Mortgage Deals harder to come by!
28 March 2008
"Research commissioned by the Independent on Sunday and carried out by Moneyfacts shows that there were 15,000 mortgage products on offer in summer 2007. However, this figure has fallen to 5,000 over the ensuing months." 1
With the credit crunch making the availability of funds to banks much more ...
28 March 2008
"Research commissioned by the Independent on Sunday and carried out by Moneyfacts shows that there were 15,000 mortgage products on offer in summer 2007. However, this figure has fallen to 5,000 over the ensuing months." 1
With the credit crunch making the availability of funds to banks much more difficult we have seen many lenders withdraw from the market completely or reduce the amounts of products they have on offer. This twinned with the fact that lenders are tightening up their lending, criteria is going to make things much harder for people wishing to obtain credit.
1 Introducer Today
"Research commissioned by the Independent on Sunday and carried out by Moneyfacts shows that there were 15,000 mortgage products on offer in summer 2007. However, this figure has fallen to 5,000 over the ensuing months." 1
With the credit crunch making the availability of funds to banks much more difficult we have seen many lenders withdraw from the market completely or reduce the amounts of products they have on offer. This twinned with the fact that lenders are tightening up their lending, criteria is going to make things much harder for people wishing to obtain credit.
1 Introducer Today
The Mortgage Market
29 February 2008
The Chief Executive of the FSA, Mr Sants, said in a recent meeting about mortgages "I don't think markets are ever going to return to where they were. The idea that at some point they will go back to normal, I think, is a misnomer".
He went on ...
29 February 2008
The Chief Executive of the FSA, Mr Sants, said in a recent meeting about mortgages "I don't think markets are ever going to return to where they were. The idea that at some point they will go back to normal, I think, is a misnomer".
He went on to explain this comment by saying that in recent years banks have sold off trenches of their mortgage debt, to other companies within the financial sector obviously, reducing their risk. This has meant that they had been able to write more business as the risk is much reduced.
With little to no companies wishing to buy this debt now the banks must keep the risk on their own balance sheets and will therefore want to reduce this risk by tightening their lending policies which will make it harder for people to obtain credit.
Interest Rates Sliced
7th February 2008
The Bank of England Base rate has been reduced to 5.25%. Many predicted this would happen although I for one did not see it as clear cut. With Decembers inflation report showing an increase the MPC is stuck between a rock and a hard place which is, do ...
7th February 2008
The Bank of England Base rate has been reduced to 5.25%. Many predicted this would happen although I for one did not see it as clear cut. With Decembers inflation report showing an increase the MPC is stuck between a rock and a hard place which is, do we try to boost the economy or keep inflation under control.
Given the rate cut today it will be interesting to see what the outcome of the future MPC meetings will be. Once again - Watch This Space!!!
The Bank of England Base rate has been reduced to 5.25%. Many predicted this would happen although I for one did not see it as clear cut. With Decembers inflation report showing an increase the MPC is stuck between a rock and a hard place which is, do we try to boost the economy or keep inflation under control.
Given the rate cut today it will be interesting to see what the outcome of the future MPC meetings will be. Once again - Watch This Space!!!
The future of interest rates
7th February 2008
The MPC will meet today to once again decide the fate of the bank of England Interest Rate changes. Many are predicting a rate cut but many have been predicting this since the turn of the year. Lets just watch this space!!!
7th February 2008
The MPC will meet today to once again decide the fate of the bank of England Interest Rate changes. Many are predicting a rate cut but many have been predicting this since the turn of the year. Lets just watch this space!!!
The MPC will meet today to once again decide the fate of the bank of England Interest Rate changes. Many are predicting a rate cut but many have been predicting this since the turn of the year. Lets just watch this space!!!
Rates held once more!
23 January 2008
The Bank of England have voted 8 - 1 in favour to hold interest rates at 5.5%. Many people in the industry expected to see a cut to 5.25% but it seems concerns over the increasing cost of oil and energy bills have forced the MPC ...
23 January 2008
The Bank of England have voted 8 - 1 in favour to hold interest rates at 5.5%. Many people in the industry expected to see a cut to 5.25% but it seems concerns over the increasing cost of oil and energy bills have forced the MPC to hold interest rates under concern that inflation will rise. Therefore watch this space next month to see what happens next!!
Market slow down very evident
16th November 2007
Recent reports published by The Council of Mortgage Lenders has showed that the gross amount of mortgage lending is in decline. Reading into the report further shows that actual lending for remortgage has increased showing that new house purchases are showing a significant downturn. These figures twinned with ...
