Latest Mortgage News

The latest news on mortgage rates, mortgage deals; residential and Buy-To-Let markets:

August 28, 2008

Leeds BS offers five-year fixed-rate at 5.84%

by Gill Montia

Leeds Building Society has today reduced the interest rate on its five-year fixed-rate home loan from 5.99% to 5.84%. The lender has also knocked £500 off the completion fee, reducing it to £999. However, the rate reduction only applies to customers who sign up for the society's Homecover insurance through to 31 August 2013. Those who prefer another provider will have to pay ...

Morgan Stanley Advantage: what a bunch of muppets

by Brian Turner

I took out a self-certified mortgage with GMAC two years ago, because as a company director traditional lenders tend to get very confused when your income is not a straight salaried income-taxed income. Like many company directors, I instead take an income in the form of dividends. On the low interest rates everyone enjoyed at the time a self-cert seemed ...

August 27, 2008

A&L launches new deals and cuts rates

by Gill Montia

Alliance & Leicester (A&L) is reducing interest rates for most of its mortgage products, with immediate effect. Cuts of between 0.10% and 0.55% across all but one of the bank's home loans are accompanied by the launch of a two-year fixed-rate deal at 5.99%, which is available to both new and existing customers. A 1% arrangement fee applies and loan-to-value (LTV) ...

August 26, 2008

Stewart Milne Homes launches 4.99% fixed-rate deal

by Gill Montia

Stewart Milne Homes, the housing developer with projects across Scotland and the North of England, has launched a fixed-rate mortgage equivalent to 4.99%. The loan is fixed until August 2011, after which a bank variable rate applies for the remainder of the term. The Aberdeen-based company, which specialises in family homes and apartments, says the offer applies to a range of Stewart ...

July mortgage approvals 65% down over the year

by Gill Montia

The British Bankers' Association (BBA) has released data on lending for July, showing that 22,448 mortgages were approved during the month. The figure is slightly ahead of June's when 22,369 home loan applications were successful but represents a 65% decline on July 2007. It is also well below the average for the six months to the end of June, which ...

August 22, 2008

Two-year fixed-rates return to 2007 levels

by Gill Montia

Financial data provider, Moneyfacts, has announced that rates on the typical two-year fixed mortgage have returned to their 2007 levels. Interest on the average two-year fixed-rate deal is now down to 6.59% from a high of 7.08% earlier this year. However, potential borrowers will need a hefty deposit to benefit from the fall because the average deposit being demanded by lenders has risen ...

Local councils network eager to provide home loans

by Gill Montia

Local government network eager to provide home loans

Members of the New Local Government Network (NLGN) are calling on the Government to provide local authorities with new powers that would allow them to make a competitive entry into the home loan market. NLGN is an independent think tank that seeks to transform public services. It comprises a number of senior local government figures who are now arguing that local ...

August 21, 2008

Oakwood joins Edeus in paying borrowers to leave

by Gill Montia

Another mortgage company is prepared to pay its customers to take their business elsewhere. Oakwood Global Finance, which specialises in buying residential mortgages from other lenders, is offering a 15% discount to certain customers who can redeem their home loans, either by remortgaging or from their own funds. In addition, the firm's usual early repayment charge and £120 exit fee will ...

August 20, 2008

Rate cut and new mortgage deal round-up

by Gill Montia

Yorkshire Building Society has today launched a two-year fixed-rate mortgage with interest at 5.54%. The lender is also tempting customers with a reduced fee of £895. In addition, both Yorkshire and Abbey have announced rate cuts on various loans. Yorkshire has made amendments to an existing two-year fixed-rate mortgage that carried a 3% fee: the rate is being cut from 4.99% to ...

July mortgage lending 27% down year-on-year

by Gill Montia

The Council of Mortgage Lenders (CML) has published data for July and is describing gross mortgage lending for the month as "subdued". The Council's members, which provide around 98% of all residential mortgage lending in the UK, collectively lent £24.8 billion. The figure represents a 27% decline on July 2007 but is 5.0% up on the level for June 2008, when lending decreased ...

Mortgage lending to shrink by 20%

by Gill Montia

Market analyst, Datamonitor, is predicting that the UK mortgage market will shrink by nearly 20% this year. Despite a flurry of rate cuts in recent weeks, which has seen average interest on two-year fixed-rate loans topple from a ten-year high, Datamonitor paints a bleak picture of the UK home loan market. The credit crisis has reduced the number of lenders and products; mortgage ...

