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Mortgages | Finance

Nationwide cuts fixed and tracker mortgage rates

With effect from Friday 6 November 2009, the mortgage product range available from Nationwide will include the following:

Deposit requirements ease but mortgage rates gather dust

There is a welcome relief to homeowners and first time buyers as lenders start to increase their maximum loan to values.

Leeds launches market leading offset mortgages

Leeds Building Society has launched a range of offset mortgages from only 5.49% that includes a number of market leading products. Furthermore, borrowers can access mortgage funding with only a 15% deposit and there are fee assisted options for those customers who require help with up front costs.

Leeds BS 5-year fixed rate mortgage available up to 85% LTV

Leeds Building Society has launched a new market leading 5-year fixed rate mortgage at only 5.75% that is available up to 85% loan to value.

UK mortgage approvals increase

Numbers of loans approved for house purchase are back to levels last seen at the end of 2007 and that increased activity is feeding through to increased mortgage lending, according to the British Bankers’ Association (BBA). Other mortgage approvals remain subdued and households are generally cautious continuing to reduce their borrowing and build up deposits.

Mortgage rate wars hotting up

Commenting on The Woolwich's decision to lower mortgage rates, Hannah-Mercedes Skenfield, mortgage spokesperson at moneysupermarket.com, said; "It is exciting to see yet another round of rate reductions from Woolwich, this time on their fixed rates, however the really good news is that borrowers with higher LTV requirements (up to 80 per cent) are also set to benefit.

September mortgage lending rises

Gross mortgage lending totalled an estimated £12.5 billion in September, a 2% rise from the £12.3 billion in August but down 27% from September 2008, according to new data from the Council of Mortgage Lenders.

Costs of buy-to-let regulation must not be passed on to landlords

The National Landlords Association (NLA), the UK's leading representative body for private-residential landlords, has expressed concern that the regulation of buy-to-let will mean increases in the costs of borrowing for landlords.

Post Office rolls out new extended mortgage range

The Post Office is rolling out a new expanded mortgage range, with information available at all UK Post Office branches, as the next step in the development of its highly successful financial services range.

L&G exclusive stepped tracker and fixed rate mortgages

Legal & General Mortgage Club has launched two exclusive mortgage products, provided by Accord Mortgages. They are a 3 year reverse stepped tracker and a 2 year fixed rate, both available for house purchase and remortgage.

FSA sets out major reforms for mortgage market

The Financial Services Authority (FSA) has set out proposals for the major reforms required in the UK mortgage market to ensure that it works better for consumers and is sustainable for all market participants.

Legal & General Mortgage Club offers equity release

Legal & General Mortgage Club has linked up with Key Retirement Solutions (KRS) to offer an equity release referral service.

Nationwide to help home buyers get moving

Nationwide Building Society is, from Friday 16 October 2009, launching a number of initiatives, and rate cuts of up to 0.84%, which could make it easier for homebuyers to either get on the housing ladder for the first time or purchase their next property. The Society is also making further improvements to its outstanding range of options available to existing customers coming to the end of their deal.

CML says goals must be clear for regulatory reform

In publishing its submission to the Financial Services Authority (FSA) on the future of mortgage regulation, the CML says that lenders recognise the need for change emerging from the FSA's ongoing review.

The demise of the self-certification mortgage

The Financial Services Authority's mortgage market review is due out next week and expectations are that the City regulator will bring new self-certification mortgages to a final end.

first direct remortgage fee free offset trackers

first direct's two new fee free offset trackers launched today, are the best of their type in the market according to Moneyfacts.

Demand for high LTV mortgages outstrips supply

Analysis from moneysupermarket.com reveals that over a third of potential mortgage borrowers are looking for products available at or above 80 per cent loan to value (LTV). However, in the current market of over 2,200 mortgages, only a quarter of products available have an LTV over 80 per cent, and just four per cent of products are available to those borrowers with a 10 per cent deposit.

moneysupermarket.com: CML August mortgage figures

Commenting on the Council of Mortgage Lender's (CML) lending figures for August, Hannah-Mercedes Skenfield, mortgages channel manager at moneysupermarket.com, said; "Data from traffic on moneysupermarket.com backs up the CML's figures, showing, for the first time this year, more people were looking for mortgages for new homes than remortgages. This suggests more and more people are quite happy sitting on their lenders SVR whilst rates remain low.

Two speed mortgage market in August

The mortgage market is on two speed settings, as house purchase lending continues to recover but remortgaging continues to decline, according to the latest data released by the Council of Mortgage Lenders.

Coventry reduces rates on Residential and Buy to Let mortgages

Coventry Building Society is reducing rates and increasing LTV's on its range of Residential and Buy to Let fixed rate mortgages.

Competition hotting up in mortgage market

Ray Boulger of leading UK mortgage broker John Charcol comments on the news that the Monetary Policy Committee has left Bank Rate and its Quantitative Easing (QE) programme unchanged for a further month. "Today's no change decision may be a bit of a non event but there is at last some action back in the mortgage market. September saw the usual seasonal upturn and over the last few days we have at last started to see some real competition from lenders, albeit primarily for lower LTV business. Woolwich, Northern Rock, Abbey, Alliance & Leicester, Principality and Coventry have all announced cheaper deals this week which is good news for borrowers.

Buy-to-let mortgages shift towards tracker rates

Legal & General's seventh quarterly report in the ‘Mortgage Purchase Index' series analyses trends from thousands of mortgage applications made through Legal & General's Mortgage Club.

FSA must ensure quick refunds for a million MPPI customers

As the Financial Services Authority (FSA) forces Mortgage Payment Protection Insurance (MPPI) providers to automatically refund 1 million customers and reinstate original levels of cover following unfair contract changes, Which? personal finance campaigner, Lucy Widenka, says: "We're pleased that the FSA has taken action against firms who've effectively been selling people umbrellas then trying to take them away at the first sign of rain.

Competitive mortgage market still far away

The past few days have seen a flurry of activity in the mortgage market, with some high profile lenders significantly reducing rates.

FSA and firms reach agreement on MPPI

The Financial Services Authority (FSA) and Mortgage Payment Protection Insurance (MPPI) firms have agreed an industry-wide package of measures for consumers, including refunds of around £60 million.

Fixed rate mortgages just got lower

From Wednesday 7 October, borrowers will be able to benefit from even lower mortgages rates as Abbey reduces some of its fixed rate mortgage range by as much as 0.11 per cent and lower tracker rates.

HSBC extends 1.99 per cent mortgage offer

HSBC's market leading 1.99 per cent two year discount mortgage will now be available until the end of October.

Volatile mortgage market begins to settle

The dust looks to have begun to settle on a volatile mortgage market, as the availability of a current mortgage deal lengthened from 18 to an average of 24 working days during September, the longest since October 2007.

New mortgage deals from Nationwide

Nationwide Building Society cuts fixed and tracker rates on selected products, with effect from Friday 2 October 2009.

Abbey launches no upfront costs mortgages

Abbey has launched a new range of Homebuyer Plus mortgages with free legals and valuation, saving customers as much as £1,650 in upfront costs. With an estimated 40,800 people expected to purchase a house across England and Wales over the next month, this could collectively save customers more than £65million.

