Mortgages
Lenders increase margins on short term fixed rate mortgages
The cost of the average fixed rate mortgage has risen in the last month, with borrowers looking for longer term mortgages being hardest hit, according to Moneyfacts.co.uk.
Offset and save £18,000
As homeowners adjust to shrinking returns on their savings, research reveals uptake of offset mortgages is on the rise. New offset lending rose 16 per cent in the last three months of 2008.
The Co-operative Bank records 50% fall in repossessions
The Council of Mortgage Lenders has today painted a negative short term picture in the number of repossessions for 2009; The Co-operative Bank can reveal it has cut repossession by half in the past 12 months.
moneysupermarket.com: CML repossessions figures
Commenting on the CML repossessions figures, Louise Cuming, head of mortgages at moneysupermarket.com, said: "Repossessions are still increasing, but they might not rise as much as the CML had predicted.
Buy-to-Let repossessions increasing
Kesh Thukaram, managing director of Smartlandlord.co.uk, comments on CML buy-to-let figures: "It's not a surprise to see the number of buy-to-let repossessions increasing.
Some lenders still not doing enough to prevent repossession
New research by leading advice agencies shows mainstream lenders' practices have improved, whereas some lenders are still not fully using Government schemes to help struggling homeowners, in particular those in the sub-prime and second charge sector.
Repossession figures grim reading, says Teather
Commenting on today's report from the Council of Mortgage Lenders which shows that quarterly repossessions in Britain are up 50% in a year, Liberal Democrat Shadow Housing Minister, Sarah Teather said: "These figures make for grim reading.
Buy-to-let lending continues to fall
New buy-to-let lending fell for the sixth consecutive quarter in the first three months of 2009, reflecting the continuation of extremely challenging funding conditions as well as general housing market weakness, according to the Council of Mortgage Lenders.
Repossessions levels held stable by responsible lenders
Figures published by the Finance & Leasing Association demonstrate the success of measures taken by second charge lenders to avoid repossession.
Mortgage repossessions increase
There were 12,800 repossessions by first-charge mortgage lenders (including buy-to-let) in the first quarter of this year, according to the Council of Mortgage Lenders.
Abbey increases LTV on fixed rate mortgages
Commenting on Abbey increasing the LTV on all fixes from 60 to 70 per cent, Louise Cuming, head of mortgages at moneysupermarket.com said: "This is a step in the right direction, and is a good example of a bank trying to help its customers - others should follow their lead.
Housing market is polarised
Ben Thompson, Director of Mortgages at Legal & General comments on the CML figures: "The housing market is now polarised according to the size of your deposit. Those with substantial deposits get a much better deal and therefore lower monthly repayments. Those who don't, end up paying a lot more.
Lowest mortgage costs since 2004, says CML
While borrowers still need large deposits to be able to enter the market, and overall lending remains constrained, both first-time buyers and home movers are benefiting from the lowest debt servicing costs since 2004, according to the latest monthly lending survey from the Council of Mortgage Lenders.
Abbey increases LTV on all fixes from 60 to 70 per cent
From Friday 15 May, Abbey is increasing the loan-to-value on all its popular 2, 3 and 5-year fixed rate mortgages that had been available at 60 per cent LTV to 70 per cent LTV. The new deals will have the same price but by increasing the LTV, will be accessible to more borrowers.
AMI: Blame culture will not get us out of mortgage crisis
Robert Sinclair, Director of the Association of Mortgage Intermediaries, has responded to yesterday's Financial Services Authority (FSA) mortgage conference.