Recent news from the Bulgarian banking sector confirms what many property investors have known for a while – investment potential in Bulgarian property is one of the best in the world. Not only does capital growth top global rankings, but the Bulgarian mortgage sector is booming. There is no doubt that the Bulgarian banking industry is growing at a rapid pace on the back of rising housing and property mortgage loans and a strong real estate sector. RNCOS, a leading market research company has released a new research report on the Bulgarian banking sector, which says that increase in mortgage loans is one the fastest growing markets for the Bulgarian banking industry. Indeed, the industry is expected to grow at a Compound Annual Growth Rate (CAGR) rate of around 88% over the next three to four years.
According to the report, the Bulgarian housing mortgage loans experienced high growth in recent years at a CAGR of nearly 87% from 2004 to 2006 due to liberalisation of the mortgage market, coupled with lower interest rates that made mortgage loans hugely popular in the country. Bulgarian National Bank figures report that Bulgarians took out over €2.5 billion in mortgages over the last year and home loans now account for almost half the loan total (a rise of nearly 25% over the last 3 years).
Source
Monday, December 15, 2008
Monday, December 8, 2008
Homeowners' development rights "could evaporate"
The permitted development rights of homeowners could "evaporate" under the new reform posed by the government, one sector commentator has claimed.
In news that may be of interest to those seeking to re-mortgage, Simon Smith, a permitted development expert and chief executive at Betternest, was responding to Article 4 directives, which are issued by a local council in circumstances where specific control over development is required.
According to Planning Portal, permitted development rights allow homeowners to make certain types of minor changes without needing to apply for planning permission, but are partly removable by the local planning authority by issuing an Article 4 direction.
Source
In news that may be of interest to those seeking to re-mortgage, Simon Smith, a permitted development expert and chief executive at Betternest, was responding to Article 4 directives, which are issued by a local council in circumstances where specific control over development is required.
According to Planning Portal, permitted development rights allow homeowners to make certain types of minor changes without needing to apply for planning permission, but are partly removable by the local planning authority by issuing an Article 4 direction.
Source
Monday, December 1, 2008
Lack of mortgage funding must be addressed
"High octane volatility" in the money markets is making predictions on the future of the housing market more difficult, according to the Council of Mortgage Lenders (CML).
The CML claims the latest development in the banking sector, like the bail-out of HBOS by Lloyds TSB and the collapse of Lehman Brothers, were unexpected and the body said decisions have been made that many would have deemed impossible a few months ago.
With house prices falling, sales plummeting and remortgaging activity low, the CML said the lack of credit available for people wanting to take out a mortgage needs to be addressed immediately.
Source
The CML claims the latest development in the banking sector, like the bail-out of HBOS by Lloyds TSB and the collapse of Lehman Brothers, were unexpected and the body said decisions have been made that many would have deemed impossible a few months ago.
With house prices falling, sales plummeting and remortgaging activity low, the CML said the lack of credit available for people wanting to take out a mortgage needs to be addressed immediately.
Source
Monday, November 24, 2008
Approval rates plummet
Mortgage approval rates in the UK have plummeted, with growth in the market half the average for the first six months of the year, according to the British Bankers'' Association (BBA).
The association said that the number of approvals for first-time buyers and those remortgaging was low in August.
Mortgage approvals for house purchases remained 64 per cent lower than a year ago, according to the BBA, and the number of people remortgaging was 28 per cent lower than last year – the lowest rate since 2001.
Source
The association said that the number of approvals for first-time buyers and those remortgaging was low in August.
Mortgage approvals for house purchases remained 64 per cent lower than a year ago, according to the BBA, and the number of people remortgaging was 28 per cent lower than last year – the lowest rate since 2001.
Source
Monday, November 17, 2008
Alliance & Leicester fined record £7million over insurance sales
High street bank Alliance & Leicester has been fined a record £7million for 'serious failings' in insurance selling techniques.
The Financial Services Authority said telephone sales staff at the bank failed to make clear that the payment protection insurance for its loans was optional.
Staff were also trained to put pressure on customers when they queried the inclusion of the PPI.
The mis-sellings occurred between 2005 and 2007, the FSA said, when A&L sold 210,000 policies at an average price of £1,265.
FSA enforcement director Margaret Cole said: 'The failings at Alliance & Leicester are the most serious we have found. This is reflected in the record PPI fine.'
A&L has agreed to implement a substantial and comprehensive customer contact programme, overseen by third party accountants.
The bank said it would contact customers who took out policies by telephone between those dates and pay compensation where appropriate.
David Bennett, A&L's chief executive, apologised for the failings.
Source
The Financial Services Authority said telephone sales staff at the bank failed to make clear that the payment protection insurance for its loans was optional.
Staff were also trained to put pressure on customers when they queried the inclusion of the PPI.
The mis-sellings occurred between 2005 and 2007, the FSA said, when A&L sold 210,000 policies at an average price of £1,265.
FSA enforcement director Margaret Cole said: 'The failings at Alliance & Leicester are the most serious we have found. This is reflected in the record PPI fine.'
A&L has agreed to implement a substantial and comprehensive customer contact programme, overseen by third party accountants.
The bank said it would contact customers who took out policies by telephone between those dates and pay compensation where appropriate.
David Bennett, A&L's chief executive, apologised for the failings.
Source
Monday, November 10, 2008
Rates relief for hard hit families
Desperation turned to jubilation for cash-strapped Australian families after major lenders indicated they would pass on most of the Reserve Bank's interest rate cut.
Westpac was the first bank to announce the reduction, pledging to lower its standard variable home loan rate by 0.8 percentage points with the three other big banks delivering the same discount during the afternoon.
