Mortgage News
uSwitch.com: Bank of England base rate cut
In response to today's decision by the Bank of England to decrease the base rate by 1.5% to 3%, Louise Bond, personal finance manager at uSwitch.com, the independent price comparison and switching service, comments:
Mortgage lenders welcome MPC decision
The Council of Mortgage Lenders welcomes today's decisive move by the MPC to reduce the Bank rate to 3%.
BSA: Interest rate cut
Commenting on the announcement by the Bank of England to cut the Bank Rate by 1.5 percentage points to 3%, Adrian Coles, Director-General of the BSA said: "The BSA welcomes the MPC's decision to cut the Bank Rate by 1.5 percentage points to 3%.
Landlords still not benefiting from interest rate cuts
NLA Mortgages, the free sourcing and quotation system for landlords, has expressed doubt that today's expected interest rate cut will encourage lenders to pass on the savings to landlords.
Mortgage lenders vs Government
Louise Cuming, head of mortgages at moneysupermarket.com said "A fascinating battle is taking place with lenders lining up against the Government.
FSA bans mortgage brokers for advice failings
The Financial Services Authority (FSA) has banned and publicly censured Tyne & Wear mortgage brokers Edward Allen and Ronald Allen for failings which exposed the customers of their firm to the risk of receiving an unsuitable mortgage.
Legal & General announces partnership with Connect
Legal & General Mortgage Club has launched a new and exclusive partnership with Connect Mortgage Group, the UK's largest mortgage outsourcing company for intermediaries, to provide directly authorised Club members with an application processing and tracking service.
It's oh so quiet
Analysis by moneysupermarket.com has revealed a deafening silence in the mortgage world, as 30 of the UK's mortgage lenders have yet to inform their customers whether they will be passing on last month's surprise base rate cut and by how much.
Nationwide updates mortgage rates
Nationwide Building Society has announced it will be cutting the price of some of its two year fixed rate deals and increasing rates on selected tracker products. These changes will be effective from Saturday 1 November 2008.
Mortgage rate cuts reach dead-end
Half of mortgage lenders have failed to pass on recent base rate cuts to their standard variable rates (SVR).
The changing role of mortgage networks
Legal & General believes that mortgage networks must rapidly evolve, just as advisers are having to do, in order to adapt and survive the extreme market conditions.
Avoid the interest only trap
Times are tough for many borrowers, and as the credit crunch and spiraling cost of living eat into family finances, some consumers might be tempted to switch their mortgage from a repayment to an interest only basis.
Possessions stats sensationalised says IMLA
Commenting on the FSA's possessions stats which reveal a 71% rise year on year, Peter Williams, executive director of IMLA, said: “This figure has been somewhat sensationalised in the current environment.
RICS: September mortgage approval data
Commenting on the Bank of England mortgage approvals, Oliver Gilmartin RICS senior economist said: With economic growth falling away rapidly, any recovery in approvals will be subdued at best, although today's figures are a step in the right direction.
Financial adviser survey reveals limitations of traditional MPPI
A new survey by protection specialist LV= reveals that over half of advisers (53%) believe that the biggest limitation of traditional MPPI is that benefits are only paid for a maximum of 12 or 24 months.