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Tag: mortgage

  • All you need to know about Michael Essien’s mortgage suit

    All you need to know about Michael Essien’s mortgage suit

    Recent court documents have revealed significant details about the legal proceedings involving former Ghanaian football star, Michael Essien, and the Republic Bank Limited concerning the recovery and auction of his properties.

    The Commercial Division of the Accra High Court has issued orders for the sale of two prime properties owned by Essien, located in prestigious areas of Accra.

    The properties in question include House Number 9 at Stephen Quarshie Crescent, East Legon, and House Number 204/205 at Trassaco (Phase 2) Adjiringano.

    These properties have been the subject of a legal dispute stemming from a $2.1 million mortgage contract between Essien, his wife Akosua Puni Essien, and Athena Real Estate Company Limited, and the Republic Bank.

    According to reports from Gh Gossip 24, the lawsuit was initiated by Republic Bank Limited on September 23, 2020. The bank sought various reliefs, including an order to take possession of the properties with police escort assistance and a mandate to sell off the Trassaco property.

    In response to the lawsuit, the respondents, including Michael Essien and the other parties, applied for an out-of-court settlement on October 28, 2020.

    This led to the court setting aside the initial orders requested by Republic Bank. The out-of-court negotiations revealed that Essien’s mortgage debt as of July 21, 2020, amounted to $2,164,345.80, which increased to $2,310,343 due to accrued interest.

    Under the terms of the agreement reached in February 2021 and approved by Justice Afi Agbanu Kudomor, the parties agreed that Essien would cover legal fees, survey costs, and other expenses associated with recovering the properties.

    The agreement also stipulated efforts to secure a buyer for the Trassaco property, a luxurious five-bedroom house valued at over $20 million.

    The property, described as having amenities such as a swimming pool, cinema, and gym, has been listed on both Republic Bank’s website and real estate platforms like Meqasa.com for approximately GH₵ 225,000,000 ($14,745,584.25).

    The agreement includes provisions for a potential reduction in price if the property remains unsold after six months.

    The resolution of the case hinges on successful sale attempts within 12 months, failing which the matter may return to court for further adjudication.

    The agreement also grants Republic Bank access to the properties upon execution, ceasing further interest calculations on the mortgage facility.

  • UK mortgage rates likely to rise for some homeowners

    UK mortgage rates likely to rise for some homeowners

    On Thursday, the Bank of England is anticipated to increase interest rates from 4.5% to 4.75% as part of its efforts to curb inflation.

    UK’s inflation to drop in May and was stuck at 8.7%.

    However, there are speculations among economists that the Bank may opt for a more significant increase of 0.5%.

    Should the rates rise, it is expected that mortgage rates will also go up for individuals seeking to re-mortgage or those with variable-rate mortgages. Approximately 800,000 individuals are projected to re-mortgage next year.

    As of today, a typical two-year fixed mortgage deal carries an interest rate of 6.15%. Meanwhile, the standard variable rate, effective from 1 June 2023, stands at 7.52%, as reported by financial data firm Moneyfacts.

    In recent weeks, mortgage lenders have been withdrawing mortgage deals and swiftly raising rates.

    Additionally, Chancellor Jeremy Hunt announced yesterday that there will not be a major scheme implemented to provide assistance to homeowners facing financial difficulties.

  • Paul Dogboe refutes mother and daughters sexual affairs allegations

    Paul Dogboe refutes mother and daughters sexual affairs allegations

    Paul Dogboe, the father and former trainer of Ghanaian boxer Isaac Dogboe, has strongly denied rumors suggesting that he engaged in a sexual relationship with a mother and her two daughters.

    In an interview with Dornu’s Corner, Dogboe dismissed these claims as fake news and attributed them to a particular prophet who he believes is intentionally trying to ruin his marriage and his relationship with Isaac.

    Furthermore, Dogboe expressed his frustration with the same prophet for spreading false information about him owing money to residents of Anyako.

    He emphasized that these allegations are baseless and aimed at tarnishing his reputation.

    “When you trust and they mess you up and they make people believe other things …. Even in my own village, I go out of that village clean, helping the village people so much so that I went back to England having nothing.

    When I came back I had people going around saying that I owed people from the village.

    “They go around using my name to extort money from people. They were saying that I’ve slept with a mother and her two daughters.

    Can you imagine? This is just to mess me up. This is the kind of stuff that a man God says about me.

