Banks (Finance)
Housebuyers seeking fixed-rate mortgages will need to act quickly to avoid increased rates, with some lenders already offering fixed rates above 9%. Despite the rise in rates, mortgage brokers and economists advise housebuyers on tight budgets still to consider fixed-rate loans. Key Takeaways: * Halifax is expected to launch a new
Banks (Finance)
The life insurance industry is entering the Australian home loan market, with National Mutual set to offer home loans "at competitive rates" from 1 January. National Mutual's move is likely to put pressure on banks to keep home loan rates low, as consumers will now have
Personal finance
Renewed optimism in the housing market, coupled with predictions of slow but steady house-price inflation, has led to a resurgence of 100% mortgages. The London-based mortgage broker, John Charcol, has seen an increase in demand for these mortgages, with many lenders now willing to offer 100% loans to meet consumer
Personal finance
A Kent law firm says that many solicitors across the country are missing a chance to help homeowners facing mortgage arrears or negative equity by not informing them of their right to sell their homes. The issue is linked to a 1992 test case, Palk v Mortgage Services Funding plc,
Personal finance
As part of an effort to combat mortgage fraud, a nationwide anti-fraud system will be unveiled next month to detect borrowers who exaggerate their income. The system, led by the Council of Mortgage Lenders, will analyze prospective borrowers' details to identify those who have made applications to different lenders
Personal finance
A 37-year-old single mother of two is fighting to save her home after being issued repossession proceedings by The Mortgage Corporation for arrears of just £237. The company, owned by Salomon Brothers, had been made aware that the Department of Social Security was paying her mortgage in full, but had
Personal finance
As homeowners continue to struggle with mortgage debt, local authorities and lenders are establishing discussion groups to address the root causes of the crisis. The number of households with arrears and repossessions shows no signs of abating, with over 300,000 mortgages in arrears by longer than 12 months by
Personal finance
Millions of homebuyers are facing uncertainty regarding the future value of their endowment life policies, a situation exacerbated by recent warnings from insurance companies. Specifically, Royal Life wrote to 24,000 customers in April this year, informing them that their policies, taken out in 1991 and 1992, might not be
Personal finance
Fidelity Investments, one of Britain's largest unit-trust companies, has launched a groundbreaking personal equity plan (Pep) mortgage scheme that could revolutionize the homebuying process for younger individuals. The innovative program, dubbed the Fidelity Pep Mortgage Plan, combines mortgage funding and life assurance with a Pep to repay the
Personal finance
Temporary workers in professions like nursing, teaching, and engineering face significant barriers when seeking mortgages due to the traditional reluctance of lenders to provide loans to those not in permanent full-time employment. Lenders' concerns about the continuity of employment and income stability have led them to apply more stringent
Personal finance
Barclays Bank has announced changes to the way it calculates early-redemption penalties on fixed-rate mortgages, in an effort to make the process more fair and reflect the actual costs incurred by the bank. The new system takes into account both the length of term the fix has yet to run
Personal finance
The cost of repaying mortgages at various interest rates reveals an intriguing paradox. While repayment mortgages may appear expensive at low interest rates, they become relatively cheaper as interest rates rise. This peculiarity has significant implications for borrowers, particularly if interest rates ever increase again. The table provided showcases the
