Mortgage News
Rate cut helps borrowers pay off mortgage over 6 years earlier
The historic cut in interest rates of 2% over the last two months has seen many mortgage borrowers' monthly payments reduce dramatically. Charcol.co.uk is urging borrowers, if they can, to maintain pre-cut payments and use the low interest rate environment to overpay on their mortgage.
Homeowners aged 65 and over still have equity in their homes
Despite falling house prices, homeowners aged 65 and over still have £692.06 billion of equity in their homes, according to findings from Prudential's Equity Release Index.
New fixed rate and tracker products from Alliance & Leicester
Alliance & Leicester is re-entering the tracker market with a very competitive two year product featuring a market leading rate of 4.89%.
10% of mortgage borrowers on lender's SVR
Some are as a result of having a small mortgage, while others who have come to the end of an existing deal may not have had enough equity in their home to find any alternative.
RICS: CML September mortgage lending data
Commenting on the CML mortgage lending data, Simon Rubinsohn, RICS chief economist said: "The latest CML data very clearly demonstrates the continuing squeeze on mortgage lending.
Half of borrowers avoid stamp duty in September
The temporary increase in the stamp duty threshold saw 51% of homebuyers avoiding stamp duty in September, compared with 22% in September last year.
Abbey cuts fixed rates and re-introduces two-year trackers
Abbey has slashed headline rates on its most popular two-year fixed rate deals by up to one per cent.
Coventry to reduce standard variable rate
Following last week's Bank of England MPC announcement, Coventry Building Society announces that it will be reducing its standard variable mortgage rate by 1.5%.
Furness Building Society enters equity release market
Key Retirement Solutions, the UK's leading independent equity release adviser, and Furness Building Society, have announced an equity release partnership.
Halifax reduces SVR by 1.5%
Following the announcement by the Monetary Policy Committee of a 1.50% decrease in the Bank Base Rate, Halifax will also be decreasing its standard variable rate (SVR) by 1.50%. The Halifax SVR will now reduce from 6.50% to 5.00%, one of the most competitive in the market.
Banks that don't pass on rates cuts ‘shameful'
Melfyn Williams, Past President of the National Association of Estate Agents, said: "It is essential that the outcome of what is becoming a battle with the banks is a fair deal for consumers.
Abbey to pass on full base rate cut on SVR
Further to the Bank of England's decision to cut base rate by 1.5 per cent, Abbey is passing on the full rate cut to all its existing customers on variable rate mortgages.
moneysupermarket.com: Bank of England interest rate cut
Commenting on the Bank of England interest rate cut to 3 per cent, Kevin Mountford, head of banking at moneysupermarket.com said: "The decision to cut rates by 1.5 per cent is a major shock tactic by the Old Lady to try and kickstart the economy and sidestep the almost inevitable recession.
Hats off to Lloyds TSB on bold decision
Darren Cook, mortgage expert at Moneyfacts.co.uk, comments: "Congratulations must go out to Lloyds TSB and Cheltenham & Gloucester for making a bold statement earlier today, pledging that they will cut their standard variable rate (SVR) in full in line with the Bank of England rate cut.
Banks drastic measures 'need to be passed on to consumers, quick'
Chartered financial planner at Fairinvestment.co.uk, Sharon Bratley comments on the Bank of England's rate cut to 3%.