Mortgages
CML: Northern Rock and on 100% mortgages
The Council of Mortgage Lenders observes that the resumption of new mortgage lending by Northern Rock will be another factor that may help to ease the continuing lack of supply of mortgage lending to the market.
Moneyextra: Northern Rock to revive mortgage business
Commenting on the announcement that Northern Rock is to revive its mortgage business, Richard Mason, Managing Director at Moneyextra.com said: "Today's announcement that Northern Rock is to revive its mortgage business is a hollow PR stunt that is unlikely to help the people who need it most - first time buyers.
CML forecast for repossessions in 2009 is too conservative
Nick Hopkinson, Director of Property Portfolio Rescue, comments on the new statistics on arrears and possessions, published by the CML today: “With no end to the recession in sight and unemployment set to hit three million by the end of the year, there is no doubt that we are going to see another sharp rise in repossessions in 2009.
Email Mortgages asks ‘Who’s buying the best buys?
Email Mortgages has called for an end to the ‘Mortgage Best Buy’ tables that are currently published throughout the industry.
Rent guarantee insurance can help prevent BTL repossession misery
Keshav Thukaram, managing director of Smartlandlord.co.uk, the property services website for landlords, calls for more awareness of rent guarantee insurance among buy to let landlords.
IMLA criticises government for glossing over HMSS details again
Following the arrears and possessions figures from the CML, Peter Williams, executive director of IMLA, commented: "The government has today published the final scheme details for the Homeowner mortgage support scheme.
Repossessions on the up
Commenting on the 54 per cent increase in repossessions last year, Louise Cuming, head of mortgages at moneysupermarket.com, said: "The fact that 40,000 properties were repossessed last year shows what a catastrophic effect the current economic crisis is having on people's lives ... and worse is to come.
Leeds launches low fee 5-year fixed rate mortgage
Leeds Building Society has launched a new 5-year fixed rate mortgage at only 4.75% to compliment its 10-year at exactly the same rate.
UK mortgage arrears rising fast but lower than early 1990s
Simon Ward, economist at New Star: The Council of Mortgage Lenders (CML) today reported a rise in the number of mortgages more than three months in arrears from 167,000 in September to 219,000 in December.
Buy-to-let lending continues to decline
New lending for buy-to-let continued to decline in the fourth quarter of 2008, according to the Council of Mortgage Lenders (CML). There were 37,000 new loans, worth £3.9 billion - 12% down (19% by value) on the third quarter, and 56% down (65% by value) compared with the fourth quarter of 2007.
We need mortgage innovation - not white-labels of previous ideas
Commenting on the LibDem call for a five-year no-frills mortgage, Louise Cuming, head of mortgages at moneysupermarket.com, said: "While it's heartening to hear of proposals aimed at getting the mortgage market moving - sadly, this isn't even close to a solution.
Home repossessions rise sharply
Around 10,400 properties were taken into possession by first charge mortgage lenders in the fourth quarter of 2008, down from 11,100 in the previous quarter but up from 6,900 in the fourth quarter of 2007, according to the Council of Mortgage Lenders.
Alliance & Leicester improves fixed rate mortgages
Alliance & Leicester has reduced rates and fees on a selection of its fixed rate mortgages, enabling customers to borrow up to 85% of their property value and take advantage of market-leading 2 and 3-year fixed rate offers.
Leeds launches new 10-year fixed rate mortgage
Leeds Building Society has launched the best 10-year fixed rate mortgage on the market at only 4.75%.Furthermore, there is no higher lending charge and 10% capital repayments are allowed each year, without penalty.
Mortgage lending falls in January
Gross mortgage lending declined to an estimated £12.4 billion in January, an 8% fall from £13.5 billion in December and a 52% fall from January 2008, according to the Council of Mortgage Lenders. A slight decline is typically experienced between December and January.