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Mortgage
Slowing Mortgage Market 'Could Impact On Loan Borrowers'
Mar 28th
Last month’s slowing in mortgage lending could spell bad news for borrowers, one firm has claimed.
Price comparison service moneysupermarket has asserted that the mortgage industry is shrinking – meaning that lenders are looking elsewhere to cut costs and increase profits, including in lending such as personal loans.
The company was reacting to the latest figures from the Bank of England, released yesterday, which reveal that net lending to individuals last month stood at 11.2 billion pounds. While the figure is higher than August – and exceeds the previous six-month average – the growth rate remains unchanged suggesting a slowdown in the sector. Annual growth maintained at 10.0 per cent, while the three-month annualised growth rate rose only slightly, by 0.1 per cent to 9.6 per cent. More >
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Loading ...How Will My Student Loans Affect My Ability to Get a Mortgage?
Mar 21st
When you apply for a mortgage, lenders don’t just look at how much you owe, your income is also a large factor. A couple’s or individual’s debt, including the new house payment, should not be more than 35% of the gross income. Lenders look at your credit score and the debt that is owed.
Lenders divide debt into two categories; installment loans and revolving loans. Student loans, mortgages and care loans, which require you to pay a fixed amount each month, are considered on the installment side. Your student loans do have an effect, but not negative. More >
(No Ratings Yet) Loading ...Mortgage Loan Approvals Fall By Half
Feb 22nd
With widespread concerns over the stability of the housing market escalating in recent months, new statistics have shown that approval rates for mortgage loans fell by 50 per cent during March 2008.
According to the British Bankers Association, figures for all major high street banks showed a downturn in the availability of mortgage loans, with personal loans also being reported as weakening. Total figures for mortgage lending among all major banks stood at 5.1 billion pounds, down from 5.5 billion pounds in February. This amounts to just 35,417 new mortgages being approved during the course of the month, an 18 per cent decrease from the previous month. Consumer credit approvals also fell by 200 million pounds to stand at 500 million pounds.
The decline in mortgage loan availability was experienced across all forms of applications, with approvals for house purchases standing at its lowest level since 1997. Furthermore, close to 50 per cent of successful applications came from homeowners looking to secure remortgaging deals, although fewer of these types of loans were successful than in previous months.
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