Mortgage News
Mortgage market in downward spiral
Figures from moneysupermarket.com show the number of mortgage products available to consumers has slowly been decreasing, with only 2,282 products now available, compared to 5,040 this time last year, and an astonishing 27,962 in July 2007.
Consumers do not seek advice when in mortgage difficulty
In a speech to the CML (Council of Mortgage Lenders) today, Adam Phillips, Chairman of the Financial Services Consumer Panel revealed research indicating that two in five (41%) of those having difficulty paying their mortgage did not seek advice in dealing with their problems.
Mortgage brokers predict increased levels of business
Confidence continues to return to the mortgage intermediary market with brokers expecting a significant upturn in mortgage business in the third quarter of 2009, research from Paragon Mortgages has revealed.
Calls for banks to resume lending
Richard Mason, Managing Director of Moneyextra.com, calls for UK banks to resume lending and return to active duty.
May Bank of England mortgage approvals
Commenting on the Bank of England Mortgage Approvals data, Simon Rubinsohn, RICS chief economist said: "Bank of England data suggests that mortgage approvals for house purchases only rose modestly in May.
Building society lending steady, but remains depressed
Gross mortgage lending by building societies was £1,515 million in May 2009, compared to £3,530 million in May 2008, according to the Building Societies Association (BSA).
Mortgage approvals rose in May
The number of loans approved for house purchase (43,414) was higher than in April and higher than the previous six-month average, according to the Bank of England (BoE).
To fix or to track?
The recent increases in rates on fixed rate mortgages have made tracker products look increasingly attractive. In fact moneysupermarket.com figures show that a borrower with a £300,000 mortgage would pay £120 a month more on an average two year fixed rate deal, than they would on an average tracker.
Mortgage servicing standards no longer up to scratch
The majority of mortgage servicing in the UK is outdated and no longer up to scratch, according to Phoebus Software, the software house for lenders.
LIFT mortgages may lift the market
The Low Cost Initiative for First Time Buyers is proving an attractive option for some first time buyers – and is bringing more activity to the housing market – at least that is the view of Caesar and Howie property experts.
Mortgage famine for high net worth borrowers
Borrowers looking for mortgages in the £1 million plus bracket are finding lean pickings from lenders, according to wealth manager HFM Columbus.
New borrowers face a week of rate conundrums
The consistently upward trend of new borrowers taking fixed rates has faltered this week, as borrowers respond to mortgage price increases of around 0.6% on fixed rates, and a cut of up to 0.3% to many trackers.
Mortgage approvals continue to rise
The banks' net mortgage lending of £2.3bn was the weakest monthly rise since early 2001, although mortgage approvals continue to increase, according to the British Bankers’ Association (BBA).
Shelter warns of second arrears and repossessions wave
Housing charity Shelter has warned the Government and mortgage lenders against complacency - and called on them to start preparing for a second wave of arrears and repossessions that could hit the UK within the next two years.
Clampdown on poor mortgage arrears handling
The latest review from the Financial Services Authority (FSA) has found continued weaknesses in the way specialist lending firms and third party administrators are handling mortgage arrears and repossessions.