The UK has 320,000 families trapped in their own homes, unable to climb any further up the property ladder. Figures supplied by the Council of Mortgage Lenders (CML) show that an average 1.6 million homes were sold each year before the financial crisis of 2008. Though sales recovered to 1.2 million last year the ‘missing …
UK Asset Resolution (UKAR) is preparing to sell yet another £5 billion block of crisis era mortgages. The bank was the body formed by the government to buy up the loan books of Northern Rock and Bradford & Bingley after the two firms hit the financial buffers at the height of the 2008 financial crisis.
Britain’s financial regulator is considering intervention into pensions freedoms because of fears consumers might make bad decisions or face high fees. Financial Conduct Authority (FCA) research has shown many over-55s are now cashing in their pension pots early or moving their savings to drawdown plans without proper advice.
The government are planning a speedy crackdown on unfair leasehold charges for buyers of new-build homes which have been dubbed ‘the PPI of the building industry.’ There are plans to ban leaseholds on new houses and drastically reduce levels of ground rent.
Sub-prime mortgages, blamed by many as one of the main contributing factors to the 2008 financial crisis, are back in the UK. The sector was closed down after it was stigmatised for its contribution to the global crash, but now it is re-appearing with more and more lenders joining the market.
As more and more people sign up for mortgages which will run into their retirement, the Bank Of England has warned consumers yet again about over-extending their borrowing. The Bank wants to be certain borrowers can cope with the inevitable rise in interest rates in coming years.
Is the era of cheap mortgages coming to an end? A fierce price war between lenders and the record low base rate have combined to create the cheapest home loans on record.
There has been a sharp rise in the number of homeowners forced to sell their homes to pay off interest only mortgages. New research from Key Partnerships has revealed that 43% or estate agents have seen a rise in ‘forced’ sales over the last two years.
Increasing use of banking mobile phone apps will almost half the number of times consumers visit their branch every year. Research by industry analysts CACI has revealed a typical consumer is likely to visit their branch four times a year by 2022 rather than the seven visits at present.
The Council of Mortgage Lenders (CML) is planning action on the ground rent scandal which MPs have called ‘the PPI of the building industry.’ The issue involves ground rent clauses on the sale of new houses which would double the rent every 10 years. As well as putting increasing financial pressure on the buyers, they …