No Job, do not pay mortgage interest
Daily Telegraph reports
“The Royal Institution of Chartered Surveyors (RICS) forecast further double digit house price falls during the next 12 months due to the mortgage lending market remaining “effectively closed” and the worsening economic climate.
A mere 17,773 loans were approved for house purchase in November, down from 20,767 in the previous month and 60.7 per cent less than in November last year, according to the British Bankers’ Association.
There was a steep decline in the number of people remortgaging, with just 29,798 loans approved for people switching to a new deal in November, compared to 52,452 during the previous month.” visit the link for complete story.
http://www.telegraph.co.uk/finance/financetopics/financialcrisis/3917184/Number-of-mortgage-approvals-drops-to-record-low.html
If you are unemployed and looking for job you should seek government’s help as Gorvernement announced a plan to help with the mortgage interestes. Anyone with a mortgage up to £400,000 will be able to defer the interest for up to two years while they search for new employment. Full story http://www.walesonline.co.uk/news/wales-news/2008/12/24/bleak-outlook-for-housing-market-91466-22542661/