Buy-to-let landlords remain jaded by mortgage market

Buy-to-let investors are no longer reviewing the mortgage market on a regular basis and intend to hold onto their assets for the long term, according to the Young Group.

Mortgage product regulation would hurt consumers

The Association of Mortgage Intermediaries (AMI) has cautioned the Financial Services Authority (FSA) against the introduction of mortgage product regulation.

HSBC injects £500m available for mortgage funding

Today HSBC is making an additional half a billion pounds of mortgage funding available to home buyers with deposits of just 10%. The bank has now reached the £1 billion it committed to lending earlier this year, meaning HSBC will now make £1.5 billion available to home buyers requiring 90% loan to value in 2009.

Mortgage lending remains subdued

Gross lending by the 52 UK building societies in August 2009 was £1.5 billion, and building societies' approvals totalled £1.3 billion in August 2009.

Boost for first time buyers

Commenting on HSBC's announcement of further lending to first time buyers, Hannah-Mercedes Skenfield, mortgage spokesperson at moneysupermarket.com, said; "HSBC's commitment to further lending to first time buyers is an indication of its belief in this part of the market. Throughout the credit crunch HSBC has been one of the most visible players in the mortgage market, offering a range of market leading rates when others were shying away from lending altogether.

100% mortgage for shared-ownership property buyers

Nottinghamshire based mortgage lender, Mansfield Building Society, is offering a 100% mortgage to local first-time homeowners buying a shared ownership home through a shared ownership housing association.

BBA explains how mortgage costs are calculated

The economic indicators of the easy-credit era have less influence on the cost of high street mortgages today than they had in the past, the BBA explains in a factsheet.

Leeds launches new tracker and fixed rate mortgages

Leeds Building Society has launched new highly competitive 2-year base rate tracker (BRT) mortgages from as little as 3.20%, together with a new 2-year non locked in fixed rate mortgage at only 4.60%.

New discounted variable mortgages from Clydesdale

Clydesdale and Yorkshire Banks are set to launch a new range of competitive mortgage products on Friday, 25 September 2009.

Fixed rate mortgages become a minority choice

With fixed rate mortgages stubbornly refusing to fall much in price, variable rates continued to be flavour of the month in August, according to the John Charcol Index. Less than half of borrowers (41.9%) chose a fixed rate in August, the lowest number since December last year.

UK mortgage lending increases

Gross mortgage lending in August was similar to recent months, whilst net mortgage lending returned to trend after dipping in July, according to the British Bankers’ Association (BBA).

Base rate crossing LIBOR

Commenting on the convergence of Libor and the Base Rate, Hannah-Mercedes Skenfield, mortgage spokesperson at moneysupermarket.com, said; "This might just mean the market is returning to pre-crunch conditions, and we could even see Libor fall below the Base Rate in the near future - meaning inter-bank lending will be cheaper than the official lending rate which the Bank of England offers to the market. Theoretically consumers should reap the benefits of reduced mortgage rates.

Britain's wasted mortgage years

More than half (53%) of borrowers who say they are on a tracker mortgage are still not taking advantage of historic low interest rates to overpay on their mortgage, suggests research by Unbiased.co.uk. Of the tracker mortgage borrowers surveyed, just one in five (20%) have held repayments at the levels they were before the round of rate cuts earlier this year, enabling them to take full advantage of the opportunity to reduce the amount outstanding and term of their mortgage.

Fewer options for first time buyers

Risk remains the overriding factor in setting mortgage rates, with competition amongst lenders continuing to take a back seat, according to Moneyfacts.co.uk.

Professional landlords face mortgage maze

Professional landlords are reporting that despite an increase in the availability of credit in the wider mortgage market, it is becoming even harder to source buy-to-let mortgage finance.

Mortgage lending falls in August

Gross mortgage lending totalled an estimated £12.6 billion in August, according to the Council of Mortgage Lenders. This represents a decline of 13% from July's revised total of £14.5 billion, but a seasonal fall in lending activity in August is to be expected.

first direct offer most flexible offset mortgages

first direct are the only lender offering a fixed rate offset allowing customers to make unlimited overpayments and maintain access to them say Moneyfacts.

Legal & General Mortgage Club goes large

Legal & General Mortgage Club has launched a high net worth lending service to allow brokers to source funding up to £50 million for their clients.

Consumers urged not to be drawn in by headline rates

Commenting on the launch of Halifax's 2.99 per cent two year fixed rate mortgage and Woolwich's 1.98 per cent tracker mortgage, Hannah-Mercedes Skenfield, mortgage spokesperson at moneysupermarket.com, said; " There is no doubt that the mortgage market is in need of some good news and lenders lowering rates should offer just that however these products underline a growing trend in the mortgage market, which is that much of the innovation seems to be targeted for marketing impact, rather than real borrower benefit."

Woolwich launches leading mortgages

In its second rate reduction this month, Woolwich is reducing rates to exceptional levels on some of its most popular mortgages.

HSBC 1.99% mortgage deal doubles consumer interest

Since the bank launched the discounted variable mortgage on 1st September, online traffic to hsbc.co.uk's mortgage area has doubled and call volumes have increased by 78% compared with July and August.

moneysupermarket.com: CML July lending figures

Commenting on the CML lending figures for July, Hannah-Mercedes Skenfield, mortgages spokesperson at moneysupermarket.com, said; "These figures provide further evidence that the wheels of the housing market are beginning to turn once more. moneysupermarket.com search figures concur with what the CML is saying, and we predict from our August search data that the upwards trend in house purchase lending is set to continue.

First time buyers need 3 per cent less deposit per month

Mortgageforce has found that the deposits demanded by lenders have been dropping month by month: their average deposit for First Time Buyers has decreased from 28.6% (June) to 25.4% in July and 21.25% in August.

Borrowers put faith in variable rates

Search figures from moneysupermarket.com show fixed rate mortgages are becoming less popular, with more and more people attracted to tracker and discounted rate deals in the currently low rate environment.

Mortgage products slowly start to return

The number of residential mortgages available is slowly increasing, but still the market is dominated by deals for customers with more than a 25% deposit, says Moneyfacts.co.uk.

Most borrowers with mortgage arrears stay in homes

Research published by the Building Societies Association (BSA) finds that the majority of borrowers that fell into arrears in their mortgage over the last two years either have repaid or are currently repaying their arrears.

Mortgage lending rises in July

Although remortgaging remained unsurprisingly weak, lending for house purchase showed its first material annual growth in July for the first time since early 2007, according to the latest Council of Mortgage Lenders' survey.

No surprises from MPC but mortgage rates head south

Ray Boulger of leading UK mortgage broker John Charcol comments on the news that the Monetary Policy Committee has left Bank Rate and the Quantitative Easing (QE) programme unchanged this month. "It seems probable that Bank Rate will remain at 0.5% until well into next year and that any policy changes announced by the MPC will focus on its QE programme or involve some other radical new policy."

NatWest and RBS cut the price of unarranged borrowing

NatWest and RBS have announced that they are to significantly reduce the charges for customers who go overdrawn without agreement or exceed an agreed overdraft limit. The cuts, which will be effective from 1st October, will see the fee for returning a cheque, direct debit or standing order cut to £5. The fee for paying an item when overdrawn will be cut by half to £15 per day.

first direct new base rate tracker mortgage

first direct has launched a new market leading offset tracker mortgage which tracks the bank of England base rate plus 2.29% for the life of the loan.

