Archive | October, 2007
House prices being cut Countrywide
Estate agents around the country are sitting with property on their books that they can’t sell. Asking prices are cut by as much as 20% in a bid to shift the property. The impact of rising interest rates, rising mortgage rates, Home Information Packs and a drop in consumer confidence following the credit crisis and Northern [...]
Continue reading...No rate cut hint
24. October 2007
Kate Barker, a member of the Bank of England’s Monetary Policy Committee (MPC), feels that the turmoil in financial markets is unlikely to bring about a property price crash. It may not even stop the upward trend, she said when speaking in Southampton on Tuesday. Ms Barker is one of the members of the MPC who [...]
Continue reading...Fixed rate holders in for a shock
23. October 2007
Some home owners on fixed rate mortgages could find themselves suddenly hit by an increase of 60% in their monthly repayments. This could bring some to the brink of crippling debt and repossession. Two million home owners are expected to come off cheap fixed rate deals in the next 18 months, and they will all [...]
Continue reading...Northern Rock scraps many of its mortgage products
22. October 2007
Northern Rock is scrapping many of its mortgage products as it continues to struggle in the current credit crisis. It is cutting two thirds of its mortgage range as it overhauls its products for the first time since going cap in hand to the Bank of England. Despite the cut-backs experts say that the changes will [...]
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25. October 2007
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