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Monday 28th of December 2009

News Tag: lenders

December 24, 2009

Mortgage offerings recover from summer low

by Gill Montia
”Mortgage
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 significant area of growth has been in loans ...



November 19, 2009

Barratt shelves apartments as lenders prefer houses

by Gill Montia
”Barratt
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 of new-build apartments in the UK's ...



November 5, 2009

Mortgage borrowers prefer banks to supermarkets

by Gill Montia
”Mortgage
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 owners of the High Street chains to ...



October 6, 2009

Lenders extend shelf lives of mortgage offerings

by Gill Montia
”Lenders
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 the longest period since October ...



September 16, 2009

Lenders reluctant to cut mortgage rates

by David Masters
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. Since April, more products have come to market, ...



August 25, 2009

Rates soaring on personal loans

by David Masters
”Rates
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% in 2004. "Despite the Bank of England slashing Base Rate ...



July 8, 2009

Homeowners reluctant to seek help over mortgages

by Gill Montia
”Homeowners
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 in this group defined their problems ...



June 26, 2009

Charging Orders - the latest threat to indebted homeowners

by Gill Montia
”Charging
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 says evidence from ...



June 24, 2009

Sub-prime lenders too focused on recovering arrears

by Gill Montia
”Sub-prime
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 ...



April 10, 2009

Mortgage rates at five-year low as interest rates held

by Peter Charalambous
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 nation’s five most popular mortgage deals are at their lowest for the last year and a half. The Bank of England’s latest figures released yesterday shows that the average two-year fixed-rate deal available to borrowers, who ...



April 9, 2009

Scottish homeowners remain victims of aggressive lenders

by Gill Montia
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 that Scotland's failure to adopt the same ...



March 26, 2009

Fixed-rates may go no lower

by Gill Montia
Fixed-rates may go no lower
John Charcol is advising remortgagers and first-time buyers to consider taking out fixed-rate loans. A number of lenders have lowered fix-rates this month but according to the mortgage broker, the trend could soon reverse and today's relatively attractive offerings will disappear. The firm explains that gilt yields for maturities of five years or more have fallen since the Government embarked on quantitative easing and ...



March 19, 2009

New FSA regulation threatens mortgage cap

by Gill Montia
New FSA regulation threatens mortgage cap
Proposals from the Financial Services Authority (FSA) on future regulation of the UK banking sector include the possibility of a cap on mortgages, in terms of their loan-to-value (LTV) or loan-to-income ratios. The woes of the recession are linked to a decade of house price inflation fuelled by irresponsible lending by banks and others and epitomised in the 125% mortgage once offered ...



March 9, 2009

Lenders pledge to pass on rate cut

by David Masters
Lenders pledge to pass on rate cut
Lenders have pledged to reduce standard variable mortgage rates (SVRs) in line with the Bank of England's 0.5% base rate cut. Lloyds TSB, Abbey, Halifax, Barclays, Skipton, Cheltenham & Gloucester, and Nationwide have all promised to pass on the majority of the reduction. The Bank of England last week cut the base rate in half to a record low of 0.5%. Lloyds had ...



December 21, 2008

Lenders’ margins take away the shine for new borrowers

by Gill Montia
Lenders' margins take away the shine for new borrowers
During the past 12 months, lenders have steadily increased their margins on fixed and tracker rate mortgages, according to research by financial website, Moneyfacts. Over the past year, the Bank of England's base rate has fallen from 5.5% to 2%. In addition the cost of borrowing on the money markets has decreased: three month sterling Libor, the rate at ...



December 10, 2008

Northern Rock hedges on latest base rate cut

by Gill Montia
Northern Rock hedges on latest base rate cut
Northern Rock mortgage borrowers will not all receive the full benefit of last week's cut in the base rate. The nationalised lender's tracker rate customers will see the full 1% reduction but for those on its standard variable rate (SVR) the reduction will be 0.5% taking the rate down to 5.34%, from 1st January. Mortgage borrowers, who have remained loyal ...



December 4, 2008

Government proposes mortgage interest deferment scheme

by Gill Montia
Government proposes mortgage interest deferment scheme
The Government yesterday announced further help for mortgage borrowers who are falling behind with repayments. The new measures should mean that middle-income homeowners who lose their jobs or part of their income are less likely to face repossession. In a scheme guaranteed by the state, borrowers will be able to approach their lenders to request up to two years' deferment of part of ...



December 3, 2008

FSA warns on “floors” in tracker rate loans

by Gill Montia
FSA warns on
The Financial Services Authority (FSA) has warned banks and building societies not to use the small print in mortgage agreements to avoid passing on cuts in the Bank of England's base rate. The Bank is widely expected to cut the base rate again this week, by up to 1%. However, some lenders have included "collars" or "floors" in the terms and ...



November 30, 2008

Home Reports a must for Scottish vendors

by Gill Montia
Home Reports a must for Scottish vendors
From 1st December homeowners selling residential properties in Scotland will need to provide potential purchasers with a Home Report. The reports include a survey, valuation, energy assessment and a questionnaire that has been completed by the vendor. As with the introduction of Home Information Packs in England and Wales during 2007/08, the timing is seen as unfortunate by some. While Scotland has ...



Unfair lenders face FSA wrath

by Gill Montia
Unfair lenders face FSA wrath
The Financial Services Authority (FSA) is threatening to fine banks and building societies that are heavy handed with homeowners who fall into arrears with mortgage repayments. The regulator has written to the chief executives of mortgage lenders, giving them until 31st January to review their policies. The FSA's managing director of retail, Jon Pain, explains that conditions in the UK mortgage market ...



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