August 19, 2008

First Direct launches offset base rate tracker

by Gill Montia

First Direct, part of the HSBC group, has launched a fee-free offset base rate tracker mortgage. Interest remains at 0.99% above base rate for the term of the mortgage (currently 5.99%) and the lender promises an immediate rate change, following a Bank of England announcement. The loan is only available to remortgagers and is linked to a borrower's savings and current account ...

Skipton launches “Stepped” fixed rate loans

by Gill Montia

Skipton Building Society has launched two five-year fixed-rate mortgages. The products aim to accommodate anticipated changes in financial circumstances as interest rates on the "Stepping up" and "Stepping Down" loans change annually. In the case of Stepping Up, the starting out rate is a low 5.39%, rising to 6.99% by 2013 for borrowers signing up this year. The average annual rate works out ...

August 15, 2008

Mortgage repossession orders surge by 24%

by Kay Murchie

Figures from the Ministry of Justice have revealed that the number of mortgage repossession orders made by courts in England and Wales in the second quarter of 2008, rose by 24% to 28,658, compared with the same period last year. The figures are 4% higher than the first quarter of this year and are equal to the number of orders made in ...

August 13, 2008

87% of Brits mis-sold endowment policies

by Kay Murchie

Research from Fairinvestment.co.uk has established that 87% of British homeowners believe they were sold an endowment policy under false pretences. During the 1980s and 1990s, endowment policies were a popular choice for homeowners and it is believed that over 10 million mortgage endowment policies were sold in the UK during the period. Endowments were primarily taken out as a savings vehicle ...

August 12, 2008

CML: Mortgage squeeze continuing

by Kay Murchie

According to the latest figures from the Council of Mortgage Lenders (CML), the mortgage drought is continuing after the organisation revealed that the number of loans approved for house purchases in the UK has fallen. Figures show that 47,000 home loans were approved compared with 98,000 in June 2007, and down from 52,000 in May this year. CML’s head of research, Bob Pannell, said ...

Rics: Number of people moving house falls to record low

by Kay Murchie

According to the Royal Institution of Chartered Surveyors (Rics), the number of homes changing hands has fallen to levels not experienced since their survey started in 1978. The organisation said the average number of property sales handled by surveyors across the country over the last three months plummeted to just 14.4 - the equivalent of less than ...

August 11, 2008

71% fewer mortgages compared with one year ago

by Kay Murchie

Figures from Moneyfacts.co.uk have revealed that there are now 71% fewer mortgages available compared with this time last year. There are now 3,748 mortgage deals available compared with 13,027 mortgage products last August, according to Moneyfacts, showing what an impact the credit crunch has had on the housing market. Furthermore, the number of loans has lessened, with an average maximum of ...

August 10, 2008

US Fannie Mae in the red after loss of $2.3 billion

by Kay Murchie

America’s largest mortgage finance company, Fannie Mae, has revealed a net loss of $2.3 billion (£1.2 billion) for the second quarter, compared with a profit of $1.97 billion (£1.02 billion) last year. The loss is a direct result of the problems in the US housing market and the sub-prime crisis, as borrowers defaulted on home loans. The ...

August 8, 2008

Repossessions leap 48%

by Gill Montia

The number of home repossessions rose by 48% in the first six months of the year, to 18,900. When compared with the second half of 2007 the figure is 41% ahead. Latest intelligence from the Council of Mortgage Lenders (CML) also shows an increase in the number of homeowners falling behind with their mortgage payments. Arrears rose by 29% in the first half of 2008, ...


