Property Renovations Ely Ltd

Homeowners refinancing their mortgages are in for a rude awakening as they face the highest fixed-rates deals since the start of the decade…

Hccording to figures compiled by MoneyFacts, the average rate for a two-year loan has hit 6.64% - up from just 4.34% two years ago, which means that someone coming to the end of a mortgage on a £150,000 house they took out in 2005, will see their average repayments jump by £206 a month to £1,025.

MoneyFacts’ figures show that someone taking a typical five-year deal in 2003 on a £250,000 home loan will have to stump up almost £500 more when it comes to their new deal. Typical fixed rates are the highest since 2000.

It is estimated that around 1.4 million homeowners will see their fixed deals expire this year.

Property Renovations Ely Ltd

With 150 estate agent offices currently reported to be closing every week, Jonathan Haward, Managing Director of The County Homesearch Company says the face of the high street estate agency will change forever, and in today’s market only the very best will survive…

Property Renovations Ely Ltd

In the latest survey from the Royal Institution of Chartered Surveyors (RICS), 95.1% of surveyors saw house prices fall than rise in April.

That figure is up from 79.4% in March, with all surveyors in East Anglia, and the North and North West of England, reporting price falls. There has also been a continued fall in enquiries from prospective buyers.

The RICS shows price falls are far more widespread than at any time since 1978 and is further confirmation that house prices in the UK are now declining after a decade long boom.

Property Renovations Ely Ltd

The Council of Mortgage Lenders said 27,100 homes, the highest figure since 1999, were taken over by lenders after people fell behind with repayments.

The figure for the UK is more than the 22,400 in 2006, but not as extreme as the CML had forecast. It is still a sharp rise on the 8,500 of 2003.

The CML warned that the number of repossessions was likely to rise again in 2008 as the credit crunch tightened.

Meanwhile, the numbers of mortgages behind on payments rose by 8.6% compared to 2006, the organisation, which represents mortgage lenders, said.

Property Renovations Ely Ltd

With March mortgage approvals down 46.2% on 2007, the UK is certainly feeling the gloomy global economic conditions. Credit crunch has quickly become part of our vernacular, but has it entered your home yet?

Whether you’re a homeowner, a parent, retired or a student, let us know your experience of the credit crunch to date, and what you’re doing about it. Maybe you’re worried about mortgage repayments, or perhaps you’re wondering what all the fuss is about? Whatever your situation, we want to know.

Has your credit been crunched?

Property Renovations Ely Ltd

The Bank of England kept British interest rates at 5.0 percent today but analysts say a slowing economy will force it to cut borrowing costs next month, even though inflation is heading higher.