- Lowest number of Mortgage Approvals since records began.
- In a breaking report from the Bank of England only 64,000 mortgages were approved last month.
- Tue 29th Apr 2008
- Are the Banks getting greedy?
- In a test case in the High Court today, 8 UK Banks may be deemed to have be charging their customers unfairly.
- Thu 24th Apr 2008
- Comparison websites under the hot spotlight.
- The centre for competition policy has produced a report saying independent checks need to be made of comparison websites.
- Sat 12th Apr 2008
Xmas preparations 'hit by mortgage costs'
Mon 3 Dec 2007 4pm
The increasing cost of a home loan is causing many British people to scale down their Christmas budgets, new research has indicated.In a survey of homeowners planning to remortgage their house before the end of the year, Lloyds TSB found that 64 per cent intend to have a cheaper Christmas in order to carry the growing burden of monthly mortgage payments.
Additionally, 71 per cent said that they expect the cost of their mortgage to increase once their current deal expires, in light of the recent credit crunch and the tightening of borrowing conditions by lenders.
"Cutting back on festive spending offers a short-term solution, but it's a good idea for people with mortgages to take a longer-term view of their financial situation, to ensure their mortgage is suited to their specific needs and changing circumstances," said Alison Burns, director of network mortgage sales at Lloyds TSB.
According to a report issued by Abbey last week, one in three homeowners would opt for a fixed-rate deal of at least five years if remortgaging their property at the current time.
