New research from Yorkshire Building Society shows that the number of mortgage borrowers now on their lenders’ standard variable rates (SVRs) is over 2.3 million, representing 28% of the total mortgage market. Typically these households have come off fixed-term deals and for one reason or another have chosen to revert to their lenders’ SVRs, rather [...]
The Post Office has launched new mortgage deals with first-time buyers in mind. The lender is not only happy with a minimum deposit of 10% but is also allowing borrowers to choose between an interest only and capital plus interest repayment option. For a two-year fix the rate is 5.45%, for a five-year 5.99%, and [...]
The number of loans advanced for house purchases increased by 12% in February, showing a modest recovery on January when the figures were weak due to the end of the stamp-duty holiday and the severe winter weather. According to the Council of Mortgage Lenders (CML) 35,000 house purchase loans were advanced worth £5 billion, up [...]
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 [...]
Nationwide has lowered the deposit required for some of its most competitive remortaging deals, from 40% to 30%. From today, all the lender’s existing 60% loan-to-value (LTV) fixed and tracker remortgage loans are available at up to 70%. Since the onset of the credit crisis, remortgaging activity has been in a steady decline as lower [...]
First-time buyers are finding it easier to get a foot on the property ladder, according to independent mortgage adviser, Mortgageforce.co.uk. Better deals for high loan to value (LTV) borrowers meant that in November, 14% of all transactions arranged by the online broker were for those buying their first home, compared to the usual 10%. The [...]
Figures from realpricecomparison.com show that in October and November, first-time buyers accounted for nearly a third of all mortgage searches. However, small deposits mean would-be homeowners are seeking out deals at 80% loan-to-value (LTV) ratio or above, with around 8.5% of searches for mortgages with LTVs of between 90% and 95%. According to the price [...]
Clydesdale Bank has approved more mortgages in the past two months than it did this time last year. The bank approved 30% more home loans in May and June compared to the same period in 2008. This rise in approvals follows Clydesdale’s pledge last week to release a further £1 billion of new lending to [...]
In a surprise move, Nationwide Building Society is offering a new mortgage with a loan-to-value (LTV) ratio of 125%. The deal is only available to existing customers who are in negative equity and need to move house. Even then borrowers will be selected very carefully. The building society says it can provide a loan for [...]
Alliance & Leicester (A&L) has launched a new mortgage aimed at first-time buyers with a 15% deposit. The three-year fix, which is fee free, comes with a maximum loan-to-value ratio of 85%, an interest rate of 5.99%, a maximum loan size of £250,000 and a free valuation. Latest figures from the Council of Mortgage Lenders [...]
A member of the Bank of England’s Monetary Policy Committee has taken up the cause of would-be homeowners who need to borrow 100% of the value of a home. Kate Barker, who is also a Government adviser on the UK housing market, has publicly opposed Prime Minister Gordon Brown in his suggestion that such loans [...]
The anxiously awaited recovery of the UK housing market is still blighted by mortgage lenders’ demands for high deposits. Latest figures from financial website, Moneyfacts, show the number of home loans on offer increasing to 1,485, up from 1,398 in March. However, over two-thirds of the deals on the market require a deposit of at [...]
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 [...]
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 [...]
Nationwide Building Society has reintroduced a mortgage with a 95% loan-to-value ratio (LTV). The deal is only available to existing customers who are moving house and borrowers signing up for the loan will be on a two-year fix at 7.18% for the no fee version. The minimum loan size is £25,000 and for those prepared [...]
The announcement earlier this week of the £500 billion Government package of support for UK banks, plus a 0.5% cut in the Bank of England’s base rate, has met with disappointing results in the mortgage market. According to financial website, Moneyfacts.co.uk, home loan providers have continued to withdraw products with high loan-to-value (LTV) ratios, leaving [...]
