Housebuilder Bovis has joined forces with Barclays to offer a mortgage aimed at first-time buyers, through the bank’s Woolwich lending arm. However, the 90% loan-to-value (LTV) deal, which comes with unemployment protection for three years from exchange of contracts, is only available to those purchasing a Bovis home. For the maximum 90% LTV, the rate [...]
Barclays is celebrating the tenth anniversary of the UK’s first offset mortgage. The bank’s Woolwich subsidiary took the plunge in June 2000 and the lender claims it has saved borrowers more than £1 billion in mortgage interest over the years. The average Woolwich offset mortgage stands at £132,000 and customers typically keep £21,000 in their [...]
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 [...]
Woolwich is cutting rates across its range of mortgages, by up to 0.7%. A two-year fix at 80% loan-to-value (LTV) ratio is available at 4.99%, representing a reduction of 0.4%, while a three year fixed-rate deal at 70% LTV comes 0.5% cheaper at 3.99%. In addition, the Barclays-owned lender’s offset tracker mortgage is down 0.5% [...]
Woolwich has reduced rates on several of its “fix and track” loans for remortgagers. The lender, which forms part of the Barclays group, has cut the rate on its two-year fix and track by 0.5%, to 3.89% while the rate on a three-year fix and track is down by 0.7%, to 3.99%. Both types of [...]
Yesterday’s 1% cut in the Bank of England’s base rate, to 2%, has met with a mixed response from mortgage lenders. Despite pressure from Government Ministers, Halifax and Nationwide are opting not to pass on the full reduction to customers with standard variable rate (SVR) loans. So far, HSBC, Bristol & West, Lloyds TSB and [...]
From 1st December homeowners selling residential properties in Scotland will need to provide potential purchasers with a Home Report. The reports include a survey, valuation, energy assessment and a questionnaire that has been completed by the vendor. As with the introduction of Home Information Packs in England and Wales during 2007/08, the timing is seen [...]
Leading lenders withdrew tracker mortgages just hours before the Bank of England’s Monetary Policy Committee agreed an historic 1.5% cut in the base rate, to 3%. Lloyds TSB and its Cheltenham & Gloucester (C&G) unit, Northern Rock and Woolwich have all withdrawn tracker products today. Yesterday, the Council of Mortgage Lenders (CML) warned that lenders [...]
Two High Street mortgage lenders have increased their tracker rates, despite last week’s 0.5% cut in the base rate. Lloyds TSB is hiking its mainstream tracker rates by between 0.3% and 0.5% and Woolwich, the mortgage lending unit of Barclays, is increasing rates on its lifetime and offset tracker deals by 0.2%. Woolwich actually reduced [...]
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: [...]
Woolwich, which is part of the Barclays group, has launched a Lifetime Tracker mortgage at 1.19% above base rate (currently 6.19%) and with a maximum loan to value (LTV) ratio of 80%. The new loan sits alongside the lender’s existing Lifetime Tracker at 0.69% above base rate for mortgages with an LTV of up to [...]
Woolwich is cutting mortgage interest rates for the second time in two weeks. The lender, which is part of the Barclays group, is reducing the rate on its 10-year fixed-rate deal by 0.32 percentage points, to 5.94%. Rates on three-year and five-year fixes will fall by 0.2% and 0.1% respectively. The move follows rate cuts [...]
A number of lenders have launched new mortgage deals this week. Leeds Building Society has introduced a five-year fixed-rate loan at 5.99% and with no higher lending charge. Maximum loan-to-value ratio is 80% and 10% capital repayments are allowed each year without any penalty charge. Interested parties can apply via the lender’s branches, online, or [...]
Woolwich has become the latest mortgage company to reduce its loan-to-value (LTV) ratio for new customers. The lender, which forms part of the Barclays group, is withdrawing all products with LTVs exceeding 90% from Thursday 8 May. These include a 5% LTV lifetime tracker plus five-year fixed-rate and standard variable rate loans. The move, which [...]
Asda flier promotes expensive cash withdrawals
The ‘Asda Price’ slogan took on a whole new meaning after a flier, designed to look like a Christmas card, suggested that Asda Money customers should withdraw cash from an ATM using their credit card. Customers withdrawing cash on their credit card are charged 3 per cent of the amount withdrawn, or £5, whichever is [...]
The cost of car insurance fell by 6.6 per cent this month, compared with a year ago, according to Tiger Watch, the car insurance price monitor produced by Tiger.co.uk. Compared with November, prices increased by 0.4 per cent, but across a three month period, prices have fallen to a two-year low. Competition between insurance providers [...]
Chancellor open-minded about ending inflation target
Chancellor George Osborne has welcomed remarks made by the incoming Governor of the Bank of England about scrapping the inflation target to focus on gross domestic product (GDP). Such a change in strategy would require the Bank of England to introduce new measure to stimulate the economy, even if this caused inflation to rise. Mark [...]
Shepshed Building Society joins with The Nottingham
The Nottingham and Shepshed building societies will merge in July 2013, with Shepshed’s three branches being rebranded under The Nottingham name. Shepshed Building Society, which has branches in Shepshed and Loughborough, Leicestershire; and Ruddington, Nottinghamshire, has struggled to grow in the face of economic downturn and increased competition, prompting it to seek a merger. It [...]
Moneyfacts reports fall in number of savings accounts
The Funding for Lending Scheme (FLS), launched by the Bank of England and the Treasury this summer, has caused a sharp fall in the number of accounts available for savers, according to Moneyfacts, a leading provider of personal finance data. FLS is designed to increase the availability of mortgages and business loans by providing banks [...]
Large deposits still challenging first-time buyers
The Council of Mortgage Lenders (CML) is forecasting a positive year in 2013 for the UK property market, but first-time buyers are still struggling to find the large deposits required by mortgage lenders. The CML has recorded a steady increase in mortgage lending with 49,500 home loans advanced for house purchases in October. This represents [...]
HSBC fined $1.92 billion by US authorities
HSBC has received a record $1.9 billion (£1.2 billion) fine from US federal and state authorities after its poor money laundering controls allowed it to be used as a conduit for drug barons and nations on which sanctions had been imposed, including Iran. Following a multi-agency investigation HSBC was charged with violating sanctions by transferring [...]
Northern Rock customers to receive windfall
Northern Rock customers could receive a windfall of around £1,700 because of an error in the wording of loan statements. The mistake, made by the nationalised part of the bank, will cost UK taxpayers a total of £270 million. Up to 152,000 customers who took out personal loans of less than £25,000 will receive an [...]
Government acts to curb whiplash epidemic
Medical panels could be introduced to assess car drivers and passengers making an insurance claim for a whiplash injury following an accident. The number of personal injury claims relating to road accidents has soared by 60 per cent since 2006, despite a 20 per cent fall in road traffic accidents and the government is to [...]
Insurers warn householders to keep Christmas gifts secure
With UK households expected to spend around £8.5 billion on Christmas presents this year, according to a survey by Tesco Bank, insurers are warning consumers to keep their gifts secure. The Association of British Insurers (ABI) says that insurers received £35m of claims for the 23,000 burglaries which took place in December last year. Shoppers [...]
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