The credit crunch, which forced most building societies and banks to withdraw 100% lending, are being called by the Prime Minister Gordon Brown and Chancellor Alistair Darling not to provide these types of loans, once lending conditions normalise. Read the rest of this entry »
Latest data from the Council of Mortgage Lenders (CML) reveals that new buy-to-let lending continued to go down in the fourth quarter.
Compared to third quarter, volume was down by 12% to 37,000 and value declined by 19% to £3.9bn. When annualised, the fall amounts to 56% and 65% by volume and value respectively. Read the rest of this entry »
The increase in repossessions and mortgage arrears reported by the Council of Mortgage Lenders (CML) is making tenants worried as they are paying rent regularly but landlords could be failing to pay their mortgages on time.
CML has observed that repossessions of properties where tenants are staying, generally takes place when homeowners fail to obtain permission from their lenders for letting. Read the rest of this entry »
Aspiring landlords are being advised by the Edinburgh-based Braemore Property Management to keep their properties in order before joining rental market.
As a result of housing market downturn, a new type of landlords is emerging nationwide, since people who are unable to find buyers for their homes are opting to let their properties out. Read the rest of this entry »
Government-owned Northern Rock, aiming to kick-start lending, is going to offer mortgage loans of up to 90% of property value to the struggling first-time buyers.
Northern Rock had faced severe criticism for irresponsible lending when it started offering 100% mortgages. Read the rest of this entry »
In spite of severe downturn and credit crunch, the Residential Landlords’ Association (RLA) has disclosed that number of mortgaged landlords who made profit in 2008, has surprisingly remained at same level of 2007, when property market was at its peak. Read the rest of this entry »
Mortgage lending figures released by the Council of Mortgage Lenders (CML) indicate continuous fall as number of home loans extended in November 2008 sharply declined by 60% when compared with November 2007.
Number of new loans availed by the new borrowers was 33,000, around 17% less than number of loans granted in October 2008. Those needing bad credit loans stand little to no chance of success at this time. Read the rest of this entry »
The largest real estate investment trust, Land Securities, believes that year 2009 will be most challenging for the UK commercial property market. It is gearing up by selling assets to raise cash. Its shares plummeted to lowest price of nine years. Read the rest of this entry »
The UK landlords have revealed portrait of a perfect tenant to Halifax Land Insurance which surveyed 1,000 landlords to identify characteristics of their most desirable tenant.
According to Halifax survey, landlords would like to let their property, without reservations, to a tenant which is a female, aged between 36 and 45, practicing medical profession and living in London. This is the portrait of their desired tenant. Read the rest of this entry »
Satisfied with the nationalised Northern Rock bank’s repayments of £26.9bn loan, which are ahead of schedule, Chancellor of Exchequer, Alistair Darling allowed it to slash mortgage redemptions rates of home loans from 60% to 30% for existing customers who would seek renewal of their loans. Read the rest of this entry »