Tag: lending criteria

UK housing market in “crisis”

UK housing market in “crisis”

According to a new report by the National Housing Federation (NHF), the UK housing market is in “crisis” as private rents continue to surge and owner-occupier rates fall. The study suggests that home ownership will decline to around 64% by 2021 – the lowest level since the mid-1980s – as an entire generation is unable [...]

Report reveals rise in mortgage availability

Report reveals rise in mortgage availability

Figures from Moneyfacts have revealed in the number of mortgage products. The credit crunch resulted in a tightening of lending criteria and mortgages have been hard to secure without a substantial deposit. However, the number of different mortgage products has risen to its highest level since November 2008, according to Moneyfacts, due to increased competition. [...]

Tighter lending criteria for mortgage borrowers

Tighter lending criteria for mortgage borrowers

In its latest Credit Conditions Survey, the Bank of England has reported that demand for house purchase mortgages fell slightly in the three months to early September. In addition, lending criteria tightened slightly for the second consecutive quarter, with the trend expected to continue over the coming quarter. Some lenders commented that the changes reflected [...]

Lloyds gets cold feet over interest-only home loans

Lloyds gets cold feet over interest-only home loans

Lloyds Banking Group has reviewed its interest-only mortgage offering and withdrawn the non-repayment option on loans of over £500,000. The lender, which operates the Halifax and Cheltenham & Gloucester brands, has also upped rates on interest-only loans, which are now loaded with a 0.2% premium. The end of the house price boom has left banks [...]

House purchase mortgage approvals rise 4%

House purchase mortgage approvals rise 4%

The Council of Mortgage Lenders (CML) has reported that the number of loans approved for house purchases rose 4% in May compared to April, to 37,400. However, volumes were 28% down on a year earlier and well below the 96,000 May average of the past seven years. May remortgaging volumes tumbled 9% on a month [...]

Shift to larger deposits hampers housing market recovery

Shift to larger deposits hampers housing market recovery

Financial data provider, Moneyfacts.co.uk, has published new figures showing that 25% of mortgages available in the UK to new borrowers require a deposit of at least 40%. Those who can only manage a deposit of 5% or less have a mere 21 home loans to choose from, compared with over 1,200 in February of last [...]