Mortgage lending increases

Gross lending by building societies in July 2009 was £2.1 billion, the highest monthly figure this year, but 42% lower than the £3.6 billion lent in July 2008, according to the Building Societies Association (BSA).

HSBC 1.99 per cent discount mortgage rate

Hannah-Mercedes Skenfield, mortgages channel manager at moneysupermarket.com, said; "HSBC has really broken new ground with its sub-two per cent mortgage deal, the first time we have seen rates fall this low in the market. Although this particular deal is for borrowers with a 40 per cent deposit, other deals it has introduced are also competitive, however with a hefty booking fee of £1,199 borrowers need to shop around to find the best deal for their circumstances. With Bank of England Base Rate at an historic low, it is good to see rates dropping, but there is still a wide gap between average mortgage rates and Base Rate compared to 12 months ago and lenders need to do more to bring their rates down."

HSBC offers 1.99% mortgage

HSBC's new mortgage range features its lowest ever interest rate - 1.99 per cent on a 2-year discount loan - available to customers with a deposit of 40 per cent of their property value.

Buy-to-let time bomb as supply and demand gap widens

Research from price comparison site moneysupermarket.com shows there's a widening gap between supply and demand for buy-to-let mortgages. Enquiries for buy-to-let mortgages increased by nearly 50 per cent since August 2008, whilst available products have diminished by over 70 per cent over the same period.

First time buyer mortgage enquiries increase

New figures from Unbiased.co.uk, the professional advice website, reveal that after a lull in June, mortgage enquiries from first time buyers have once again increased to 43% of all consumer requests in July, making it the top most searched for advice criteria.

Scottish mortgage market begins to stabilise

New data from the Council of Mortgage lenders shows lending activity in Scotland began to stabilise in the second quarter, mirroring the trend seen in the UK more widely.

Mortgage fees falling

Following the news that First Direct is to reduce the arrangement fees for all offset mortgage products, analysis from moneysupermarket.com has found that arrangement fees across all fixed and tracker mortgages have fallen by around 25 per cent over the last year.

Demand for whole of market mortgage advice

Today's continually changing mortgage market, has led to an increased need for whole of market mortgage advice for borrowers. According to research by Unbiased.co.uk, the professional advice website, almost one in four (23%) people state that today's ‘mortgage maze' means that they are less confident than 12 months ago in choosing a new mortgage deal without professional advice.

Mortgage advisers show small backward step in confidence

Stephen Smith, Legal & General's Director of Housing said: "Confidence had been relatively stable in the first half of this year but has now taken a small dip. Fewer than half of mortgage advisers that we polled feel that business will get better over the next quarter and 15% now feel it will get worse. This may be as a result of the lack lending (at reasonable rates and realistic loan-to-values) coming through from banks and building societies despite the Bank of England's continued programme of quantitative easing. Whatever the case, buyer enquiries do not seem to be translating into mortgage sales for brokers, which means that cashflow is challenged.

Fixed rate mortgage margins increase again

Mortgage lenders are showing continuing reluctance to reduce the cost of fixed rate mortgages, despite around a 30 basis point reduction in the cost of funding on the swap rates market.

Mortgage approvals increase in July

The July figures from the British Bankers’ Association (BBA) show increases in the number of mortgage approvals and the amount of new lending, though this was below seasonal expectations.

Warning to borrowers on interest only mortgages

Lenders have severely restricted access to interest only mortgages, however research from moneysupermarket.com indicates 23 per cent of mortgage holders are currently only paying off the interest on their mortgage.

Leeds new 5-year fixed rate mortgages up to 85% LTV

Leeds Building Society has launched a new highly competitive 5-year fixed rate mortgage available from only 5.35%. Furthermore, there is no higher lending charge, a fixed fee and 10% capital repayments are allowed each year, without penalty.

AMI cautions against new mortgage market regulation

The Association of Mortgage Intermediaries (AMI) has today urged caution as the Financial Services Authority (FSA) considers introducing new mortgage regulation.

Gross mortgage lending up 26% in July

Gross mortgage lending totalled an estimated £16 billion in July, a 26% increase from £12.7 billion in June but down 36% from £24.9 billion in July 2008, according to new data from the Council of Mortgage Lenders.

Get the best deal in the low rate mortgage environment

The average mortgage rate for new borrowers has fallen 1.3 per cent over the past 12 months to 5.12 per cent, but in this low rate environment does this constitute a good deal for consumers?

Mortgage approvals and house prices both rise in July

Data released this month by The Royal Institute of Chartered Surveyors and the property specialists Rightmove.co .uk showed upward movements in both the number of home loan approvals and the prices of property put on the market, with a spokesman for Rightmove.co.uk adding that they felt the “window for property bargains was now closing, ” in an analysis carried out by UK regulated specialist broker Offshoreonline.ORG.

Mortgage borrowers stay on lenders standard variable rate

Almost a third (27%) of homeowners are now staying on their lender's standard variable rate (SVR) according to new research from Unbiased.co.uk, the professional advice website. This has increased from 23% on their lender's Standard Variable Rate (SVR) earlier in 2009, highlighting that more homeowners are now sitting tight on their low rate SVR, rather than remortgaging to a fixed rate.

Scots not benefiting from positive impact of economic downturn

New research from Clydesdale Bank has revealed that 1 in every 16 people in the UK has benefited positively from the current economic downturn. However, the figures for Scotland are significantly lower with only 1 in 50.

UK repossessions fall

The number of mortgage repossessions fell in the second quarter of the year, while cases of arrears levelled off, according to the Council of Mortgage Lenders (CML).

New Flexx mortgage deals from The Coventry

The Coventry is refreshing its mortgage range including launching two new competitive Flexx mortgages for the residential market - combining a range of flexible features with low fees and an attractive rate of interest.

Buy-to-let market shows signs of stabilising

The buy-to-let market showed the first signs of stabilising in the second quarter as arrears improved significantly and the decline in new lending began to slow, according to the Council of Mortgage Lenders.

3.5 million households stuck and unable to move

Analysis from leading UK mortgage broker John Charcol has found that as many as 3.5 million UK households, a third of all those with a residential mortgage, are currently unable to move due to a lack of equity in their property and/or restrictions on access to mortgage finance.

'Disgraceful' arrears charges show no sign of abating

Commenting on the growing concern over mortgage arrears charges, Hannah Skenfield, mortgage channel manager at moneysupermarket.com, said: "It's outrageous that borrowers who are already struggling and who have fallen behind with their mortgage repayments are being hit with such high fees. This does nothing to help their situation and just risks exacerbating their problems further. Also, the fact that many of the banks themselves have been bailed out from a similar position, means this an even more bitter pill to swallow.

Mortgage borrowers opt to fix

The proportion of borrowers opting for fixed rate mortgages has hit record levels according to a Paragon Mortgages' survey of mortgage intermediaries.

Mortgage market stabilising but not yet normal

New data from the Council of Mortgage Lenders shows further signs of stabilisation in the mortgage market, but transactions are still weak on a historic basis. Lending for house purchase and remortgaging both increased in June, albeit from very low levels.

