The British Bankers’ Association (BBA) has today revealed a further fall in the number of new mortgages approved by the major banks in November. According to the BBA, the number of new mortgages approved in the month fell to 29,991, down from 30,689 in October – representing a 20-month low. Net mortgage lending fell to [...]
The Council of Mortgage Lenders (CML) has today reported mortgage lending remained weak in November. Mortgage lending last month fell by 5% when compared with October, said the Council. According to the CML, mortgage lending totalled £11.1 billion – lower than October’s £11.6 billion and the weakest monthly amount since April. CML chief economist Bob [...]
First-time buyers (FTBs) are still struggling to get a foot on the ladder, despite a steep rise in the number of mortgage products available. Mortgage deals for those with a small deposit has doubled, according to Moneyfacts.co.uk, with more than 1,000 mortgages on the market for those with a 20% deposit or less. However, while [...]
The Bank of England has today revealed mortgage approvals fell again in October – to an eight-month low. According to the Bank, there were 47,185 loans approved in the month – the lowest level since February, albeit in line with expectations of 47,000. The figure is less than half the level reached at the height [...]
According to housing intelligence group, Hometrack, house prices in England and Wales fell for the fourth consecutive month in October. According to Hometrack, house prices fell by 0.9% on the month in October to £156,200 – the lowest level since September 2009. The ongoing fall in values continues to be the result of a high [...]
The Bank of England has revealed mortgage approvals fell for the fifth consecutive month in September. According to the Bank, there were 47,474 loans granted in the month – the lowest level since February. The figure continues to be well below the 60,000 reached in November 2009 as buyers took advantage of the stamp duty [...]
The British Bankers’ Association (BBA) has today revealed a further fall in the number of new mortgages approved by the major banks in September. Mortgage lending slumped to its lowest level in a decade in September, while mortgage approvals dived to an 18-month low, said the BBA. Net mortgage lending by the major banks totalled [...]
The British Bankers’ Association (BBA) has today revealed a further fall in the number of new mortgages approved by the major banks in August. According to the BBA, mortgage approvals for the month stood at 31,767, down from 34,219 in July – representing the third consecutive monthly fall and the lowest since April 2009. The [...]
New figures from the Bank of England show total net lending secured on UK dwellings increasing by £0.1 billion in July, although the rise is well below June’s increase of £0.5 billion and the previous six-month average of £0.8 billion. Approvals for house purchase stood at 48,722 with the total broadly in line with a [...]
In its latest Trends in Lending report, the Bank of England has revealed that approvals for house purchase lending decreased slightly in June, compared to a month earlier. At the same time, the total amount loaned for house purchases remained unchanged and a little higher than at the start of the year. Looking forward, most [...]
In May, net mortgage lending by Britain’s High Street banks grew to £2.6 billion, compared with £1.9 billion in April. Annual growth in net lending (gross lending with repayments and redemptions stripped out) stood at 4.3%, unchanged from April, according to the British Bankers’ Association, while May’s gross mortgage lending of £9 billion was in [...]
Net mortgage lending increased by £0.5 billion in April, according to Bank of England figures. The growth rate for the month proved stronger than in March (£0.2 billion) but was below the previous six-month average of £1.3 billion. The number of loan approvals for house purchase also showed some improvement at 49,871, compared with the [...]
New figures from the British Bankers’ Association (BBA) show February’s gross mortgage lending at £8.6 billion, having staged a recovery from January’s low of £8 billion. The number of house purchase loans approved by the UK’s banks leapt 16% year-on-year, to 35,276, having managed a slight increase on January’s figure of 35,154. Furthermore, the value [...]
There were 49% fewer house purchase loans approved in January than in December, the Council of Mortgage Lenders (CML) has reported. According to the body, the steep decline “emphatically demonstrates” the impact of the end of the stamp duty holiday, in December. First-time buyers recorded the largest drop among house purchasers: in January, approvals were [...]
The British Bankers’ Association (BBA) has reported that mortgage lending in January was “relatively weak”, as adverse weather conditions and an inflated December market impacted on house sales. Last month, BBA members approved 35,000 loans to home buyers, down from 46,000 in December but up 37.8% on a year earlier. Remortgaging approvals stood at 20,252, [...]
