The Bank of England has today revealed mortgage approvals fell in April. According to the Bank, there were 45,166 loans approved in the month – 4% down on March’s figure and 9% lower than in April 2010. Not only was the figure less than expected, it represented the lowest figure for April since records began [...]
A survey by the Halifax has revealed many first-time buyers fear they will not be able to get on the property ladder. The survey of 4,000 non-homeowners found two-thirds believe home ownership is unattainable. Stricter lending criteria, which has resulted in lenders demanding large deposits, is deterring many would-be homebuyers, according to the survey. Almost [...]
The Mortgage Rescue Scheme has been criticised by the National Audit Office (NAO) for missing targets. The Scheme was established by the Labour Government in late 2008 to help struggling homeowners in England facing repossession and allowed people to sell their property to a local authority or housing association but stay on as a tenant. [...]
The Council of Mortgage Lenders (CML) today reported a fall in mortgage lending for the month of April. According to the Council, mortgage lending fell to £9.8 billion last month, down 14% from £11.4 billion the previous month and 5% lower than the £10.3 billion a year earlier. The CML attributed the fall to the [...]
The Council of Mortgage Lenders (CML) has today reported a rise in remortgaging loans as homeowners anticipated interest rate hikes. According to the CML, there were almost 34,000 remortgage loans advanced in March – 16% higher compared with February and a rise of 17% on an annual basis. Remortgaging has remained subdued during the historically [...]
The Council of Mortgage Lenders (CML) has today reported an increase in repossessions. According to the Council, lenders seized 9,100 properties in the January to March period – a rise of 15% on the previous quarter. However, it was 10% lower when compared with the same period last year. Experts have previously argued that many [...]
Low interest rates look set to continue, with the Governor of the Bank of England having warned that “massive” economic challenges faced by high levels of debt would only be worsened by rate hikes. Addressing the European Parliament’s Systemic Risk Board yesterday, Mr King said: “The economic consequences of high-level indebtedness now would become more [...]
The British Bankers’ Association (BBA) has today revealed a slight rise in the number of new mortgages approved by the major banks in March. According to the BBA, the number of new mortgages approved in the month stood at 31,660 – marginally better than February’s level of 30,178. However, mortgage approvals were down 10% on [...]
The Bank of England has today revealed mortgage approvals rose in March. According to the Bank, there were 44,000 loans approved in the month, up from February’s 43,000. However, the figure remains well below the 51,000 approved in the same month a year ago. The figures come a day after the Council of Mortgage Lenders [...]
The Council of Mortgage Lenders (CML) has today said mortgage lending continues to remain weak, suggesting the housing market will remain subdued this year. According to the Council, gross mortgage lending for March was 2% lower in March on an annual basis. However, on a monthly basis, gross lending rose 21% to £11.3 billion, compared [...]
The Council of Mortgage Lenders (CML) has today reported mortgage lending increased in February. Mortgage lending rose by 8% in February on a monthly basis but was down 12% on the year. There were 32,300 approvals during the month with first-time buyers making the biggest contribution with 12,400 mortgages worth £1.4 billion. First-time buyers are [...]
Homeowners appear to be taking advantage of low interest rates after Bank of England figures showed borrowers paid a record £24 billion last year. According to the Bank, homeowners paid back more than £24 billion to lenders last year – the highest since records began in 1970. Meanwhile, £7 billion was paid back in the [...]
There is some good news for the housing market after a Bank of England survey revealed mortgage availability is set to improve in the coming months. The survey comes as mortgage lending continues to remain subdued as first-time buyers, in particular, struggle to obtain a mortgage unless they have a substantial deposit. Since the credit [...]
The Bank of England has today revealed mortgage approvals rose in February. According to the Bank, there were 46,967 loans approved in the month, up from January’s 46,152. The level of approvals was broadly in line with analysts forecasts of a level of 46,800. In the meantime, the number of remortgaging loans approved totalled 35,725 [...]
The British Bankers’ Association (BBA) has today revealed a slight rise in the number of new mortgages approved by the major banks in February. According to the BBA, the number of new mortgages approved in the month stood at 29,923 – marginally better than January’s level of 29,159, albeit lower than economists forecast of 29,350. [...]
The Council of Mortgage Lenders (CML) has today said mortgage lending continues to hover at low levels as the housing market remains subdued. According to the Council, gross mortgage lending for February totalled £9.5 billion – relatively unchanged from January’s figure. The CML said the housing market remained “stuck in a rut” and is likely [...]
