control of your finances

Rebecca Atkinson — Mon, 10 Nov 2008 12:52:54 +0000

For most people, money matters are the financial equivalent of the cupboard under the stairs packed with odds and ends we don’t know what to do with, and can’t bear to look at. A recent survey by the Institute of Financial Planning found that 93% of people were worried about their financial future, and 56% were struggling or falling behind with bills and other commitments.

Banks shamed into cutting rates

Rebecca Atkinson — Fri, 07 Nov 2008 17:39:51 +0000

Critical media attention and government intervention has led to several big mortgage lenders cutting their standard variable rates in-line with the 1.5% Bank of England base rate cut.

What does the interest rate cut mean for you?

Rebecca Atkinson — Thu, 06 Nov 2008 13:07:49 +0000

The Bank of England has taken drastic action to help households and businesses by cutting interest rates by a monstrous 1.5%. Although some commentators were holding out for a 100 basis point reduction, the move to bring interest rates down from 4.5% to 3% has provoked plenty of reaction.

Reaction

Lenders pull tracker mortgages

Rebecca Atkinson — Wed, 05 Nov 2008 17:47:53 +0000

Several lenders, including the mortgage arm of Lloyds TSB, Nationwide and Alliance & Leicester, have withdrawn their tracker mortgages as interest rates continue to fall.

Bank of England cuts rates by 1.5%

Rebecca Atkinson — Wed, 05 Nov 2008 16:53:24 +0000

The Bank of England’s Monetary Policy Committee (MPC) has shocked the City with a surprise 1.5% cut in interest rates, taking it from 4.50% to 3%.

While the majority of analysts predicted a cut today, perhaps by as much as a full 1%, the decision to reduce rates by 1.5% was more than expected. Interest rates are now the lowest they have been since 1955.

Bailed-out banks to be monitored

Rebecca Atkinson — Tue, 04 Nov 2008 12:49:09 +0000

Chancellor Alistair Darling has unveiled plans to launch a new body to oversee taxpayers’ shares in the three banks his government was forced to bail-out last month.