In a further reshaping of the UK mortgage market, the maximum length of a fixed-rate deal is down to 15 years, following Manchester Building Society’s withdrawal its 30-year fix. Prior to the credit crisis, the Government was proposing to help lenders offer more affordable long-term fixed-rate products, which at the time were common in the [...]
Mortgage experts have been urging homeowners to opt for fixed-rate mortgages for weeks, to hedge against an inevitable rise in the base rate. However, new research from Moneyfacts shows that lenders are launching and withdrawing fixed-rate deals with almost indecent speed. Last month the average time scale for borrowers to secure a fixed-rate mortgage fell [...]
Financial website, Moneyfacts, has named the UK’s top mortgage providers in its 2009 awards, which were presented in London last week at a ceremony that recognises the best products and services in the personal finance world. HSBC swept the board, named winner in the Best Remortgage Provider; Best First Time Buyer Mortgage Provider and Best [...]
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 [...]
New research from Moneyfacts illustrates the extent to which fixed-rate home loans have resisted recent cuts in the Bank of England’s base rate. The financial website has found that interest on the average two-year fixed-rate mortgage currently stands at 6.13% and according to the firm’s analyst, Michelle Slade, has remained almost constant during the past [...]
The Bank of England is under severe pressure to cut interest rates this week after figures revealed that the service sector shrank in October. The service sector, which makes for almost three quarters of output, fell for the sixth consecutive month and was at its lowest level since 1996, according to an index compiled by [...]
Last month, in a co-ordinated move with other banks, the Bank of England’s Monetary Policy Committee (MPC) slashed UK interest rates from 5% to 4.5%. Central banks in the US, Japan and China have all cut interest rates in the last week in a bid to fight off a recession. Many analysts believe that the [...]
Homeowners on borrowers’ standard variable rates (SVR) should not get too excited about the prospect of a base rate cut this week. Analysts are predicting that the Bank of England’s Monetary Policy Committee will vote for a cut of between 0.4% and 1% when it meets this week but a senior executive from HSBC has [...]
Financial information provider, Moneyfacts.co.uk, has revealed that half of the UK’s mortgage lenders have failed reduce their standard variable rates (SVR) in line with recent cuts in the base rate. According to the firm’s research, 50% of lenders have not made any reduction in SVR, from the October base rate cut. Meanwhile, 82% of lenders [...]
Moneyfacts.co.uk has revealed that average tracker rates are at the same level as this time last year, despite a 1.25% cut in the base rate in the interim. According to Moneyfacts’ research, the average rate on a tracker mortgage is 6.27% today, compared to 6.23% in October 2007. The price comparison website’s analyst, Michelle Slade, [...]
Financial information provider, Moneyfacts, has reported that the 0.5% cut in the Bank of England’s base rate made earlier this month has not been passed on by three quarters of UK mortgage lenders. The emergency reduction, to 4.5%, was made on 8th October in a coordinated action with other central banks. However, only one quarter [...]
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 [...]
The rescue of Bradford & Bingley (B&B) has prompted a mass withdrawal of mortgage products from the already depleted UK market. According to financial website, Moneyfacts, around 500 home loans have been withdrawn since the beginning of this week. The number of mortgages available for residential and buy-to-let borrowers fell 11% in 24 hours to [...]
Financial website, Moneyfacts.co.uk, has reported that the average interest rate charged on a two-year fixed-rate home loan now stands at 6.39%, down from a peak of 7.08% at the beginning of July. Michelle Slade, analyst at Moneyfacts, has confirmed that rates on this popular type of mortgage have returned to the levels seen just prior [...]
Financial data provider, Moneyfacts, has announced that rates on the typical two-year fixed mortgage have returned to their 2007 levels. Interest on the average two-year fixed-rate deal is now down to 6.59% from a high of 7.08% earlier this year. However, potential borrowers will need a hefty deposit to benefit from the fall because the [...]
According to the latest figures from the Council of Mortgage Lenders (CML), the mortgage drought is continuing after the organisation revealed that the number of loans approved for house purchases in the UK has fallen. Figures show that 47,000 home loans were approved compared with 98,000 in June 2007, and down from 52,000 in May [...]
