A survey by Paragon Mortgages reveal that mortgage brokers are reporting of dropping levels of remortgage business as homeowners decide to stick with lenders’ reversion rates and take benefit of low interest rates. Remortgage business has been at 49% in the first quarter of 2009, a drop by nearly 61% compared to last year. (more…)

Seven out of ten first time buyers have given up hope of buying their dream home, according to a latest survey by a property analyst. The housing market is still suffering a lot because of recession. Former head of the National Association of Estate Agents, Peter Bolton-King has blamed the government for doing little to help First Time Buyers and also helping in the recovery of the housing market in the country. (more…)

The Bank of England is taking some serious steps to help Britain’s troubled building societies from the current financial health. Plans are being designed to help building societies provide more of their mortgages to the Bank in return for cash. This decision has been taken after talks between the Bank and seven Building Societies hit by credit-rating downgrades.  The Bank has made heavy cuts in the interest rates and has pulled it to 0.5% and therefore fears that savers will withdraw money from the building societies, thereby making more funding strains. (more…)