Mortgage News

The Association of Independent Financial Advisers and the Association of Mortgage Intermediaries respond to joint HM Treasury and CLG announcement on additional support for homeowners facing financial difficulty.

Citizens Advice Head of Consumer Policy officer Sue Edwards said: "We have seen a very sharp rise in the number of people coming to us with mortgage arrears, and evidence that in too many case lenders are using court action as a first rather than a last resort.

The Council of Mortgage Lenders welcomes the increased resources announced by the Government today to strengthen and underpin the advice available to borrowers facing repayment difficulties through Citizens Advice Bureaux and other providers.

A new £10 million package of measures to support home owners who may be facing difficulties with their mortgage, is announced by Chancellor of the Exchequer, Alistair Darling and Housing Minister Caroline Flint.

Commenting on the rise in repossession orders announced, Nicola O'Reilly from the National Consumer Council, said: "Lenders must do more to help home owners before they get into debt by targeting vulnerable customers, such as those coming off fixed rate deals.

Alliance & Leicester is launching a new range of mortgage products, which will be available via brokers, branches and our call centre from Friday 9 May 2008.

"The MPC's decision to leave Bank Rate unchanged this month was widely expected, despite conditions continuing to deteriorate in the mortgage and property markets," comments Ray Boulger of leading independent mortgage adviser, John Charcol.

Sean Gardner, founder of MoneyExpert.com, said: "In recent months it's actually the rate of LIBOR that banks have been most concerned about, so movements in the base rate aren't as important as they used to be.

The Council of Mortgage Lenders was unsurprised by today's MPC decision to keep rates on hold at 5%. Michael Coogan, CML director general, commented:

The credit crunch is now hitting home in a way which few would have forecast in the days after Northern Rock crisis first hit the headlines.

Commenting on the launch of the new three year fixed rate Lloyds TSB airmiles mortgage product, Louise Cuming, head of mortgages at moneysupermarket.com, said: "This is a great product for cash strapped Brits in need of a little help to go on holiday, but only if the product is suitable for them and they are able to take advantage of the rewards scheme.

Sean Gardner, founder of MoneyExpert.com, said: "At first glance you could be forgiven for thinking Lloyds TSB had just launched a mortgage laden with gimmicks.

Lloyds TSB announces the second stage of its AIRMILES partnership, with the launch of an AIRMILES mortgage.

In response to property prices facing their first annual fall in 12 years, SHIP (Safe Home Income Plans) seeks to reassure people planning to release value from their property, either imminently or at some point in the future.

Chelsea Building Society has today taken the decision to temporarily withdraw its intermediary mortgage product range from close of business today until Friday 9 May.