‘Mortgages’ News
‘£345bn could be saved in UK’ through offsetting
Posted 2008-02-18
UK mortgage holders could save £345 billion collectively if offsetting was popular in Britain, experts say.Research from Intelligent Finance (IF) shows the average UK borrower could save nearly £70,000 with an offset. Cammy Amaira, director of sales at Intelligent Finance, said: “In Australia, the popularity of offset has a lot to do with mind-set. “Australians value home ownership as much as we do, but they don’t want their mortgage to take over their lives, making offset their ideal choice.” He added offset has come on in the UK over the past decade but IF would like it to boom as ‘latest number crunching proves it’s definitely worth it’. Offset mortgages were introduced in 1997 and were initially thought of as a niche product. IF, launched in 2000, is a division of Bank of Scotland. ...
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Darling says more 25-year fixed rate mortgages key for low paid
Posted 2008-02-16
Low-income households should be given 25-year fixed rate mortgages, chancellor Alistair Darling has said. Mr Darling called for ‘greater availability of affordable long term fixes rate’. The majority of fixed rate mortgages remain popular but only run for up to five years. Mr Darling said: “For many households, particularly those on low incomes, fixing the level of mortgage repayments for several years makes real sense. It can also contribute to wider macroeconomic stability.”Mr Darling has said the launch of mortgages fixed for 25 years would give homeowners more security, in short supply during the current uncertain financial climate. Nationwide is currently the only major UK lender offering a 25-year fixed rate mortgage. The building society, a known supporter of Mr Darling’s views on fixed rate mortgages, revealed its 25-year fixed rate mortgage sold out in just five weeks when launching in March last year. ...
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Central Manchester ‘offering mortgages for £100,000’
Posted 2008-02-14
Northern cities such as Manchester are still offering £100,000 mortgages amid high house prices.Real estate provider Savills says Manchester in particular is a far better bet than London for those looking for a first home. Tom Rogers, residential investment consultant at Savills, said: “There is a lot on offer. The market is going through a little blip at the moment but as far as property prices go, I think they are quite fairly priced in Manchester. “A one-bedroom apartment is still quite affordable and that’s city centre living .You wouldn’t get that in London.” He added the city has grown ‘significantly’ in the last few years and is still growing. Savills also said Manchester is a vibrant city where there is always something going on. According to manchesterfacts.com, £4.9bn in construction projects are planned there over the next decade. ...
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Stricter laws call to halt mortgage fraud
Posted 2008-02-9
UK mortgage lenders are calling for tighter rules to stop mortgage fraud in the sale of new city centre flats.The Council of Mortgage Lenders (CML) says uncertain conditions in the property market could make it tempting for developers to offer deals like cash-back offers, inflating property values. A CML publication said: “In recent years, discounts and incentives have had the effect of making the real value of new homes less than transparent. This is bad news for genuine buyers and lenders. “Buyers may find themselves with a mortgage worth more than the property’s value, while lenders may find themselves exposed to fraud and the risk of loss.” The CML also said developer incentives like free holidays, paying of legal fees and buying white goods were a cause for concern. The CML is the trade association for the industry of mortgage lending. ...
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‘Settle up early’ says mortgage expert
Posted 2008-02-8
Mortgage holders are being told to keep up payments and try to pay off early for a better retirement. Mortgage experts John Charcol say by paying off mortgages at the same rate as before the recent drop in the base rate homeowners may settle up early with providers.Katie Tucker, spokesperson for John Charcol, said: “For many people, the mortgage is what dictates when you can retire. “Paying it off even a few years early it can make a difference to your quality of life not only because of age, but because of the money you free up to spend on other things.” Recent research from the independent mortgage group indicated more first-time buyers are moving in together as couples. ...