Tag: Mortgage News

Credit card write-offs continue to rise

Credit card write-offs continue to rise

Figures from the Bank of England today have revealed credit card write-offs continue to rise. During the first three months of 2010, write-offs rose to £1.25 billion - the second highest quarterly amount on record. The situation has deteriorated in the recession as thousands of people have been unable to afford their repayments, due to [...]

June 25, 2010 | 0 Comments More
Savers struggle to find decent rates

Savers struggle to find decent rates

Savers are finding it increasingly difficult to get a good return on their money, and many are opting to pay off debt rather than keep their savings in a bank account, Moneynet.co.uk has claimed. Andrew Hagger, spokesperson for the price comparison site, said at least a dozen best-buy savings deals have disappeared from the market [...]

June 9, 2010 | 0 Comments More
Post Offices launches affordable mortgages

Post Offices launches affordable mortgages

The Post Office has launched a new range of mortgages targeted at first time buyers. Consumers can take out the new mortgage products with a deposit of just 10%. The two-year, three-year, and five-year fixed rate mortgages have interest rates between 5.45% and 5.99%. A tracker mortgage is also available at 5.49%. Marco Hughes, director [...]

May 13, 2010 | 0 Comments More
Why you should check the SVR on your mortgage

Why you should check the SVR on your mortgage

Millions of homeowners across the UK have no idea what interest rate they’re paying on their mortgage, according to research by Post Office Mortgages, A poll by the lender found that while 35% of borrowers are currently on a standard variable rate (SVR) mortgage, 28% - around 3 million homeowners - don’t know what rate [...]

March 4, 2010 | 0 Comments More
Low interest rates encourage saving, claims expert

Low interest rates encourage saving, claims expert

Low interest rates throughout 2009 have helped some people put more money aside into savings, a financial expert has claimed. Darren Cook, spokesperson for Moneyfacts.co.uk, said low interest rates have decreased mortgage payments for homeowners, increasing their disposable income, which can be used for savings. “If you look at people that had existing mortgages before [...]

December 11, 2009 | 0 Comments More
Britannia pulls 10%-LTV mortgages

Britannia pulls 10%-LTV mortgages

First time buyers are being further squeezed out of the mortgage market with one of the UK’s biggest lenders pulling its 10% deposit products. Britannia, which merged with Co-operative Bank earlier this year, said it will no longer offer mortgages to borrowers with a 10% deposit. The news further diminishes the tiny number of lenders [...]

October 9, 2009 | 0 Comments More
BoE report reveals lending is set to increase

BoE report reveals lending is set to increase

A Bank of England report has revealed that Britain’s banks and building societies are set to make more loans available to homeowners and businesses over the next quarter. The report also revealed that despite the tightening of lending criteria over recent times, credit availability to larger companies actually increased during the first three months of [...]

April 2, 2009 | 0 Comments More
Rics: Number of people moving house falls to record low

Rics: Number of people moving house falls to record low

According to the Royal Institution of Chartered Surveyors (Rics), the number of homes changing hands has fallen to levels not experienced since their survey started in 1978. The organisation said the average number of property sales handled by surveyors across the country over the last three months plummeted to just 14.4 - the equivalent of [...]

August 12, 2008 | 0 Comments More
71% fewer mortgages compared with one year ago

71% fewer mortgages compared with one year ago

Figures from Moneyfacts.co.uk have revealed that there are now 71% fewer mortgages available compared with this time last year. There are now 3,748 mortgage deals available compared with 13,027 mortgage products last August, according to Moneyfacts, showing what an impact the credit crunch has had on the housing market. Furthermore, the number of loans has [...]

August 11, 2008 | 0 Comments More
PM to meet with banks to discuss housing market crisis

PM to meet with banks to discuss housing market crisis

Prime Minister Gordon Brown is to meet bank chiefs for breakfast talks tomorrow at Number 10 to discuss the current housing market crisis. Last week, The Bank of England’s Monetary Policy Committee (MPC) cut interest rates from 5.25% to 5%. This is the third time since December that interest rates have been cut in an [...]

April 14, 2008 | 0 Comments More