A way out of mortgage trap by Finance News Bulletin

Published: 31/08/07

Thousands of people facing a mortgage nightmare could now have a way out, according to a BBC Radio 4 Money Box programme.

In the late 1990s, thousands of mortgage borrowers, many of them first-time buyers, took out loans called Shared Appreciation Mortgages . Under the terms, borrowers could borrow 25 per cent of the value of their property, but had to pay off the remaining 75 per cent if they sold the house . Many people were therefore unable to move.

Barclays are now offering a rescue package. Their retail banking customer services director, Catherine French, reportedly commented: "There are some customers who are in a position of hardship as a result of their SAM. What we want to do is help them to move to a more appropriate house for them."

Those with SAMs who are having a difficult time will be offered a payment-free and interest-free loan, allowing them to settle their debt and buy a more suitable property. 7,000 Bank of Scotland customers are also trapped into SAMs, but no rescue package has been announced.

First time buyers offered more no-deposit mortgages, financing research indicates - Fri, 15 Jun 2007

London home information pack exemption demand rejected, mortgage holders told - Thu, 14 Jun 2007

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Rate rise can't halt house prices - Published:23/05/07

News Companies & markets Investing authority portfolio Campaigns Mortgages & homesMortgage featuresInsurance customer advice Broadband & phones Retirement Saving & banking Credit & loans Small business Tax & wills communication boards Money blog Tools & calculators inquire an expert Guides Compare & buyA property shortage is driving up home prices in spite of the recent rises in interest rates, a report warns todayTAKE PART IN OUR SURVEY put on't miss your chance to tell us what you think of This is Money and help form our futureA ONE-MINUTE MAKEOVER If you only have one miniature to learn how to sort your finances, forget the rest and read this>> Our 8-step planSome estate agents maintain to have effectively 'sold out' - leaving buyers resorting to unorthodox events to find a homeMany are printing leaflets announcing themselves as buyers and putting them through doors of properties they are interested in Others are resorting to gazumpingThe tactics are at odds with efforts by the store of England to sluggish the housing market boom by pushing up interest rates three era since AugustA study by the estate agent website Rightmove claims the average possessions asking price rose 05 per cent in the past month to £222,859 The figure is up 135% in the past yearRightmove profitable director Miles Shipside said: 'store levels per estate agent at the start of the year have not been this low for three years, and are 18% lower than at this time last year'Where there are shortages of possessions, prices will keep increasing and properties will keep selling, in malice of the latest interest rate rise'The average figure of properties on each manager's books is just below 52, the lowest figure since the beginning of 2004 The company claims the two interest rate rises late last year did not stop insist and that asking prices have risen by around £9,000 since AugustThe average asking prices of flats and terraced homes each rose by over £4,000 during the last three months By contrast, detached properties fell by almost £5,000 Mr Shipside said interest rate rises are a 'blunt instrument' to tackle price rises and said the only effectual action would be to build new homes to please demand'The reason house prices are defying the gravity of a six-year far above the ground in interest rates is because the figure of new households is growing by 50,000 a year, more than the supply of novel build,' he saidDon't miss our mortgage tips - five habits to beat the speed rise - and check your outgoings with our calculatorsA flat the size of a snooker bench has gone on the marketplace in London for £170,000 The former cleaner's storeroom in Cadogan Place, Chelsea, is supposed to be able to fit a bed, bathroom and flatscreen TVIts living region measures 12ft by 6ft and its built-in lavatory is 3ft by 4ft The accommodation apartment, which needs at least £30,000 spending on it to create it habitable, is slightly bigger than the minimum measurements for a prison compartment Since it went on sale last week, estate agent Lane deceive has had three offersI recon prices are plummeting in Bolton, Greater Manchester I've seen novel 3 bedroom semis fall from 180k to 150k House builders wouldn't reduction 30k if there was a shortageThere is no shortage of property in the UK We have been concreting over our once green land for generations In the past 20 years the height of building has been excessive and obscene, causing congestion, congestion and now water lacksIt's not lack of property that has been creating the supply/demand imbalance, it's the perception that prices will be several percent higher in 12 months occasion As long as that's the case, populace will do whatever it takes to buy propertyShould interest rates alter this however, you'll find the 'property shortage' will be a thing of the historyIt is not in the Bank of England's permission to control the boom in house prices Their changes in interest speed are aimed to control inflation, which they gauge using the CPI The CPI does not include the price of mortgagesIt may be that tacitly the store of England are hoping to slow the increasing house prices However even if they are, reports suggest that it will take 2 years for the housing marketplace to respond to changes in interest rates This barely seems suprising given our nations taste for fixed rate mortgages© 2007 linked Northcliffe Digital Ltd Terms Privacy policy Advertise with us LoansCardsMortgagesInsuranceCompare the best deals around with This is MoneyPlease decide a loan£ Select a loan term 12 months (1 day 24 months (2 years) 36 months (3 existence 48 months (4 existence 60 months (5 existence 72 months (6 existence 84 months (7 existence 96 months (8 existence 108 months (9 existence 120 months (10 existence GO New credit cardPick your favoured card offer Please decide 0% preliminary rate No annual fee Cashback Loyalty scheme All of the above GO Balance transferPlease select a kind of insurance Life insurance Home and contents Car Breakdown armed forces Health - 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Scots who plan to search for a remortgage alerted to house price figures - Published:01/02/07

