Contractor News Headlines

15th May 2012
Investment property sector sees early 2012 boom

The Council of Mortgage lenders has reported this month that it was not just the residential sector that saw a rise in activity during the turn of the year. An estimated 32,300 loans were agreed for buy to let mortgage borrowing, which has been calculated at an overall total of £3.7bn in funds. The news will spark a positive feeling for contractors looking to invest, as many areas of the UK saw the price of property fall, but conversely saw an increase in rental yields across the country.
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11th May 2012
House prices continue to drop

Good news for contractors looking to buy as property prices in April continued to fall for the forth time in five months. It was only in March where this did not happen and that has been strongly linked to the withdrawal of the recent stamp duty holiday as during that period demand was exceptionally high as first time buyers rushed to meet the dead-line.
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10th May 2012
Mortgage rates increasing for Contractors

Despite this bulletin regularly reporting that the Bank of England base rate hasn’t moved again, thousands of contractors are facing a hike in their mortgage payments this month. Halifax, Co-Operative, Bank of Ireland, Clydesdale / Yorkshire Bank, and Natwest / RBS are the main culprits. Others may follow suit.
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9th May 2012
Property Prices on the downturn

The Royal Institute of Chartered Surveyors has reported that the early burst of activity in the housing market during the first quarter of 2012 may be unrepresentative of the true economic picture, as surveyors around the country report a slump in prices and requests for their services.
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3rd May 2012
Landlords feel the pinch as tenants struggle

Letting agents have reported there has been a rise in the number of tenants struggling to pay their rent, as household finances become more stretched.
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2nd May 2012
Changes to IR35 self-assessment due in May

The news that revisions to the IR35 process to test a businesses tax exposure are due in early May, will no doubt peak many contractors interest.
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27th April 2012
The impact of the stamp duty holiday

In March, the stamp duty holiday ended for First time buyers purchasing properties valued between 125k and 250k.
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24th April 2012
Mayday SVR Hike to Impact Thousand of Borrowers

From the 1st May many UK mortgage borrowers will see an increase to their monthly outgoings, as lenders claim that the cost of funding historic low lending is forcing the uplift to standard variable rates.
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19th April 2012
New figures reveal families claiming enough housing benefit to fund a £1m mortgage

The Department of Work and Pensions has released a report which reveals that at least 100 families in the UK are receiving enough in housing benefit to find a mortgage on a £1m property each. More than 30 of these families receives £1,500 per week in housing benefit, which works out to more than £6,000 per month - enough to fund a £1m mortgage. Another 60 families are receiving £5,000 in benefits each month, renting properties in some of the most desirable and expensive locations in London.
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18th April 2012
New buy to let mortgage range launched

Aldermore Commercial Mortgages and Mortgages for Business have teamed up to launch a new range of buy to let mortgages. Keystone Buy-to-Let Mortgages will be aimed exclusively at those who buy properties on an investment basis and as such their mortgage products will be aimed at professionals and companies with a strong property investment portfolio.
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17th April 2012
20% rise in mortgage lending in February

Recent figures have shown that there was a 20% year-on-year rise in mortgage lending in February, giving a little more hope to the mortgage and property markets, who have been suffering in the early part of this year due to the weak economy and necessary changes to lending rules and restrictions.
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16th April 2012
Lenders are warned to act of mortgage time bomb

The Financial Conduct Authority has told the Treasury that something must be done to prevent the ticking time bomb that is interest only mortgages from going off over the next 20 years. Over 1.2m interest only mortgages are due to mature in the next eight years, and recent research has shown that a high number of people with interest only mortgages do not have the savings in place to pay back their full capital investment once their mortgage matures.
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15th April 2012
Strong buy to let market predicted for 2012

In a recent survey mortgage brokers predicted that there will be plenty of growth in the buy to let market over 2012. Although the mortgage market seems to be faltering somewhat over the past few months, and does not look set to improve any time soon, the one area that is experiencing growth is buy to let, and this is sure to have a positive effect on the mortgage and property markets as a whole.
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14th April 2012
Mortgage approvals hit 15 month low

In a survey conducted by e.surv, it has been found that in the past month, mortgage approvals have fallen 14% to their lowest level in 15 months, sparking fresh fears about the state of the mortgage market.
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13th April 2012
The North suffers most from mortgage arrears

