Latest Mortgage News

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

July 2, 2009

Lenders optimistic on higher loan-to-value ratios

by Gill Montia

In its latest Credit Conditions Survey, the Bank of England reports that the availability of mortgages with loan-to-value (LTV) ratios above 75% remained broadly unchanged during the three months to mid-June. However, improvements in the cost and availability of funds meant that a small majority of lenders reported an increase in the availability of secured credit to households, the ...

July 1, 2009

Mortgage Rescue Scheme saves six homes

by David Masters

Only six families have been helped by the government's Mortgage Rescue Scheme, housing minister John Healey admitted yesterday. Set up in January, the £200 million initiative aims to help vulnerable families at risk of having their home repossessed. Participants in the scheme can choose to have their home bought by the local authorities then rented back to them, or to take out a ...

June 29, 2009

Tracker/fixed-rate dilemma unravelled

by Gill Montia

The tracker versus fixed-rate dilemma that currently faces homeowners has been investigated by moneysupermarket.com, with the odds laid out as follows: Mortgage borrowers on tracker rates saw their monthly repayments fall substantially, as the base rate plummeted to 0.5%. However, further falls in the base rate are unlikely whereas a rise is inevitable, probably by the end of the year. This prospect makes the idea of a ...

OECD calls on Government to control UK‘s soaring debt and restore lending

by Kay Murchie

The Organisation for Economic Co-Operation and Development (OECD) is calling on the UK Government to take control of the UK’s spiralling debt. The OECD also said that restoring the flow of lending to the economy is an urgent priority - even if it meant nationalising more banks. The warning from the organisation comes as the Bank of ...

New mortgage approvals rise again

by Gill Montia

The outlook for the UK property market remains positive with the Bank of England reporting a rise in new mortgage approvals during May. The number of loans approved for house purchases increased to 43,414, up from 43,191 in April and marking the fourth consecutive monthly rise. However, in value terms net lending for house purchases increased by just £324 million in May, the ...

June 24, 2009

Negative equity afflicts “prime” homeowners

by Gill Montia

Northern Rock is leading the field in "prime" mortgages that have fallen into negative equity. A new report from ratings agency, Fitch, reveals that almost one in six households at the upper end of the UK property market have home loans that exceed the value of their properties. In the case of the state-owned Northern Rock, 32% of its Granite prime-loan book is in ...

Sub-prime lenders too focused on recovering arrears

by Gill Montia

The Financial Services Authority (FSA) has reported on its recent review of sub-prime lenders who are closed to new business, and on the third parties they instruct to handle mortgage arrears and repossessions. The study found that both were operating "an approach focused too strongly on recovering arrears without reference to the borrower's individual circumstances". Failings included being too ready to take ...

June 23, 2009

Taylor Wimpey launches Deposit Matcher

by Gill Montia

Taylor Wimpey claims to have the "perfect solution" for would-be homemovers who are excluded from the best mortgage deals because of they have too small a deposit. According to the developer, 49% of homeowners are in need of more space and many are being forced to put their next move on hold. Taylor Wimpey has therefore launched its "Deposit Match" scheme, currently available ...

Repossessions set to escalate, warns Shelter

by David Masters

A "devastating" second-wave of arrears and repossessions is set to hit the UK within the next two years, according to a leading housing charity. Shelter has called on the government and mortgage lenders to prepare for hundreds of thousands of repossessions as rising unemployment takes its toll on homeowners. Figures release this week by the Financial Services Authority (FSA) show that repossessions have ...

House purchase loans show further rise

by Gill Montia

The British Bankers' Association (BBA) has published its latest mortgage lending statistics showing that in May, the number of loans approved for house purchases rose to 31,162. The figure is up from 29,018 in April and sports an increase of 15.8% on May 2008. However, gross lending fell to £7.7 billion last month, a figure last seen in February 2001 and down ...

June 22, 2009

LBS launches 5.1% five-year mortgage

by David Masters

Leeds Building Society (LBS) has launched a new five-year fixed-rate mortgage at 5.1%. Available at a loan-to-value (LTV) of up to 75%, the mortgage deal has no higher lending charge. Borrowers can repay up to 10% of capital each year without penalty, and free in-house legal services are provided for customers re-mortgaging. An LTV of up to 85% is available on the mortgage at the ...

