Archive for the ‘Mortgage News’ Category


Bank of England confirms negative equity figures

Thursday, July 2nd, 2009

The Bank of England has recently confirmed figures relating to the levels of negative equity amongst homeowners in the UK following around twenty months of house price falls. (more…)

Tags: council of mortgage lenders, negative equity, bank of england

Rate Matcher returns from HSBC

Tuesday, June 30th, 2009

Earlier this month the High Street banking giant HSBC brought back one of its popular mortgage products, the Rate Matcher mortgage, which promised to match or beat a homeowner’s current rate and fix it for two, three, or five years. (more…)

Tags: rate matcher, HSBC mortgages, mortgages

65 percent of would be first time buyers face gloomy outlook

Tuesday, June 30th, 2009

It has been reported that as many as 65 percent of would be first time buyers that may have been hoping to get onto the property ladder before house prices start increasing again may have little or no luck, as they do not think that they will be able to afford to do so. (more…)

Tags: mortgages, first time buyers

Mortgage customers being exploited by banks claims report

Tuesday, June 30th, 2009

A recent report has claimed that many of the UK’s banks are exploiting their mortgage customers, with the banks’ profit margins soaring to the highest levels seen since the onset of the global credit crunch. (more…)

Tags: bank claims, mortgages, British Banker's Assocation

Many will be able to clear mortgages before repayment term ends

Monday, June 29th, 2009

It has been claimed recently that many homeowners with mortgages in the UK will be able to benefit from paying their mortgage loans off far earlier than the scheduled repayment date thanks to the historically low base rate, which has stood at o.5 percent for some months. (more…)

Tags: mortgage balance, mortgage debt, pay off mortgage, mortgages

Hope for council tenants in Dundee that want to buy their homes

Sunday, June 28th, 2009

Over recent years a variety of mortgage lenders have launched special deals for people living in council houses who are interested in buying their homes and getting onto the property ladder. (more…)

Tags: mortgages, dundee right to buy, dundee tenants

Consumers looking for mortgages over longer terms

Friday, June 26th, 2009

According to official from a mortgage broker group more and more people in the UK are now looking to take mortgage loans out over longer terms. The officials claim that over half of the people that came to get help in finding a mortgage product were looking for terms of at least three years. (more…)

Tags: tracker mortgages, mortgages, credit crunch, fixed rate mortgages

Borrowing levels affected over uncertainty about finances

Wednesday, June 24th, 2009

According to a recent report the borrowing levels of consumers in the UK are being affected by uncertainty over their finances. Officials from the British Bankers Association have said that households’ uncertainty over their finances is leading to lower levels of borrowing, with net mortgage lending amongst UK lenders at its lowest level in eight years in April, standing at £2.7 billion. (more…)

Tags: mortgages, remortgages

Regulator continues to crack down on mortgage fraud

Tuesday, June 23rd, 2009

Since the onset of the global credit crunch in 2007 mortgage related fraud has become increasingly prevalent in the UK, as well as in other countries such as the United States. (more…)

Tags: Financial Services Authority, council of mortgage lenders, mortgages, mortgage fraud

Only one family saved by mortgage rescue scheme

Monday, June 22nd, 2009

A recently released report claimed that whilst the mortgage rescue scheme launched by the government had been aimed at stopping many families from losing their homes, only one family had actually benefited from it. (more…)

Tags: mortgages, mortgage rescue scheme, mortgag rapayments

Mortgages for home buyers increased in March

Friday, June 19th, 2009

Recently released figures relating to the mortgage market and housing activity have shown that during the month of March mortgage approvals for people that were buying properties increase by around one third. (more…)

Tags: march mortgages, mortgages

Fall back in mortgage lending for April

Thursday, June 18th, 2009

A recent report released by the Council of Mortgage Lenders has claimed that the level of mortgage lending for the month of April fell back again, following a surprise increase in mortgage lending for the month of March. (more…)

Tags: mortgages, mortgage lending

Increase in mortgage approvals for April

Tuesday, June 16th, 2009

Despite the doom and gloom that has been surrounding the mortgage markets over the past year or do, recent figures have shown that there was an increase in mortgage approvals for the months of April, brightening the dark mood that has been surrounding the mortgage industry over recent months. (more…)

Tags: mortgages, mortgage approvals

Slight increase in house prices reported for May

Monday, June 15th, 2009

According to figures that were recently released in relation to UK property values house prices for the month of May edged up slightly from April, rising by 1.2 percent for the months. (more…)

Tags: house market, house prices

Officials think homeowners should fix interest rates

Friday, June 12th, 2009

According to recent report some industry officials are encouraging homeowners and new buyers to fix their mortgage interest rates amidst speculation that the base interest rate could rise sharply in the future having been slashed over the past seven months and having falling to its lowest level in the three hundred and fifteen year history of the Bank of England, at 0.5 percent. (more…)

Tags: fixed rate mortgages

Nationalised bank makes obscene profits from customers

Wednesday, June 10th, 2009

Earlier this month the nationalised bank, Northern Rock, was accused of making ‘obscene’ profits from its mortgage customers. (more…)

Tags: mortgage customers, northern rock mortgages, northern rock, northern rock profits, mortgages

Home sales restricted by negative equity

Thursday, June 4th, 2009

Lenders have recently stated that the number of property transactions and home moves is set to be seriously hampered by the fact that so many people are now in or facing negative equity as a result of plunging property valued. (more…)

