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News Tag: mortgage market

December 19, 2012

Newcastle Building Society exits interest-only mortgages

by Jan Harris
Newcastle Building Society exit 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 were a popular option as they offer ...




November 2, 2012

First-time buyer mortgages remain in short supply

by Jan Harris
First-time buyer mortgages remain in short supply
The Funding for Lending scheme (FLS) is failing to boost the supply of mortgages for first-time buyers, according to financial information service Moneyfacts. FLS, which was launched by the Treasury and the Bank of England in August, is designed to reduce funding costs for lenders, allowing them to increase their lending to businesses and individuals, at lower rates. However, figures from Moneyfacts ...




July 20, 2012

Mortgage lending 5% down in June

by Jan Harris
Mortgage lending 5% down in June
The mortgage market continues to be volatile, with lending falling by 5 per cent in June, after a sharp rise in May. According to the Council of Mortgage Lenders a total of £11.9 billion was lent to first-time buyers and those moving house, last month. In May, gross mortgage lending totalled £12.5 billion. Lending for the first half of 2012 is ...




April 3, 2012

Co-op Bank announces mortgage rate increase

by Jan Harris
Co-op Bank announces mortgage rate increase
The Co-operative Bank has announced plans to increase its standard variable mortgage rate (SVR) by 0.5 percentage points to 4.74 per cent from 1 May. The increase means that 54,000 mortgage borrowers will have to pay an average of £15 a month more on their mortgage. The bank has increased its rates to help offset the higher costs of funding mortgages. Changing conditions ...




January 13, 2012

Mortgage market improving for first time buyers

by Jan Harris
Mortgage market improving for first time buyers
The number of first time buyers increased significantly last year as more high loan to value (LTV) mortgages became available, according to the latest Mortgage Monitor from e.surv chartered surveyors. The number of mortgages advanced at an LTV of 85% or more increased by 32 per cent to 57,301 in 2011 compared with 43,379 in 2010 and lenders also relaxed the ...




March 8, 2010

Rise in house purchase mortgage deals

by Gill Montia
”Rise
Home buyers with a zero to 40% deposit currently have 1,798 mortgage deals to choose from, according to Moneyfacts.co.uk. Researchers at the financial website have registered a 6% rise in the number of home loans on offer in the past month, taking the total up 68% year-on-year. While those with 5% or less to put down continue to struggle, the number of mortgages ...




October 6, 2009

Lenders extend shelf lives of mortgage offerings

by Gill Montia
”Lenders
Evidence that the UK mortgage market is stabilising has emerged from Moneyfacts.co.uk, which has noted that lenders have been extending the shelf lives of their various offerings in recent weeks. According to the financial website, the average mortgage product was available for 24 working days in September, up from 18 working days in August, and the longest period since October ...




August 18, 2009

Lloyds Banking Group claims 30% of UK mortgage market

by Gill Montia
”Lloyds
The Council of Mortgage Lenders has named Lloyds Banking Group as the top mortgage lender for 2008, by market share. The body explains that its data assumes the merger of Lloyds TSB and HBOS took place earlier than it did in fact, to allow for a sound comparison. On this basis, the group increased its share of the ...




July 31, 2009

Abbey becomes UK’s second-biggest mortgage lender

by Gill Montia
Abbey becomes UK's second-biggest mortgage lender
Abbey and Alliance & Leicester (A&L) are together claiming to be the UK's second-biggest mortgage lenders, behind HBOS. Both banks belong to Spanish group, Santander, which reported its half-year results this week. The figures reveal that Abbey and A&L were responsible for 16.3% of the UK's gross mortgage lending during the six months to the end of June. The group's UK operation also turned ...




June 19, 2009

MPs to commence mortgage market inquiry

by Gill Montia
”MPs
The Government has announced an inquiry into the UK mortgage market, focusing on arrears, repossession and access to mortgage finance. The Treasury Select Committee will undertake the study which will look at the impact of the recession on existing and potential homeowners. MPs will collect lenders' statistics on current arrears and their forecasts for medium-term trends. They will also consider access to mortgage finance ...




April 29, 2008

Abbey takes 15.9% of mortgage market

by Gill Montia
Abbey takes 15.9% of mortgage market
Abbey, which is now the UK's second largest mortgage lender, increased its share of the home loans market to 15.9% in the first three months of the year. The figure translates as a meteoric rise when compared with the 4.9% share held in the first quarter of 2007, rising to 8.5% in the final quarter of last year. The Spanish-owned bank recorded net ...