CML downgrades 2009 repossession estimate to 65,000

by Gill Montia

The Council of Mortgage Lenders (CML) has updated its 2009 forecast for the UK housing market, reducing its estimate for repossessions from 75,000 to 65,000. The body, whose members provide 98% of all residential mortgage lending in the UK, explains that while the housing and mortgage markets remain "extremely challenging" existing borrowers are benefiting from lower interest rates. Other factors that should ...

June 21, 2009

No turning back for fixed rates

by Gill Montia

Latest figures from Moneyfacts.co.uk show a sharp rise in the cost of a two-year fixed-rate mortgage during the past week. According to the financial website, the average cost of a two-year fixed-rate deal increased by 0.16% between Monday and Friday, to 4.90%. Meanwhile, five-year fixes increased by an average 0.21% over the same period, to 5.82%. Nationwide began the round of increases and has ...

June 19, 2009

MPs to commence mortgage market inquiry

by Gill Montia

The Government has announced an inquiry into the UK mortgage market, focusing on arrears, repossession and access to mortgage finance. The Treasury Select Committee will undertake the study which will look at the impact of the recession on existing and potential homeowners. MPs will collect lenders' statistics on current arrears and their forecasts for medium-term trends. They will also consider access to mortgage finance ...

Sharp increase in house purchase activity

by Gill Montia

John Charcol claims there has been a "sharp increase" in house purchase activity so far this year year. The broker says that in May, mortgage applications for house purchases were higher than for remortgaging for the first time since 2007. The firm's Monthly Mortgage Index shows that business connected to house purchases hit 53.4% last month, compared to an average 25% during 2008. Furthermore, ...

June 18, 2009

Gross lending dips as remortgaging continues to decline

by Gill Montia

Gross mortgage lending declined slightly last month, falling to £10.3 billion in May from £10.5 billion in April. The 2% decline took the annual fall to 58%. The new figures from the Council of Mortgage Lenders (CML) include lending for house purchases and remortgages and the Council points out that even if house purchase activity is increasing, the rise will not ...

June 17, 2009

HSBC shines in Moneyfacts mortgage awards

by Gill Montia

Financial website, Moneyfacts, has named the UK's top mortgage providers in its 2009 awards, which were presented in London last week at a ceremony that recognises the best products and services in the personal finance world. HSBC swept the board, named winner in the Best Remortgage Provider; Best First Time Buyer Mortgage Provider and Best Bank Mortgage Provider categories. Its subsidiary, first direct, ...

June 16, 2009

Fixed rates begin their ascent

by Gill Montia

The much forecast rise in fixed rates is well underway with Abbey announcing that it has put up the cost of its fixed-rate mortgages by between 0.25% and 0.5%. Lloyds banking group has also increased the cost of some fixed-rate deals via its Cheltenham & Gloucester and Halifax brands. The lenders are following a trend set by Nationwide last week when the building ...

June 14, 2009

Demise of 90% LTV blocks first-time buyers

by Gill Montia

The plight of would-be first-time buyers is highlighted by new research from Moneysupermarket.com. According to the price comparison website, home loans requiring a 10% deposit have all but disappeared in the credit crisis with only 102 available today, compared with 3,124 in January 2007, a decline of 97%. First-time buyers are also being penalised on interest rates with the average rate on ...

June 12, 2009

‘Worrying gap’ in financial advice for over-50s

by David Masters

The Citizens Advice Bureau (CAB) has warned of a “worrying gap” in the availability of affordable financial advice for people approaching retirement. People over 50 are often asset rich, but cash poor, and cannot afford to pay for the financial advice they need, the CAB said. Many people in this age group have complex questions about mortgages, pensions, and equity release, but ...


