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Housing market cooling as loan approvals drop to three-year low

Mortgage approvals fell for the fifth consecutive month in November, tumbling to a three-year low as demand from new homebuyers continued to decline. In the latest symptom of rapidly cooling conditions in the once-booming housing market, Bank of England figures showed that the overall number of new home loans agreed, including those for remortgaging, had plunged by 26 per cent from a year earlier to 238,000.

Mortgages for house purchase, a key indicator of the health of the housing market, fell even more sharply, dropping by 37 per cent from levels a year earlier to only 83,000 – the lowest figure since January .Economists noted that this left the number of loans agreed for house purchase only 6,000 above lows plumbed in November, and dangerously close to levels that in the past have been associated with year-on-year declines in house prices.” This is further evidence of a sharp downturn in activity in the housing market,” Simon Rubinsohn, chief economist at the Royal Institute of Chartered Surveyors, said. “We expect buyer interest to remain flat over the coming months as concerns persist over the outlook both for the economy and, more specifically, house prices.” Gary Styles, economics director at Home track, the housing data group, said: “Approvals are going to continue to move down gently in the coming months as much of the adjustment has occurred, but we can expect this to lead to very weak actual lending figures from banks from February or March.” The downturn in the housing market since September has heightened speculation that the Bank of England’s Monetary Policy Committee will order further cuts in interest rates, perhaps as soon as next week, after last month’s quarter-point reduction.

Pressure on the Bank to deliver a further cut in borrowing costs was ratcheted up this week after its latest survey of credit conditions showed that lenders had “reduced materially” the availability of mortgages in the closing months of last year and planned to tighten lending conditions still further.

 

Posted in loan mortgage, home mortgage, best mortgage rate, best mortgage, home finance, home lender mortgage, home equity loan bankruptcy, home equity loan comparison, loan, home loan, loan calculator, home equity loan rate, home equity loan minnesota, loan rate, home equity loan | Comments(0) January 2008



Home loans charging £140m over the odds

House buyers in the UK are paying £140 million in unnecessary higher lending charges, according to research by Nationwide Building Society.Purchasers who borrow more than 90 per cent of the value of their property are typically hit by a higher lending charge - formerly know as a mortgage indemnity guarantee.

The charge is designed to cover the lender in case the borrower defaults on their loan.But Nationwide says the affect of a higher lending charge is to penalise the very people who are already struggling to raise a deposit and meet legal and other costs involved in moving such as stamp duty.The building society estimates that around 50,000 first time buyers were affected by higher lending charges in 2004, in addition to another 44,000 existing homeowners.Nationwide executive director, Stuart Bernau said: “Borrowers need to beware of higher lending charges and should ask if such a charge would apply to them. Some lenders are penalising the very borrowers who can least afford it.

“More and more first time buyers are struggling to raise the deposit to buy their homes - another cost of around £1,500 is the last thing they need. Prospective borrowers should shop around for their mortgage and always ask the question: ‘Will I be paying a higher lending charge?’. If they come to Nationwide, they can be confident the answer will be no.”

Posted in home mortgage, home mortgage rate, home mortgage online, home finance, loan rate, home equity loan rate, home loan, loan, loan calculator, home equity loan | Comments(0) October 2007



Home loans getting longer

People looking to remortgage their house are increasingly turning their backs on shorter deals and focusing on five-year deals.Two-year discounted variable rate deals have continued to continue to fall, while by contrast, five-year fixed rates are getting more attractive.Your Move’s April Remortgage Index shows there are improved money savings resulting from a switch to the current Best Buy five-year fixed rate.

“Five-year fixed rate deals are getting more and more attractive for people remortgaging relative to shorter term deals,” explained remortgage analyst at Your Move, Jon Round.”Lenders have noticed that business has been slacker in recent weeks and the election certainly had an effect. “Voting for a government always depresses activity in the housing market and 2005 is no different,” he added.

Your Move’s index revealed that first year savings achieved by switching to the Best Buy five-year fixed rate are now £1290.This figure is up 6.6 per cent from a month ago and 5.4 times higher than 12 months ago (£240).

Posted in loan mortgage, home mortgage, mortgage rate, home mortgage rate, home mortgage online, home finance, equity mortgage, home equity loan comparison, equity home loan, loan, home loan, loan calculator, equity loan, loan rate, home equity loan rate, home equity loan | Comments(0) October 2007