Browsing "Home and Living"

House prices continue to fall

May 16, 2011   //   by sam   //   Home and Living  //  Comments Off on House prices continue to fall

Note HouseAccording to the latest Land Registry figures – which covers all completed sales in England and Wales, house prices are continuing to fall.

The survey showed the average house price fell by 1.1% in March to £160,996 – 2.3% lower than figures taken from last year.

However, data from Nationwide painted a different picture, suggesting prices had remained “fairly static” since the end of 2010.

Meanwhile, the Bank of England’s mortgage approval figures indicate that property sales could increase. House prices have fallen every month since August 2010 apart from in January, after a slight increase was recorded.

Many home owners looking to sell have seen an influx of cash buyers – an attractive breed of buyers that offer an attractive option for sellers.

This new trend appears to be lead by the older generation who are looking to downsize and pocket the difference from previous purchases during the boom times.

One home buyer – Terry White, explained that this payment method ‘reduces hassle’ and offers ‘a good place for investment’.

“Once my children grew up and moved out, I was left with a 4 bedroom house with a large summerhouse  in a sought after part of London,”

“I decided that it was time to move on – if I sell my house, I could invest in other properties.”, said Mr White.

“By offering cash I was able to simplify things, as I was not relying on funding to purchase a new property, making me more attractive to sellers.” Read More »

Energy Consumers given 30-days notice

May 3, 2011   //   by sam   //   Home and Living  //  Comments Off on Energy Consumers given 30-days notice

Gas FlamesNew rules mean that energy companies must now inform consumers of any price rises at least 30 days before the increase, rather than leaving it up to two months after the changes.

The changes were put in by regulator Ofgem on Thursday, stripping energy suppliers of previous rules that allowed them to withhold information about price rises until up to 65 working days after they came into force.

The new rule also means that suppliers must inform customers of any changes to a contract that might leave them significantly worse off.

The 65 day notification period was originally designed to make people aware of changes, rather than relying on them to notice an increase in their bills.

After customers were notified of the changes they were given 20 days to switch supplier in order to avoid paying the higher price. Under the new rules, customer can switch before the increase comes into effect.

Ofgem’s senior partner for markets, Andrew Wright said: “Ofgem is determined to ensure that supply companies play it straight with consumers. Giving customers advance warning of price rises is one way of ensuring a fairer deal for them”.

Campaigners have responded to the news, calling it “long overdue”.

Lloyds TSB customers offered mortgage rate reduction

Apr 22, 2010   //   by sam   //   Home and Living  //  Comments Off on Lloyds TSB customers offered mortgage rate reduction

Lloyds TSBLloyds TSB banking customers have been told they can qualify for a discount on their mortgages.

Anyone with a Lloyds TSB mortgage that is willing to open a current account will now be offered a reduction on their mortgage rates, it has been revealed.

This new offer is available to anyone that banks with Lloyds and holds a Lloyds TSB mortgage, on the condition that they deposit £1,000 or more into their account each month.

The reduction of 0.2% is offered to eligible customers, meaning a 3.99% fixed-rate mortgage will be reduced to 3.79%.

Stephen Noakes, Head of Mortgages at the firm, said: “Rewarding our current account customers by helping to reduce the costs of their mortgage payments is just one of the ways Lloyds TSB will continue to deliver the best value mortgages.”

He recognised that consumers seek flexibility from their financial products, which Lloyds TSB is striving to provide.

The company released its business barometer this month, which indicated that firms remain cautious, but UK confidence is on the up on the whole.

What affects the size of your mortgage?

Mar 18, 2010   //   by sam   //   Home and Living  //  Comments Off on What affects the size of your mortgage?

When you ask yourself the question “how much can I borrow for my mortgage?“, the answer is dependent on your individual financial circumstances and not the amount which the lender is ready to offer you.

You must remember that it’s not wise to go for the biggest loan that is offered to you but you must rather attempt to become qualified for a loan that is favorable for your budget and requirements.

Mortgage loan limits

Lenders fix specific limits for particular types of loans. The most affordable terms and conditions are usually available with traditional mortgages. Fannie Mae fixes the lending limits for these loans. Though these restrictions can be modified, they suggest the costs of buying an affordable home in the US. Regions with higher livelihood expenses have higher restrictions.

Though you can exceed these restrictions and get into the domain of jumbo mortgages, if you wish to stay within the borrowing restrictions of traditional loans, you can’t surpass the limit set by Fannie Mae. To determine the most recent borrowing limits, you need to talk to your loan advisor and ask “how much can I borrow”.

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Save On Your Mortgage

Feb 12, 2010   //   by sam   //   Home and Living  //  1 Comment

More and more couples are entering the same vicious circle of mortgages. What once was a dream, soon after the wedding became a nightmare. I am pretty sure that you too recognize the situation as being a specific event in your life.

Civilized people agree to live under the same roof, but when the time comes to set priorities, each defends his/her own ideas. At this point the two parties (future customer & bank representative) are ready to meet and close the deal.

So here we go: the young couple chooses the house of their dreams and agrees to opt for a loan.

The compromise is as easy as a pie: if payments are not made in time, or not made at all, the company making the loan can take away both the loan and the property.

Obviously the new home owners have other things on their mind, than simply staying in their house. Youth reserves endless opportunities for people, in this spirit the young couple takes time to enjoy other things in life.

Unfortunately here comes the catch: those who apply for a loan are not among the wealthiest people, and there is always something to spend money on. It is never too late to save some money on your mortgage and use it in other directions. Here are some ideas to pay less and enjoy more.

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Mortgage loan can fulfill your dream of owning a property

Feb 8, 2010   //   by sam   //   Home and Living  //  1 Comment

With mortgage loans, borrowers can purchase real estate without the need to pay the full value of the property immediately from their own resources. Mortgages have an interest rate and are scheduled to amortize over a set period of time.

Types of mortgage loans

Mortgage loans are short term as well as long term loans (generally over a period of 10 to 30 years) obtained to purchase properties. It requires a monthly or periodic payment .The principal or original loan amount is gradually paid down by amortization. There are two basic types of amortized mortgage loans.

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