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News Tag: tracker

April 14, 2010

Broker reports spring flurry of mortgage applications

by Gill Montia
Applications for home loans have bounced back to February 2008 levels, according to Countrywide. The mortgage broker has reported a 20% increase in applications during March (compared to February) marking the third consecutive monthly rise. Looking back over the first quarter of 2010, volumes were up 9% year-on-year indicating that property buyers have a renewed sense of confidence in the UK housing ...

April 13, 2010

New mortgage lending stages modest recovery

by Gill Montia
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 49% in volume and 67% in ...

February 10, 2010

Tracker rates hit record lows

by Gill Montia
Tracker rates fell to record lows in January, Bank of England statistics have revealed. For those with a 25% deposit, the rate on the average tracker deal declined to 3.63%, down from 3.92% in December. The shift indicates that competition is hotting up, given that the base rate has now been maintained at 0.5% for eleven consecutive months. Furthermore, the average rate on a two-year ...

January 23, 2010

Mortgage rate cuts from Post Office and Northern Rock

by Gill Montia
Both Northern Rock and the Post Office have launched new mortgage deals with lower rates. The Post Office has cut the cost of its Bank of Ireland lifetime tracker loans from 3.29% to 2.99%, or from 3.59% to 3.49%, dependent upon the loan-to-value ratio. Bank of Ireland has also reduced the price of its five-year fixed-rate offering by 0.5% ...

December 10, 2009

House purchase loans at highest level for two years

by Gill Montia
The Council of Mortgage Lenders (CML) has reported that approvals for house purchase loans increased to 55,000 in October, the highest level since December 2007 and up from a January 2009 low of 23,000. However, October remortgaging approvals remained static on a month earlier at 33,000 and apart from a total of 30,000 in August, remortgaging is at its ...

September 17, 2009

Woolwich launches one-year tracker at 1.98%

by Gill Montia
Woolwich has announced its second round of mortgage rate cuts this month. From today, the lender is introducing a one-year tracker mortgage at 1.98% for a 60% loan-to-value (LTV) deal, which comes with a £999 fee. The Barclays-owned firm is also cutting rates on its two-year 70% LTV fixed-rate deals with a £999 fee, to 3.99%; or 4.09% with a reduced fee of ...

September 1, 2009

Variable rate mortgage stages comeback

by Gill Montia
Mortgage borrowers are becoming less fearful of interest rate rises and opting for variable rate loans in larger numbers. July figures from John Charcol show that while fixed-rate deals retained their popularity, variable-rate mortgages, such as tracker or discounted loans, made up 35% of all mortgages arranged through the broker, compared to 17% of the market in June. The swing reflected a sharp rise ...

August 29, 2009

Arrangement fees dive on fixed and tracker deals

by Gill Montia
Borrowers seeking fixed and tracker rate mortgages are in for a pleasant surprise because arrangement fees have fallen by around 25% in the past 12 months. Research by moneysupermarket.com has revealed that the average two year fixed-rate deal now comes with a typical fee of £957, down 30% the £1,243 average charge this time last year. In addition, the average fee ...

August 4, 2009

Nationwide cuts rates by 0.5%

by Gill Montia
Nationwide has cut rates by up to 0.5% on some of its fixed-rate and tracker mortgages, from today. Reductions have been applied to its two-year and three-year fixed-rate loans and two-year tracker deal, both for new customers and remortgagers. However, also from 4th August the building society will be retaining £99 of its existing reservation fees, having introduced a non refundable booking fee ...

July 23, 2009

Fixed rate popularity sees June peak

by Gill Montia
Last month saw homebuyers and remortgagers opt for fixed-rate loans as never before. According to mortgage broker, John Charcol (JC), the proportion of customers choosing fixed-rate deals rose to a record 83.1% in June and the firm's mortgage activity monitor also showed the average take-up at 81.2% over the past four months. However, the broker believes the figures could have peaked because of ...

June 29, 2009

Tracker/fixed-rate dilemma unravelled

by Gill Montia
The tracker versus fixed-rate dilemma that currently faces homeowners has been investigated by moneysupermarket.com, with the odds laid out as follows: Mortgage borrowers on tracker rates saw their monthly repayments fall substantially, as the base rate plummeted to 0.5%. However, further falls in the base rate are unlikely whereas a rise is inevitable, probably by the end of the year. This prospect makes the idea of a ...

