The UK’s financial regulator, the Financial Services Authority, has recently taken action against a mortgage broker that was said to be involved in fraudulent activity. (more…)
Archive for the ‘Mortgage News’ Category
FSA takes action against broker
Sunday, May 31st, 2009
Huge increase in mortgage rejections
Friday, May 29th, 2009The number of mortgages that are being rejected has increased by around four times, according to a national newspaper report. It is said that despite the fact that these mortgage applications fit with the lenders’ criteria on paper, an increasing number of lenders are still finding reasons to turn them down. (more…)
Buyer interest increases and house price falls slow
Wednesday, May 27th, 2009Recently released figures for the month of April have shown that whilst interest from buyers in the housing market increase the pace of house price falls slowed down. (more…)
Slight fall in house prices for April
Wednesday, May 20th, 2009Figures that were recently released by the Nationwide Building Society have shown that despite the surprise increase in house prices in March, property prices in England and Wales are continuing to fall, with April seeing a slight dip in house prices. (more…)
Surveyors claim increased interest from buyers
Tuesday, May 19th, 2009Surveyors from the Royal Institute of Chartered Surveyors have stated that whilst property sales levels in the UK still remain low there has been rising interest from would be buyers. Officials from RICS said that rising interest from potential buyers was gaining ‘real momentum’. (more…)
Nationwide hikes standard mortgage rate
Thursday, May 14th, 2009Britain’s largest building society, Nationwide, decided earlier this month to increase its interest rates on standard variable rate mortgages, which has sparked fears that other lenders will follow suit. (more…)
Cost of buying a home has rocketed in past five years
Wednesday, May 13th, 2009Recent reports have indicated that the cost of buying a home in the UK has soared by around £2000 in the past five years, and this has come as a result of rocketing fees, low valuations, and more. (more…)
CML releases official negative equity figures
Monday, May 11th, 2009A couple of weeks ago the Council of Mortgage Lender released worrying figures with regards to negative equity levels amongst homeowners in the UK, claiming that 900,000 homeowners had been plunged into negative equity as a result of falling house prices. (more…)
Estate agents more upbeat about property market
Monday, May 4th, 2009Nobody can argue about the fact that the past year has been a particularly turbulent one for estate agents and other industries connected to the property market, as the slump in property sales has made things very difficult. (more…)
Mortgage insurance customers could face 40 percent increases
Wednesday, April 29th, 2009A recent report has highlighted how millions of working homeowners could be facing a whopping 40 percent rise in the cost of insurance cover that they took out to make their mortgage repayments in the event that they were unable to make repayments themselves for a period of time due to illness, accident, or redundancy. (more…)
Fixed rate loans mean profit for banks
Thursday, April 16th, 2009Some industry experts have recently claimed that many banks are now making profits from fixed rate mortgage loans by increasing their profit margins sharply on these popular loans. (more…)
RICS wants increased funding for mortgage sector
Saturday, April 11th, 2009Officials from the Royal Institute of Chartered Surveyors have called for an increase in funds to be injected into the mortgage sector. (more…)
Mortgage approval levels increase in February
Tuesday, April 7th, 2009Recently released figures have shown that the level of mortgage approvals for the month of February increased by more than many industry officials had been expecting. (more…)
Last year saw mortgage arrears rise by over 30 percent
Sunday, April 5th, 2009Recently released information has shown that over the course of 2008 the level of mortgage arrears in the UK increased by over 30 percent, as more and more homeowners struggled to keep on top of repayments in the increasingly difficult financial climate. (more…)
Interest rates on fixed rate mortgages being increased for those with smaller deposits
Saturday, April 4th, 2009According to a recent report a number of lenders have been hiking up the interest rates charged on their fixed rate mortgage products in the event that the borrower cannot put down a fairly sizeable deposit. (more…)
Nationwide takes over Dunfermline Building Society
Wednesday, April 1st, 2009The troubled building society, Dunfermline, is being taken over by Britain’s largest building society, Nationwide, after running up huge debts for which the taxpayer will pick up the tab. 
The merger with Nationwide is part of a package that was announced recently by the Bank of England, and over five hundred employees of Dunfermline will now be transferred over to the Nationwide.
Many branches, assets, and prime mortgage loans have been taken over by Nationwide, and building society officials have said that it will be business as usual for the customers of Dunfermline.
The Prime Minister, Gordon Brown, said that Dunfermline was ‘author of its own mistakes’ when the level of debt was revealed. He said: ‘Let’s face facts. The Dunfermline building society is the author of its own mistakes: mistaken judgments, mistaken investments, mistaken policies. We have had to step in where the Dunfermline building society has failed, and we have stepped in in such a way that we can protect both the savers and give those people who depend on the building society for mortgages a way through for the future.’
