Mortgages
Interest rate cuts do not stop lenders from hiking up borrowing rates
A recent report has shown that the recent base rate cuts applied by the Bank of England have done nothing to stop some lenders from hiking up their borrowing costs and interest rates, which means that many consumers are still having to pay through the nose for their borrowing despite the three base rate cuts since December. In the last few months the Bank of England has cut the base rate from 5.75% to 5% with three 0.25% rate cuts.
Popularity: 2% [?]
A&L takes popular mortgage off the shelves
The Alliance and Leicester has recently announced the withdrawal of one of its most popular mortgage products from the market, stating that it can no longer keep up with demand for the mortgage product. The two year fixed rate mortgage from the Alliance and Leicester has enjoyed huge popularity in the past, but officials from the bank have stated that demand is now outstripping the ability to supply, and with this in mind the lender has decided to take the deal off the market altogether for the foreseeable future.
Popularity: 8% [?]
Difficulties for homeowners trying to sell their homes
According to a recent report homeowners that are trying to sell their properties in many parts of the UK are experiencing real problems, with many having to see their home stagnate on the market for long periods of time before selling, and others deciding to take their homes off the market after being unable to sell.
Popularity: 14% [?]
Household finances hit by a number of rises
Since August 2006 things have gone from bad to worse for many households, with interest rates rising five times between August 2006 and July 2007, each time by 0.25%. This saw the base rate soar to 5.75% from 4.5% in this period, and many homeowners on variable rate mortgages struggled to find the money to meet their rapidly rising repayments, which in turn affected consumer confidence and had a knock on effect on the economy.
Popularity: 31% [?]
Repossession levels reach eight year high
According to recent reports repossession levels last year reached an eight year high, as homeowners struggled to keep up with the rising mortgage repayments that stemmed from five interest rate hikes between August 2006 and July 2007. Although there were no further hikes after July of last year, the base rate remained static at 5.75% and did not fall until December, by which time it was too late for many homeowners who had already lost or were in the process of losing their homes.
Popularity: 32% [?]
Experts give their views on interest rates
In December of last year the Bank of England cut interest rates by 0.25%, which was the first rate cut in two years, and came after a series of five 0.25% hikes between August 2006 and July 2007. Earlier this month the Bank of England cut interest rates by a further 0.25% taking the base rate to 5.25%, which came as a relief to many struggling homeowners on variable rate mortgages.
Popularity: 43% [?]
Bank of England cuts interest rate
The Bank of England has announced that interest rates are to be cut to 5.25% following the latest Monetary Policy Committee meeting. The drop of 0.25% had been widely predicted by analysts and economists, although many have stated that the decision would have been a difficult one. Last month the majority of committee members voted to keep rates on hold amidst fears over rising inflation levels, but this month concerns over the slowing economy appear to have taken the front seat, hence the decision to cut rates by 0.25%.
Popularity: 32% [?]
Bank of England will not follow suit following Fed rate cuts
The US Federal Reserve has slashed interest rates considerably over the past couple of weeks, taking them down the first time by 0.75% amidst fears of a recession, and then reducing them further to 3%. The move resulted in many homeowners in the United States flocking to try and refinance to a lower rate deal whilst rates were at such as low.
Popularity: 53% [?]
Average property prices plummeted in three months
According to a recent report the average UK property value plummeted between October of last year and January of this year, with around £11,000 being shaved off the average property value. The reports show that this has seen some properties fall in value by over £100 per day, and according to some industry officials things are going to continue getting worse for homeowners when it comes to falling property prices.
Popularity: 56% [?]
100% mortgage getting increasingly difficult to find
A recent report has indicated that finding a 100% mortgage deal has become increasingly difficult over recent months, as credit conditions have become tighter and tighter in the UK, and this situation is set to get worse over the course of the year according to some industry officials. The credit crunch that swept across the UK last year has had a number of repercussions, and many lenders have had to tighten their belts when it comes to lending in light of factors such as bad debt levels and difficulties with inter-bank lending.
Popularity: 50% [?]