Credit Crunch
Northern Rock Takes Repossession Extension on Board
Following on from yesterday’s post regarding the RBS extending the allowance of missed payments prior to repossession, Northern Rock has followed suit. Although they are clear that this will not greatly impact their current processes as on average, they work with their customers for a period of 15 months from when they first fall into arrears. [...]
6 Months Grace on Repossessions
The Royal Bank of Scotland has extended the previous 3 month deadline to 6 months of missed mortgage payments before properties are repossessed. The announcement comes days after the Government took control of RBS having bought 58% of it’s shares. Ministers are beginning to apply pressure to other lenders to loosen the 3 month stronghold.
As [...]
Borrowing For a Mortgage? Have a Deposit!
You can save up to £2,200 a year if you have a deposit of up to 40% of the property value. Those who have a lower deposit are paying up to this amount on the same loan!
According to new research released by mform.co.uk, on a 2 year tracker mortgage of £150,000, borrowers with a 40% [...]
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, [...]
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 [...]