The chairman of Dunfermline said that he was pleased with the fact that the building society was being saved but was disappointed that it did not get the government support that would have allowed it to remain as an independent operation.
He said: ‘I am hearing encouraging noises – yet to be confirmed – that Nationwide will do all they can to keep as much employment as they can in Scotland. I and my board have worked tirelessly to protect the members and the staff and we have no reason to feel bad about this. We are deeply disappointed with the Government’s decision. It was unnecessary. But nevertheless we need to move on and we need to work with the new owners.’
Mortgage approvals held steady for January
Tuesday, March 31st, 2009Figures that were recently released by the Bank of England have shown that for the month of January mortgage approvals for property purchases levelled out, standing steady at 31,000. (more…)
Cost of renting a property falls
Monday, March 30th, 2009Recently released figures have suggested that the cost of renting a home in the UK has been falling, and this is as a result of a rising number of property owners putting their homes up for rent because they cannot sell them in the current climate. (more…)
Property sales sink again in February, states RICS
Thursday, March 26th, 2009Since the onset of the global credit crunch credit conditions and mortgage lending have become very restricted, and many people are finding it difficult to get a mortgage or other type of credit, which has had a severe knock on effect on many different industries. (more…)
90 percent mortgages make a comeback with the Rock
Tuesday, March 24th, 2009Previously troubled and now nationalised bank Northern Rock has announced in the past few weeks that it is making a multi-billion pound return to the mortgage market, and will be offering mortgage loans of 90 percent of the property value to eligible consumers. (more…)
Increased availability of home loans unlikely in the near future
Monday, March 23rd, 2009A recent report has indicated that it is unlikely that there will be any significant increase in the availability of home loans in the near future. (more…)
Phantom mortgage cause problems for homebuyers
Sunday, March 22nd, 2009According to a recent report a number of lenders are offering mortgages that do not actually exist, which is causing problems for many buyers who think that they have found the perfect mortgage deal only to find that there is no mortgage deal to be had. (more…)
Rise in number of tenants being evicted
Wednesday, March 18th, 2009Recently released figures have shown that there has been a sharp rise in the number of tenants that are being evicted from private landlord accommodation, and this is because the landlords are falling into arrears with the mortgage on the property, resulting in the home being repossessed. (more…)
Lenders shut doors on homebuyers
Tuesday, March 17th, 2009A recent report has indicated that many lenders have now shut their doors on a large number of homebuyers, with many banks and building societies leaving homebuyers out in the cold. (more…)
Is it the end for self cert mortgages?
Monday, March 16th, 2009A recent report has suggested that the days of self cert mortgages could be coming to an end, as lenders become increasingly cautious and stringent with regards to who they will lend to in what has become a very volatile and difficult financial climate. (more…)
Northern Rock uses taxpayer’s money to revive mortgage lending
Sunday, March 15th, 2009The nationalised bank, Northern Rock, is apparently using taxpayers’ money to revive its mortgage lending operations, according to recent reports. (more…)
Gieve wants mortgages to be capped
Saturday, March 14th, 2009Sir John Gieve has recently stepped down from his three year role as deputy governor of the Bank of England, and was recently speaking at a farewell speech, where he commented on a number of issues, including the financial crisis and how it had been handled by the government and the tripartite system put into place by Gordon Brown in 1997. (more…)
Mortgage numbers not as restricted as many might think
Friday, March 13th, 2009A recent report has suggested that the whilst most consumers are of the mind that there are very few mortgage products available on the market, the number of mortgages on offer may actually be considerably higher than many people might think. (more…)
Getting into the property ladder still a problem for first time buyers
Thursday, March 12th, 2009Over recent weeks estate agents and surveyors have been stating that the markets could be easing and that the level of interest in property purchasing has increased as a result of rock bottom interest rates and falling house prices. (more…)
100% mortgages were ‘foolish’
Wednesday, March 11th, 2009Following calls from the Prime Minister, Gordon Brown, for more ‘prudent and careful’ lending, the City Minister, Lord Myners, has stated that the 100 percent mortgages that were once so popular in the UK were ‘foolish’. (more…)
Two new fixed rate deals launched by HSBC
Monday, March 9th, 2009Over the past few weeks a number of lenders have been launching new fixed rate mortgage deals with competitive rates of interest, and this follows the base interest rate plunging to a fresh record low of just 1 percent, which was announced after the February Monetary Policy Committee meeting. (more…)
House prices still falling
Monday, March 9th, 2009According to a recent survey from the Royal Institute of Chartered Surveyors, house prices across the UK continued to fall for the month of December, with the average number of sales per month per estate agent also falling in the final quarter of last year. (more…)
Many people trying to reduce their mortgage debt
Sunday, March 8th, 2009According to a recent report more and more people are now trying to reduce their mortgage debt by overpaying on their mortgages as and when they are able to. (more…)
CML wants lower cap on mortgage interest rate reduction
Friday, March 6th, 2009The Council of Mortgage Lenders has asked for a lower cap to be introduced, which would mean that mortgage lenders would not be expected to reduce their mortgage interest rates beyond a certain level. (more…)
Analysts predict a greater number of repossessions this year
Thursday, March 5th, 2009Last year the Council of Mortgage Lenders predicted that the number of repossessions in the UK could reach as many as 75,000 over the course of this year, which is a worrying figure in itself. (more…)
More people turning to variable rate mortgages
Wednesday, March 4th, 2009Recent reports have suggested that the number of people now turning to standard variable rate mortgages is increasing, as borrowers take advantage of the sharp falls in the base interest rate. Just a couple of years ago borrowers were flocking to take out fixed rate mortgages following a series of base rate increases and amidst fears of further rate increases. (more…)
Fall in house prices but increase in lending
Saturday, February 28th, 2009Recent figures have shown that property prices fell for a sixteenth month in a row in January.
