The citizens advice is warning that UK homeowners are “doomed to fail from the start” if they are sub-prime mortgage borrowers – i.e. those with a history of bad debt, repayments or a troubled financial past.
There are a variety of factors that, when combined, are making it more and more difficult for sub-prime borrowers in […]
Citizens Advice warns that many homeowners doomed to fail
Monday, June 30th, 2008Conservatives seek help for homeowners.
Monday, June 30th, 2008The Conservative leader, David Cameron has urged lenders to help out struggling homeowners who can no longer afford to repay their debts.
It is estimated that roughly 1.4 million are going to see their current cheap fixed rate mortgage deal end in the coming few months leading to sharp rises in mortgage repayments. It is expected […]
Mortgage for first-time-buyers launched by Yorkshire
Monday, June 9th, 2008Yorkshire building society has launched a new mortgage which is targeted specifically towards key workers who are struggling to buy their first home.
The exclusive “Open Market HomeBuy” loan offers key workers a regular mortgage for 67.5% of the properties value.
This new offer replaces Yorkshire’s old offer where a regular mortgage could be taken out for […]
Mortgage sharing with friends?
Wednesday, April 9th, 2008Many first time buyers are now so desperate to get onto the property ladder that they are making alliances with mates in order to be able to afford the home loan.
It is not uncommon for young people to join up with siblings or friends and in some cases even strangers in order to increase the […]
New evidence that houses are less affordable
Friday, March 28th, 2008New research released recently shows that the gap between how much people are earning and the cost of buying a new home is becoming increasingly wide, with the average home now costing more than five times that of the average first time buyer’s income.
The study released by the University of York has shown how the […]
Mortgages at their most expensive since 1992
Monday, March 17th, 2008It has been revealed that borrowers are paying out the largest proportion of their earnings on mortgage interest for 16 years and many banks are warning that things are going to get even tougher for borrowers over the year.
A report released by the Council for Mortgage Lenders has shown that affordability issues are now severely […]
Cost of servicing a mortgage at record levels
Thursday, February 7th, 2008A Royal Institute of Chartered Surveyors (Rics) report recently published shows that the cost of servicing a mortgage has almost hit record levels. Couples who are on a low quartile income are finding it increasing difficult to keep up with their home loan repayments, even if they are both in full time employment and both […]
Strong signs of slowdown in housing
Thursday, January 10th, 2008As more and more figures and reports on the housing market are realised this month there is clear signs that the housing market could be at the start of a long run slowdown.
UK prices rose an average of 0.6% in between August and July which was actually above expectations, which were estimated to be roughly […]
First time buyers beware
Thursday, January 10th, 2008We may be finally seeing a slow down in house price inflation but that does not mean that houses are becoming any more affordable, and that is particularly true in the first time buyers market.
House prices have been rising far faster than our incomes have for some time now, with house prices having risen by […]
Sub-Prime Mortgages
Thursday, January 3rd, 2008Many of us have less than perfect credit records, which may make it difficult to find a good mortgage deal. For those with bad credit records or little proof of a regular income, the only option may be a sub-prime or ‘adverse credit’ mortgage.
A sub-prime mortgage is basically the type of loan that is given […]