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News Tag: mortgage

May 18, 2012

Turmoil in Eurozone increases mortgage costs

by Jan Harris
Turmoil in Eurozone increases mortgage costs
The Bank of England has warned that the ongoing Eurozone crisis is pushing up the cost of borrowing on wholesale financial markets. This is making it more expensive for lenders to fund mortgages and they are passing the costs on to customers by increasing their mortgage rates. “In the absence of falls in funding costs, it suggests that some further increase ...




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 ...




March 16, 2012

Stamp duty rush causes rents to fall

by Jan Harris
Stamp duty rush causes rents to fall
Rents on private accommodation fell by 0.6 per cent last month, to an average of £707, according to the latest Buy-to-Let Index from LSL, a provider of residential property services. The agency suggests that the fall is likely to be temporary as it is related to an increase in the number of tenants deciding to purchase a property. Many potential first-time ...




January 5, 2012

Personal loan rates on downward trend

by Jan Harris
Personal loan rates on downward trend
Marks & Spencer Money is offering borrowers a personal loan at a rate of just 6 per cent. This represents the lowest rate since 2008 when Moneyback Bank was offering 5.8 per cent, while just one year ago Tesco Bank offered the lowest loan rate, of 8.4 per cent. Marks & Spencer Money’s 6% deal is for personal, unsecured loans of ...




December 15, 2011

New rules may ease negative equity problems

by Jan Harris
New rules may ease negative equity problems
The FSA's report into lending, due to be published next week, is expected to include proposals to help home owners in negative equity. The Council of Mortgage Lenders estimates that one in 12 homeowners are in negative equity, with their home now worth less than the price they paid for it, making it impossible for them to move house. This ...




December 7, 2011

Government reviews mortgage support for benefit claimants

by Jan Harris
Government reviews mortgage support for benefit claimants
The government has announced a review of its Support for Mortgage Interest scheme (SMI), which helps people receiving certain benefits if they are finding it difficult to pay their mortgage interest. SMI, which is available to people on benefits such as Income Support, Income-based Jobseeker's Allowance and Pension Credits, costs the Government around £400 million annually. It helps prevent home ...




November 22, 2011

Concerns raised over mortgage guarantee scheme

by Jan Harris
Concerns raised over mortgage guarantee scheme
Lenders and financial experts have highlighted a number of potential problems with the Government’s mortgage indemnity scheme, which was announced yesterday. Banks and building societies have commented that the scheme was rushed through with insufficient thought, while financial commentators warned that first time buyers taking advantage of the scheme could end up owning a house which could plummet in value. Initially, ...




November 14, 2011

Outlook for mortgage market uncertain

by Jan Harris
Outlook for mortgage market uncertain
Although the mortgage market is currently stable, the outlook remains uncertain in the face of the eurozone crisis. The Council of Mortgage Lenders (CML) has reported that 48,200 mortgages were taken out to buy homes in September, two per cent less than in the previous month. However there was a 3 per cent improvement in the number of mortgages approved for ...




October 31, 2011

Mortgage approvals fall, house sales down

by Kay Mitchell
”Mortgage
The Bank of England has today revealed mortgage approvals fell in September for the first time in six months. According to the Bank, there were 50,967 loans approved in the month – down 3% on August’s figure. However, September’s figure was broadly in line with forecasts and suggests the UK mortgage market will remain subdued for some time to come. Approvals still ...




October 11, 2011

CML: Mortgage lending increases in August

by Kay Mitchell
”CML:
The Council of Mortgage Lenders (CML) has today reported the number of loans for house purchase rose in August. According to the Council, there were 52,000 loans advanced for house purchase (worth £7.9 billion) in the month – up from 48,700 (£7.2 billion) in July. The Council described today’s figures as "welcome signs of life" as the mortgage market has been struggling since ...