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FM News: Banking News Insurance News Property News Mortgage News Economy News Investment News Credit Card News Debt News Loan News Pension News FM Main: FM Home Finance News Finance forums Finance Blog FM Features: Northern Rock Car Insurance Home Insurance	Latest Mortgage News The latest news on mortgage rates, mortgage deals; residential and Buy-To-Let markets: August 28, 2008 Leeds BS offers five-year fixed-rate at 5.84% by Gill Montia Leeds Building Society has today reduced the interest rate on its five-year fixed-rate home loan from 5.99% to 5.84%. The lender has also knocked £500 off the completion fee, reducing it to £999. However, the rate reduction only applies to customers who sign up for the society's Homecover insurance through to 31 August 2013. Those who prefer another provider will have to pay ... Morgan Stanley Advantage: what a bunch of muppets by Brian Turner I took out a self-certified mortgage with GMAC two years ago, because as a company director traditional lenders tend to get very confused when your income is not a straight salaried income-taxed income. Like many company directors, I instead take an income in the form of dividends. On the low interest rates everyone enjoyed at the time a self-cert seemed ... August 27, 2008 A&L launches new deals and cuts rates by Gill Montia Alliance & Leicester (A&L) is reducing interest rates for most of its mortgage products, with immediate effect. Cuts of between 0.10% and 0.55% across all but one of the bank's home loans are accompanied by the launch of a two-year fixed-rate deal at 5.99%, which is available to both new and existing customers. A 1% arrangement fee applies and loan-to-value (LTV) ... August 26, 2008 Stewart Milne Homes launches 4.99% fixed-rate deal by Gill Montia Stewart Milne Homes, the housing developer with projects across Scotland and the North of England, has launched a fixed-rate mortgage equivalent to 4.99%. The loan is fixed until August 2011, after which a bank variable rate applies for the remainder of the term. The Aberdeen-based company, which specialises in family homes and apartments, says the offer applies to a range of Stewart ... July mortgage approvals 65% down over the year by Gill Montia The British Bankers' Association (BBA) has released data on lending for July, showing that 22,448 mortgages were approved during the month. The figure is slightly ahead of June's when 22,369 home loan applications were successful but represents a 65% decline on July 2007. It is also well below the average for the six months to the end of June, which ... August 22, 2008 Two-year fixed-rates return to 2007 levels by Gill Montia Financial data provider, Moneyfacts, has announced that rates on the typical two-year fixed mortgage have returned to their 2007 levels. Interest on the average two-year fixed-rate deal is now down to 6.59% from a high of 7.08% earlier this year. However, potential borrowers will need a hefty deposit to benefit from the fall because the average deposit being demanded by lenders has risen ... Local councils network eager to provide home loans by Gill Montia Members of the New Local Government Network (NLGN) are calling on the Government to provide local authorities with new powers that would allow them to make a competitive entry into the home loan market. NLGN is an independent think tank that seeks to transform public services. It comprises a number of senior local government figures who are now arguing that local ... August 21, 2008 Oakwood joins Edeus in paying borrowers to leave by Gill Montia Another mortgage company is prepared to pay its customers to take their business elsewhere. Oakwood Global Finance, which specialises in buying residential mortgages from other lenders, is offering a 15% discount to certain customers who can redeem their home loans, either by remortgaging or from their own funds. In addition, the firm's usual early repayment charge and £120 exit fee will ... August 20, 2008 Rate cut and new mortgage deal round-up by Gill Montia Yorkshire Building Society has today launched a two-year fixed-rate mortgage with interest at 5.54%. The lender is also tempting customers with a reduced fee of £895. In addition, both Yorkshire and Abbey have announced rate cuts on various loans. Yorkshire has made amendments to an existing two-year fixed-rate mortgage that carried a 3% fee: the rate is being cut from 4.99% to ... July mortgage lending 27% down year-on-year by Gill Montia The Council of Mortgage Lenders (CML) has published data for July and is describing gross mortgage lending for the month as "subdued". The Council's members, which provide around 98% of all residential mortgage lending in the UK, collectively lent £24.8 billion. The figure represents a 27% decline on July 2007 but is 5.0% up on the level for June 2008, when lending decreased ... Mortgage lending to shrink by 20% by Gill Montia Market analyst, Datamonitor, is predicting that the UK mortgage market will shrink by nearly 20% this year. Despite a flurry of rate cuts in recent weeks, which has seen average interest on two-year fixed-rate loans topple from a ten-year high, Datamonitor paints a bleak picture of the UK home loan market. The credit crisis has reduced the number of lenders and products; mortgage ... August 19, 2008 First Direct launches