September 1, 2008

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Three-year fixed rate mortgages grow in popularity

Permalink: Three-year fixed rate mortgages grow in popularity
by Kay Murchie

According to Abbey Mortgages, in the last six months demand for three-year fixed rate mortgages has tripled. Research by Abbey claims that one fifth of homeowners would opt for a three-year fixed rate deal compared to 9% who would choose a ...

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Rics calling for action to kick-start housing market

Permalink: Rics calling for action to kick-start housing market
by Kay Murchie

The Royal Institution of Chartered Surveyors (Rics) is calling on the Government to take the necessary steps to kick-start the housing market. The plea comes as the organisation revealed today that housing sales have slowed to their worst level ...

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BoE: Mortgage approvals fall to record low

Permalink: BoE: Mortgage approvals fall to record low
by Kay Murchie

The Bank of England has today revealed that the number of mortgage approvals for homebuyers has fallen to 33,000 in July, down by 71% compared with the same period last year. According to the Bank of England, the figures are the ...

August 26, 2008

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Stewart Milne Homes launches 4.99% fixed-rate mortgage deal

Permalink: Stewart Milne Homes launches 4.99% fixed-rate mortgage deal
by Kay Murchie

With the current misery surrounding the housing market, Stewart Milne Homes is offering some good news with an exclusive fixed-rate mortgage deal. The deal, which offers homebuyers a fixed rate of 4.99% for three years on a range of Stewart ...

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BBA: Mortgage approvals fall by two thirds

Permalink: BBA: Mortgage approvals fall by two thirds
by Kay Murchie

The doom and gloom in the housing market continues as figures released today from the British Bankers Association (BBA) revealed that the number of mortgages approved for house purchases increased marginally from 22,369 in June to 22,448 in July. However, ...

August 25, 2008

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Proposals for councils to offer mortgages

Permalink: Proposals for councils to offer mortgages
by Kay Murchie

Local authority chiefs in London want to offer mortgages to those struggling getting onto the property ladder. Councils are urging the Chancellor, Alistair Darling, to relax borrowing rules so they can offer mortgages to thousands of families struggling to purchase a home. The ...

August 22, 2008

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Moneyfacts: Mortgage rates back to August 2007 levels

Permalink: Moneyfacts: Mortgage rates back to August 2007 levels
by Kay Murchie

Research by price comparison website, Moneyfacts, has discovered that mortgage rates are back to the same level they were at the start of the credit crunch. According to Moneyfacts, the average rate on a two-year fixed deal is now 6.59% ...

August 20, 2008

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CML: Slump in mortgage lending continues

Permalink: CML: Slump in mortgage lending continues
by Kay Murchie

According to the Council of Mortgage Lenders (CML), the mortgage lending slump continued last month. The CML figures showed that gross mortgage lending rose slightly in July by 5% compared with June, however this is 27% lower compared with July 2007. Commenting on ...

August 19, 2008

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Wolsey: Housing transaction levels fall to dangerously low levels

Permalink: Wolsey: Housing transaction levels fall to dangerously low levels
by Kay Murchie

According to Wolsey Securities, the housebuilder finance specialist, housing transaction levels in the UK have fallen to dangerously low levels and are set to fall 60% below the worst period of the early 1990s. According to Mike Ratcliffe, chief ...

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UK lending to fall by 20%

Permalink: UK lending to fall by 20%
by Kay Murchie

Business intelligence company, Datamonitor, believes the UK mortgage market will shrink by a fifth by the end of the year. Datamonitor is forecasting that mortgage lending will continue to fall, by a total of 19.3% this year and by a further 3% ...

August 18, 2008

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Halifax and Abbey begin price war

Permalink: Halifax and Abbey begin price war
by Kay Murchie

Halifax and Abbey, the UK’s two largest mortgage lenders, have launched a price war in a bid to tempt new borrowers. The two lenders are competing on two-year tracker mortgages, which are usually linked to the Bank of England base rate. However, ...

August 15, 2008

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Mortgage repossession orders surge by 24%

Permalink: Mortgage repossession orders surge by 24%
by Kay Murchie

Figures from the Ministry of Justice have revealed that the number of mortgage repossession orders made by courts in England and Wales in the second quarter of 2008, rose by 24% to 28,658, compared with the same period last year. The figures ...

August 13, 2008

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87% of Brits mis-sold endowment policies

Permalink: 87% of Brits mis-sold endowment policies
by Kay Murchie

Research from Fairinvestment.co.uk has established that 87% of British homeowners believe they were sold an endowment policy under false pretences. During the 1980s and 1990s, endowment policies were a popular choice for homeowners and it is believed that over 10 million ...

August 12, 2008

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CML: Mortgage squeeze continuing

Permalink: CML: Mortgage squeeze continuing
by Kay Murchie

According to the latest figures from the Council of Mortgage Lenders (CML), the mortgage drought is continuing after the organisation revealed that the number of loans approved for house purchases in the UK has fallen. Figures show that 47,000 home loans were approved compared ...

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Rics: Number of people moving house falls to record low

Permalink: Rics: Number of people moving house falls to record low
by Kay Murchie

According to the Royal Institution of Chartered Surveyors (Rics), the number of homes changing hands has fallen to levels not experienced since their survey started in 1978. The organisation said the average number of property sales handled ...

August 11, 2008

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71% fewer mortgages compared with one year ago

Permalink: 71% fewer mortgages compared with one year ago
by Kay Murchie

Figures from Moneyfacts.co.uk have revealed that there are now 71% fewer mortgages available compared with this time last year. There are now 3,748 mortgage deals available compared with 13,027 mortgage products last August, according to Moneyfacts, showing what an impact ...

August 8, 2008

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Repossessions begin to accelerate

Permalink: Repossessions begin to accelerate
by Kay Murchie

According to figures from the Council of Mortgage Lenders (CML), repossessions have been on the increase since the latter half of 2004 but the rate is now starting to accelerate. The CML has revealed that 18,900 homes were taken into possession by lenders during ...

August 7, 2008

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Legal aid schemes to deal with increasing repossessions

Permalink: Legal aid schemes to deal with increasing repossessions
by Kay Murchie

The credit crunch has meant that consumers‘ finances are being stretched to their limit with rising mortgage payments and higher food and fuel costs. As a result, repossessions are on the rise and according to figures from the Council of ...

August 5, 2008

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Repossessions higher than official figures show say Shelter

Permalink: Repossessions higher than official figures show say Shelter
by Kay Murchie

According to housing charity, Shelter, repossessions could be 20% higher than official figures from the Council of Mortgage Lenders (CML) show, due to actions taken by ‘second charge‘ lenders. Figures show that tens of thousands of people have taken ...

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Offer from Persimmon and Halifax to help first-time buyers

Permalink: Offer from Persimmon and Halifax to help first-time buyers
by Kay Murchie

Persimmon and Halifax are offering a new scheme called ‘Double your Deposit’ which will help first-time buyers onto the property ladder. Housebuilder Persimmon will provide an amount equal to however much a first-time buyer saves with mortgage lender Halifax ...