Archive for January, 2008

28 January 2008 11:30
Some big falls in the level of mortgages being granted.
Decmebrfell year on Year quite substantially

Britain’s high street banks saw lending levels fall last month, according to figures from their representative body, although remortgaging activity remains robust.

Gross lending fell by 22.2 per cent year-on-year in December to £15.1 billion, data from the British Bankers’ Association (BBA) showed, including a 33 per cent decline in loans approved for house purchases from 12 months’ previously to £6.5 billion.

The number of morgages taken out by homebuyers was also down by 37.8 per cent at 42,088 last month, whereas the number granted to remortgagers rose by 11 per cent to 62,771, while the average size of mortgage taken by both groups also increased.

24 January 2008 10:00

Many Britons are unwilling to shop around for a better mortgage deal than the one they have, a new poll has found, resulting in their paying out more than they should.

Nearly half of all homeowners admitted to not regularly reviewing their mortgage, according to Abbey’s study, while over one in four divulged that they were not on the best rate available - a situation that typically costs them each an extra £5 a day.

By contrast, it is estimated that if these borrowers did remortgage to a flexible product with a more attractive rate, they could overpay by that same £5 a day and in doing so save an average of £38,432 on their mortgage, while reducing its duration by six years.

25 January 2008 12:24
If you were thinking of moving but can’t afford it, heres some alternative suggestions . Instead think about renovation and bringing your house up top carbon emission standards.

Article from mortgagesorter.co.uk

An exhibition centre for renovation solutions has advised that, with new housing targets unlikely to be met, homeowners should improve their current homes rather than moving.

The government detailed proposals back in November for combating the affordability faced by many homebuyers by building new, eco-friendly homes, while relaxing planning controls to make it easier to purchase land for property construction.

According to Pete Doherty, MD of the National Self Build & Renovation Centre, this was a highly encouraging intervention on the government’s part, offering the construction industry defined annual targets and new goals on carbon neutrality.

Yet he warned that with property construction already behind target, the likelihood of enough affordable houses being built in the next few years is decreasing and that people may be better off taking action themselves and renovating or building their own home.