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News Tag: mortgage lending

October 18, 2012

Mortgage lending slowed in September

by Jan Harris
Mortgage lending slowed in September
Despite more mortgages being available, mortgage lending dropped to £11.6 billion in September, a fall of 10 per cent from August and 15 per cent lower than September 2011’s figure. The availability of mortgages was boosted by the new Funding for Lending Scheme, but there was little demand from either first time buyers or people wanting to remortgage. The Council of Mortgage Lenders ...




August 30, 2012

Building Society lending increased in July

by Jan Harris
Building Society lending increased in July
Building Society lending is increasing as mutuals attract customers from high street banks. Lending from building societies increased to £3.1 billion last month, a 14 per cent increase from June, according to the Building Societies Association. Building Societies gained a 24 per cent market share of gross lending in July, an increase of 17 per cent from July 2011, reflecting customers’ dissatisfaction with ...




August 29, 2012

Couples unable to afford family homes

by Jan Harris
Couples unable to afford family homes
The state of the housing market is causing many couples to put off having children according to housing charity Shelter. A YouGov survey commissioned by the charity found that 20 per cent of childless couples between the ages of 31 and 44 are putting off starting a family because of high housing costs. Many couples are unable to afford to move ...




August 22, 2012

Mortgage fraud increases by 23 per cent

by Jan Harris
Mortgage fraud increases by 23 per cent
Information services company Experian has reported a 23 per cent increase in the number of people giving false information in order to obtain a mortgage. In the second quarter of this year, 39 out of every 10,000 mortgage applications were found to be fraudulent, compared with 32 in the 2011 second quarter. Lenders have tightened up their lending criteria ...




July 13, 2012

Funding for lending scheme to launch next month

by Jan Harris
Funding for lending scheme to launch next month
The Treasury and the Bank of England have revealed details of their multi-billion pound ‘funding for lending’ scheme which will begin in August and run for 18 months. The initiative is designed to make it easier and cheaper for businesses and individuals to secure loans and mortgages. It is hoped that it will help to ease the squeeze on credit ...




July 12, 2012

Mortgage lending increased by a third in May

by Jan Harris
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Mortgage lending showed a "healthy improvement" in May despite continuing economic uncertainty and problems in the eurozone. The Council of Mortgage Lenders (CML) reported a 33 per cent increase in the number of new loans granted to home buyers, compared with the previous month. 48,300 new home loans were granted in May 2012, an increase of nearly a quarter compared with May 2011. The improvement follows a ...




June 28, 2012

Mortgage approvals and lending fall

by Jan Harris
Mortgage approvals and lending fall
Borrowers were more cautious in May according to figures from the British Bankers Association (BBA) which showed an increased focus on reducing debt. Mortgage repayments were higher than lending for the first time, according to the BBA’s figures. Net mortgage lending fell by £73 million in May, the first time it has gone into reverse since the BBA began keeping records ...




June 22, 2012

Mortgage lending 24% higher in May

by Jan Harris
Mortgage lending 24% higher in May
Mortgage lending increased by 24 per cent to £12.2 billion in May, after a fall in April, according to the Council of Mortgage Lenders (CML). The figure was 13 per cent higher than a year ago. However, when the effect of the end of the stamp duty holiday on first-time buyer properties is excluded, the market is broadly flat, the CML warned. ...




June 15, 2012

Mortgage lending fell 30% in April

by Jan Harris
Mortgage lending fell 30% in April
Mortgage lending fell by 30 per cent in April, with just 36,000 home loans approved, according to the Council of Mortgage Lenders (CML). The fall followed the end of the stamp duty concession for first-time buyers, and loans to this group fell by nearly a half, to 12,600 in April. Many first-time buyers rushed to buy a property before the end ...




May 16, 2012

Mortgage lending to first-time buyers up 74% in March

by Jan Harris
Mortgage lending to first-time buyers up 74% in March
Mortgage lending to first-time buyers soared in March, as house-buyers rushed to buy their first home before the end of the stamp duty holiday. Properties below the value of £250,000, purchased before 24 March, were exempt from the 1 per cent tax. Twenty-four thousand mortgages were approved for first-time buyers in March, a 74 per cent increase from the ...