According to recent research, homeowners in the north of England are more likely to be behind on their mortgage payments, and be suffering due to their homes falling into negative equity.
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12th April 2012
Experts predict a rise in repossessions as mortgage rates are hiked

As more and more lenders begin to hike up the rates on their standard variable rate mortgages, experts are predicting a sudden rise in home repossessions as mortgages become less affordable to those already tied into them.
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11th April 2012
MMR proposal spells tough times ahead for comparison websites

As part of the latest Mortgage Market Review, it has been proposed that non-advised sales should be banned from the mortgage market. The MMR, published in December, proposed that the majority of mortgage sales should be advised to ensure that all customers are being sold the correct mortgage products to prevent defaulting on their mortgages, causing trouble for both borrowers and lenders.
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10th April 2012
Consumer Action Group brands interest hikes shocking - as Co-op become the next bank to raise SVR

For those who have been watching the news on interest rate hikes in the hope that their mortgage will stay affordable, Co-op has made the possibility of any banks remaining steady with their current interest rates seem unlikely, by becoming the next in a long line of lenders to push up their interest rates, and thus pushing up the monthly price of their SVR mortgages.
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9th April 2012
Consumers will be shaken up by SVR hikes says Charcol

In a recent statement, John Charcol’s Ray Boulger has stated that the plans for many popular lenders to hike up their Standard Variable Rates is guaranteed to stir up consumers and create a new element of tension to the mortgage market.
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8th April 2012
Ami backs calls to protect mortgage prisoners

Earlier this week, the Financial Services Consumer Panel asked the FSA to put measures in place to protect borrowers who may otherwise become mortgage prisoners due to the shake up that the mortgage market is currently experiencing.
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7th April 2012
State of mortgage market mars relaunch of Right to Buy

Hometrack have warned that the ambitious plans for David Cameron’s Right to Buy scheme looks unlikely to be upheld as the mortgage market continues to suffer, making borrowing more difficult for even the most desirable mortgage customers.
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6th April 2012
Consumer body calls for protection for those trapped in mortgages

The Financial Services Consumer Panel has warned mortgage borrowers of the possibility of becoming trapped in their existing mortgage with the current mortgage market shake up, and has called for lenders to be more sensitive to their existing customers in this situation.
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5th April 2012
Guarantor mortgages released to stabilise a shaky mortgage market

The Co-operative Bank is the latest in a line of lenders who have recently released 100% mortgages in order to start the mortgage market moving again, since it has begun to flounder this year with a huge mortgage shake up putting off potential buyers.
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4th April 2012
Sudden drop in mortgage deals spells disaster for property market

Mortgage deals on offer have taken a sharp downturn in recent months, after a steady climb at the end of last year. Where the mortgage market was starting to look healthy at the beginning of 2012, with a peak of 2,757 deals in February, last month saw just 2,288 mortgage deals set up with new customers, and this number continues to fall.
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3rd April 2012
Co-operative Bank latest to raise interest rates, affecting 54,000 customers

With such a large number of banks and lenders making changes to their mortgage products in recent months, it will come as no surprise to most people that the Co-operative Bank has become the latest to make a big change to their mortgages. As of May, the Co-op will raise the rates on their SVR mortgages by 0.5%, bringing them up to 4.74%, which should work out as a rise in borrowers’ monthly repayments of around £15 on average.
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2nd April 2012
Lenders struggle as buy to let market booms

Now seems to be the perfect time to make a buy to let investment, as property prices remain low and rents soar. The average rent in the uk has risen by 6.1% over the past year, whilst house prices seem to be continuing to fall as they have been for a relatively long time now, meaning those thinking about making the move to buy to let are looking to see a good return on their investment. This is coupled with the fact that tenant demand is at a high and the risks involved with making such an investment seem to have dropped rapidly.
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1st April 2012
Mortgage borrowers warned to expect tough times ahead

The Bank of England’s quarterly credit conditions survey has revealed worrying new trends which hint at a very trying time for those looking to obtain a mortgage in the next year or so, as lenders tighten up on their lending and make conditions the most difficult they have been since 2008.
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31st March 2012
NewBuy scheme suffers a slow start as lenders are reluctant to join

In a public letter to the Telegraph, Home Builders Federation executive chairman Stewart Baseley has expressed concerns over the slow start of the government’s NewBuy scheme, and posited that the problems with the launch may be due to lenders’ reluctance to launch NewBuy products as part of their mortgage range.
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30th March 2012
Mortgage Approvals begin to fall again

