Mortgages
Demand for equity release could grow as life expectancy increases
Life expectancy in the UK has increased by 26 per cent for men and 14 per cent for women in 20 years, making equity release a real option for homeowners of retirement age as pension pots continue to shrink.
The Co-operative Bank launches new tracker mortgage range
The Co-operative Bank is launching a new tracker mortgage range on Friday 30th January. The range will include a three and five year tracker and full details are as follows:
Abbey cuts existing fixed rates and adds new mortgage deals
On Monday 2 February, Abbey is to cut rates by up to 0.20 per cent on all existing 2 and 3-year fixed rate mortgages that are available up to 75 per cent loan to value (LTV). The new rates are as follows:
RICS: Bank of England December mortgage approvals data
Data released from the Bank of England today show that mortgage approvals edged up in December but they still remain close to historic lows and are running at barely two-fifths of last years levels.
Mortgage lending remains low
Gross mortgage lending by building societies was £2,395 million in December, down on the £2,595 million seen in November while net receipts into building societies were £897 million in December, up from £636 million in November, according to the Building Societies Association (BSA).
Mortgage approvals rise in December
The increase in total net lending to individuals in December (£2.2 billion) was higher than the November increase, but below the previous six-month average, according to the Bank of England (BoE).
Struggling homeowners could save over £500 a month
UK homeowners could save over £330 million a month, by choosing to downsize their property, according to research from financial advice website Moneyextra.com. This is based on exclusive research which shows that 595,000 people are looking to downsize within the next six months.
Leeds slashes cost of 3-year fixed rate mortgage
Leeds Building Society has slashed the cost of its 3-Year Fixed Rate mortgage by up to 0.60% to as low as 4.25%.
Woolwich launches its lowest ever fixed rate mortgage
In a sign of rapidly increasing competition in the mortgage market, Woolwich is launching its lowest ever fixed rate mortgage at 2.29%.
Bestinvest: Avoid trackers and stick to fixed rate mortgages
Peter O’Donovan, Head of Mortgages at Bestinvest on why now is the time to fix your mortgage - whatever happens to the Base Rate: The most recent rate reduction has had a mixed reception from lenders.
To fix or float - a mortgage borrower’s dilemma
Picking the right time to switch from a ‘floating' mortgage rate (a tracker, SVR or rate linked to SVR) to a fixed rate has often been tricky, but as mortgage borrowers find themselves in increasingly unchartered territory, making the right choice about when to fix and how long for is even more challenging than ever.
First time buyers unsure of mortgage jargon
Two thirds of first time buyers cannot correctly identify the letters KFI with regards to mortgage advice.
AMI welcomes IMLA pledge to intermediaries
The Intermediary Mortgage Lenders Association (IMLA) has today made clear that lenders still see intermediaries as the primary route to market and that they are working hard to ensure sufficient funding is in place for the intermediary channel to flourish.
Mortgage risk and exposure triples in past three months
Rather than being a cure-all, new trackers have become the ultimate 'handle with care' mortgage with bank margins now at a dangerous level for borrowers.
25% of UK mortgage holders are worried about negative equity
As house prices continued to fall by a further one per cent in January 2009, research by Fairinvestment.co.uk has found that 25 per cent of the UK's mortgage holders are genuinely concerned about negative equity.