Mortgage News
First rate drop since 2005 marks turning point for market
The Bank of England finally reduced interest rates today, for the first time since August 2005. The base rate dropped by a quarter percentage point to 5.5% in a move that is heartily welcomed by the National Association of Estate Agents (NAEA).
Nationwide to decrease mortgage rates
Nationwide Building Society today announces that it will decrease its Base Mortgage Rate (BMR) from 1 January 2008.
A quarter point cut is a good start
Ray Boulger of John Charcol, UK Independent Mortgage Adviser, comments on today’s decision by the Monetary Policy Committee (MPC) to cut Bank Rate by 0.25% to 5.5%.
CML responds to decision to reduce rates to 5.5%
Responding to today's MPC decision to reduce rates to 5.5%, the Council of Mortgage Lenders welcomes the reduction which will ease pressures on lenders and borrowers.
Halifax reduces mortgage rate
Following the announcement today by the Monetary Policy Committee of a 0.25 per cent decrease in the Bank of England Base Rate, Halifax will be reducing its standard variable rate (SVR) from 7.75% to 7.50%.
Don’t look a gift horse in the mouth
Fool.co.uk urges homeowners to take advantage of today’s rate cut, but also to remain vigilant over the cost of borrowing in the future.
TMB named Top Lender at packager awards
At a recent industry event held by South Manchester based mortgage packaging company Clear Mortgage Administration Ltd. (CMA), The Mortgage Business was awarded ‘Best Lender’.
Mortgage lenders see future for long-term fixed rates
New CML research and analysis looking at long-term fixed-rate mortgages suggests that there is a reasonable consumer appetite for such products.
Homeowners cut back on Christmas to ease re-mortgage shock
Two out of three (64 per cent) re-mortgagers will be cutting back this Christmas to help meet increased mortgage repayments, according to research from Lloyds TSB Mortgages.
Sub prime mortgages continue to vanish – where will it end?
Two thirds of sub prime products have vanished in the last six months, according to research from Moneyfacts.co.uk.
New exclusive Open Market HomeBuy mortgage
Yorkshire Building Society has announced a new exclusive Open Market HomeBuy (OMHB) facility that will increase the interest free equity element to 32.5% for the first five years.
2008 a year of debt repayment
“Two year swap rates remain low at 5.56% reflecting ongoing belief in an imminent rate drop” comments Katie Tucker of John Charcol “However, lenders are not all reducing their two year fixes in response.
125% mortgages - not quite what they seem
David Knight, Mortgage analyst at Moneyfacts.co.uk comments: “Despite the continuing tightening of criteria in the mortgage market, especially on riskier loans, five lenders are still offering the much talked about 125% loans.
RLAM: October UK mortgage approvals
Ian Kernohan, Economist at RLAM, comments on UK mortgage approvals: “Much weaker mortgage approvals data help to bolster the case for a rate cut next week. The MPC wanted the economy to slow; they did not want to see it slide.
CML: October Bank of England lending data
The Bank of England mortgage approvals data published today shows a less dramatic slowdown in mortgage approvals than preliminary surveys had suggested.