Northern Rock Bank is making ways to re-enter the mortgage market and the first step it has taken towards this direction is by going on a recruitment drive. Northern Rock which was nationalised only a year ago confirmed reports that it is employing skilled individuals in an effort to restore its home loan business. (more…)

With banks showing extreme unwillingness to lend during the current economic crisis, the number of Remortgage loans has dipped by almost a third according to latest reports published by the Council of Mortgage Lenders (CML). Figures reveal that remortgage lending was 33% last year compared to 2007. (more…)

With the nation plunging deeper into credit crisis and worst recession in 30 years, the UK economy will shrink almost twice as much the pace as predicted earlier, says the Confederation of British Industry (CBI). In November it was predicted that the GDP or the Gross Domestic Product of the nation will diminish by 1.7% but now it seems that it will shrink at the rate of 3.3% instead. (more…)

According to CML or the Council of Mortgage Lenders the number of mortgages in 2008 for house buyers dropped by almost 49% which is a record low since 1974. House purchase loans fell to 32,000 which is a drop by almost 5% in November, the lowest since records were kept on monthly basis from 2002. (more…)

If you are a prospective homebuyer there are chances of you being left in the lurch by building societies and banks. Though many homebuyers might be rejoicing for the low rates, most of them are suffering because of extreme mortgage shortage. Both homeowners who wish to Remortgage are stuck as their equities have fallen and so are buyers with small deposits. The self-employed individuals who have missed repayments would also find it difficult to a get a good deal in the current scenario. (more…)