Remortgages, Mortgages And Property Prices--- The Conflicting Reports.
Never in my twenty five years in the homeowner loan, mortgage and remortgage industry has myself or my colleagues lived through such chaos and turmoil. After many bouyant years in the secured loan industry with a large numvnber of secured loan lenders through which to arrange our customers loans, we are now faced with a choice of very few secured loan lendes. Future mortgages, which was owned by Citi Group, was the first to hit the dust at the very beginning of the credit crunch. This lender had very lax lending policies and accepted self declarations of income not only from self employed applicants, but also from employed applicants, often without any back up proof. For the self employed all that was required was proof that the applicant was genuinely self employed and not simply “working on the side” as it were. Future mortgages and many similar companies hav e seen a demise. Building societies have also gone through many changes, and we have been experiencing the lowest interest rates ever for mortgage and remortgages. The Bank of England base lending rate, at the all time historic low of 0.05%, has largely been responsible for the low rates.However in spite of being advised that the mortgage and remortgage rates are at the lowest rate ever only today the Halifax Building Society has announced an increase in the tracker mortgage to over 3.5% when as recently as last Friday is was at a rate of 2.99%. Their two year fixed rate which stood at 3.99% at the end of next week is now 4.10%. What is the justification for this or could the rates not really be at the lowest rate ever? On the one hand we are advised that house prices have risen every month for the last three consecutive months. and today we hear that last month those selling their properties have reduced the asking price of their property by 2.2% on average. This again appears contradictory. Have prices risen for three months or have they not? At the weekend experts predicted, though not officially, that the recession was really over in the UK, following hot on the heels of Germany and France who are now both showing signs of economic growth. This good news regarding coming out of the recession was followed again by the condradictory news that unemployment is going to continue to rise.Hopefully we shall see a stabilisation of not only houseprices and the mortgage, remortgage, homeowner loan market, etc., but also the stabilisation of all news reports about these subjects.
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- Liz Moir
- Champion Finance
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