Mortgage News
Use the annual bonus to lower your mortgage
This year saw record city bonuses, in some cases millions of pounds. However even for the recipients of a more modest annual receipt, an overpayment into your mortgage can contribute to becoming mortgage free a lot sooner.
Chelsea’s change to SVR
Chelsea Building Society has announced an increase to its Standard Variable Rate from 6.99%, (typical APR 7.0% variable) to 7.24%, (typical APR 7.5% variable).
Sub prime borrowers hit with fee increases
Average interest rates on mortgages aimed at borrowers with poor credit ratings have increased by only 0.24 per cent in the past six months, according to MoneyExpert.com analysis.
Equity release market increases
The twenty one members of UK equity release industry body, SHIP (Safe Home Income Plans), that represents over 90% of the equity release sector, report fourth quarter figures to 31 December 2006 and full year results that show a healthy increase in new equity release plans sold and a steady years growth in drawdown business.
An end to sleazy clip-joint tactics
David Kuo, Head of Personal Finance at Fool.co.uk, says: “Some mortgage lenders have been taking unsuspecting borrowers for a ride by indiscriminately hiking mortgage exit administration fees (MEAFs). In some instances the hefty hike in charges has been well above the rate of inflation. Consequently, Fool.co.uk welcomes the intervention of the Financial Services Authority (FSA) to ensure that borrowers get a fair deal.
HSBC responds to FSA mortgage exit fees announcement
Responding to today’s announcement from the FSA on mortgage exit administration fee increases, Rob Chesters, head of mortgages at HSBC said:
Moneyfacts.co.uk welcomes the FSA statement on MEAFs
Darren Cook, Head of Mortgages at Moneyfacts.co.uk comments: “This is good news for the consumer, and it certainly wasn’t right that you were expected to sign up to agree to pay an unknown fee at a future date.
Lenders to fall in line on exit fees
Commenting on the FSA’s mortgage exit fees announcement Louise Cuming, head of mortgages at moneysupermarket.com said: “Since the FSA called for more transparency on exit fees back in June, lenders have failed to respond. Indeed, the only real movement within the existing market to date has been to increase these charges.
HIPs and housing affordability top of the agenda for lenders
Housing affordability and the planned introduction of home information packs (HIPs) have been identified by Jon Pain as the main challenges for mortgage lenders during his second year as CML chairman.
Resilient mortgage market
December’s gross mortgage lending was £18.1bn, 7% more than the £16.9bn in December 2005. In line with seasonal patterns, this total was well down on November’s record of £21.4bn, according to British Bankers’ Association (BBA).
Mortgage lenders welcome FSA statement on MEAFs
The Council of Mortgage Lenders welcomes today's statement from the Financial Services Authority setting out its views on how it expects mortgage lenders to administer mortgage exit administration fees (MEAFs).
FSA statement on mortgage exit administration fee increases
The Financial Services Authority today set out its views on recent increases in mortgage exit administration fees (MEAFs), and how it expects mortgage lenders to address the issues raised.
Co-operative Bank announces changes to mortgage rates
Following the recent changes to the Bank of England Base Rate; The Co-operative Bank will increase its standard variable rate (SVR) to 7.24% with effect from 1 February 2007.
Changes to RBS mortgage rates as bank launches ‘Switch’ facility
The Royal Bank of Scotland today announced that its Standard Variable Mortgage Rate would increase by 0.30 per cent to 7.44 per cent.
NatWest moves its mortgage rates
NatWest today announced that its Standard Variable Mortgage Rate would increase by 0.30 per cent to 7.44 per cent.