Scottish mortgage holders who are looking to find a remortgage deal have been cheered by news that the characteristic value of their homes is increasing more rapidly than in the UK as a wholeAccording to figures from banking institution store of Scotland for its Quarterly home Price Index, the average property cost in Scotland has increased by 125 per cent between the fourth district of 2006 and the corresponding period of 2005To put this into background, UK house price inflation over the same 12 months stood at 99 per centThis suggests that Scottish counterparts can call upon comparatively more additional evenhandedness when looking to search for a remortgage product than their mortgage-holding counterparts in the relax of the UKAccording to the learn, Aberdeen saw the greatest level of house price inflation with an average of 27 per cent over the year, followed by Kilmarnock and Motherwell Tim Crawford, collection economist for store of Scotland, offered mortgage holders his predictions for the next 12 months"In 2006, Scottish home prices rose by 125 per cent, above standard growth but down slightly from growth tax seen in the previous three years," he saidBuy-to-let mortgage investors will survive rate rise, financing psychoanalyst claims - Thu, 25 Jan 2007Building society claims to offer cheapest normal variable rate mortgage around - Tue, 23 Jan 2007nowadays's Most Popular Results Mortgage Enquiry shape Need Life Insurance ------ Mortgages - Information Mortgages - house ------ Financial Services - housePeople who want to find a remortgage alerted to forecast of property slowdown - Mon, 29 Jan 2007Home in order packs may affect populace looking to find a remortgage, analyst hints - Fri, 26 Jan 2007None of the in order on this website is intended to promote any specific mortgage product or give mortgage advice Mortgagescouk is a non-regulated trading name of monetary armed forces Net Ltd[Terms & Conditions]more sites:car insurance| home insurance |.

Cheque-writing rules tighten up - Published:30/10/06

Rules about how to write cheques are to be tightened from the start of October to assist prevent fraudFrom now on cheque writers must comprise a name or account number as the receiver - rather than just a bank or building societyThe aim is discontinue cheques which do not make clear who they are future for being diverted to thieves' financial recordsIn 2004, this sort of fraud accounted for only 06% of all cheque fraud that was reported that yearThe Association of Payment glade Services (Apacs) says this meant that the real amount of money lost was less than £1m"Although most of us are treatment cheques less and less - on average, we only disburse in one cheque every two months - this small alter to the way we write them will have a big impact on fraudsters," supposed Paul See, chief decision-making of ApacsFrom 1 October, banks and building societies will pay much more notice to cheques they receive which only specify them as the recipient, rather than an individual, company or account numberIf it is clearly the container that a person is just moving money between two of their own accounts, then the cheques will still go though unquestionedAn instance might be someone using money in a building society savings explanation to pay off an overdraft in their bank current accountAlready, card and usefulness companies usually ask for the account number to be written on the front or back of the cheque so they know to which account it should be creditedThe banking industry has determined not to make the new system compulsory for these payments for fear of upsetting millions of people, by lively their cheques and leaving them with unpaid bills or anxious credit card accountsHowever some people will find that certain cheques are sent back to them if, from now on, there is no name or account figure identifying the true recipientFor instance, if you are known a cheque from a friend or relative who owes you money, and you ask them to make it out to your bank rather than you personally, it will probably be returnedAlthough nearly 19 billion cheques were written in 2005, only 15% were made out to the name of financial institutions and it is these that are the target of the novel rulesThe changes were first announced in December 2005, and since then banks and structure societies have been informing their customers with messages on statements, cheque books and creative writing in branchesRefused credit Ex's amount overdue 1 Ex's amount overdue 2 Credit.

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A way out of mortgage trap by Finance News Bulletin

Published: 31/08/07

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Rate rise can't halt house prices - Published:23/05/07

Scots who plan to search for a remortgage alerted to house price figures - Published:01/02/07

Cheque-writing rules tighten up - Published:30/10/06