Property Rescue Blog

The world of mortgages is quickly changing, with the transformation perhaps being most evident in the dramatic increase in new mortgage deals requiring deposits of at least 25%.

In order to address the UK’s £178 billion deficit and to begin to re-establish credibility in public finances, the government must start implementing public spending cuts this year.

According to the Office for National Statistics (ONS), exports saw the steepest drop in more than three years, which has unexpectedly widened the UK goods trade deficit to its largest since August 2008.

It is no secret that the cost of housing has risen significantly over the past 50 years, even taking into account the last few years decreases

As if many people were not already facing enough financial challenges, interest rates on credit cards are on the rise.

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.

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.

As the economic crisis continues, cash flow problems continue to rise, with recent information showing that 32% of people made redundant would not be able to meet their current living expenses within the first month of unemployment.