Mortgage News
New discounted variable mortgages from Clydesdale
Clydesdale and Yorkshire Banks are set to launch a new range of competitive mortgage products on Friday, 25 September 2009.
Fixed rate mortgages become a minority choice
With fixed rate mortgages stubbornly refusing to fall much in price, variable rates continued to be flavour of the month in August, according to the John Charcol Index. Less than half of borrowers (41.9%) chose a fixed rate in August, the lowest number since December last year.
UK mortgage lending increases
Gross mortgage lending in August was similar to recent months, whilst net mortgage lending returned to trend after dipping in July, according to the British Bankers’ Association (BBA).
Base rate crossing LIBOR
Commenting on the convergence of Libor and the Base Rate, Hannah-Mercedes Skenfield, mortgage spokesperson at moneysupermarket.com, said;
Fewer options for first time buyers
Risk remains the overriding factor in setting mortgage rates, with competition amongst lenders continuing to take a back seat, according to Moneyfacts.co.uk.
Mortgage lending falls in August
Gross mortgage lending totalled an estimated £12.6 billion in August, according to the Council of Mortgage Lenders. This represents a decline of 13% from July's revised total of £14.5 billion, but a seasonal fall in lending activity in August is to be expected.
HSBC 1.99% mortgage deal doubles consumer interest
Since the bank launched the discounted variable mortgage on 1st September, online traffic to hsbc.co.uk's mortgage area has doubled and call volumes have increased by 78% compared with July and August.
Legal & General Mortgage Club goes large
Legal & General Mortgage Club has launched a high net worth lending service to allow brokers to source funding up to £50 million for their clients.
Consumers urged not to be drawn in by headline rates
Commenting on the launch of Halifax's 2.99 per cent two year fixed rate mortgage and Woolwich's 1.98 per cent tracker mortgage, Hannah-Mercedes Skenfield, mortgage spokesperson at moneysupermarket.com, said;
Woolwich launches leading mortgages
In its second rate reduction this month, Woolwich is reducing rates to exceptional levels on some of its most popular mortgages.
First time buyers need 3 per cent less deposit per month
Mortgageforce has found that the deposits demanded by lenders have been dropping month by month: their average deposit for First Time Buyers has decreased from 28.6% (June) to 25.4% in July and 21.25% in August.
Borrowers put faith in variable rates
Search figures from moneysupermarket.com show fixed rate mortgages are becoming less popular, with more and more people attracted to tracker and discounted rate deals in the currently low rate environment.
Mortgage products slowly start to return
The number of residential mortgages available is slowly increasing, but still the market is dominated by deals for customers with more than a 25% deposit, says Moneyfacts.co.uk.
Most borrowers with mortgage arrears stay in homes
Research published by the Building Societies Association (BSA) finds that the majority of borrowers that fell into arrears in their mortgage over the last two years either have repaid or are currently repaying their arrears.
moneysupermarket.com: CML July lending figures
Commenting on the CML lending figures for July, Hannah-Mercedes Skenfield, mortgages spokesperson at moneysupermarket.com, said; "These figures provide further evidence that the wheels of the housing market are beginning to turn once more.