Mortgage News
Fixed-rates bounce back in October
New data released by the Council of Mortgage Lenders reveals a strong bounce back in the take-up of fixed-rate lending in October - rising to 124,100 loans, from 109,100 in September.
Endowment claims – consumers get better deal by going direct
A report from the Financial Services Authority has highlighted insurers’ success in improving customer service standards when dealing with mortgage endowment complaints.
Endowments: better outcomes for consumers but no room for complacency
Consumers are getting better outcomes in the way their mortgage endowment complaints are handled, according to a report by the Financial Services Authority (FSA).
John Charcol: Bank rate stays at 5%
Ray Boulger of John Charcol, UK independent mortgage adviser, comments on today’s decision by the Monetary Policy Committee (MPC) of the Bank of England to hold Bank Rate at 5%: “An unchanged Bank Rate today was a foregone conclusion and it currently looks as if next month’s meeting will produce the same result. Last month’s set of economic statistics have mainly been either neutral or indicate that no further rise in Bank Rate is needed in the foreseeable future, especially the very weak Industrial Production figures announced yesterday. The recent sharp rise in sterling against the dollar is another material reason for not increasing Bank Rate.
A month of rising mortgage rates and fees
Scott Hanton, mortgage analyst at moneyfacts.co.uk comments: "As expected, most mortgage lenders have now increased their standard variable rates, revised their mortgage ranges and increased their tracker products following the November base rate rise. However there have also been some other more unexpected adjustments – by way of increased arrangement fees.
UK interest rates kept on hold at 5.0%
The Bank of England’s Monetary Policy Committee today voted to maintain UK interest rates at 5.0%.
Confidence in mortgage industry soars
The latest in a series of six monthly polls to gauge IFAs’ opinions has revealed that broker confidence in the mortgage industry is the highest it has been in over ten years, according to Mortgage Trust.
Consumers like using mortgage endowment claims firms
Consumers are using endowment claims companies to save time and help them through what they see as a complex process, according to research by the Financial Services Consumer Panel.
Is there a place for HLCs in a buoyant property market?
Julia Harris, analyst at moneyfacts.co.uk investigates: “Last week, Portman BS announced that they would no longer apply a higher lending charge to its fixed rate mortgage range. But surprisingly over three quarters of mortgage lenders still do charge a higher lending fee, a figure, which has not changed over the past 12 months.
Pru is best lifetime mortgage provider
After only a year since launch, the Prudential’s Property Value Release Plan has made it a hat-trick of awards for 2006.
GMAC-RFC announces ninth portfolio sale worth £165 million
GMAC-RFC today announces its ninth portfolio sale to West Bromwich Mortgage Company Ltd.
Research sheds light on interest-only mortgages
Research published by the CML concludes that there is no evidence for the widely-held assertion that housing affordability pressures are driving borrowers to take out interest-only mortgages without having a plan for repaying the amount borrowed.
Three weeks on from the Base Rate increase
Lisa Taylor, analyst at moneyfacts.co.uk comments: “Three weeks on from the MPCs decision to increase bank base rate, we are still waiting for 39% of mortgage lenders and 20% of savings providers to announce any increase to their rates. Compared with three weeks on from the August rise, this is 20% less mortgage changes to date and 27% more savings increases.
Exclude MPPI from Competition Commission referral
The Council of Mortgage Lenders has submitted its response to the Office of Fair Trading's (OFT) consultation on its proposal to refer the payment protection insurance market to the Competition Commission.
Chelsea’s change to range
Chelsea, the UK’s 6th largest Building Society is announcing an increase to its Standard Variable Rate from 6.74%, (typical APR 7.0% variable) to 6.99%, (typical APR 7.0% variable).