News Archive From September 2007
- Hopes For a Soft House Price Fall [29.09.07]
Despite some bad signs for the property market, experts are still forecasting a soft landing and not a crash. Housing prices have started to fall, mortgage rates are drifting up despite a stable base rate at the moment, and consumer confidence has been hit by the Northern Rock crisis, but a crash can still be avoided.
- Is a tracker mortgage the right option? [28.09.07]
It seems that there may be some better news ahead for borrowers at last. Lenders fund their mortgages from the money markets, and here rates have been dropped and economists believe that the base rate should only go up another quarter of a point to peak at 6% later this year.
- Northern Rock About To Call On The Money [27.09.07]
It was only a week ago that Northern Rock got the nod from the Bank of England (BoE) that the latter would act as lender of last resort to the bank. Now it looks like Northern Rock will actually have to call on the emergency money in the next few days.
- US Federal Reserve Cuts Interest Rate [27.09.07]
It is unlikely that the interest rate in the United States have ever been watched so closely the world over as it was on Tuesday 18 September.
- What Will Happen To Northern Rock Mortgages? [25.09.07]
Savers have camped overnight and queued round street corners to get their money out of Northern Rock, but how will the chaos in UK banking affect mortgage borrowers?
- Many Borrowers Stuck on Standard Variable Rates [20.09.07]
Many homeowners who are coming to the end of their mortgage terms are stuck on high interest standard variable rates (SVRs). They could end up paying well over the odds unless they take action to get off that expensive rate.
- Property asking prices take a fall [19.09.07]
During the month of August property asking prices in the UK took a significant fall according to recent reports.
- Victoria Mortgages goes into administration [19.09.07]
The effects of the global credit crunch continues to leave a trail of destruction behind in the UK, as a sub-prime mortgage lender has become the latest victim.
- Top End London Prices Affected By City Turmoil [19.09.07]
A warning has come that high end London house prices could be affected by the financial crisis that has hit world markets. City bonuses are likely to be cut after the credit crunch has had an adverse impact on so many financial firms.
- Mortgage Rates On Way Up Again [19.09.07]
As mortgage providers start to raise their rates again, there was a warning from the governor of the Bank of England Mervyn King that the cost of borrowing would probably rise, whichever way the Bank moved its official base rate.
- Loan Industry Not Cleaned Up As Debt Numbers Increase [17.09.07]
A revamped Consumer Credit Act was designed to clean up the loan industry, creating a fairer, cleaner marketplace for borrowers, and stamp out loan sharks. Sadly, consumers are still reporting appalling stories of aggressive phone calls, harassment and poor service by loan companies.
- Buy-to-let Investors Hit By Mortgage Increases [17.09.07]
Global stock market turmoil over the past few weeks is now forecast to hit thousands of buy-to-let investors as mortgage lenders are set to increase rates.
- Mortgages Look Set To Rise [14.09.07]
Experts are predicting that mortgage rates are going to go up again as a direct result of the recent turbulence that has overcome global financial markets.
- Exorbitant Fees For Debt Advice [13.09.07]
Borrowers struggling with mortgage repayments are being hit by new fees. Exorbitant charges are being levied on borrowers asking for advice about handling debt by various top banks.
- BBC investigation into sale and rent companies [13.09.07]
Following a series of interest rate rises in the UK over the past year, which has seen the base rate rocket by 1.25% in the space of a year, many homeowners have been left struggling to meet the repayments on their variable rate mortgages, and the level of repossessions in the UK has rocketed in the first half of the year.
- Worldwide House Prices [11.09.07]
New figures last week showed that US house prices were falling at record rates, and American consumers are losing confidence in their economy. The S&P/ Case-Shiller US National Home Price Index fell 3.2% last quarter compared with the same period in 2006.
- First-time Buyer Affordability Gap Widens [09.09.07]
Latest figures from the Royal Institution of Chartered Surveyors (RICS) indicate that the gap between house prices and earnings is nearing its record after a period of strong house price growth and interest rate rises that have taken the base rate from 4.5% to 5.75% since August 2006.