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House prices are lower than they were a year ago for the first time since 1996, a property survey revealed today.
Average prices have dropped 1% since April 2007 to £178,555, according to the Nationwide. It is the first time one of the major national surveys has shown a year-on-year drop since the credit crunch began […]

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Tumbling house prices mean negative equity is now a serious threat to hundreds of thousands of homeowners.
And that could lead to higher mortgage bills, increasing the chances of arrears and repossession.
Here, James Coney examines the implications and explains what you can do to reduce the risks.
Are you at risk?
Could you fall into the negative equity […]

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The Chancellor today tried to avert a repossessions crisis by telling banks to do more to aid struggling homeowners.
Alistair Darling and Housing Minister Caroline Flint called on the major lenders to give more time to families who fall behind with their mortgages.
Mr Darling was making clear at a specially convened meeting that taxpayers were ‘entitled […]

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Two of Britain’s biggest mortgage lenders today defied the Bank of England by raising interest rates just hours before the official cut.
Nationwide building society and Alliance & Leicester put up borrowing costs as the monetary policy committee voted to reduce the base rate from 5.25% to 5%.
It underlined the crisis facing lenders in raising funds […]

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Jim Armitage & Hugo Duncan, Evening Standard
As the flood of mortgages being pulled extended today to competitively priced products from a range of building societies, advisers said customers were having to move quickly before the most attractive deals disappear.
Brokers said they were encouraging customers to buy their products sometimes several months in advance.
Richard Morea of […]

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Simon Lambert, This is Money
Britain’s biggest mortgage lender has raised its mortgage rates for those without a 25% deposit - hitting almost a third of potential new customers.
Halifax’s move follows rival Nationwide Building Society’s similar decision to add a premium to its mortgage rates for those who need to borrow more than 75% of a […]

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