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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	Latest Mortgage News The latest news on mortgage rates, mortgage deals; residential and Buy-To-Let markets: July 2, 2009 Lenders optimistic on higher loan-to-value ratios by Gill Montia In its latest Credit Conditions Survey, the Bank of England reports that the availability of mortgages with loan-to-value (LTV) ratios above 75% remained broadly unchanged during the three months to mid-June. However, improvements in the cost and availability of funds meant that a small majority of lenders reported an increase in the availability of secured credit to households, the ... July 1, 2009 Mortgage Rescue Scheme saves six homes by David Masters Only six families have been helped by the government's Mortgage Rescue Scheme, housing minister John Healey admitted yesterday. Set up in January, the £200 million initiative aims to help vulnerable families at risk of having their home repossessed. Participants in the scheme can choose to have their home bought by the local authorities then rented back to them, or to take out a ... June 29, 2009 Tracker/fixed-rate dilemma unravelled by Gill Montia The tracker versus fixed-rate dilemma that currently faces homeowners has been investigated by moneysupermarket.com, with the odds laid out as follows: Mortgage borrowers on tracker rates saw their monthly repayments fall substantially, as the base rate plummeted to 0.5%. However, further falls in the base rate are unlikely whereas a rise is inevitable, probably by the end of the year. This prospect makes the idea of a ... OECD calls on Government to control UK‘s soaring debt and restore lending by Kay Murchie The Organisation for Economic Co-Operation and Development (OECD) is calling on the UK Government to take control of the UK’s spiralling debt. The OECD also said that restoring the flow of lending to the economy is an urgent priority - even if it meant nationalising more banks. The warning from the organisation comes as the Bank of ... New mortgage approvals rise again by Gill Montia The outlook for the UK property market remains positive with the Bank of England reporting a rise in new mortgage approvals during May. The number of loans approved for house purchases increased to 43,414, up from 43,191 in April and marking the fourth consecutive monthly rise. However, in value terms net lending for house purchases increased by just £324 million in May, the ... June 24, 2009 Negative equity afflicts “prime” homeowners by Gill Montia Northern Rock is leading the field in "prime" mortgages that have fallen into negative equity. A new report from ratings agency, Fitch, reveals that almost one in six households at the upper end of the UK property market have home loans that exceed the value of their properties. In the case of the state-owned Northern Rock, 32% of its Granite prime-loan book is in ... Sub-prime lenders too focused on recovering arrears by Gill Montia The Financial Services Authority (FSA) has reported on its recent review of sub-prime lenders who are closed to new business, and on the third parties they instruct to handle mortgage arrears and repossessions. The study found that both were operating "an approach focused too strongly on recovering arrears without reference to the borrower's individual circumstances". Failings included being too ready to take ... June 23, 2009 Taylor Wimpey launches Deposit Matcher by Gill Montia Taylor Wimpey claims to have the "perfect solution" for would-be homemovers who are excluded from the best mortgage deals because of they have too small a deposit. According to the developer, 49% of homeowners are in need of more space and many are being forced to put their next move on hold. Taylor Wimpey has therefore launched its "Deposit Match" scheme, currently available ... Repossessions set to escalate, warns Shelter by David Masters A "devastating" second-wave of arrears and repossessions is set to hit the UK within the next two years, according to a leading housing charity. Shelter has called on the government and mortgage lenders to prepare for hundreds of thousands of repossessions as rising unemployment takes its toll on homeowners. Figures release this week by the Financial Services Authority (FSA) show that repossessions have ... House purchase loans show further rise by Gill Montia The British Bankers' Association (BBA) has published its latest mortgage lending statistics showing that in May, the number of loans approved for house purchases rose to 31,162. The figure is up from 29,018 in April and sports an increase of 15.8% on May 2008. However, gross lending fell to £7.7 billion last month, a figure last seen in February 2001 and down ... June 22, 2009 LBS launches 5.1% five-year mortgage by David Masters Leeds Building Society (LBS) has launched a new five-year fixed-rate mortgage at 5.1%. Available at a loan-to-value (LTV) of up to 75%, the mortgage deal has no higher lending charge. Borrowers can repay up to 10% of capital each year without penalty, and free in-house legal services are provided for customers re-mortgaging. An LTV of up to 85% is available on the mortgage at the ... CML downgrades 2009 repossession estimate to 65,000 by Gill Montia The Council of Mortgage Lenders (CML) has updated its 2009 forecast for the UK housing market, reducing its estimate for repossessions from 75,000 to 65,000. The body, whose