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
Kerygma Conference
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