House prices in the UK fell by another 1.8% this February as the property market failed to re-establish confidence among its consumers. According to Nationwide Building Society, the average cost of houses in the UK has fallen to £147,746, a drop by almost 17.6%. (more…)

Banks in the UK approved 60% less mortgage loans this January than what they did last year and especially people seeking a Remortgage has been badly hit. Even though figures from British Banker’s Association (BBA) reported a £2.9 billion rise in net mortgage lending, statistics from other organisations point towards a sustained stagnation in mortgage lending. (more…)

Calling for more responsibility in the housing market from banks and building societies, Gordon Brown signaled the end of 100% Mortgage this week. The Prime Minister, Gordon Brown asked first time home buyers to save a little more before purchasing their house in order to prevent another crash. There might be control on lenders who are giving away multiple mortgages and providing loans to six times a customer’s salary. (more…)

Many borrowers looking for a home loan feel that it is extremely difficult to get a Mortgage during these hard economic times. Many individuals are assuming that with the current economic downturn it would be difficult for them to get a mortgage. (more…)

Royal Bank of Scotland would be required to pay more than 5 billion pounds ($7.1 billion) to the Mortgage Insurance scheme of the UK government which would be launched next week. The amount would help the bank to cap losses on toxic assets. (more…)