After a run of positives in the mortgage and property markets, the market seems to have hit another slump in recent times as the latest market data shows that mortgage approvals dropped dramatically in February.
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29th March 2012
Interest only mortgages look set to become a thing of the past

After withdrawing its interest only mortgage products last week, Natwest and sister brand RBS have started to reintroduce interest only mortgages with some strict lending criteria, lending further weight to the idea that interest only mortgages are soon to become a thing of the past.
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28th March 2012
Affordable mortgages still remain in short supply, warn Bellway

Housebuilder Bellway has warned that despite the launch of the government’s NewBuy scheme, affordable housing is still at a low and doesn’t look likely to increase any time soon.
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27th March 2012
Lenders try to make mortgage products appeal to first time buyers

After the recession, banks were forced to pull back on lending in order to recoup some of the money they lost when all of the lenders crashed at once. This forced the banks and lenders to tighten their rules and restrictions on lending, making customers who would have previously been considered desirable candidates for a mortgage suddenly undesirable and cutting back harshly on the amount of mortgage products available, and the amount of people actually able to buy a property.
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26th March 2012
Natwest suspends interest only mortgages

Natwest is the next of the major high street lenders to make changes to their interest only lending, temporarily suspending their interest only products this week. As of the 23rd March, the bank intends to completely cease lending on an interest only basis, reintroducing selected products again next week.
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25th March 2012
What you need to know about the 2012 Budget

This week saw the budget for 2012 revealed, harkening in some new changes for the financial year that will affect everybody.
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24th March 2012
New website offers immediate decisions on commercial mortgages

With the mortgage market experiencing quite a shake up in recent months, it is natural to assume that getting mortgages is currently a difficult and lengthy process. Many lenders are now requiring lengthy credit checks and proof of income (especially for those looking for mortgages for contractors or interest only mortgages) in order to secure a mortgage for a borrower and this makes applying for a mortgage quite an undertaking at the present time.
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23rd March 2012
Budget 2012 reveals changes for mortgages and housing

As 2012’s budget is revealed this week, many people will be checking it over to see how the proposed changes will affect them financially. For those looking to buy a home in the near future, the changes to the housing and mortgage market will be of particular interest, especially for those in more difficult financial positions such as those with bad credit or those looking for contractor mortgages.
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22nd March 2012
The time may be right to fix your mortgage rate

With recent news being full of the decision by some major lenders to raise their interest rates, affecting those on SVR mortgages, a number of customers have started to get nervous about the future of their mortgage and the possibility of a hike in their own mortgage rate.
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21st March 2012
Estate agents warn borrowers away from HSBC

The Law Society has recently revealed that a good number of estate agents have begun to warn borrowers away from using lender HSBC for their mortgages in order to cut back on delays to the house buying process.
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20th March 2012
Experts warn borrowers that the mortgage tide may be about to turn

In recent months a number of changes have occurred in the mortgage market that have given experts cause to believe that the current rate of low interest, cheaper mortgages is coming to an end, leading them to warn borrowers to act fast and do their research before committing to any new mortgages, and even current mortgage owners should start asking questions to make sure their mortgage isn’t about to change.
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19th March 2012
Buying cheaper than renting in 80% of the country

Despite the recent trend of house prices beginning to steadily rise, figures released by the property website Zoopla have revealed that it is still cheaper to buy a property than rent in the UK, for over 80% of the country.
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18th March 2012
Fear of extra fees causes homeowners to become secret landlords

Recent figures released by the National Landlords Association (NLA) have revealed that the number of homeowners forced to become landlords due to being unable to sell their property is continuing to rise. These figures tie in with a survey performed by the Co-Operative bank which revealed that one fifth of their recent buy to let business came from homeowners forced to rent out their property. In the current climate, it is quite difficult to sell a property and for those who need to relocate for work or other reasons, having a property that they are unable to sell can become like an albatross around their necks instead of a financial asset which offers all the freedom that financial stability can bring. For these people the best option is to switch to a buy to let deal with their mortgage lender and get their tenants to pay off their mortgage while they move to wherever they need to.
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17th March 2012
FSA cannot prevent interest only time bomb

In a recent statement, the FSA have admitted that they are not in a position to diffuse the interest only time bomb about to go off once thousands of interest only mortgages reach maturity and homeowners are unable to repay their loans.
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16th March 2012
Lenders warned to close in on buy to let fraud

