Mortgage News
10% deposit minimums to change the UK buying culture ongoing
Comment from Katie Tucker, Technical Manager, John Charcol: “Today Cheltenham and Gloucester and many other lenders are reducing their maximum LTV from 100% all the way down to 90%.
Mortgage approvals up in January
The increase in total net lending to individuals in January (£8.4 billion) was below the increase in December and the previous six-month average, according to figures from the Bank of England.
The £27billion parental property push
British parents have collectively forked out more than £27 billion to help their children buy first homes according to new research from Abbey Mortgages.
Buyers with no deposits being politely nudged out of the race
Charcol’s Katie Tucker comments: “The mortgage market is readjusting and the housing market will follow. The accommodating lending criteria of the last decade has allowed many people to buy who otherwise wouldn’t have been able to, which has helped push property prices through the roof.”
Lenders urged not to pass on rising costs to consumers
The Association of Mortgage Intermediaries (AMI) has responded to comments made by the chief executive of the Financial Services Authority (FSA), Hector Sants, on the current state of the mortgage market.
Nationwide still offers great value for first time buyers
Contrary to some recent reports, Nationwide Building Society continues to offer first time buyers and those with smaller deposits some of the best value deals on the high street.
First time landlords also feeling the pinch
Results from the Council of Mortgage Lenders this week have shown an increase in the number of loans taken by buy-to-let landlords in 2007.
Prepare for the largest ever peacetime liquidity crisis
David Kuo, Head of Personal Finance at Fool.co.uk, says: “Consumers are urged to heed the warning by Rachel Lomax that the present financial crisis will persist and possibly intensify.
Buy-to-let remains robust
In response to the CML’s data on the Buy-to-Let market, Peter Williams, Executive Director of IMLA, comments: "These figures indicate that the buy-to-let market remains buoyant, topping the one million mark in terms of loans outstanding, around 5% more than a year earlier.
moneysupermarket.com: Nationwide 25 per cent deposit
Commenting on Nationwide raising the minimum required deposit to 25 per cent for homeowners looking to access its best deals, Louise Cuming, head of mortgages at price comparison site moneysupermarket.com, said:
Buy-to-let lending up in 2007
New survey data from the Council of Mortgage Lenders shows that buy-to-let lending totalled £24.1 billion in the second half of 2007, up from £21.2 billion in the first half of the year and £20.8 billion in the second half of 2006.
The future looks bright for lifetime advice
New research from Mortgage Express, the specialist lender, has revealed that broker confidence in the lifetime sector is soaring, with 81% of brokers, who haven’t yet advised on lifetime, saying that they are planning to in the next year or further on into the future.
RICS: BBA January mortgage approval figures
Commenting on today's BBA (British Bankers Association) Simon Rubinsohn, RICS chief economist said: "While first-time buyers may be struggling to find finance to get a foot on the residential ladder, there are increasing opportunities to refinance for those who already own property.
Post Office cuts mortgage rate – again
The Post Office has made a further rate cut to its three year fixed rate mortgage taking it to 5.34 per cent, creating the best deal of its kind on the high street.
Just Retirement extends refund offer on equity release product
Just Retirement, the leading retirement solutions specialist, announces that it has extended the refund of the valuation fee on its market leading equity release product on all applications received until the 31st March 2008.