The research also found 9% of people have had to spend a lot more on their credit cards because of increased housing costs. A fifth of people in their forties have been forced to turn to loans or credit cards to keep their heads above water. And with £30bn worth of mortgage deals coming to an end in July, many more people will be thrown into the vicious situation of facing much higher monthly repayments.

via yourmortgage.co.uk

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via charlotte.com

The nation's biggest mortgage lender engaged in "unfair and deceptive" practices to get homeowners to apply for risky mortgages far beyond their means, according to a civil lawsuit Illinois' attorney general planned to file Wednesday. The lawsuit against Countrywide Financial Corp. — planned for the same day shareholders were scheduled to vote on the company's takeover by Bank of America Corp.

via syracuse.com

From 1 October 2008, all Home Information Packs will have to include an EPC, a document that outlining a property’s energy efficiency. From the same date, all properties in the social and private rented sector in England and Wales will be legally required to present an EPC to new tenants, according to the NALS.

via yourmortgage.co.uk

Figures released today by the Council of Mortgage Lenders (CML) showed gross mortgage lending totalled £25£5bn in May, down 2% from £26.1bn in April. However, there has been a 19% drop since May 2007, when gross lending hit £31.5bn. According to the CML, although the monthly lending levels continue to be well below similar figures from last year, they remain at "good" historic levels. It cited recent data from the Bank of England, which showed this pattern will continue in coming months, with lending activity focused mainly on the remortgage market.

via yourmortgage.co.uk

According to research by GE Money, 29% of borrowers would not know who they should speak to if they experienced financial difficulties and mounting mortgage arrears. Additionally, while over half claimed they would speak to their lender in such instances, one in seven claimed they would prefer to seek help from an independent source.

via yourmortgage.co.uk

Landlords looking to sell their buy-to-let property at the moment, due to uncertainties in the residential property market, could be facing a significant legacy tax bill in addition to Capital Gains Tax (CGT) charges, if they haven’t declared the rental income.

via yourmortgage.co.uk

Mortgage companies, facing criticism that they aren't doing enough to stem the housing crisis, are pledging to let troubled borrowers know whether they're approved for help within 45 days of receiving a homeowner's application. The promise is expected to be announced Tuesday by the Hope Now alliance, a Bush administration-backed industry group, as part of a new set of guidelines for mortgage companies participating in the effort.

via money.cnn.com

The distinguished voice on the radio advertisement pitching reverse mortgages has a familiar ring: Yes, that's James Garner, the venerable television and film actor. Garner, in ads for a lender, touts reverse mortgages as an option for homeowners age 62 or older who are seeking an influx of cash to better manage their ever-mounting expenses - or just live a bit better in retirement.

via dailynews.com

The market was on the move again in April, following an all-time low of 46,000 home loans the month before. Loans for house purchase reached 51,000 in April and grew in value from £7 billion to £7.7 billion. While the rise in home loans was an encouraging 11 per cent higher than the previous month, it was still some 36 per cent off the pace of April 2007.

via findaproperty.com

Every time a potential homebuyer applies for a mortgage, he or she receives a document known as the Good Faith Estimate, which spells out the fees the buyer is expected to pay when the deal closes. The problem is the document is confusing and there is plenty of room for abuse, if not outright fraud. “The unnecessary complexity of mortgages has actually greatly contributed to our housing crisis,” says Brian Montgomery, assistant secretary for the Department of Housing and Urban Development.

via charlotte.com

Chase has opened its first mortgage office in Bellingham. The residential housing lender opened last month at 1616 Cornwall Ave., Suite 119. Christy Austin, hired to manage the office, has more than 20 years of mortgage industry experience. She can be reached at 650-1616. Chase offers a variety of mortgage products through its Bellingham office, from the first-time homebuyer to jumbo mortgages and home equity loans. The office is open from 8 a.m. to 5 p.m. Monday through Friday.

via bellinghamherald.com

The findings, based on 4,507 people aged 55+ who released equity in their home with the equity release specialist in 2007, show that there has been an 20% rise year-on-year in the average amount of mortgage debt owed by those in, or nearing retirement. Further analysis shows a third of all over-55s have outstanding mortgage debt, while 35% of those aged 60-69 and 29% of those 70 years and over still have mortgage repayments to make.

via yourmortgage.co.uk

Although home prices have fallen 9 percent from their peak, the Federal National Mortgage Association and the Federal Home Loan Mortgage Corp., as federally backed companies, are obligated to help expand the availability of mortgages. Freddie Mac and Fannie Mae don't offer loans directly, but set market conditions by doing business with lenders. Loans are still available that cover the home and transaction costs.

via stockhouse.com

The distinguished voice on the radio advertisement pitching reverse mortgages has a familiar ring: Yes, that's James Garner, the venerable television and film actor. Garner, in ads for a lender, touts reverse mortgages as an option for homeowners age 62 or older who are seeking an influx of cash to better manage their ever-mounting expenses - or just live a bit better in retirement.

via miamiherald.com