Lloyds TSB and its mortgage lending arm, Cheltenham & Gloucester (C&G), have launched a range of new tracker deals, with rates starting at 3.69%. Two-year loans with a maximum 60% loan-to-value (LTV) ratio are available in the lender’s All Weather range as follows: 4.09% (base rate +2.09) £1995 fee applies; 4.19% (base rate +2.19) and [...]
Abbey has announced that it is increasing rates on its two and three-year tracker mortgages for new borrowers, by up to 0.5%. The news comes as analysts are predicting that the Bank of England’s Monetary Policy Committee will cut the base rate by least 0.5%, and possibly 1%, later this week. Tracker rates provide a [...]
Abbey is cutting the cost of its fixed-rate deals with maximum loan-to-value (LTV) ratios of 60% and 75%, by up to 0.35%. The bank has also upped the maximum loan size on its two-year tracker and fixed-rate loans with a maximum 60% LTV, to £550,000. From 30th October, two and three-year loans at 60% LTV [...]
Persimmon has reported that its cancellation rates have risen to 35%. In an interim statement, the housing developer said that the number of potential buyers who put down deposits of up to £700 on new homes and later withdraw, is now around 20% higher than its pre credit crisis average. Describing trading conditions as having [...]
Nationwide has increased the cost of its tracker loans by between 0.24% and 0.6%. Earlier this month the UK’s biggest building society increased rates across it range of fixed-rate mortgages, in response to volatile money market swap rates. However, this latest rise follows the Bank of England’s recent cut in the base rate, to 4.5%, [...]
Some relief for mortgage interest rates could be in sight following the rescue packages for banks announced by Governments in Europe and the US, earlier this week. Libor, the rate at which banks lend to one another, has eased back slightly and three month Libor, a rate crucial to the UK mortgage market, has fallen [...]
Figures from price comparison website, uSwitch.com, has found that lenders are continuing to increase their cost of personal loans with interest rates surging. In the last month alone, personal loans from Black Horse, part of the Lloyds TSB group, have increased by up to nine percentage points, to 36.9%, according to uSwitch. Prior to the [...]
Lloyds TSB and its Cheltenham & Gloucester subsidiary have increased rates on two and three-year fixed-rate loans by up to 0.26%. The bank’s two-year fixed-rate deal for those with a 75% deposit has risen to 6.44%; borrowers with only 10% of equity will pay 6.75%. Last week, Halifax, the UK’s biggest mortgage lender and part [...]
Standard Life Bank has cut rates and fees on certain products in its Freestyle range. From today, the rate on its three-year fixed home loan is down to 5.95% for up to 50% loan-to-value (LTV); five-year fixed residential rates are available from 5.99% (up to 75% LTV) and ten-year from 6.19% (up to 75% LTV). [...]
Woolwich, the mortgage lending arm of Barclays, is launching a new range of loans at up to 75% loan-to-value (LTV). The deals include a three-year fixed-rate mortgage at 5.84%, and a two-year fix at 5.99%. The lender is also providing new loans at a maximum LTV of 60% and with a £995 fee as follows: [...]
HSBC has cut rates on its entire range of fixed home loans by a minimum of 0.46% and a maximum of 0.56% The UK’s biggest bank says it is passing on the benefits of lower funding costs to customers. Borrowers signing up for the lender’s fee-free two, three and five-year fixed-rate mortgages will gain from [...]
From 5th September, Abbey is reducing rates on a number of its mortgage deals. The lender is cutting interest on its two, three and five-year fixed-rate home loans by up to 0.30%. In the case of the five-year fix with a 75% loan-to-value (LTV) ratio the rate comes down to 5.89%. The two-year at 75% [...]
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 [...]
Lloyds TSB and its mortgage subsidiary, Cheltenham & Gloucester (C&G), are cutting interest rates on two-year fixed-rate and tracker loans. The lenders’ full-term tracker mortgages will see the maximum benefit, with rates reducing by 0.38%, to 5.95%. The maximum loan-to-value (LTV) ratio on these deals is 20%. Interest on two-year fixed-rate loans with a maximum [...]
