Wednesday, Nov 11, 2009

Interest rates to go up, but not yet?

Times: Mortgage rates fall but loan restrictions tighten

Woolwich.. "which is the UK’s fourth biggest mortgage lender, is cutting the cost of its popular base-rate tracker deals and will introduce new deals for borrowers with a 25 per cent deposit today. It will offer a market-leading lifetime tracker at 2.44 percentage points above base, a pay rate of 2.94 per cent, available up to 75 per cent of a property's value. It has a £999 fee. However, Woolwich is also raising the interest rate that it uses to assess affordability, making it harder for borrowers to secure any new deal."

Posted by alan @ 10:52 AM (650 views)
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1. magnaman said...

ROLL UP! ROLL UP!....slowly but surely lenders are waking up to the fact that rates will have to, eventually go up! and a good 25% of the 11 million mortgage holders WON'T qualify because of slightly blemished credit records or not being able to prove their fictitious incomes or have had a pay cut or don't have sufficient equity, which means their mortgage payments will rise by as much as 50% - assuming the majority of lenders apply similar criteria....the great crash of 2010 is dawning

Wednesday, November 11, 2009 11:17AM Report Comment
 

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