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News Tag: homeowners

August 9, 2011

More than 800,000 stuck in negative equity

by Kay Mitchell
”More
A report by the Council of Mortgage Lenders (CML) has revealed 827,000 mortgage borrowers are in negative equity (a mortgage worth more than their property). However, the figures which relate to the first quarter of the year, are not as bad as they were in the early 1990s, when around 1.6 million households were trapped in negative equity. CML director general, Paul ...




April 4, 2011

Borrowers pay back more of their mortgages

by Kay Mitchell
Borrowers pay back more of their mortgages
Homeowners appear to be taking advantage of low interest rates after Bank of England figures showed borrowers paid a record £24 billion last year. According to the Bank, homeowners paid back more than £24 billion to lenders last year - the highest since records began in 1970. Meanwhile, £7 billion was paid back in the final quarter of last year - also ...




November 11, 2010

Survey reveals rise in mortgage struggles

by Kay Mitchell
Survey reveals rise in mortgage struggles
According to housing charity, Shelter, there has been an increase in the number of mortgage holders who are struggling to meet their monthly repayments. A survey carried out by YouGov shows that three million people are struggling each month with their mortgage repayments - a staggering increase of 80% compared with a year ago. Worryingly, as inflation remains stubbornly high, together with high ...




August 18, 2010

Number of second homeowners soar to record levels

by Kay Mitchell
Number of second homeowners soar to record levels
Research by estate agent Knight Frank has found the number of second homeowners in England has soared to a record level of almost a quarter of a million. According to the estate agent, a change in holiday plans mean an increasing amount of buyers believe that a second home is “an investment, rather than a luxury”. These second homeowners are said ...




June 29, 2010

Scotland sees cost of home ownership fall by 4%

by Gill Montia
”Scotland
The cost of owning and running a home in Scotland has declined by 4% over the past two years, according to research by Bank of Scotland. Between April 2008 and April 2010, average yearly expenses fell by £388, from £8,949 to £8,562. In real terms (after allowing for retail price inflation), the figure is down by 8% but ...




March 4, 2010

Homeowners to be replaced by tenants

by Gill Montia
”Homeowners
Reporting on its recent "Future Housing" conference the Council of Mortgage Lenders (CML) says it expects the UK to see a smaller proportion of homeowners and a higher proportion of tenants, mostly in the private sector, in the years ahead. Changing consumer preferences and affordability pressures will drive the trend. Examining the plight of first-time buyers, the CML’s head of research, Bob ...




November 13, 2009

Homeowners suffer from seven-year itch

by David Masters
Homeowners suffer from seven-year itch
Homeowners get the itch to move house every seven years, new research has discovered. Co-operative Bank found the main reason people move house is to make room for a growing family. Other popular reasons homeowners cited for moving included wanting to live closer to work, and getting bored of their current home. One in six (14%) said the prospect of taking on new DIY projects ...




October 14, 2009

Equity release sales up 19% in Q3

by Kay Mitchell
Equity release sales up 19% in Q3
The latest Equity Release Market Monitor from Key Retirement Solutions (KRS) has revealed a rise in equity release take-up in the July to September period. Equity release sales were up 19% during the period compared to the April to June period, said KRS. Equity release allows homeowners to release cash from the value of their property - the trend became very popular ...




October 13, 2009

Zoopla survey reveals housing market optimism

by Kay Mitchell
Zoopla survey reveals housing market optimism
A survey by online property website Zoopla.co.uk has found that more than three-quarters (79%) of homeowners believe home values will rise in the next six months, while only 11% are expecting house prices to fall over the same period. In its quarterly survey of housing market sentiment, Zoopla found that overall, the 6,682 homeowners surveyed predicted average house values in their area ...




September 26, 2009

ABI issues lodger warning

by David Masters
ABI issues lodger warning
Homeowners renting a room to a lodger should inform their home insurance provider, the Association of British Insurers (ABI) said this week. According to the ABI, homeowners who don't inform their insurance provider about taking on a lodger risk invalidating their policy. "If you are applying for insurance and you are taking a lodger, or if you have got a lodger, you should disclose that ...




