Mortgage News
Coventry reduces its standard variable rate
Following the recent Bank of England MPC announcement, Coventry Building Society is reducing its standard variable mortgage rate to 4.99%.
Shelter: Latest CML figures
Commenting on the latest CML figures, that estimate 75,000 people could be repossessed next year, Shelter chief executive Adam Sampson, warned: "Britain is now sliding ever more quickly into the dark days of the 1990s housing recession while lenders and the Government stand by and watch.
Government must protect families from repossession
Commenting on the Council of Mortgage Lenders' forecast that 75,000 people will have their homes repossessed next year, Liberal Democrat Shadow Housing Minister, Sarah Teather said: "This confirms our worst fears.
Unjust and unwise fees add to problems
Commenting on the CML's expectation that the number of households more than three months behind with their repayments will reach 500,000 next year, Louise Cuming, head of mortgages at price comparison site moneysupermarket.com, said: "Homeowners have every right to be nervous as the prospect of losing their homes becomes a reality for so many people next year.
Smartlandlord: CML Mortgage Market forecast
The Council of Mortgage Lenders (CML) forecast today that it expects the number of households more than three months behind on their mortgage payments to rise to 500,000 by the end of 2009.
The CML mortgage market forecasts for 2009
Market commentary: However hard the government and the lending industry work towards improving conditions, 2009 is going to be a very tough year in the UK mortgage market.
AMI: CML November lending figures and predictions for 2009
Robert Sinclair, Director at the Association of Mortgage Intermediaries, said: "We are surprised by the Council of Mortgage Lender's predictions for lending figures in 2009.
Gross mortgage lending declines in November
Gross mortgage lending reached an estimated £14.6 billion in November according to the Council of Mortgage Lenders.
Two million people consider mortgage payment holiday
More than two million consumers are considering taking a mortgage payment holiday which could push their monthly repayments up by £54 million and increase their total interest by £7.2 billion, according to research from uSwitch.com.
Nationwide re-enter 95 per cent LTV market
Commenting on Nationwide's re-entry into the 95 per cent LTV mortgage market, Louise Cuming, head of mortgages at moneysupermarket.com, said: "This is a step in the right direction although, unfortunately, it is only available to existing borrowers looking to move home.
The Co-operative Bank reduces SVR
Following the recent reduction in the Bank of England's Base Rate, The Co-operative Bank will reduce its mortgage standard variable rate (SVR) by 0.5 percentage points from 5.24 per cent to 4.74 per cent from 1 January 2009.
Equity release market predicted to double by 2013
Norwich Union - a market leading equity release provider and part of Aviva - believes that the equity release sector may be one of the few to receive a boost due to the current economic turmoil and its effect on retirees' savings.
CML welcomes changes to credit guarantee scheme
The Council of Mortgage Lenders welcomes the Treasury's announcement of changes to the credit guarantee scheme, that will make it cheaper for lenders to gain access to the Government guarantees that help them to gain access to wider market funding.
Mortgage brokers claim better access to products
The number of mortgage brokers unable to assist clients due to lenders offering better deals direct has decreased from half (48%) to a third (33%), according to the Association of Mortgage Intermediaries (AMI).
Scottish equity release market sees growth of 141% over 10 years
Norwich Union, part of Aviva, providers in the equity release sector, comments on the Scottish equity release market.