Back in September the Government announced new measures to help out those people in danger of repossession. The cost of the scheme was estimated at £285million, and guess how many families it has helped so far?
A recent visitor to Money Watch found the site through the following search term on Google:
“can you stop paying your mortgage if house is for sale”. There’s a simple answer to this question: NO!
It looks as if the FSA is hoping to shut the stable door after the horse has bolted with plans to cap the amount that mortgage lenders can offer to borrowers.
The new rules are to be announced this week, with 100% mortgages expected to be banned, along with guidelines on the maximum borrowers are allowed to be lent based on a multiple of their salaries.
Recent reports suggest that since interest rates have plummeted over the last few months, more and more people are wisely choosing to make overpayments on their mortgages.
A lot of media analysis of today’s interest rate cut to 1.5% has been negative, focusing on the fact that it won’t mean the banks will lend more to businesses and consumers or get more foreign investment in. But what positives can be take from today’s announcement?
It seems things have gone a little quiet since Gordon Brown rather hastily announced help for people losing their jobs to pay their mortgage, but we take a look at some more details on the scheme which were released last week.
Gordon Brown has announced a new initiative to help homeowners losing their jobs pay their mortgages.
When you’re approaching the end of your mortgage deal (for example, a discounted or fixed rate of interest), the general advice is to find a new deal as soon as possible.
But given current interest rates, this might not be the best decision, as your lender’s Standard Variable Rate might actually be a viable option for the short term.
Whenever there is a cut in interest rates, we often start talking about how homeowners will benefit with reduced mortgage repayments. Of course, things aren’t as cut and dried as that – there are winners and losers.
It’s a sad fact that over 19,000 homes were repossessed in the first half of this year, and with the way things are going, that figure should be easily surpassed during this second half.
So if you’re struggling to pay your mortgage, what should you do? Here are 7 tips (plus a bonus tip) that will help you out.