Tag: lenders

SVR mortgage holders will suffer when interest rates rise

SVR mortgage holders will suffer when interest rates rise

Consumer group Which? has warned homeowners with SVR mortgages that they will be financially squeezed once interest rates are lifted. A Standard Variable Rate (SVR) is a mortgage in which the rate of interest is varied from time to time by the lender but it is usually set at about 2% above the Bank of […]

June 22, 2011 More
Struggling HMV secures future with refinancing agreement

Struggling HMV secures future with refinancing agreement

Shares in troubled music, books and games retailer HMV have risen today after it emerged that it has secured a new refinancing deal with its lenders. The deal, worth A?220 million, will see the taxpayer taking a stake in the company. The groupa��s main lenders are taxpayer-backed Royal Bank of Scotland and Lloyds Banking Group. […]

June 7, 2011 More
New rules for lenders handling mortgage arrears

New rules for lenders handling mortgage arrears

The Financial Services Authority (FSA) has published new rules aimed at protecting vulnerable customers in arrears on their mortgages. From 30th June, homeowners in arrears must be treated fairly by lenders and the following key areas have been confirmed: Firms must not apply a monthly arrears charge where an agreement is already in place to […]

June 25, 2010 More
Rail company Jarvis goes into administration

Rail company Jarvis goes into administration

Jarvis, the railway maintenance company, has entered administration after being refused further support by its lenders. The company, which has is based in York, said the future of the firm depended on the ongoing support of its lenders but said after negotiations, it was evident a�?that sufficient support will not be extended to the company […]

Mortgage fraud threat as economy recovers

Mortgage fraud threat as economy recovers

The full extent of UK mortgage fraud in the lead up to the credit crisis is probably as yet unknown and signs of economic recovery have prompted the National Fraud Authority (NFA) to remind lenders that they must continue to combat the crime. According to the NFA, almost A?144 billion was loaned in mortgages in […]

Mortgage deals up 70% in under a year

Mortgage deals up 70% in under a year

New research from Moneyfacts.co.uk claims there has been a 70% rise in the number of mortgage products available in just under a year. According to the financial website, borrowers now have 2,053 deals to choose from, compared with 1,209 in April 2009, when the figure bottomed out. Furthermore, a significant boost has occurred since the […]

Banks’ debts could devastate mortgage lending

Banks’ debts could devastate mortgage lending

FSA defends home owners with mortgage arrears

FSA defends home owners with mortgage arrears

Mortgage borrowers in arrears stand to get a better deal from lenders under new proposals published today by the Financial Services Authority (FSA). The package is aimed at ensuring home owners in financial difficulties are treated fairly, by strengthen existing rules on arrears handling and promoting the regulator’s “tough stance” on mortgage fraud. Under the […]

A&L most consistently competitive mortgage lender

A&L most consistently competitive mortgage lender

Alliance & Leicester (A&L) replaced HSBC as the UK’s most consistently competitive mortgage lender during the final quarter of 2009. According to research by mortgage search software firm, Evaluate Technologies, A&L surged ahead despite having failed to register any of its home loans in best buy tables during the previous quarter. The lender, which is […]

Mortgage offerings recover from summer low

Mortgage offerings recover from summer low

Lenders are cautiously expanding their mortgage offerings, with the number of home loans available rising steadily since August’s low of 2,182. According to moneysupermarket.com homebuyers and remortgagers can now choose from 2,430 products, although the figure is still well below the 3,384 available at the beginning of the year. Encouragingly for first-time buyers, the most […]

Barratt shelves apartments as lenders prefer houses

Barratt shelves apartments as lenders prefer houses

Barratt Developments is to focus on building houses rather than apartments, in response to lenders’ preferences. The group’s chief executive, Mark Clare, says the company will build what it knows it can sell and in the case of apartments, lenders are making life difficult for mortgage borrowers by asking for deposits of 25%. The oversupply […]

Mortgage borrowers prefer banks to supermarkets

Mortgage borrowers prefer banks to supermarkets

With the prospect of new entrants into the UK mortgage market following the break up of RBS and Lloyds Banking Group, moneysupermarket.com has conducted a study that indicates Britons prefer to deal with established lenders when it comes to buying a property. Chancellor of the Exchequer Alistair Darling has already made it clear that the […]

Lenders extend shelf lives of mortgage offerings

Lenders extend shelf lives of mortgage offerings

Evidence that the UK mortgage market is stabilising has emerged from Moneyfacts.co.uk, which has noted that lenders have been extending the shelf lives of their various offerings in recent weeks. According to the financial website, the average mortgage product was available for 24 working days in September, up from 18 working days in August, and […]

Lenders reluctant to cut mortgage rates

Lenders reluctant to cut mortgage rates

Homeowners are gradually being offered a larger choice of mortgage products, although lenders remain cagey about attracting too much business, MoneyFacts.co.uk claimed this week The number of mortgage products available dropped to a record low of 1,209 at the beginning of April, down from a peak of 11,951 products that were available in July 2007. […]

Rates soaring on personal loans

Rates soaring on personal loans

Consumers taking out a personal loan are “paying through the nose” due to soaring interest rates. Banks are now charging an average APR of 10.32% on personal loans even though the Bank of England’s base rate has been held at a record low of 0.5%. This compares to an average personal loan APR of 8.71% […]

Homeowners reluctant to seek help over mortgages

Homeowners reluctant to seek help over mortgages

Homeowners struggling with mortgage repayments can be shy in talking about their difficulties, despite pleas from lenders and debt charities to seek help and advice early. According to research from the Financial Services Consumer Panel (FSCP), 41% of those having difficulty paying their home loans struggle on unaided, even though seven out of eight borrowers […]

Charging Orders – the latest threat to indebted homeowners

Charging Orders – the latest threat to indebted homeowners

The Citizens Advice Bureau (CAB) claims that lenders are increasingly threatening customers in England and Wales with charging orders, in attempts to intimidate debtors into making unaffordable repayments. A charging order is a means of securing an unsecured loan against equity in the debtor’s property. In a new report entitled “Out of order” the charity […]

Sub-prime lenders too focused on recovering arrears

Sub-prime lenders too focused on recovering arrears

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”. […]

Mortgage rates at five-year low as interest rates held

Mortgage rates at five-year low as interest rates held

The Bank of England’s sixth consecutive interest rate cut is finally having an impact on the housing market as interest rates on the nationa��s five most popular mortgage deals are at their lowest for the last year and a half. The Bank of Englanda��s latest figures released yesterday shows that the average two-year fixed-rate deal […]

Scottish homeowners remain victims of aggressive lenders

Scottish homeowners remain victims of aggressive lenders

A BBC Scotland investigation has suggested that Scottish homeowners struggling with mortgage arrears are more likely to be repossessed than their English and Welsh counterparts. A programme screened on BBC One Scotland yesterday compared the legal measures available to prevent repossession in Scotland with those covering the rest of the UK. The programme makers claimed […]