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Rate rise will hit first-time buyers hard, says Lib Dems

The Liberal Democrats have warned that the Bank of England base rate rise will hit first-time buyers hard.

Vince Cable, Lib Dem shadow chancellor, says: “People want to know that their homes are secure in uncertain times. Today&#39s interest rate rise is going to cost an average first-time buyer £250 extra a year on their mortgage. If interest rates continue to rise, or house prices start to fall, many could find themselves in difficulty.

“The Bank is caught between dealing with the weaknesses in the economy and curbing the house price boom. Gordon Brown must urgently address the failures that have allowed banks to lend irresponsibly and fuel unsustainable levels of debt.”

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Boom squeezes out Welsh FTBs

Wales has seen the biggest house price increases in the UK over the past 12 months, making property increasingly unaffordable for first-time buyers. Swansea has done particularly well, with 55% property price growth between April 2003 and April 2004, based on Halifax figures. A former council house in Swansea sold for a record £260,000 at […]

Nationwide announces changes to valuation fee structure

Nationwide has announced it will be changing its valuation fee structure from June 10. Nationwide says following this change, the mortgage valuation fees for home buyers will remain competitive. There will be no change for remortgage borrowers and existing customers applying for additional borrowing, who do not have to pay a valuation fee. The fees […]

Inter-Alliance holds merger talks with Millfield

London-based adviser firm Inter-Alliance has made a formal announcement saying it is in talks with rival firm Millfield to merge the two companies. The two firms had been in talks previously to merge, but the discussions failed due to technical issues. Stuart Wilson, mortgage development director at Inter-Alliance, says if the firms merged it would […]

OneSearch Direct completes record 350,000 local searches over year

Electronic local search provider OneSearch Direct has completed a record 350,000 local searches over the last year, as it celebrates the first birthday of its nationwide service in England. Backed by 3i and HBOS, OneSearch Direct says it is now the largest private supplier of local searches in the UK and the company is anticipating […]

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The politics of healthcare

Healthcare is already one of the key battlefields in May’s general election, with each of the main parties committing to deliver improvements to the NHS and public health.

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