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Friday 29th of May 2009

News Tag: remortgage

April 14, 2009

New mortgage lending up 4%

by Gill Montia
New mortgage lending up 4%
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 and 2007. Remortgaging approvals fell by 20% to 35,000 ...



February 27, 2009

Britannia cuts fixed-rates

by Gill Montia
Britannia cuts fixed-rates
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 offering remortgagers a one-year fixed-rate starting at 3.99% and says it ...



February 24, 2009

New mortgage lending up in January

by Gill Montia
New mortgage lending up in January
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 providing more than two-thirds of new mortgage lending ...



January 6, 2009

Coventry launches 4.99% fixed rate mortgage

by David Masters
Coventry launches 4.99% fixed rate mortgage
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, or a fee free 4.79% fixed rate. ...



December 29, 2008

Remortgagers shun equity withdrawal

by Gill Montia
Remortgagers shun equity withdrawal
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 mortgages and increase the amount of equity held in ...



December 23, 2008

Mortgage approvals down 60%

by Gill Montia
Mortgage approvals down 60%
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 52,452 in October. The BBA attributes the dramatic shift to borrowers ...



December 12, 2008

Mortgage equity withdrawal kept families afloat

by Gill Montia
Mortgage equity withdrawal kept families afloat
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 their mortgage borrowing, despite having not ...



December 9, 2008

New home loan approvals up 14%

by Gill Montia
New home loan approvals up 14%
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% and 57% respectively. October remortgage approvals rose to ...



December 3, 2008

A&L cuts rates on two-year fixes

by Gill Montia
A&L cuts rates on two-year fixes
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 property's value and the maximum loan size is £250,000; ...



November 12, 2008

New home loan approvals fall 57% by volume

by Gill Montia
New home loan approvals fall 57% by volume
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 approved for house purchases fell 15% ...



October 29, 2008

BoE confirms rise in mortgage approvals

by Gill Montia
BoE confirms rise in mortgage approvals
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 August, at £2.2 billion. The August figures were some ...



October 14, 2008

Mortgage volumes and lending at all time lows

by Gill Montia
Mortgage volumes and lending at all time lows
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, both the volume and value of house ...



October 7, 2008

Remortgagers urged to make haste

by Gill Montia
Remortgagers urged to make haste
Mortgage broker, John Charcol, is urging homeowners coming to the end of their fixed-rate mortgages to find a new deal as soon as possible. According to the firm's senior technical manager, Ray Boulger, borrowers should start investigating their options six months before their current deals expire. The financial turmoil of the past three weeks means that mortgages are likely to be in very ...



October 6, 2008

Equity releasers should consider remortgaging

by Gill Montia
Equity releasers should consider remortgaging
Retired homeowners who have opted for equity release as a means of boosting their incomes are being advised to review the deal offered by their provider, and consider remortgaging. According to Key Retirement Solutions, a firm of independent financial advisers specialising in equity release, retirees who have raised cash from their homes over the last five years or more may be able to ...



October 3, 2008

Britons stop using houses as banks

by Gill Montia
Britons stop using houses as banks
Homeowning Britons have stopped using their properties as banks, according to figures from the Bank of England. For the first time since 1998, consumers have become more focused on paying off their mortgages rather than remortgaging to fund their lifestyles, or consolidate debts. In the three months to the end of June, the UK's mortgage borrowers increased the amount of equity held in ...



September 24, 2008

Remortgagers should make haste as Libor rises

by Gill Montia
Remortgagers should make haste as Libor rises
Financial news and price comparison website, Fool.co.uk, is urging homeowners who need to remortgage, to act quickly because competitive deals are likely to disappear. The firm has been watching Libor, the interest rate at which banks lend to one another and is predicting that mortgage rates will be on the rise again marking the end of a period when the UK's ...



September 23, 2008

Approvals for new mortgages plunge 64%

by Gill Montia
Approvals for new mortgages plunge 64%
The British Bankers' Association (BBA) has reported a 64% annual decline in mortgage approvals for house purchases, in August. In all, 21,086 new home loans were sanctioned during the month, compared with 58,564 in August 2007. The figure is 5% down on July 2008 and at its lowest since BBA records began in 1997. August approvals for remortgaging were 27.8% down year-on-year, at 47,765 ...



August 21, 2008

Oakwood joins Edeus in paying borrowers to leave

by Gill Montia
Oakwood joins Edeus in paying borrowers to leave
Another mortgage company is prepared to pay its customers to take their business elsewhere. Oakwood Global Finance, which specialises in buying residential mortgages from other lenders, is offering a 15% discount to certain customers who can redeem their home loans, either by remortgaging or from their own funds. In addition, the firm's usual early repayment charge and £120 exit fee will ...



July 29, 2008

New mortgage lending falls 69% year-on-year

by Gill Montia
New mortgage lending falls 69% year-on-year
Latest figures from the Bank of England show that in June, new mortgage approvals fell to their lowest level since the Bank's records began, in 1993. During the month, home loans approved for house purchases fell to 36,000, representing a 69% decline on June 2007 and 12% down on May. Approvals for remortgages also fell, down to 84,000, compared with 90,000 ...



July 14, 2008

Remortgagers opt for longer mortgage terms

by Gill Montia
”Remortgagers
John Charcol has reported that increasing numbers of homeowners struggling with higher interest payments are opting to extend the terms of their mortgages to reduce monthly repayments. According to research by the mortgage broker, between 10% and 15% of borrowers who have remortgaged in the past two months extended the lifetime of their loans, or switched to interest-only payments. To offer a comparison, monthly repayments on a typical ...