Mortgage News
AMI response to call for lenders to support borrowers
The Association Mortgage Intermediaries (AMI) has today (12 December) issued a response to homeowners who may be facing a difficult time financially.
Bank rate affects little change to lenders’ funding
“Last week’s base rate drop brought a little relief to some home owners,” comments Katie Tucker of John Charcol. “However, LIBOR failed to fall along with it as expected, because lenders continue to be cautious about lending each other money. At today’s 6.62%, the lenders’ own cost of funding is still too high for them to reduce their mortgage rates.
Citizens Advice report into sub-prime lending
Commenting on the report from the Citizens Advice Bureau into sub-prime lending, Louise Cuming, head of mortgages at price comparison site moneysupermarket.com, said:
All I want for Christmas...
Many people’s first Christmas wish for a cheaper mortgage came true this December with the bank rate drop to 5.5%. Charcol.co.uk, the complete mortgage service, looks at borrowers’ top five Christmas list wishes for Santa.
IMLA: Citizens Advice report ‘Set Up to Fail’
Responding to the Citizens Advice report, IMLA’s Executive Director Peter Williams comments: “Although much of the content of the Citizens Advice (CA) report offers a sensible review of the issues around mortgage arrears and possessions,
CML: Set up to fail
The Citizens Advice report, Set up to fail, is too simplistic in its criticisms of the lending industry, according to the Council of Mortgage Lenders.
RICS: CML October mortgage lending data
Commenting on the CML mortgage lending data, David Stubbs, RICS senior economist said: "Today's figures show that home buyers had begun to shift away from fixed rate deals as far back as October as the ensuing credit crunch raised expectations that the Bank of England would lower interest rates.
Abbey cuts standard variable rate by 0.25 per cent
Abbey has announced that it will cut its standard variable rate on mortgages by 0.25 per cent following the Bank of England interest rate cut on Thursday.
Variable rates gain favour as borrowers expect a rate fall
There was a move away from fixed-rate mortgages in October, with levels of new fixed-rate loans falling to 68% from 72% in September, according to the Council of Mortgage Lenders (CML).
5 top tips on how to protect your mortgage
Consumer confidence in the UK mortgage market has suffered since the Northern Rock crisis began, while interest rates are at a six year high of 5.5%. As a result Protection Specialists LifeSearch has seen a significant increase in mortgage related protection enquiries, including redundancy.
The Co-operative Bank to cut mortgage rates by 0.25%
Following changes to the Bank of England Base Rate, The Co-operative Bank will be passing on the full benefit of the base rate reduction to its mortgage customers, by cutting its standard variable rate (SVR) by 0.25% to 7.49%, with effect from 1 January 2008.
“Impossible” situation for remortgages is exaggerated, says lender
The bleak warning from the City’s financial regulator that almost 1.5 million people who have to remortgage next year could find it “difficult, if not impossible to refinance their mortgage on favorable terms”, could cause undue panic, according to Newcastle Building Society.
Newcastle launches full equity release brokerage service
Newcastle Building Society Equity Release Service has been launched to provide advice on equity release plans across the UK.
Just Retirement announces latest in series of equity release offers
Just Retirement, the equity release specialist, has not only reduced the interest rate on its Equity Release Roll Up Plan to a market leading 6.25% (AER), but is now also refunding the valuation fee on completion for every application received between 10 December 2007 and 29 February 2008.
first direct cuts mortgage rates
first direct has cut its mortgage rate by 0.25% per cent from today, 6 December 2007, passing on the benefit of the Bank of England base rate reduction to its customers immediately.