Property Rescue Blog

Mortgage lending dropped significantly in January of this year. While it is normal to show a drop in sales during the month of January each year, this year’s drop stands out as particularly pronounced.

In these tough economic times, a growing number of people are taking part-time jobs as a temporary fix to assist in making ends meet each month.

The Financial Services Authority (FSA) Mortgage Market Review September 2009 included a proposal calling for the ban of self-certified mortgages, asserting that all borrowers should be required to demonstrate their ability to afford repayment of their home loans.

As if the economic crisis did not place enough pressure on hardworking UK residents, a study conducted by the Financial Services Authority (FSA) has found that mortgage lenders have engaged in overly aggressive treatment towards borrowers in arrears.

It will likely come as no surprise that long time unemployment figures, which includes those who have been out of work for at least one year, are now the highest they have been since 1997.

The Financial Services Authority (FSA) has proposed new plans pertaining to mortgages, which may particularly affect some self-employed borrowers.

In September 2009, nearly 200,000 mortgages had fallen into arrears by at least 2.5% of the outstanding balance.

Mortgage advisors have warned of shortfalls in the amount available for lending, due to a lack of funds from mortgage companies.

A survey has revealed that in the past 12 months, more than 10 million people were overdrawn, with 2.1 million of those people never coming out of their overdraft.

Interestingly, Britons believe that their average monthly household outgoings are approximately £892, when in reality they are spending an average of £486 more than that, for total average monthly household outgoings of £1,378.