Mortgage broking network Aussie Home Loans also promised a cut of 0.75 points.
For families, the result represented a stunning -- and desperately-needed -- reversal of fortune, with the cut translating to a $273 reduction in monthly repayments on a $500,000 mortgage.
Mother-of-two Suzanne Andrews, from Lalor Park in Sydney's west, said her family's home loan repayments had increased by more than $65 a week over the past two years, with their bill now totalling more than $2000 a month.
Despite remortgaging two years ago, she and husband Mark had been forced to take drastic action to ensure the household budget balanced.
Source
Westpac was the first bank to announce the reduction, pledging to lower its standard variable home loan rate by 0.8 percentage points with the three other big banks delivering the same discount during the afternoon.
Mortgage broking network Aussie Home Loans also promised a cut of 0.75 points.
For families, the result represented a stunning -- and desperately-needed -- reversal of fortune, with the cut translating to a $273 reduction in monthly repayments on a $500,000 mortgage.
Mother-of-two Suzanne Andrews, from Lalor Park in Sydney's west, said her family's home loan repayments had increased by more than $65 a week over the past two years, with their bill now totalling more than $2000 a month.
Despite remortgaging two years ago, she and husband Mark had been forced to take drastic action to ensure the household budget balanced.
Source
Sunday, November 9, 2008
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Monday, November 3, 2008
Equity releasers should consider remortgaging
Retired homeowners who have opted for equity release as a means of boosting their incomes are being advised to review the deal offered by their provider, and consider remortgaging.
According to Key Retirement Solutions, a firm of independent financial advisers specialising in equity release, retirees who have raised cash from their homes over the last five years or more may be able to find a more competitive deal.
In the UK, the equity release sector is continuing to grow; Safe Home Income Plans, the body that fosters good practice in the market, reported a 14% rise in the amount of money withdrawn from private residences in the three months to the end of June, compared with the previous quarter.
Source
According to Key Retirement Solutions, a firm of independent financial advisers specialising in equity release, retirees who have raised cash from their homes over the last five years or more may be able to find a more competitive deal.
In the UK, the equity release sector is continuing to grow; Safe Home Income Plans, the body that fosters good practice in the market, reported a 14% rise in the amount of money withdrawn from private residences in the three months to the end of June, compared with the previous quarter.
Source
Monday, October 27, 2008
Nationwide hikes mortgage rates
The UK's biggest building society has became the latest lender to hike its mortgage rates following the recent jump in funding costs.
Nationwide is increasing the cost of its fixed-rate deals by 0.2% from Friday.
The group blamed the move on the rises in wholesale funding costs, as well as the recent mortgage rate increases made by its rivals.
Several major lenders, including Halifax, Cheltenham & Gloucester and HSBC, have announced rate hikes in the past couple of weeks, as the money markets responded to the recent financial turmoil.
Swap rates, upon which fixed-rate mortgages are based, soared by 0.4%, although they have since fallen back by 0.35%, while the key inter-bank lending rate three-month Libor rose from a recent low of 5.7% to 6.28%.
Nationwide director Matthew Carter said: "Recent market conditions mean that we have had to make some small increases to the cost of our fixed-rate mortgages.
Source
Nationwide is increasing the cost of its fixed-rate deals by 0.2% from Friday.
The group blamed the move on the rises in wholesale funding costs, as well as the recent mortgage rate increases made by its rivals.
Several major lenders, including Halifax, Cheltenham & Gloucester and HSBC, have announced rate hikes in the past couple of weeks, as the money markets responded to the recent financial turmoil.
Swap rates, upon which fixed-rate mortgages are based, soared by 0.4%, although they have since fallen back by 0.35%, while the key inter-bank lending rate three-month Libor rose from a recent low of 5.7% to 6.28%.
Nationwide director Matthew Carter said: "Recent market conditions mean that we have had to make some small increases to the cost of our fixed-rate mortgages.
Source
Monday, October 20, 2008
'Plan remortgaging in advance'
Homeowners have been warned to plan the remortgaging of their property six months in advance by an independent broker.
According to John Charcol, those coming to the end of their fixed-rate mortgage should act sooner rather than later to secure a good deal as the mortgage market is beginning to "freeze up".
The company said that rapid deterioration in the mortgage market and the reluctance of financial institutions to lend to each other may push up prices, making affixed-rate mortgages are more tempting option.
Source
According to John Charcol, those coming to the end of their fixed-rate mortgage should act sooner rather than later to secure a good deal as the mortgage market is beginning to "freeze up".
The company said that rapid deterioration in the mortgage market and the reluctance of financial institutions to lend to each other may push up prices, making affixed-rate mortgages are more tempting option.
Source
Monday, October 13, 2008
Pensioners could save money by remortgaging equity release
As consumers are increasingly looking at ways to curb their spending and reduce outgoings, retirees who have released equity from their home typically over the last five years or more, should be aware that they could save thousands of pounds by remortgaging to a more competitive deal, says Key Retirement Solutions.
Despite the widespread economic gloom, the equity release market continues to grow and as a result, competition between providers has increased. In turn, this has led to a dramatic fall in lifetime mortgage interest rates over the last five years; current rates stand as low as 6.09%, more than 1% lower than some of the rates available in 2003.
Source
Despite the widespread economic gloom, the equity release market continues to grow and as a result, competition between providers has increased. In turn, this has led to a dramatic fall in lifetime mortgage interest rates over the last five years; current rates stand as low as 6.09%, more than 1% lower than some of the rates available in 2003.
Source
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