Mortgage lending fell by 4 per cent to £13.1 billion last month, compared with £13.7 billion in September when it was at its highest level for two years. Lending was up by 13% year-on-year in October 2011, from £11.6 billion in October 2010. However, the figures include a strong year-on-year increase in remortgage activity rather [...]
New research from Yorkshire Building Society shows that the number of mortgage borrowers now on their lenders’ standard variable rates (SVRs) is over 2.3 million, representing 28% of the total mortgage market. Typically these households have come off fixed-term deals and for one reason or another have chosen to revert to their lenders’ SVRs, rather [...]
The number of loans advanced for house purchases increased by 12% in February, showing a modest recovery on January when the figures were weak due to the end of the stamp-duty holiday and the severe winter weather. According to the Council of Mortgage Lenders (CML) 35,000 house purchase loans were advanced worth £5 billion, up [...]
The Court of Appeal has ruled in favour of a mother under threat of repossession. Jayne Hewett was party to a remortgage of the family home to pay off her husband’s credit card debts. However, unbeknown to her, Mr Hewett was having an affair at the time the loan was arranged. He subsequently moved out, [...]
Nationwide has lowered the deposit required for some of its most competitive remortaging deals, from 40% to 30%. From today, all the lender’s existing 60% loan-to-value (LTV) fixed and tracker remortgage loans are available at up to 70%. Since the onset of the credit crisis, remortgaging activity has been in a steady decline as lower [...]
The collapse of the remortage market as borrowers coming to the end of fixed-rate deals opt to remain on reversion rates, is prompting lenders to raise their standard variable rates (SRVs). According to Moneyfacts.co.uk some borrowers on SVRs have benefited from the record low 0.5% base rate but others have not been so lucky. The [...]
The cost of putting their children through university is forcing some parents to remortgage their home, The Children’s Mutual revealed this week. Students starting university this year will spend an average of £42,000 during their three-year course, and many parents will be expected to fund the majority of this bill. “University can be as much [...]
Financial website, Moneyfacts, has named the UK’s top mortgage providers in its 2009 awards, which were presented in London last week at a ceremony that recognises the best products and services in the personal finance world. HSBC swept the board, named winner in the Best Remortgage Provider; Best First Time Buyer Mortgage Provider and Best [...]
The Council of Mortgage Lenders (CML) has reported a 4% rise in mortgage approvals for house purchases in February. During the month 24,300 loans were sanctioned worth a combined £3.1 billion. The figure compares with 23,400 loans in January worth £3.1 billion but is around one-third of the average February total of 76,000 between 2002 [...]
Britannia Building Society has reduced rates on its two, three and five-year fixed deals by up to 0.95%. The new home loans are available from today (27th February) and the range includes a five-year fix with a rate of 4.24% for a 60% loan-to-value ratio. An arrangement fee of £999 applies. The lender is also [...]
The British Bankers’ Association (BBA) has reported a slight rise in the number of mortgages approved by its members for house purchases, in January. By volume, approvals rose to 23,376, compared to 22,416 in December, however, the figure was still 43% down on a year earlier. According to the BBA, High Street banks are currently [...]
Coventry Building Society yesterday launched a new range of mortgage products. Among the products released was a two year fixed-rate mortgage at 4.99%, available at 85% loan to value. A free valuation and remortgage transfer service are included in the deal. Offset products have also been updated to include a two year 4.49% fixed rate, [...]
Latest figures from the Bank of England show the extent to which Britons have said goodbye to the era in which homes provided cash for comfortable lifestyles. During the housing market boom, many homeowners withdrew equity when remortgaging but falling property prices have led to a re-evaluation and Britons are now keen to repay their [...]
The British Bankers’ Association (BBA) has reported that UK mortgage lending fell sharply in November. Approvals for house purchases were down 14% on October and 60% year-on-year, to a record low of 17,773. The average amount borrowed was £117,000, down nearly 24% on November 2007. Meanwhile, remortgaging approvals fell in volume to 29,798, compared with [...]
New research from Durham University shows the extent to which some UK homeowners are exposed to the credit crisis because their lifestyles have been funded by withdrawing equity from property. The study, which examined the borrowing patterns of over 8,000 households between 2001 and 2005, revealed that in any year around 40% of homeowners increased [...]
The Council of Mortgage Lenders has reported that 39,900 loans for house purchases were approved in October, 14% more than in the previous month. First-time buyers secured 15,400 loans and home movers 24,500. The value of lending was up 10% on September, totalling £5.5 billion. However, both volume and value were down year-on-year by 52% [...]
Alliance & Leicester (A&L) has unveiled a new range of fixed-rate mortgages, available from 4th December. The lender, which is part of the Santander group, is reducing rates by up to 0.90%. Its offering includes a two-year deal at 4.94% (previously 5.79%), fixed until 31st December 2010. Customers can borrow up to 75% of a [...]
The Council of Mortgage Lenders (CML) has reported that the temporary rise in the stamp duty threshold, to £175,000, benefited 51% of homebuyers during September. In the same month last year, when the threshold stood at £125,000, only 22% of homebuyers escaped the tax. The CML also notes that in September, the number of mortgages [...]
The Bank of England has reported that mortgage approvals for house purchases rose slightly during September, to 33,000, compared to 32,000 a month earlier. The increase is the first recorded by the Bank since June 2007. While mortgage lending for new purchases was still below the six month average (£3.5 billion), it gained ground on [...]
The Council of Mortgage Lenders (CML) has reported a further fall in mortgage lending, in August. During the month, 42,200 loans were agreed for house purchases, with first-time buyers making up 15,600 of that number. Total lending for house purchases declined to £6 billion, 63% down on the same period in 2007. During the month, [...]
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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