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 [...]
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 [...]
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 [...]
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 [...]
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 [...]
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. [...]
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 [...]
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 [...]
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 [...]
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 [...]
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 [...]
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 [...]
The Council of Mortgage Lenders (CML) has today reported mortgage lending increased in February. Mortgage lending rose by 8% in February on a monthly basis but was down 12% on the year. There were 32,300 approvals during the month with first-time buyers making the biggest contribution with 12,400 mortgages worth £1.4 billion. First-time buyers are [...]
The Council of Mortgage Lenders (CML) has today reported mortgage lending remained weak in October. 44,000 loans for home purchase were approved with gross mortgage lending totalling £12.4 billion - unchanged from the previous month and 9% lower on year ago levels. It also represented the lowest October figure since 2000. Commenting on today’s figures, [...]
The Council of Mortgage Lenders (CML) has today revealed gross mortgage lending totalled £12 billion in September - the lowest September total since the year 2000. According to the CML, gross mortgage lending fell 1% on the month and was 7% lower than in September 2009. The latest figures highlight the ongoing sluggishness of the [...]
Demand for house purchase mortgages continued to be weak in July, the Council of Mortgage Lenders (CML) has reported. In what is traditionally a strong month, there were only 56,000 house purchase loans (worth £8.4 billion), although volumes had increased from 53,000 a year earlier. Remortgaging activity remained flat when compared with June (28,000 loans) [...]
The recovery of the UK housing market could be under threat with reports that the Bank of England may restrict mortgage lending. The Bank’s deputy governor, Charlie Bean, has apparently indicated that new measures aimed at stabilising the economy could set deposit levels for UK mortgage borrowers at between 10% and 25%. The deputy governor [...]
First-time buyers and homemovers are flocking to mortgage advisers, according to unbiased.co.uk. In the first six months of the year, the financial website recorded a 24% rise in consumers looking for advice from a whole of market mortgage broker, compared with a year earlier. The website, received over 45,000 enquiries, with potential first-time buyers leading [...]
Proposed new rules on mortgage lending from the Financial Services Authority (FSA) have received broad comment. The regulator claims that almost half of new mortgages approved between 2007 and the first quarter of 2010 were provided without verification of income. It therefore wants to impose affordability tests for all mortgages, making lenders ultimately responsible for [...]
In May, net mortgage lending by Britain’s High Street banks grew to £2.6 billion, compared with £1.9 billion in April. Annual growth in net lending (gross lending with repayments and redemptions stripped out) stood at 4.3%, unchanged from April, according to the British Bankers’ Association, while May’s gross mortgage lending of £9 billion was in [...]
Brits ‘careless’ about insuring mobile phones
Virgin Media says it’s ‘time to shake up the market’ over mobile phone insurance because many people are failing to insurance handsets that can be worth up to £500. A study by the communications firm into consumers’ perceptions of mobile insurance, found that 72 per cent of the 1,000 consumers surveyed had not insured their [...]
Passbook account popular with building society customers
Listening to what its customers want has paid off for the Yorkshire Building Society. In a survey, three out of five customers said they preferred to manage their account in branch, more than half said they wanted a passbook, and 70 per cent said they wanted a branch-based account with a competitive variable rate. . [...]
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 [...]
Flooding could lead to higher insurance premiums
Floods currently affecting Wales and south east England could be following by a rise in the price of home insurance premiums, according to analysts. The heavy rainfall could cause some insurance companies to miss their profitability targets, and there is more rain on the way according to the Met Office, with flood warnings in place [...]
Household incomes fall but fewer children in poverty
There was a fall in the average household income in 2010—11, due to rising inflation and recession, according to the government’s annual Household Below Average Income (HBAI) report. The number of children living in poverty in the UK also fell because this figure is based on median incomes, and incomes fell proportionally more for wealthier [...]
Although house sales have plummeted in the past five years, most people still hope to own their own home in the future. Eight out of 10 people surveyed by the Council of Mortgage Lenders (CML) said they hoped to own their own home by 2022, while three quarters said they hoped to achieve this ambition [...]
Number of pensioners in the workplace doubles
The number of people continuing to work after reaching retirement age has increased by 85 percent, from 753,000 in 1993 to 1.4 million in 2011, according to the Office for National Statistics (ONS). The ONS said this was due to a number of factors, including improved health and wellbeing for older people, with many of [...]
App enables cardless cash withdrawals at ATMs
The Getcash smartphone app allows Royal Bank of Scotland and NatWest customers to withdraw money from a cash machine without using a card. Up to £100 a time can be withdrawn at 8,000 RBS, NatWest or Tesco branded ATMs, by customers who have downloaded the free app to their phone. This is significantly less than [...]
Flexecash helps to transform Park Group
Park Group has successfully transformed from a Christmas hamper business to a shopping voucher and prepaid cash card business. Growth of its popular Flexecash reward scheme helped the company increase profits by 23 per cent to £8.6 million in the year to the end of March 2012. Flexecash cards are used by companies to reward [...]
Price of car insurance rising for women
The price of car insurance for women is expected to rise in December, when a new EU directive comes into force, but it seems that some insurance companies are already increasing their charges for female customers. The latest data from comparison site Tiger.co.uk shows that the average price of a policy for a male driver [...]
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