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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



Affordable housing boosts secured loans

Since Mayor of London Ken Livingstone established a target that 50 per cent of new homes in the capital should be affordable, the delivery of total new homes has exceeded the targets set out in his London Plan.The Mayor’s minimum target was 23,00 new affordable homes, but a thousand more than that have now been built - representing 104 per cent of the targetFurthermore many boroughs are meeting both their overall housing and affordability targets at the same time.Neale Coleman, the Mayor of London’s housing director, revealed the positive figures at the launch of the London Delivery Plan at the CBI in London.Mr Coleman said: “It has been argued, by those with vested interest in doing so, that the London Plan affordable housing requirements are holding back housing delivery.

However, the facts demonstrate the opposite is true. “Those boroughs that delivered the biggest increases in supply are also those most committed to affordable housing. He added: “This proven ability to deliver is a tribute to our partners from the public and private sectors as well as to the boroughs and, whilst many are meeting their targets, all 33 London boroughs need to up their game if we are to produce the required social housing and satisfy the desperate need for homes that are affordable to first time buyers.”

Posted in Uncategorized, loan, online loan, loan calculator, fast loan, fast cash loan, loan rate, secured loan, home owner loan, home purchase loan, loan finance | Comments(0) November 2007



Home loans put people off

Many people living in rented accommodation are not buying houses because they do not want to, a new report has found.A more flexible lifestyle, and a large availability of good-quality rental property, means that affordability is not the only thing stopping people climbing onto the property ladder, a study by GMAC-RFC has revealed.The study found that almost three quarters of potential first-time buyers (71 per cent) see buying a property as synonymous with settling down. GMAC-RFC, the 12th largest mortgage lender in the UK, adds that there is a strong cultural trend to postpone big life commitments, especially amongst graduates.

According to figures the single biggest stumbling block to buying a first home was raising the deposit - cited by 48 per cent of prospective first-time buyers - but attitudes towards settling down, getting married and having children are very nearly as important and cited by 44 per cent of people. This implies that Government initiatives, based on affordability and aimed at boosting the number of homeowners in the UK, might be missing the point.In addition, the new report found that most people are comfortable with the idea of renting into their 30s, and eight in ten tenants preferred renting as it meant they did not have to make a long-term commitment to a specific area.Seven tenants in ten preferred renting as it allowed them to live close to friends, while six in ten said renting let them live in a better area than they could afford to buy in.

The urge to travel also played a part in the desire not to buy, with 72 per cent of tenants saying renting gave them the option for future travelling and 71 per cent said it let them move jobs more easily.

Posted in home equity loan, home loan, loan, loan calculator, home equity loan rate, loan rate, home owner loan, home equity loan bankruptcy, home purchase loan, home finance, loan finance | Comments(0) October 2007



Home loan figures up

Latest information on net lending figures in May from the Major British Banking Groups (MBBG) have been revealed today.Figures show that gross mortgage lending was up two per cent on April, but eight per cent lower than the same period last year.In addition, May saw 186,442 mortgages approved, worth £16.5 billion.

Loans and overdrafts were also up on April’s lending, although credit card borrowing was weaker than the last six months.BBA director of statistics, David Dooks, said: “Whilst mortgage lending was slightly stronger in May, it is noticeable that all measures were below comparable data a year earlier, when May was a relatively weak month.”The MBBG make up around two-thirds of all mortgage lending outstanding and around 70 per cent of gross lending.

Posted in home equity loan, home loan, loan, loan calculator, home equity loan rate, loan rate, home equity loan comparison, interest only loan, home equity loan bankruptcy, home purchase loan, home finance, loan finance, home loan finance uk | Comments(0) October 2007



Home loan interest rates: Real estate sector set to consolidate

Indian real estate sector, the growth of which has been constrained by rising interest rates and falling inflow of funds, is now set to consolidate, industry experts feel.

“For big developers there is no impact of rising interest rate but small players are finding it difficult to raise money for their proposed projects. They would need to sell their projects to big developers,” said, Ansal API Vice-President (Marketing) Kunal Banerjee, was quoted in a Business Standard article. Distress sale of projects is already happening, he said, adding the industry would witness more of it in days to come.

Seeking to check excessive capital inflows in real estate sector, the government last month decided to bar developers from raising money abroad to develop integrated townships.

Though tightening of External Commercial Borrowing (ECB) norms was related to only integrated townships, the spill-over effect is felt across the sector.

Besides, RBI has raised risk weights on housing loans, followed by interest rate hikes to curb demand in the sector.

Edelweiss Capital Senior Vice-President George Mathew was also quoted as saying that RBI is squeezing all sources of funds gradually to rein in inflation and a possible correction in this sector could be in the offing.

“Higher funding cost is expected to reduce attractiveness of real estate projects, reduce the land banking run and bring prices down,” he said, adding debt financing is not available for land acquisition.

Posted in Uncategorized, home loan, loan, home improvement loan, loan rate, home owner loan, interest only loan, mobile home loan, home purchase loan | Comments(0) July 2007