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Mortgage hike increases tenants
The average first-time buyer had to spend nearly 35% of their income on a mortgage during the third quarter of 2007, overtaking the previous high of 34% reached in 1990, according to the UK Housing Review 2007/2008. But the sharp jump in house prices and mortgage costs during the past decade contrasts with increases in the cost of renting a home, which has only risen in line with earnings. The review, published by the Chartered Institute of Housing and the Building Societies Association, said this had led to it being "substantially" cheaper to rent a property than to buy one, with rents around 64% of mortgage costs on comparable properties.
The groups attributed the rapid growth in the number of people opting to rent a home in part to the lower cost, as well as to the greater choice of rental properties now available. More>>
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Laurentian Bank changes its mortgage rates
Laurentian Bank has changed its mortgage rates. The changes are as follows: These new mortgage rates will be effective as of January 28, 2008.
For further informationGladys Caron, Vice President, Public Affairs and Communications, Laurentian Bank of Canada, (514) 284-4500, extension 7511, Cellular: (514) 893-3963, gladys.caron@banquelaurentienne.ca
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Mortgage lending tumbles as credit crunch takes toll
Mortgage lending plunged in December and is set to fall further, according to figures which will raise fresh fears about the scale of the damage that the global credit crunch may do to the key housing market. The Council of Mortgage Lenders reported that lending hit a two-and-a-half-year low last month when £22.6bn was advanced, the lowest figure since May 2005.
The organisation, whose members include leading banks, said that lending fell by 22% on the same month in 2006, pointing to a sharp deterioration in both credit and housing market conditions over the year.
Moreover, with lending down by 25% on November, compared with what CML said was a normal seasonal fall of 6% in the month, the data suggest the downturn gathered pace markedly in the latest month. More>>
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