An increasing number of privately renting tenants are getting evicted

A recent report has shown that there has been a rise in the number of privately renting tenants that are being evicted from their rented homes, and this is causing concern amongst many industry officials. Read more

Tags: buy-to-let, Real estate, shelter, Business and Economy, tenant evictions

Mortgage holders told credit cards ‘not necessarily a bad thing’

People with mortgages who use credit cards to make sure they meet repayments are not necessarily doing the wrong thing.

According to the director of Debt Advice Bureau, Stephen Rose, some people have more or less paid for a house with the help of a credit card and “they’ve done very well”.

“If somebody is paying considerably less on their credit card than they are on their mortgage then it’s a good thing, but if they are paying more on their credit card than they are on their mortgage then it’s a bad thing,” he said.

A recent survey published by Shelter magazine ROOF showed that over a million people have used a credit card to pay off their mortgage or rent in the last year. This figure represents six percent of the population repaying mortgage loans or rent.

The Debt Advice Bureau is a not-for-profit organisation that gives information to residents in the UK concerning their debt issues.

The bureau sees around 4,000 people every month, giving them impartial advice on their problems relating to debt.

Tags: shelter, debt issues, population, Stoozing, organisation, debt advice, director, somebody

Record mortgage lending figures

New figures from the Council of Mortgage Lenders (CML) show that we borrowed a record amount of money in March 2007.

In total, £31.3 billion was leant to people who took out a mortgage on a house, representing an all-time record for lending figures in March.

It is the most amount of money that has ever been borrowed during the month of March and shows that the housing market is still very strong.

The figure for March represents a 22 per cent increase on the amount borrowed in February and a 10 per cent rise on the £28.3 billion which was leant in March 2006.

“This is the highest-ever March lending figure,” said Michael Coogan, director general of the CML.

“It is clear that many borrowers are taking sensible steps to shelter against higher mortgage costs.”

Despite the increasing figures, the CML says that the high levels of mortgage lending may not continue for much longer.

“There is still a question mark over just how strong mortgage lending will be over the coming months as the prospect of higher interest rates takes its toll on demand,” added Mr Coogan.

“But, we continue to expect mortgage lending to reach a record £360 billion this year.”

Tags: Mr Coogan, shelter, director general, money, economics, question mark, house