The FSA have made positive moves to ban certain types of mortgages in the UK, after consultation with lenders it has discovered some worrying statistics: almost half of UK home-owners with interest only mortgages had no money to off their mortgages and where relying on value rising to close the gap. Half of mortgages approved since 2007 were self certified with no proof of earnings.
Fair enough, they are seeing a problem but 3 years too late surely! Interest only mortgages are increasingly popular and outlawing them may be the final nail in the coffin of the property industry. They are popular for many reasons, with all the cash which the government has been spending on first time buyers as one of their single mother/new parents type causes do they really want to price another chunk of the mortgage market out of the game?
I agree that proving earnings will be a good thing, making lenders a little more accountable for their own failures is important but having an interest only mortgage myself it seems that they may be throwing the baby out with the dishwater. Further restrictions have been long in coming but with the market set to be back on track in 2011 is this the time to lose around a quarter of the mortgage market?
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Posted in General July 26th, 2010 by Kenny | No comments
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Posted in General July 20th, 2010 by Kenny | No comments
The average property price in the UK has stalled in its rise, while never plumbing the depths expected by some who predicted up to 40% to be wiped off the value (the average was just 16%) the recovery has been put on a pause by its own success. Due to the large number of properties being put on the market in the last 6 weeks the expected price has actually fallen, despite this the market IS more stable.
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Posted in General July 12th, 2010 by Kenny | No comments
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Posted in General July 5th, 2010 by Kenny | No comments
