The Council of Mortgage Lenders (CML) has today reported mortgage lending remained weak in December. However, the month is traditionally a quiet one as prospective buyers opt to wait until the New Year to purchase a home. The number of loans approved for those buying a new home stood at 39,000 during the month – [...]
The Council of Mortgage Lenders (CML) has today reported a further fall in repossessions – the fifth consecutive quarter in which they have fallen. According to the Council, lenders seized 7,900 properties in the October to December period – an 11% fall from the 8,900 in the previous quarter. It was also 26% lower than [...]
The British Bankers’ Association (BBA) has today revealed a further fall in the number of new mortgages approved by the major banks in December. According to the BBA, the number of new mortgages approved in the month fell to 28,726, down from 29,696 in November – representing the lowest figure since January 2009. Net mortgage [...]
The Council of Mortgage Lenders (CML) has today reported mortgage lending remained weak in December. Mortgage lending fell by 6% in December compared with November, said the Council. According to the CML, mortgage lending totalled £11 billion – this was 18% lower compared with December 2009 – when buyers were rushing to beat the end [...]
The Council of Mortgage Lenders (CML) has today reported mortgage lending remained weak in November. However, the month is traditionally a quiet one as prospective buyers opt to wait until the New Year to purchase a home. The number of loans approved for those buying a new home remained flat at 44,000 during the month [...]
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 [...]
The Council of Mortgage Lenders (CML) is predicting that the housing market will remain subdued in 2011, due to uncertainty surrounding the economy and the ongoing mortgage rationing by lenders. Over recent times, demand has been weak as many buyers have adopted a “wait and see” approach as uncertainty continues to surround the economy and [...]
New mortgage lending showed a month-on-month fall of 4% in October, with 46,000 loans for house purchases advanced, according to the Council of Mortgage Lenders (CML). At £6.7 billion, the value of the advances was down 6% on September and 12% on October 2009, although last year’s figure was bolstered by buyers taking advantage of [...]
The Council of Mortgage Lenders (CML) has today reported mortgage lending remained weak in October. 44,000 loans for home purchase were approved with gross mortgage lending totalling £12.4 billion – unchanged from the previous month and 9% lower on year ago levels. It also represented the lowest October figure since 2000. Commenting on today’s figures, [...]
The Council of Mortgage Lenders (CML) has today reported a further fall in repossessions – the fourth consecutive quarter in which they have fallen. According to the Council, lenders seized 8,900 properties in the July to September period – representing a fall of 5% compared with the second quarter. Experts argued, though, that many homeowners [...]
A “mortgage famine” could be on the way, according to lenders and housebuilders, that’s if new proposals to prevent reckless borrowing are implemented. The Financial Services Authority (FSA) has outlined plans to encourage responsible lending, which could mean even more buyers are locked out of the market. The FSA has already proposed affordability tests for [...]
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 Council of Mortgage Lenders (CML) has today revealed gross mortgage lending totalled £12 billion in September – the lowest September total since the year 2000. According to the CML, gross mortgage lending fell 1% on the month and was 7% lower than in September 2009. The latest figures highlight the ongoing sluggishness of the [...]
The Council of Mortgage Lenders (CML) has today warned that proposals by the Financial Services Authority (FSA), to encourage responsible lending, could mean even more buyers are locked out of the market. City Watchdog, the FSA, has previously announced plans to restrict mortgage lending, in a bid to prevent reckless borrowing. The FSA has already [...]
Homeowners who qualify for the Government’s Support for Mortgage Interest (SMI) scheme have seen a 40% cut in the rate at which the benefit is paid. The scheme allows some borrowers in financial difficulties to defer part of their mortgage repayments until their circumstances have improved, and the SMI rate was frozen at a generous [...]
The Council of Mortgage Lenders (CML) has warned that proposals by the Financial Services Authority (FSA), to encourage responsible lending, will cause house price falls. The City Watchdog has previously announced plans to restrict mortgage lending, in a bid to prevent reckless borrowing. The FSA has already proposed affordability tests for all mortgages to ensure [...]
The Council of Mortgage Lenders (CML) has today revealed gross mortgage lending fell 6% in August compared with the same month last year to £11.4 billion. The figure was also 14% lower compared with July and represented the lowest August monthly total since 2000, highlighting the ongoing sluggishness of the UK housing market. Commenting on [...]
Demand for house purchase mortgages continued to be weak in July, the Council of Mortgage Lenders (CML) has reported. In what is traditionally a strong month, there were only 56,000 house purchase loans (worth £8.4 billion), although volumes had increased from 53,000 a year earlier. Remortgaging activity remained flat when compared with June (28,000 loans) [...]
The Council of Mortgage Lenders (CML) has today reported a further fall in repossessions – the third consecutive quarter in which they have fallen. According to the Council, lenders seized 9,400 properties in the April to June period – 400 less than in January to March period. Experts argued, though, that many homeowners have been [...]
Despite the doom and gloom surrounding the housing market currently, there is some positive news from the Council of Mortgage Lenders (CML). According to the CML, 52,000 new loans were granted to home buyers in June – 19% higher than in May and up 14% on June 2009. CML economist Paul Samter points out that [...]
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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