Tags: house4 value, negative equity, council of mortgage lenders, mortgages

Mortgages a struggle for those with damaged credit

Thursday, June 4th, 2009

Whilst people that have had bad credit ratings in the past have found that there is far less choice when it comes to getting finance such as mortgages, there is little doubt that since the onset of the global credit crunch things have got far worse for this group. (more…)

Tags: bad credit, Association of Mortgage Intermediaries, mortgages

FSA takes action against broker

Sunday, May 31st, 2009

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…)

Tags: Herald Finance Ltd, mortgage broker, FSA, Abiola Agbalaya

Huge increase in mortgage rejections

Friday, May 29th, 2009

The 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…)

Tags: mortgage rejections, mortgages, mortgage application

Buyer interest increases and house price falls slow

Wednesday, May 27th, 2009

Recently 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…)

Tags: house market, house prices, mortgages

Slight fall in house prices for April

Wednesday, May 20th, 2009

Figures 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…)

Tags: house prices, mortgages, house market

Surveyors claim increased interest from buyers

Tuesday, May 19th, 2009

Surveyors 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…)

Tags: mortgages, house market, surveyors

Nationwide hikes standard mortgage rate

Thursday, May 14th, 2009

Britain’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…)

Tags: natoionwide mortgages, mortgage, bank of england

Cost of buying a home has rocketed in past five years

Wednesday, May 13th, 2009

Recent 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…)

Tags: mortgage fees, valuation fees, property market, house buying

CML releases official negative equity figures

Monday, May 11th, 2009

A 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…)

Tags: council of mortgage lenders, mortgages, negative equity

Estate agents more upbeat about property market

Monday, May 4th, 2009

Nobody 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…)

Tags: Association of Estate Agents, house prices, Royal Institute of Chartered Surveyors, property market

Mortgage insurance customers could face 40 percent increases

Wednesday, April 29th, 2009

A 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…)

Tags: mortgages, mortgage insurance, Association of British Insurers

Fixed rate loans mean profit for banks

Thursday, April 16th, 2009

Some 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…)

Tags: mortgages, fixed rate mortgages, bank profits

RICS wants increased funding for mortgage sector

Saturday, April 11th, 2009

Officials from the Royal Institute of Chartered Surveyors have called for an increase in funds to be injected into the mortgage sector. (more…)

Tags: mortgages, bank of england, Royal Institute of Chartered Surveyors

Mortgage approval levels increase in February

Tuesday, April 7th, 2009

Recently 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…)

Tags: mortgages, Royal Institute of Chartered Surveyors, mortgage approvals, bank of england

Last year saw mortgage arrears rise by over 30 percent

Sunday, April 5th, 2009

Recently 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…)

Tags: Financial Services Authority, mortgages, mortgage arrears

Interest rates on fixed rate mortgages being increased for those with smaller deposits

Saturday, April 4th, 2009

According 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…)

Tags: fixed rate mortgages, small deposit mortgages

Nationwide takes over Dunfermline Building Society

Wednesday, April 1st, 2009

The 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.’

Tags: dunfermline building society, mortgages, nationwide, dunfermline mortgages

Mortgage approvals held steady for January

Tuesday, March 31st, 2009

Figures 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…)

Tags: mortgage approvals

Cost of renting a property falls

Monday, March 30th, 2009

Recently 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…)

Tags: rent costs

Property sales sink again in February, states RICS

Thursday, March 26th, 2009

Since 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…)

Tags: first time buyers, house prices, credit crunch, property sales

90 percent mortgages make a comeback with the Rock

Tuesday, March 24th, 2009

Previously 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…)

Tags: northern rock, northern rock mortgages, 90% mortgages

Increased availability of home loans unlikely in the near future

Monday, March 23rd, 2009

A 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…)

Tags: home loans, mortgages, council of mortgage lenders

Phantom mortgage cause problems for homebuyers

Sunday, March 22nd, 2009

According 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…)

Tags: first time buyers, mortgages, 90% loan to value

Rise in number of tenants being evicted

Wednesday, March 18th, 2009

Recently 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…)

Tags: tenant evictions, tenants

Lenders shut doors on homebuyers

Tuesday, March 17th, 2009

A 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…)

Tags: mortgages

Is it the end for self cert mortgages?

Monday, March 16th, 2009

A 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…)

Tags: self cert mortgages, mortgages

Northern Rock uses taxpayer’s money to revive mortgage lending

Sunday, March 15th, 2009

The nationalised bank, Northern Rock, is apparently using taxpayers’ money to revive its mortgage lending operations, according to recent reports. (more…)

Tags: taxpayers money, northern rock, mortgage lending

Gieve wants mortgages to be capped

Saturday, March 14th, 2009

Sir 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…)

Tags: capped mortgages, Sir John Gieve, mortgages

Mortgage numbers not as restricted as many might think

Friday, March 13th, 2009

A 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…)

Tags: mortgages, mortgage products

Getting into the property ladder still a problem for first time buyers

Thursday, March 12th, 2009

Over 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…)

Tags: property, first time buyers

100% mortgages were ‘foolish’

Wednesday, March 11th, 2009

Following 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…)

Tags: 100% mortgages

Two new fixed rate deals launched by HSBC

Monday, March 9th, 2009

Over 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…)

Tags: fixed rate mortgages, hsbc, hsbc fixed rate mortgages

House prices still falling

Monday, March 9th, 2009

According 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…)

Tags: house prices, Royal Institute of Chartered Surveyors, house market

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