Mortgage News
Remortgaging and standard status dominates slowing market
The proportion of mortgage business represented by remortgaging continues to grow, according to latest survey information obtained by IMLA from both intermediaries and lenders.
Are intermediaries seeing the full picture?
Darren Cook, mortgage expert at eMoneyfacts.co.uk, comments: "With continuing uncertainty in the mortgage market and the total number of products continuing to decline, many more people will be considering approaching an intermediary to find them the best mortgage deal for their circumstances.
Abbey cuts mortgage rates
Abbey continues to strengthen its competitive position in the mortgage market and from today (Friday 16 May) announces reductions in flexible and tracker mortgages and to some of its fixed rate deals.
Key Retirement Solutions: OFT study into sale and rent back
Dean Mirfin, Business Development Director of independent equity release specialist, Key Retirement Solutions, comments on the OFT's intention to launch a market study into the sale and rent back sector:
First time buyers turn to mortgage intermediaries
New figures from the Council of Mortgage Lenders (CML) show that first time buyers are increasingly looking to mortgage intermediaries to help them get a mortgage and find the best deal.
High inflation puts the brakes on needed rate cut program
As well as increasing the eligibility for the Government Homebuy schemes beyond key workers, and out to any first time buyers with household income of less than £60,000, the government has made £200m available for purchasing shares of unsold new homes for social tenants or shared equity schemes.
Moneyfacts mortgage update
Michelle Slade, analyst at Moneyfacts.co.uk, comments "It is now five weeks since the last base rate cut and still 24 lenders (25%) have not announced their intentions with regards to their standard variable rate (SVR).
CML: Government draft legislative agenda
The CML welcomed today's announcement in the government's draft legislative agenda of plans to provide more help for first-time buyers, in particular the widening of access to shared equity schemes.
Lending for house purchase remains subdued in March
Mortgage lending for house purchase remained subdued in March but remortgaging levels held up well in the face of funding constraints, according to data released by the Council of Mortgage Lenders.
Borrowers build a fixed rate dam against the April showers
In April, borrowers responded to headlines of falling house prices and rising costs of living, by seeking security in fixed rates and exercising caution about investing in buy-to-lets.
Financial Advisers can play key role in support for troubled homeowners
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: Mortgage repossession figures
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.
CML: Repossessions and debt data
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.
Support for home owners in current market conditions
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.
Lenders must do more to help home owners
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.