members provide 98% of all residential mortgage lending in the UK, explains that while the housing and mortgage markets remain "extremely challenging" existing borrowers are benefiting from lower interest rates. Other factors that should ... June 21, 2009 No turning back for fixed rates by Gill Montia Latest figures from Moneyfacts.co.uk show a sharp rise in the cost of a two-year fixed-rate mortgage during the past week. According to the financial website, the average cost of a two-year fixed-rate deal increased by 0.16% between Monday and Friday, to 4.90%. Meanwhile, five-year fixes increased by an average 0.21% over the same period, to 5.82%. Nationwide began the round of increases and has ... June 19, 2009 MPs to commence mortgage market inquiry by Gill Montia The Government has announced an inquiry into the UK mortgage market, focusing on arrears, repossession and access to mortgage finance. The Treasury Select Committee will undertake the study which will look at the impact of the recession on existing and potential homeowners. MPs will collect lenders' statistics on current arrears and their forecasts for medium-term trends. They will also consider access to mortgage finance ... Sharp increase in house purchase activity by Gill Montia John Charcol claims there has been a "sharp increase" in house purchase activity so far this year year. The broker says that in May, mortgage applications for house purchases were higher than for remortgaging for the first time since 2007. The firm's Monthly Mortgage Index shows that business connected to house purchases hit 53.4% last month, compared to an average 25% during 2008. Furthermore, ... June 18, 2009 Gross lending dips as remortgaging continues to decline by Gill Montia Gross mortgage lending declined slightly last month, falling to £10.3 billion in May from £10.5 billion in April. The 2% decline took the annual fall to 58%. The new figures from the Council of Mortgage Lenders (CML) include lending for house purchases and remortgages and the Council points out that even if house purchase activity is increasing, the rise will not ... June 17, 2009 HSBC shines in Moneyfacts mortgage awards by Gill Montia Financial website, Moneyfacts, has named the UK's top mortgage providers in its 2009 awards, which were presented in London last week at a ceremony that recognises the best products and services in the personal finance world. HSBC swept the board, named winner in the Best Remortgage Provider; Best First Time Buyer Mortgage Provider and Best Bank Mortgage Provider categories. Its subsidiary, first direct, ... June 16, 2009 Fixed rates begin their ascent by Gill Montia The much forecast rise in fixed rates is well underway with Abbey announcing that it has put up the cost of its fixed-rate mortgages by between 0.25% and 0.5%. Lloyds banking group has also increased the cost of some fixed-rate deals via its Cheltenham & Gloucester and Halifax brands. The lenders are following a trend set by Nationwide last week when the building ... June 14, 2009 Demise of 90% LTV blocks first-time buyers by Gill Montia The plight of would-be first-time buyers is highlighted by new research from Moneysupermarket.com. According to the price comparison website, home loans requiring a 10% deposit have all but disappeared in the credit crisis with only 102 available today, compared with 3,124 in January 2007, a decline of 97%. First-time buyers are also being penalised on interest rates with the average rate on ... June 12, 2009 ‘Worrying gap’ in financial advice for over-50s by David Masters The Citizens Advice Bureau (CAB) has warned of a “worrying gap” in the availability of affordable financial advice for people approaching retirement. People over 50 are often asset rich, but cash poor, and cannot afford to pay for the financial advice they need, the CAB said. Many people in this age group have complex questions about mortgages, pensions, and equity release, but ... Next Page »	Latest News: Diageo sees best day on 100; WPP Group drops most Santander rebrands commercial banking units Debt mountain grows to £1.46 trillion Sainsbury’s offers summer discount on car insurance Lenders optimistic on higher loan-to-value ratios ECB retains interest rates at 1% US unemployment rate hits 26-year high of 9.5% Euro zone unemployment rate hits 10-year high of 9.5% Jobs at risk as Virgin Atlantic cuts back services Government announces measures to tackle debt and protect consumers Most Read News Today: US unemployment rate hits 26-year high of 9.5% US car makers see fall in sales Irish unemployment rate hits 11.9% Jobs at risk as Virgin Atlantic cuts back services Euro zone unemployment rate hits 10-year high of 9.5% Government announces measures to tackle debt and protect consumers Diageo sees best day on 100; WPP Group drops most Miners, led by Vedanta, Hochschild, gain Santander rebrands commercial banking units ECB retains interest rates at 1% Most Read News To Date: US dollar weaker on soft data 10 Ways Recession Can Help the Environment Britannia Building Society exposed to credit crunch Futures Trading: A few examples Banking Crisis: Which are the Safest UK Banks? HSBC Premier Banking - not the best service around BBC: Stock market crash in Autumn HBOS rights issue looks uncertain Tracker rates fail to reflect base rate cuts Record sum spent on credit and debit cards last year
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