Achieved News

  •  
  • First time buyers still struggling to get onto property ladder

    According to a report from the Council of Mortgage Lenders first time buyers are still struggling to get onto the property ladder, with costs for first time buyers on the rise. The Council of Mortgage Lenders states that homeownership for first time buyers is becoming increasingly expensive. In its latest figures the CML claims that the average first time buyers is spending 20.4% of their monthly income on mortgage interests payments. This is at its highest level since 1991.


  • Brokers are pushing thought unaffordable home loans

    According to a recent report released by the UK's financial regulator the Financial Services Authority many brokers are pushing through home loans that are simply unaffordable. This is despite the credit crunch that has swept across the UK and other parts of the world as a result of problems in the United States sub-prime mortgage market. The financial watchdog states that many brokers have been pushing these loans through without proper earnings information.


  • New way for lenders to identify struggling borrowers

    Over recent years banks and lenders have been looking for various ways to try and get rid of bad debtors, particularly with bad debt levels rocketing and lenders losing huge sums of money in lost profits as a result of this. According to a recent report lenders now have another way of finding out whether a borrower is at risk of defaulting on repayments on finance, and this could result in the borrower being forced to repay the debt in full early or face pre-emptive reductions in the amount that they are able to borrow from lenders.


  •  
  • Concerns over the end of cheap fixed rate deals

    Concerns are rife across the UK in relation to the many consumers that are currently on cheap fixed rate mortgage deals that are due to come to an end in the coming months. Many people that took out cheap fixed rate deals two or three years ago are due to see their fixed rate periods end, which means that many will have to switch to the lender's standard variable rate, which could add hundreds of pounds a month onto their mortgage repayments.


  • House prices to slowdown next year

    The Nationwide Building Society has warned that house price growth could grind to a halt next year, stating that there will be a 'significant slowdown' in house price growth over 2008. The current level of annual house price inflation stands at 9.7% but officials from Nationwide state that this could plummet to 0% by this time next year. The building society has said that a number of factors have led to this predicted slowdown, including lower demand for buy to let, lack of affordability, tighter lending criteria, and a slump in the economy.


  • Tenants better off than homeowners

    According to a recent survey the benefits of owning a home rather than renting have plummeted by 75% over the past twelve months, which means that in many of the country's regions tenants that are renting their home are actually better off than those that own their own home. The report suggests that tenants are actually better off than homeowners in over 50% of the regions in the UK. The information comes from the latest Rent V Buy index, which is put together by the Abbey bank.


  • About HIPs

    Earlier on this year the government in the UK introduced HIPs, or Home Information Packs. These HIPs have to be provided by the vendor or agent for any home of three bedrooms or more that goes up for sale in England or Wales. Eventually these HIPs will be rolled out to all properties rather than just larger properties, and it will be a legal obligation for all properties marketed for sale to have a Home Information Pack available.


  • Lenders may be raising mortgage rates

    A recent report has indicated that many lenders may be looking to raise their mortgage interest rates as a result of the turmoil that has been caused by the global credit crunch that has swept across the UK and other parts of the world. The credit crunch was sparked in the sub-prime sector of the United States and made its way across the Atlantic in August of this year. Since this time many areas of the financial sector have been affected, and there have been some high profile victims of the credit crunch, the most prolific of which is probably Northern Rock.


  • Small rise in fixed rates over two years

    According to data from the Bank of England there was a marginal rise in interest rates on two year fixed rate mortgages last month. It is thought that the slight rise could be the result of continued turmoil in the banking and financial markets in the UK, which has resulted from the widespread credit crunch that was sparked in the sub-prime mortgage sector in the United States. October saw the cost of a two year fixed rate mortgage for 95% of the property's value rise to 6.37%. The previous month it was 6.32%.


  • Be careful about home improvements

    According to some industry experts there may be in an increase in the number of people carrying out large scale home improvements over the coming months as a result of lower consumer interest in purchasing property and fewer properties coming onto the market. Many sellers are reluctant to sell because of falling house prices and the controversial Home Information Packs. Others cannot find interested parties due to decreased interest from buyers and difficulties getting a mortgage for buyers in light of the financial turmoil in the money markets.


  •