June 13th, 2008
Although many had held their breath hoping that home mortgage rates would finally drop, they were left disappointed with the latest announcements. In fact, two of the biggest UK banks did the opposite and announced that they were actually raising the interest rates for home mortgages. This left many home owners shaken, and they are now wondering how long they will be able to keep paying on their home mortgages. If the rates for home mortgages continue to go up over the next few months, the problem may get even worse for thousands of homeowners. Helen Adams, Managing Director of first-time buyer website FirstRungNow.com, said, “Today’s announcement leaving no change in interest rates means a period of stability which is good for first time buyers. Low-ish interest rates mean that mortgages are no more expensive than last year. With property prices stabilising too, there is no rush to get onto the property ladder. However, the reluctance of mortgage-lenders to lend first timers as much as they used to, means that many will only achieve their home-ownership goals if working with their parents either for help with the deposit or some sort of co-financing.”
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June 13th, 2008
Although many had hoped that falling home values would help new buyers, they are quickly finding that it is nearly impossible to get a fixed rate mortgage. With all the bad news about variable mortgages, fixed rate mortgages have become newly popular, but they are now quite difficult to get. Those that can get an […]
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June 4th, 2008
Over the past few years, the home mortgage market was definitely focused on sellers as property values continued to rise and loans were widely available. Fast forward to now and the home mortgage market has changed significantly. Gone is the easy availability of loans and property prices have plummeted. The home mortgage market has now […]
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June 4th, 2008
According to financial experts, the swap rates for fixed rate mortgages are going up as well as the regular interest rates. Although consumers are far more interested in fixed rate mortgages right now, few are getting the approvals they need. Those that do are finding that their fixed rate mortgages are coming with premium interest […]
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May 29th, 2008
For home mortgage holders in the UK, there does not appear to be an end in sight with the housing crisis. Many are finding it nearly impossible to keep up with high rate home mortgages and banks are not offering refinance packages as much as the government would like. The issue is affecting millions of […]
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May 29th, 2008
Consumers are trying to find fixed rate mortgages in record numbers as the housing crisis drives home how important this type of loan is. In the past few years, many homeowners elected to have a short term fixed rate mortgage that would later convert to a variable rate after a few years. At the time, […]
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May 24th, 2008
Realtors at a recent expo were approached by finance experts to join forces and combat the recent home mortgage crisis. They are hoping to not only work together, but the goal is helping homeowners and minimizing the damage that the crisis has caused. New homeowners are currently avoiding the market until they see signs of […]
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May 24th, 2008
Many banks across the UK were shocked by the announcement that Abbey, one of the largest lenders in the UK, made regarding the fact that their flexible loan rates were about to be lowered. It was probably a shock to other banks since they have continued to charge premium rates on their flexible loans.This seems […]
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May 15th, 2008
Finance experts addressed a recent expo of realtors on the home mortgage crisis, seeking to find ways to work together to minimize the damage and help homeowners. Realtors have been hit hard by the home mortgage crisis as new home buyers stay away until the market gets more stable. They wanted to reach out to […]
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May 15th, 2008
Foreclosures are at an all time high as more fixed rate mortgages convert over to adjustable rates. It is expected that around 3 million homes in the UK could be at risk for foreclosure this year as this happens. For those seeking a refinance to a new fixed rate mortgage, the options have been very […]
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