Mortgage News
Shock base rate cut – one month on
Today we can get a better picture of how the shock 1.50% cut in base rate last month affected the mortgage and savings markets and it doesn't make for good reading.
Interest-only mortgage deals in decline
Interest-only mortgage deals in the mainstream residential market are in decline, research from Paragon Mortgages has revealed.
Building socieites' lending remains low
Net mortgage lending by building societies was £413 million in October, an improvement compared to £314 million in September, but still 45% lower than the figure for October last year, according to the Buildings Societies Association (BSA).
Norwich Union equity release service is a hit with customers
New figures from Norwich Union, part of Aviva, show that 87% of customers who take out an equity release plan through Norwich Union are extremely or very satisfied with the service they receive.
Natwest and RBS give struggling homeowners breathing space
NatWest and RBS have given homeowners a much-needed financial breathing space with a firm commitment not to start repossession proceedings for a full six months after a customer first falls into arrears.
Banks respond to FSA letter on customers in arrears
The Financial Services Authority has today written to advise mortgage lenders of the need for fair treatment of customers in arrears.
CML helping lenders to meet FSA expectations
Responding to the letter from the FSA to mortgage lenders and administrators requiring them to review and report back on their arrears management by 31 January, the Council of Mortgage Lenders points out that lenders are already undertaking the critical assessments that the FSA expects, using the CML industry guidance published last month.
FSA asks lenders to review arrears and repossessions practice
The Financial Services Authority (FSA) has written to the chief executives of all mortgage lenders and mortgage administrators giving them until January 31 to ensure that their customers facing arrears are being treated fairly.
BSA welcome FSA arrears announcement
The Building Societies Association (BSA) welcomes the announcement by the FSA that it will be requiring lenders to review their arrears policy and procedures and assess whether borrowers in arrears are being treated fairly.
Woolwich cuts mortgage rates again
Woolwich, the lending arm of Barclays, has cut the rates on almost a third of its fixed rate mortgages by up to 0.7 percentage points as well as re-launching a competitive lifetime tracker.
TMA adds Colonial Secured Loans to panel
The Mortgage Alliance (TMA) has announced forging a strategic partnership with Colonial Secured Loans as it expands its secured loan offering.
Demand for equity release tracker deals soars
Older homeowners’ appetite for equity release remains strong, according to high net worth financial adviser HFM Columbus.
RICS: BBA October mortgage approval figures
Commenting on BBA mortgage approval figures Oliver Gilmartin, RICS senior economist, said; "News that mortgage lending took a turn for the worse in October with an 8% monthly decline comes as little surprise, given the backdrop of rising unemployment and fragile confidence.
Abbey to participate in new Lending Panel
Abbey welcomes the new Lending Panel and the opportunity to participate in exploring initiatives to help borrowers.
Mortgage lending drops in October
In October, net mortgage lending rose by £2.9 billion; less than in September and below the average for the previous six months, according to the British Bankers’ Association (BBA).