‘Mortgages’ News
Mortgage Prospects Not as Bleak as Promised
Posted 2008-01-3
Borrowers with good credit records should have very little trouble being approved for a loan, one broker predicts. Andy Pratt, spokesperson for Alexander Hall, remarks that people should not be intimidated by reports that lenders in the mortgage sector are tightening their lending criteria. The effects have mostly been felt by the sub prime sector of the industry. Self-cert mortgage availability has not suffered as a result of the recent credit crunch, he says. Self-cert mortgages are available to self-employed individuals across Britain. Pratt maintains that mainstream lenders have seen very little negative fallout. It is non-conforming lenders who have been hit the hardest by the current economic climate. “All those clients who would have got a self-cert mortgage before have been able to get them even with the credit crunch,” he says. Self-employed people comprise 13% of the working population. ...
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More Lenders Reduce Mortgage Rates
Posted 2007-12-18
Two lenders have announced a reduction in mortgage rates in response to recent cuts by the Bank of England. Standard Life Bank will drop its Freestyle standard variable rate (SVR) to 7.21 percent, a cut of .25 percent, beginning January...
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Tracker Mortgage Compared to Fixed-Rate Mortgage
Posted 2007-12-17
Online mortgage brokerage firm John Charcol believes borrowers will find more value in tracker mortgages than in fixed-rate mortgages. The firm has expressed its confidence in tracker mortgages because they do not “leave borrowers at the mercy of the...