First-time loans hit £120,500 - Published:22/10/07
The standard first-time buyer mortgage has increased by more than 170% since 1996, according to a report by most important online mortgage comparison repair mformcouk New buyers are having to borrow an standard £120,500 just to get a foot on the property steps, compared with just £39,811 in 1996STRUGGLE: Eammon Rice says first time buyers are paying 170% more nowadays than in 1996 to get on the property ladderBased on this enlargement rate in house prices it is estimated that first-time buyers will be taking out mortgages of more than £200,000 by 2012'First-time buyers are increasingly having to borrow better sums to get on the ladder,' says Eammon Rice, leader executive at mform'This is perturbing given that interest rates and the price of servicing a mortgage have risen steeply and could rise again'For a first-time buyer to take out what is the average mortgage today - three-times their pay - they would require to be earning £40,190, says Rice, but by 2012, this could go up to a staggering £66,806'When costs are increasing it is even more important for borrowers to look at the sum outlay of their mortgage deal takingA report published yesterday by Alliance & Leicester has found that parents are forking out more than £21,000 to assist their children pay money for homes - £3,500 more than a year agoSelect a loan word 12 months (1 year) 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 years) 108 months (9 years) 120 months (10 years)Please select a type of cover Life cover Home and contents Car Breakdown services Health - checkup Health - dental Travel favorite - dog favorite - cat GOThinking about investing in property This is Money has the most excellent buy-to-let.
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First-Time Loans Hit £120,500 >>
Halifax banking on high interest - Published:02/05/07
Halifax has launched a new banking repair which offers the best credit interest speed in ScotlandThe current account, which pays five per cent interest, offers an interest rate 50 era higher than other most important banks, the company claimsThe bank states that the high interest speed is an attempt to lure commerce away from the big four, which it believes good value for cash will achieveWhile the account is only available for balances of up to £2,500, Halifax believes that the average user could save over £1065 additional of the lifetime of the account, while together its customers will save £14 billion each yearBenny Higgins, chief decision-making officer at HBOS retail, said: "clientele are voting with their feet and leaving the big fourThe account, while highly spirited as a banking service, may also suit individuals who desire to invest a small amount of money to yield the five per cent interest without being tied down to a minimum termSome investment financial records pay a similar amount of interest, such as Leeds structure Society's escalator tie, which pays 475 per cent in the first day and 55 per cent in the second day, although the utmost investment is much higher at £500,000Halifax banking on high intereOnline banking manufacturing alerted to 37 per cent bill payment rise at Alliance & Leicester - Mon, 05.
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Halifax Banking On High Interest >>
Moneyfacts: Fixed-rate mortgages 'experiencing reductions' - Published:30/03/07
A figure of financial providers are effecting significant reductions on their fixed-rate mortgage packages, new research from money search train Moneyfacts has suggestedAccording to the collection, eight lenders have reduced their rates over the last ten days, with a two-year Alliance & Leicester mortgage falling by 013 per centOther impressive reductions include three and five-year Britannia mortgages being abridged by 03 and 04 per centDenise Black, mortgage analyst at Moneyfacts, said: "Unlike this occasion last year, when fixed and discounted rates were similar, nowadays any borrower looking to fix their mortgage will pay a premium"She additional: "It's welcome news for some customers that fixed rates are starting to fall, but with another rate rise still a distinct option, it will be interesting to see how long this newest downward trend actually lasts"The news follows figures released by the committee of Mortgage Lenders presentation that a record 85 per cent of.
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Moneyfacts: Fixed-Rate Mortgages 'Experiencing Reductions' >>
