Mortgage News
The Co-op and Britannia see a 31% increase in mortgage applications
Against a backdrop of some gradual signs of improvement in the housing market, The Co-operative Bank and Britannia have seen a significant increase of 31% in like for like mortgage applications in the first half of this year.
Unchanged bank rate set to continue into next year
Ray Boulger of independent mortgage adviser John Charcol comments on the news that the Monetary Policy Committee (MPC) has left Bank Rate unchanged for the 17th consecutive month and is leaving the Quantitative Easing programme unchanged at £200bn.
Nationwide cuts selected mortgage rates
From Friday 6 August 2010, Nationwide will reduce rates by up to 0.30% on selected mortgages for remortgage and house purchase customers.
Borrowers urged to check behind headline mortgage rates
New analysis by HSBC of July's best buy fixed rate mortgages shows a huge difference in early redemption charges. Based on a typical £150,000 repayment mortgage being redeemed 12 months early, this can be as high as £6090 between the cheapest and most costly lenders.
Mortgage brokers predict a spike in business
Financial advisers are forecasting a 7.2% quarter-on-quarter increase in mortgage business during the third quarter of 2010, Paragon Mortgages' Financial Adviser Confidence Tracker survey has revealed.
N&P launches new fixed and discounted mortgage rates
N&P (Norwich and Peterborough Building Society) is launching fixed and discounted rate products with lower rates and introducing - for the first time at N&P - a "loyalty" mortgage for customers who hold any other product.
Direct mortgage deals dominate lowest rates
Analysis of data supplied by Moneyfacts has revealed that of 96 mortgage deals which held the position of lowest rate in the market at some point over the last two years, only on six occasions could brokers actually beat the equivalent best loan offered by direct lenders.
Gross mortgage lending at mutuals up 19% in June
Gross mortgage lending by mutuals was £1,798 million in June, 19% greater than the £1,507 million in May, and 34% higher than the average of £1,345 million over the previous five months.
Leeds Building Society 3% cashback mortgage
Leeds Building Society has launched a unique 3% cashback mortgage that is available up to 80% loan to value (LTV) throughout the UK.
Big surge in tied products
The proportion of mortgages and regular savings accounts that are only available for people who have another product with the same provider has increased dramatically since the beginning of 2010, discouraging consumers from shopping around to get the best deals, finds new research from the experts at Which? Money.
Leeds launch self-build mortgage
Leeds Building Society has re-entered the self-build market with the launch of a new variable product specifically designed to help people build their own homes.
Coventry Building Society and Coventry City FC - a winning team
Coventry Building Society has become the official mortgage and savings partner of the Sky Blues. The new partnership was launched by Ray Ranson, chairman of Coventry City Football Club, and Mark Harrington, Savings Product Manager of the Coventry.
Yorkshire and Clydesdale Bank mortgage payments
Yorkshire and Clydesdale Bank are nearing completion of a mailing to approximately 18,000 variable rate mortgage customers apologising for an error in how their monthly payments were calculated, resulting in an underpayment occurring.
Self-cert mortgages less than 1% of broker business
Mortgage brokers are handling minimal levels of self-certification and sub-prime business, research from buy-to-let specialist Paragon Mortgages has found.
House purchases continue to lead the mortgage market
The latest charcol.co.uk mortgage index reveals that 6 out of 10 mortgages taken in June 2010 were for purchases. Drew Wotherspoon, director of marketing at charcol.co.uk, comments on this and other findings.