Fixing the problem?

Borrowers need to find three times more for a deposit, compared with two years ago when the credit crunch began.

Re-mortgage enquiries jump in June

New figures from Unbiased.co.uk, the professional advice website, reveal that those looking for advice on re-mortgaging increased to a third (33%) of all consumer requests in June. While the requests from those seeking whole of market re-mortgage advice still remains in second place behind first-time buyer enquiries, they have significantly increased by 5% since May 2009.

Mortgage borrowers opt for trackers and discounts

Following a bumper month in June, when more than 75% of applicants bolted down to fixed mortgage rates, savvy borrowers opted instead for trackers in July, and fixed rate applications accounted for an unusually low 63% of applications.

MPC springs a surprise on quantitative easing

Ray Boulger of leading UK mortgage broker John Charcol comments on the news that the Monetary Policy Committee has left Bank Rate unchanged this month at 0.5% and surprised the markets by increasing the Quantitative Easing (QE) programme by £50bn. "An unchanged Bank Rate was a foregone conclusion this month and the main interest in the MPC meeting was always going to be what it would do about QE and over what time scale. Increasing the QE programme beyond the level previously agreed by The Treasury is a very clear indication that the MPC still has major concerns over the state of our economy and this will no doubt be reflected in next week's Quarterly Inflation Report. The comment in the MPC's statement that "In the United Kingdom, the recession appears to have been deeper than previously thought" is very relevant. As far as the mortgage market is concerned there is little evidence that the QE programme has resulted in any additional lending so far, but it is, of course, entirely possible that without QE mortgage lending would have been even more dire."

Nationwide cuts mortgage rates

Nationwide Building Society has announced that it is cutting the price of many of its fixed and tracker rate mortgages by up to 0.50%.

Nationwide plans to cut rates on fixed and tracker mortgages

Commenting on Nationwide's announced plans to cut the rates on 44 fixed and tracker rate mortgage products, Louise Cuming head of mortgages at moneysupermarket.com, said: "Any move to cut rates should be seen as a positive step and it is good to see Nationwide raising the competitive stakes. However, the impact will be limited. Nationwide's new rates, while competitively priced aren't market leading. And the pricing restructure doesn't help alleviate the problems facing those with small deposits - the best deals are still restricted to borrowers with significant equity in their homes. Nationwide requires borrowers to have at least 40 per cent to put down in order to qualify for its lowest rates. Providers must look to offer affordable deals for all borrowers including those with smaller deposits if the mortgage market is to make a full recovery.

CML: Bank of England June lending data

The latest figures from the Bank of England show 47,584 loans approved for house purchase in June, up from 44,169 in May, and the highest level since April 2008.

Building society lending shows signs of stabilising

Gross mortgage lending by building societies was £1,976 million in June 2009, compared to £3,254 million in June 2008, according to the Building Societies Association (BSA).

Mortgage approvals rise in June

The increase in total net lending to individuals in June (£0.4 billion) was lower than both the May increase (£0.5 billion) and the previous six-month average, according figures from the Bank of England (BoE).

Abbey's new lending criteria

Commenting on Abbey's new lending criteria, Louise Cuming, head of mortgages at moneysupermarket.com said: "Taking a more conservative approach to mortgages into retirement is a sensible move from Abbey, and one which we expect other providers to follow as lenders move to ensure the long term affordability of mortgage debts.

Mortgage applications rise at Clydesdale Bank

Mortgage applications have continued to rise at Clydesdale Bank due to a range of initiatives introduced to support borrowers.

moneysupermarket.com mortgage advice team win award

The mortgage advice team at the UK's number one price comparison site have been awarded the What Mortgage ‘Best Overall Adviser 2009' title after receiving the highest number of consumer votes.

Two thirds of equity release advisers fail Which? test

Two thirds of financial advisers failed to pass all the benchmarks for giving good advice on equity release in an undercover investigation carried out by consumer champion Which?

Aviva reacts to Which? mystery shop

Dominic Fraser-Smith, group product manager for UK Life, Aviva comments on the findings of the Which? equity release mystery shop: "The findings of this mystery shop highlight the importance of consumers seeking specialist advice. This exercise reinforces the thinking at Aviva that the equity release market is for committed financial advisers who are ideally placed to provide holistic guidance on these complex products.

SHIP responds to Which? mystery shopping exercise

Andrea Rozario, Director General of SHIP - the UK's leading professional body for equity release product providers - comments on Which?'s equity release mystery shopping exercise: "We believe that when you look at this piece of research, you need to look at what has been excluded as well as what has been included. Which? has criticised the process for advice, but not the actual fundamental outcome of that advice, nor the products themselves. This is a step forward from last year when they branded equity release a ‘product of last resort'.

Mortgage approvals up in June

There were modest increases in gross and net mortgage lending as a result of more new home loans being approved in recent months, according to the British Bankers’ Association (BBA).

Fixed rates more popular than ever

Fixed rates remained popular last month according to the John Charcol Index, the monthly mortgage activity monitor from John Charcol, the UK's leading independent mortgage adviser.

Lenders desert long term fixed rate mortgages

This week sees Manchester BS withdrawing its 30 year fixed rate mortgage, meaning that borrowers can no longer fix their mortgage repayments for more than 15 years.

Nationwide launches new fixed rate mortgage deals

Nationwide Building Society has announced that it is launching a new one year fixed rate mortgage available from 3.59%, a new four year fixed rate mortgage available from 5.28% and a new three year capped tracker mortgage available at 3.99%.

Lloyds TSB launches 'Easy Step' homebuyer mortgage

Lloyds TSB has launched a new mortgage, designed to help ease the financial pressure of buying a home.

Mortgage lending up in June

Gross mortgage lending in June was an estimated £12.3 billion, a 17% increase from £10.5 billion in May and a 48% decline from £23.8 billion in June 2008, according to new data from the Council of Mortgage Lenders.

Mortgage product shelf life halved in a month

The latest issue of the monthly Moneyfacts Treasury Report on UK Mortgage Trends has given additional insight into one of many repercussions of a volatile and turbulent mortgage market.

Abbey launches market leading four-year fixed rate

Abbey has introduced a market leading four-year fix at 85 per cent LTV with a rate of 5.99 per cent. The product, which is available through Abbey branches and over the telephone, has a fee of £995 and comes with either the Homebuyer Solution or Remortgage Solution. The Homebuyer Solution offers a free valuation and £250 cashback on completion to purchasers, and the Remortgage Solution offers a free valuation and free legals to remortgagers.

How do first time buyers plan to secure the funds?

As house prices continue to fall, research from moneysupermarket.com found 13 per cent of 18-34 year olds are considering stepping on to the property ladder for the first time in the next 12 months.

Libor rate falls to lowest level since 1986

Commenting on the Libor rate falling to its lowest level since 1986, Louise Cuming, head of mortgages at moneysupermarket.com said: "Banks and building societies are benefiting from the lowest borrowing rates for two decades but this isn't being passed on to consumers. Libor has fallen below one per cent yet all three key average mortgage rates (for two and three year fixed products and two-year tracker deals) have actually increased in the past week alone. In the past four months (since the Base Rate fell to 0.5 per cent) we have seen a growing disparity between mortgage rates and Libor, with the difference widening from 3.6 per cent in March to 4.3 per cent today.

