Archive | March, 2008
Repossessions Set To Rise in 2008
Despite the recent fall in the Bank of England’s base rate, home repossessions are expected to hit a 12-year high this year. The number of homes expected to be taken away from their owners is forecast to reach 45,000 in 2008. The forecast also came in spite of figures showing that the 21% rise in [...]
Continue reading...Rock Axes 125% Mortgage
5. March 2008
Finally Northern Rock has axed its 125% mortgage following a raft of criticism in the last week. The bank, which is in the process of being nationalised, will no longer offer its Together mortgage as it tried to put itself back on a firmer footing by reducing its mortgage book and its risk exposure. Northern [...]
Continue reading...Stamp Duty Cost £6.5bn In 2007
5. March 2008
In the last ten years homebuyers have had to pay £31.5bn in stamp duty, new figures have revealed. In 2007 alone, the stamp duty figure was £6.5bn. It equates to a 675% increase since Labour came to power, as in 1997-8 a mere £830m was paid in stamp duty. Part of the increase is down [...]
Continue reading...Northern Rock Still Offering 125% Mortgages
5. March 2008
After all that’s happened it is rather surprising that Northern Rock are still offering mortgages for more than the value of the borrower’s home. Despite its being underwritten by the UK taxpayer, the ailing bank is still marketing its Together mortgage deal in which homebuyers can borrow up to 125% of a property’s value. Such [...]
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6. March 2008
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