House prices have been plummeting for the last year and a half, with homeowners seeing thousands of pounds worth of equity being wiped of the value of their homes. (more…)
Those with fixed rate mortgage may be losing out
Tuesday, February 10th, 2009A recent report has highlighted how many British homeowners that have fixed rate mortgage deals in place may be missing out financially because of the cut in interest rates over recent months. (more…)
Benefits of overpaying mortgage highlighted
Monday, February 9th, 2009Industry officials have recently highlighted the benefits of overpaying on a mortgage loan, as the practice of paying more than is necessary on a mortgage loan becomes more popular. (more…)
92% increase in home repossessions in one year
Sunday, February 8th, 2009During the third quarter of last year the number of people that were losing their homes nearly doubled, according to recent reports. (more…)
30 percent fall in mortgages in 2008
Saturday, February 7th, 2009According to officials from the Council of Mortgage Lenders, mortgage lending over the course of last year fell by around 30 percent, taking it to its lowest levels since around 2002. (more…)
15.9 percent fall in house prices last year
Friday, February 6th, 2009According to recently released figures 2008 saw house prices in the UK fall by 15.9 percent. The figures come from a survey from the Nationwide Building Society. (more…)
HSBC top mortgage lender for 2008
Friday, January 30th, 2009HSBC has enjoyed being named the top mortgage lender of 2008 recently, taking the title from the 2008 winner, which was the Furness Building Society. (more…)
Irish bank will cut back on lending in UK
Monday, January 26th, 2009According to recent reports a major Irish bank plans to cut back on its mortgage lending operations in the UK, further impacting on the already struggling mortgage market and increasing the difficulties that borrowers face when it comes to getting a mortgage. (more…)
Officials claim bargains to be had during property slump
Saturday, January 24th, 2009According to recent reports many people may be able to get their hands on bargain properties as a result of the ongoing property slump. Consumers are being advised that if they have the available cash or are able to get a mortgage loan now may be the ideal time to buy a property that was previously out of their budget because of the high cost of property. With property prices having fallen month on month for over a year some homes may have fallen to within an affordable price for some potential buyers. (more…)
Further falls in house prices in November
Thursday, January 22nd, 2009The Land Registry has recently released figures that show that house prices fell by a nearly 2 percent in November, taking another tumble of around 1.9 percent. Officials said that as market activity fell for yet another month the value of homes also fell. (more…)
Mortgage crisis affects the middle classes
Wednesday, January 21st, 2009The results of a recent poll have revealed that an increasing number of middle class homeowners are concerned that they will not be able to keep on top of their mortgage repayments over the coming year, according to a recent report. (more…)
Estate agents in London face worrying year
Tuesday, January 20th, 2009According to recently released reports many of the estate agents in the London area have been selling an average of less than one property per month, as the housing downturn continues its downward spiral. (more…)
Banks finding excuses to refuse mortgages
Monday, January 19th, 2009According to recent reports many banks are now using a range of excuses to turn down mortgage applications, as more and more banks shy away from lending money as a result of the ongoing financial crisis. Reports have claimed that lenders are using any excuse to turn down mortgage applications from consumers, adding that potential borrowers are being turned down for ‘the most spurious of reasons’. (more…)
Record low for UK interest rates
Sunday, January 18th, 2009Following the recent Monetary Policy Committee meeting held last week the Bank of England has announced that the UK base interest rate has been cut yet again, falling by 0.5 percent from 2 percent to just 1.5 percent. (more…)
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