Mortgage News
Mortgage lending rises in July
Although remortgaging remained unsurprisingly weak, lending for house purchase showed its first material annual growth in July for the first time since early 2007, according to the latest Council of Mortgage Lenders' survey.
No surprises from MPC but mortgage rates head south
Ray Boulger of leading UK mortgage broker John Charcol comments on the news that the Monetary Policy Committee has left Bank Rate and the Quantitative Easing (QE) programme unchanged this month.
NatWest and RBS cut the price of unarranged borrowing
NatWest and RBS have announced that they are to significantly reduce the charges for customers who go overdrawn without agreement or exceed an agreed overdraft limit.
HSBC 1.99 per cent discount mortgage rate
Hannah-Mercedes Skenfield, mortgages channel manager at moneysupermarket.com, said; "HSBC has really broken new ground with its sub-two per cent mortgage deal, the first time we have seen rates fall this low in the market.
HSBC offers 1.99% mortgage
HSBC's new mortgage range features its lowest ever interest rate - 1.99 per cent on a 2-year discount loan - available to customers with a deposit of 40 per cent of their property value.
First time buyer mortgage enquiries increase
New figures from Unbiased.co.uk, the professional advice website, reveal that after a lull in June, mortgage enquiries from first time buyers have once again increased to 43% of all consumer requests in July, making it the top most searched for advice criteria.
Mortgage lending increases
Gross lending by building societies in July 2009 was £2.1 billion, the highest monthly figure this year, but 42% lower than the £3.6 billion lent in July 2008, according to the Building Societies Association (BSA).
Scottish mortgage market begins to stabilise
New data from the Council of Mortgage lenders shows lending activity in Scotland began to stabilise in the second quarter, mirroring the trend seen in the UK more widely.
Mortgage fees falling
Following the news that First Direct is to reduce the arrangement fees for all offset mortgage products, analysis from moneysupermarket.com has found that arrangement fees across all fixed and tracker mortgages have fallen by around 25 per cent over the last year.
Demand for whole of market mortgage advice
Today's continually changing mortgage market, has led to an increased need for whole of market mortgage advice for borrowers.
Mortgage advisers show small backward step in confidence
Stephen Smith, Legal & General's Director of Housing said: "Confidence had been relatively stable in the first half of this year but has now taken a small dip.
Mortgage approvals increase in July
The July figures from the British Bankers’ Association (BBA) show increases in the number of mortgage approvals and the amount of new lending, though this was below seasonal expectations.
Warning to borrowers on interest only mortgages
Lenders have severely restricted access to interest only mortgages, however research from moneysupermarket.com indicates 23 per cent of mortgage holders are currently only paying off the interest on their mortgage.
AMI cautions against new mortgage market regulation
The Association of Mortgage Intermediaries (AMI) has today urged caution as the Financial Services Authority (FSA) considers introducing new mortgage regulation.
Gross mortgage lending up 26% in July
Gross mortgage lending totalled an estimated £16 billion in July, a 26% increase from £12.7 billion in June but down 36% from £24.9 billion in July 2008, according to new data from the Council of Mortgage Lenders.