Mortgage News

Lending figures will struggle to improve

Until borrowers can get a better deal than moving onto their lender's SVR, we are unlikely to see any significant improvements in lending figures.

Net mortgage lending up in December

In December, net mortgage lending rose by £2.9 billion, according to figures from the British Bankers’ Association (BBA). This was lower than in November and below the average of the previous six months.

Coventry reduces standard variable rate

Following January's Bank of England MPC announcement, Coventry Building Society is reducing its standard variable mortgage rate to 4.74%.

Concerted action needed to save mortgage market

The Association of Mortgage Intermediaries (AMI) has called for the accelerated implementation and launch of the banking proposals announced by the Government earlier this week.

HSBC encourages borrowers to make overpayments

HSBC is writing to 30,000 of its Tracker and variable rate mortgage customers to explain the benefit of overpaying on their loans, and therefore take real advantage of up to a three and a half per cent fall in their interest rate since October 2008.

Abbey introduces new tracker range and reduces fixed rates

On Friday 23 January, Abbey is introducing a new range of market-leading 3-year trackers to add to the existing 2-year trackers currently available. Rates start at 3.99 per cent with a £1,495 fee at 75 per cent loan to value (LTV) and include remortgage and homebuyer options.

NAEA: CML December lending figures

Following the announcement from the CML, that Gross mortgage lending is down by 11% in December and down by 47% on December 2008, Peter Bolton King, chief executive of the National Association of Estate Agents (NAEA), comments: "These figures are disappointing but not unexpected.

Lloyds TSB sees thousands of mortgage holders overpay

Thousands of Lloyds TSB and Cheltenham & Gloucester customers are taking advantage of low interest rates by making monthly overpayments to their mortgage.

Gross mortgage lending declines in December

Gross mortgage lending reached an estimated £12.6 billion in December down 11% from £14.2 billion in November and 47% on December 2008, according to the Council of Mortgage Lenders. This is the lowest monthly figure since April 2001.

Now risk reduced, will mortgage rates follow?

Mortgage lenders have so far failed to pass on the full impacts of base rate cuts into new mortgage deals, instead opting to pass on part of the cut and increase margins.

Bank of England knocking years off mortgages

The dramatic base rate falls over the past three months have cut monthly payments for millions of people on tracker and SVR mortgages.

Extension of mortgage rescue plan

Commenting on the extension of the mortgage recue plan, Louise Cuming, head of mortgages at moneysupermarket.com, said: "Any move to recognise the plight of borrowers who could potentially lose their home must be welcomed, but this move is more about spin than substance.