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London Mortgage Advice LTD
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Mortgage Broker London
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Latest News
Advice on Mortgage Possessions in London and the rest of the country
During the first quarter of 2008,more than 38,000 mortgage possession claims were issued 16% higher than in the first quarter of 2007, according to the Ministry of Justice.
More than 38,000 mortgage possession claims were issued
A possession claim refers to the process by which a claimant applies to a county court for possession of a residential property. Orders for possession, which allow the claimant to apply for a warrant to have the tenant(s) evicted, were granted to 27,530 people.
More than 37,000 landlord possession claims were issued during the same period, 4% higher than i... read more
MORTGAGE IN LONDON AND ELSEWHERE
London homeowners face mortgage rises of up to £230 a month as lenders ratchet up the price of credit, the Bank of England warned yesterday.
Many borrowers whose fixed-rate mortgages expire this year are being forced to pay rates around 2.5% higher - the equivalent of £2,748 a year on a standard £150,000 mortgage.
An estimated 1.8m borrowers are expected to come off fixed-rate mortgages this year. Some will find another favourable deal, but others face a 'payment shock' as they have no option but to pay standard variable rates, according to the Bank of England's Financial Stability Repor... read more
Buy to Let Mortgages in London
The credit crunch is set to make rents climb higher. They are 12% higher than a year ago.
Over the first quarter of 2008, rents rose by an average of 4%, while they are now 12% higher than at the end of last year, reaching a record level of over £1,000 per month.
Yields remained stable in March at 6.3% for the third consecutive month and have increased by 0.2% over the past year.
The South West has seen the biggest rise in rental income, with the average landlord making around £17,089 annually, up by 42.2% in the past year.
However, Wales has seen rents fall 9.7% over the past yea... read more
REPOSSESSIONS
25,264 people have already fallen victim to the insolvency epidemic in 2008 with 9,614 Individual Voluntary Arrangements (IVAs) and 15,651 bankruptcies reported.
Individual insolvencies could reach 101,056 by the end of the year.
For these people, insolvency means they have already reached financial stalemate. For others, the current economic climate in the UK is quickly pushing them towards this fate.
Today alone, a further 292 people will fall victim to insolvency today and 74 homes will be repossessed. The credit crunch is not the only problem facing consumers. The cost of livin... read more
Mortgage Protection
Homeowners sould review their insurance.
Income protection could help homeowners protect their ability to make repayments on their mortgage and any other loans.
Homeowners not to confuse income protection with mortgage payment protection (also known as Accident Sickness and Unemployment) insurance. MPPI plans typically pay out for a year and may include certain exclusions. The premiums and conditions of the policy can also be changed at short notice.
Those with mortgages should check the amount of cover offered, the benefits you are entitled to from the Government and your employer, ... read more
Mortgage News and Halifax
Industry sources said Halifax is drawing up plans to raise up to £5bn of fresh money with a rights issue.
HBOS, which owns the Halifax and Bank of Scotland brands, will admit this week that losses from the credit crunch have spiralled to almost £4bn.
A final decision on whether to issue shares has yet to be taken by its board of directors.
But sources say that HBOS is highly likely to follow rival Royal Bank of Scotland which last week announced plans to raise a record £12bn.
HBOS may be forced to make an announcement as early as this morning to confirm to the stock market it is ... read more
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