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Illegal home loan sellers under fire

In an attempt to protect consumers the Financial Services Authority (FSA) has announced a crackdown on unauthorized mortgage brokers. On October 31st last year the FSA took control of regulating mortgages in the UK. Under the new regime mortgage brokers have to provide a “key facts illustration” when selling mortgages, lenders have to offer consumers a suitable mortgage product, and borrowers gain access to new compensation and dispute settlement services.

However, some mortgage brokers are still operating outside the FSA’s auspices and the authority is determined to bring these firms under its control.Tracking down firms operating outside our regime is a major priority for the FSA. This is vital to protecting consumers since they do not have access to statutory redress and compensation if they deal with unauthorised firms,” said Clive Briault, FSA managing director.The organisation is using every means at its disposal to find these firms, combining tips from the public and the industry as well as using the FSA’s database of firms that registered or applied for authorisation, but then withdrew.Transgressing firms face the possibility of criminal proceedings, although the FSA has said that where failure to register is based on a mistake or confusion it will react less harshly.

Posted in Uncategorized, home equity loan, home loan, loan, home loan lending, home equity loan rate, home improvement loan, home loan lender, home owner loan, home equity loan minnesota, home equity loan comparison, home equity loan bankruptcy, home purchase loan, home finance, loan finance, home loan finance uk, home loan mortgage refinance, home lender mortgage | Comments(0) December 2007



No action on home loan costs

A string of banks and building societies have vented their anger at the Chancellor after he chose not to mention stamp duty in his Pre-Budget Report.Campaigners had hoped that the Chancellor would make a concession for people struggling to get onto the property ladder. Stamp duty land tax is applied to properties worth more than £60,000. The lower limit to the tax has not changed since Labour came to power, while house prices have increased from an average of £76,103 in 1997 to £153,439 in November 2004, according to Nationwide.The tax triples on houses worth more than £250,000 and increases again on properties worth more than £500,000.

Stamp duty is widely seen as a stumbling block for first-time buyers.An ICM poll for the Woolwich published this week showed that the majority of homeowners would support a move to abolish stamp duty for first time buyers and an increase in the threshold. Charcol, the UK’s leading independent mortgage broker, said it “is disappointed, but not surprised” that stamp duty was not mentioned.Ray Boulger of Charcol commented: “[The Chancellor’s] silence on reforming the current grossly unfair structure of stamp duty land tax is deafening.”As expected the Chancellor has yet again demonstrated his preference to perpetuate an unfair tax rather than undertake a well overdue reform.”David Bitner, head of product operations for Bradford & Bingley, commented: “The Chancellor has missed a crucial opportunity here to help beleaguered first-time buyers by not updating the stamp duty bands to reflect current market conditions.”It was never designed to be a tax on first-time buyers, yet it now affects a vast proportion of them and is seriously hampering their ability to get a foothold on the property ladder.

The average first time buyer now has to find over £900 to pay this tax, at a time when most are struggling to even fund a deposit. Matthew Elliott, chief executive of the Taxpayers’ Alliance, which has also campaigned for the reform of stamp duty, said: “With house prices doubling over the past five years, first time buyers are finding it increasingly difficult to get on the property ladder.” “Gordon Brown has made their lives even more difficult by refusing to increase the threshold for stamp duty in line with inflation.”

Posted in Uncategorized, home equity loan, home loan, loan, loan calculator, home equity loan rate, loan rate, home loan lender, home equity loan minnesota, home equity loan comparison, home equity loan bankruptcy, home finance, home loan finance uk | Comments(0) November 2007



Consumers more cautions over house and car loans

One in two UK homeowners now expect the price of their property to either stagnate or fall over the next six months, new figures reveal.A survey by the Nationwide building society found that five interest rate hikes by the Bank of England since November are starting to take effect on Britain’s overheated housing market.Only a third of Britons predicted no price gains or falls just three months ago, showing a sharp rise in pessimism among British homeowners between mid-July and mid-August.Forty per cent of respondents predicted prices would be the same in six months, up from 27 per cent in June, while nine per cent predicted a slight dip and one per cent forecast that prices would be much lower.The Nationwide survey found that the most optimistic homeowners were in Northern Ireland, where 67 per cent said they expect prices to rise, followed by owners in Scotland (65 per cent) and the North West (63 per cent). In the East of England 14 per cent said they expected their homes to fall in value over the next six months and 13 per cent of homeowners in the West Midlands predicted price falls.

Posted in Uncategorized, auto loan, home loan, loan, loan calculator, auto loan calculator, loan rate, car loan calculator, home loan lender, car finance, car finance used, car finance loan, auto fargo finance well, loan finance, car finance calculator | Comments(0) October 2007