Moneyfacts.co.uk has announced that the average interest rate on a two-year fixed-rate mortgage has fallen to 6.96%. Market swap rates have soared in recent months, taking rates on this popular type of loan to a ten-year high of 7.08%. However rates on the two-year and other fixed deals are now falling. In the case of [...]
Latest research from financial website Moneyfacts.co.uk shows that the cost of a fixed-rate mortgage is continuing to rise despite a fall in money market swap rates. Swap rates determine fixed mortgage interest rates and reflect traders’ views on the direction that interest rates will take during the period of the fix. While swap rates peaked [...]
Figures released by the Bank of England today revealed that 42,000 home loans were approved in May, which is a 27% decline compared with April and represents a 64% fall compared with 12 months ago. The Bank said the figures were the lowest since it began recording the data in 1993. The figures were also [...]
New borrowers taking out two-year fixed-rate mortgages now face paying interest at over 7%. According to Moneyfacts, the financial information website, rates on this highly popular type of home loan are at their highest since February 1997. Five years ago, two-year fixed mortgage rates were around 4% and the increase means that the monthly cost [...]
M&S Money launches 3% cash ISA
M&S Money has launched an Advantage Cash ISA paying 3 per cent, and which allows transfers in from other ISAs. It can be opened with a minimum deposit of £100 lump sum followed by minimum monthly deposits of £25. The 3% rate is variable, but there is no short-term bonus so the return won’t plummet [...]
Google suspends UK Compare Mortgages site
Google has closed its UK mortgage comparison site which it launched in July last year, after it proved to be less popular than expected. Mortgage comparison sites are designed to allow visitors to compare mortgages quickly and easily without having to visit each lender’s individual site. Google was competing with several well-established comparison sites, including [...]
AA launches ‘black-box’ policy for young drivers
The AA is launching an innovative car insurance policy called Drivesafe which could help younger drivers save up to £850 a year. Younger drivers already pay substantially higher premiums than other motorists and these costs are increasing. A new study by Confused.com suggests insurance costs for younger driver have gone up by 5.7 per cent [...]
ATOL scheme updated to protect online bookers
ATOL, a financial protection scheme managed by the Civil Aviation Authority, is being extended to protect up to six million more holidays a year. The scheme ensures that holiday makers do not lose out financially if a travel company collapses, and that they are not stranded abroad. An increase in the number of holidays booked [...]
Home repossessions lowest for four years
The number of UK homes repossessed fell to 36,200 in 2011, significantly below the Council of Mortgage Lenders’ forecast of 40,000, and lower than 2010 when 37,100 homes were repossessed. With interest rates remaining low and lenders adopting a sympathetic attitude to customers in financial difficulty, repossessions fell to their lowest level since 2007. However, [...]
Monthly pay lasting just 17 days
Workers are running out of money just 17 days after receiving their monthly pay, according to new research by the Halifax bank. This means that the average UK worker spends half the month worrying about money. The study, based on the responses of more than 2,000 adults, found that 10 per cent of workers start [...]
Women disadvantaged by auto-enrolment changes
Government proposals to increase the auto-enrolment threshold to £10,000 could put 1.8 million women at risk of missing out on a pension, the TUC has warned. Under the auto-enrolment scheme, which will be phased in from October, private sector employers will automatically enrol workers between the age of 22 years and the state pension age, [...]
Emergency household repairs company Homeserve is taking longer than expected to get back on track after its operations were suspended last October. The company expected customer numbers to fall by 5% this year but it has increased this estimate to 8% and announced the loss of 200 jobs. It estimates that renewal revenue in 2013 [...]
Sale rumoured for Yorkshire and Clydesdale banks
There is growing speculation that National Australia Bank (NAB) may sell Yorkshire Bank and Clydesdale Bank after the Australian parent company announced a strategic review of the two banks’ operations. The Australian economy is performing well and NAB reported strong profits for the final quarter of 2011 but with the UK economy at a virtual [...]
More women experiencing debt difficulties
Women in Debt, which offers female-focused debt advice, has warned that the number of UK women facing serious debt has grown significantly over recent years. The organisation believes that more women will need advice on solving debt problems in the future because they are building up an unsustainable level of indebtedness. Women in Debt’s director, [...]
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