When Histrionics Undermine The Music And The Pianist Another reason classical music is not reaching more young people: not because of how it sounds, but because of how it looks.... Read Full Article ANZ Marks Out Asian Expansion ANZ is betting $36 million over the next three years on its new chief executive and his ability to drive its Asian expansion.... Read Full Article World Business Briefing: Media Company Is Acquired And Then Divided Two Australian media companies, the Macquarie Media Group and Fairfax Media, began a $1.08 billion bid for Southern Cross Broadcasting.... Read Full Article Reporter’s Notebook: Bush Irks Australians, But They Can?t Look Away President Bush’s extended stay in Sydney for the APEC summit attracted demonstrators? pranks and the determined attention of the Australian press corps.... Read Full Article Scandal Tests Faith At TV Preacher’s University Oklahoma-born evangelist Oral Roberts fits right in to that American tradition of perspiring, impassioned preachers who just happen to become very wealthy thanks to the generosity of their wide-eyed c... Read Full Article |
Q & A: Is There Any Chance Of Good News Among All This Doom And Gloom?Why do mortgage lenders suddenly not want customers? First Direct has, temporarily, withdrawn all its mortgage deals saying it has been swamped by applications. This comes after similar action from Nationwide and Cheltenham & Gloucester. The credit crunch is becoming a mortgage squeeze; the banks are repairing the damage done to their balance sheets by their involvement with sub-prime debt. They are focused on savers and are fearful of making a loss from lending to homebuyers. So, is it now impossible to get a loan? No, just much more difficult, unless you have considerable savings, or equity in your home. The outlook is bleakest for would-be first-time buyers without substantial deposits. &&&§ionName=MoneyMortgages,mywindow,menubar=0,resizable=0,width=615,height=655); Paulson well qualified to play ScroogeAfter grooming himself for the role of Tiny Tim, the US Treasury Secretary now finds he is being cast as the villain Henry Paulson calls for radical regulatory banking reform Background G7 to press big banks to reveal losses Consumers put money away for rainy days Paulson: US house prices must plunge Financial workers braced for redundancies Two worlds collide to pose threat to allThe idea the City and the UK economy can exist in separate orbits, with little influence on each other, is a forlorn hope City gives gloomy outlook for borrowing costs and job cuts Background Credit crisis: Experts assess how bad it is Who caused this nightmare? The blame spreads The cracks are opening in UKs debt mountain Sub-prime mortgages explainedWill I be able to remortgage? Most banks are reserving funds for creditworthy customers who are remortgaging. All borrowers would be well advised to ensure that they have an impeccable credit record: late credit card payments will reduce your chances of getting finance. What does this mean for property prices? The shortage of funds will depress an already much cooler market. But although most economists are turning more gloomy, only a few forecast a slump. Malcolm Barr of JPMorgan predicts an upturn next year; others see improvement in 2010. In the meantime, the absence of first-time buyers will be felt keenly, especially since buy-to-let investors are now less eager purchasers of lower-priced properties. Prices are up to 10 per cent lower than last year. Will borrowing soon get cheaper? Unlikely. While there is hope of further base-rate cuts, lenders will not pass on savings. What’s the best way to sell my house now? If you need to move, set an asking price that will attract interest and act quickly. George Franks, of the London agent Douglas & Gordon, says: “If the seller takes three or four days to decide, the purchaser has often already found somewhere else.” Is this a good time to sell up and rent? Nick Leeming, of Propertyfinder, the website, says: “The average home has to fall more than 7 per cent in value before you break even once you take into account all the costs of selling, moving and then buying again.” Note also that rents are rising rapidly. Should I even be thinking of trading up? Selling and buying in the same market can make sense. Phil Spencer, television presenter and chief executive of Garrington Home Finders, says: “If you are selling a £500,000 house and prices have fallen 10 per cent, you may have to accept £450,000. But if you are buying a £1 million house, you will pay £100,000 less.” Tag CloudExternal InformationAdditional InformationBidder Lowers Offer for Landry’s Restaurants...Fannie Mae Profit Down 36 Percent in 2006... Auctioneer’s clean slate... Lehman to Merge Two Residential Mortgage Units... Where Am I?News Main Page - Business - Q & A: Is There Any Chance Of Good News Among All This Doom And Gloom? |
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