Mortgage lenders increase rates to fend off demand
While demand in the overall property market is very low to say the least, there has been a short sharp burst of interest in the small number of mortgage deals on offer. This has forced the likes of Barclays Bank to review the array of introductory offers they had on the table and increase rates to literally fend off unwanted interest.
The last few days has seen a number of prominent market observers suggest that the mortgage market will soon be out of reach of the masses as rates edge ever higher. This has seen a sudden rush to nail down good rates and good deals before they disappear with first time buyers and those looking to remortgage suddenly descending on the mortgage lenders.
We will see the trend of moving mortgage rates out of the reach of the general public continue for some time to come. No financial institution in the UK wants to take on further debt at this time as they do not know what rate they will be paying tomorrow never mind next month. We are entering a period of reflection for the mortgage market and depending upon what happens over the next few days, the trend could continue for some time yet!
Share this..
Related stories
Alistair Darling announces new banking watchdog
Alistair Darling has today announced more detail regarding his attempt to hand power back to UK businesses that are refused credit through the UK banking system. He has also announced plans to reduce bonuses already agreed at Lloyds bank and Royal Bank of Scotland if executives miss new lending targets. But are these two issues really credible? While there is no doubt that many businesses react...
Read MoreHBOS Tries To Woe Shareholders
In a move which is designed to make it as easy as possible for shareholders to trade their rights shares in the forthcoming £4 billion fund raising, HBOS has announced plans to offer a free dealing service. The bank seem to be covering as many angles as possible to ensure that shareholders have as fewer reasons as possible not to seriously considering taking up their entitlement. The move comes...
Read MoreStandard of living income falls
01/07/2015 The income needed for an acceptable standard of living has fallen for families in the past year, according to the Joseph Rowntree Foundation (JRF). A couple with two children need a combined income of £20,024 for a minimum living standard. This has worked out at £263 lower than the same time last year, but people who are on minimum wage still came out with a shortfall of £74 a...
Read MoreIs the small business arena dead in the UK?
Over the last few months we have seen a gradual reduction in the amount of finance made available to the UK small business arena which is causing many problems for many business people. A number of people are now asking the question as to whether the UK business arena is now dead and entrepreneurs are now looking elsewhere? There is no doubt that a mixture of reduced capital available in the mo...
Read MoreMorrisons confirms strong Christmas trading
UK supermarket giant Morrisons has today confirmed strong trade over the festive period with like for like sales increasing by 6.5% in the six weeks to 3 January. This figure strips out the impact of new stores and is broadly in line with figures released by likes of Tesco and Sainsburys earlier this month. Even though Morrisons is on the verge of losing chief executive Marc Bolland to Marks & Spe...
Read More