Five local authorities are piloting a scheme which is set to help first-time buyers get on the property ladder. Since the credit crunch more than three years ago, first-time buyers have been struggling to secure a mortgage unless they have a substantial deposit. It is hoped that the scheme, called Local Lend a Hand, will [...]
The Council of Mortgage Lenders (CML) has today reported mortgage lending plunged in January. Mortgage lending fell by 29% in January on a monthly basis, while lending was also 12% down on the year. There were just 28,500 approvals during the month – the lowest level since February 2009. The Council highlights that traditionally December [...]
The Bank of England has today revealed mortgage approvals rose in January. According to the Bank, there were 45,723 loans approved in the month, up from December’s 42,719 – a month when the country was hit by the coldest weather in more than a century. The level of approvals easily beat analysts forecasts of a [...]
Crisis-torn lender, Northern Rock, is understood to be launching a series of mortgage products which require just a 10% deposit (90% loan-to-value). The announcement, revealed by the Financial Times, comes as mortgage lending continues to remain subdued as first-time buyers, in particular, struggle to obtain a mortgage unless they have a substantial deposit. Since the [...]
Phone fraudsters stealing bank card pins
Fraudsters using a phone scam to trick bank card holders into revealing their pin numbers stole £750,000 in the first four months of this year. This is the same amount stolen through this scam in the whole of last year. The fraudster telephones a bank customer, often someone elderly or vulnerable, telling them that their [...]
FSA rules out ban on interest-only mortgages
Speculation that the Financial Services Authority would ban interest-only mortgages as part of its Mortgage Market Review has proved to be unfounded. However, lenders will be required to monitor the performance of the investment product taken out by the customer to repay the mortgage at the end of its term. Investments are performing poorly because [...]
Bank of England may end free in-credit banking
A director of the Bank of England has warned that official intervention could be considered to end the ‘dangerous myth of free in-credit banking’. Andrew Bailey has already spoken out against free banking in relation to the mis-selling of financial products. In a speech made available to media, he reiterated his concern, saying that it [...]
Bank of England votes against more economic stimulus
The Bank of England voted against a further round of quantitative easing, at its latest Monetary Policy Committee (MPC) meeting. Just one member, David Miles, voted for further asset purchase to encourage growth in the UK economy, while the other eight members voted to keep the Bank’s quantitative easing programme steady at £325bn. The minutes [...]
Catalogue debt growing says helpline
Calls from people concerned about their debts with mail order catalogues accounted for more than 12 per cent of all calls received by National Debtline last year, compared with just 8 per cent in 2007. More people were concerned about catalogue debt than about payday loans, mortgage or rent, according to the Money Advice Trust [...]
Homeserve faces mis-selling investigation
HomeServe, which provides emergency insurance cover and domestic repairs to households in the UK, is to be investigated by the Financial Services Authority (FSA). Issues over the possible mis-selling of household emergency policies were uncovered last October during an internal review at the Walsall-based company. Homeserve’s call centre staff were found to be selling ‘Complete [...]
OFT warns Wonga over debt collection methods
Payday loan company Wonga used aggressive and misleading methods to collect debts from customers, the Office of Fair Trading (OFT) has found. Wonga sent letter and emails to certain customers suggesting they had committed fraud and threatening to report them to the police if they did not act in the way Wonga suggested. The company [...]
NS&I re-launches investment account
National Savings & Investments (NS&I) has re-launched its Investment Account at a higher interest rate than it previously offered. The account now offers 0.75 per cent before tax, compared with between 0.2 and 0.3 per cent previously, depending on the account balance. Deposits and withdrawals on the account can no longer be made at Post [...]
Rightmove reports property downsizing trend
Two in five property owners planning to sell in the next year are planning to ‘trade down’, compared with one in four who plan to ‘trade up’. A survey by property website Rightmove found that moving to a smaller home is the main reason for moving in nine out of the ten regions in the [...]
More people failing to save for retirement
The proportion of people with no pension savings has grown from 20 per cent to 22 per cent over the past year, according to Scottish Widows’ latest survey. The pension provider surveyed 5,200 adults in the UK, aged 30 or over, and earning at least £10,000 a year, for its annual review of pensions. Ian [...]
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