Mortgage News
Parents should involve families in planning finances for retirement
Over three-quarters of adult Brits (77%) are uninvolved with their parents' financial position according to recent research from Newcastle Building Society's Equity Release Service.
More than one in 10 have missed repayments
More than one in ten (11%) cash-strapped borrowers have missed payments on either their mortgage, credit card, or personal loan in the last six months , according to research from MoneyExpert.com.
Pensioners urged to look at remortgaging equity release deals
As consumers are increasingly looking at ways to curb their spending and reduce outgoings, retirees who have released equity from their home typically over the last five years or more, should be aware that they could save thousands of pounds by remortgaging to a more competitive deal, says Key Retirement Solutions.
Charcol offers guidance on looking for a new mortgage deal
Ray Boulger, Senior Technical Manager at leading UK mortgage broker John Charcol comments "In the first half of this year, as the impact of the credit crunch resulted in rapidly deteriorating conditions in the mortgage market, we were advising clients to start talking to us about remortgaging six months in advance of their initial interest rate finishing.
SHIP provides further protection for equity release customers
SHIP (Safe Home Income Plans), announces clarification of their safeguards to the equity release sector through a change to the SHIP certificate.
Black Monday in the mortgage market
Michelle Slade, analyst at Moneyfacts.co.uk, comments: "Monday saw one of the largest declines in mortgage products ever seen in a day, with 11.4% of products being culled. At the start of Monday there were 3,914 mortgage products on the market, today there are just 3,469.
AMI: FSCS funding arrangement for Bradford & Bingley
Chris Cummings, Director General of the AMI, said: "The nationalisation of Bradford & Bingley has clear immediate benefits to consumers, reassuring them that their savings will not be lost.
Nationwide announces loyalty offer for existing borrowers
With effect from Friday 3 October, existing Nationwide mortgage customers will only have to pay a £299 reservation fee when switching to a mortgage with a £599 reservation fee.
CML: August Bank of England mortgage data
Commenting on the Bank of England mortgage lending statistics, Council of Mortgage Lenders director general Michael Coogan said: "Gross mortgage lending, but more particularly net mortgage lending, fell sharply in August, according to the Bank of England.
Housing market uncertainty keeps mortgage approvals low
Continued uncertainty in the housing market saw net approvals by building societies in August remain low at £2.8 billion, a 31% decline compared to August 2007 as buyers continue to remain away from the market, according to the Building Societies Association (BSA).
Mortgage lending falls in August
The increase in total net lending to individuals in August (£1.4 billion) was below the increase in July and the previous six-month average, according to figures from the Bank of England (BoE).
Mortgage market troubles to continue in 2009
The Association of Mortgage Intermediaries (AMI) has published its research paper ‘The Credit Crunch - One Year On.
Two thirds of brokers unable to satisfy their customers
Sixty eight per cent of mortgage brokers say they have been unable to source a mortgage for clients in the past two months, according to IMLA's latest survey of intermediaries.
A week of mortgage rate rises
Commenting on a week of mortgage rate rises, Louise Cuming, head of mortgages at price comparison site moneysupermarket.com, said:
Lender fined £1.12 million for exposing borrowers to financial loss
The Financial Services Authority (FSA) has fined GE Money Home Lending (the firm) £1.12 million for systems and controls failings that resulted in 684 borrowers with a regulated mortgage contract suffering financial loss in excess of £2.3 million before redress was later paid to them by the firm.