Latest Mortgage News
The latest news on mortgage rates, mortgage deals; residential and Buy-To-Let markets:
February 9, 2010
Nationwide has lowered the deposit required for some of its most competitive remortaging deals, from 40% to 30%.
From today, all the lender's existing 60% loan-to-value (LTV) fixed and tracker remortgage loans are available at up to 70%.
Since the onset of the credit crisis, remortgaging activity has been in a steady decline as lower interest rates and impaired credit histories meant borrowers ...
Nationwide lowers LTVs on remortgage deals
by Gill Montia
February 4, 2010
Spanish banking giant Santander has today revealed a 13% rise in fourth-quarter net profit to €2.2 billion (£1.9 billion).
Meanwhile the bank, which is the second largest banking group in the world after HSBC, said gross income grew almost 24% to €10 billion.
For the 2009 year as a whole, net profit was up 1% to €8.94 billion, with good performances in continental Europe, Latin ...
Santander profit grows 13%
by Kay Murchie
Santander announces new two-year mortgages
by David Masters
Twenty per cent rise in home loans on offer
by Gill Montia
February 3, 2010
Mortgage brokers are feeling upbeat about 2010 and predicting a good year ahead for the UK mortgage market.
Research carried out by Platform (part of Co-operative Financial Services) found that 66% of participants in its Intermediary Outlook Survey are expecting improvements.
Seventy-four per cent of respondents believe UK house prices will rise by up to 5% during 2010 and the same proportion think low ...
Mortgage brokers upbeat on 2010
by Gill Montia
February 2, 2010
A wider selection of mortgages is now available to first time buyers with a small deposit, according to moneysupermarket.com The price comparison site found buyers with a deposit of 15% have 22% more mortgages to choose from compared to December 2009. Buyers with a deposit of just 10% can choose from an 11% larger range of mortgages compared to December. In addition, the average interest rate on mortgages has fallen. Hannah Mercedes Skenfield, moneysupermarket.com ...
Mortgage market improving for first time buyers
by David MastersA wider selection of mortgages is now available to first time buyers with a small deposit, according to moneysupermarket.com The price comparison site found buyers with a deposit of 15% have 22% more mortgages to choose from compared to December 2009. Buyers with a deposit of just 10% can choose from an 11% larger range of mortgages compared to December. In addition, the average interest rate on mortgages has fallen. Hannah Mercedes Skenfield, moneysupermarket.com ...
December dip in house purchase mortgage approvals
by Gill Montia
January 28, 2010
Homeowners in England and Wales saw a 20% drop in the proportion of their take-home pay spent on monthly mortgage repayments in 2009.
The latest mortgage affordability research from Barclays' Woolwich lending arm reveals that in December 2008, mortgage borrowers spent an average £196 of every £1,000 of their monthly take-home pay on their home loans.
However, a year later the proportion has ...
Positive shift in mortgage affordability
by Gill Montia
Equity release holding steady
by Gill Montia
January 27, 2010
The collapse of the remortage market as borrowers coming to the end of fixed-rate deals opt to remain on reversion rates, is prompting lenders to raise their standard variable rates (SRVs).
According to Moneyfacts.co.uk some borrowers on SVRs have benefited from the record low 0.5% base rate but others have not been so lucky.
The financial website's spokesperson, Michelle Slade, says: "Many ...
Many SVRs “disjointed” from base rate
by Gill Montia
January 26, 2010
Mortgage lending by Britain's High Street banks strengthened slightly in December, although the end of the stamp duty holiday is likely to have prompted a surge in completions before the New Year.
The British Bankers' Association (BBA) reported net lending of £3.5 billion during the month, up from £3.4 billion in November and showing an annual rise of 4.6%.
December approvals for house purchases ...
Mortgage lending stronger in December
by Gill Montia
FSA defends home owners with mortgage arrears
by Gill Montia
January 25, 2010
The average loan-to-value (LTV) ratio on house purchase loans increased to 70% in December 2009, leaving the typical homebuyer requiring a 30% deposit.
According to research from the Mortgage Advice Bureau, the tendency for lenders to require large deposits in exchange for reasonable rates is softening, having improved from an average LTV of 67% in November and 69% across the final ...
Average loan-to-value ratio eases to 70%
by Gill Montia
January 23, 2010
Both Northern Rock and the Post Office have launched new mortgage deals with lower rates.
The Post Office has cut the cost of its Bank of Ireland lifetime tracker loans from 3.29% to 2.99%, or from 3.59% to 3.49%, dependent upon the loan-to-value ratio.
Bank of Ireland has also reduced the price of its five-year fixed-rate offering by 0.5% ...
Mortgage rate cuts from Post Office and Northern Rock
by Gill Montia
January 21, 2010
Skipton Building Society is increasing its standard variable rate (SVR) from 3.5% to 4.95%.
The change is effective 1st March 2010 and will occur despite the base rate clinging to an all-time low of 0.5%
The lender has evoked "exceptional circumstances" clauses that allow it to remove an SVR cap of 3% above base rate as follows: "Base rate is less than or ...
Skipton BS raises standard variable rate
by Gill Montia
Mortgage lending skips seasonal dip
by Gill Montia
January 18, 2010
Lenders are shunning the remortgage market, and the situation is unlikely to change until 2011, according to housing intelligence outfit, Hometrack.
The firm's strategy, risk and economics director, Gary Styles, explains that lenders have been focusing their attention on house purchase lending, in some cases because they have government targets to hit.
In addition, remortgaging activity has plummeted as low interest rates encourage ...
Remortgaging activity to resurface in 2011
by Gill Montia
UK mortgage products exceed 2,500
by Gill Montia
January 14, 2010
Home buyers needed to use less of their income to cover their mortgage interest in November than at any time for more than five years, the Council of Mortgage Lenders (CML) has reported.
Home movers were particularly well placed, typically needing only 10.6% of gross income to cover mortgage interest payments, down from 11.1% in October.
According to the CML, ...
Mortgages at their most affordable in five years
by Gill Montia
Aviva mortgage endowment policies behind target
by Gill Montia
