Barclays is stepping up competition in the 90% mortgage market by introducing new “zero fee” deals from tomorrow.
Through its mortgage arm Woolwich, Barclays will offer buyers with a 10% deposit a three-year fixed deal at a rate of 4.99% and no fee.
Also included in the new range is an application fee-free 90% LTV (loan-to-value) five-year “loyalty” mortgage, for customers who hold a Barclays current account, at a fixed rate of 5.49%. Borrowers who do not qualify need to pay a 499 fee.
All the deals revert to a lifetime tracker of 3.39% above the base rate after the fixed rate period ends.
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Tags: Deals, Mortgage Deals
The nation’s mortgage lenders modified fewer mortgages to help keep delinquent borrowers in their homes this past summer, even though mortgage starts and sales increased, a new survey shows.
Lenders have been working to modify loans of borrowers who have fallen behind on payments by lowering monthly payments, lowering interest rates or in some cases by reducing the amount owed.
Hope Now, a coalition of loan servicers, investors and counselors, reported that loan mods fell nationwide to 55,828 in August.
That compares to monthly averages ranging from 84,000 to 115,000 loans modified a month in the previous nine months.
In addition, Hope Now reported:
- 221,746 loans were made in the third quarter ending in August.
- Thats down from 345,197 loan mods made in the fourth quarter of 2010.
- Lenders have modified nearly 4.9 million loans for homeowners since Hope Now began gathering data in 2007.
- Of those, only 791,399, or 16.3%, of the loans were modified under the federal Home Affordable Modification Program, or HAMP.
- Completed foreclosure sales increased 5% in August to 68,000, compared to 65,000 in July.
- Foreclosure starts increased by 18% to 218,000 in August, up from 185,000 in July.
The coalition didnt offer an explanation for the decrease.
Tags: Fewer, Fewer Loan
This can not be good news for the real estate world.
But as long as home prices continue to fall and labor markets remain weak, economists say the low rates wont be enough to lure buyers and spur a rebound in the housing market anytime soon.
Peoples perceptions of likely future home prices have been altered in a negative fashion, said Thomas Lawler, an independent housing economist in Leesburg, Va. People buy a home not just to live in but because its an investment.
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Tags: Home, Home Ownership
Our capital city stands out for many reasons and its property market is no different.
While the rest of the country faces dwindling house prices, and nervous buyers stay away, low supply and high demand are driving prices up in London.
“London feels like a separate country at the moment. We used to think that London was always six months ahead of the rest of the UK but that has changed,” says Andrew Montlake from mortgage broker Coreco. “If anything, I don’t think London is ahead any more. I just think it’s different.”
Asking prices in London are up 7.2 per cent compared with last September, according to the new house price index from Rightmove – the equivalent of an extra £28,870. A
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Tags: Property, Property Hotspot
The housing market has been in the news on and off for the past few years, largely due to record-low mortgage rates, an increase in foreclosures and falling home prices. While most markets across the United States have seen fewer ups than downs since the financial crisis and national housing market collapse, there are some that have suffered more than others.
Recently, MSNBC.com put together a list of housing markets that are in greater danger of collapsing than others. Amidst their struggles, what would it take for these markets to avoid falling apart?
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Tags: Housing Market, Market
