Loans News

  •  
  • Increase in level of rejected mortgage applications

    According to recent figures the level of mortgage applications that are being rejected in the UK have shot up over recent months. New figures show that the level of rejected mortgage applications has soared by around 60% over the past six months, reflecting the effects of the interest rate rises coupled with volatile financial markets. In the first half year to October around 738,000 applications for home loans were rejected according to the figures.


  • Insolvency numbers fall again

    According to a recent report the number of people that are being declared insolvent has fallen. Figures fell in insolvency numbers across England and Wales. The reduction in figures during the third quarter reflects a drop of 3% on the previous quarter's figures, and a drop of 5% in figures during the same period last year. The drop now takes insolvency figures down to 26,072, which is welcoming news amidst the turmoil that has recently hit the finance markets coupled with high bad debt levels.


  • Bad credit consumers losing thousands of pounds in deposits

    The global credit crunch and the turmoil that has affected the UK's financial markets have started to really take effect over recent months. A number of lenders have suffered as a result of the chaos and consumers have found it increasingly difficult to get finance as a result of lenders tightening their criteria and exercising increased stringency in their lending practices.


  •  
  • House price crash won't affect spending

    A recent report has shown that most homeowners would not change their spending habits in the event that house prices fall. The survey, carried out by the BBC, suggested that the majority of homeowners in the UK would continue with their existing spending habits even if there was a major fall in house prices. Over one thousand people were polled as part of the survey, and nearly 90% said that even if house prices fell by 10% or more they would not change their spending in items such as groceries.


  • Surprising house price growth figures from Nationwide

    Amidst speculation of falling house prices over the coming months the Nationwide Building Society has released figures that show house prices rose at their fastest pace in four months during the month of October. September saw a fall of 0.6% in house prices, which was an unexpected fall according to many experts. However, many have been surprised by the figures released by Nationwide with regards to house price growth in October.


  • Opt for an FSA regulated lender

    When you are looking to take out a loan there are a number of things that you need to consider. Not only do you need to think about what type of loan to go for and how much you need to borrow but you also need to think about which lender to choose for your loan. It is important that you get the right lender for your loan, as otherwise you could end up paying way over the odds and could find yourself having problems with the lender as time goes on. You should therefore check a number of things when looking at different lender to make sure that you get a lender that is reputable and fair.


  • Shared ownership could suit first time buyers

    Over recent years first time buyers have been experiencing huge difficulties when it comes to getting onto the property ladder, with a number of factors making things increasingly difficult. The rising cost of properties in the UK already posed a problem for first time buyers, with many being unable to get a mortgage for the amount needed as well as experiencing difficulties in raising a deposit for such a high amount of money. As a result of this many banks had to increase their income multiples to provide increased access to mortgages for first time buyers on lower incomes and with no equity from a previous property.


  • Consolidating your debts effectively

    Many households in the UK have high levels of debt these days, and for many debt repayment can be a real struggle that involves juggling an array of repayments and stretching the budget in order to try and accommodate all of the repayments that have to be made each month. Although some people do manage to keep on top of their debts, for many others this contact juggling can quickly lead to missed and late repayments, which in turn can lead to damaged credit and a low credit rating.


  • UK consumers not keen on longer term fixed rate deals

    According to recent figures the majority of consumers in the UK tend to shy away from lender term fixed rate mortgage deals, despite the Chancellors determination to make such deals more commonplace and accessible to consumers in a bid to increase affordability and financial stability for homeowners. Alistair Darling has been pushing for more lender term fixed rate deals over recent weeks, and although there are now far more of these deals available consumers don't seem to want to be tied in to a particular rate for such long periods.


  • Sharp drop in mortgage lending for September

    According to the latest figures released by the Council of Mortgage Lenders September saw a sharp drop in mortgage lending, which many experts state is yet another sign that the housing market is cooling down. This comes shortly after reports that the number of mortgage applications being rejected by lenders has soared over the past six months, with many lenders introducing more stringent borrowing criteria in a bid to cut back on the risks of bad debts in light of the current credit crunch that has taken effect in the UK and worldwide.


  •