Monday, 03 Mar 2008

Mortgage-lenders' reluctance to provide high-value loans to borrowers will see the UK revert to the old-fashioned culture of saving, experts predict.

Adverse credit conditions have prompted lenders to pull in their belts when it comes to helping riskier borrowers to remortgage or get a home loan.

Scores of banks and building societies have ditched products which provide loans equal to or more than the value of a property which has made it harder for people with no deposits to get buy a home.

Katie Tucker, technical manager of mortgage broker John Charcol, thinks tougher conditions will encourage ...<< MORE >>

March 3, 2008

According to a recent report over half of repossession order that are brought in the UK come from sub-prime lenders, who are lenders that specialise in giving credit to those with bad credit or no proof of income.

Sub-prime lenders have come under fire in the past because of the high rates of interest that they charge on loans to consumers that already have financial problems.

A spokesperson from one sub-prime lender said: “It should come as no surprise that those lenders dealing with borrowers with past credit problems are likely to have to deal with more cases of default ...<< MORE >>

29/02/2008

Higher Deposits Required For Home Loans

More UK banks are being forced to tighten their belts following the fallout from bad investing in the US subprime mortgage market and fear that lax lending standards could have brought problems elsewhere – including the UK. The warning came as Bank of England figures showed the number of new mortgages being approved had fallen to the lowest level since records began in 1999.

This means the relatively easy credit of the past five years is drying up and borrowers are being scrutinized much more closely. First-time buyers and overstretched borrowers have been warned easy financing ...<< MORE >>

February 27, 2008 9 www.bestsyndication.com

Financial stability is the core value of smooth family and personal life. When you can give justice to your desires, you are a content man. When you present a beautiful teddy to your cute angel on her birthday, the scene is memorable for ever. The vacation, you both spent together on the bank of natural serenity is nothing but the strength of your intimate inseparable relation. The weekend with favorites is not only confined to socializing, it’s a never-ending bond called friendship. For all this you need money. Life without all these is nothing ...<< MORE >>

Approvals for remortgages made up a record 49% of home loans offered by banks in January, as total mortgage lending recovered slightly after a quiet end to last year, figures showed today. The value of mortgages approved rose from £17.3bn in December to £19.6bn in January - a figure in excess of the previous six-month average of £18.1bn, the British Bankers' Association said.<< MORE >>

Feb 25, 2008

The property market showed signs of stabilising last month after figures revealed a surprise increase in January house purchase mortgage approvals and a hike in remortgaging activity.

The British Bankers' Association (BBA) said the number of mortgages approved for people buying a home by the major banks rose to 44,288 last month - higher than expected by analysts and an improvement on the record low seen in December.

The number of remortgage approvals also rose to 79,016, up 17% on December and up 39% year-on-year as a raft of borrowers came off two and three year fixed rate deals, according ...<< MORE >>

Wednesday 13th February 2008

By John Bakie

The firm is withdrawing its bundled lead subscription model in favour of providing purchase and remortgage leads separately.

Paaleads.com will offer brokers the chance to subscribe to specific mortgage lead types, including purchase, remortgage, adverse purchase and adverse remortgage.

Simon Williams, head of business development at Paaleads.com, comments: “The changes to the system reflect our continued commitment to listening and responding to our brokers’ requirements. Many have specialist business needs only geared to a certain type of consumer. Splitting the products out into specific lead types, gives them more freedom of choice.”

Paaleads.com says it expects the ...<< MORE >>

Looking to get in to the buy to let rat race?
Take a look at this site (I think its associated with ChaseUkCorpltd.com) a resource centre focusing on the most important factors when looking to buy a property to rent out.  There's a wealth of resources and in particular a buy to let calculator, something I've not seen before.  Relatively new, but hopefully if they keep it up to date it might help any porfolio holders save time.

Any BuyToLet.com

Yesterday - mortgage strategy released results of their monthly poll showing that 63% of brokers say 5 x income mortgage products are not a recipe for disaster.

Abbey last week received widespread criticism following the stretching of its income multiples to 5 x despite many within the mortgage industry stating that lenders had been stretching to similar levels for some time.

Source - Mortage Strategy - www.mortgagestrategy.co.uk

The Bank of England have expressed concern that higher wages will boost inflation. Wages are rising in the UK by around 4.2% annually, which is below the Bank's informal target rate of 4.5%. << MORE >>