Latest figures of Financial Services Authority reveal that the number of mortgage accounts in arrears has risen to 31% in the last year. There were about 377,000 accounts in arrears at the end of 2008. This means that struggling borrowers currently hold 3.4% of all the Mortgage Loans with their loans a little over £40bn. Report published by City Regulator reveals that recession, unemployment and dipping incomes have made borrowers difficult to repay their home loans. (more…)

Property recovery specialist, Property Portfolio Rescue says that several landlords could set to lose their buy to let investments as they try to meet repayments once interest rates become normal. Property Portfolio says that landlords could hope to cover for 20% of all repossessions by the end of this year. (more…)

The latest bank rate cut has come as a blessing to tens and thousands of HomeOwners who now enjoy interest-free mortgages. Nearly 50,000 people opted for tracker mortgage deals which are now at least 0.5% below the base rate. (more…)

The Building Societies Association (BSA) has issued a statement requesting the monetary policy committee of Bank of England to prevent cutting the base rate further saying that this would be indeed harmful to the Mortgage market and the housing market and a further blow to the savers. (more…)

One would be surprised to learn that though interest rate cuts have been very low, some borrowers are still out there to get hold of the most competitive mortgage deals. Customers looking for their first loan or for a Remortgage might not be able to resist the temptation of cheaper tracker rates but experts feel that they would benefit much more of they could opt for a slightly expensive fixed-rate deal. (more…)