Rationing credit is rapidly becoming a reality for people without the cash or savings to complete purchases, and the recent requirement by the banking sector’s largest mortgage lenders, who have doubled the minimum deposit needed to 20% for a first mortgage, will cause a further dampening of the housing market - no bad thing given the need to remove the over-priced values of the recent decade.
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This is for you bank executives, loan officers, mortgage lenders and any one else who extends credit. This financial crisis will end. It may be a year or two, but it will end.
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There is something that mortgage lenders want Bay Area home buyers to know: They are open for business. While it is certainly harder to get a loan today than it was two years ago, lenders say it’s far from impossible for would-be borrowers with the right…
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The Financial Services Authority yesterday warned 250 mortgage lenders that they faced disciplinary action if they breached rules on how to deal with borrowers facing difficulties with repayments. In its second warning in three months, the City regulator demanded a review of their policies by the end of January and outlined how customers in difficulty should be handled. The letter to the …
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Alistair Darling’s announcement in last week’s pre-Budget report that mortgage lenders should give three months’ grace before starting repossession proceedings is undoubtedly welcome. But homeowners struggling with bills or worried about the prospect of unemployment will be exhausting a multitude of solutions before resorting to a political promise ? one of which could be renting out a spare …
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Mortgage lenders were on Friday warned they could face fines unless they treat customers who go into arrears fairly. In a letter sent to all mortgage lenders and administrators, the Financial Services Authority reminded lenders of their obligations and said it expected them to review their policies.
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The City watchdog warned mortgage lenders to treat customers in arrears fairly or face action from the regulator.
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The FSA has warned mortgage lenders and administrators yet again that they must be treating customers fairly if they are in arrears. …
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Mortgage lenders have been ordered to treat home repossession as a last resort.
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One of the UK’s biggest mortgage lenders, the Nationwide, will stop new borrowers taking out loans on its standard variable rate.
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