Mortgages
Mortgage approvals reach new low
In November, net mortgage lending rose by £2.9 billion; less than in October and below the average for the previous six months, according to the British Bankers’ Association (BBA).
Skipton reduces Standard Variable Rate
Following December's cut in the Bank of England Base Rate, Skipton Building Society is reducing its Standard Variable Rate (SVR) to 5.00%.
NatWest puts family through nightmare before Christmas
Which? has slammed NatWest for refusing to tell a family why it is threatening to repossess their home.
NatWest and RBS launch new fixed rate mortgage deals
NatWest and RBS have announced that they are replacing some of their standard fixed rate mortgages with new deals reduced by up to 0.40%.
Coventry reduces its standard variable rate
Following the recent Bank of England MPC announcement, Coventry Building Society is reducing its standard variable mortgage rate to 4.99%.
Shelter: Latest CML figures
Commenting on the latest CML figures, that estimate 75,000 people could be repossessed next year, Shelter chief executive Adam Sampson, warned: "Britain is now sliding ever more quickly into the dark days of the 1990s housing recession while lenders and the Government stand by and watch.
Expensive fixed mortgages only option for many
Fixed rate mortgages now account for 69% of the market, compared to 51% this time last year. Despite a 2.61 percentage point drop in the two year swap rate between 1 October and today, the average two year fixed rate mortgage has only dropped by 0.71 percentage points.
Government must protect families from repossession
Commenting on the Council of Mortgage Lenders' forecast that 75,000 people will have their homes repossessed next year, Liberal Democrat Shadow Housing Minister, Sarah Teather said: "This confirms our worst fears.
Unjust and unwise fees add to problems
Commenting on the CML's expectation that the number of households more than three months behind with their repayments will reach 500,000 next year, Louise Cuming, head of mortgages at price comparison site moneysupermarket.com, said: "Homeowners have every right to be nervous as the prospect of losing their homes becomes a reality for so many people next year.
Smartlandlord: CML Mortgage Market forecast
The Council of Mortgage Lenders (CML) forecast today that it expects the number of households more than three months behind on their mortgage payments to rise to 500,000 by the end of 2009.
The CML mortgage market forecasts for 2009
Market commentary: However hard the government and the lending industry work towards improving conditions, 2009 is going to be a very tough year in the UK mortgage market.
AMI: CML November lending figures and predictions for 2009
Robert Sinclair, Director at the Association of Mortgage Intermediaries, said: "We are surprised by the Council of Mortgage Lender's predictions for lending figures in 2009.
Gross mortgage lending declines in November
Gross mortgage lending reached an estimated £14.6 billion in November according to the Council of Mortgage Lenders.
Abbey cuts two, three and five year fixed rate mortgages
From Friday 19 December, Abbey is cutting rates by up to 0.6 per cent on its fixed rate mortgages. This follows cuts Abbey already made last week of up to 0.6 per cent on its fixed rates.
Two million people consider mortgage payment holiday
More than two million consumers are considering taking a mortgage payment holiday which could push their monthly repayments up by £54 million and increase their total interest by £7.2 billion, according to research from uSwitch.com.