Mortgage News
Securing a fair framework for homeowners
The Government has announced new rules to help protect homeowners, who may be facing the threat of repossession.
SAGA: SHIP figures on equity release sales
Commenting on the latest figures from SHIP reporting a 10% increase in the sales of equity releases schemes this quarter, Alex Edmans, Business Development Manager for Saga Equity Release Advice Services says: "The figures released today for the last quarter are very encouraging, especially when the latest CML figures show a massive decrease in conventional mortgages.
Base rate cut not passed on by three quarter of lenders
Darren Cook, mortgage expert at Moneyfacts.co.uk, comments: "Two weeks after the Monetary Policy Committee announced a shock 0.5 percent cut to the base rate in unison with key central banks around the globe, more than three quarters of all UK lenders have yet to pass on this reduction to their ever growing number of standard variable rate mortgage customers.
SHIP reports 10% increase in equity release business
The total value of new equity release business written for Q3 2008 reached £303.3m, a £27.6m (10%) increase on the amount released in the previous quarter, according to SHIP (Safe Home Income Plans), the UK equity release industry body.
Alliance & Leicester reduces Standard Variable Rate
Alliance & Leicester has announced a reduction in its Standard Variable Rate (SVR) from 7.19% to 6.94%, a reduction of 0.25%. The new rate will come into effect on Thursday 30 October.
Right product is often not available to us, say brokers
Intermediaries complain that the most suitable product for their customers is often not available to them, according to the latest IMLA broker survey.
Mortgage lending declines in September
Gross mortgage lending reached an estimated £17.7 billion in September, a decline of 10% from August and 42% from September last year, according to the Council of Mortgage Lenders.
Building societies shamed
Over a week since the base rate was cut by 0.5 per cent, only two out of 59 building societies have announced they will be passing on the reduction in full to their borrowers on standard variable rate mortgages.
FSA fines mortgage broker for advice failings
The Financial Services Authority (FSA) has fined Doncaster mortgage broker Orchid Financial Limited £34,500 for failing to ensure it provided suitable advice which exposed over 900 customers to the risk of being sold an unsuitable mortgage.
Two directors of mortgage firm are fined £60,000
The Financial Services Authority (FSA) has fined two directors from Abbey Mortgages Limited, based in Bexleyheath and Stokesley, £30,000 each for shortcomings in their mortgage business which put financially vulnerable customers at risk and the firm at risk of being used for mortgage fraud.
The Co-operative Bank to cut mortgage rates by 0.50 per cent
Following last week's changes to the Bank of England Base Rate, The Co-operative Bank will be passing on the full benefit of the base rate reduction to its mortgage customers, by cutting its standard variable rate (SVR) by 0.50 per cent to 6.49 per cent, with effect from 1 November 2008.
Nationwide cuts base mortgage rate by 0.30%
Following a decision by the MPC to cut the Base Rate, Nationwide Building Society has announced that it will decrease its Base Mortgage Rate (BMR) from 1 November 2008.
New bleak light on housing
Commenting on Royal Institution of Chartered Surveyors and Council of Mortgage Lenders figures, Louise Cuming, head of mortgages at moneysupermarket.com, said: "The figures continue to paint a bleak picture for the mortgage and housing industries, with estate agents, builders and consumers all suffering.
MBE London 2008 unveils show contents
MBE London, the UK’s biggest event for financial intermediaries, has today (14th October 2008) unveiled the full contents of the exhibition which takes place on the 12 and 13 November at Earl’s Court 2.
Mortgage lending declines further in August
In August there were 42,200 house purchase loans, 15,600 of them to first-time buyers, according to the Council of Mortgage Lenders (CML).