September 29, 2011

BoE: Mortgage approvals hit 20-month high in August

by Kay Mitchell
”BoE:
The Bank of England has today revealed mortgage approvals picked up significantly in August to a 20-month high. According to the Bank, there were 52,410 loans approved in the month – almost 3,000 more than the level seen in July and the highest figure since December 2009. The figure was also higher than the 49,500 expected by analysts. However, approvals still ...




September 20, 2011

CML: Mortgage lending higher in August

by Kay Mitchell
”CML:
The Council of Mortgage Lenders (CML), which represents lenders who offer around 94% of all residential mortgage lending in the UK, has today reported UK mortgage lending grew in August. According to the Council, lending was 6% higher in August on a monthly basis, attributed to seasonal factors. The figures come after July saw a slump of 6% in mortgage lending compared ...




September 13, 2011

CML: Mortgage lending edges higher in July

by Kay Mitchell
”CML:
The Council of Mortgage Lenders (CML) has reported the number of loans for house purchase rose in July. According to the Council, there were 48,400 loans advanced for house purchase in the month – up by 1,000 from June’s figure but almost 7,000 lower when compared with July 2010. Commenting on today’s figures, Paul Smee, director-general of the CML, said: “August saw ...




August 30, 2011

Bovis reports 130% rise in pre-tax profits

by Kay Mitchell
”Bovis
Housebuilder Bovis has today reported profits more than doubled in the six months to the end of June as a result of cost-cutting and rising house prices. The company said pre-tax profits surged to £8.1 million in the six month period compared with £3.5 million in the same period a year earlier, while revenue rose by £18 million to £133.6 million. Meanwhile, ...




BoE: Mortgage approvals hit 14-month high in July

by Kay Mitchell
”BoE:
The Bank of England has today revealed mortgage approvals picked up significantly in July to a 14-month high. According to the central Bank, there were 49,239 loans approved in the month – higher than the upwardly revised 48,500 for June and a significant improvement on April’s 45,855 which represented a four-month low. The figure was also slightly higher than ...




August 11, 2011

CML reports drop in repossessions in Q2

by Kay Mitchell
”CML
The Council of Mortgage Lenders (CML) has today reported a fall in home repossessions. According to the Council, lenders seized 9,000 properties in the April to June period – 100 less when compared with the first three months of the year. Meanwhile, there were 18,100 repossessions in the first half of 2011, compared with compared with 19,500 in the first ...




August 10, 2011

CML: Mortgage lending up in June

by Kay Mitchell
”CML:
The Council of Mortgage Lenders (CML) has today reported the number of loans for house purchase rose in June. According to the Council, there were 46,700 loans advanced for house purchase in the month – a rise of 22% compared with the previous month but 11% lower on an annual basis. However, despite the annual fall, the CML said it was encouraged by ...




July 20, 2011

CML: Mortgage lending up 16% month-on-month

by Kay Mitchell
”CML:
The Council of Mortgage Lenders (CML) has today reported a pick up in mortgage lending for the month of June. According to the Council, gross mortgage lending last month totalled £12.9 billion – this represented a 16% rise on a monthly basis but was 3% lower compared with June 2010. Meanwhile, the CML said mortgage lending for the first half of 2011 was ...




July 12, 2011

CML: Mortgage approvals higher in May

by Kay Mitchell
”CML:
The Council of Mortgage Lenders (CML) has reported that the number of loans for house purchase rose in May. According to the Council, there were 41,500 loans worth £5.9 billion advanced for house purchase in the month, up from 40,800 in April. However, the figure remains lower than the 43,800 loans advanced in May 2010. Meanwhile, remortgaging increased in May, up by 1.7% ...




July 5, 2011

Report reveals rise in mortgage availability

by Kay Mitchell
”Report
Figures from Moneyfacts have revealed in the number of mortgage products. The credit crunch resulted in a tightening of lending criteria and mortgages have been hard to secure without a substantial deposit. However, the number of different mortgage products has risen to its highest level since November 2008, according to Moneyfacts, due to increased competition. In particular, mortgages offering just a 10% deposit are ...