Mortgage News
House purchase lending edges up, remortgaging declines
The number of house purchase loans ticked up in February, according to new data from the Council of Mortgage Lenders.
AMI calls for further Government action for the mortgage market
The Bank of England has decided to keep Interest rates at 0.5%. In response the Association of Mortgage Intermediaries (AMI) has called for further Government action to help consumers.
moneysupermarket.com: Base rate held at 0.5%
Louise Cuming, head of mortgages at moneysupermarket.com commented: "The decision to keep the Bank of England base rate on hold at 0.5 per cent was no surprise. It is expected to remain at this level for the foreseeable future but the next move is likely to be upwards.
Now the start of many months of bank rate stability
Ray Boulger of leading UK mortgage broker John Charcol comments, "After a record run of six months of cuts, today's unchanged bank rate decision was widely expected after Mervyn King's comments last month on the very limited benefits of any further cuts.
moneysupermarket.com: HSBC's mortgage funding allocation
Commenting on HSBC's move to allocate £1 billion of funding to its new mortgage range, Louise Cuming, head of mortgages at moneysupermarket.com, said; "HSBC continues as one of the few lenders actively seeking to steer the mortgage market at the moment.
Lloyds TSB and C&G to pass on any rate cut
Lloyds TSB and Cheltenham & Gloucester will pass on any base rate cut to existing variable and tracker customers.
HSBC allocates £1 billion to new range of mortgages
From Tuesday April 14th, HSBC is launching a new range of competitive mortgage products with loan-to-value (LTV) maximums of up to 90 per cent, backed with £1billion of funding.
Borrowers get smart
Homeowners taking advantage of falling rates open themselves up to better mortgage. Commenting on Bank of England figures showing homeowners cutting their mortgage debt, Louise Cuming, head of mortgages at moneysupermarket.com, said: "People seem to have seen the light when it comes to their money, and are becoming more astute with their finances.
HSBC trial ‘Whole of Market’ mortgage service in branch network
HSBC is launching a seven month trial mortgage intermediary service on a ‘whole of market' basis, via a team of experienced consultants in a selection of its branches.
Woolwich cuts mortgages by up to 0.5 percentage points
Woolwich is making cuts of up to 0.5 percentage points on its fixed and tracker mortgages, as well as its already best-buy offset mortgage, in a further sign of strengthening competition in the market. The range features 2, 3 and 4 year fixed rates all below 4%.
Norwich Union equity release regains number one position
Norwich Union, soon to be Aviva, has regained its position as the number one provider of equity release, following a series of product innovations and promotions during 2008.
NAO: Report into Northern Rock's lending practices
Richard Mason, Managing Director @ Moneyextra.com commenting on the announcement of the report by the National Audit Office into lending practices at Northern Rock said: "Northern Rock took a real kicking over its part in reckless lending to homeowners, and its cavalier attitude has helped march our economy into this recession.
Millions of Brits fear repossession
Almost six million Britons fear their homes will be repossessed, according to new research from Which?.
Mortgage lending continues to decline
Gross mortgage lending declined to an estimated £9.9 billion in February, down 15% from £11.7 billion in January and 60% from February 2008, according to new data from the Council of Mortgage Lenders.
The first battle has been won but the war is not yet over
Commenting on the Turner Report, Ray Boulger of leading UK mortgage broker John Charcol said, "The FSA has revealed it will publish a paper in September considering various reforms of the mortgage market, including the option of regulating LTVs and income multiples.