Troubles ahead for those with interest-only mortgages

The Financial Conduct Authority, which is the regulator of borrowing, has reported that 50% of the 2.6million interest-only borrowers will have difficulty in clearing their loans following a shortfall of about £71,000. Many people believe it is just a matter of time before this “ticking time bomb” explodes.

The changes are becoming urgent and mortgage lenders are reiterating their position to their borrowers to take some

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Equifax advise potential users of the Home to Buy mortgage guarantee scheme

www.equifax.co.uk has all the details you will need if you are looking to take advantage of the ‘Help to Buy’ mortgage guarantee scheme from the Government.

In a week when it is expected that thousands of potential first time buyers will be looking to take advantage of the Help to Buy mortgage guarantee scheme to get their feet on the property ladder, Equifax have highlighted the

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Management applications for personal finances more readily available than ever

There’s an abundance of management applications for personal finances available, from Simple, a bank linked, real-time app to keep track of outgoings and incomings (unfortunately only in the US) to Dollarbird, an ultra-smart calendar app tracking expenses and income.

The new app on the block is Level which is quite similar to Simple. It links to your accounts and gives real-time metrics on spending and income

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Light at the end of the tunnel for buy to let landlords

According to new figures released from the buy to let mortgage rates market specialist, Chl Mortgages, the amount of arrears levels are at the lowest they have been for the past four years.

Their figures shows that by the close of June only 1.5% of all buy to let mortgages were in arrears in the banks; which is almost 44 basis points lower than the average

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Mortgage base rate increase could financially cripple home owners

A new survey conducted by uSwitch.com revealed that although mortgage arrangement fees cost Brits around £3bn total every year most are not aware of the fact that failure to do so may hurt them in the coming months with the rise in the increase rate.

The research group discovered that a great deal of Brits who are attempting to secure fixed mortgages in an attempt to

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Mortgage lenders claim government legislation to blame for housing market crisis

Lenders are claiming government legislation that forces them to lend a certain amount to first time homebuyers will not help revive the lending market as fixed mortgages are not the solution to helping the housing sector recover. As part of a panel debate that took place at this year’s Mortgage Business Expo, head representatives from Precise, Lloyds, Paragon and ING all stated that there a

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Mortgage Fraud increases sharply this year

Over the course of just one year mortgage fraud has jumped by about 77% as many desperate home owners sought out the best mortgage rates by placing fraudulent information on their home loan applications. According to a new report from the credit agency Experian, there was a shocking 77% increase in the amount of people who lied on their mortgage applications during the second quarter of this

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Halifax offers to pay their first time buyers stamp duty

The high street bank Halifax, which is part of the Lloyds Banking Group, partly owned by taxpayers, has announced that it will pay up to a maximum of £2500 to cover the cost of stamp duty on properties purchased through them with a value of between £125,000-£250,000. This follows on from their similar offer last year when the government brought to an end its stamp

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Consumers benefit from low interest rates as lenders battle for business

Right now is the best time to take out a loan if you need one, whether you are taking a look at the best mortgage rates, credit card rates, or personal loan rates out there because plenty of lenders are lining up next to each other in an attempt to make the best deal.

While many economic forecasters were predicting that the UK was finally recovering

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Keystone to increase buy to let mortgage funding

Keystone has decided to increase the loan amount of buy to lets that they release to their customers following feedback that was gathered from brokers. According to the brokers, customer enquires about the best mortgage rates for buy to lets were much higher than requests for information about multi-unit freehold blocks and higher value HMOs.

The increase in available funds will help investors that want to

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