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News
Lenders Make it Hard to Borrow
Lenders are daily withdrawing products and replacing them with ones that have a higher interest rate or a larger deposit.
Alliance and Leicester have said they have withdrawn their 4.99% 2 year fixed rate products as there has been a high demand and have removed them so that they are able to manage the volume of business that they are getting currently.
Chelsea has revised its product ranges and Halifax says they are behind with opening their post.
Smaller building societies have restricted lending or have reduced the maximum loan to value they will consider.
Estate Agents May Close
It has been estimated that out of 12,000 estate agents at least 4,000 will have closed by next year.
The Director of Movewithus has stated that sales within his network had dropped 30% to 50% since last year.
One estate agency in the East of England closed nine out of ten of its branches putting around 30 people out of work.
The National Association of Estate Agents found the number of house buyers on agent’s books dropped from 276 in January to 243 in February. The number of properties for sale also dropped by nine between January and February.
Also found was the rise in borrowers struggling to pay off debts was up 30% in the last six months.
The Chairman of the Council of Mortgage Lenders said that mortgage lending might be cut by 50% if the Bank of England did not put more money into the market.
Up to 45,000 repossessions are possible this year that is a rise of 50%.
An estimate of three million house owner’s will see an increase in their mortgage payments this year. Especially those who are about to come off fixed rate mortgages.
The average deposit now needed to get onto the property ladder is £7,500.
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