June 10, 2009

Lenders push up tracker rates despite base rate freeze

by Gill Montia
Latest figures from the Bank of England show that banks and building societies are raising the cost of their variable-rate mortgage deals. The news is disappointing, given that the base rate was held at an all-time low of 0.5%, in June and three month Libor, the rate at which most lenders borrow to fund their mortgage businesses, has fallen. ...

June 3, 2009

Homeowners look to fix as enthusiasm for SVRs wanes

by Gill Montia
Homeowners look to fix as enthusiasm for SVRs wanes
Britons appear confident that the Bank of England's base rate has bottomed out at 0.5% and are therefore favouring fixed-rate mortgage deals. According to Abbey's mortgage index, last month 60% of homeowners preferred the idea of a fixed-rate home loan, on the basis that it could offer protection from future rate rises. The figures compares with 52% favouring a ...

April 26, 2009

A&L launches two-year tracker at 2.95%

by Gill Montia
A&L launches two-year tracker at 2.95%
Alliance & Leicester (A&L) has launched a two-year tracker at 2.45% above base rate (currently 2.95%). The mortgage is available to both homebuyers and remortgagers who can stump up a deposit of at least 25%. It comes with a fee of £499 and the maximum loan size is £250,000. According to the lender's director of mortgages, Nici Audlam-Gardiner, research shows that among remortgagers, ...

March 31, 2009

Nationwide reduces tracker and fixed rates

by Gill Montia
Nationwide reduces fixed rates
Nationwide has reduced the cost of a number of its fixed-rate and tracker mortgages by up to 0.25%. The lender is offering a two-year fix from 3.78%; three-year from 4.28% and five-year from 4.78%, from 1st April. All the new loans have a £299 reservation fee for existing customers and a £995 reservation fee for new borrowers. The building society also has a ...

March 17, 2009

Nationwide increases tracker rates

by Gill Montia
Nationwide increases tracker rates
Nationwide Building Society is increasing rates on some of its mortgage deals by up to 0.3%. From 18th March, remortgagers with a 40% deposit will pay interest at 3.93% for a two-year tracker, up from 3.63% previously. Homeowners with only 25% of equity in their properties will be charged at 5.08% for a similar deal, while existing Nationwide customers who need to borrow ...

February 20, 2009

Lenders’ SVRs reflect one-third of base rate cuts

by Gill Montia
Lenders' SVRs reflect one-third of base rate cuts
The resistance of mortgage lenders to pass on cuts in the base rate is illustrated by new research from Moneyfacts.co.uk. The financial website found that Standard Variable Rates (SVRs) are down by an average one-third of the total amount shaved off the base rate in recent months. The firm's analyst, Michelle Slade, points out that customers with new tracker rate loans ...

January 29, 2009

Trackers become “handle with care” loans as margins rise

by Gill Montia
Trackers become
Moneysupermarket.com is warning homeowners that margins on tracker mortgages are rising. With the Bank of England base rate at an all-time low, tracker deals have become increasingly popular. However, lenders have been busy upping their margins on trackers; according to the price comparison website, margins have more than tripled in the past three months. Research shows that in October of last ...

January 13, 2009

Tracker and SVR mortgage rates fall to five-year low

by Gill Montia
Tracker and SVR mortgage rates fall to five-year low
Latest figures from the Bank of England show that rates on new tracker and standard variable rate loans have fallen in recent weeks, however those with less than a 25% deposit remain locked out of the best deals. Tracker loans are linked to the base rate and at the end of December, the cost of the average two-year tracker ...

January 12, 2009

RBS fails to pass on full rate cut

by David Masters
RBS fails to pass on full rate cut
The RBS Group has announced that it will only pass on last week's Bank of England base rate cut to some customers. The banking group, which includes NatWest and the Royal Bank of Scotland, said those on tracker mortgages and small business with variable rate overdrafts would benefit from the full 0.5% cut. However, individual mortgage holders on the standard variable ...