Wednesday, April 23rd, 2008
Here are a list of what you can do:
- If your mortgage is interest-only, switch to repayment asap. It will be more expensive in the short term but will save you thousands in interest in the long run.
- Pay extra on your mortgage every month. This will reduce the debt and cut the interest that you are charged each month. But check how much you are allowed to repay penalty free.
- If you want to repay more than the bank will allow penalty free then put the extra cash into a cash Isa first for tax free savings. This can then be used to bolster your equity when you want to move home or remortgage.
- Don’t be tempted to borrow from other sources such as credit cards to repay your mortgage.
For more information, visit thisismoney.com
Tags: interest-only, Negative equity, remortgage, repayment
Posted in Credit crisis, Credit crunch, Home loans, House prices, Mortgages, Negative equity, Personal Finance, Property Market, Re-mortgage, Savings | No Comments »
Sunday, April 20th, 2008
The London postcodes at greatest risk from the housing crisis was revealed today by the Evening Standard. Tens of thousands of home owners across the capital will be plunged into negative equity this year if property prices fall by 20%. People who have taken on huge mortgages compared with the value of their property will owe more than the building is worth. The worst hit would be buy-to-let investors who tried to cash in on the housing boom, according to analysis obtained by the Evening Standard. Below are the top 10 streets and London boroughs most likely to be affected. Find out more at thisismoney.co.uk.
Top 10 London streets most at risk:
Calderwood Street SE18
Erebus Drive SE28
Queenstown Road SW8
Woolwich Common SE18
St Saviours Estate SE1
Glashier Street SE8
Greenhaven Drive SE28
St John’s Estate N1
Great Dover Street SE1
Borough High Street SE1
Risk level by London boroughs:
Click to enlarge
Tags: Buy-to-let, Credit crisis, Credit crunch, evening standard, house price falls, housing crisis, investors, London, Negative equity, thamesmead
Posted in Buy-to-let, Credit crisis, Credit crunch, Debt Management, Finance, Home loans, House prices, Landlord, Mortgages, Negative equity, Property Market, Property Prices | No Comments »
