Mortgage News

Alliance & Leicester is launching a new range of mortgage products, which will be available via brokers, branches and their call centre from Tuesday 3 June 2008.

The 58,000 mortgage approvals in April are the twelfth successive monthly drop in approvals by UK lenders. The amount of money lent also fell for the twelfth time in a row. Just £8.3 billion was advanced to individuals for buying houses, compared with £16.2 billion a year ago.

Commenting on Bank of England mortgage approvals, Simon Rubinsohn, RICS chief economist said: "The latest weak data on mortgage approvals highlights the continuing problems facing borrowers trying to secure finance to purchase property.

The increase in total net lending to individuals in April (£7.3 billion) was below the increase in March and the previous six-month average, according to latest figures from the Bank of England (BoE).

Intermediaries play a vital role in helping consumers find the right mortgage deal and have been largely instrumental in the growth of today's highly competitive mortgage industry, says IMLA, echoing the findings of AMI's recent publication ‘The Value of Mortgage Advice'.

Homeowners are exposing themselves to massive risk by rejecting life cover in a bid to cope with rising prices and reduce their monthly outgoings.

Million pound plus mortgage deals are becoming virtually extinct as lenders turn their backs on the upper end of the market, warns wealth manager and investment/mortgage planner HFM Columbus.

As house prices continue to decline, many homeowners could face more than paper-losses on their properties. Falling house prices means that even diligent mortgage payers may not meet their lenders' stringent requirements when their current deals end.

Commenting on Nationwide's monthly house price survey, Louise Cuming, head of mortgages at moneysupermarket.com, said: "This is further gloomy evidence that house prices are slipping and will undoubtedly not do anything to help the already low levels of confidence in the market.

"Bad news seems to be the modus operandi when it comes to mortgages lately, so it is refreshing to see a minor ray of hope shining form the latest British Bankers' Association (BBA) figures.

As part of its ongoing commitment to its intermediary channel, Abbey for Intermediaries has extended the number of brokers who have access to its range of exclusive products, as well as raising the LTV offered on these products.

Darren Cook, Head of Press at Moneyfacts.co.uk, comments: "Households across the UK have got their morning routine of a fresh cup of tea and a bowl of cereal down to a fine art.

Insurance and investment group LV= has launched its innovative Mortgage & Lifestyle Protection product, which is simple to apply for and can protect customer's mortgage payments and living expenses.

April’s mortgage lending was slightly stronger than in March and there were also high numbers of remortgaging loans approved in the month, according to the British Bankers’ Association (BBA).

The proportion of mortgage business represented by remortgaging continues to grow, according to latest survey information obtained by IMLA from both intermediaries and lenders.