In a recent risk outlook study published by the FSA, it was found that buy to let mortgages are to come under the microscope due to what the FSA believes is a significant risk of these types of mortgages being used fraudulently by borrowers in order to avoid the affordability checks required by standard mortgages.
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15th March 2012
Experts dismiss government NewBuy Guarantee scheme launched this week

The government’s NewBuy Guarantee scheme was launched early this week, aiming to increase the numbers of first time buyers getting onto the property ladder, causing industry insiders to dismiss the scheme as a simple gimmick to make the government look good.
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14th March 2012
FSA warns of continuing mortgage repayment problems

Earlier this week the FSA released a statement warning current mortgage owners to be vigilant over the next year as mortgage repayment problems are set to rise as the economy remains sluggish after the recession.
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13th March 2012
Mansion Tax Proposal ruled out by the Treasury

As the housing market continues to see positive improvements as 2012 goes along, March’s budget saw an interesting proposal from the the Liberal Democrats to impose a mansion tax on properties valued in excess of £2 million. The thought behind this proposal would see those with more expendable cash funding proposals meant to save money and hope those in less secure financial positions, essentially charging the rich and giving to the poor.
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12th March 2012
OFT revoke consumer credit licence of loans company

The Office of Fair Trading has revoked the consumer credit licence of personal loans broker Yes Loans Limited due to what they perceive as “deceitful and oppressive business practices”.
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11th March 2012
Mortgage Market Review set to shake up mortgage market

2012 has already seen a massive shake up of mortgage lending rules and restrictions and the Financial Service Authority’s Mortgage Market Review (MMR) looks set to make even more drastic changes to the world of mortgage lending.
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10th March 2012
Thousands of homeowners affected as lenders raise rates

Despite the Bank of England base rate remaining at the low 0.5% rate, lenders have warned of their intentions to hike mortgage rates in the near future. Halifax have revealed plans to raise their current interest rate from 3.5% to 3.99%, effective as of May 1st, and Royal Bank of Scotland have followed suit by raising the rates on their offset mortgages from 3.75% to 4%. Experts believe this is just the beginning and warn that many other major lenders may plan to do that same, affecting thousands of homeowners all over the UK.
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9th March 2012
UK homeowners prefer fixed rates to SVR mortgages

As the news pours in that British lenders are intending to hike up the interest rates on their mortgages, a survey from Legal & General Mortgages reveals that 35% of UK borrowers prefer fixed rate mortgages over SVRs, even if it means they pay a little more each month.
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8th March 2012
Continuation of low base rate encourages homeowners but hurts savers

When the recession hit, the Bank of England made the strong decision to slash interest rates to a new low of 0.5%, in a bid to get the economy back to what it was. This new, lower rate has remained the same for three years now, and the economy has seen much improvement in this time.
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7th March 2012
Mortgage fraud decreases in 2011

According to figures released by fraud prevention service CIFAS, mortgage fraud as a whole decreased by 11% from 2010 to 2011. Application fraud as a whole dropped significantly, although CIFAS did note that the cases where false employment details were provided had risen from 283 in 2010 to 512 last year, a huge rise which seems quite telling considering the current climate.
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6th March 2012
Slowing property market forces property owners to become landlords

Co-operative Bank’s intermediary lending arm Platform have revealed that one fifth of their business has become accidental landlords, frustrated with a difficult property market which is slowing down the sale of their homes.
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5th March 2012
Banks come under fire as mortgage approvals remain low

Following new figures released by the British Bankers Association, experts have criticised banks for restricting their lending to those with large deposits, causing the property market and economy to falter. According to the BBA’s figures, although lending was steady in January of this year, it is still a far cry from the days before the credit crunch.
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4th March 2012
Brokers asked to check on buyer's repayment vehicles

The crackdown on interest only mortgages continues as lender Kensington asks brokers to check up on existing customers’ repayment vehicles. Kensington has written to a number of brokers asking them to provide evidence of customers repayment vehicles, proving that the customers are on track to pay off the full debt at the end of their mortgage term.
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3rd March 2012
Lack of interest in mortgages could spell disaster for the property market

Recent research has shown that British people, in particular younger people, are not showing an interest in mortgages or keeping up to date with mortgage trends and news, according to Your Mortgage.
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2nd March 2012
Mortgage jargon found to confuse home buyers

