The government believes that this will help those on lower incomes to buy their own homes.
At present, mform.co.uk revealed that only six companies give fixed deals lasting 25 years: Nationwide, Scarborough, Norwich and Peterborough, Kent Reliance, Co-operative Bank and Cheshire and Manchester building societies. Northern Rock offers a 15 year fixed term deal. Tags:Mortgages, Fixed Term Mortgages, UK, Interest Rates
Research Reveals Fees On Fixed Rate Deals Are Rising By: Abbi Rouse | - People should be careful not to automatically select the first cheap mortgage deal that comes along as the cost of fixed-rate products rises, a new study reveals.
Research conducted by mform shows that over the past 12 months application charges on some of the cheapest fixed-rate deals have surged. In April 2007, fees on the five best-buy two-year fixed products stood at 999 pounds. However, at present such costs have reached 1,478 pounds. Meanwhile, fees on three-year deals have ... Tags:shop, around, for, mortgage, deals, fixed, rate, charges, increasing, debt, consolidation, loans, can, help, cheap
Remortgages - Get The True Cost By: Francis | - There is a great deal of talk about people looking to re-mortgage at present. This is because there are still many hundreds of thousands of people on lenders standard variable rates which increase in line with interest rates. After five rises in the base rate in the past 12 months, a lot of people are feeling the pinch.There are also thought to be in excess of one million people on fixed-rate deals which will end this year. They could easily see their monthly payments double following the ris ... Tags:mform, remortgages, mortgages, uk, francis, ghiloni
The warning comes as research released by mform reveals that that a number of lenders are advertising mortgage deals but are failing to make consumers aware of the full cost as they do not include all applicable fees. Consequently, companies will be able to highlight a lower rate of interest for the mortgage product, before lending more money to prospective borrowers to help them meet ... Tags:secured, loans, interest, rates, fixed, credit, consolidation, debts, personal, loan
What Type Of Mortgage Do You Want? By: Francis | - If you are looking for a mortgage one of the things you have to decide on is which type of mortgage you want. There are six main types of mortgage each with their own features.
Standard variable rate
All lenders have a Standard Variable Rate (SVR) which is variable and normally fluctuates with any changes in Bank of England base rate. Although it is not directly linked to the Bank of England base rate lenders will generally adjust their SVR in response to any changes in bas ... Tags:Compare, mortgages, mortage, business, finance, loans, money, real, estate, tools, mform
First Time Buyer Mortgages By: Francis | - There has been a lot of talk recently about the difficulty that those seeking to buy a property for the first time are having doing so. This reflects continued growth in house prices which has outstripped growth in incomes.
Lenders have been doing their bit to help there are now (1 October 2007) 160 mortgages available where the lender will lend 100% of the property value compared to 92 in April of this year. However, care should be taken in choosing a 100% mortgage. Some lenders ... Tags:Compare, mortgages, mortage, business, finance, loans, money, real, estate, tools, mform
The Impact Of Turmoil On Your Mortgage By: Francis | - There has been a huge amount of press coverage in the past few weeks about worries over mortgage lending. This has culminated in the news that the Bank of England has now provided short term funding to a second well known lender and made provisions for more who may be about to follow. But should you be worried that this might affect your existing mortgage?
Looking for your first mortgage can seem like a daunting task but it needn't be. There is a wealth of information available about mortgages online which can help you understand the different types of mortgages that are available, the fees and charges that can apply and how the whole mortgage application process works.
Remortgages Guide - Looking For A Cheaper Mortgage? By: Francis | - There is a great deal of talk about people looking to re-mortgage at present. This is because there are still many hundreds of thousands of people on lenders' standard variable rates which increase in line with interest rates. After five rises in the base rate in the past 12 months, a lot of people are feeling the pinch. There are also thought to be in excess of one million people on fixed-rate deals which will end this year. They could easily see their monthly payments double following the ... Tags:mortgage calculator, mortgages, remortgages, mform, real estate, tools, finance, uk
A regularly asked question is is it better to rent your house or to buy it?. Very often this question actually translates into is it cheaper to buy than to rent? The fact is that these are different questions and the answer could therefore be different.
Selecting A Mortgage It's Not All Fixed By: Francis | - If you are a homeowner looking to limit the effects of rising mortgage rates you should make sure you consider discount-rates as well as fixed-rates. Whilst fixed-rate mortgages give people certainty of payment, they may not have the cheapest cost over the life of the mortgage. Particular care should be taken when there is a prospect that interest rates may start to come down- in these circumstances taking out a three or five year fixed rate mortgage may be throwing money away.
