August 22nd, 2008
The cost of the home mortgage crisis may be more than expected, as homeowners struggle to keep up on their payments, often going into more debt in the process. The overall amount of home mortgage defaults is on the rise and the problem may get worse as the year goes on. No relief for the home mortgage market is expected for several months, and experts warn that it could actually take years to see any big difference in rates. This is unwelcome news to those that need to get a new home mortgage or for those that are struggling to avoid foreclosure. At this time however, little can be done to change this issue until the housing market rebounds.
Stephen Gifford, Grant Thornton’s chief economist, said: “Despite the global downturn flattening the growth of personal debt and UK GDP over the past few quarters, debt levels continue to grow at a faster rate than the income the UK generates.
“Although there is no cause for panic as personal debt is well covered by the UK housing stock, the figures clearly illustrate the continuing problem of growing personal debt levels in the UK.”
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August 22nd, 2008
As questions remain on the stamp duty, many home buyers are choosing to wait before getting a fixed rate mortgage. There is a lot of uncertainty at this time and few know when the changes will occur. Many are preferring to err on the side of caution and wait for the final declaration before committing […]
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August 15th, 2008
The housing crisis does not appear to sparing many home mortgage companies, particularly those that were up to their balance books in subprime mortgages. Although there have been a few signs on hope in the home mortgage market, it is clear that it may take years to undo all the damage that has been done […]
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August 15th, 2008
Experts are encouraging consumers seeking fixed rate mortgages to carefully consider their options before jumping in. Although a fixed rate mortgage will offer more security, right now with rates as high as they are, they can also be very expensive. In order to get the best deal, consumers are urged to do their homework on […]
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August 8th, 2008
Despite the troubles in the home mortgage market, experts are encouraging young people to think about buying their first home instead of renting. Low property values have made it a good time for those that can get a home mortgage, but rates do remain high, at least for now.
“Now is a good time to buy […]
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August 8th, 2008
Mortgage advisors continue to debate over whether long term fixed rate mortgages are best for consumers. Although there is more security in this type of fixed rate mortgage, there is concern that homebuyers that get one now may be paying too much over the long term.
Louise Cuming, head of mortgages at Moneysupermarket.com, says: “My argument […]
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August 1st, 2008
Experts are concerned that problems with the home mortgage industry could spread to several other sectors, making it very difficult for the economy to experience any real growth. The home mortgage forecast continues to be bad, despite small glimmers of hope in some areas. Housing values are down and rates seem to be holding steady, […]
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August 1st, 2008
Experts are warning that not all fixed rate mortgages are safe for consumers and that it is best to research options fully before jumping in. Although fixed rate mortgages are safer over the long term, today’s rates are quite high. Consumers are seeking security in fixed rate mortgages and many are willing to get stuck […]
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July 18th, 2008
Home mortgage rates continue to climb, although some banks did announce newly lower rates this week. A recent study found that home mortgage rates were at their highest in years and a result, many consumers are simply waiting to take out a home mortgage until the market improves.
The Director of FairInvestment.co.uk, James Caldwell stated, “Mortgage […]
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July 18th, 2008
The CML is pushing for new methods to be used to allow more homeowners the chance to refinance to a fixed rate mortgage. The body announced several plans that they drew up that would assist those seeking a fixed rate mortgage. Also in the news today was the new first time buyer mortgage scheme that […]
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