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News Tag: Mortgage News

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 ...




December 12, 2012

Large deposits still challenging first-time buyers

by Jan Harris
Large deposits still challenging time buyers
The Council of Mortgage Lenders (CML) is forecasting a positive year in 2013 for the UK property market, but first-time buyers are still struggling to find the large deposits required by mortgage lenders. The CML has recorded a steady increase in mortgage lending with 49,500 home loans advanced for house purchases in October. This represents a rise of 13.8% from September, a slower ...




December 3, 2012

Nationwide lends £2.5 billion to first-time-buyers

by Jan Harris
Nationwide lends £2.5 billion to first-time-buyers
Nationwide Building Society lent £2.5 billion to 20,000 first time buyers in the first six months of 2012-13. This is double the amount it lent in the first half of the 2011-12 financial year and nearly as much as it lent to 24,000 first time buyers in the whole of the year. In proportion to its size, the building society would be ...




November 30, 2012

Coventry Building Society stops interest-only mortgages

by Jan Harris
Coventry Building Society stops interest-only mortgages
Coventry Building Society has stopped offering interest-only mortgages, following similar moves by RBS and NatWest, after demand for this type of product fell. Nationwide and the Co-operative bank stopped offering interest-only mortgages earlier this year. Colin Franklin, sales and marketing director at the Coventry, said: "Residential interest-only mortgages have declined to less than 2% of all residential mortgage applications. “We have therefore ...




November 20, 2012

Brokers securing mortgage for those turned down by banks

by Jan Harris
Brokers securing mortgage for those turned down by banks
Mortgage brokers are successfully securing mortgages for 29 per cent of those who have had their application rejected by a bank, according to a study by property group Countrywide and YouGov. The main reasons for banks rejecting mortgage applications were insufficient earnings and income, and a poor credit score, the study found. It identified a number of significant barriers ...




November 12, 2012

CML reports increase in mortgage lending

by Jan Harris
CML reports increase in mortgage lending
Mortgage lending increased by 13 per cent in the third quarter according to the latest figures from the Council of Mortgage Lenders, suggesting that the Funding for Lending (FLS) scheme is having a positive effect. August was a particularly strong month, with 53,900 loans advanced, including 20,700 loans to first-time buyers. The strong August figures were followed by a slump in ...




October 24, 2012

Tesco launches sub-2% mortgage rate

by Jan Harris
Tesco launches sub-2% mortgage rate
Tesco Bank has launched a record-low mortgage deal, but only for those who can afford a deposit of at least 40 per cent of the value of the property, as well as a £995 fee. The two-year deal offers a rate of just 1.99 per cent and is fixed until the end of 2014. Tesco has used the government's recently launched "Funding for 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 ...




October 3, 2012

Mortgage payments rise for Santander customers

by Jan Harris
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Santander has increased its standard variable rate (SVR) from 4.24 per cent to 4.74 per cent, adding an extra £26 per month to monthly repayments on a £100,000 mortgage. The move, which was announced in August, came into effect today. The increase will affect existing mortgage customers who are on the SVR rate, including customers who were on a fixed-rate or tracker deal which defaulted to the SVR ...




September 26, 2012

Demand for mortgages subdued despite increased lending

by Jan Harris
Demand for mortgages subdued despite increased lending
Banks and building societies have significantly increased levels of mortgage lending according to a Bank of England survey. Mortgage lending increased significantly in the three months to September and is expected to rise again in the final quarter. However, demand from buyers in the three months to September was subdued, with falling housing prices having a negative effect on availability. The ...




September 25, 2012

NewBuy reservations hit 1,500

by Jan Harris
NewBuy reservations hit 1,500
The government’s NewBuy mortgage scheme has reached 1,500 reservations according to the Home Builders Federation (HBF). The scheme is designed to help boost the number of mortgages available to home buyers with smaller deposits. NewBuy mortgages are available to buyers of new build properties who have just a 5 per cent deposit on their new home. The scheme is underwritten by the government and ...




September 24, 2012

Nick Clegg announces pension-backed mortgage proposals

by Jan Harris
Nick Clegg announces pension-backed mortgage proposals
Deputy Prime Minister Nick Clegg has revealed plans for parents and grandparents to use their pension pot to help younger members of the family onto the housing ladder. The Liberal Democrats are suggesting that future lump sum pension payouts could be used to guarantee a mortgage. This would help younger people who are currently unable to save up enough money for the ...




September 18, 2012

House prices soar in London

by Jan Harris
House prices soar in London
UK house prices grew at their fastest rate in London in the year to the end of July, according to the latest House Price Index from the Office for National Statistics (ONS). While house prices increased by 5.7 per cent in the capital, they increased by just 2 per cent in the rest of the UK, a significantly lower increase than the level ...




September 12, 2012

Mortgage deposits fall for first-time buyers

by Jan Harris
Mortgage deposits fall for first-time buyers
There are two pieces of good news for potential first-time buyers today, with average deposits starting to fall and the launch of a mortgage indemnity scheme in Scotland. According to the latest figures from the Council of Mortgage Lenders (CML) the average deposit required by a first-time buyer has fallen to 19 per cent, its lowest level since November 2008. In total, ...




September 6, 2012

Mortgage fees reach record high

by Jan Harris
Mortgage fees reach record high
Mortgage fees have soared by 70 per cent in the past four years to reach their highest ever level of £1,514, according to comparison site Moneyfacts. In 2008 the average fee paid on a mortgage was just £899. The figures have led to banks being accused of profiteering. A study by Moneyfacts has shown that fees are even higher for popular two-year ...




August 28, 2012

Mortgages more affordable for new borrowers

by Jan Harris
Mortgages more affordable for new borrowers
Although mortgages are at their most affordable for 15 years, approvals are at an all-time low. A new report from the Halifax reveals that payments on mortgage loans now account for around a quarter of take-home pay, due to record low interest rates of 0.5 per cent and weak house prices in many areas. The Halifax expects the continuing low interest rates ...




August 9, 2012

Post Office stepping up mortgage offering

by Jan Harris
Post Office stepping up mortgage offering
The Post Office is expanding its mortgage service with the introduction of mortgage specialists in its branches. Mortgages have been available from the Post Office since 2009, but applications have had to be made online or over the phone. It currently offers mortgage with deposits as low as 10 per cent and plans to enhance its range in the near future. The ...




August 6, 2012

Tesco to offer club card points on mortgages

by Jan Harris
Tesco to offer club card points on mortgages
Retailer Tesco is launching mortgage products through Tesco Bank, allowing Tesco Clubcard holders to earn points on repayments. It is offering mainly fixed-rate deals, with interest rates ranging from 3.19 per cent to 5.09 per cent and a minimum deposit of 20 per cent. With many fixed-rate deals currently offering interest rates of below 3 per cent, Tesco’s mortgages are not ...




July 30, 2012

First-time buyers missing out on mortgage cuts

by Jan Harris
First-time buyers missing out on mortgage cuts
There is concern that recent cuts in mortgage rates are focused on borrowers with large deposits rather than first time buyers. The government is launching its Funding for Lending scheme to help reduce the cost of mortgages, but although rates were cut on 200 mortgage products in July, the cuts favoured those with deposits of 10 per cent or more. ...




London and south east affected by house price slump

by Jan Harris
House prices fall in London and south east
The fall in property prices has now extended to London and south east England, according to the latest figures from property analytics company Hometrack. Hometrack’s figures for July how that overall house prices fell by 0.1 per cent, representing the first fall in seven months. Compared with June, the number of new homes coming on to the market increased by ...