Archive | Credit Crunch

Homeowners are faced with a dysfunctional mortgage market

The Council of Mortgage Lenders (CML) warned that the rationing of mortgages will deteriorate in 2009.  The CML felt that homeowners with mortgages were being forced to cope with a dysfunctional mortgage market.  Last year the net mortgage lending was £108billion and this year it is expected to be around £40billion, which is a 60% […]

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UK Mortgage Market expected to be stagnant for three years

The Treasury Department has commissioned Sir James Crosby, the former chief executive of HBOS, owner of the Halifax and the Bank of Scotland to carry out a report on the mortgage market. His report suggests that he feels the mortgage market will be paralysed until 2010 as there will be a shortage of mortgage finance […]

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Anger over Home Repossession | Debt Relief

Home repossessions in the UK are at a 12 year high. Reports from Wales suggest that the number of repossession orders going through the courts there are up by 39% this year. Further news has emerged that the recently privatised Northern Rock Bank is repossessing 50% more homes than the mortgage industry average. Ouch!  We […]

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Greedy City Bankers!

It’s astounding, time is fleeting and still they are bleating about the mis-management of the banks. Yesterday the Prime Minister Gordon Brown and his Chancellor Alistair Darling agreed to the £37billion requested by the Royal Bank of Scotland (RBS), Lloyds TSB and the Halifax. We are told repeatedly that they have not nationalised these banks, but […]

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Interest Rate Cuts by Desperate Men Seeking Desperate Solutions!

Are The Interest Rate Cuts Welcome? Yesterday’s unprecedented announcement from the Prime Minister Gordon Brown that The Bank of England had cut the UK interest rate by 0.5% has been welcomed by everyone. The mortgage interest rate has fallen from 5% to 4.5% which is great news for everyone. Further news that the US and […]

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The Global Banking System is in Intensive Care on Life support!

Record losses were being mirrored around the world as governments scramble to avoid any further disaster. Stock markets are now being driven by fear and not by reason. Record loses are being moved around the world. If you thought we might be hitting the bottom then think again there are new warnings being given hourly […]

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Can the Buy-to-Let landlord survive the Credit Crunch?

This is not a stupid question to ask. I was with a client last week and I was arranging a five year fixed rate buy-to-let mortgage on a 75% loan-to-value mortgage with the Bank of Scotland. While my client and I were signing all the paperwork for their new buy-to-let mortgage, the Bank of Scotland had […]

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Age of Responsibility

We are getting a raw deal. It seems that the banks have succeeded in socialising their bad debt and poor management ability on the backs of ordinary working people and in the process they have now thrown us head long into spiralling unemployment, rising food and utility costs, along with a future of uncertainty, not […]

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uk credit cards

Who Is Responsible for the Credit Card Debts?

Your Credit Card Explained When you applied for your first credit card you were probably offered a card with a £500 credit limit. Over time you found that your card provider increased your credit card limit many times. Often they increased your card without asking if you wanted an increase. After many years of using […]

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Swap Shopping is the New Shopping Experience!

Welcome to the new swap shopping phenomenon! “The credit crunch is likely to last well into 2010” Andy Hornby the HBOS chief executive of the UK’s largest mortgage provider has warned. For many of us the Credit Crunch has already started to wreak havoc on our shopping experience as we have no extra money left […]

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