    “If God talks to you, you should know that what you are saying is not true. It’s so bad. The lies you can tell to destroy somebody and his wife and kids,” he said.

    Isaac and his dad and former manager

    Paul Dogboe in the same interview implored his son to settle some debts he owed certain investors who contributed to his success in the sport.

    “One of the fights, against Cesar Juarez, we had tickets that we obtained on credit for $40,000 from Islam, who usually provides us with complimentary tickets. I owed Jerere $5000, and I paid him.

    I settled with Patrick as well, so there were small debts that I managed to clear. The only outstanding petty debt is $6,000 owed to Cephas,” Paul Dogboe revealed.

    Paul continued, recounting the conversation he had with his son when Isaac informed him that he no longer wanted him to manage his career. “I said, ‘Okay, I have given you my blessing, but remember there are debts.’

    I sent him a text listing all the debts, and he called John Marfo, promising to settle them. So, how is it that he then approached Uncle Mitch for a $70,000 loan?”

    Paul Dogboe expressed his disappointment, stating, “There was a time he said he would send me money, but I told him I didn’t need it; he should pay off the debts instead. He gave me a thumbs-up, so I thought my son was being responsible and clearing his debts.”

    A former British military officer, Paul revealed that he sometimes regrets leaving his well-paid job to devote himself to his son’s boxing career.

    He further revealed that individuals he had brought in to assist with his son’s training spread falsehoods and encouraged Isaac Dogboe to distance himself from his father.

    “You are surrounded by people whom I introduced you to, yet they harbored ill intentions towards me while I had nothing but good intentions for you.

    I sacrificed my lucrative job to support you,” Paul expressed with a tinge of regret.

    Paul Dogboe disclosed that his life has taken a downward spiral, resulting in the sale of his house in England following his divorce from Isaac’s mother. The proceeds, he says were used to secure another property with a new mortgage.

    “I sold my house recently because I divorced my wife and we split the money and I put the money in another mortgage,” he stated.

  • Third of Brits going back into the office to save money – as monthly bills named biggest financial concern for everyone

    Nearly a third of Britons are going back to the office more because of the cost of living crisis, in a bid to save money on energy bills.

    Some 71% of those now working from the office have noticed a change in the price of their energy bills, according to research from Brother (who surveyed 500 people).

    Additional research from money.co.uk found monthly bills were the biggest financial concern for people in the UK – regardless of what salary they earned.

    One in eight of those earning under £15,000 were concerned about having enough money for food.

    Those earning about £55,000 were most worried about their mortgage payments.

    What do you do if you cannot pay a bill?

    James Andrews, a financial expert at Money.co.uk, says: “As ever more people are becoming concerned with how they’re going to pay their bills every month, it’s important to know what steps you can take if you do find yourself unable to make a payment.

    “Don’t ignore the problem. Being unable to pay a bill is stressful, but the problem can escalate if you don’t tackle it sooner rather than later. Rather than bury your head in the sand, make contact with the company that sent the bill – they’re likely to be more understanding if you’re upfront and honest about your circumstances.

    “Prioritise housing and council tax. No one wants to miss a bill, but failing to keep up with your rent, mortgage or other debt payments secured on your home can see you evicted. That makes these bills a priority. Council tax is the only bill you can be imprisoned for failing to pay – so that’s another bill you need to pay attention to.

    “Keep paying what you can, if you can. Even if you can’t pay off the entire bill, paying what you can demonstrates that you are committed to clearing the balance eventually. This will also reduce the amount you owe, and therefore mitigate any increases on the bill if interest builds on the outstanding balance.

    “Get help. If you’re struggling to control your finances, there are several not-for-profit organisations that can consider your personal circumstances and offer you free, bespoke advice. StepChange, National Debtline, or CCCS are all dependable examples.”

     

  • Kwarteng will meet with high street bank executives despite the mortgage market’s freeze

    In response to worries about how the current market upheaval would affect the provision of home loans, the chancellor will meet with executives from lenders on Thursday, including Barclays and NatWest, Sky News has learned.

    Executives from Britain’s biggest high street banks have been summoned for talks with Kwasi Kwarteng amid concerns about the impact of recent financial turmoil on the mortgage market.

    Sky News has learned that the Treasury has convened a meeting on Thursday at which the chancellor is expected to quiz lenders on their plans.

    City sources said executives from Barclays, Lloyds Banking Group, and NatWest Group were among those expected to attend.

    Hundreds of mortgage deals have been pulled or frozen by banks as a result of volatility in how banks price home loans.

