Category: Mortgages

Campaigners For Mortgage Prisoners Pen A Strong Letter To PM Boris Johnson

The open letter has asked for the Prime Minister’s attention to the mortgage debt problems being faced by thousands in the UK. The letter comes after a meeting between UK Mortgage Pensioners campaign group and Treasury’s economic secretary did not satisfy the former about adequate action on the government’s part. Thousands of UK citizens are […]

Mortgage Approval Rates In The UK Highest Since 2009

A total of 982,286 applications for mortgage loans were approved in 2019. This figure is also the highest since 2009 when mortgage loan approvals amounted to 986,742 applications. Experts believe the jump in approval rates comes mostly from the fall in mortgage rates during the second half of 2019. According to reported figures, the number […]

FICO Scoring System Update: Low-Income Customers May Face Reduction In Credit Scores

FICO has announced the updates it would bring into its scoring system. The updated system would place greater emphasis on the debt-income ratio of customers. Experts believe the new system would cause a reduction in credit scores for low-income customers, while those who have been paying off debt quickly may benefit. The system of scoring […]

Mortgage Market All Set To Improve Due To Stabilizing Political Environment

According to IMLA, mortgage lending is expected to increase by 1.4% in 2020 to £268 billion. The increase comes as a consequence of a stabilizing political environment in the country following the elections in December, which has improved confidence in the housing market. This forecast comes alongside reports that around 33% of all retirees in […]

Demand Peaks In US Housing Market, with a 30% Increase In Weekly Mortgage Applications

Mortgage rates are currently at one of the lowest points in history, prompting borrowers to refinance or buy new homes. Currently, mortgage rates stand at 3.87% for mortgage loans of up to $510,400. Increasing demand may lead to a shortage of new houses, causing a spike in housing prices and potentially leave many without a […]

Mortgage Debt Rises To $15.8 Trillion, And May Rise Further With Lowest Rates Since 1973

Current outstanding mortgage debt, as of Q3 2019, stood at $15.8 trillion. Mortgage debt will likely increase further due to lower rates leading to increased demand for real estate. The average mortgage rate for 2020 is estimated to be 3.6%, the lowest since 1973. Data released by the Federal Reserve revealed that the total value […]

Changes Made In VA Home Loans Have Now Come Into Force

Changes were made to VA home loans under the 2019 Blue Water Navy Vietnam Act. Changes include removal of any down-payment, removal of loan limits for Native American Veterans for Federal Trust Land house loans, and exemption of funding fees for Purple Heart recipients. Changes that were made to the home loans provided by the […]

In 2019, Over 350,000 People Bought A Home For The First-time In The UK

The housing market in the UK seems to have become attractive once again to first-time buyers, attracting the highest number since 2007. In 2019, more than 350,000 people bought a home in the UK for the first time. According to reported figures by the Yorkshire Building Society, the housing market has seen an influx of […]

Home Loan Providers In The US Have Increased The Upper Loan Limit To $510,400

House loan limits have been increased in the US up to $510,400. An increased limit would allow borrowers to buy a more expensive home without making any down-payment as long as they stay within the upper loan limits. VA loans no longer carry a limit on the amount that may be borrowed to buy a […]

Thousands of Homeowners in the UK Are Suing Banks, And Here’s Why!

The financial crisis of the early 2000s left many mortgage borrowers in the UK with interest rates that were much higher than they had initially agreed to pay, thanks to the nationalization of their lenders. As a result, these mortgage borrowers are taking legal action with the claim that these banks have left them in […]