More housing bubble fears as interest only mortgages return

iStock_000018295400_ExtraSmallHousing bubble fears were further increased earlier this week, as two banks have announced the return of interest-only mortgages. The announcements come just a year after the Financial Services Authority (FSA) branded these mortgages a “ticking time bomb,” with many borrowers having no way of repaying the debt at the end of the term. The two banks in question, Clydesdale and Yorkshire, have confirmed they will introduce a new product, which will allow borrowers to repay only interest for the first three years ...

Housing & mortgage round up: Last round up and house price survey of 2012

Housing & mortgage round upOur last housing and mortgage round up of 2012 wouldn’t be complete without a house price survey and we’ve not let you down. In other news, another mortgage lender has stopped offering interest-only mortgages, there are fears that average rents will rise quickly in 2013 and first time buyers appear nervous about what the New Year might hold for them. Small annual rise in house prices The latest figures from the Office for National Statistics (ONS) show that house prices increased by just 0.2% in October. The ONS also revealed ...

Housing & mortgage round up: FSA to clamp down on self-cert and interest-only mortgages

Housing & mortgage round upA big week for housing news and indeed the future of the mortgage market. Firstly this week we look at new FSA proposals to clamp down on the worst excesses of the mortgage industry, then an Interest Only ‘timebomb’ which will affect many older homeowners. Finally, we look at the latest house price figures from the Land Registry, did we see a rise of fall in September? FSA to impose tight new rules on Interest Only and Self Certification ...

Housing & mortgage round up: House prices continue to fall as do interest rates

Housing & mortgage round upThis week we take a look at the latest house prices survey which makes grim reading for most homeowners, although people looking to get on the property ladder may take a different view. We also cover some interesting moves by the big lenders on their fixed rate mortgage products, in the wake of a new government scheme designed to encourage banks to lend at more competitive rates. House prices fall...