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News Tag: mortgage rates

October 12, 2012

Funding for Lending scheme prompts mortgage cuts

by Jan Harris
Funding for Lending scheme prompts mortgage cuts
Mortgage brokers have attributed moves by several lenders to cut their mortgage rates to the Bank of England’s recently launched Funding for Lending scheme. Ray Boulger of mortgage brokers John Charcol said that the Funding for Lending scheme was the key to the cuts. "Wholesale borrowing rates have fallen quite quickly since the scheme was announced," he said. The scheme incentivises banks ...




April 20, 2012

Lenders increase mortgage rates for new borrowers

by Jan Harris
Lenders increase mortgage rates for new borrowers
Obtaining a mortgage has become increasingly difficult since the credit crunch and the situation is worsening according to recent reports. Several lenders have recently increased mortgage rates for new borrowers, including Abbey, HSBC, Halifax, Lloyds TSB, Santander, Britannia, and Cheltenham & Gloucester. Customers taking out new fixed, tracker or discounted home loans will have to pay from 0.1 per cent to 0.4 ...




November 11, 2011

Eurozone crisis could push up mortgage cost

by Jan Harris
Eurozone crisis could push up mortgage cost
Brokers have noticed a rising trend on mortgage rates and are blaming it on the current crisis in the eurozone. Woolwich, Halifax and Santander, Nationwide, ING and the Chelsea Building Society have all increased tracker mortgage rates recently, reversing this summer’s trend for rates to become more competitive. The Chelsea Building Society has increased the cost of some tracker mortgages ...




June 23, 2010

Repossessions fall to two-year low

by Gill Montia
”Repossessions
The number of homeowners who saw their properties repossessed by lenders fell to a two-year low in the first three months of 2010. New data from the Financial Services Authority put the total the number of repossessions at 10,500, down 11% on the final quarter of 2009. In addition, new mortgage arrears declined by 2%, taking the total number of homeloans in arrears to ...




Mortgage rates drop to seven year low

by David Masters
Mortgage rates drop to seven year low
Mortgage rates are at their lowest for seven years, according to new research. The study by Moneyfacts.co.uk found the average interest-rate on a two-year fixed rate mortgage is 4.52%, the lowest since September 2003. Interest rates on fixed rate mortgages have been dropping since September last year as lenders attempt to entice borrowers away from low standard variable rates (SVRs). "Many borrowers are ...




May 24, 2010

NAR reports surge in US home sales in April

by Kay Mitchell
NAR reports surge in US home sales in April
The National Association of Realtors (NAR) has today revealed a rise in sales of previously owned homes in the US for the month of April, boosted by the expiration of a Government tax credit, which ended last month. The industry body said sales surged 7.6% in April (a five-month high) to an annual rate of 5.77 million units, up ...




December 22, 2009

US economic growth figures revised downwards

by Kay Mitchell
US economic growth figures revised downwards
The Commerce Department today revealed that the world’s no.1 economy grew at a slower rate in the third quarter than previous estimates showed. According to official figures, the US economy grew by 2.2% between the July and September period, rather than the 2.8% previously reported and the original estimate of 3.5%. The figures come on the same day that the Office for National ...




September 16, 2009

Lenders reluctant to cut mortgage rates

by David Masters
Lenders reluctant to cut mortgage rates
Homeowners are gradually being offered a larger choice of mortgage products, although lenders remain cagey about attracting too much business, MoneyFacts.co.uk claimed this week The number of mortgage products available dropped to a record low of 1,209 at the beginning of April, down from a peak of 11,951 products that were available in July 2007. Since April, more products have come to market, ...




April 16, 2008

PM forced to address questions about his leadership

by Kay Mitchell
”PM
Yesterday, Prime Minister Gordon Brown met with bank chiefs from Lloyds, Barclays, HSBC, Royal Bank of Scotland and Nationwide as the City struggles with fallout from the US sub-prime crisis and the credit squeeze. No. 10 said the talks were to discuss ways to improve confidence in the housing market and was not a crisis meeting and had been in ...




April 15, 2008

Northern Rock yet to pass on interest rate cuts

by Kay Mitchell
”Northern
Despite calls by the Government for mortgage lenders to pass on interest rate cuts to borrowers, nationalised Northern Rock still has not passed on last week’s interest rate cut. The crisis-torn bank said its standard variable rate (SVR) is still under review after Chancellor Alistair Darling said lenders should do more to help homeowners. A spokesperson for Northern Rock ...