Equity release figures encouraging

Dominic Fraser-Smith, group product manager for UK Life, Aviva comments on equity release sales as revealed by SHIP - the UK equity release industry bodies - official sector Q2 2009 figures: "These figures are encouraging and we believe they could herald the first glimmers of a recovery for the UK equity release market. Over this period, the number of equity release customers rose by 5% from 5075 (Q1 2009) to 5328 (Q2 2009) - a reversal of a trend which has seen falls over the last few quarters.

Equity release sector continues to weather the storm

The number of new equity release customers rose by 5% from 5074 (Q1 2009) to 5328 (Q2 2009) as more consumers turned to equity release to boost their pre and post retirement finances, according to Safe Home Income Plans (SHIP). The number of drawdown mortgages sales also increased by 14% over this period from 2376 (Q1 2009) to 2699 (Q2 2009).

Homebuyers continue to place trust with intermediaries

Mortgage intermediaries continue to dominate mortgage lending, despite the increased focus by some lenders on direct distribution, industry figures have revealed.

Are tracker mortgages looking better value than fixed rates?

Navigating the mortgage market maze is difficult at the best of times, but the last five weeks have been more turbulent than most. June saw the cost of fixed rate mortgages rocket, with many lenders increasing their 5 year fixes by around 1%, despite swap rates peaking as long ago as 11 June. The Council of Mortgage Lenders yesterday defended lenders' decisions to keep rates high, in the face of falling swap rates, saying that there is a complex array of influences on lenders' pricing strategies at present. This is undoubtedly true, but swap rates remain an important benchmark. It is, nevertheless, fair to point out that, contrary to the lack of it in the mortgage market, there is fierce competition for savings and this has been driving up rates for savings fixed rate bonds, which are still rising despite the recent fall in swap rates.

Swap rates not the only influence on mortgage pricing

The Council of Mortgage Lenders is concerned that some recent coverage of fixed-rate mortgage pricing fails to reflect the complex array of influences on lenders' pricing strategies at present.

To fix or not to fix! Top tips for choosing a mortgage

In a low interest rate environment it can be hard to know what mortgage deal is best for your circumstances so Unbiased.co.uk, the professional advice website, brings you three top tips on choosing a new mortgage deal.

It's another hold for bank rate with many more to come

"The MPC's decision today to leave Bank Rate unchanged for another month was really the only possible conclusion and the committee probably spent more time discussing the Quantitative Easing (QE) programme than whether to change Bank Rate. With the £125bn already committed to QE by the MPC due to be spent by the end of this month but bank lending, especially for mortgages, still woefully inadequate, considering whether to utilise the final £25bn approved by The Treasury was probably a key part of the discussion," comments Ray Boulger of leading UK mortgage broker John Charcol.

moneysupermarket.com: Nationwide 125% mortgage

Commenting on Nationwide's 125 per cent mortgage, Louise Cuming, head of mortgage at moneysupermarket.com said: "Three cheers for Nationwide: at a time when overly restrictive and cautious lending practices are holding the housing market back, Nationwide's flexible approach is to be welcomed. Its new 125 per cent product will help its customers already in negative equity but who need to move house. As Nationwide already has a relationship with these customers and visibility of their payment history they can ensure that they are extending these loans responsibly. And the truth of the matter is if the customer is in negative equity they already have a mortgage of greater than 100 per cent before Nationwide enables the customer to move house.

Nationwide 125% LTV mortgage

As a responsible lender which aims to support its borrowers Nationwide has responded to market conditions and made an option available which enables some existing customers in negative equity to move home.

Public anger at banks refusal to lend

The British public is furious with banks and building societies for preventing home ownership, a poll commissioned by the National Association of Estate Agents (NAEA) reveals.

RICS: Bank of England July interest rate decision

Commenting on the Bank of England's interest rate decision, Brigid O'Leary, RICS senior economist said: "The Bank of England's commitment to complete the next £25bn of asset purchases within the next month suggests that the August MPC meeting, coinciding with the release of an Inflation Report, may be a more appropriate time to consider increasing the asset purchasing programme further.

Nationwide should be applauded for mortgage stance

Andrew Hagger of Moneynet.co.uk comments on the news that Nationwide Building Society is to offer mortgages up to 125% LTV.

Tightening in lending criteria abates

New estimates from the Council of Mortgage Lenders suggest that a higher proportion of young first-time buyers than ever before are getting help from parents to enter the market. But more positively, the CML's latest data shows signs that lending criteria stopped tightening in May.

Greater competition needed in mortgage market

The Association of Mortgage Intermediaries (AMI) has responded to proposals from HM Treasury for reform of the financial services industry.

9 million online mortgage searches recorded in May

Research compiled by Evaluate Technologies has found that over 8.8 million mortgages searches were undertaken in May 2009, highlighting the vast online potential currently available to brokers and IFAs.

Mortgage market in downward spiral

Figures from moneysupermarket.com show the number of mortgage products available to consumers has slowly been decreasing, with only 2,282 products now available, compared to 5,040 this time last year, and an astonishing 27,962 in July 2007.

Myth-busting the mortgage market

Many Brits believe they are unable to get a suitable mortgage due to lenders low income multiples, according to research from Unbiased.co.uk. After a decade of so called "easy credit", the tightening of lending criteria over the last six months has had a lasting effect on the public. Perceptions of lending criteria and income multiples have worsened since Q1 2009, with the average income multiple currently being placed at just 3.1 times an individual's salary, which has dropped slightly compared to 3.2 times an individual's salary at the start of the year.

Consumers do not seek advice when in mortgage difficulty

In a speech to the CML (Council of Mortgage Lenders) today, Adam Phillips, Chairman of the Financial Services Consumer Panel revealed research indicating that two in five (41%) of those having difficulty paying their mortgage did not seek advice in dealing with their problems. And yet, seven out of eight of those in difficulty thought their problems were serious.

Mortgage brokers predict increased levels of business

Confidence continues to return to the mortgage intermediary market with brokers expecting a significant upturn in mortgage business in the third quarter of 2009, research from Paragon Mortgages has revealed.

Buy-to-let investors jaded by the mortgage market

Latest Young Index results from Young Group show that buy-to-let investors have all but given up hope of a better mortgage deal.

first direct launches market leading offset tracker mortgage

first direct has launched a market leading offset tracker mortgage which tracks the bank of England base rate plus 2.48% for the life of the loan.

Calls for banks to resume lending

Richard Mason, Managing Director of Moneyextra.com, calls for UK banks to resume lending and return to active duty.

Mortgage approvals rose in May

The number of loans approved for house purchase (43,414) was higher than in April and higher than the previous six-month average, according to the Bank of England (BoE).

To fix or to track?

The recent increases in rates on fixed rate mortgages have made tracker products look increasingly attractive. In fact moneysupermarket.com figures show that a borrower with a £300,000 mortgage would pay £120 a month more on an average two year fixed rate deal, than they would on an average tracker. However, with many experts predicting that Base Rates will increase this year, moneysupermarket.com warns borrowers that an increase of one and a half percentage points would reverse the situation.

