The daily deal - Remortgage Blog for the UK
UK housing market measure worst since 1990-RICS 11/03/2008
By Peter Graff
Quoted from the Guardian (link to article displayed below)
LONDON, March 11 (Reuters) - British surveyors are recording falling housing prices by the worst margin since the market crashed in 1990, the Royal Institute of Chartered Surveyors said on Tuesday.
During the past three months, only four percent of surveyors reported prices rising, while 57 percent said they were falling, a net balance of minus 53 percent.
When adjusted for seasonal factors, the net balance was minus 64.1 percent, the worst figure for the housing market that the RICS survey has recorded since June 1990 when house prices began a half-decade slump. January's figure was -54.8 ...<< MORE >>
Quoted from the Guardian (link to article displayed below)
LONDON, March 11 (Reuters) - British surveyors are recording falling housing prices by the worst margin since the market crashed in 1990, the Royal Institute of Chartered Surveyors said on Tuesday.
During the past three months, only four percent of surveyors reported prices rising, while 57 percent said they were falling, a net balance of minus 53 percent.
When adjusted for seasonal factors, the net balance was minus 64.1 percent, the worst figure for the housing market that the RICS survey has recorded since June 1990 when house prices began a half-decade slump. January's figure was -54.8 ...<< MORE >>
How secured loans can prove beneficial
March 12, 2008
Written by Peter
Quoted from thriftyScot (link to article displayed below)
In the past many people were afraid to touch secured loans, with fears that this sort of loan would plunge them into negative equity or result in them losing their home. However, over recent years this type of finance has become increasingly popular, with a rising number of homeowner realising that this could actually be the most sensible and affordable way to borrow money.
The massive rise in equity levels for most homeowners over recent years has meant that homeowner across the UK now have increased financial leverage when it ...<< MORE >>
Written by Peter
Quoted from thriftyScot (link to article displayed below)
In the past many people were afraid to touch secured loans, with fears that this sort of loan would plunge them into negative equity or result in them losing their home. However, over recent years this type of finance has become increasingly popular, with a rising number of homeowner realising that this could actually be the most sensible and affordable way to borrow money.
The massive rise in equity levels for most homeowners over recent years has meant that homeowner across the UK now have increased financial leverage when it ...<< MORE >>
New mortgages slump to record low 12/03/2008
By Rosemary Gallagher
Personal Finance Editor Quoted from business.scotsman (link displayed below)
THE number of new home loans fell to a record low in January, on the back of the credit crunch.
Only 50,300 mortgages were taken out by house buyers across the UK in January, the lowest number since the Council of Mortgage Lenders (CML) started its records in 2002. The figure represented a 19 per cent fall from 62,000 in December, and was 34 per cent lower than January last year. The value of mortgages for house purchase declined to £7.8 billion, a 17 per cent fall from £9.4bn in December ...<< MORE >>
Personal Finance Editor Quoted from business.scotsman (link displayed below)
THE number of new home loans fell to a record low in January, on the back of the credit crunch.
Only 50,300 mortgages were taken out by house buyers across the UK in January, the lowest number since the Council of Mortgage Lenders (CML) started its records in 2002. The figure represented a 19 per cent fall from 62,000 in December, and was 34 per cent lower than January last year. The value of mortgages for house purchase declined to £7.8 billion, a 17 per cent fall from £9.4bn in December ...<< MORE >>
Practical Guidelines on Retention Pricing for Mortgage Lenders
Quoted from creditman (link displayed below)
With recent figures from the Council of Mortgage Lenders identifying that 1.4 million loans are due to mature and potentially reset to the standard variable rate (SVR) in 2008 , an unprecedented challenge for the
U.K. Banks Raise Cost of Riskier Mortgages to Most Since 2000
By Jennifer Ryan Quoted from bloomberg (link displayed below)
March 11 (Bloomberg) --
The average rate offered by lenders on loans for 95 percent of the price of a property, fixed for 24 months, rose to 6.55 percent, the ...<< MORE >>
Correspondence on the impact of the credit crunch
11/03/08 Quoted from wsws (link displayed below)
The following letter was sent by a worker in the sub-prime credit industry in Britain
I would like to make some supplementary points to Chris Talbot’s very good article about the impact of the credit crunch on thousands of British workers.
The first point is that the latest rise in house repossessions started to happen before the credit crunch hit Britain. The Council of Mortgage Lenders has warned that more pain is on the way and this is confirmed by a look at the underlying trends.
