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Recent Finance News

Record drop for property prices - but they're stabilising

The biggest ever decrease in house prices has been recorded by the Nationwide Building Society. Property prices dropped by 12.4 per cent year-on-year, which comes after one of the nation's biggest building company has had to almost halve the asking prices on new homes.

Raise your home's value with a spade

If the view from your back door is a jungle or a concrete slab, you might be missing a chance to raise the price of your property and enjoy a great chill-out space.

Beware the negative equity trap

Shopping around for the very best mortgage deal and setting a realistic budget is more important than ever at the moment.

FAQs

How much will I be able to borrow?

It varies from lender to lender but a good rule of thumb would be multiply a single income by four or a joint income by three then subtract any outstanding loans or credit you have currently.
What is a tracker mortgage?

A tracker mortgage is a mortgage where the interest rate follows the base rate set by the Bank of England. The rate you pay will not be the same as the base rate but will rise and fall as the base rate does. Therefore if the base rate drops, your payments will go down, if the base rate rises your payments will go up. This is different to a fixed rate mortgage where the amount you pay each month is fixed and will not change.
What's the difference between an interest only and a repayment mortgage?

With an interest only mortgage you only pay the interest on the amount you have borrowed each month, you don't pay off any of the capital. If you borrow £100,000 for 20 years, at the end of the mortgage you will need to give the lender their £100,000 back. Therefore you must have a plan of how you are going to do this.

With a repayment mortgage on the other hand each month you pay the interest and a proportion of the capital you borrowed so that at the end of the term you have paid back the entire amount of capital that you borrowed.
If I have a bad credit history will I still be able to get a mortgage?

Yes, even with a poor credit history you should be able to find a mortgage. The lender will view you as being of greater risk than average and you will therefore have to pay a higher interest rate than average, possibly higher arrangement fees and you will probably have to have a bigger deposit.
What is a self-certification mortgage?

Self-certification mortgages tend to be taken out by the self employed as they can find it difficult to prove their income. With a self-cert mortgage you declare your income to the lender but do not have to provide evidence of it. The greater risk to the lender is reflected in a higher rate of interest.