Mortgage News
moneysupermarket.com: Repossession figures
Commenting on today's repossession figures, Louise Cuming, head of mortgages at moneysupermarket.com, said: "There is no doubt that an increase in the number of borrowers in arrears with their mortgage is sad news.
Lloyds TSB pledges to help homeowners in financial difficulty
Ahead of the pre-Budget report on Monday, Lloyds TSB and Cheltenham & Gloucester set out how the lender already works with homeowners in financial difficulty.
Yorkshire Bank named "Best Regional Lender"
Yorkshire Bank has been named "Best Regional Mortgage Lender" by Your Mortgage magazine for the tenth time.
Clydesdale Bank named "Best Mortgage Lender in Scotland"
Clydesdale Bank has been named "Best Mortgage Lender in Scotland" for the fifth year running at the prestigious Your Mortgage Awards.
Government has not gone far enough to prevent repossessions
Commenting on news that over 11,000 properties were repossessed in the last 3 months - a 12% rise - and that 168,000 households are now in arrears, Liberal Democrat Shadow Chancellor, Vince Cable said: "It is clear that in the face of this recession more and more families are simply unable to make ends meet.
RICS: CML repossession data
Commenting on CML repossession figures, Simon Rubinsohn, RICS chief economist said; "CML data released this morning demonstrates that the worsening economic climate is beginning to have a marked impact on both the levels of arrears and repossessions in the property market.
Home repossessions up 12%
The Council of Mortgage Lenders (CML) reports that 1.44% of mortgages were at least three months in arrears as at the end of September 2009. This was up from 1.33% at the end of June. The number of cases in arrears at the end of September was 168,000, 8% higher than the 155,600 at the end of June.
HSBC Bank plc to cut standard mortgage rate
HSBC Bank plc has announced it will reduce its HSBC variable mortgage rate by 0.81 per cent from the 5th December 2008. HSBC's standard variable rate is only paid by one per cent of the Bank's mortgage customers.
Coventry Intermediaries refreshes mortgage range
On Friday 21 November, Coventry Intermediaries will be refreshing its range of mortgages. The best buy rates include a 10 year Offset fixed and a fee free 3 year Offset fixed, both are available at 65% loan to value, with free valuation and free remortgage transfer service.
Borrowers still not feeling benefits of cuts
In the last two months the Bank of England has slashed base rate in an attempt to kick start the economy, but borrowers are still not feeling any real benefits as margins continue to increase and ever bigger deposits are needed to get the best deals.
Mortgage lending rises in October
CML data shows that gross mortgage lending totalled an estimated £18.7 billion in October, almost 7% higher than what was an admittedly weak £17.5 billion lent in September.
Huge and growing 'mortgage gap' on interest-only mortgages
A new research study by insurance, pensions and investment group LV= reveals a worrying ‘mortgage gap'. Nearly half of the UK's 2.9 million interest-only mortgages (45%, 1.3 million mortgages) have no specified investment vehicle in place to pay off the capital on the loan.
FLA Good Practice Guidelines for second charge mortgage lenders
The Finance & Leasing Association (FLA) has launched new, consumer-facing, Good Practice Guidelines setting out what second charge mortgage customers encountering repayment difficulties can expect from their lenders.
Annual equity release sales to double to £2.4bn over five years
These are the predictions of market leading equity release provider Norwich Union, part of Aviva, in its definitive report on the sector compiled to celebrate its 10th anniversary on 16 November 2008.
Don't rush in where agents fear to tread
Following last week's interest rate cut, Louise Cuming, head of mortgages at moneysupermarket.com said: "There's no doubt about it, SVR's are back in vogue following last week's base rate drop.