At a time when all mortgage lenders have shown us they do not have an appetite to lend money, along comes the Nationwide with a pioneering new niche mortgage product for their existing borrowers. Last month they introduced their ground-breaking negative equity mortgage to their clients. This will allow their borrowers to borrow up...
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Redundancy may be a worry for many people right now but it’s not necessarily the main cause of our financial woes. Rising bills and one-off payment shocks, such as having to replace a car, can be much more damaging, according to research from the Council of Mortgage Lenders (CML). It showed that higher food...
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During the 1993 housing recession it was estimated that one and a half million homeowners had negative equity. The Council of Mortgage Lenders has announced that approximately 900,000 homeowners currently have some degree of negative equity. They believe around 600,000 of these homeowners have seen modest shortfalls of around 10%. When compared with the...
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The number of homes being repossessed by mortgage lenders rose by 54% to 40,000 according to the Council of Mortgage Lenders (CML). The Financial Services Authority (FSA) recently reported that house arrears had surged forward by 31%. As the credit crunch bites ever deeper people who are struggling to pay their mortgages are searching...
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The Council of Mortgage Lenders figures show that mortgage lending has fallen for another month from 32,400 mortgages completed in December, 2008 to 23,400 in January, 2009. The number of competed mortgages is down by 52% on January 2008 when 48,600 mortgages were completed. Money is still tight and the banks still have little...
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The Council of Mortgage Lenders (CML) has released figures this month that show a sharp rise in homes being repossessed. The figures show that 40,000 people lost their homes last year which is up from 26,200 in 2007. These figures also included buy-to-let repossessions from landlords with buy-to-let mortgages and landlords who are renting...
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The Council of Mortgage Lenders says that in 2008 there were 46% fewer first-time buyers than in 2007. Those first-time buyers that did get on the housing market were reported to have put down a 22% deposit on their new home. Estate Agents and Mortgage brokers would like to forget 2008 as it was...
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Latest forecast by the British Chamber of Commerce suggests that unemployment figures could rise to ten percent or around 3.1 million people during this year 2009. According to Credit Action personal debt in Britain today stands at almost £1.456 billion in November and the amount of debt has surged ahead of the country’s gross...
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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...
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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...
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