offset base rate tracker by Gill Montia First Direct, part of the HSBC group, has launched a fee-free offset base rate tracker mortgage. Interest remains at 0.99% above base rate for the term of the mortgage (currently 5.99%) and the lender promises an immediate rate change, following a Bank of England announcement. The loan is only available to remortgagers and is linked to a borrower's savings and current account ... Skipton launches “Stepped” fixed rate loans by Gill Montia Skipton Building Society has launched two five-year fixed-rate mortgages. The products aim to accommodate anticipated changes in financial circumstances as interest rates on the "Stepping up" and "Stepping Down" loans change annually. In the case of Stepping Up, the starting out rate is a low 5.39%, rising to 6.99% by 2013 for borrowers signing up this year. The average annual rate works out ... August 15, 2008 Mortgage repossession orders surge by 24% by Kay Murchie Figures from the Ministry of Justice have revealed that the number of mortgage repossession orders made by courts in England and Wales in the second quarter of 2008, rose by 24% to 28,658, compared with the same period last year. The figures are 4% higher than the first quarter of this year and are equal to the number of orders made in ... August 13, 2008 87% of Brits mis-sold endowment policies by Kay Murchie Research from Fairinvestment.co.uk has established that 87% of British homeowners believe they were sold an endowment policy under false pretences. During the 1980s and 1990s, endowment policies were a popular choice for homeowners and it is believed that over 10 million mortgage endowment policies were sold in the UK during the period. Endowments were primarily taken out as a savings vehicle ... August 12, 2008 CML: Mortgage squeeze continuing by Kay Murchie According to the latest figures from the Council of Mortgage Lenders (CML), the mortgage drought is continuing after the organisation revealed that the number of loans approved for house purchases in the UK has fallen. Figures show that 47,000 home loans were approved compared with 98,000 in June 2007, and down from 52,000 in May this year. CML’s head of research, Bob Pannell, said ... Rics: Number of people moving house falls to record low by Kay Murchie According to the Royal Institution of Chartered Surveyors (Rics), the number of homes changing hands has fallen to levels not experienced since their survey started in 1978. The organisation said the average number of property sales handled by surveyors across the country over the last three months plummeted to just 14.4 - the equivalent of less than ... August 11, 2008 71% fewer mortgages compared with one year ago by Kay Murchie Figures from Moneyfacts.co.uk have revealed that there are now 71% fewer mortgages available compared with this time last year. There are now 3,748 mortgage deals available compared with 13,027 mortgage products last August, according to Moneyfacts, showing what an impact the credit crunch has had on the housing market. Furthermore, the number of loans has lessened, with an average maximum of ... August 10, 2008 US Fannie Mae in the red after loss of $2.3 billion by Kay Murchie America’s largest mortgage finance company, Fannie Mae, has revealed a net loss of $2.3 billion (£1.2 billion) for the second quarter, compared with a profit of $1.97 billion (£1.02 billion) last year. The loss is a direct result of the problems in the US housing market and the sub-prime crisis, as borrowers defaulted on home loans. The ... August 8, 2008 Repossessions leap 48% by Gill Montia The number of home repossessions rose by 48% in the first six months of the year, to 18,900. When compared with the second half of 2007 the figure is 41% ahead. Latest intelligence from the Council of Mortgage Lenders (CML) also shows an increase in the number of homeowners falling behind with their mortgage payments. Arrears rose by 29% in the first half of 2008, ... Next Page »	Latest News: Rightmove gains as home sellers gravitate to the net Japan reveals plans to boost economy US economy in surprise 3.3% growth B&B posts £26.7m loss as arrears soar Building materials group Wolseley helped by US economic growth Taylor Wimpey house sales plummet by one-third Leeds BS offers five-year fixed-rate at 5.84% Morgan Stanley Advantage: what a bunch of muppets The BBC fudges savings vs investments report House prices down 10.5% Most Read News Today: Building materials group Wolseley helped by US economic growth US dollar weaker on soft data Morgan Stanley Advantage: what a bunch of muppets Taylor Wimpey house sales plummet by one-third Japan reveals plans to boost economy Leeds BS offers five-year fixed-rate at 5.84% B&B posts £26.7m loss as arrears soar US economy in surprise 3.3% growth House prices down 10.5% The BBC fudges savings vs investments report Most Read News To Date: US dollar weaker on soft data 10 Ways Recession Can Help the Environment Futures Trading: A few examples Britannia Building Society exposed to credit crunch BBC: Stock market crash in Autumn Record sum spent on credit and debit cards last year HSBC Premier Banking - not the best service around HBOS rights issue looks uncertain Tracker rates fail to reflect base rate cuts Stricter planning laws required or homes will be uninsurable
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