    The chief executive of the City watchdog told The Sunday Times at the weekend that he wanted lenders to justify the withdrawal of fixed-rate mortgage products.

    “If a product is withdrawn for a temporary period, we want to understand when they’re going to come back to the market so that those people who may need to refinance are able to proceed with their plans,” Nikhil Rathi told the newspaper.

    eople briefed on the agenda for Thursday’s meeting with Mr Kwarteng said it would also address the economic growth plans announced since he was appointed as chancellor last month.

    Mr Kwarteng has already held a series of meetings with senior financiers, including executives from investment banks, asset managers, and insurers.

    He has said he will set out plans for a deregulatory drive dubbed Big Bang 2.0 in the coming weeks, with a particular focus on scrapping rules imposed during Britain’s membership of the EU.

    None of the banks invited to the meeting would comment on Wednesday.

  • Mini-budget: Mortgages withdrawn from sale as market reels

    In the wake of mini-budget market turbulence, which has sparked worries about additional interest rate hikes, UK mortgage providers search for a way out. While Halifax will discontinue fee-paying mortgages, Virgin Money and Skipton Building Society have temporarily pulled their whole product lines.

    The market turmoil caused by Friday’s seismic mini-budget has hit mortgage offerings as providers withdrew partial and entire lending ranges.

    Virgin Money and Skipton Building Society have temporarily withdrawn their entire mortgage product range, while Halifax, the country’s largest mortgage lender, said it is to remove fee-paying mortgages.

    Fee-paying mortgages allow borrowers to pay a fee in exchange for a lower interest rate.

    Halifax’s changes are to take effect on Wednesday, while the Virgin Money and Skipton Building Society decisions have already taken effect.

    Chancellor Kwasi Kwarteng’s announcement of the most extensive programme of tax cuts for 50 years, and the associated market upset, has traders expecting that the Bank of England will raise interest rates to 6%- even higher than it outlined last Thursday.

    On Monday, the Bank fuelled those fears when, in a surprise statement, it said it “will not hesitate to change interest rates as necessary”.

    That uncertainty around the future of rate rises has caused the withdrawal, one broker told Reuters.

    “The uncertainty around the risk of an emergency rate rise is likely to see other lenders withdrawing products or increasing rates dramatically until they know the extent of how this all pans out,” Jamie Lennox, a director at Dimora Mortgages, said.

    Parent company Lloyds said Halifax was making the changes to its mortgage product offering “as a result of significant changes in the cost of funding”.

    Virgin Money made its decision “given market conditions”, a spokesman said in a statement, with already submitted applications to be processed as normal.

    The provider said it hopes to launch new products towards the end of the week.

     

  • Government releases GH¢40 million for mortgage financing

    Government has released some GH¢40 million to support the efforts by the private sector in bridging the housing deficit in the country.

    The fund which has been made available to some selected banks in the country is expected to add to additional funding to be provided by private estate developers.

    Read: Stanbic Bank rolls out mortgage scheme for public sector employees

    Deputy Minister of Finance, Charles Adu Boahen disclosed this at the opening of the Ghana affordable housing finance forum in Accra.

    Ghana as a country needs about 2 million housing units to be able to bridge the affordable housing gap which has been a major concern for many in the country.

    According to Deputy Finance Minister, Charles Adu Boahen, funds have been made available to some selected banks at a very low-interest rate as government’s support towards mortgage financing.

    He said, “Government has released an amount of GH¢40 million to the commercial banks as part of funds to cushion the support of the financial sector in providing a low-interest mortgage.

    The funds have been made available to some selected banks only after careful due diligence by the ministry.”

    Meanwhile Minister for Works and Housing, Samuel Atta Akyea is inviting more investors to add up to the funds provided by the government to support affordable housing.

    Read: Budget 2019: Government fights housing deficit with GHC1bn mortgage fund

    According to him, state funds alone cannot cater for the housing needs of the country.

    “There are many opportunities for us to deal with these housing deficit and I can tell you, state funds alone cannot be adequate in solving the problem. Other private sector players must come on board to support the effort of government,” he noted.

    The two-day conference by the department of land economy of the Kwame Nkrumah University of Science and Technology (KNUST) and the IFC seeks to provide an opportunity for stakeholders to come up with proposals in dealing with the housing deficit.

    The conference is also expected to present a dialogue paper on the various proposals to the Ministry of Works and Housing.

     

    Source: Myjoyonline.com