Mortgages
Tracker mortgage borrowers risk squandering low rate benefits
More than half (56%) of borrowers who say they are on a tracker mortgage are not taking advantage of historic low interest rates to overpay on their mortgage, suggests research by professional advice website Unbiased.co.uk.
HSBC trial ‘Whole of Market’ mortgage service in branch network
HSBC is launching a seven month trial mortgage intermediary service on a ‘whole of market' basis, via a team of experienced consultants in a selection of its branches.
Existing customers come first at Britannia
Britannia is putting its members first, yet again, as it reduces the rates on its three year fixed-rate mortgages by up to 25 basis points.
Woolwich cuts mortgages by up to 0.5 percentage points
Woolwich is making cuts of up to 0.5 percentage points on its fixed and tracker mortgages, as well as its already best-buy offset mortgage, in a further sign of strengthening competition in the market. The range features 2, 3 and 4 year fixed rates all below 4%.
John Charcol: Time to buy a fixed rate
The marked change of mood this week has pushed yields back up, to such an extent that 5 year gilts now yield a little more than prior to the Q.E. announcement, although yields on some of the longer dated maturities are still well down on the month.
Norwich Union equity release regains number one position
Norwich Union, soon to be Aviva, has regained its position as the number one provider of equity release, following a series of product innovations and promotions during 2008.
NAO: Report into Northern Rock's lending practices
Richard Mason, Managing Director @ Moneyextra.com commenting on the announcement of the report by the National Audit Office into lending practices at Northern Rock said: "Northern Rock took a real kicking over its part in reckless lending to homeowners, and its cavalier attitude has helped march our economy into this recession.
Lloyds TSB launches market leading fixed rates
Lloyds TSB will launch a range of market leading fixed rates for homebuyers and remortgagers. Available from Monday (23rd March), rates will start at 3.29%. Stephen Noakes, commercial director of mortgages, Lloyds TSB said: "We're launching this market leading range at a time when research suggests homebuyers are increasingly looking to return to the market.
Millions of Brits fear repossession
Almost six million Britons fear their homes will be repossessed, according to new research from Which?.
Mortgage lending continues to decline
Gross mortgage lending declined to an estimated £9.9 billion in February, down 15% from £11.7 billion in January and 60% from February 2008, according to new data from the Council of Mortgage Lenders.
The first battle has been won but the war is not yet over
Commenting on the Turner Report, Ray Boulger of leading UK mortgage broker John Charcol said, "The FSA has revealed it will publish a paper in September considering various reforms of the mortgage market, including the option of regulating LTVs and income multiples.
Moneyextra.com comments on Turner report
Richard Mason, Managing Director at Moneyextra.com comments on the proposal in the Turner report to debate the future of regulation in the mortgage market.
Mortgage product regulation could be a backward step
Andrew Hagger of Moneynet.co.uk comments on the possible future introduction of product regulation: In its assessment of whether to introduce maximum loan-to value ratios or loan to income ratios, the FSA needs to consider the impact of such capping.
moneysupermarket.com comments on Turner report
Commenting on today's news that the FSA is considering whether to regulate mortgage products and will publish a paper in September, Louise Cuming, head of mortgages at moneysupermarket.com, said: "Over the past few months consumers have seen a number of high street providers of mortgages, savings and other products either disappear, be taken over, or be nationalised.
FSA mortgage lending data
Richard Mason, Managing Director from independent financial website Moneyextra.com comments on the recent FSA mortgage lending data: "The increase in mortgage arrears by 31 per cent is of no surprise, and was expected after the government's intervention last year which saw lenders delay taking action against customers that fell into arrears for six months.