May Bank of England mortgage approvals

Commenting on the Bank of England Mortgage Approvals data, Simon Rubinsohn, RICS chief economist said: "Bank of England data suggests that mortgage approvals for house purchases only rose modestly in May. At first glance, this appears slightly at odds with the BBA figures published last week but a more detailed examination of numbers helps to explain the apparent inconsistency. While mortgage approvals by banks actually rose by around 2,500, loans from building societies and other specialist lenders both fell during the month. The RICS 'New Buyer Enquiries' series which typically lead mortgage approvals by around three months suggests that despite the flatter picture in May, mortgage approvals will (on a seasonally adjusted basis) push up towards the 50,000 area over the course of the summer.

Building society lending steady, but remains depressed

Gross mortgage lending by building societies was £1,515 million in May 2009, compared to £3,530 million in May 2008, according to the Building Societies Association (BSA).

Mortgage servicing standards no longer up to scratch

The majority of mortgage servicing in the UK is outdated and no longer up to scratch, according to Phoebus Software, the software house for lenders. The IT specialist warns that in today’s mortgage market, legacy mortgage servicing systems can no longer do the job required of them. TCF and Mortgage Pre-Action Protocol require a higher level of interaction with customers, and outdated software systems are unable to cope with the demands of the changing marketplace.

LIFT mortgages may lift the market

The Low Cost Initiative for First Time Buyers is proving an attractive option for some first time buyers – and is bringing more activity to the housing market – at least that is the view of Caesar and Howie property experts.

Mortgage famine for high net worth borrowers

Borrowers looking for mortgages in the £1 million plus bracket are finding lean pickings from lenders, according to wealth manager HFM Columbus.

New borrowers face a week of rate conundrums

The consistently upward trend of new borrowers taking fixed rates has faltered this week, as borrowers respond to mortgage price increases of around 0.6% on fixed rates, and a cut of up to 0.3% to many trackers.

Almost 90% of borrowers fixing their mortgage rate

Legal & General's sixth report in the ‘Mortgage Purchase Index' series analyses trends from thousands of mortgage applications made in the last quarter through Legal & General's Mortgage Club.

Mortgage approvals continue to rise

The banks' net mortgage lending of £2.3bn was the weakest monthly rise since early 2001, although mortgage approvals continue to increase, according to the British Bankers’ Association (BBA).

Shelter warns of second arrears and repossessions wave

Housing charity Shelter has warned the Government and mortgage lenders against complacency - and called on them to start preparing for a second wave of arrears and repossessions that could hit the UK within the next two years.

Clampdown on poor mortgage arrears handling

The latest review from the Financial Services Authority (FSA) has found continued weaknesses in the way specialist lending firms and third party administrators are handling mortgage arrears and repossessions.

moneysupermarket.com: Mortgage rate changes

Commenting on the recent spate of mortgage rate changes, Louise Cuming, head of mortgages at moneysupermarket.com, said: "There has been a flurry of activity in the mortgage market, but unfortunately mostly to the detriment of borrowers. Halifax raised its fixed rates today, Nationwide and Chelsea Building Society have already increased many rates, the Principality Building Society increased its 10 year product from 5.19 per cent to 5.39 per cent, and Cheltenham & Gloucester and Abbey are both raising some mortgage rates tomorrow.

First time buyers still not welcome

Since January 2007 the number of mortgage products available at 90 per cent loan to value (LTV) has fallen by 97 per cent. Figures from moneysupermarket.com show just 102 mortgage products are currently available at 90 per cent LTV compared to 3,148 such products two and a half years ago.

Fix now or forever hold your peace

Fixed rate mortgages have been falling for nearly two years, but moneysupermarket.com warns they are about to start creeping up again.

L&G Mortgage Club expands again with commercial loans

Legal & General Mortgage Club has expanded its commercial loans service to appointed representatives of the mortgage network (Legal & General Partnership Services Limited) and extended that service to directly authorised brokers.

Increased confidence amongst mortgage advisers

Stephen Smith, Legal & General's Director of Housing said: "Our mortgage advisers are having a better quarter because they haven't been this confident since we started the index at the beginning of last year.

Fixed rate mortgages set for imminent increase

Ray Boulger of leading UK mortgage broker John Charcol said, "Yesterday we saw another sharp rise in swap rates, following closely on from other recent increases. The scale of the increase was large enough to be the straw that breaks the camel's back and as a result I expect several lenders to increase the cost of at least some of their fixed rate mortgages over the next few days. With most borrowers (including around 80% of our clients) currently choosing a fixed rate mortgage, if interest rates continue to rise then the current recovery in the housing market, which is based primarily on much improved affordability as a result of the combination of lower house prices and lower interest rates, may well wobble. The message for borrowers wanting to take a fixed rate is clear; get in now or miss out on the current relatively low rates.

Average mortgage rates in limbo after divorce from Libor

Despite the Base Rate continuing to hold at 0.5 per cent, providers are increasing average mortgage rates, and the margin above the Libor rate is rising, proving that the Bank of England is increasingly toothless when it comes to regulating the cost of mortgages, with lenders increasing profit margins at the expense of their customers.

Britannia re-introduces 90% LTV option across mortgage range

Available from next week, borrowers can take their pick of two, three, five, ten and 15 year fixed-rate deals with a choice of three LTV bands (up to 60%, up to 75% and up to 90%).

Over a million mortgage holders due to lose out

Banks are urged to stop profiteering - as they look to make an extra £20.1 million pounds per month from unsuspecting mortgage customers who are coming off fixed, discounted, tracker and capped rate deals and moving onto standard variable rates, according to Moneyextra.com.

This month Mervyn King achieves his aim of being boring

"Today's decision by the MPC to leave Bank Rate and the Quantitative Easing programme unchanged was widely expected but next month the committee will have to consider whether to utilise the final £25bn The Chancellor has authorised for Quantitative Easing", comments Ray Boulger of leading UK mortgage broker John Charcol.

Calls for further Government action to help first time buyers

The Bank of England has decided to keep interest rates at 0.5%. In response the Association of Mortgage Intermediaries (AMI) has called for further Government action to aid consumers.

moneysupermarket.com: HSBC Mortgage Rate Matcher

Commenting on the new HSBC Mortgage Rate Matcher, Louise Cuming, head of mortgages at moneysupermarket.com, said; "Again HSBC is leading from the front.

HSBC'S ‘Rate Matcher' mortgage is back

From Monday 8 June 2009, HSBC is reintroducing its hugely successful Rate Matcher mortgage offer. HSBC is offering to match or beat existing mortgage rates as low as 2.49 per cent, and fix them for up to five years. Under the offer all UK homeowners can apply no matter what their existing mortgage arrangement.

Brokers expect increase in FTB and home mover business

Brokers expect to handle slightly more business for first time buyers and home movers over the next two months - the first time they have forecasted positive growth since the question was first asked 18 months ago in the IMLA survey of mortgage intermediaries.

RICS: April Bank of England mortgage approvals

Commenting on the Bank of England mortgage approval data, Simon Rubinsohn, RICS chief economist says: "Data released this morning by the Bank of England shows that the number of mortgages approved for house purchase rose again in May. The latest figure of 43,200 compares with a low point of just 27,500 in November, an increase of 57%. Moreover, the year on year change in the number of mortgages approved turned positive in May for the first time since the early part of 2007. A year ago only a little more than 39,000 mortgages were sanctioned.

