Are Mortgage Lenders Increasing The Bar Again?
News that over 400,000 mortgage applications where rejected over the last 18 months has taken a number of observers by surprise and cast the spotlight back onto the finance sector. While the major mortgage lenders try to grab the headlines with mortgage rate reductions it seems that there may be a different picture behind the scenes.
As we covered recently more and more people are applying a number of times before receiving a mortgage offer with some applying up to eight times but the average around the four level. There are grave concerns that not only are mortgage applicants chasing an offer rather than the best offer but they are ruining their credit rating in the process. It seems that many who see rates falling are just not able to gain access to these offers, instead settling for alternatives which may cause them long term problems.
There is now as little competition in the mortgage sector as there has been in the history of the UK financial sector. Some groups are still turning away applicants who only a couple of months ago would have been accepted as the financial giants of the UK look to consolidate their mortgage books and avoid any new bad debtors.
Share this..
Related stories
UK Economy Is 63 And Out!
After 63 consecutive quarters of growth it seems as though the boom times for the UK economy are at least over for the time being. News that economic growth between April and June this year was zero came as something of a shock to analyst with even the more downbeat forecasting a rise of 0.2%. While this fall sees the inevitable recession delayed for at least one more quarter (a recession is tec...
Read MoreSir Alan Budd looks to rescue the OBR
Sir Alan Budd, the outgoing interim chairman of the Office for Budget Responsibility (OBR), will this week announce a number of changes to the set-up of the watchdog as a last ditch attempt to rescue its reputation begins. Some of the issues which will be proposed are the removal of the OBR from the Treasury building, a reduction in the number of Treasury workers within the OBR as well as the intr...
Read MoreConcerns about double dip recession impact upon sterling
Concerns that the UK economy is on the verge of a double dip recession have had an impact upon the exchange rate today with sterling falling to a one-month low against the dollar. While this may not seem overly concerning on the face of it, when you consider that the dollar is at a 15 year low against the yen it does reflect the ongoing weakness in sterling. Much of the downward movement in the...
Read MoreRent-a-room mortgage earns buyers £4,250
Buyers expecting to take on a lodger can now benefit from a new mortgage, which can effectively earn them up to £4,250 in rent totally tax-free.The rent-a-room mortgage has been launched by provider John Charcol and takes into account the fact that government legislation allows people to earn £4,250 from rental income without being taxed on it. John Charcol acts on the proviso that this income i...
Read MoreUnpaid overtime totals £27.4 billion in 2009
In a reflection of how difficult a year 2009 was for the UK economy, it has been revealed that a massive £27.4 billion was worked in unpaid overtime by UK employees. This equates to a record £5,400 per worker in the UK and is the largest figure since these records began. While many people would expect to "do a little extra" to secure their jobs in these difficult economic times the amount of wor...
Read More