Coping With Increased Mortgage Payments By: Francis | - Are you struggling to meet your mortgage payments? Are you wondering what you can do to sort this out? There may be a series of actions that you can take to deal with this.
First thing to do is to tell your lender that you are struggling to meet your payments it is better to get them involved as early as possible as they may be able to help you.
Look also at the type of mortgage that you have if it is a repayment mortgage you may be able to move to interest only payments f ... Tags:mortgage calculator, mortgages, remortgages, mform
Mortgagers With Credit Problems Hit Hard By: Francis | - The recent turmoil in the world stock markets has been driven by concerns over problems in the US sub-prime market, which specialises in lending to people with poor or no credit history.
Defaults on sub-prime loans have increased significantly, causing companies to revalue assets that were created by grouping large numbers of sub-prime loans together and then selling them on to other financial institutions. This impact on financial institutions - whether they be pension funds, he ... Tags:mortgages, mortgage, adverse credit uk, bad credit
Buyers Borrowing 'bigger Secured Loans' By: Tom Dawson | - First-time buyers are taking out increasingly expensive loans in a bid to get on to the property ladder, a new study shows.
According to data released by Abbey, the typical first-time buyer now has a mortgage of some 130,000 pounds - almost twice the amount of the 75,000 pounds average taken out in 2003. Meanwhile, more than half of consumers (53 per cent) surveyed are said to have opted for secured loans worth more than 150,000 pounds - up by 16 per cent compared to four years ag ... Tags:bigger, secured, loans, expensive, property, high, interest, rates, mortgages
Londoners 'intent' On Buying Property By: Tom Dawson | - Residents living in London are the most eager to get on to the property ladder, the release of new figures has indicated.
In research carried out by mform, just over a third (35 per cent) of adults living in the capital are looking to take out a mortgage within the next three years. However, with the city reported to carry some of most expensive property prices in the country, findings by the online mortgage provider indicated that some 11 per cent are aiming on taking out a secur ... Tags:Londoners, intent, buying, property
In research carried out by Scottish Widows, some 56 per cent of those who have finished higher education are yet to buy their first property - an increase of three per cent from the same study carried out last year. Meanwhile, an estimated one in four people who graduated ten years ago are reported to not be on the housing ladder.
Rural Homes 'unaffordable' By: Steve Smith | - Property is becoming increasingly unaffordable for prospective first-time buyers in rural areas, it has been indicated.
According to figures released by the Commission for Rural Communities for the National Housing Federation (NHF), the average price for a home in the country stood at some 240,222 pounds during 2006. Meanwhile, the typical cost of property in an urban area was 196,700. Findings from the East Midlands branch of the NHF revealed that the average cost of a home in th ... Tags:income, multiples, stretched, mortgage, expensive
Young Buyers Ready 'to Take On Huge Debt' By: Abbi Rouse | - Millions of young people looking to get on to the property ladder are aiming to take out a mortgage worth more than four times their annual salary, it has been suggested.
Figures released today by mform indicated that some 2.08 million Britons under the age of 35 will look to take out a secured loan that is at least quadruple their yearly pay. Meanwhile, 828,000 of these consumers aim to have a loan at five times their income with over a quarter of a million (250,000) planning on ... Tags:secured loans, finance, personal finance, loans, borrowing
According to research carried out by moneysupermarket, the product can be an "excellent option" for those borrowers with savings of at least 12,500 pounds "as the overall debt is reduced and consequently the amount of interest applied to the reduced loan". Under the scheme any money held in a savings or current account is offset against that owed on a mortgage. The price compariso ... Tags:mortgage, secured, finance, offset
Fixed Rate Mortgage Deals By: Francis Ghiloni | - Fixed rate mortgages are mortgages where the monthly payments stay the same for the period of the mortgage deal. Many borrowers like this type of mortgage because it gives them certainty over their monthly payments for the period of the deal. Others are attracted by these at times when they are concerned that interest rates might rise over the coming months. Whilst they have the clear benefit of certainty of payment it is possible that borrowers can fail to realise the potential impact on their ... Tags:remortgage, mortgage, loans, fixed, rate, calculator
Uk Remortgage Guide By: Francis Ghiloni | - Looking for a cheaper mortgage? Get the true cost first!
There is a great deal of talk about people looking to re-mortgage at present. This is because there are still many hundreds of thousands of people on lenders' standard
variable rates which increase in line with interest rates. After five rises in the base rate in the past 12 months, a lot of people are feeling the pinch.
There are also thought to be in excess of one million people on fixed-rate dea ... Tags:remortgagage, mortgage, loans