Mortgage approvals up in April

The increase in total net lending to individuals in April (£1.3 billion) was higher than the March increase (£0.7 billion) but below the previous six-month average, according to the Bank of England (BoE).

Building society lending stabilises

Gross mortgage lending by building societies was £1,551 million in April 2009, compared to £1,571 million in March, and £3,921 million in April 2008.

Tide begins to turn towards competitive fixed rate deals

Demand for variable mortgage products has almost halved since the start of the year according to new research from Abbey Mortgages. In January, 28 per cent of those asked as part of Abbey Mortgages' Remortgage Index said that if they were remortgaging tomorrow, they would opt for a variable product, in May, this was just 15 per cent.

Mortgage lenders fail to pass on base rate cuts

Whilst the Bank of England has slashed interest rates by 4.5 percentage points since October, taking the base rate from 5.0 per cent to 0.5 per cent, mortgage lenders have failed to pass the cuts on in full to their existing customers, despite the Government urging them to do so.

CML: April Bank of England lending data

Commenting on today's lending data from the Bank of England, CML economist Paul Samter observed: "House purchase approvals continued to edge up in April, to 43,000 in the month on a seasonally adjusted basis. This is up from 40,000 in March and is the highest level since April last year (when the figure was 55,000, so this May's number still represents a 22% fall year-on-year).

Leeds launches 2-year fixed rate mortgage at 3.40%

Leeds Building Society has launched a new 2-year fixed rate mortgage at 3.40%. Furthermore, there is no higher lending charge and 10% capital repayments are allowed each year without penalty.

Two year fixed rate mortgages deals lose favour

The balance has tipped in favour of longer term fixed rates. 56% of fixed rates taken out in May from the national brokers Mortgageforce are 3 year or longer deals.

Homeowners take advantage of low interest rates

Savvy home-owners are taking advantage of today's low interest rates to pay off their mortgages in record time.

RICS: BBA April mortgage approvals

Commenting on the BBA mortgage approvals data released today, which showed a rise of 4% in mortgage approvals for new house purchases in April, RICS senior economist Brigid O'Leary said: "The rise in mortgage approvals for new house purchases in April reverses some of March's fall however mortgage lending continues to be stuck at very low levels. As yet, there are few signs that the massive stimulus from the Bank of England is having a marked effect on mortgage lending, and the increase in new buyer enquiries, as reported in the RICS housing market survey, is clearly still being stifled by restricted lending conditions.

New 3 year tracker mortgage from The Co-operative Bank

The Co-operative Bank (LON:CPBB) is launching a new market leading 3 year tracker mortgage at a rate of 2.39%. The new mortgage available from Wednesday 27th May and offers a more generous LTV than most competitors' lowest prices products at up to 75%.

Mortgage lending remains low

The high street banks' net mortgage lending of £2.7bn has not been as low for some eight years and consequently, the trend edged lower, according to the British Bankers Association (BBA).

first direct launches new range of fixed rate offset mortgages

first direct has launched a new range of market beating fix rate offset mortgages. All the new mortgages are available to new and existing customers for both house purchases and re-mortgages.

Yorkshire's Offset Plus mortgage proving popular with parents

Yorkshire Building Society's Offset Plus account is proving to be very popular with parents wanting to help out their children with mortgage payments whilst giving the parent full access to their savings.

Is now the time for the return of the first time buyer?

Recent developments in the first time buyer mortgage market suggest that the market is picking up, and that now might be the time for the return of the first time buyer.

Mortgage lending fell in April

Gross mortgage lending declined to an estimated £10.4 billion in April, down 9% from £11.4 billion in March and 60% from £26.1 billion in April 2008, according to new data from the Council of Mortgage Lenders.

Lesser spotted first time buyer more common than you think

Confidence started returning to first time buyers (FTBs) at the beginning of this year according to the John Charcol Index, the new monthly mortgage activity monitor from John Charcol, the UK's leading independent mortgage adviser. The index reveals a sharp increase in the proportion of purchases made by first time buyers in the first four months of this year, with that proportion being 3½ times higher than in the previous 4 months.

Lloyds TSB first time buyer mortgage should be applauded

Andrew Hagger of Moneynet.co.uk comments on the new First Time Buyer (FTB), ‘Lend a hand' scheme launched today.

moneysupermarket.com: Lloyds TSB First Time Buyer mortgage

Commenting on the new Lloyds TSB First Time Buyer mortgage, Clare Francis, site editor at moneysupermarket.com, said: "This is a great product to help first time buyers get on the housing ladder.

Mortgage broker market will shrink further in 2009

The numbers of brokers operating in the intermediary mortgage market has further to shrink according to the latest member survey from IMLA.

Lloyds TSB launches first time buyer mortgage

The three year product, called ‘Lend a Hand', offers first time buyers a 95% loan to value (LTV) mortgage at 4.39% by taking a legal charge on a savings account belonging to their parents.

The only way is up for interest rates, so should people fix?

Since falling from five per cent in September last year, interest rates have now remained at 0.5 per cent for two months, suggesting that they have hit rock bottom.

Paragon urges Government to support specialist lenders

Paragon Mortgages has announced its interim results for the six months ending 31 March 2009. The results confirm Paragon's business is stable, profitable and cash generative, but the Group urges more Government support to help non-bank lenders commence new lending.

Lenders increase margins on short term fixed

The cost of the average fixed rate mortgage has risen in the last month, with borrowers looking for longer term mortgages being hardest hit, according to Moneyfacts.co.uk.

Mortgage borrowers unaware of their lenders' SVR

It's a clear case of buyer beware as four out of ten people (42 per cent) will come off a fixed rate mortgage this year and risk falling prey to inflated Standard Variable Rates (SVR) being offered by the majority of mortgage lenders.

Offset and save £18,000

As homeowners adjust to shrinking returns on their savings, research reveals uptake of offset mortgages is on the rise. New offset lending rose 16 per cent in the last three months of 2008.

The Co-operative Bank records 50% fall in repossessions

The Council of Mortgage Lenders has today painted a negative short term picture in the number of repossessions for 2009; The Co-operative Bank can reveal it has cut repossession by half in the past 12 months.

Repossession figures grim reading, says Teather

Commenting on today's report from the Council of Mortgage Lenders which shows that quarterly repossessions in Britain are up 50% in a year, Liberal Democrat Shadow Housing Minister, Sarah Teather said: "These figures make for grim reading.

Repossessions levels held stable by responsible lenders

Figures published by the Finance & Leasing Association demonstrate the success of measures taken by second charge lenders to avoid repossession.

moneysupermarket.com: CML repossessions figures

Commenting on the CML repossessions figures, Louise Cuming, head of mortgages at moneysupermarket.com, said: "Repossessions are still increasing, but they might not rise as much as the CML had predicted. These figures highlight the commitment by lenders to work with borrowers to keep them in their homes wherever possible. Also, interest rates are now at an all time low which will be helping many borrowers meet their mortgage repayments, thus reducing the number of repossessions that would traditionally be expected in a recession and with this level of unemployment.