First-time buyer mortgage approvals hit a two-year high in December as those buying properties costing up to £175,000 rushed their purchases through before the end of the stamp duty holiday. According to the Council of Mortgage Lenders (CML), 24,900 first-time buyer loans were sanctioned worth £2.9 billion, leaving both figures up 26% on November. In [...]
UK lenders sanctioned an additional £1.2 billion in mortgages in December 2009, according to Bank of England statistics. The figure fell below the revised November total of £1.6 billion, but remained above the previous six-month average of £0.9 billion. The annual rate of growth slipped to 0.9% (1% in November) but the three-month-on-three month measure [...]
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 [...]
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 [...]
Figures published today show that people in the UK continue to repay debt as the incentive to save remains low in the current historically low interest rate environment. According to the Building Societies Association (BSA), its members withdrew more money than they saved for the ninth consecutive month in November. The BSA said there was [...]
M&S Money launches 3% cash ISA
M&S Money has launched an Advantage Cash ISA paying 3 per cent, and which allows transfers in from other ISAs. It can be opened with a minimum deposit of £100 lump sum followed by minimum monthly deposits of £25. The 3% rate is variable, but there is no short-term bonus so the return won’t plummet [...]
Google suspends UK Compare Mortgages site
Google has closed its UK mortgage comparison site which it launched in July last year, after it proved to be less popular than expected. Mortgage comparison sites are designed to allow visitors to compare mortgages quickly and easily without having to visit each lender’s individual site. Google was competing with several well-established comparison sites, including [...]
AA launches ‘black-box’ policy for young drivers
The AA is launching an innovative car insurance policy called Drivesafe which could help younger drivers save up to £850 a year. Younger drivers already pay substantially higher premiums than other motorists and these costs are increasing. A new study by Confused.com suggests insurance costs for younger driver have gone up by 5.7 per cent [...]
ATOL scheme updated to protect online bookers
ATOL, a financial protection scheme managed by the Civil Aviation Authority, is being extended to protect up to six million more holidays a year. The scheme ensures that holiday makers do not lose out financially if a travel company collapses, and that they are not stranded abroad. An increase in the number of holidays booked [...]
Home repossessions lowest for four years
The number of UK homes repossessed fell to 36,200 in 2011, significantly below the Council of Mortgage Lenders’ forecast of 40,000, and lower than 2010 when 37,100 homes were repossessed. With interest rates remaining low and lenders adopting a sympathetic attitude to customers in financial difficulty, repossessions fell to their lowest level since 2007. However, [...]
Monthly pay lasting just 17 days
Workers are running out of money just 17 days after receiving their monthly pay, according to new research by the Halifax bank. This means that the average UK worker spends half the month worrying about money. The study, based on the responses of more than 2,000 adults, found that 10 per cent of workers start [...]
Women disadvantaged by auto-enrolment changes
Government proposals to increase the auto-enrolment threshold to £10,000 could put 1.8 million women at risk of missing out on a pension, the TUC has warned. Under the auto-enrolment scheme, which will be phased in from October, private sector employers will automatically enrol workers between the age of 22 years and the state pension age, [...]
Emergency household repairs company Homeserve is taking longer than expected to get back on track after its operations were suspended last October. The company expected customer numbers to fall by 5% this year but it has increased this estimate to 8% and announced the loss of 200 jobs. It estimates that renewal revenue in 2013 [...]
Sale rumoured for Yorkshire and Clydesdale banks
There is growing speculation that National Australia Bank (NAB) may sell Yorkshire Bank and Clydesdale Bank after the Australian parent company announced a strategic review of the two banks’ operations. The Australian economy is performing well and NAB reported strong profits for the final quarter of 2011 but with the UK economy at a virtual [...]
More women experiencing debt difficulties
Women in Debt, which offers female-focused debt advice, has warned that the number of UK women facing serious debt has grown significantly over recent years. The organisation believes that more women will need advice on solving debt problems in the future because they are building up an unsustainable level of indebtedness. Women in Debt’s director, [...]
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