For the second time in a fortnight, Nationwide is cutting mortgage rates. The lender says that new borrowers will benefit from a reduction of up to 0.46% on some of its two, three and five-year fixed-rate deals and its two-year lifetime tracker mortgages. The building society is cutting the rate on a two-year fixed-rate deal [...]
Nationwide Building Society is reducing interest rates on some of its fixed-rate and tracker mortgages this week, with rates on its fixed loans for house buyers falling up to 0.07%. A two-year fix is available from 6.58% with a £599 fee or 6.98% with no fee, while rates on the lender’s newly-launched two-year tracker start [...]
New borrowers taking out two-year fixed-rate mortgages now face paying interest at over 7%. According to Moneyfacts, the financial information website, rates on this highly popular type of home loan are at their highest since February 1997. Five years ago, two-year fixed mortgage rates were around 4% and the increase means that the monthly cost [...]
Alliance & Leicester, the UK’s ninth-largest mortgage lender, has increased interest rates for new customers with less than a 25% deposit. Borrowers needing to raise between 76% and 90% of a property’s value will now be charged 6.49% on a two-year fixed-rate mortgage, rather than 5.74%. The 0.75 percentage point increase adds £864 per annum [...]
M&S Money launches 3% cash ISA
M&S Money has launched an Advantage Cash ISA paying 3 per cent, and which allows transfers in from other ISAs. It can be opened with a minimum deposit of £100 lump sum followed by minimum monthly deposits of £25. The 3% rate is variable, but there is no short-term bonus so the return won’t plummet [...]
Google suspends UK Compare Mortgages site
Google has closed its UK mortgage comparison site which it launched in July last year, after it proved to be less popular than expected. Mortgage comparison sites are designed to allow visitors to compare mortgages quickly and easily without having to visit each lender’s individual site. Google was competing with several well-established comparison sites, including [...]
AA launches ‘black-box’ policy for young drivers
The AA is launching an innovative car insurance policy called Drivesafe which could help younger drivers save up to £850 a year. Younger drivers already pay substantially higher premiums than other motorists and these costs are increasing. A new study by Confused.com suggests insurance costs for younger driver have gone up by 5.7 per cent [...]
ATOL scheme updated to protect online bookers
ATOL, a financial protection scheme managed by the Civil Aviation Authority, is being extended to protect up to six million more holidays a year. The scheme ensures that holiday makers do not lose out financially if a travel company collapses, and that they are not stranded abroad. An increase in the number of holidays booked [...]
Home repossessions lowest for four years
The number of UK homes repossessed fell to 36,200 in 2011, significantly below the Council of Mortgage Lenders’ forecast of 40,000, and lower than 2010 when 37,100 homes were repossessed. With interest rates remaining low and lenders adopting a sympathetic attitude to customers in financial difficulty, repossessions fell to their lowest level since 2007. However, [...]
Monthly pay lasting just 17 days
Workers are running out of money just 17 days after receiving their monthly pay, according to new research by the Halifax bank. This means that the average UK worker spends half the month worrying about money. The study, based on the responses of more than 2,000 adults, found that 10 per cent of workers start [...]
Women disadvantaged by auto-enrolment changes
Government proposals to increase the auto-enrolment threshold to £10,000 could put 1.8 million women at risk of missing out on a pension, the TUC has warned. Under the auto-enrolment scheme, which will be phased in from October, private sector employers will automatically enrol workers between the age of 22 years and the state pension age, [...]
Emergency household repairs company Homeserve is taking longer than expected to get back on track after its operations were suspended last October. The company expected customer numbers to fall by 5% this year but it has increased this estimate to 8% and announced the loss of 200 jobs. It estimates that renewal revenue in 2013 [...]
Sale rumoured for Yorkshire and Clydesdale banks
There is growing speculation that National Australia Bank (NAB) may sell Yorkshire Bank and Clydesdale Bank after the Australian parent company announced a strategic review of the two banks’ operations. The Australian economy is performing well and NAB reported strong profits for the final quarter of 2011 but with the UK economy at a virtual [...]
More women experiencing debt difficulties
Women in Debt, which offers female-focused debt advice, has warned that the number of UK women facing serious debt has grown significantly over recent years. The organisation believes that more women will need advice on solving debt problems in the future because they are building up an unsustainable level of indebtedness. Women in Debt’s director, [...]
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