Mortgages
Buy-to-let market shows signs of stabilising
The buy-to-let market showed the first signs of stabilising in the second quarter as arrears improved significantly and the decline in new lending began to slow, according to the Council of Mortgage Lenders.
UK repossessions fall
The number of mortgage repossessions fell in the second quarter of the year, while cases of arrears levelled off, according to the Council of Mortgage Lenders (CML).
Scots not benefiting from positive impact of economic downturn
New research from Clydesdale Bank has revealed that 1 in every 16 people in the UK has benefited positively from the current economic downturn. However, the figures for Scotland are significantly lower with only 1 in 50.
3.5 million households stuck and unable to move
Analysis from leading UK mortgage broker John Charcol has found that as many as 3.5 million UK households, a third of all those with a residential mortgage, are currently unable to move due to a lack of equity in their property and/or restrictions on access to mortgage finance.
'Disgraceful' arrears charges show no sign of abating
Commenting on the growing concern over mortgage arrears charges, Hannah Skenfield, mortgage channel manager at moneysupermarket.com, said: "It's outrageous that borrowers who are already struggling and who have fallen behind with their mortgage repayments are being hit with such high fees.
Mortgage borrowers opt to fix
The proportion of borrowers opting for fixed rate mortgages has hit record levels according to a Paragon Mortgages' survey of mortgage intermediaries.
Mortgage market stabilising but not yet normal
New data from the Council of Mortgage Lenders shows further signs of stabilisation in the mortgage market, but transactions are still weak on a historic basis. Lending for house purchase and remortgaging both increased in June, albeit from very low levels.
Fixing the problem?
Borrowers need to find three times more for a deposit, compared with two years ago when the credit crunch began.
Re-mortgage enquiries jump in June
New figures from Unbiased.co.uk, the professional advice website, reveal that those looking for advice on re-mortgaging increased to a third (33%) of all consumer requests in June.
MPC springs a surprise on quantitative easing
Ray Boulger of leading UK mortgage broker John Charcol comments on the news that the Monetary Policy Committee has left Bank Rate unchanged this month at 0.5% and surprised the markets by increasing the Quantitative Easing (QE) programme by £50bn.
Mortgage borrowers opt for trackers and discounts
Following a bumper month in June, when more than 75% of applicants bolted down to fixed mortgage rates, savvy borrowers opted instead for trackers in July, and fixed rate applications accounted for an unusually low 63% of applications.
Nationwide cuts mortgage rates
Nationwide Building Society has announced that it is cutting the price of many of its fixed and tracker rate mortgages by up to 0.50%.
Nationwide plans to cut rates on fixed and tracker mortgages
Commenting on Nationwide's announced plans to cut the rates on 44 fixed and tracker rate mortgage products, Louise Cuming head of mortgages at moneysupermarket.com, said: "Any move to cut rates should be seen as a positive step and it is good to see Nationwide raising the competitive stakes.
CML: Bank of England June lending data
The latest figures from the Bank of England show 47,584 loans approved for house purchase in June, up from 44,169 in May, and the highest level since April 2008.
Building society lending shows signs of stabilising
Gross mortgage lending by building societies was £1,976 million in June 2009, compared to £3,254 million in June 2008, according to the Building Societies Association (BSA).