September 18, 2009

Homeowners flock to 1.99% mortgage

by David Masters
Homeowners flock to 1.99% mortgage
Homeowners are flocking to HSBC in droves following the launch of the bank's 1.99% fixed-rate mortgage. Traffic on HSBC's mortgage website has doubled since the mortgage was announced, while calls to HSBC call centres have increased 78%. "Since announcing the 1.99% deal we have seen a huge amount of interest from customers," said Martijn van der Heijden, HSBC head of mortgages. Van der Heijden was ...




August 24, 2009

Rate rise will hit homeowners “like a rock”

by David Masters
Rate rise will hit homeowners
Homeowners on tracker mortgages will be "hit like a rock" when interests rates rise, a financial expert warned this week. David Kuo, director of the Motley Fool financial news website, Fool.co.uk, said "prudent" customers should continue making monthly repayments at the same level as they were before interest rates plummeted. By maintaining repayment levels mortgage holders will be reducing their debts ...




August 21, 2009

Homeowners seek peace of mind in fixed-rate mortgages

by David Masters
Homeowners seek peace of mind in fixed-rate mortgages
Many homeowners are opting for peace of mind over cheaper monthly repayments, an industry expert noted this week. Jacqueline Thornton, financial planner at Re-Financial Planning, said most homeowners are choosing fixed-rate mortgages rather than saving money by moving to a lower-cost standard variable rate (SVR) deal. Mortgage broker John Charcol recently reported 83% of its clients opted for a fixed-rate mortgage ...




August 14, 2009

More homeowners offer room to lodgers

by David Masters
More homeowners offer room to lodgers
The number of homeowners letting out a room to a lodger has almost tripled in the last year, research from Abbey Mortgages has discovered. Nearly one million UK households now include a lodger as homeowners seek to increase their income during the recession. UK homeowners could potentially earn over £6 billion by letting out unused rooms, Abbey said. London is the most popular location ...




August 4, 2009

Mortgage holders have 11% more spare cash

by David Masters
Mortgage holders have 11% more spare cash
Homeowners with a mortgage have seen their spending power rise by more than one tenth in the past year, Halifax revealed this week. Mortgage holders now have more money left over after buying the essentials than they have done for years. Since March 2008, the average household with a mortgage has seen their discretionary income increase 11% from £892 to £989, Halifax ...




April 22, 2009

Darling announces tax rises in Budget

by Kay Mitchell
”Darling
In today’s Budget, Chancellor of the Exchequer Alistair Darling said the country is suffering as the economy is in the midst of its worst year since World War II. In an attempt to drive the UK to recovery, the Chancellor unveiled a series of measures including tax rises and spending cuts. Those earning in excess of £150,000 face a top tax rate of ...




February 27, 2009

Negative equity haunts four million homeowners

by Gill Montia
Negative equity haunts four million homeowners
Research involving 60,000 UK homeowners has led to claims that almost four million households are already in, or close to, negative equity. In terms of UK mortgage holders, the figure equates to one in three, which is double the number seen during the housing market downturn of the 1990s. Research firm, GfK NOP, found that homeowners aged between 25 and 34 who have ...




February 10, 2009

Homeowners stuck with high 25-year fixed-rates

by Gill Montia
Homeowners stuck with high 25-year fixed-rates
It may seem a lifetime ago that politicians were advocating the 25-year fixed-rate mortgage but it was only in July of 2007 that Prime Minister Gordon Brown put forward a plan to provide more long-term fixed-rate loans as a means of controlling soaring house prices. Chancellor of the Exchequer Alistair Darling reinforced the value of such loans two years ago but those ...




January 5, 2009

New help for jobless homeowners

by Gill Montia
New help for jobless homeowners
The Government is improving the help available for homeowners facing mortgage arrears, and ultimately repossession, because they have lost their jobs. Changes to Support for Mortgage Interest (SMI) were outlined last year and due to take effect from April 2009 but the worsening of the credit crisis and rising unemployment have prompted ministers to bring forward the new measures. From today, the means-tested ...




November 17, 2008

Asking prices slashed by £6,500 but homes still not selling

by Kay Mitchell
Asking prices slashed by £6,500 but homes still not selling
According to a report by property search website, Rightmove, homeowners are slashing their asking prices by £6,500 in a bid to sell their home. In the four weeks to November 8, the average asking price of a home in England and Wales was £223,000 - a 2.9% decrease on the previous month and the largest fall since the ...