Author Archive
News in the Wake of the Base Rate Cut
Ever since the Bank of England dropped the base rate 1.5%, there has been a plethora of news in the mortgage and finance industry. Here is a quick list of some of the top stories we’ve recently come across:
B&B chair Pym tells MPs buy-to-let market “now closed” - MoneyMarketing
Shareholders approve Lloyds takeover of HBOS - [...]
Interest Rates Drop 1.5%
Wow, didn’t see this one coming, and neither did other industry leaders…
Ben Thompson, mortgages director at Legal & General said:
If you consider that just six months ago Mervyn King was saying that there would be no rate cuts until 2010, the mindset now is completely different.
The size of the cut, the biggest since 1981, [...]
Pros & Cons of Fixed Rate Remortgages in Credit Crunch
Of those borrowers that bought their homes 3 or more years ago, 47% chose fixed rate mortgages compared to 76% in 2007 - 2008. Clearly there has been a shift towards the more ‘appealing’ fixed rate deal rather than variable rate mortgages. As our economic climate changes, will this continue to remain the case? Here [...]
House Prices to Recover in 2013
BBC.co.uk is reporting that house prices won’t get back to where they peaked in 2007 until 2013. The source of their information, the Centre for Economics and Business Research (CEBR), is also predicting prices will fall another 25% by the end of 2009 and then level off.
If this forecast is correct, this means that we [...]
Mortgage Fraud Double in Last Year!
IFAonline.co.uk is reporting today, that Mortgage Fraud has increased 100% in the last year as a result of increased cases of identity theft and the lax lending criteria of recent years.
Some interesting stats:
The amount of funds paid out to lenders on fraudulent purchases rose from £2m in 2006/2007 to £4m in 2007/2008.
Up to 60,000 UK properties [...]