New research from Nationwide Building Society has shown that a large number of home buyers struggle with property and mortgage terms, making the property buying process more difficult for them. Over 40% of buyers admitted to finding mortgage jargon confusing and first time buyers were found to be the most confused.
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1st March 2012
New figures reveal families claiming enough housing benefit to fund a £1m mortgage

The Department of Work and Pensions has released a report which reveals that at least 100 families in the UK are receiving enough in housing benefit to find a mortgage on a £1m property each. More than 30 of these families receives £1,500 per week in housing benefit, which works out to more than £6,000 per month - enough to fund a £1m mortgage. Another 60 families are receiving £5,000 in benefits each month, renting properties in some of the most desirable and expensive locations in London.
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29th February 2012
Popular high street lenders top mortgage complaint list

According to the Financial Ombudsman Service (FOS), Bank of Scotlanf, Santander and Barclays got the most complaints about their mortgage services than any other lenders in the second half of last year. This is bad news for BOS and Santander who also topped the complaints list in H1 as well, a shocking result considering these are some of the most popular high street lenders when it comes to mortgage lending.
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28th February 2012
61% of second time buyers unable to move up the property ladder

In a recent survey by Lloyds TSB, it was discovered that almost 2/3 of those looking to sell their first home and buy a new property have found themselves stuck and unable to move. Almost a quarter of people believe that it is more difficult to buy a second home than get on the property ladder in the first place, whilst 43% believe it is just as difficult.
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Older Stories

Contractor News Headlines

Investment property sector sees early 2012 boom

House prices continue to drop

Mortgage rates increasing for Contractors

Property Prices on the downturn

Landlords feel the pinch as tenants struggle

Changes to IR35 self-assessment due in May

The impact of the stamp duty holiday

Mayday SVR Hike to Impact Thousand of Borrowers

New figures reveal families claiming enough housing benefit to fund a £1m mortgage

New buy to let mortgage range launched

20% rise in mortgage lending in February

Lenders are warned to act of mortgage time bomb

Strong buy to let market predicted for 2012

Mortgage approvals hit 15 month low

The North suffers most from mortgage arrears

Experts predict a rise in repossessions as mortgage rates are hiked

MMR proposal spells tough times ahead for comparison websites

Consumer Action Group brands interest hikes shocking - as Co-op become the next bank to raise SVR

Consumers will be shaken up by SVR hikes says Charcol

Ami backs calls to protect mortgage prisoners

State of mortgage market mars relaunch of Right to Buy

Consumer body calls for protection for those trapped in mortgages

Guarantor mortgages released to stabilise a shaky mortgage market

Sudden drop in mortgage deals spells disaster for property market

Co-operative Bank latest to raise interest rates, affecting 54,000 customers

Lenders struggle as buy to let market booms

Mortgage borrowers warned to expect tough times ahead

NewBuy scheme suffers a slow start as lenders are reluctant to join

Mortgage Approvals begin to fall again

Interest only mortgages look set to become a thing of the past

Affordable mortgages still remain in short supply, warn Bellway

Lenders try to make mortgage products appeal to first time buyers

Natwest suspends interest only mortgages

What you need to know about the 2012 Budget

New website offers immediate decisions on commercial mortgages

Budget 2012 reveals changes for mortgages and housing

The time may be right to fix your mortgage rate

Estate agents warn borrowers away from HSBC

Experts warn borrowers that the mortgage tide may be about to turn

Buying cheaper than renting in 80% of the country

Fear of extra fees causes homeowners to become secret landlords

FSA cannot prevent interest only time bomb

Lenders warned to close in on buy to let fraud

Experts dismiss government NewBuy Guarantee scheme launched this week

FSA warns of continuing mortgage repayment problems

Mansion Tax Proposal ruled out by the Treasury

OFT revoke consumer credit licence of loans company

Mortgage Market Review set to shake up mortgage market

Thousands of homeowners affected as lenders raise rates

UK homeowners prefer fixed rates to SVR mortgages

Continuation of low base rate encourages homeowners but hurts savers

Mortgage fraud decreases in 2011

Slowing property market forces property owners to become landlords

Banks come under fire as mortgage approvals remain low

Brokers asked to check on buyer's repayment vehicles

Lack of interest in mortgages could spell disaster for the property market

Mortgage jargon found to confuse home buyers

New figures reveal families claiming enough housing benefit to fund a £1m mortgage

Popular high street lenders top mortgage complaint list

61% of second time buyers unable to move up the property ladder

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