New research from fool.co.uk shows just how dramatically the mortgage market has swung in favour of those who have large deposits. According to the financial website, home buyers looking for a loan-to-value (LTV) ratio of 60% can access around 4,588 mortgage products. For those even better placed and needing to borrow less than 60% of [...]
Abbey has become the first leading UK mortgage lender to demand advanced payment of arrangement fees on some of its loans. Customers needing to borrow 95% of a property’s value will have to trump up £2,499 rather than add the charge to their loan. Lenders have already applied penalties to the 95% mortgage market by [...]
Alliance & Leicester, the UK’s ninth-largest mortgage lender, has increased interest rates for new customers with less than a 25% deposit. Borrowers needing to raise between 76% and 90% of a property’s value will now be charged 6.49% on a two-year fixed-rate mortgage, rather than 5.74%. The 0.75 percentage point increase adds £864 per annum [...]
Gender directive could slash men’s annuity payouts
The EU Gender Directive, which came into force today, could see men losing up to £10,000 from their annuity payouts, according to research by PricewaterhouseCoopers. Under the new rules insurers are no longer allowed to take gender into account when setting annuity rates and premiums on insurance products. Men previously enjoyed higher annuity rates than [...]
Home rental costs down in November
The cost of renting a house in England and Wales fell by 0.4 per cent in November, its first dip since March, according to a survey by LSL Property Services. Average rent was £741m during the month, returning to the level seen in September. However, it was 3.4 per higher than in November last year. [...]
Lloyds TSB halts sale of packaged accounts in branches
Lloyds TSB will stop selling packaged account in its branches from 1 January 2013, until its sales procedures are brought into line with those operated by sister bank The Halifax. Lloyds TSB is one of the main providers of packaged accounts in Britain, with around one in three of its customers choosing to pay fees [...]
Housing market recovery to continue next year
Recent improvements in the housing market should continue into next year, according to the Council of Mortgage Lenders (CML) Gross lending is estimated to have increased to £12.9 billion in November, helped by the Funding for Lending scheme which provides banks and building societies with lower-cost funding, which they are then supposed to pass on [...]
Newcastle Building Society exits interest-only mortgages
Newcastle Building Society has stopped offering interest-only mortgages to new borrowers, following the lead of the Royal Bank of Scotland, Nationwide, Co-operative bank and Coventry Building Society. The decision will not affect existing Newcastle customers and applications for interest-only mortgages received before 14 December will still be processed. Prior to the credit crunch, interest-only mortgages [...]
Less than half of Brits considered creditworthy
Fifty-seven per cent of UK adults are at risk of having an application for credit turned down by a mainstream lender according to a new report. The ‘Mind the Credit Gap‘ report commissioned by aqua credit cards suggests that even people with a good credit rating and earning more than £50,000 could have a credit [...]
Monthly incomes £22 lower in 2012
The average monthly income of UK households fell by £22 in real terms compared with last year, according to a survey carried out for the Bank of England (BoE) by NMG Consulting. People on lower incomes have seen their income eroded more than higher earners and households still have high levels of debt the BoE [...]
Savers dig deep to fund Christmas
New research from the Halifax suggests that savers are funding their Christmas spending with money set aside for other purposes. Thirty-seven per cent of 2,138 savers surveyed by the bank at the end of November had withdrawn savings in the last three months. The average amount withdrawn was £1,186, more than double the average savings [...]
Financial data at risk from unsafe passwords
According to a survey by the Payments Council the problem of having to remember a different password for several accounts means that many internet users are compromising the security of their financial data. Internet users have 22 password-protected accounts on average and many use the same log-in details for more than one account, even though [...]
Wonga launches Paylater loans on retailer website
Payday loan company Wonga has launched a new Paylater service on furniture firm Cotswold Company’s website. The service, which allows customers to “buy now, pay later” will be introduced on other retailers’ sites in the near future. Although the Paylater branding is similar to Wonga’s, the Wonga name only appears in the small print. A [...]
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