| Consumers feel the heat as interest rates rise
NEW DELHI: For most, the interest rate increase has been a bolt from the blue. If you've taken the plunge and splurged recently on that luxe 4,000-sq ft penthouse apartment, you've been hit really hard. And if you've been window-shopping to upgrade your car or for expensive gizmos, chances are you've put your plans on hold. ET commissioned a survey to global market research company Synovate immediately after Monday's interest rate hikes were announced by housing finance companies and banks to take a peek into the mood of the nation. And you may have guessed it right, the results are definitely a dampner on the urge to splurge. In fact, such has been the reaction to the latest round of hike that 71% of those surveyed feel that it will hit their household expenses, while another sizeable chunk (71%) feels that they would not opt for a housing or personal loan now.
Nationwide launch 25 year fixed rate mortgage
Nationwide Building Society has announced the launch of an innovative new 25 year fixed rate mortgage. Benefits of the product include a low rate (from 5.49%), the security of fixed payments and flexibility – there are no early repayment changes after the first 10 years – making it an ideal choice for first time buyers or borrowers moving home who still have a term of at least 25 years.
Features of the 25 year fixed rate mortgage include:
Competitive rate from 5.49%: a secure rate which beats many competitors' 10 year deals and offers 15 further years of payment stability for borrowers who want it. Also very competitive against most 5 year deals
No Early Repayment Charges after the first 10 years
Flexibility: the ability to overpay (by up to £500 per month), underpay and take payment holidays
Portability: as with all Nationwide mortgages, borrowers can take it with them when they move home and top it up with an additional loan if they wishto move to a larger property
Saving on fees: with only one arrangement fee, borrowers could save hundreds and in some cases, thousands of pounds, over the term of their mortgage
Security: protect against potential interest rate rises with fixed payments
Simplicity: no need to choose and arrange a new deal every few years
Reservation fee of £599 (£200 discount for existing borrowers)
Available to all borrower types
Stuart Bernau, Nationwide's executive director, said: “At Nationwide we are totally committed to our members because we have no shareholders to please.
Credit-Friendly FHA Loans Surge in Popularity as Sub Prime Market ...
Katz Mortgage Team, www.KatzMortgageTeam.net, of Amtrust Mortgage Corporation, has announced that due to recently increased credit restrictions in the sub prime market, FHA mortgages have surged in popularity. Atlanta, GA (PRWeb) April 2, 2007 -- Katz Mortgage Team, www.KatzMortgageTeam.net, of Amtrust Mortgage Corporation, has announced they are now offering new FHA loans for borrowers with less-than-perfect credit. These home loans have been updated with new higher loan limits up to $544,000 depending on the county; however, most metropolitan counties have a limit between $200,000 and $300,000. Also, with down payment assistance, they can now offer 100% financing. Stephen Katz, of Katz Mortgage Team, states, "It is no secret that over last 3 months there has been a real credit crunch in the weaker credit markets.
|