Some lenders still not doing enough to prevent repossession

New research by leading advice agencies shows mainstream lenders' practices have improved, whereas some lenders are still not fully using Government schemes to help struggling homeowners, in particular those in the sub-prime and second charge sector.

Buy-to-let lending continues to fall

New buy-to-let lending fell for the sixth consecutive quarter in the first three months of 2009, reflecting the continuation of extremely challenging funding conditions as well as general housing market weakness, according to the Council of Mortgage Lenders. Buy-to-lending accounted for 6% of all gross mortgage lending in the first quarter, down from 12% a year earlier.

Mortgage repossessions increase

There were 12,800 repossessions by first-charge mortgage lenders (including buy-to-let) in the first quarter of this year, according to the Council of Mortgage Lenders.

Housing market is polarised

Ben Thompson, Director of Mortgages at Legal & General comments on the CML figures: "The housing market is now polarised according to the size of your deposit. Those with substantial deposits get a much better deal and therefore lower monthly repayments. Those who don't, end up paying a lot more. It's no wonder that most potential first-time buyers are waiting for house prices to fall further and for mortgage rates to even out a bit. After all, the longer you wait, the more you can save up. We've seen some tentative moves by lenders to offer higher LTV mortgages at reasonable rates through our Mortgage Club, but it's only going to help a lucky few. Most of these first-time buyers are going to have to double their efforts to put money aside to improve their position."

Lowest mortgage costs since 2004, says CML

While borrowers still need large deposits to be able to enter the market, and overall lending remains constrained, both first-time buyers and home movers are benefiting from the lowest debt servicing costs since 2004, according to the latest monthly lending survey from the Council of Mortgage Lenders.

Abbey increases LTV on all fixes from 60 to 70 per cent

From Friday 15 May, Abbey is increasing the loan-to-value on all its popular 2, 3 and 5-year fixed rate mortgages that had been available at 60 per cent LTV to 70 per cent LTV. The new deals will have the same price but by increasing the LTV, will be accessible to more borrowers.

AMI: Blame culture will not get us out of mortgage crisis

Robert Sinclair, Director of the Association of Mortgage Intermediaries, has responded to yesterday's Financial Services Authority (FSA) mortgage conference.

Alliance & Leicester offers help for homebuyers

Alliance & Leicester Mortgages has launched a best-buy first time buyer only mortgage at 85 per cent LTV. The new deal, a 3-year fix at 5.99 per cent with no fee is for all first time buyers and includes the Homebuyer solution (a free valuation) and has a maximum loan size of £250,000.

No deposit, no chance

New figures from moneysupermarket.com reveal the extent of the disparity between supply and demand of mortgages at a high loan to value (LTV).

Legal & General: RICS' April housing survey

Ben Thompson, Mortgages Director at Legal & General asks if we are heading to the ‘trough' soon: "There is evidence that first-time buyers are increasingly interested in getting on the ladder, but this will not translate into actual sales whilst this group believes that prices have further to fall. Measures such as the Nationwide Consumer Confidence Index indicate that consumers still think that prices will fall over the next six months and as long as this remains and the labour market remains weak, house prices are not going to pick up significantly.

RICS: March mortgage approval data

Commenting on the British Bankers Association mortgage approval data, Simon Rubinsohn RICS Chief economist said: "Data released from the British Bankers Association show that the number of mortgage approvals for house purchase slipped back in March following three successive monthly increases. Although this is, on the face of it, a disappointing piece of data, RICS is not inclined to believe that the pick-up in activity in the housing market from historically low levels is already running out of steam. Crucially, the RICS 'new buyer enquiries' series rose further last month and our suspicion is that this will translate into higher transactions levels over the coming months notwithstanding the drop in mortgage approvals in March. The decision in the Budget to extend the stamp duty holiday alongside the extension of the credit guarantee scheme to include mortgages should help provide some much needed support for the lower end of the housing market."

Mortgage approvals weakened in March

All measures of the banks’ mortgage lending in March were marginally weaker than in February, according to the British Bankers Association (BBA). Overall consumer credit was little changed and personal deposits remained weak. Lending to non-financial companies fell by about £1.0 billion, largely reflecting the unwinding of takeover finance.

The Co-operative Bank sees 50% fall in repossessions

Against a backdrop of the mortgage industry prediction of 75,000 repossessions this year, new figures from The Co-operative Bank Mortgages show that despite the current economic climate, the number of repossessions at The Co-operative Bank has actually halved over the past 12 months.

The Co-operative introduces changes to mortgage range

The Co-operative Bank is pleased to confirm positive changes for the 3 Year Discount Mortgage and the re-launch of the 3 Year Fixed Rate Guarantor Mortgage.

RICS: Bank of England March mortgage approval data

Simon Rubinsohn, RICS chief economist said: "Further evidence that activity in the housing market is continuing to pick-up, albeit from abysmally low levels, was provided today by the latest Bank of England mortgage approvals data.

CML: Bank of England March lending data

Net mortgage lending was mildly positive at £84 million in the first quarter of this year, according to today's Bank of England lending statistics.

KRS express concern at increase in average equity release loan

Key Retirement Solutions today react to the SHIP quarter 1 figures for 2009 which reveal an increase in the average equity release loan size over the same period of 2008.

Building society mortgage approvals rise

Mortgage approvals by building societies in March were £1,542 million compared to £742 million in February.

Headline mortgage rates aren't always best buy

With house purchase lending edging up, Yorkshire Building Society urges consumers to look at the true cost of a mortgage, rather than a headline-grabbing rate.

Mortgage rates following base rate announcement

Richard Mason, Managing Director at Moneyextra.com shares his opinion on the mortgage rates of lenders following today's base rate announcement: "The Bank of England's base rate has been kept to a staggeringly-low 0.5 per cent for the second month running, indicating how serious the chief economists are about getting our economy back on track. However, greedy lenders are still punishing customers by refusing to scale back their extortionate SVR's.

Month two of bank rate stability at 0.5%

"Today's decision by the MPC to leave Bank Rate unchanged for the second month running is likely to be the precursor for several more months of the same, with the committee's focus being switched from Bank Rate to how aggressively to implement the Quantitative Easing programme. However, whilst it is difficult to be confident how long Bank Rate will stay at 0.5%, it is likely than when the MPC starts increasing Bank Rate it will move up quite quickly, which could be very uncomfortable for anyone still locked into a variable rate mortgage at that time, especially borrowers whose mortgage payment comfort zone has migrated to their current low payments, comments Ray Boulger of leading UK mortgage broker John Charcol.

Fee free mortgage offer from Yorkshire Bank

Yorkshire Bank has announced a boost for homeowners with the launch of a fee free mortgage offer.

Competition hots up in the mortgage market

"Two Swallows do not make a summer", said Louise Cuming, head of mortgages at moneysupermarket.com, "but it is very encouraging to see two lenders reducing the cost of borrowing and making those deals available at higher loan to values.

Banks squeeze hope out of landlords

New buy to let landlords face a difficult task finding a suitable mortgage. Research from price comparison website moneysupermarket.com shows that in just two years, the number of buy to let mortgages available has fallen from 4,384 to just 213 - a reduction of 95 per cent.