Mortgage News
HSBC removes all fees on mortgages until end of September
As homeowners struggle to compare mortgages with multiple fees – HSBC simplifies the process by removing all fees until 30 September.
Improved specialist mortgage deals from Alliance & Leicester
Alliance & Leicester’s Prime Self Cert and Near Prime deals have been improved to become even more competitive with fixed rates reduced and end dates extended.
Woolwich slashes two year fixed rate mortgage
With consumer nervousness continuing over how far rates will increase, Woolwich today cuts the borrowing rate on its two year fixed rate.
Arrears and possessions “exceedingly low” by historic standards
Although the numbers of mortgage possessions rose again in the first half of 2007, accounts in arrears by 12 months or more actually fell and those less than 12 months in arrears rose only slightly.
Citizens Advice: CML repossession figures
Citizens Advice policy officer Peter Tutton said: “Local Citizens Advice Bureaux are seeing more people who are falling behind with mortgage payments and in some cases threatened with repossession, and we know some people are taking on mortgages that push them to the absolute limit.
Property repossessions up 18%
At 14,000, the number of properties taken into possession in the first six months of the year rose by nearly 18% compared with the previous half-year, and nearly 30% compared with the first half of 2006, according to figures from the Council of Mortgage Lenders (CML).
Base rate held at 5.75% but borrowers must remain vigilant
Borrowers must remain vigilant despite today’s decision by the Bank of England’s Monetary Policy Committee to hold the Base Rate at 5.75%.
Yorkshire Building Society changes to mortgage fee structure
Yorkshire Building Society will no longer charge new customers a Mortgage Exit Administration Fee (MEAF).
Halifax reduces mortgage rates
Julia Harris, Mortgage Expert at Moneyfacts.co.uk, comments: “In almost of year of rising fees and rates, it’s been a long time since we have seen a reduction in fixed rate mortgages. With swap rates falling slightly over the last few weeks, it’s good news to see Halifax leading the way by making reductions to some of its fixed rate range.
Time’s up on excessive exit fees
The deadline has now passed for mortgage lenders to decide what they are going to do about their exit fee to meet the Financial Service Authority’s (FSA) requirements.
FSA: Mortgage exit administration fees (MEAFs)
The Financial Services Authority (FSA) today updated on how mortgage lenders have responded to concerns that mortgage exit administration fees (MEAFs) have been increased unfairly.
Mortgage brokers fined for management failings on advice
The Financial Services Authority (FSA) has taken action against three mortgage brokers for management failings discovered during its work last year on the quality of mortgage advice processes within firms.
New competitive mortgage rates from UCB home loans
Specialist intermediary lender, UCB Home Loans, is decreasing rates on its entire adverse range and selected very near prime products, with effect from 1 August.
Average first time buyer loan almost double in four years
The average first time buyer now has a mortgage of £130,000, almost twice the amount the average first time buyer loan was four years ago in 2003, when it was nearer £75,000, according to figures from Abbey Mortgages.
moneysupermarket.com: Mortgage Exit Administration Fees
Louise Cuming, head of mortgages at price comparison website moneysupermarket.com, said: “We have yet to see a flurry of activity from lenders despite the FSA's warning it is less likely to take action against those who publish their strategy on Mortgage Exit Administration Fees (MEAFs) by July 31.