16th November 2007
Recent reports published by The Council of Mortgage Lenders has showed that the gross amount of mortgage lending is in decline. Reading into the report further shows that actual lending for remortgage has increased showing that new house purchases are showing a significant downturn. These figures twinned with the fact that the Bank of England decided to hold interest rates can only mean that this trend will continue as affordability continues to be limited. 1
1 Source - http://www.cml.org.uk/cml/media/press/1395
Recent reports published by The Council of Mortgage Lenders has showed that the gross amount of mortgage lending is in decline. Reading into the report further shows that actual lending for remortgage has increased showing that new house purchases are showing a significant downturn. These figures twinned with the fact that the Bank of England decided to hold interest rates can only mean that this trend will continue as affordability continues to be limited. 1
1 Source - http://www.cml.org.uk/cml/media/press/1395
Bank Of England Hold Rates
9th November 2007
The Bank of England have decided to hold rates at 5.75% this month despite many predictions that rates would drop. The question is what will happen next, with Christmas looming people will no doubt be borrowing beyond their limits - once again watch this space!
9th November 2007
The Bank of England have decided to hold rates at 5.75% this month despite many predictions that rates would drop. The question is what will happen next, with Christmas looming people will no doubt be borrowing beyond their limits - once again watch this space!
The Bank of England have decided to hold rates at 5.75% this month despite many predictions that rates would drop. The question is what will happen next, with Christmas looming people will no doubt be borrowing beyond their limits - once again watch this space!
Interest Rates
5th October 2007
The Bank of England have kept interest rates on hold at 5.75%. There is now a general feeling that we may see the Bank of England move to lower interest rates in the coming months. This feeling seems to have come from statistical figures showing a slowdown in ...
5th October 2007
The Bank of England have kept interest rates on hold at 5.75%. There is now a general feeling that we may see the Bank of England move to lower interest rates in the coming months. This feeling seems to have come from statistical figures showing a slowdown in the housing market and the obvious outside pressures of the world markets.
There are predictions that a correction in the already well inflated housing market is overdue so would it be a knee jerk reaction from the Bank of England to start slashing rates in order to try and slow this down?? What does the future hold? Watch this space!!
Post Office to Trial Mortgages
Peter McGahan Comments on BBC Working Lunch
1st October 2007
The Post Office has launched a trial in the North of England to offer fixed rate mortgages. If successful, this scheme could be in operation up and down the UK.
Last week on BBC Working Lunch, Peter McGahan, Managing Director of ...
Peter McGahan Comments on BBC Working Lunch
1st October 2007
The Post Office has launched a trial in the North of England to offer fixed rate mortgages. If successful, this scheme could be in operation up and down the UK.
Last week on BBC Working Lunch, Peter McGahan, Managing Director of Worldwide Financial Planning, was asked by Working Lunch Business Reporter, Rachel Horne if the mortgage rates offered by the Post Office are worth bearing in mind.
“Earlier I spoke to Peter McGahan, an Independent Financial Adviser, and he said because all three of the products have a fixed arrangement fee of £399 which comparably to other mortgages is quite inexpensive, they are worth considering” Rachel Horne
The reputation of the Post Office, in light of the Northern Rock ‘blip’ over the last two weeks, should also be considered.
“When we look at the issues we have had just now with Northern Rock which I have to say has been hyped up a little bit but borrowers and savers all have responded” Peter
“We have had more concerns into our office over the last two weeks in relation to Northern Rock than we did after the September the 11th crash from the stock markets – so brand is vital just now, and of course the Post Office is a very good brand” Peter McGahan
“It is important to remember that any products you buy from the Post Office are coming from their financial services partner – the Bank of Ireland, so although you may see the Post Office having a public service brand or you perceive that image, you are afforded no extra protection on any savings or loan that you take out” Rachel Horne
To watch the full story on BBC working lunch, please click here.
For any queries or questions about mortgages and the types of mortgages available to you by the Post Office or other lenders, please contact us on 0845 230 9876 or email rmarrion@wwfp.net
1st October 2007
The Post Office has launched a trial in the North of England to offer fixed rate mortgages. If successful, this scheme could be in operation up and down the UK.
Last week on BBC Working Lunch, Peter McGahan, Managing Director of Worldwide Financial Planning, was asked by Working Lunch Business Reporter, Rachel Horne if the mortgage rates offered by the Post Office are worth bearing in mind.
“Earlier I spoke to Peter McGahan, an Independent Financial Adviser, and he said because all three of the products have a fixed arrangement fee of £399 which comparably to other mortgages is quite inexpensive, they are worth considering” Rachel Horne
The reputation of the Post Office, in light of the Northern Rock ‘blip’ over the last two weeks, should also be considered.
“When we look at the issues we have had just now with Northern Rock which I have to say has been hyped up a little bit but borrowers and savers all have responded” Peter
“We have had more concerns into our office over the last two weeks in relation to Northern Rock than we did after the September the 11th crash from the stock markets – so brand is vital just now, and of course the Post Office is a very good brand” Peter McGahan
“It is important to remember that any products you buy from the Post Office are coming from their financial services partner – the Bank of Ireland, so although you may see the Post Office having a public service brand or you perceive that image, you are afforded no extra protection on any savings or loan that you take out” Rachel Horne
To watch the full story on BBC working lunch, please click here.
For any queries or questions about mortgages and the types of mortgages available to you by the Post Office or other lenders, please contact us on 0845 230 9876 or email rmarrion@wwfp.net
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1 Source - http://www.cml.org.uk/cml/media/press/1395