3000 Scottish Homeowners in Trouble

The Scotsman reported today that, according to official figures, more than 3000 people in the Lothians are at risk of defaulting on their mortgages because of the credit crunch, whilst thousands more who are not covered by the statistics could be in the same boat. The news comes at the same time as separate figures [...]

Bradford & Bingley (B&B) Nationalised

Bradford & Bingley, the UK’s latest troubled mortgage lender is being nationalised by the British Government in an effort to stabalise the UK economy. In a statement by Prime Minister, Gordon Brown, UK voters heard how the Government have vowed to  “work night and day to make sure that Britain can come through fairly this [...]

Fixed Rate Mortgage

A fixed rate mortgage is a mortgage where the monthly interest rates are fixed at a pre-specified rate for a pre-specified period of the loan. It is common for fixed rate mortgages to have the rate fixed for 1, 2 or 3 years, after that period the rate payable will switch to refelct current interest [...]

The Financial Services Authority (FSA)

The Financial Services Authority (FSA) The FSA is an independent body whose sole responsibility is to regulate the UK’s financial services industry. The FSA has been given significant rule-making, investigatory and enforcement powers by the Government and has three specific strategic aims: 1 – Promoting efficient, orderly & fair markets 2 – Helping retail consumers [...]

Mortgage – a definition

Mortgage – a definition First up in a new series for our Mortgage Glossary we’ll have a look the definition of a mortgage. A mortgage is a loan usually used to purchase property where the loan is secured against the property. Mortgage repayments are usually made on a monthly basis, with the payment going towards [...]

UK mortgage rates coming down?

UK mortgage rates coming down It’s been a funny week for mortgages in the UK with 3 of the largest mortgage providers tantalising the markets with competitive rate cuts on their fixed mortgage products. Nationwide, Abbey & Halifax have all reviewed and cut mortgage rates across their product offering in line with reductions in the [...]

Online mortgage giant sheds 50 staff

Online mortgage giant sheds 50 staff Mortgage woes! Unless you’ve been on the moon for the last few months you can’t have failed to notice the turmoil in the worldwide mortgage industry. Yesterday one of the UK’s online mortgage giants officially announced they’ll be saying goodbye to up to 54 staff. The losses will be [...]

Council of Mortgage Lenders

The Council of Mortgage Lenders is the trade association for the UK mortgage industry who’s aim is to ‘promote a thriving environment for the UK’s housing and mortgage markets’. The CML’s members include the UKs leading banks, building society’s and mortgage brokers who rely on the Council of Mortgage lenders as a central hub of [...]

US consumers urged to fix mortgage rates

US consumers urged to fix mortgage rates A great article here from CNNMoney suggesting that consumers should look to lock into fixed interest mortgage deals as soon as possible. The article (click here) urges buyers to lock into fixed rate mortgages to counteract the volatile market situation and secure their mortgages over the long term. [...]