Support needed for home-owners facing financial difficulty
The number of mortgages in arrears and the number of repossessions both fell in the first quarter of 2010, according to the Council of Mortgage Lenders (CML). But this welcome decline gives no cause for complacency as a large number of households, who are just coping; still remain vulnerable to shocks that may arise from the economic uncertainty ahead.
Weighing up your options
When it comes to paying off your mortgage there are two main options: capital repayment and interest-only.
Environmental concern is high on the political agenda
Plans to make UK homes more energy efficient through new “eco-loans” could help to push up property prices but reduce the size of mortgages buyers can borrow, according to property market experts.
Savvy homeowners capitalise on current record low interest rates
As savings rates continue to offer poor returns, many people are turning to mortgage overpayments as a way to save money.
European countries record a rise in house prices
Britain was one of the few European countries to record a rise in house prices in 2009 according to a report, giving further impetus to signs of a sustained recovery in 2010.
Government ratchets up green construction standards to tackle climate change and fuel poverty
Low carbon homes are more airtight than their conventional counterparts, with better insulation, and rely on renewable sources of power generation such as roof-top solar panels or community-scale plants converting food and other waste into energy. In more extreme examples of green homes, door-mounted letter boxes and fireplaces aren’t allowed because of the draughts these allow in.
Sector remains strongly buoyant
While average buy-to-let rents across the UK may have fallen or remained stable over the past year, one sector that remains strongly buoyant is the student buy-to-let sector, according to the latest data from property investment specialist Assetz.
What would happen if you were unable to work?
Buying a home is probably the largest financial commitment you are likely to make. If you’re worried about what would happen if you were unable to work and couldn’t meet your monthly mortgage repayments, due to unemployment or an unexpected accident or illness – you can protect yourself against these events with a payment protection (or ASU) policy.
Predicting the movement of interest rates over the coming years
Few economists can agree when the Bank of England will choose to raise the base rate, which is why homebuyers and homeowners weighing up whether to opt for a fixed-rate or tracker loan face the near-impossible task of predicting the movement of interest rates over the coming years.
Gross lending remains broadly in line with forecast
Gross mortgage lending declined to an estimated £10.2 billion in April, down 12 per cent from £11.6 billion in March and 1 per cent from £10.3 billion in April 2009, according to new data from the Council of Mortgage Lenders (CML). This is the lowest April total since 2000 (£9.3 billion).