May 2, 2012

Mortgages more expensive following SVR increase

by Jan Harris
Mortgages more expensive following SVR increase
Mortgages are more expensive for one million homeowners after the Halifax, the Co-operative Bank, Clydesdale Bank and Yorkshire Bank all increased their standard variable rate (SVR) yesterday. Many mortgages revert to the SVR when a fixed-rate deal comes to the end of its term. Lenders are increasing their SVRs due to the higher cost of borrowing from European wholesale money markets, which makes it ...




April 16, 2012

Mortgage lending 4% higher in February

by Jan Harris
Mortgage lending 4% higher in February
Mortgage lending increased by 4 per cent in February, compared with the previous month, according to the latest figures from the Council of Mortgage Lenders (CML). The number of loans made for house purchase increased to 36,600, representing a year-on-year rise of 17 per cent. There was also growth in the number of first-time buyer mortgages, with 14,100 loans made to this ...




February 20, 2012

Mortgage lending 12% lower in January

by Jan Harris
Mortgage lending 12% lower in January
Gross mortgage lending fell to £10.5bn in January, 12 per cent lower than the total for December. However the figures represent a year-on-year increase of 10 per cent, the Council of Mortgage Lenders (CML) said. January was the sixth consecutive month of higher lending compared with the previous year. Home loan approvals also increased in January, by 30 per ...




January 26, 2012

N&P launches 3.99pc fixed-rate mortgage

by Jan Harris
N&P launches 3.99pc fixed-rate mortgage
Norwich & Peterborough Building Society (N&P) has launched a low rate, low fee mortgage to attract buyers who plan to stay in their property for a longer period of time. The ten-year fixed rate mortgage offers an interest rate of just 3.99 per cent APR, making it one of the cheapest deals on the market. It is available to borrowers with 75 ...




January 24, 2012

Mortgage lending 12 per cent higher in December

by Jan Harris
Mortgage lending 12 per cent higher in December
December marked the fifth consecutive month of year-on-year growth in mortgage lending, with a 12 per increase, according to the Council for Mortgage Lenders (CML). Gross mortgage lending in December was an estimated £11.7 billion, while for the whole year it totalled £140 billion, £2 billion higher than the CML's expectations. December’s figures represent a 12% drop from ...




January 20, 2012

HSBC to lend £15bn in mortgages this year

by Jan Harris
HSBC to lend £15bn in mortgages this year
HSBC has announced plans to lend more than £15 billion in mortgages this year, with £3m of this ring-fenced for first-time buyers. This should provide mortgages for up to 150,000 home buyers during 2012, including 27,000 people buying their first home. The sum amounts to 11 per cent of all the mortgage borrowing predicted for 2012 and represents HSBC’s ...




January 4, 2012

Bank of England reports static mortgage lending

by Jan Harris
Bank of England reports static mortgage lending
52,854 mortgage loans were agreed in principle in November according to the latest figures from the Bank of England, just 68 higher than the previous month. Although mortgage lending in November 2011 was 12% higher than in November 2010, there has been no significant improvement for four months. Mortgage approvals remain at half their 2007 level, before the onset of ...




November 22, 2011

Nationwide announces 48% increase in mortgage lending

by Jan Harris
Nationwide announces 48% increase in mortgage lending
Despite the slump in the housing market, Nationwide Building Society’s gross mortgage lending increased by 48% to £8.9 billion in the six months to September. Although the number of first-time buyers in the market continued to fall, Nationwide lent more than £1.2 billion to this group in the first half of the year, 3 per cent more than it did ...




November 18, 2011

First time buyer market heading for paralysis

by Jan Harris
First time buyer market heading for paralysis
Mortgage lending fell by 4 per cent to £13.1 billion last month, compared with £13.7 billion in September when it was at its highest level for two years. Lending was up by 13% year-on-year in October 2011, from £11.6 billion in October 2010. However, the figures include a strong year-on-year increase in remortgage activity rather than new mortgages and house sales are ...




July 27, 2011

Weak mortgage lending continues

by Gill Montia
”Weak
Annual growth in banks’ gross mortgage lending stood at £7.6 billion in June, with the figure 11% lower than a year earlier, according to the British Bankers' Association (BBA). Early signs of growth in the buy-to-let market were evident but both house purchase and remortgaging approvals continued to be weak, and with repayments still at a fairly high level, net mortgage lending increased by ...