No rate cut hint
October 24, 2007 | Leave a Comment
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.
Fixed rate holders in for a shock
October 23, 2007 | Leave a Comment
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 be facing higher payments even if they can secure another fixed rate deal.
Northern Rock scraps many of its mortgage products
October 22, 2007 | Leave a Comment
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.
Loan rates on the rise
October 19, 2007 | Leave a Comment
It is not just mortgages that are seeing interest rates rise. Banks are also raising rates on personal loans by as much as 4% as the impact of the credit crunch continues to widen.
Nationwide puts up its tracker rate
October 18, 2007 | Leave a Comment
The Nationwide has followed other big mortgage lenders in increasing interest rates on new tracker mortgages by up to 0.2%. The country’s biggest building society is doing just the same as the Halifax, Abbey and Bank of Scotland have done recently. The impact of the global ‘credit crunch’ is slowly pushing up the cost of borrowing for all financial institutions.