May 2009

Many not seeking advice
7 July 2009

The Financial Services Consumer Panel (FSCP) has stated that research into the actions of consumers facing difficulty with their mortgage has indicated that nearly half do not seek advice in dealing with their problems. This is in spite of 7 out of 8 of those in difficulty considering their problems to be serious.

It appears that one of the main reasons for not obtaining advice is a perception that advice is either unnecessary or inappropriate for their needs.

We at Worldwide can not emphasize enough the importance of contacting your lender if you are facing difficulties and then obtaining independent advice. Burying your head in the sand is not a viable option, and the earlier you obtain advice the better.

Adam Phillips, chairman of the FSCP, reminds us that

“Mortgage lenders have a duty under the principle of Treating Customers Fairly both to help their customers in arrears, and also to tell them about independent sources of advice.”

which will hopefully reinforce the reasons for contacting your lender sooner rather than later.

Source: www.fs-cp.org.uk

Fixed rates drifting upwards
20 May 2009

According to Moneyfacts, fixed rates seem to be creeping upwards. The average fixed rate, regardless of loan to value or fixed period, have all began to gradually creep up, with 10yr fixed rates at up to 85% LTV rising the most at 0.2% over the last month.

Even at lower LTVs, such as 60% LTV where the best deals can be found, rates have increased, with 2 year fixed deals up 0.07% on average over the last month.

With many people currently sitting on low variable rates and wanting to hold off from taking a fixed deal for as long as possible, this could be seen as evidence that the time to fix could soon be approaching.

Source: www.moneyfactsgroup.co.uk

Property sales highest in 18 months
20 May 2009

Latest figured from the National Association of Estate Agents (NAEA) show that estate agents sold on average 10 properties in April, up from 8 in March and the highest level in 18 months.

Chief Executive of NAEA Peter Bolton King comments “What we are beginning to see now are consistent positive indicators that have held firm or improved since the beginning of the year…. These figures show that (market) confidence is returning”

Other interesting facts from the NAEA Housing Market Survey include that the average selling price across all house types in April was 6.2% lower than the asking price and the average number of properties available for sale increased from 67 in March to 76 in April.

Source:
www.naea.co.uk
www.introduceruk.co.uk

Mortgage servicing costs lowest in 5 years
14 May 2009

According to the Council of Mortgage Lenders (CML) the costs of servicing mortgage debt is at it’s lowest in 5 years.

Current figures show first time buyers are borrowing on average three times there income and 75% of the value of their homes, with average monthly interest payments equating to 15.1% of their income.

For home movers, the average mortgage loan is £115,000 and interest payments equated to an average of 11.4% of income.

Source: www.cml.org.uk

Homebuyer enquiries continue to grow
12 May 2009

New buyer enquiries have increased for the 6th consecutive month and in April were at their highest levels for almost a decade according to RICS’ housing market survey.

Sales also increased in April, with estate agents having sold an average of 10.6 properties over the last 3 months.

Source: www.rics.org

‘Your home may be repossessed if you do not keep up repayments on your mortgage’