Latest Mortgage news March 2010

In Scotland the number of mortgage applications that were accepted is the lowest since 1993 when these records were first started. There were 23% fewer mortage applications accepted in 2009 than in 2008. However the last few months of 2009 did see an increase. The Council of Mortgage Lenders has said that it doesn't expect there to be an immediate increase this year. They have said, "Funding conditions remain challenging, economic recovery is fragile both in Scotland and in the UK as a whole, and with little likelihood of interest rates rising this side of an election, many on low variable rates have little incentive to remortgage." February mortgage news 2010 There has been a decline in the number of mortgage applications that are now being accepted. House prices however have recently gone up 1.2%. Halifax and Nationwide have both said that they do not expect to see house prices continue to rise in 2010. Last year 46,000 people in the UK lost their homes which was much less than was originally predicted. At the beginning of 2009 the Council of Mortgage Lenders had said that they expected 75,000 people to lose their homes due to problems paying their mortgages. They believe that the lower interest rates have helped many avoid having to hand back their homes. The Director General of the Council of Mortgage Lenders, the CML said, "We are not out of the woods yet, 2010 will still be a challenging year for many borrowers, and some households will inevitably find their finances being squeezed if and when interest rates do eventually rise,"