Historically, mortgage repossessions have risen sharply when the housing market has ...<< MORE >>
The following letter was sent by a worker in the sub-prime credit industry in Britain
I would like to make some supplementary points to Chris Talbot’s very good article about the impact of the credit crunch on thousands of British workers.
The first point is that the latest rise in house repossessions started to happen before the credit crunch hit Britain. The Council of Mortgage Lenders has warned that more pain is on the way and this is confirmed by a look at the underlying trends.
Historically, mortgage repossessions have risen sharply when the housing market has ...<< MORE >>
21% boom in Buy to Let, says UK's largest letting agent Your Move
Monday 10th March 2008 Quoted from introducertoday (link displayed below)
Far from being hit by the Credit Crunch, buy-to-let is booming according to the UK’s largest letting agent, Your Move. The number of leases commencing in January and February 2008 rose 21% compared to 12 months ago. Your Move says not only has the Credit Crunch led to a pronounced rise in tenant demand, but that the trend is set to continue.
Managing director of Your Move estate agents, David Newnes, said: “The start of 2008 has seen considerable growth in the buy-to-let sector. Squeezed credit and volatile mortgage rates have contributed ...<< MORE >>
Banks cutting back on lending
Written by Peter March 10, 2008
Quoted from thriftyscot (link displayed below)
The credit crunch has taken its toll in more or less every sector of the financial market over recent months, and the financial turmoil has resulted in a number of changes in the way that many lenders operate.
Inter-bank lending has become increasingly difficult to obtain and expensive to secure for lenders, and this means that the provision of funding is more limited, which in turn means that lenders have had to tighten their lending practices.
According to the Bank of England lending levels started to dwindle during the last few months of ...<< MORE >>
Quoted from thriftyscot (link displayed below)
The credit crunch has taken its toll in more or less every sector of the financial market over recent months, and the financial turmoil has resulted in a number of changes in the way that many lenders operate.
Inter-bank lending has become increasingly difficult to obtain and expensive to secure for lenders, and this means that the provision of funding is more limited, which in turn means that lenders have had to tighten their lending practices.
According to the Bank of England lending levels started to dwindle during the last few months of ...<< MORE >>
Trustguard offers 90% self-cert range from Kensington
10-Mar-2008 Quoted from mortgagestrategy (link displayed below)
Trustguard is offering a 90% LTV self-cert range funded by Kensington.
Rates range from Bank base rate plus 1.69% for a two-year self-cert tracker. The no-overhang range is available to prime first-time-buyers, the employed and self-employed and is for purchase and remortgage.
In addition to a two-year tracker, there is also the option of either a two-year fixed at 6.99% or a three-year fixed at 6.89%. The early repayment charge is 5% of the redeemed amount during the fixed or tracker period.
A completion fee of £1,999 can be added to the loan above the maximum LTV. There ...<< MORE >>
Trustguard is offering a 90% LTV self-cert range funded by Kensington.
Rates range from Bank base rate plus 1.69% for a two-year self-cert tracker. The no-overhang range is available to prime first-time-buyers, the employed and self-employed and is for purchase and remortgage.
In addition to a two-year tracker, there is also the option of either a two-year fixed at 6.99% or a three-year fixed at 6.89%. The early repayment charge is 5% of the redeemed amount during the fixed or tracker period.
A completion fee of £1,999 can be added to the loan above the maximum LTV. There ...<< MORE >>
Credit crunch hits UK buy-to-let sector
Thursday March 6 2008
By Jennifer Hill Quoted from the Guardian (link displayed below)
LONDON, March 6 (Reuters) - Liquidity woes are starting to hit British buy-to-let property investors, as the availability of mortgage debt shrinks, a survey shows.
Instructions to let residential properties fell in the fourth quarter of 2007 -- the first decline since the Royal Institution of Chartered Surveyors (RICS) started its survey in 1998 -- as lenders tighten their criteria and the range of mortgage products narrows.
Mortgage hunters are facing increasingly tough times as the market shrinks and lenders re-assess risk in the wake of the credit crunch.
Cheap products ...<< MORE >>
By Jennifer Hill Quoted from the Guardian (link displayed below)
LONDON, March 6 (Reuters) - Liquidity woes are starting to hit British buy-to-let property investors, as the availability of mortgage debt shrinks, a survey shows.
Instructions to let residential properties fell in the fourth quarter of 2007 -- the first decline since the Royal Institution of Chartered Surveyors (RICS) started its survey in 1998 -- as lenders tighten their criteria and the range of mortgage products narrows.
Mortgage hunters are facing increasingly tough times as the market shrinks and lenders re-assess risk in the wake of the credit crunch.
Cheap products ...<< MORE >>
